#1JULY 25, 2022 FILL KKR REAL ESTATE FINANCE TRUST SECOND QUARTER 2022 SUPPLEMENTAL INFORMATION#2Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the potential negative impacts of COVID-19 on the global economy and on the Company's loan portfolio, financial condition and business operations; how widely utilized COVID-19 vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and their impact on the ultimate severity and duration of the COVID-19 pandemic; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests; the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned discontinuance of LIBOR and the transition to alternative reference rates; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of the Company's existing investments; general volatility of the securities markets in which the Company participates; changes in the Company's business, investment strategies or target assets; deterioration in the performance of the properties securing the Company's investments that may cause deterioration in the performance of the Company's investments and, potentially, principal losses to the Company; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to the Company or the owners and operators of the real estate securing the Company's investments; the economic impact of escalating global trade tensions, and the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; the adequacy of collateral securing the Company's investments and declines in the fair value of the Company's investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing the Company's growth, including integrating new assets into the Company's existing systems; reductions in the yield on the Company's investments and increases in the cost of the Company's financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and the Company's relationship with its Manager; subsidiaries of KKR & Co. Inc. have significant influence over the Company and KKR's interests may conflict with those of the Company's stockholders in the future; the cost of operating the Company's platform, including, but not limited to, the cost of operating a real estate investment platform; adverse legislative or regulatory developments; the Company's qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and the Company's exclusion from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"); authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board (the "FASB"), the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that the Company is subject to, as well as their counterparts in any foreign jurisdictions where the Company might do business; and other risks and uncertainties, including those described under Part I-Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this presentation. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this presentation and in the Company's filings with the SEC. All forward looking statements in this presentation speak only as of July 25, 2022. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new. information, future developments or otherwise, except as required by law. All financial information in this presentation is as of June 30, 2022 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP. KREF 2#3KKR Real Estate Finance Trust Inc. Overview (1) (2) Best In Class Portfolio $7.9 B Investment Portfolio 99% Senior Loans $121 M Average Loan Size (¹) 58% Multifamily & Industrial 100% Performing Senior loans secured primarily by transitional, institutional multifamily and office properties owned by high quality sponsors Conservative Balance Sheet $8.5 B Financing Capacity 77% Fully Non-Mark-to-Market (²) $790 M Current Liquidity (3) Conservative liability management focused on diversified non-mark-to-market financing KREF's Manager Fully Integrated with KKR 14% KKR Ownership in KREF $479 B Global AUM(4) $59 B Real Estate AUM(4) (5) $25 B Balance Sheet(4) 150+ Real Estate Professionals(4) One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices Average loan size is inclusive of the unfunded KREF commitment Based on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility (3) Includes $118 million in cash, $610 million undrawn corporate revolver capacity, and $62 million of available borrowings based on existing collateral (4) (5) As of March 31, 2022 Figures represent AUM across all KKR real estate transactions. On April 28, 2022, KKR acquired a Japanese REIT manager named KJR Management ("KJRM"). Real estate AUM presented is pro forma this acquisition based on publicly announced AUM figures by KJRM. KREF 3#4Second Quarter 2022 Highlights (1) (2) Financials Originations Portfolio Liquidity & Capitalization . KREF ● ● 2Q Net income (¹) of $0.28 per diluted share and Distributable Earnings (2) of $0.48 per diluted share Book Value per Common Share ("BVPS") of $19.36 per share, compared to $19.46 per share as of 1Q'22 Book Value inclusive of a $34 million, or ($0.49) per share, CECL credit loss allowance 2Q originations of 11 floating-rate senior loans totaling $1,034 million with $948 million of initial fundings $7.9 billion predominantly senior loan portfolio ● ● ● Multifamily and industrial assets represent 58% of loan portfolio Weighted average risk rating of 3.0; 100% performing Received $444 million in loan repayments and collected 100% of interest payments due in 2Q Completed an underwritten public offering of 2,750,000 shares of common stock at $19.51 per share, resulting in $54 million of net proceeds before transaction costs Repurchased 1.0 million shares at an average price per share of $17.28 for a total of $18 million; year-to-date as of July 25, 2022, KREF repurchased 1.4 million shares of common stock at an average price of $17.32 for a total of $25 million Entered into a new $350 million term lending agreement and a new $100 million asset specific financing facility, which provide match-term asset-based financing on a non-mark-to-market basis Increased the borrowing capacity on our corporate revolving credit facility by $90 million to $610 million 77% of financing is fully non-mark-to-market and the remaining balance is mark-to-credit only $790 million of available liquidity, including $118 million of cash, $62 million of available borrowings based on existing collateral, and $610 million undrawn capacity on the corporate revolver Represents Net Income attributable to common stockholders See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP 4#52Q'22 Financial Summary ($ in Millions) Net Interest Income Other Income Operating Expenses Provision for Credit Losses Preferred Stock Dividends Other Net Income Attributable to Common Stockholders Income Statement Diluted Weighted Average Shares Outstanding Net Income per Share, Diluted Distributable Earnings (¹) Diluted Weighted Average Shares Outstanding Distributable Earnings per Share, Diluted (¹) Dividend per Share (1) (2) (3 (4) (5) 2Q'22 $45.9 4.1 (13.2) (11.8) (5.3) (0.3) $19.4 68,549,049 $0.28 $33.1 68,549,049 $0.48 $0.43 ($ in Millions) Total Portfolio (2) Term Credit Facilities Term Lending Agreements Asset Specific Financing Secured Term Loan Convertible Notes Total Debt Balance Sheet Term Loan Facility Collateralized Loan Obligations Total Leverage Cash Total Permanent Equity Common Shareholders' Equity Debt-to-Equity Ratio (3) 2Q'22 $7,887.8 1,387.2 1,358.8 96.3 348.3 Total Leverage Ratio (4) Shares Outstanding Book Value per Share (5) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP Represents the principal amount on senior and mezzanine/other loans, one real estate owned asset, and net equity in RECOPI and real estate owned Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end Book value per share includes CECL credit loss allowance of $34.3 million or ($0.49) per common share KREF 143.8 $3,334.4 741.6 1,942.8 $6,018.8 118.0 1,676.4 1,348.6 1.9x 3.5x 69,654,532 $19.36 5#6Recent Operating Performance Net Income and Distributable Earnings ($ in Millions) 2Q'21 Net income (¹): $29.3 Distributable earnings(2): $30.4 $0.52 $0.54 1Q'22 $29.8 $29.8 $0.46 $0.47 1Q'22 $0.28 2Q¹22 $19.4 $33.1 $0.48 2Q'21 Net Income per Diluted Share ■ Distributable Earnings per Diluted Share 2Q'22 $0.43 (1) Represents Net Income attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP KREF Dividends and Book Value Per Share 2Q¹21 Dividend per share: $0.43 $0.43 Dividend yield on book value per share: 9.1% 8.8% $18.91 1Q'22 2Q'21 $19.46 1Q'22 ■Book Value per Share 2Q¹22 $0.43 8.9% $19.36 2Q'22 6#7Last Twelve Months Loan Activity ($ in Millions) I Future Funding I Obligations (2) $6,466 $848 I $5,618 $1,143 $935 Portfolio Funding Activity - Outstanding Principal(¹) $7,051 I $1,225 $5,826 $1,679 3Q'21 3Q'21 3Q'21 4Q'21 2Q'21 Portfolio Fundings Repayments Portfolio Fundings $680 $33 $8,160 $1,368 $6,792 $744 $282 (1) Includes one real estate owned asset and capital committed to our investment in an aggregator vehicle that invests in CMBS (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us KREF $8,703 I $1,449 $7,254 $1,078 $444 4Q'21 4Q'21 4Q'21 1Q'22 1Q'22 1Q'22 2Q'22 2Q'22 Repayments Loan write-off Portfolio Fundings Repayments Portfolio Fundings Repayments r $9,300 $1,412 $7,888 2Q'22 Portfolio 7#82Q'22 Loan Originations - Select Case Studies Investment Loan Type Loan Size Location Collateral Loan Purpose LTV(4) Investment Date Asset Photos Western U.S. Industrial Floating-Rate Senior Loan $252.3 million (1) Western U.S. Class A/B Industrial Portfolio totaling 5.2 million SF Refinance 64% April 2022 National Industrial Floating-Rate Senior Loan $187.8 million (2) National Class A/B Industrial Portfolio totaling 2.8 million SF Refinance 50% June 2022 hastrgall (1) The total whole loan is $505 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan, or $252 million (2) The total whole loan is $376 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan, or $188 million (3) The total whole loan is $247 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 35% of the loan, or $86 million LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (4) KREF San Antonio Multifamily Floating-Rate Senior Loan $86.3 million (3) San Antonio, TX 2,228-Unit Class B/B+ Multifamily Portfolio Acquisition 68% June 2022 8#9KREF Loan Portfolio by the Numbers ($ in Millions) $4,952 2Q'19 17% Total Portfolio Growth $5,257 2Q'20 20% Other <5% $5,618 15% 2Q'21 Geography (¹) 9% 7% 8% 10% $7,888 2Q'22 9% Investment Type(2) 5% Washington, D.C. Class-B 8% Senior Loans 99% Non-Senior 1% Hospitality. 5% Condo (Residential) 3% Life Science 6% Class-A 92% (3) Industrial 11% Office (4) Property Type LEED 79% Interest Rate Type 100% Floating Office 26% SOFR 26% Student Housing 2% LIBOR 74% Single Family Rental <1% Multifamily 47% Multifamily Class-B 31% Class-A 69% Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. (1) Map excludes a $42 million real estate corporate loan and one real estate owned asset with a net carrying value of $79 million (2) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of a corresponding first mortgage (3) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (4) Office property certification % is based on current principal loan balance; see description for LEED certification in the appendix KREF 9#10Portfolio Credit Quality Remains Strong Collected 100% of interest payments due on loan portfolio (% of total loan portfolio) 1Q'22 16% 0% - 60% 2Q'22 15% 0% - 60% 18% 60% - 65% 19% 60% - 65% Loan-to-Value(¹,2) 29% 65% - 70% 32% 65% - 70% Weighted Average LTV(3): 67% 30% 70% -75% 24% 7% Weighted Average LTV(3): 67% 70% -75% 75% - 80% 10% 75% - 80% I(% of loan portfolio) 1Q'22 3% 1 1 2Q'22 0% 1 0 6% 2 3 5% Risk Rating Distribution 2 3 86% 3 60 Loan Count 91% 3 71 Weighted Average Risk Rating (³): 2.9 5% 4 3 4% 0% Weighted Average Risk Rating (3): 3.0 4 2 5 0 0% 5 сл 0 Loan Count (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value, except as noted on page 19 (2) Includes non-consolidated senior interests and excludes a real estate corporate loan (3) Weighted average is weighted by current principal amount KREF 10#11Case Studies: Watch List Loans (Risk Rating 4 or 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Loan Risk Rating Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $183 million $157 million $220 / SF LIBOR + 2.6% (4.9% Coupon Floor) 68% 1.9 4 Philadelphia Office Floating-Rate Senior Loan June 2018 2-Building, 978k RSF Office Portfolio Acquisition Philadelphia, PA $161 million $161 million $165 / SF SOFR + 3.45% (4.2% Coupon Floor) 71% 1.0 4 (1) LTV is based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value KREF 11#12Financing Overview: 77% Non-Mark-To-Market Diversified financing sources totaling $8.5 billion with $2.5 billion of undrawn capacity ($ in Millions) Term Credit Facilities Term Lending Agreements Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Debt Term Loan Facility Collateralized Loan Obligations Total Leverage Summary of Outstanding Financing Outstanding Maximum Capacity Weighted Avg. Coupon (¹) Face Amount $1,840 $1,683 $500 $400 $348 $144 $610 $5,525 $1,000 $1,943 $8,468 $1,387 $1,359 $0 $96 $348 $144 $0 $3,334 $742 $1,943 $6,019 +1.7% +1.7% n/a +2.65% +3.5% (3) 6.1% +2.0% +1.7% +1.5% Advance Rate 71.8% 78.0% n/a 77.7% 81.7% 84.5% Non- MTM (2) Asset specific financing. 1% Senior Loan Interests 4% Leverage Ratios 1.9x Outstanding Secured Financing(6) Secured Term Loan 6% Debt-to-Equity Total Leverage Ratio (4) Ratio (5) 3.5x Term Credit Facilities 23% Term Loan Facility 12% Collateralized Loan Obligations 32% Term Lending Agreements 22% Non-Mark- to-Market 77% (1) Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Loan bears interest at L +3.5% and is subject to a LIBOR floor of 0.5% (4) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end (5) Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end (6) Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility KREF Note: All figures as of June 30,2022 12#13Financing Overview: Term Credit Facilities ($ in Millions) Counterparty Drawn Capacity Collateral: Loans / Principal Balance Final Stated Maturity (¹) Weighted Average Pricing (2) Weighted Average Advance Mark-to-market WELLS FARGO $690 $1,000 11 Loans / $936 September 2026 + 1.4% 73.7% Credit Only Morgan Stanley $573 $600 11 Loans / $778 December 2023 + 2.0% 73.7% Credit Only Goldman $124 $240 7 Loans / $219 October 2023 + 2.2% 56.5% Credit Only Property Type(³): Total / Weighted Average Student Housing 5% Industrial 7% Life Science 14% $1,387 $1,840 29 Loans / $1,932 + 1.7% 71.8% Office 33% (1) Based on extended maturity date (2) Weighted average pricing expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing (3) Based on principal balance of financing KREF Single Family Rental 1% Multi- family 40% 13#14Liquidity Overview In addition to the available liquidity below, KREF had $416 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of June 30, 2022 Sources of Available Liquidity ($ in Millions) $800 $700 $600 $500 $400 $300 $200 $100 $0 (1) $118 Cash $610 Undrawn $62 Approved and Undrawn Credit Capacity (1) $790 Total Available Liquidity Corporate Revolver Represents under-levered amounts under financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender's consent is required for us to (re)borrow these amounts KREF 14#15Portfolio Positioned for Higher Rate Environment Portfolio rotated out of higher rate-floor loans positioning KREF to benefit from a rising rate environment 100% floating-rate loan portfolio; 74% indexed to one-month LIBOR and 26% to Term SOFR One-month LIBOR = 1.79% Term SOFR = 1.69% As of June 30, 2022 $0.41 $0.36 $0.31 $0.26 $0.21 $0.16 $0.11 $0.06 $0.01 -$0.04 Annual Net Interest Income Per hare Sensitivity to Change in Market Rates ($0.03) -0.25% Note: Based on portfolio as of June 30, 2022 KREF $0.08 +0.50% $0.18 +1.00% Change in LIBOR/SOFR $0.30 +1.50% ($ Impact Per Share) $0.41 +2.00% 15#16Appendix KREF 16#172 3 4 5 6 7 8 9 Senior Loans (¹) 1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 www.w 31 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 44 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 32 33 34 35 36 37 38 39 40 Portfolio Details 41 42 43 4 45 46 47 48 49 ($ in Millions) 50 Investment Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Location Arlington, VA Bellevue, WA Los Angeles, CA Various Mountain View, CA New York, NY Bronx, NY Various Various Minneapolis, MN Various Washington, D.C. Boston, MA The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Chicago, IL Boston, MA New York, NY Philadelphia, PA Oakland, CA Plano, TX Seattle, WA Dallas, TX Boston, MA Arlington, VA Fort Lauderdale, FL San Carlos, CA Fontana, CA Irving, TX Cambridge, MA Pittsburgh, PA Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Boston, MA Washington, D.C. Phoenix, AZ Brisbane, CA State College, PA Brandon, FL Dallas, TX Miami, FL Denver, CO Dallas, TX Charlotte, NC San Antonio, TX *See footnotes on subsequent page KREF Property Type Multifamily Office Multifamily Industrial Office Condo (Resi) Industrial Multifamily Industrial Office Industrial Office Office Hospitality Office Office Multifamily Office Life Science Multifamily Office Office Office Life Science Office Multifamily Multifamily Hospitality Life Science Industrial Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Industrial Office Industrial Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Office Multifamily Multifamily Investment Date 9/30/2021 9/13/2021 2/19/2021 4/28/2022 7/14/2021 12/20/2018 8/27/2021 5/31/2019 6/30/2021 11/13/2017 6/15/2022 11/9/2021 2/4/2021 9/15/2021 4/11/2019 12/20/2019 12/29/2021 7/15/2019 4/27/2021 12/5/2018 6/19/2018 10/23/2020 2/6/2020 10/1/2021 12/10/2021 3/29/2019 1/20/2022 11/9/2018 2/1/2022 5/11/2021 4/22/2021 12/22/2021 6/8/2021 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 6/28/2022 1/13/2022 1/13/2022 7/22/2021 10/15/2019 1/13/2022 12/23/2021 10/14/2021 6/24/2021 1/22/2021 12/14/2021 6/1/2022 Total Whole Loan (2) $381.0 520.8 260.0 504.5 362.8 234.5 381.2 216.5 425.0 194.4 375.5 187.7 375.0 183.3 182.6 175.5 171.5 170.0 332.3 163.0 161.0 509.9 153.7 188.0 138.0 137.0 135.3 130.0 195.9 119.9 117.6 401.3 112.5 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 246.5 Committed Principal Amount (2) $381.0 260.4 260.0 252.3 250.0 234.5 228.7 216.5 212.5 194.4 187.8 187.7 187.5 183.3 182.6 175.5 171.5 170.0 166.2 163.0 161.0 159.7 153.7 140.3 138.0 137.0 135.3 130.0 125.0 119.9 117.6 115.7 112.5 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.3 Current Principal Amount $353.9 75.4 250.0 252.3 189.3 218.1 124.8 216.3 30.2 194.4 132.6 145.1 187.5 169.3 157.0 134.6 169.6 137.6 130.7 148.5 161.0 121.5 135.7 96.2 135.8 137.0 130.9 130.0 82.0 57.0 112.0 57.1 112.5 102.0 106.0 103.5 88.9 102.0 98.2 57.7 14.2 88.4 89.1 63.4 77.5 89.5 88.5 87.0 76.0 80.3 Net Equity (3) $71.2 19.7 38.1 48.7 47.5 62.6 26.9 39.0 28.5 33.1 25.3 38.5 37.4 31.0 25.0 36.8 25.3 40.5 22.5 22.9 161.4 19.1 21.4 25.3 25.1 30.7 31.6 24.2 21.1 28.0 19.1 14.8 17.0 19.8 20.9 18.4 21.4 15.2 97.4 9.2 2.9 19.9 23.1 9.9 14.9 17.1 15.4 21.2 10.9 79.9 Future Funding (4) $27.1 185.0 10.0 60.7 16.4 103.9 0.2 182.3 55.2 42.6 14.0 25.6 40.9 1.9 32.4 35.5 14.5 6.0 18.0 44.1 2.2 4.4 43.0 62.9 5.6 58.6 4.3 13.5 10.8 6.0 Coupon (5)(6) Max Remaining + 3.2% + 3.6% + 3.6% + 2.7% + 3.3% + 3.6% + 4.1% + 4.0% + 5.5% + 3.8% + 2.9% + 3.3% + 3.3% + 4.2% + 2.6% +3.4% + 2.7% + 3.3% + 3.6% + 4.0% + 3.5% + 4.3% + 2.7% + 3.1% + 3.6% + 2.7% + 2.9% + 3.4% + 3.6% + 4.6% + 3.3% + 3.9% 2.9% + + 2.7% + 2.8% + 2.8% + 3.0% + 3.0% + 3.0% + 3.2% + 4.0% + 3.0% + 2.7% + 3.1% 1.8 42.3 85.8 6.6 4.3 26.9 12.5 + 2.8% + 2.8% Loan Per Term (Yrs) (5) (7) SF / Unit / Key(8) + 3.0% + 3.3% + 3.0% + 2.8% 4.3 4.8 3.7 4.9 4.1 1.5 4.2 1.9 4.0 0.4 5.0 4.4 3.6 4.3 1.9 2.5 4.5 2.1 3.9 1.4 1.0 3.4 2.6 4.3 4.4 1.8 4.6 1.4 4.6 3.9 3.9 4.5 3.9 4.5 4.4 4.4 4.5 4.6 5.0 5.6 4.6 4.1 2.4 4.6 4.5 4.4 4.0 3.6 4.5 4.9 $ 318,784 / unit $ 855 / SF $ 466,400/unit $ 98 / SF $ 616 / SF $ 1,362 / SF $ 277 / SF $ 202,104 / unit $ 163 / SF $ 179 / SF $95 / SF $417 / SF $ 506 / SF $186,198 key $220 / SF $ 659 / SF $ 208,857 / unit $ 132/SF $ 543/ SF $ 558,300 / unit $165/SF $ 373 / SF $ 188/SF $ 614 / SF $ 432 / SF $ 351,282 / unit $ 436,300 / unit $ 375,723 / key $ 560 / SF $102/SF $ 123,317 / unit $ 1,072 / SF $ 155,602 / unit $ 193,182 / unit $ 335,975 / unit $ 448,052 / unit $ 234,565 / unit $2,756,757 / unit $196/ SF $ 211/SF $ 57 / SF $763/ SF $ 74,659 / unit $ 192,590 / unit $ 238,488 / unit $ 304,422 / unit $ 295,000/unit $288/ SF $ 206,522 / unit $ 88,134 / unit LTV (5) (9) 69% 63% 68% 64% 73% 69% 52% 74% 67% 77% 50% 55% 71% 64% 68% 58% 73% 57% 66% 77% 71% 65% 63% 69% 68% 59% 65% 66% 68% 64% 70% 51% 74% 61% 77% 71% 74% 65% 52% 55% 57% 71% 64% 75% 67% 76% 77% 65% 74% 68% 17 Risk Rating 3 3 3 Awwwwwwwwwwww 3 3 3 3 3 3 4 3 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 w w w w w w w www 3 3 3#18# Portfolio Details ($ in Millions) Senior Loans(¹) 品 69 70 71 72 73 Investment 51 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 52 53 54 55 56 Senior Loan 57 Senior Loan 58 Senior Loan 59 Senior Loan 60 Senior Loan 61 Senior Loan 62 Senior Loan 63 Senior Loan 64 Senior Loan 65 Senior Loan 66 Senior Loan 67 Senior Loan 68 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 74 75 Total / Weighted Average Non-Senior Loans Senior Loan Senior Loan (¹1) Real Estate Corporate Loan (12) 1 Total / Weighted Average CMBS B-Pieces 1 RECOPI(13) Total / Weighted Average Real Estate Owned 1 Real Estate Asset Total / Weighted Average Portfolio Total / Weighted Average Location New York, NY Scottsdale, AZ Raleigh, NC Hollywood, FL Seattle, WA Phoenix, AZ Arlington, VA Denver, CO Washington, D.C. Dallas, TX Manassas Park, VA Plano, TX Nashville, TN Atlanta, GA Durham, NC San Antonio, TX Sharon, MA Queens, NY Reno, NV Carrollton, TX Dallas, TX Georgetown, TX San Diego, CA Denver, CO New York, NY n.a. Various Portland, OR *See footnotes on subsequent page KREF Property Type Multifamily Multifamily Multifamily Multifamily Office Single Family Rental Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Hospitality Multifamily Multifamily Multifamily Multifamily Industrial Industrial Multifamily Multifamily Multifamily Multifamily Industrial. Condo (Resi) Multifamily Various Retail Investment Date 3/29/2018 5/9/2022 4/27/2022 12/20/2021 3/20/2018 4/22/2021 10/23/2020 9/14/2021 12/4/2020 8/18/2021 2/25/2022 3/31/2022 12/9/2021 12/10/2021 12/15/2021 4/20/2022 12/1/2021 2/22/2022 4/28/2022 4/1/2022 4/1/2022 12/16/2021 4/29/2022 12/11/2020 8/4/2017 12/11/2020 2/13/2017 12/16/2021 Total Whole Loan (2) $86.0 169.0 82.9 81.0 80.7 72.1 141.8 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 57.6 56.9 55.3 140.4 48.5 43.9 41.8 203.0 28.8 25.2 $12,545.6 105.0 $105.0 n.a. n.a. Committed Principal Amount (2) $86.0 84.5 82.9 81.0 80.7 72.1 70.9 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 57.6 56.9 55.3 50.5 48.5 43.9 41.8 40.0 28.8 25.2 $9,175.3 42.0 $42.0 40.0 $40.0 n.a. $9,257.3 Current Principal Amount $86.0 84.5 76.5 81.0 80.7 27.2 70.9 69.3 66.4 68.2 68.0 64.2 64.3 56.7 51.0 55.2 56.9 52.0 50.5 43.4 38.3 41.8 38.5 16.2 25.2 $7,730.9 42.0 $42.0 35.7 $35.7 79.2 $79.2 $7,887.8 Net Equity (3) $13.3 12.7 14.7 14.7 46.9 9.8 11.6 11.0 10.5 9.8 13.1 17.0 9.8 14.6 9.1 9.9 8.3 12.8 11.0 11.6 9.2 10.1 6.1 5.6 25.2 $1,905.3 41.6 $41.6 35.7 $35.7 79.2 $79.2 $2,061.8 Future Funding (4) $0.0 6.4 - 44.9 1.0 2.6 - - 3.6 1.7 4.8 9.0 2.4 3.3 5.1 5.6 - 1.5 12.6 $1,412.3 $0.0 n.a. Coupon (5) (6) $1,416.6 + 4.0% + 2.9% + 3.0% + 3.0% 4.1% + + 4.8% + 3.8% + 2.7% + 3.5% + 3.8% + 2.7% + 2.8% + + 3.6% 2.9% + 2.9% + 2.7% + 2.8% + 4.0% +2.7% + 2.9% + 2.9% + 3.3% + 2.6% + 3.8% + 4.2% + 3.3% 4.3 4.8% $4.3 4.8% + 12.0% + 12.0% n.a. 5.1% Loan Per Max Remaining Term (Yrs) (5) (7) SF / Unit / Key(8) LTV (5) (9) 0.8 4.9 4.9 4.5 0.8 3.9 3.3 4.3 3.4 4.2 4.7 4.8 4.5 4.5 4.5 4.9 4.4 1.7 4.9 4.8 4.8 4.5 4.9 3.5 0.3 3.6 3.5 3.5 6.9 6.9 n.a. 3.6 $ 462,366 / unit $ 457,995/ unit $ 239,063 / unit $ 327,935 / unit $ 468 / SF $ 157,092 / unit $ 393,858 / unit $ 286,157 / unit $265,617/ unit $ 189,444 / unit $ 223,684 / unit $ 241,165 / unit $ 279,498 key $ 187,771 / unit $ 147,758 / unit $ 161,404 / unit $ 296,484 / unit $ 84 / SF $ 117 / SF $ 135,778 / unit $ 107,607/ unit $ 199,048 / unit $441,379 / unit $ 58 / SF $ 1,120 / SF n/a 63% 64% 68% 74% 56% 50% 73% 78% 63% 70% 73% 75% 68% 67% 67% 79% 70% 68% 74% 74% 73% 68% 63% 61% 73% 67% n.a. n.a. n.a. n.a. 58% 58% n.a. 67% 18 Risk Rating w w w w w w w w w w w w w w w w w w w w w wwwN 3.0 3 3.0 n.a. n.a. 3.0#19Portfolio Details Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan syndications. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) For Senior Loan 13, the total whole loan is $375.0 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan or $187.5 million, of which a $150.0 million senior note was syndicated to a third party lender. Post syndication, KREF retained a mezzanine loan with a total commitment of $37.5 million, fully funded as of June 30, 2022, at an interest rate of L + 7.9%. For Senior Loan 22, the total whole loan is $509.9 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 31% of the loan or $159.7 million, of which $134.7 million in senior notes were syndicated to third party lenders. Post syndication, KREF retained a mezzanine loan with a total commitment of $25.0 million, of which $19.0 million was funded as of June 30, 2022, at an interest rate of L + 12.9%. Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings and (ii) the cost basis of our investment in RECOP I. Represents Committed Principal Amount less Current Principal Amount on Senior Loans and $4.3 million of unfunded commitment to RECOP I. Weighted averages are weighted by current principal amount for senior loans and non-senior loans and by net equity for our RECOPI CMBS B-Piece investment. Non-Senior Loan 1 is excluded from the weighted average LTV. Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan. As of June 30, 2022, 73.7% and 26.3% of floating rate loans by principal amount were indexed to one-month LIBOR and Term SOFR, respectively. Max remaining term (years) assumes all extension options are exercised, if applicable. Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 7, 9, 30, 32, 41, 56, and 74, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. For senior loans, loan-to-value ratio ("LTV") LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for Senior Loan 6, LTV is based on the initial loan amount divided by the appraised bulk sale value assuming a condo- conversion and no renovation; for Senior Loan 75, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost; for mezzanine loans, LTV is based on the current balance of the whole loan dividend by the as-is appraised value as of the date the loan was originated; for RECOPI CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance; for Senior Loans 2, 7, 9, 30, 32, 41, 56, and 74, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. For Senior Loan 9, the total whole loan facility is $425.0 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the facility or $212.5 million. The facility is comprised of individual cross-collateralized whole loans. As of June 30, 2022, there were seven underlying senior loans in the facility with a commitment of $83.0 million and outstanding principal of $30.2 million. For Senior Loan 75, Loan per SF of $1,120 is based on the allocated loan amount of the residential units. Excluding the value of the retail and parking components of the collateral, the Loan per SF is $1,987 based on allocating the full amount of the loan to only the residential units. Non-Senior Loan 1 is a real estate corporate loan to a multifamily operator. Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. KREF 19#20Fully Extended Loan Maturities Fully extended weighted average loan maturity of 3.6 years(¹) ($ in Millions) $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $220 2022 $606 2023 (1) Excludes RECOPI CMBS B-Piece investment KREF Fully Extended Loan Maturities (¹) $1,007 2024 $571 2025 $2,895 2026 $2,416 2027 $58 2028 20#21Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents(¹) Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Real estate owned, net Equity method investments Accrued interest receivable Other assets (2) (3) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Dividends payable Accrued interest payable Accounts payable, accrued expenses and other liabilities (4) Due to affiliates Total Liabilities Commitments and Contingencies Permanent Equity Preferred Stock, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, $0.01 par value, (13,110,000 and 6,900,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (74,599,550 and 65,271,058 shares issued; 69,654,532 and 61,370,732 shares outstanding as of June 30, 2022 and December 31, 2021, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (4,945,018 and 3,900,326 shares repurchased as of June 30, 2022 and December 31, 2021, respectively) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Permanent Equity Total Liabilities and Equity $ $ $ June 30, 2022 (1) Includes $0.5 million and $54.0 million held in collateralized loan obligation as of June 30, 2022 and December 31, 2021, respectively (2) Includes $7.7 million and $2.3 million of restricted cash as of June 30, 2022 and December 31, 2021, respectively (3) Includes $2.8 million and $1.5 million of expected loss reserve for unfunded loan commitments as of June 30, 2022 and December 31, 2021, respectively KREF 118,020 7,473,101 (31,529) 7,441,572 79,168 36,782 22,498 15,569 7,713,609 3,569,581 1,931,605 337,609 142,538 29,915 9,837 7,782 8,298 6,037,165 131 697 1,802,725 (48,158) (79,070) 1,676,325 119 1,676,444 7,713,609 $ $ $ December 31, 2021 271,487 6,316,733 (22,244) 6,294,489 78,569 35,537 15,241 7,916 6,703,239 3,726,593 1,087,976 338,549 141,851 26,589 6,627 7,521 5,952 5,341,658 69 613 1,459,959 (38,208) (60,999) 1,361,434 147 1,361,581 6,703,239 21#22Consolidated Statements of Income (in thousands except share and per share data) Net Interest Income Interest income Interest expense Total net interest income Other Income nue from real state owned operations Income (loss) from equity method investments Other income Total other income (loss) Operating Expenses General and administrative Provision for (reversal of) credit losses, net Management fees to affiliate Incentive compensation to affiliate Expenses from real estate owned operations Total operating expenses Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings Income tax expense Net Income (Loss) Noncontrolling interests in (income) loss of consolidated joint venture Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries Preferred Stock dividends and redemption value adjustment Participating securities' share in earnings Net Income (Loss) Attributable to Common Stockholders Net Income (Loss) Per Share of Common Stock, Basic Net Income (Loss) Per Share of Common Stock, Diluted Weighted Average Number of Shares of Common Stock Outstanding, Basic Weighted Average Number of Shares of Common Stock Outstanding, Diluted Dividends Declared per Share of Common Stock KREF $ $ June 30, 2022 90,603 44,733 45,870 1,833 1,035 1,237 4,105 4,308 11,798 6,506 2,368 24,980 24,995 24,995 66 25,061 5,326 341 19,394 0.28 0.28 68,549,049 68,549,049 Three Months Ended March 31, 2022 $ $ $ $ 0.43 $ 73,230 32,459 40,771 2,629 1,886 1,915 6,430 4,446 (1,218) 6,007 2,554 11,789 35,412 35,412 56 35,468 5,326 346 29,796 0.47 0.46 63,086,452 69,402,626 0.43 $ $ $ $ $ June 30, 2021 67,149 26,958 40,191 1,256 100 1,356 3,688 (559) 4,835 2,403 10,367 31,180 103 31,077 31,077 1,813 29,264 0.53 0.52 55,632,322 55,907,086 $ $ $ $ 0.43 $ Six Months Ended June 30, 2022 163,833 77,192 86,641 4,462 2,921 3,152 10,535 8,754 10,580 12,513 4,922 36,769 60,407 60,407 122 60,529 10,652 687 49,190 $ $ 0.75 0.74 65,832,841 72,149,015 0.86 $ $ $ June 30, 2021 131,915 54,341 77,574 2,346 166 2,512 7,193 (2,147) 9,125 4,595 18,766 61,320 151 61,169 61,169 2,721 58,448 1.05 1.05 55,625,911 55,819,110 0.86 22#23Reconciliation of GAAP Net Income to Distributable Earnings (in thousands except share and per share data) Net Income (Loss) Attributable to Common Stockholders Per share impact from exclusion of potentially issuable shares under assumed conversion of the Convertible Notes (¹) Adjustments Non-cash equity compensation expense Unrealized (gains) or losses (2) Provision for (reversal of) credit losses, net Non-cash convertible notes discount amortization Distributable Earnings Weighted average number of shares of common stock outstanding, diluted (¹) (1) (2) (3) June 30, 2022 19,394 KREF $ $ 2,040 (190) 11,798 90 33,132 68,549,049 Per Diluted Share (3) 0.28 $ 0.03 - 0.17 0.48 Three Months Ended March 31, 2022 29,796 $ 2,126 (1,032) (1,218) 89 29,761 63,086,452 Per Diluted Share (3) 0.46 $ 0.01 0.03 (0.02) (0.02) 0.47 June 30, 2021 $ 29,264 $ 1,994 (364) (559) 90 30,425 55,907,086 Per Diluted Share (3) 0.52 $ 0.04 (0.01) (0.01) 0.54 Diluted weighted average common shares outstanding for Distributable Earnings excludes 6,316,174 potentially issuable shares under assumed conversion of the Convertible Notes Includes ($0.2) million, ($1.0) million, and ($0.1) million of unrealized mark-to-market adjustment to RECOP I's underlying CMBS investments during 20'22, 1Q'22, and 2Q'21, respectively. Includes ($0.2) million non-cash redemption value adjustment of the Special Non-Voting Preferred Stock (SNVPS) during 2Q'21 Numbers presented may not foot due to rounding 23#24Key Definitions "Distributable Earnings": Commencing for all periods ending on or after December 31, 2020, the Company has elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental basis to KREF's net income as determined in accordance with GAAP as the Company believes it would be useful to investors in evaluating the Company's operating performance and its ability to pay its dividends. Distributable Earnings replaces the Company's prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods have been recast as Distributable Earnings. The Company defines Distributable Earnings as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. While Distributable Earnings excludes the impact of the unrealized current provision for credit losses, any loan losses are charged off and realized through Distributable Earnings when deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e. when the loan is repaid, fully or partially, or in the case of foreclosure, when the underlying asset is sold), or (ii) with respect to any amounts due under any loan, when such amount is determined to be non- collectible. Distributable Earnings should not be considered as a substitute for GAAP net income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITS. The weighted average diluted shares outstanding used for purposes of calculating Distributable Earnings per diluted weighted average share has been adjusted from the weighted average diluted shares outstanding under GAAP to exclude potential shares that may be issued upon the conversion of the Convertible Notes. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs, which we believe is a useful presentation for investors. We believe that excluding shares issued in connection with a potential conversion of the Convertible Notes from our computation of Distributable Earnings per diluted weighted average share is useful to investors for various reasons, including: (i) conversion of Convertible Notes to shares would require the holder of a note to elect to convert the Convertible Note and for us to elect to settle the conversion in the form of shares, and we currently intend to settle the Convertible Notes in cash; (ii) future conversion decisions by note holders will be based on our stock price in the future, which is presently not determinable; and (iii) we believe that when evaluating our operating performance, investors and potential investors consider our Distributable Earnings relative to our actual distributions, which are based on shares outstanding and not shares that might be issued in the future. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood's green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings. KREF 24