KKR Real Estate Finance Trust Results Presentation Deck

Financing Overview: 77% Non-Mark-To-Market Diversified financing sources totaling $8.5 billion with $2.5 billion of undrawn capacity ($ in Millions) 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 Outstanding Maximum Capacity Weighted Avg. Coupon (¹) Face Amount $1,840 $1,683 $500 $400 $348 $144 $610 $5,525 $1,000 $1,943 $8,468 $1,387 $1,359 $0 $96 $348 $144 $0 $3,334 $742 $1,943 $6,019 +1.7% +1.7% n/a +2.65% +3.5% (3) 6.1% +2.0% +1.7% +1.5% Advance Rate 71.8% 78.0% n/a 77.7% 81.7% 84.5% Non- MTM (2) Asset specific financing. 1% Senior Loan Interests 4% Leverage Ratios 1.9x Outstanding Secured Financing(6) Secured Term Loan 6% Debt-to-Equity Total Leverage Ratio (4) Ratio (5) 3.5x Term Credit Facilities 23% Term Loan Facility 12% Collateralized Loan Obligations 32% Term Lending Agreements 22% Non-Mark- to-Market 77% (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) Loan bears interest at L +3.5% and is subject to a LIBOR floor of 0.5% (4) 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 (5) 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 (6) 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 Note: All figures as of June 30,2022 12

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