KKR Real Estate Finance Trust Investor Presentation Deck

Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $9.0 billion with $3.0 billion of undrawn capacity ($ in Millions) (4) (5) Term Credit Facilities Term Lending Agreements Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Debt Term Loan Facility Collateralized Loan Obligations Total Leverage Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Avg. Coupon (¹) $1,840 $1,917 $500 $666 $347 $144 $610 $6,024 $1,000 $1,943 $8,967 $1,42 $1,343 $0 $138 $347 $144 $0 $3,395 $584 $1,943 $5,922 +1.7% +1.7% n/a +2.7% +3.5% 6.1% n/a +1.8% +1.5% Advance Rate 70.8% 78.2% n/a 81.4% n/a 81.1% 84.5% Non- MTM (2) Leverage Ratios 1.9x Debt-to-Equity Total Leverage Ratio (3) Ratio (4) Asset specific financing 2% Senior Loan Interests 4% Outstanding Secured Financing(5) Secured Term Loan 6% 3.6x Term Credit Facilities 24% Term Loan Facility 10% Collateralized Loan Obligations 32% Term Lending Agreements 22% Non-Mark- to-Market 76% (1) Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) 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 and the corporate revolving credit facility KREF 27

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