KKR Real Estate Finance Trust Investor Presentation Deck

Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Equity method investments Accrued interest receivable Other assets (1) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Loan participations sold, net Dividends payable Accrued interest payable Due to affiliates Accounts payable, accrued expenses and other liabilities (2) Total Liabilities Commitments and Contingencies Temporary Equity Redeemable preferred stock Permanent Equity Preferred Stock, 50,000,000 shares authorized Preferred stock, $0.01 par value (1 share issued and outstanding as of September 30, 2021 and December 31, 2020) Series A cumulative redeemable preferred stock, $0.01 par value, (6,900,000 and zero shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (59,537,806 and 59,519,754 shares issued; 55,637,480 and 55,619,428 shares outstanding as of September 30, 2021 and December 31, 2020, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (3,900,326 shares repurchased as of September 30, 2021 and December 31, 2020) Total KKR Real Estate Finance Trust Inc. stockholders' equity Total Permanent Equity Total Liabilities and Equity September 30, 2021 $ $ $ 307,731 5,442,734 (58,807) 5,383,927 34,809 13,924 13,107 5,753,498 2,960,833 1,086,900 287,051 141,502 24,285 7,495 5,190 3,065 4,516,321 2,589 69 556 1,341,986 (47,024) (60,999) 1,234,588 1,234,588 5,753,498 $ (1) Includes $8.2 million and $15.9 million of loan repayment proceeds held by the servicer and receivable by KREF, as of September 30, 2021 and December 31, 2020, respectively. (2) Includes $0.9 million of expected loss reserve for unfunded loan commitments as of September 30, 2021 and December 31, 2020. 37 December 31, 2020 $ $ $ $ 110,832 4,844,534 (59,801) 4,784,733 33,651 15,412 20,984 4,965,612 2,574,747 810,000 288,028 140,465 66,232 24,287 5,381 6,243 4,823 3,920,206 1,852 556 1,169,695 (65,698) (60,999) 1,043,554 1,043,554 4,965,612 KKR REAL ESTATE FINANCE TRUST

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