#1KKR REAL ESTATE FINANCE TRUST First Quarter 2023 Supplemental Information APRIL 24, 2023#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 release 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 general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests, including with respect to the effects of the COVID-19 pandemic, and their impact on the Company's loan portfolio, financial condition and business operations; accelerating inflationary trends, spurred by multiple factors including high commodity prices, a tight labor market, and low residential vacancy rates, may result further in interest rate increases and lead to increased market volatility; higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds and an increase in the number of borrowers who exercise extension options, which could extend beyond the term of certain secured financing agreements the Company uses to finance its loan investments; the economic impact of escalating global trade tensions, the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; 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; the impact of, and market dislocations that may result from, governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets; interest rate mismatches between the Company's target assets and any borrowings used to fund such assets; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; 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, risks in collection of contractual interest payments, 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 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; authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board, 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, 2022, 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 release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company 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 forward looking statements in this presentation speak only as of April 24, 2023. 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, 2023 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 $8.0 B Investment Portfolio 100% Senior Loans $124 M Average Loan Size (¹) 57% Multifamily & Industrial 100% Interest Collected Senior loans secured primarily by transitional, institutional multifamily and office properties owned by high quality sponsors KREF Conservative Balance Sheet $9.0 B Financing Capacity 76% Fully Non-Mark-to-Market (²) $892 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 $504 B Global AUM(4) $64 B Real Estate AUM(4)(5) (1) Average loan size is inclusive of the unfunded commitment (2) Based on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes (3) Includes $254 million in cash, $610 million undrawn corporate revolver capacity and $28 million of available borrowings based on existing collateral (4) As of December 31, 2022 (5) Figures represent AUM across all KKR real estate transactions $24 B Balance Sheet (4) 160+ 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 3#4First Quarter 2023 Highlights Financials Portfolio Liquidity & Capitalization (1) ● 1Q Net Loss of ($0.45) per diluted share ● ● ● ● (includes a CECL provision of $60 million, or ($0.88) per diluted share) 1Q Distributable Earnings of $0.48 per diluted share Book Value per Common Share ("BVPS") of $17.16 per share, compared to $18.00 per share as of 4Q'22 (includes a CECL allowance of $172 million, or ($2.48) per share, representing 224 basis points of loan principal balance) $8.0 billion predominantly senior loan portfolio with a weighted average unlevered all-in yield (3) of 8.5% Multifamily and industrial assets represent 57% of loan portfolio Weighted average risk rating of 3.2 ● ● Funded $204 million relating to loans closed in previous quarters Received $87 million in loan repayments Collected 100% of interest payments due in 1Q Monitoring seven watch list loans, including six office assets $892 million of available liquidity, including $254 million of cash and $610 million undrawn capacity on the corporate revolver Diversified financing sources totaling $9.0 billion with $2.7 billion of undrawn capacity 76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only Extended a $600 million repurchase facility maturity date to December 2025 and a $500 million warehouse facility maturity date to March 2026 Excluding match-term secured financing and subsequent to the convertible notes due May 2023, there are no debt maturities due until 2025 (1) Represents Net Income or loss attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) Includes the amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method KREF 4#51Q'23 Financial Summary ($ in Millions) Net Interest Income Other Income Income Statement Operating Expenses Provision for Credit Losses Preferred Stock Dividends Other Net Income (Loss) Attributable to Common Stockholders Net Income (Loss) per Share, Diluted Distributable Earnings (¹) Distributable Earnings per Share, Diluted (¹) Dividend per Share Diluted Weighted Average Shares Outstanding 1Q'23 $46.6 I 4.6 (15.8) I I (60.5) I (5.3) (0.4) ($30.8) I ($0.45) $33.1 $0.48 $0.43 69,095,011 I ($ in Millions) Total Portfolio Term Credit Facilities Term Lending Agreements Secured Term Loan Convertible Notes (2) Balance Sheet Total Debt Collateralized Loan Obligations Term Loan Facility Asset Specific Financing Total Leverage Cash Total Equity Common Shareholders' Equity Debt-to-Equity Ratio (³) Total Leverage Ratio (4) Book Value per Share (5) Shares Outstanding 1Q'23 $8,034.0 1,528.7 1,536.6 345.6 143.8 $3,554.7 1,942.8 644.4 184.8 $6,326.7 254.1 1,513.1 1,185.4 2.2x 4.0x $17.16 69,095,011 (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) (3) Represents the principal amount on our loan portfolio including non-consolidated senior interests, one real estate owned asset and CMBS B-Pieces held through an equity method investment 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 (4) Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligations, less cash to (ii) total permanent equity, in each case, at period end (5) Book value per share includes CECL allowance of $172 million or ($2.48) per common share KREF 5#6Recent Operating Performance Net Income and Distributable Earnings ($ in Millions) 1Q'22 Net income (loss) (¹). $29.8 Distributable earnings (²). $29.8 $0.46 $0.47 1Q'22 4Q'22 $14.6 $12.4 $0.21 $0.18 4Q'22 (3) 1Q'23 ($30.8) $33.1 ($0.45) Net Income (Loss) per Diluted Share Distributable Earnings per Diluted Share $0.48 1Q'23 $0.43 Dividends and Book Value Per Share 1Q'22 Dividend per share: $0.43 (1) Represents Net income (loss) attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) 4Q'22 Distributable earnings before realized losses on loan write-offs is $0.54 per share KREF $0.43 Dividend yield on book value per share: 8.8% 9.6% $19.46 4Q'22 1Q'22 $18.00 4Q'22 Book Value per Share 1Q'23 $0.43 10.0% $17.16 1Q'23 6#7Last Twelve Months Loan Activity ($ in Millions) I Future Funding Obligations(2) $8,703 | | $1,449 I $7,254 $1,078 $444 Portfolio Funding Activity - Outstanding Principal(¹) $9,300 I | $1,412 1 $7,888 $225 $387 $9,375 1 | $1,649 | $7,726 2Q'22 3Q'22 3Q'22 3Q'22 1Q'22 2Q'22 2Q'22 Portfolio Fundings Repayments Portfolio Fundings Repayments Portfolio $424 $209 4Q'22 4Q'22 Fundings Repayments (1) Includes one real estate owned asset and CMBS B-Pieces held through an equity method investment (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us KREF $25 I 1 $9,460 $1,544 $7,916 $204 $87 1Q'23 4Q'22 4Q'22 1Q'23 Write-off Portfolio Fundings Repayments $9,381 $1,347 $8,034 1Q'23 Portfolio 7#8KREF Loan Portfolio by the Numbers ($ in Millions) $3,745 1Q'19 18% Total Portfolio Growth $5,233 1Q'20 Other <5%: 21% $5,330 1Q'21 16% (1) Geography" $7,254 1Q'22 5% 10% 5% 8% 11% $8,034 1Q'23 6% Washington, D.C. Investment Type(²) Class-B 6% Senior Loans 100% Industrial 13% Office (5) Class-A 94% Property Type Hospitality Life Science 8% 5% A (3) LEED 85% (4) Other 5% Office 25% Interest Rate Type 100% Floating LIBOR 36% Multifamily 44% SOFR 64% Multifamily Class-B 30% Class-A 70% Note: The charts above are based on total assets. Total assets reflect the principal amount of our loan portfolio (1) Map excludes one real estate owned asset with a net carrying value of $81 million 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) "Other" property types include: 2% Condo (Residential), 1% Student Housing, 1% Single Family Rental and 1% Self-Storage (5) Office property certification % is based on current principal loan balance; see description for LEED certification in the appendix KREF 8#9Portfolio Credit Quality Overview Collected 100% of interest payments due on loan portfolio (% of loan portfolio) 4Q'22 21% 0 - 60% 1Q'23 22% 0 - 60% 20% 60 - 65% 20% 60 - 65% Loan-to-Value(¹)(2) 31% 65 - 70% 31% 65 - 70% Weighted Average LTV(³): 66% 24% 70-75% 23% 4% Weighted Average LTV(³): 66% 70 - 75% 75-80% 4% 75 - 80% I I I (% of loan portfolio) 4Q'22 0% 1 0 0% 1 0 1Q'23 0% 2 0 0% 2 0 Risk Rating Distribution 88% 3 70 Loan Count 87% 3 68 Weighted Average Risk Rating (³): 3.2 6% 4 3 9% 6% 4 5 5 Weighted Average Risk Rating (³): 3.2 3 4% 5 2 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 in the footnotes to the "Portfolio Details" Summary in the Appendix (2) Includes non-consolidated senior interests and excludes two 5 risk-rated loans (3) Weighted average is weighted by current principal amount KREF 9#10Case Studies: Watch List Loans (Risk Rating 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating KREF Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings totaling 1.1mm SF Refinance Minneapolis, MN $194 million $194 million $179 / SF LIBOR + 3.8% 0.1 5 Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $177 million $153 million $214 / SF LIBOR + 2.6% 1.1 5 10#11Case Studies: Watch List Loans (Risk Rating 4) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (¹) Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan January 2022 $198 million $643 / SF SOFR + 3.4% 3.4 Washington, D.C. Office 4 November 2021 Class-A Office totaling 357k SF Refinance Washington, D.C. $188 million $173 million $485 / SF LIBOR + 3.3% 3.7 Washington, D.C. Office 4 December 2019 Class-A Office totaling 200k SF Refinance Washington, D.C. $176 million $154 million $755 / SF LIBOR + 3.4% 1.8 Chicago Office 4 July 2019 Class-A Office totaling 1.0 million SF Refinance Chicago, IL $150 million $118 million $114 / SF SOFR + 3.3% 1.4 4 West Hollywood Multifamily (1) The total whole loan facility is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million KREF 37-unit Class-A Multifamily Refinance West Hollywood, CA $102 million $102 million $2,756,757 / unit LIBOR + 3.0% 3.9 4 11#12Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $9.0 billion with $2.7 billion of undrawn capacity Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Avg. Coupon (¹) $1,840 ($ in Millions) Term Credit Facilities Term Lending Agreements (1) (2) (3) (4) (5) Warehouse Facility Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Debt Collateralized Loan Obligations Term Loan Facility Asset Specific Financing $2,167 Total Leverage $500 $346 $144 $610 $5,607 $1,943 $1,000 $1,529 $1,537 $0 $346 $144 $0 $3,555 $1,943 $644 +1.8% +1.8% n/a +3.5% 6.1% n/a +1.5% +1.8% Advance Rate +2.9% 68.9% 75.7 n/a 84.5% 80.4% Non- MTM 82.2% (2) Leverage Ratios Debt-To-Equity Ratio (3) Asset Specific 3% Senior Loan Interests 4% 2.2 X Outstanding Financing Term Credit Facilities 24% $491 $185 $9,040 $6,327 Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes KREF Secured Term Loan 5% 4.0X Total Leverage Ratio (4) Term Loan Facility 10% (5) Collateralized Loan Obligations 30% Term Lending Agreements 24% Non-Mark- to-Market 76% 12#13Financing Overview: Term Credit Facilities ($ in Millions) Counterparty Drawn Capacity Collateral: Loans / Principal Balance Final Stated Maturity(¹) (2) Weighted Average Pricing Weighted Average Advance Mark-to-market WELLS FARGO $715 $1,000 10 Loans / $974 September 2026 +1.5% 73.4% Credit Only Morgan Stanley $574 $600 11 Loans / $822 December 2025 + 2.0% 69.8% Credit Only Goldman Sachs $240 $240 7 Loans / $422 October 2025 +2.4% 56.8% Credit Only Total or Weighted Average Single Family Rental 2% Industrial 12% Life Science 15% $1,529 $1,840 28 Loans / $2,218 +1.8% 68.9% Property Type(3): Office 34% (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 Multifamily 37% 13#14Liquidity Overview In addition to the available liquidity below, KREF had $100 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of March 31, 2023 ($ in Millions) $1,000 $900 (1) $800 $700 $600 $500 $400 $300 $200 $100 $0 $254 Cash Sources of Available Liquidity $610 Undrawn Corporate Revolver $28 Approved and Undrawn (1) Credit Capacity $892 Total Available Liquidity 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 Rate Environment 100% floating-rate loan portfolio continues to benefit from a rising rate environment 64% indexed to Term SOFR and 36% to one-month LIBOR One-month LIBOR = 4.86% Term SOFR = 4.80% As of March 31, 2023 $0.20 $0.15 $0.10 $0.05 $0.00 ($0.05) ($0.10) ($0.15) ($0.20) Annual Net Interest Income Per Share Sensitivity to Change in Market Rates KREF ($0.16) -1.00% Note: Based on portfolio as of March 31, 2023 ($0.08) -0.50% $0.00 0.00% Change in LIBOR/SOFR $0.08 +0.50% ($ Impact Per Share) $0.16 +1.00% 15#16Appendix KREF 16#17Portfolio Details ($ in Millions) # Senior Loans(9) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Investment (¹) 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 Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan. Senior Loan (¹¹) 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 Location Arlington, VA Boston, MA Bellevue, WA Los Angeles, CA Various Mountain View, CA Bronx, NY Various Minneapolis, MN Various Washington, D.C. Boston, MA The Woodlands, TX Philadelphia, PA Washington, D.C. New York, NY West Palm Beach, FL Boston, MA Various Oakland, CA Plano, TX Chicago, IL Redwood City, CA Various Seattle, WA Dallas, TX Boston, MA Arlington, VA Fontana, CA Fort Lauderdale, FL San Carlos, CA Irving, TX Philadelphia, PA Cambridge, MA Pittsburgh, PA Miami, FL Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Boston, MA Washington, D.C. Phoenix, AZ Cary, NC Brisbane, CA Brandon, FL Dallas, TX Miami, FL Dallas, TX Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan. Senior Loan *See footnotes on subsequent page KREF Property Type Multifamily Life Science Office Multifamily. Industrial Office Industrial Multifamily Office Industrial Office Office Hospitality Office Office Condo (Residential) Multifamily Life Science Self Storage Office Office Office Life Science Industrial Life Science Office Multifamily Multifamily Industrial Hospitality Life Science Multifamily Office Life Science Student Housing Multifamily Multifamily. Multifamily Multifamily Multifamily Multifamily Industrial Office Industrial Multifamily Life Science Multifamily Multifamily Multifamily Office Investment Date 9/30/2021 8/3/2022 9/13/2021 2/19/2021 4/28/2022 7/14/2021 8/27/2021 5/31/2019 11/13/2017 6/15/2022 11/9/2021 2/4/2021 9/15/2021 4/11/2019 12/20/2019 12/20/2018 12/29/2021 4/27/2021 12/21/2022 10/23/2020 2/6/2020 7/15/2019 9/30/2022 6/30/2021 10/1/2021 12/10/2021 3/29/2019 1/20/2022 5/11/2021 11/9/2018 2/1/2022 4/22/2021 1/12/2023 12/22/2021 6/8/2021 10/28/2022 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 6/28/2022 1/13/2022 1/13/2022 11/21/2022 7/22/2021 1/13/2022 12/23/2021 10/14/2021 1/22/2021 Total Whole Loan $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 375.0 183.3 176.7 175.5 173.5 171.5. 332.3 320.0 509.9 150.7 150.0 580.7 283.6 188.0 138.0 137.0 135.3 132.0 130.0 195.9. 117.6 116.5 401.3 112.5 110.4 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 100.0 95.0 90.3 90.0 89.5 87.0 Committed Principal Amount¹² $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 187.5 183.3 176.7 175.5 173.5 171.5 166.2 160.0 159.7 150.7 150.0 145.2 141.8 140.3 138.0 137.0 135.3 132.0 130.0 125.0 117.6 116.5 115.7 112.5 110.4 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 100.0 95.0 90.3 90.0 89.5 87.0 Current Principal Amount $363.9 99.8 131.4 250.0 252.3 197.5 177.4 216.5 194.4 160.2 173.2 187.5 176.9 153.0 154.3 167.8 170.7 146.6 43.5 135.3 150.7 118.2 0.0 91.6 114.6 138.0 137.0 131.8 94.8 130.0 90.1 112.6 111.5. 72.9 112.5 94.0 102.0 106.0 103.5 90.1 102.0 99.3 59.3 44.6 93.4 90.8 65.9 77.5 89.5 87.0 Net Equity (3) $81.6 12.4 36.7 38.6 49.6 51.3 39.5 39.2 87.5 31.4 44.1 37.4 34.0 23.4 64.0 59.5 26.9 29.4 9.7 21.3 23.4 21.1 (1.3) 59.8 33.1 27.6 30.8 32.8 55.6 24.2 23.7 17.9 61.8 18.5 17.1 22.6 20.0 21.1 18.6 22.9 15.4 20.3 10.8 10.6 17.6 17.7 10.5 15.1 17.3 25.6 Coupon (4)(5) +3.3% +4.2% +3.6% +3.6% +2.7% +3.4% +4.2% +4.0% +3.8% +2.9% +3.3% +3.3% +4.2% +2.6% +3.4% +3.7% +2.8% +3.6% +3.8% +4.3% +2.8% +3.3% +4.5% +5.5% +3.1% +3.7% +3.4% +2.9% +4.7% +3.5% +3.6% +3.3% +3.3% +4.0% +2.9% +3.8% +2.7% +2.9% +2.8% +3.1% +3.0% +3.0% +3.2% +4.0% +3.4% +3.1% +3.1% +2.8% +2.9% +3.3% Max Remaining Term (Yrs)(4) 3.5 4.4 4.0 2.9 4.1 3.4 3.4 1.2 0.1 4.3 3.7 2.9 3.5 1.1 1.8 0.8 3.8 3.1 4.8 2.6 1.9 1.4 4.5 3.3 3.5 3.7 1.0 3.9 3.2 0.7 3.9 3.1 3.9 3.8 3.2 4.6 3.8 3.7 3.6 3.8 3.9 4.3 4.9 3.9 4.7 3.4 3.9 3.8 3.6 2.9 Loan Per SF / Unit / Key $ 327,843 / unit $747/SF $ 855/SF $ 466,400/unit $ 98/SF $ 643/SF $ 277/SF $ 202,336 / unit $ 179/SF $ 115/SF $ 485 / SF $506/ SF $ 194,570 / key $214/SF $ 755/SF $ 1,395/SF $ 210,275 / unit $ 609 / SF $ 202/SF $416/SF $ 209/ SF $ 114/SF $ 885/SF $72/SF $731/SF $439/SF $ 351,282 / unit $439,225/unit $ 113/SF $375,723 / key $615/SF $ 124,028 / unit $114/SF $ 1,072 / SF $ 155,602 / unit $ 333,333/unit $ 193,182/unit $ 335,975 / unit $ 448,052 / unit $ 237,808 / unit $ 2,756,757 / unit $ 198/SF $ 217/SF $57/SF $ 239,398 / unit $784/SF $ 195,473 / unit $ 238,488 / unit $ 304,422 / unit $ 294 / SF LTV(4)(8) 69% 56% 63% 68% 64% 73% 52% 74% n.a. 50% 55% 71% 64% n.a. 58% 69% 73% 66% 67% 55% 63% 57% 53% 62% 69% 68% 59% 65% 64% 66% 68% 70% 53% 51% 74% 51% 61% 77% 71% 74% 65% 52% 55% 57% 63% 71% 75% 67% 76% 65% Risk Rating 3 3 3 3 3 4 3 3 5 3 4 3 3 5 4 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 17#18Portfolio Details ($ in Millions) Senior Loans Investment (¹) 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 Total / Weighted Average CMBS B-Pieces 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 Senior Loan Senior Loan Senior Loan (¹2) Senior Loan. 1 RECOP (13) Total / Weighted Average Real Estate Owned Real Estate Asset Total / Weighted Average Portfolio Total / Weighted Average KREF Location Charlotte, NC San Antonio, TX Scottsdale, AZ Raleigh, NC Hollywood, FL 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 New York, NY Denver, CO *See footnotes on subsequent page Various Portland, OR Property Type Multifamily Multifamily Multifamily Multifamily Multifamily Single Family Rental Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Hospitality Multifamily Multifamily Multifamily Multifamily Industrial Industrial Multifamily Multifamily Multifamily Multifamily Condo (Residential) Industrial Various Retail Investment Date 12/14/2021 6/1/2022 5/9/2022 4/27/2022 12/20/2021 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 8/4/2017 12/11/2020 2/13/2017 12/16/2021 Total Whole Loan (2) $86.8 246.5 169.0 82.9 81.0 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 20.1 15.4 $13,175.4 n.a. n.a. Committed Principal Amount¹² $86.8 86.3 84.5 82.9 81.0 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 20.1 15.4 $9,280.4 40.0 40.0 n.a. 9,320.4 Current Principal Amount $78.6 80.3 84.5 78.1 81.0 49.5 70.9 70.0 66.7 68.2 68.0 66.1 64.7 58.3 54.4 56.1 56.9 52.7 50.5 46.3 41.2 41.8 39.2 20.1 9.5 $7,917.2 35.7 35.7 81.1 81.1 8,034.0 Net Equity (3) $13.7 19.7 12.9 16.5 14.9 16.6 11.8 11.9 10.9 10.0 13.2 17.7 10.4 15.0 10.5 11.0 8.4 13.7 11.2 12.5 10.0 10.2 7.0 20.1 3.3 $1,845.0 35.7 35.7 81.1 81.1 1,961.8 Coupon (45) +3.1% +2.8% +2.9% +3.0% +3.1% +4.9% +3.8% +2.7% +3.5% +3.9% +2.7% +2.8% +3.7% +3.0% +3.0% +2.7% +2.8% +4.0% +2.7% +2.9% +2.9% +3.4% +2.6% +4.2% +3.8% +3.3% 4.7% 4.7% n.a. 8.2% Max Remainin Term 3.8 4.2 4.2 4.1 3.8 3.1 2.5 3.5 2.7 3.4 3.9 4.0 3.8 3.8 3.8 4.1 3.7 0.9 4.1 4.0 4.0 3.8 4.1 0.1 2.8 3.2 6.2 6.2 n.a. 3.2 Loan Per SF / Unit / Key(7) $ 213,615 / unit $ 103,007 / unit $ 457,995/ unit $ 244,139 / unit $ 327,935 / unit $ 157,092 / unit $ 393,858 / unit $ 289,128 / unit $ 266,727 / unit $ 189,444 / unit $ 223,684 / unit $ 248,572 / unit $ 281,237/key $ 193,189 / unit $ 157,709 / unit $164,107/ unit $ 296,484 / unit $ 85/SF $ 117/SF $ 144,631 / unit $ 115,655 / unit $ 199,048 / unit $450,468/unit $ 1,061/SF $47/SF n.a. n.a. LTV/41(8) 74% 68% 64% 68% 74% 50% 73% 78% 63% 70% 73% 75% 68% 67% 67% 79% 70% 68% 74% 74% 73% 68% 63% 73% 61% 66% 58% 58% n.a. 66% Risk Rating 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.2 n.a. n.a. 3.2 18#19Portfolio Details Our total portfolio represents the current principal amount on senior and mezzanine loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our sole REO investment. Excludes one impaired mezzanine loan with an outstanding principal of $5.5 million that was fully written off. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) For Senior Loan 12, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of March 31, 2023, at an interest rate of L+7.9%. For Senior Loan 20, the total whole loan is $509.9 million, co-originated and co-funded by us and a KKR affiliate. Our 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, we retained a mezzanine loan with a commitment of $25.0 million, of which $21.2 million was funded as of March 31, 2023, 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 investments in RECOP I and REO. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOP I CMBS B-Pieces. Non-Senior Loan 1 and risk-rated 5 loans are excluded from the weighted average LTV. Coupon expressed as spread over the relevant floating benchmark rates, which include LIBOR and Term SOFR, as applicable to each loan. As of March 31, 2023, 36.2% and 63.8% of our loans by principal amount earned a floating rate of interest indexed to Term SOFR and LIBOR, 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, 3, 7, 23, 24, 29, 34, 44, 56, and 75, 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, 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 mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOP I CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk rated-5 loans. For Senior Loans 16 and 74, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost. For Senior Loans 2, 3, 7, 23, 24, 29, 34, 44, 56, and 75, 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. 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 participations. For Senior Loan 24, the total whole loan facility is $283.6 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $141.8 million. The facility is comprised of individual cross-collateralized whole loans. As of March 31, 2023, there were ten underlying senior loans in the facility with a commitment of $141.8 million and outstanding principal of $91.6 million. For Senior Loan 33, Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes junior mezzanine notes with a total outstanding principal of $25.0 million that was fully written off. For Senior Loan 74, Loan per SF of $1,061 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 $2,321 based on allocating the full amount of the loan to only the residential units. Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. KREF 19#20Fully Extended Loan Maturities Fully extended weighted average loan maturity of 3.2 years (¹) ($ in Millions) (1) $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $345 KREF 2023 $845 2024 Excludes CMBS B-Pieces held through an equity method investment Fully Extended Loan Maturities $578 2025 (1) $3,068 2026 $2,979 2027 $103 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 Accrued interest receivable Equity method investments Other assets 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 Other liabilities Due to affiliates Total Liabilities Commitments and Contingencies Equity Preferred Stock, $0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022); liquidation preference of $25.00 per share Common stock, $0.01 par value, 300,000,000 authorized (75,080,707 shares issued; 69,095,011 shares outstanding as of March 31, 2023 and December 31, 2022) Additional paid-in capital Accumulated deficit Repurchased stock (5,985,696 shares repurchased as of March 31, 2023 and December 31, 2022) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Equity Total Liabilities and Equity (1) Includes $83 million and $151 million held in collateralized loan obligation as of March 31, 2023 and December 31, 2022, respectively KREF $ $ $ $ March 31, 2023 254,096 7,612,238 (167,360) 7,444,878 81,100 40,512 35,73 19,726 7,876,031 $ $ 3,875,261 $ 1,937,602 336,464 143,579 29,711 21,699 10,112 8,458 6,362,886 131 691 1,811,135 (202,024) (96,764) 1,513,169 (24) 1,513,145 7,876,031 December 31, 2022 239,791 7,494,138 (106,974) 7,387,164 80,231 39,005 36,849 19,281 7,802,321 3,748,691 1,935,592 336,828 143,237 29,711 17,859 10,245 8,722 6,230,885 131 691 1,808,983 (141,503) (96,764) 1,571,538 (102) 1,571,436 7,802,321 21#22Consolidated Statements of Income (in thousands - except share and per share data) Net Interest Income Interest income Interest expense Total net ineterest income Other Income Revenue from real estate owned operations Income (loss) from equity method investments Other income Total other income 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, and Participating Securities' Share in Earnings Income tax expense Net Income (Loss) Net income (loss) attributable to noncontrolling interests Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries Preferred stock dividends Participating securities' shares 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, 2023 152,530 105,976 46,554 2,246 (347) 2,711 4,610 4,690 60,467 6,523 1,811 2,758 76,249 $ (25,085) 169 (25,254) (177) (25,077) 5,326 407 (30,810) $ (0.45) $ (0.45) $ 69,095,011 69,095,011 0.43 Three Months Ended December 31, 2022 143,508 91,592 51,916 2,417 820 1,576 4,813 4,576 21,189 6,578 634 3,593 36,570 20,159 58 20,101 (227) 20,328 5,326 400 14,602 $ 0.21 0.21 69,109,790 69,109,790 0.43 $ $ 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 0.43 22#23Reconciliation of GAAP Net Income (Loss) 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 (²) Adjustments Non-cash equity compensation expense Unrealized (gains) or losses, net (3) Provision for (reversal of) credit losses, net Non-cash convertible notes discount amortization Distributable Earnings before realized loss on loan write-offs Realized loss on loan write-offs(4) Distributable Earnings Weighted average number of shares of common stock outstanding, diluted (2) (1) (3) (4) March 31, 2023 $ KREF $ $ (30,810) $ 2,152 1,173 60,467 89 33,071 $ 33,071 $ 69,095,011 Per Diluted Share (¹) (0.45) $ 0.03 0.02 0.88 December 31, 2022 0.48 $ Three Months Ended Per Diluted Share (¹) 0.48 $ 14,602 $ 1,494 (25) 21,189 91 37,351 $ (25,000) 12,351 $ 69,109,790 0.21 $ 0.02 March 31, 2022 0.31 0.54 (0.36) 0.18 $ $ 29,796 $ 2,126 (1,032) (1,218) 89 29,761 $ 29,761 $ 63,086,452 Per Diluted Share (¹) Numbers presented may not foot due to rounding Diluted weighted average common shares outstanding for Distributable Earnings excludes 6,316,174 potentially issuable shares under assumed conversion of the Convertible Notes Includes primarily unrealized mark-to-market adjustment to CMBS B-Pieces held through an equity method investment Includes a $25 million write-off on a portion of a $161 million defaulted senior office loan that was deemed uncollectible during the three months ended December 31, 2022 0.46 0.01 0.03 (0.02) (0.02) 0.47 0.47 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. 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