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Integrated Global Real Estate Platform

Portfolio Positioned for Rate Environment 99% floating-rate loan portfolio indexed to Term SOFR continues to benefit from a rising rate environment Annual Net Interest Income Per Share Sensitivity to Change in Market Rates (1) Term SOFR = 5.14% ($ Impact Per Share) As of June 30, 2023 $0.15 $0.10 $0.05 $0.00 ($0.05) ($0.07) $0.00 $0.07 $0.13 ($0.10) ($0.15) ($0.13) -1.00% -0.50% 0.00% +0.50% +1.00% Change in SOFR Note: Based on portfolio as of June 30, 2023 (1) Excludes loans accounted for under the cost recovery method KREF 31

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