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KREF Liquidity and Portfolio Overview

Portfolio Details ($ in Millions) # Investment (1) Location Property Type Investment Date Total Whole Loan (2) Committed Principal Amount(2) Current Principal Amount Net Equity(3) Coupon (4)(5) Max Remaining Term (Yrs)(4)(6) Loan Per LTV(4)(8) SF / Unit / Key(7) Risk Rating Senior Loans(9) 1 Senior Loan Arlington, VA Multifamily 9/30/2021 $381.0 $381.0 $368.7 $73.7 +3.3% 3.0 $332,167 / unit 69% 3 2 Senior Loan Boston, MA Life Science 8/3/2022 312.5 312.5 163.7 22.3 +4.2% 3.9 $747/SF 56% 3 3 Senior Loan Bellevue, WA Office 9/13/2021 260.4 260.4 172.9 53.4 +3.7% 3.5 $855/SF 63% 3 4 Senior Loan Various Industrial 4/28/2022 252.3 252.3 252.3 50.2 +2.7% 3.6 $98/SF 64% 3 5 Senior Loan Mountain View, CA Office 7/14/2021 250.0 250.0 200.9 82.3 +3.4% 2.9 $654/ SF n.a. 5 6 Senior Loan Bronx, NY Industrial 8/27/2021 228.7 228.7 193.5 51.2 +4.2% 2.9 $277/SF 52% 3 7 Senior Loan Los Angeles, CA Multifamily 2/19/2021 220.0 220.0 220.0 40.7 +2.9% 2.4 $410,430/unit 68% 3 8 Senior Loan Various Multifamily 5/31/2019 206.5 206.5 206.5 41.9 +4.0% 1.7 $192,991 / unit 74% 3 9 Senior Loan Minneapolis, MN Office 11/13/2017 199.4 199.4 194.4 89.0 +2.3% 1.8 $182/SF n.a. 5 10 Senior Loan Various Self Storage 12/21/2022 188.5 188.5 100.2 21.4 +3.8% 4.3 $21,710/unit 69% 3 11 Senior Loan 12 Senior Loan Various Washington, D.C. Industrial 6/15/2022 375.5 187.8 169.5 33.7 +2.9% 3.8 $122 / SF 50% 3 Office 11/9/2021 187.7 187.7 175.5 52.8 +3.4% 3.2 $492 / SF 55% 4 13 Senior Loan Boston, MA Office 2/4/2021 375.0 187.5 187.5 37.5 +3.4% 2.4 $506/SF 71% 4 14 Senior Loan The Woodlands, TX Hospitality 9/15/2021 183.3 183.3 179.2 33.3 +4.3% 3.0 $197,162 / key 64% 3 15 Senior Loan 16 Senior Loan Philadelphia, PA Washington, D.C. Office 4/11/2019 176.7 176.7 155.8 101.1 +2.6% 0.1 $218/SF n.a. 5 Office 12/20/2019 175.5 175.5 169.2 79.1 +3.5% 1.3 $828/ SF 58% 4 17 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 170.9 26.0 +2.8% 3.3 $210,456/unit 73% 3 18 Senior Loan 19 Senior Loan 20 Senior Loan Boston, MA New York, NY Plano, TX Life Science 4/27/2021 332.3 166.2 157.3 31.5 +3.7% 2.6 $653/SF 66% 3 Condo (Residential) 12/20/2018 157.4 157.4 155.6 57.4 +3.7% 0.3 $2,593,978 unit 69% 3 Office 2/6/2020 150.7 150.7 150.7 23.2 +2.8% 1.4. $208/SF 63% 3 21 Senior Loan Redwood City, CA Life Science 9/30/2022 580.7 145.2 0.0 (1.1) +4.5% 4.0 $885/SF 53% 3 22 Senior Loan 23 Senior Loan Seattle, WA Dallas, TX Life Science 10/1/2021 188.0 140.3 116.1 34.8 +3.2% 3.0 $741/SF 69% 3 Office 12/10/2021 138.0 138.0 138.0 25.7 +3.7% 3.2 $439/ SF 68% 3 24 Senior Loan 25 Senior Loan 26 Senior Loan 27 Senior Loan 28 Senior Loan 29 Senior Loan (10) 30 Senior Loan (11) 31 Senior Loan 32 Senior Loan 33 Senior Loan Boston, MA Arlington, VA Fontana, CA San Carlos, CA Various Philadelphia, PA Cambridge, MA Pittsburgh, PA Miami, FL Multifamily 3/29/2019 137.0 137.0 137.0 28.2 +3.4% 0.5 $351,282 / unit 59% 3 Multifamily 1/20/2022 135.3 135.3 132.6 31.2 +2.9% 3.4 $441,963 / unit 78% 3 Industrial 5/11/2021 132.0 132.0 106.1 39.5 +4.7% 2.7 $113 / SF 64% 3 Fort Lauderdale, FL Hospitality 11/9/2018 130.0 130.0 130.0 24.3 +3.5% 0.2 $375,723 / key 66% 3 Life Science 2/1/2022 195.9 125.0 98.1 31.8 +3.6% 3.4 $670/SF 68% 3 Industrial 6/30/2021 242.0 121.0 96.5 39.2 +5.5% 2.8 $75/SF 62% 3 Office 6/19/2018 116.5 116.5 112.6 19.5 +3.3% 3.4 $115/SF 53% 3 Life Science 12/22/2021 401.3 115.7 83.5 23.9 +4.0% 3.3 $1,072 / SF 51% 3 Student Housing 6/8/2021 112.5 112.5 112.5 17.2 +3.0% 2.7 $155,602 / unit 74% 3 Multifamily 10/28/2022 110.4 110.4 94.0 22.7 +3.8% 4.1 $333,333/unit 51% 3 34 Senior Loan West Hollywood, CA Multifamily 1/26/2022 107.0 107.0 103.5 17.0 +3.1% 3.4 $2,797,812 unit 65% 4 35 Senior Loan Las Vegas, NV Multifamily 12/28/2021 106.3 106.3 102.0 17.4 +2.8% 3.3 $193,182 / unit 75% 3 36 Senior Loan (12) Chicago, IL Office 7/15/2019 105.0 105.0 88.4 17.7 +2.3% 4.9 $85/SF 57% 3 37 Senior Loan San Diego, CA Multifamily 10/20/2021 103.5 103.5 103.5 18.8 +2.9% 3.1 $448,052 / unit 71% 3 38 Senior Loan Orlando, FL Multifamily 12/14/2021 102.4 102.4 93.6 23.6 +3.1% 3.3 $246,959 / unit 74% 3 39 Senior Loan Boston, MA Industrial 6/28/2022 285.5 100.0 99.3 20.4 +3.0% 3.8 $198 / SF 52% 3 40 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 61.5 10.5 +3.3% 4.4 $225 / SF 55% 3 41 Senior Loan Phoenix, AZ Industrial 1/13/2022 195.3 100.0 56.5 20.1 +4.0% 3.4 $57 / SF 57% 3 42 Senior Loan Cary, NC Multifamily 11/21/2022 100.0 100.0 95.0 18.5 +3.4% 4.2 $243,656 / unit 63% 3 43 Senior Loan Brisbane, CA Life Science 7/22/2021 95.0 95.0 90.8 17.9 +3.1% 2.9 $784 / SF 71% 3 44 Senior Loan Brandon, FL Multifamily 1/13/2022 90.3 90.3 66.8 9.5 +3.1% 3.4. $194,102 / unit 75% 3 45 Senior Loan Dallas, TX Multifamily 12/23/2021 90.0 90.0 79.1 16.2 +2.9% 3.3 $243,477 / unit 67% 3 46 Senior Loan Miami, FL Multifamily 10/14/2021 89.5 89.5 89.5 17.4 +2.9% 3.1 $304,422 / unit 76% 3 47 Senior Loan Dallas, TX Office 1/22/2021 87.0 87.0 87.0 19.5 +3.4% 2.4 $294/SF 63% 3 48 Senior Loan Charlotte, NC Multifamily 12/14/2021 86.8 86.8 82.1 17.3 +3.1% 3.3 $223,100 / unit 74% 3 49 Senior Loan San Antonio, TX Multifamily 6/1/2022 246.5 86.3 80.3 19.8 +2.8% 3.7 $103,007/unit 68% 3 50 Senior Loan Scottsdale, AZ Multifamily 5/9/2022 169.0 84.5 84.5 13.0 +2.9% 3.7 $457,995 / unit 64% 3 Note: See footnotes on subsequent page KREF 33 33

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