KKR Real Estate Finance Trust Investor Presentation Deck

Consolidated 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 June 30, 2023 and December 31, 2022); liquidation preference of $25.00 per share Common stock, $0.01 par value, 300,000,000 authorized (75,091,757 and 75,080,707 shares issued; 69,106,061 and 69,095,011 shares outstanding; as of June 30, 2023 and December 31, 2022) Additional paid-in capital Accumulated deficit Repurchased stock (5,985,696 shares repurchased as of June 30, 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 $80 million and $151 million held in collateralized loan obligation as of June 30, 2023 and December 31, 2022, respectively KREF $ $ $ $ June 30, 2023 207,698 7,445,958 (223,767) 7,222,191 81,405 39,512 35,486 22,953 7,609,245 3,807,758 1,939,703 336,105 29,716 18,265 9,635 8,328 6,149,510 131 691 1,813,309 (257,512) (96,764) 1,459,855 (120) 1,459,735 7,609,245 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 39

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