#1APRIL 25, 2022 HABITU KKR REAL ESTATE FINANCE TRUST FIRST 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 April 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 March 31, 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 Best In Class Portfolio $7.3 B Investment Portfolio 99% Senior Loans $129 M Average Loan Size (¹) 75% Multifamily & Office 100% Performing Senior loans secured primarily by transitional, institutional multifamily and office properties owned by high quality sponsors Conservative Balance Sheet $8.0 B Financing Capacity 79% Fully Non-Mark-to-Market (2) $759 M Current Liquidity (3) Conservative liability management focused on diversified non-mark-to-market financing KREF's Manager Fully Integrated with KKR 21% KKR Ownership in KREF $471 B Global AUM(4) $41 B Real Estate AUM(4) (5) $25 B Balance Sheet(4) 135+ 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 (1) Average loan size is inclusive of the unfunded KREF commitment (2) 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 $173 million in cash, $520 million undrawn corporate revolver capacity, and $66 million of available borrowings based on existing collateral (4) As of December 31, 2021 (5) Figures represent AUM across all KKR real estate transactions KREF 3#4First Quarter 2022 Highlights (1) (2) Financials Originations Portfolio Liquidity & Capitalization 1Q Net income (1¹) of $0.46 per diluted share and Distributable Earnings (2) of $0.47 per diluted share Book Value per Common Share ("BVPS") of $19.46 per share, compared to $19.37 per share in 4Q'21, representing eight consecutive quarters of book value per share accretion KREF 1Q originations of nine floating-rate senior loans totaling $844 million with $618 million of initial fundings Subsequent to quarter-end, originated three floating-rate senior loans totaling $150 million with $137 million of initial fundings $7.3 billion predominantly senior loan portfolio ● ● ● Multifamily and office assets represent 75% of loan portfolio Weighted average risk rating of 2.9; 100% performing Received $282 million in loan repayments and collected 100% of interest payments due in 1Q Completed an accretive underwritten public offering of 6,494,155 shares of common stock at $20.83 per share, resulting in $134 million of net proceeds before transaction costs. The offering was $0.11 per share accretive to BVPS Completed an offering of an additional 6,210,000 shares of 6.5% Series A Cumulative Redeemable Preferred Stock at a liquidation price of $25.00 per share, resulting in net proceeds of $151 million Closed a $1.0 billion managed multifamily CLO with two-year reinvestment period providing $847.5 million of non-mark-to- market and non-recourse financing equating to an 84.75% advance rate at a weighted average running cost of capital of Term SOFR + 1.71%, before transaction costs Increased the borrowing capacity on our corporate revolving credit facility by $185 million to $520 million and extended the maturity date through March 2027 Upsized our $500 million term lending agreement to $750 million, which provides matched-term asset-based financing on a non-mark-to-market basis 79% of financing is fully non-mark-to-market and the remaining balance is only mark-to-credit $759 million of available liquidity, including $173 million of cash, $66 million of available borrowings based on existing collateral, and $520 million undrawn on the corporate revolver Represents Net Income attributable to common stockholders See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP 4#51Q'22 Financial Summary ($ in Millions) Net Interest Income Other Income Income Statement Operating Expenses and Other Preferred stock dividends Provision for credit losses Net Income Attributable to Common Stockholders Diluted Weighted Average Shares Outstanding Net Income per Share, Diluted Distributable Earnings (¹) Diluted Weighted Average Shares Outstanding, Distributable Earnings Distributable Earnings per Share, Diluted(¹) Dividend per Share 1Q22 $40.8 6.4 (13.3) (5.3) 1.2 $29.8 69,402,626 $0.46 $29.8 63,086,452 $0.47 $0.43 ($ in Millions) Total Portfolio (2) Term Credit Facilities Term Lending Agreements Secured Term Loan Convertible Notes Total Debt Term Loan Facility Collateralized Loan Obligations Total Leverage Cash Total Permanent Equity Common Stockholders' Equity Debt-to-Equity Ratio (3) Total Leverage Ratio (4) Shares Outstanding Book Value per Share (5) (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) Represents the GAAP principal amount on senior and mezzanine/other loans, one real estate owned asset, and net equity in RECOPI (3 Represents (i) total debt less cash to (ii) total permanent equity (4) Represents (i) total leverage less cash to (ii) total permanent equity (5) Book value per share includes (i) CECL credit loss allowance of ($22.5) million or ($0.33) per common share KREF Balance Sheet 1Q22 $7,253.7 1,204.3 942.6 349.1 143.8 $2,639.8 899.0 1,942.8 $5,481.6 173.2 1,649.7 1,321.8 1.5x 3.2x 67,933,704 $19.46 5#6Recent Operating Performance Net Income (¹) and Distributable Earnings (2) ($ in Millions) 1Q'21 Net income: $29.2 Distributable earnings: $30.4 $0.52 $0.55 $0.59 4Q¹21 $35.2 ($2.9) 1Q'22 4Q'21 $29.8 $29.8 $0.46 $0.47 1Q'21 1Q'22 ($0.05) Net Income per Diluted Share ■ Distributable Earnings per Diluted Share $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 1Q'21 Dividend per share: $0.43 $0.43 Dividend yield on book value per share: 8.9% 9.1% $18.89 4Q'21 1Q'21 $19.37 4Q'21 ■Book Value per Share 1Q'22 $0.43 8.8% $19.46 1Q'22 6#7Last Twelve Months Loan Activity ($ in Millions) Future Funding Obligations (2) $5,784 $454 $5,330 $559 $271 Portfolio Funding Activity - Outstanding Principal (¹) $6,466 I $848 $5,618 $1,143 $7,051 $935 $1,225 $5,826 $1,679 $680 $33 (1) Includes one real estate owned asset and capital committed to our investment in an aggregator vehicle that invests in CMBS Future funding obligations are generally contingent upon certain events and may not result in investment by us (2) KREF $8,160 I $1,3681 $6,792 $744 $282 2Q'21 2Q'21 3Q'21 3Q'21 3Q'21 4Q'21 1Q'21 2Q'21 Portfolio Fundings Repayments Portfolio Fundings Repayments Portfolio Fundings Repayments Loan write-off Portfolio Fundings Repayments 4Q'21 4Q'21 4Q'21 1Q'22 1Q'22 $8,703 $1,449 I $7,254 1Q'22 Portfolio 7#81Q'22 Loan Originations - Select Case Studies Investment Loan Type Loan Size Location Collateral Loan Purpose LTV(2) Investment Date Asset Photos Arlington Multifamily (1) (2) Floating-Rate Senior Loan $135.3 million Arlington, VA 300-unit Class-A Multifamily Acquisition 65% January 2022 San Carlos Life Science Floating-Rate Senior Loan $125.0 million (¹) San Carlos, CA Class-A Life Science totaling 230k SF Acquisition 68% February 2022 The total whole loan is $196 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 64% of the loan or $125 million LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated KREF West Hollywood Multifamily Floating-Rate Senior Loan $102.0 million West Hollywood, CA 37-unit Class-A Multifamily Refinance 65% January 2022 8#9KREF Loan Portfolio by the Numbers Current Portfolio: $7.4 billion (¹) Including net funding and repayment activity subsequent to quarter-end $3,745 1Q'19 Total Portfolio Growth 14% $5,233 1Q'20 Other <5%, 21% $5,330 14% 1Q'21 Geography (2) 7% 9% 11% 9% ($ in Millions) $7,254 10% 1Q'22 5% Washington, D.C. Investment Type(³) Class-B 8% Senior Loans 99% Non-Senior 1% Industrial 4% Hospitality 5% Condo (Residential) 3% Class-A 92% (4) Life Science 10% Office (5) Property Type HAN LEED 78% Interest Rate Type 100% Floating Student Housing Office 27% 3% SOFR 13% LIBOR 87% Single Family Rental <1% Multifamily 48% Multifamily Class-B 25% Class-A 75% Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. (1) As of April 22, 2022 (2) Map excludes a $42 million real estate corporate loan and one real estate owned asset with a net carrying value of $78.6 million (3) 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 and excludes vertical loan syndications (4) 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 (5) 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) 4Q'21 14% 0% - 60% 1Q'22 16% 0% - 60% 19% 60% -65% 18% 60% - 65% Loan-to-Value(1,2) 28% 65% - 70% 29% 65% - 70% Weighted Average LTV(3): 68% 31% 70% -75% 30% 8% Weighted Average LTV(³): 67% 70% - 75% 75% - 80% 7% 75% - 80% I(% of loan portfolio) 4Q'21 I 4% 1 1 1Q'22 3% 1 1 6% 2 3 6% Risk Rating Distribution 2 3 84% 3 54 Loan Count 86% 3 60 Weighted Average Risk Rating (3): 2.9 6% 4 4 5% Weighted Average Risk Rating (3): 2.9 4 0% 3 5 0 0% 5 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 vertical loan syndications and a real estate corporate loan (3) Weighted average is weighted by current principal amount KREF 10#11Case Studies: Watch List Loans (Risk Rating 4 & 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 (1) (2) Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $183 million $157 million $220 / SF L + 2.6% (4.9% Coupon Floor) 68% 2.1 4 Philadelphia Office Floating-Rate Senior Loan June 2018 2-Building, 978k RSF Office Portfolio Acquisition Philadelphia, PA $165 million $165 million $169 / SF L + 2.5% (4.2% Coupon Floor) 71% 1.3 4 New York Condo Floating-Rate Senior Loan August 2017 4 Luxury Residential Condominiums Refinance New York, NY $33 million $33 million $1,244 / SF L+ 4.2% (5.1% Coupon Floor) 73% 0.5(2) 4 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 Calculated based on the anticipated maturity date KREF 11#12Financing Overview: 79% Non-Mark-To-Market Diversified financing sources totaling $8.0 billion with $2.5 billion of undrawn capacity (1) (2) ($ in Millions) (3) (4) (5) Term Credit Facilities Term Lending Agreements Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Corporate Obligations Collateralized Loan Obligations Term Loan Facility Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Avg. Coupon (¹) $1,840 $1,383 $500 $300 $349 $144 $520 $5,036 $1,943 $1,000 $1,204 $943 $0 $0 $349 $144 $0 $2,640 $1,943 $899 +1.7% +1.8% n/a n/a +3.5% (6) 6.1% +2.0% +1.5% +1.6% Advance Rate 1.0% 79.6% n/a n/a 84.5% 78.7% Non- MTM (2) Senior Loan Interests 6% Leverage Ratios Secured Term Loan. 6% 1.5x Outstanding Secured Financing(5) Debt-to-Equity Total Leverage Ratio (3) Ratio (4) 3.2x Term Credit Facilities 21% Term Loan Facility 16% Collateralized Loan Obligations 34% Term Lending Agreements 17% Total Leverage $7,979 $5,482 Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions Represents (i) total outstanding debt agreements (excluding non-recourse term loan facility), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility (6) Loan bears interest at L +3.5% and is subject to a LIBOR floor of 0.5% KREF Note: All figures as of March 31,2022 Non-Mark- to-Market 79% 12#13Financing Overview: Term Credit Facilities ($ in Millions) Counterparty Drawn Capacity Collateral: Loans / Principal Balance Final Stated Maturity (¹) Weighted Average Pricing (2) Weighted Average Advance Mark-to-market (1) (2) (3) WELLS FARGO $666 $1,000 11 Loans / $895 September 2026 + 1.4% 74.4% Credit Only Morgan Stanley $433 $600 9 Loans / $613 December 2023 +1.9% 70.8% Credit Only Goldman Sachs $105 $240 6 Loans / $189 October 2023 + 2.2% 55.7% Credit Only Property Type(3): Total / Weighted Average Life Science 15% $1,204 Student 3% Housing 5% $1,840 26 Loans / $1,697 + 1.7% Industrial 71.0% Based on extended maturity date 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 Based on principal balance of financing KREF Office 36% Single Family Rental 1% Multi- family 40% 13#14Liquidity Overview In addition to the available liquidity below, KREF had $377 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval, as of March 31, 2022 Sources of Available Liquidity ($ in Millions) $800.0 $700.0 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $0.0 (1) $173 Cash $520 Undrawn $66 Approved and Undrawn Credit Capacity (1) $759 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 Repositioning for Higher Rate Environment Ongoing portfolio rotation out of higher rate-floor loans is positioning KREF to benefit from a rising rate environment 100% floating-rate loan portfolio; 87% indexed to one-month LIBOR and 13% to Term SOFR LIBOR = 0.45% SOFR = 0.30% As of 3/31/2022 $0.04 $0.03 $0.02 $0.01 $0.00 - $0.01 -$0.02 -$0.03 -$0.04 $0.00 -0.25% Quarterly Net Interest Income Per Share Sensitivity to Change in Market Rates Note: Based on portfolio as of March 31, 2022 KREF ($0.00) +0.50% ($0.00) +1.00% Change in LIBOR/SOFR $0.01 +1.50% ($ Impact Per Share / Q) $0.03 +2.00% 15.#16Appendix KREF 16#17Senior Loans (1) 2 3 4 5 6 Portfolio Details 1 Senior Loan. Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 7 8 9 10 11 12 13 14 15 16 17 ($ in Millions) 18 19 Investment 20 21 22 23 Senior Loan 24 Senior Loan 25 Senior Loan 26 Senior Loan 27 Senior Loan 28 Senior Loan 29 Senior Loan 30 Senior Loan Senior Loan 31 32 Senior Loan 33 Senior Loan 34 Senior Loan 35 Senior Loan 36 Senior Loan 37 Senior Loan 38 Senior Loan 39 Senior Loan. 40 Senior Loan 41 Senior Loan 42 Senior Loan 43 Senior Loan 44 Senior Loan 45 Senior Loan 46 Senior Loan 47 Senior Loan 48 Senior Loan 49 Senior Loan 50 Senior Loan Location Arlington, VA Bellevue, WA Los Angeles, CA Boston, MA Mountain View, CA New York, NY Bronx, NY Various Various Minneapolis, MN Washington, D.C. Boston, MA Chicago, IL The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Chicago, IL Boston, MA Philadelphia, PA New York, NY Oakland, CA Plano, TX Seattle, WA Boston, MA Dallas, TX 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 Washington, D.C. Phoenix, AZ Brisbane, CA State College, PA Brandon, FL Dallas, TX Miami, FL Denver, CO Dallas, TX Charlotte, NC New York, NY Hollywood, FL *See footnotes on subsequent page KREF Property Type Multifamily Office Multifamily Life Science Office Condo (Resi) Industrial Multifamily Industrial Office Office Office Multifamily Hospitality Office Office Multifamily Office Life Science Office Multifamily Office Office Life Science Multifamily Office Multifamily Hospitality Life Science Industrial Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Office Industrial Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Office Multifamily Multifamily Multifamily Investment Date 9/30/2021 9/13/2021 2/19/2021 5/24/2018 7/14/2021 12/20/2018 8/27/2021 5/31/2019 6/30/2021 11/13/2017 11/9/2021 2/4/2021 6/6/2019 9/15/2021 4/11/2019 12/20/2019 12/29/2021 7/15/2019 4/27/2021 6/19/2018 12/5/2018 10/23/2020 2/6/2020 10/1/2021 3/29/2019 12/10/2021 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 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 3/29/2018 12/20/2021 Total Whole Loan (2) $381.0 520.8 260.0 250.5 362.8 234.5 381.2 216.5 425.0 194.4 187.7 375.0 186.0 183.3 182.6 175.5 171.5 170.0 332.3 165.0 163.0 509.9 153.7 188.0 138.0 138.0 135.3 130.0 195.9 119.9 117.6 401.3 112.5 106.3 212.0 103.5 102.4 102.0 228.5 195.3 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.0 81.0 Committed Principal Amount (2) $381.0 260.4 260.0 250.5 250.0 234.5 228.7 216.5 212.5 194.4 187.7 187.5 186.0 183.3 182.6 175.5 171.5 170.0 166.2 165.0 163.0 159.7 153.7 140.3 138.0 138.0 135.3 130.0 125.0 119.9 117.6 115.7 112.5 106.3 106.0 103.5 102.4 102.0 100.0 100.0 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.0 81.0 Current Principal Amount $352.9 68.2 250.0 249.0 186.7 214.8 111.3 216.3 26.5 194.4 125.9 187.5 179.5 168.9 157.0 127.1 169.6 137.6 124.3 165.0 148.0 112.3 135.7 90.0 137.0 135.8 130.9 130.0 80.8 48.7 110.5 53.4 112.5 102.0 106.0 103.5 88.9 102.0 57.4 5.6 85.6 87.8 61.9 77.5 89.5 88.5 87.0 76.0 86.0 81.0 Net Equity (3) $70.2 16.3 38.0 60.7 44.8 59.2 109.8 38.9 24.0 33.0 31.6 37.4 32.4 30.5 24.9 43.9 25.2 27.1 20.8 92.2 22.3 17.7 21.2 23.9 21.3 25.0 31.5 24.2 19.7 19.5 17.6 14.3 16.9 19.7 20.8 18.3 21.3 15.1 8.9 3.2 17.0 21.7 8.4 14.9 17.0 15.4 21.1 10.8 13.2 14.6 Future Funding (4) $28.1 192.2 10.0 1.5 63.3 19.7 117.4 0.2 186.0 61.8 3.6 14.4 25.6 15.0 7.4 18.0 50.3 1.0 48.4 + 3.4% 1.9 + 2.7% 32.4 + 3.3% 41.9 + 3.6% 2.5% + + 4.0% + 4.3% + 2.7% + 3.1% + 2.7% 2.2 4.4 44.2 71.2 7.1 62.3 - 4.3 - 13.5 42.6 94.4 9.4 5.6 28.4 12.5 - Coupon (5) (6) 10.8. + 3.2% + 3.6% + 3.6% + 3.2% + 3.3% + 3.6% 4.1% 4.0% + + + + 5.4% 3.8% + 3.3% + 3.3% + 3.6% + 4.2% + 2.6% + 3.6% + 2.9% + 3.4% + 3.6% + 4.6% + 3.3% + 3.9% + 2.9% + 2.7% + 2.8% + 2.8% + 3.0% + 3.0% + 3.2% + 4.0% + 3.0% + 2.7% + 3.1% + 2.8% + 2.8% + 3.0% + 3.3% + 3.0% + 4.0% + 3.0% Loan Per Max Remaining Term (Yrs) (5) (7) SF / Unit / Key(8) LTV (5)(⁹) 4.5 5.0 3.9 1.8 4.4 1.8 4.4 2.2 4.3 0.7 4.7 3.9 2.2 4.5 2.1 2.8 4.8 2.4 4.1 1.3 1.7 3.6 2.9 4.5 2.0 4.7 4.9 1.7 4.9 4.2 4.1 4.8 4.2 4.8 4.7 4.6 4.8 4.9 5.9 4.9 4.4 2.6 4.9 4.8 4.6 4.3 3.9 4.8 1.0 4.8 $ 317,965 / unit $855/ SF $ 466,400/unit $ 533/SF $ 607 / SF $1,341/ SF $ 277 / SF $ 202,104 / unit $ 210 / SF $ 179 / SF $362 / SF $ 506 / SF $364,837 / unit $ 185,810 / key $ 220 / SF $ 622 / SF $ 208,857 / unit $ 132 / SF $ 516 / SF $ 169 / SF $ 556,391 / unit $ 306 / SF $ 188 / SF $575/ SF $ 351,282 / unit $ 432 / SF $ 436,300 / unit $ 375,723 / key $ 551 / SF $ 102 / SF $ 121,745 / unit $ 1072 / SF $ 155,602 / bed $ 193,182 / unit $ 335,975 / unit $ 448,052 / unit $ 234,565 / unit $ 2,756,757 / unit $ 210 / SF $57 / SF $ 739 / SF $ 73,507 / bed $ 189,939 / unit $ 238,488 / unit $ 304,422 / unit $ 295,000/unit $ 288 / SF $206,522/ unit $ 462,366 / unit $ 327,935 / unit 69% 63% 68% 53% 73% 71% 52% 74% 68% 65% 55% 71% 72% 64% 68% 58% 73% 59% 66% 71% 77% 65% 63% 69% 59% 68% 65% 66% 68% 64% 70% 51% 74% 61% 77% 71% 74% 65% 55% 57% 71% 64% 75% 67% 76% 77% 65% 74% 63% 74% 17 Risk Rating 3 3 3 1 WN ww www. 3 m 3 3 3 4 3 3 3 3 4 3 3 2 3 3 3 3 3 3 w w w w w w w w w w w w w w w w w w w 3 2 3#18Portfolio Details ($ in Millions) 60 61 62 63 64 65 66 Investment Senior Loans(1) 51 Senior Loan 52 Senior Loan 53 Senior Loan 54 Senior Loan 55 Senior Loan 56 Senior Loan 57 Senior Loan 58 Senior Loan 59 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (11) Total / Weighted Average Non-Senior Loans Real Estate Corporate Loan (¹2) 1 Total Weighted Average CMBS B-Pieces RECOP I(13) 1 Total / Weighted Average Real Estate Owned Location Seattle, WA Phoenix, AZ Arlington, VA Denver, CO Washington, D.C. Dallas, TX Manassas Park, VA Plano, TX Nashville, TN Atlanta, GA Durham, NC Sharon, MA Queens, NY Georgetown, TX New York, NY Denver, CO 1 Real Estate Asset Total / Weighted Average Portfolio Total / Weighted Average n.a. Various Portland, OR *See footnotes on subsequent page KREF Property Type Office Single Family Rental Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Hospitality Multifamily Multifamily Multifamily Industrial Multifamily Condo (Resi) Industrial Multifamily Various Retail Investment Date 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 12/1/2021 2/22/2022 12/16/2021 8/4/2017 12/11/2020 12/11/2020 2/13/2017 12/16/2021 Total Whole Loan (2) 80.7 72.1 141.8 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 56.9 55.3 41.8 32.6 28.8 $10,837.0 103.8 $103.8 n.a. n.a. Committed Principal Amount (2) 80.7 72.1 70.9 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 56.9 55.3 41.8 32.6 28.8 $8,590.1 41.5 $41.5 40.0 $40.0 n.a. $8,671.6 Current Principal Amount 80.7 18.8 70.9 69.3 66.3 68.2 68.0 64.2 64.3 55.8 50.3 56.9 52.0 41.8 32.6 13.7 $7,098.1 41.5 $41.5 35.7 $35.7 78.6 $78.6 $7,253.9 Net Equity (3) 13.2 11.2 11.5 11.0 10.3 9.8 67.5 63.5 9.8 13.7 8.4 8.3 51.7 10.1 32.6 13.3 $1,743.3 41.0 $41.0 35.7 $35.7 78.4 $78.4 $1,898.4 Future Funding (4) 53.3 1.0 2.7 - - FR6 3.3 3.6 + 2.8% 1.7 + 3.6% 5.7 + 2.9% 9.7 + 2.9% + 2.8% 15.1 $1,449.1 $0.0 4.3 $4.3 n.a. Coupon (5)(6) $1,453.4 + 4.1% + 4.8% + 3.8% + 2.7% + 3.5% + 3.8% + 2.7% + 4.0% + 3.3% + 4.2% + 3.8% + 3.3% + 12.0% 12.0% 4.6% 4.6% n.a. 4.1% Max Remaining Loan Per Term (Yrs) (5) (7) SF / Unit / Key(8) LTV (5)(9) 1.0 4.1 3.5 4.5 3.7 4.4 4.9 5.0 4.8 4.8 4.8 4.7 1.9 4.8 0.0 3.8 3.5 3.7 3.7 7.2 7.2 n.a. 3.6 $ 468 / SF $157,092 / unit $393,858 / unit $ 286,157 / unit $ 265,132 / unit $ 189,444 / unit $223,684 / unit $ 241,165 / unit $ 279,498 / key $184,763 / unit $ 145,740 / unit $ 296,484 / unit $ 84 / SF $ 199,048 / unit $ 1,244 / SF $ 58 / SF 56% 50% 73% 78% 63% 70% 73% 75% 68% 67% 67% 70% 68% 68% 73% 61% 67% n/a n.a. n.a. n.a. 58% 58% n.a. n.a. 67% 18 Risk Rating Awwwwwwwwwwwwww 3 2.9 3 3.0 n.a. n.a. 2.9#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) For Senior Loan 12, 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 March 31, 2022, at an interest rate of L + 7.9%. (12) (13) For Senior Loan 13, the total whole loan is $186.0 million, of which an $81.6 million senior note was syndicated to a third party lender. Post syndication, KREF retained the mezzanine loan and a 45% interest in the senior loan which both totaled $104.4 million commitment, of which $100.7 million was funded as of March 31, 2022, at a blended interest rate of L + 4.7%. 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 $17.6 million was funded as of March 31, 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 RECOP I 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 March 31, 2022, 87.1% and 12.9% 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, 40, 52, and 66 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 65, 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, 40, 52, and 66 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 65, Loan per SF of $1,244 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 $1,928 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 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 March 31, 2022, there were six underlying senior loans in the facility with a commitment of $65.9 million and outstanding principal of $26.5 million. 19#20Fully Extended Loan Maturities Fully extended weighted average loan maturity of 3.5 years (¹) ($ in Millions) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 227 2022 610 2023 (1) Excludes RECOPI CMBS B-Piece investment KREF Fully Extended Loan Maturities (¹) 1,431 2024 554 2025 2,819 2026 1,442 2027 57 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 March 31, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (71,834,030 and 65,271,058 shares issued; 67,933,704 and 61,370,732 shares outstanding as of March 31, 2022 and December 31, 2021, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (3,900,326 shares repurchased as of March 31, 2022 and December 31, 2021) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Permanent Equity Total Liabilities and Equity (1) Includes $54.0 million held in collateralized loan obligation as of December 31, 2021 (2) Includes $1.7 million and $2.3 million of restricted cash as of March 31, 2022 and December 31, 2021, respectively (3) (4) $ $ $ Includes $80.9 million of pre-close loan fundings into escrow as of March 31, 2022 Includes $1.8 million and $1.5 million of expected loss reserve for unfunded loan commitments as of March 31, 2022 and December 31, 2021, respectively KREF March 31, 2022 173,178 6,772,884 (20,676) 6,752,208 78,569 36,595 19,091 90,122 7,149,763 3,035,230 1,929,616 337,971 142,193 29,411 9,528 7,426 8,668 5,500,043 131 679 1,747,340 (37,616) (60,999) 1,649,535 185. $ $ $ 1,649,720 7,149,763 $ 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 Income (loss) from equity method investments Revenue from real estate 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 $ $ $ $ $ March 31, 2022 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 Three Months Ended December 31, 2021 $ $ $ $ 0.43 $ 72,715 30,266 42,449 5,126 1,863 390 7,379 3,383 (3,077) 5,289 3,463 9,058 40,770 427 40,343 40,343 4,966 179 35,198 $ $ 0.59 $ 0.59 $ 59,364,672 59,453,264 0.43 $ March 31, 2021 64,766 27,383 37,383 1,090 66 1,156 3,505 (1,588) 4,290 2,192 8,399 30,140 48 30,092 30,092 908 29,184 0.52 0.52 55,619,428 55,731,061 0.43 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 Gain on redemption of non-voting manager units Non-cash convertible notes discount amortization Distributable Earnings before realized losses on loan write-offs Realized losses on loan write-offs (3) Distributable Earnings Weighted average number of shares of common stock outstanding, diluted (¹) (1) (2) (3) (4) $ KREF March 31, 2022 29,796 2,126 (1,032) (1,218) 89 29,761 29,761 63,086,452 Per Diluted Share (4) $ $ $ 0.46 0.01 0.03 (0.02) (0.02) 0.00 0.47 0.47 December 31, 2021 35,198 $ Three Months Ended $ 1,413 1,463 (3,077) (5,126) 91 29,962 (32,905) (2,943) 59,364,672 Per Diluted Share (4) $ 0.59 0.02 0.02 (0.05) (0.09) 0.00 0.50 (0.55) $ (0.05) $ $ $ March 31, 2021 29,184 1,994 708 (1,588) 89 30,387 30,387 55,731,061 Per Diluted Share (4) $ $ $ Diluted weighted average common shares outstanding for Distributable Earnings excludes 6,316,174 potentially issuable shares under assumed conversion of the Convertible Notes Includes ($1.0) million, ($1.1) million, and $0.0 million of unrealized mark-to-market adjustment to RECOP I's underlying CMBS investments during 1Q'22, 4Q'21, and 1Q'21, respectively. Includes $2.5 million and $0.7 million non-cash redemption value adjustment of the Special Non-Voting Preferred Stock (SNVPS) during 4Q'21 and 10'21, respectively Includes $32.1 million write-off on a defaulted senior retail loan which we took title of the underlying property and $0.9 million write-off of the remaining balance on an impaired mezzanine retail loan during 4Q'21 Numbers presented may not foot due to rounding 0.52 0.04 0.01 (0.03) 0.00 0.55 0.55 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