KKR Real Estate Finance Trust Results Presentation Deck

Senior Loans (1) 2 3 4 5 6 Portfolio Details 1 Senior Loan. Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 7 8 9 10 11 12 13 14 15 16 17 ($ in Millions) 18 19 Investment 20 21 22 23 Senior Loan 24 Senior Loan 25 Senior Loan 26 Senior Loan 27 Senior Loan 28 Senior Loan 29 Senior Loan 30 Senior Loan Senior Loan 31 32 Senior Loan 33 Senior Loan 34 Senior Loan 35 Senior Loan 36 Senior Loan 37 Senior Loan 38 Senior Loan 39 Senior Loan. 40 Senior Loan 41 Senior Loan 42 Senior Loan 43 Senior Loan 44 Senior Loan 45 Senior Loan 46 Senior Loan 47 Senior Loan 48 Senior Loan 49 Senior Loan 50 Senior Loan Location Arlington, VA Bellevue, WA Los Angeles, CA Boston, MA Mountain View, CA New York, NY Bronx, NY Various Various Minneapolis, MN Washington, D.C. Boston, MA Chicago, IL The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Chicago, IL Boston, MA Philadelphia, PA New York, NY Oakland, CA Plano, TX Seattle, WA Boston, MA Dallas, TX Arlington, VA Fort Lauderdale, FL San Carlos, CA Fontana, CA Irving, TX Cambridge, MA Pittsburgh, PA Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Washington, D.C. Phoenix, AZ Brisbane, CA State College, PA Brandon, FL Dallas, TX Miami, FL Denver, CO Dallas, TX Charlotte, NC New York, NY Hollywood, FL *See footnotes on subsequent page KREF Property Type Multifamily Office Multifamily Life Science Office Condo (Resi) Industrial Multifamily Industrial Office Office Office Multifamily Hospitality Office Office Multifamily Office Life Science Office Multifamily Office Office Life Science Multifamily Office Multifamily Hospitality Life Science Industrial Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Office Industrial Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Office Multifamily Multifamily Multifamily Investment Date 9/30/2021 9/13/2021 2/19/2021 5/24/2018 7/14/2021 12/20/2018 8/27/2021 5/31/2019 6/30/2021 11/13/2017 11/9/2021 2/4/2021 6/6/2019 9/15/2021 4/11/2019 12/20/2019 12/29/2021 7/15/2019 4/27/2021 6/19/2018 12/5/2018 10/23/2020 2/6/2020 10/1/2021 3/29/2019 12/10/2021 1/20/2022 11/9/2018 2/1/2022 5/11/2021 4/22/2021 12/22/2021 6/8/2021 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 1/13/2022 1/13/2022 7/22/2021 10/15/2019 1/13/2022 12/23/2021 10/14/2021 6/24/2021 1/22/2021 12/14/2021 3/29/2018 12/20/2021 Total Whole Loan (2) $381.0 520.8 260.0 250.5 362.8 234.5 381.2 216.5 425.0 194.4 187.7 375.0 186.0 183.3 182.6 175.5 171.5 170.0 332.3 165.0 163.0 509.9 153.7 188.0 138.0 138.0 135.3 130.0 195.9 119.9 117.6 401.3 112.5 106.3 212.0 103.5 102.4 102.0 228.5 195.3 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.0 81.0 Committed Principal Amount (2) $381.0 260.4 260.0 250.5 250.0 234.5 228.7 216.5 212.5 194.4 187.7 187.5 186.0 183.3 182.6 175.5 171.5 170.0 166.2 165.0 163.0 159.7 153.7 140.3 138.0 138.0 135.3 130.0 125.0 119.9 117.6 115.7 112.5 106.3 106.0 103.5 102.4 102.0 100.0 100.0 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.0 81.0 Current Principal Amount $352.9 68.2 250.0 249.0 186.7 214.8 111.3 216.3 26.5 194.4 125.9 187.5 179.5 168.9 157.0 127.1 169.6 137.6 124.3 165.0 148.0 112.3 135.7 90.0 137.0 135.8 130.9 130.0 80.8 48.7 110.5 53.4 112.5 102.0 106.0 103.5 88.9 102.0 57.4 5.6 85.6 87.8 61.9 77.5 89.5 88.5 87.0 76.0 86.0 81.0 Net Equity (3) $70.2 16.3 38.0 60.7 44.8 59.2 109.8 38.9 24.0 33.0 31.6 37.4 32.4 30.5 24.9 43.9 25.2 27.1 20.8 92.2 22.3 17.7 21.2 23.9 21.3 25.0 31.5 24.2 19.7 19.5 17.6 14.3 16.9 19.7 20.8 18.3 21.3 15.1 8.9 3.2 17.0 21.7 8.4 14.9 17.0 15.4 21.1 10.8 13.2 14.6 Future Funding (4) $28.1 192.2 10.0 1.5 63.3 19.7 117.4 0.2 186.0 61.8 3.6 14.4 25.6 15.0 7.4 18.0 50.3 1.0 48.4 + 3.4% 1.9 + 2.7% 32.4 + 3.3% 41.9 + 3.6% 2.5% + + 4.0% + 4.3% + 2.7% + 3.1% + 2.7% 2.2 4.4 44.2 71.2 7.1 62.3 - 4.3 - 13.5 42.6 94.4 9.4 5.6 28.4 12.5 - Coupon (5) (6) 10.8. + 3.2% + 3.6% + 3.6% + 3.2% + 3.3% + 3.6% 4.1% 4.0% + + + + 5.4% 3.8% + 3.3% + 3.3% + 3.6% + 4.2% + 2.6% + 3.6% + 2.9% + 3.4% + 3.6% + 4.6% + 3.3% + 3.9% + 2.9% + 2.7% + 2.8% + 2.8% + 3.0% + 3.0% + 3.2% + 4.0% + 3.0% + 2.7% + 3.1% + 2.8% + 2.8% + 3.0% + 3.3% + 3.0% + 4.0% + 3.0% Loan Per Max Remaining Term (Yrs) (5) (7) SF / Unit / Key(8) LTV (5)(⁹) 4.5 5.0 3.9 1.8 4.4 1.8 4.4 2.2 4.3 0.7 4.7 3.9 2.2 4.5 2.1 2.8 4.8 2.4 4.1 1.3 1.7 3.6 2.9 4.5 2.0 4.7 4.9 1.7 4.9 4.2 4.1 4.8 4.2 4.8 4.7 4.6 4.8 4.9 5.9 4.9 4.4 2.6 4.9 4.8 4.6 4.3 3.9 4.8 1.0 4.8 $ 317,965 / unit $855/ SF $ 466,400/unit $ 533/SF $ 607 / SF $1,341/ SF $ 277 / SF $ 202,104 / unit $ 210 / SF $ 179 / SF $362 / SF $ 506 / SF $364,837 / unit $ 185,810 / key $ 220 / SF $ 622 / SF $ 208,857 / unit $ 132 / SF $ 516 / SF $ 169 / SF $ 556,391 / unit $ 306 / SF $ 188 / SF $575/ SF $ 351,282 / unit $ 432 / SF $ 436,300 / unit $ 375,723 / key $ 551 / SF $ 102 / SF $ 121,745 / unit $ 1072 / SF $ 155,602 / bed $ 193,182 / unit $ 335,975 / unit $ 448,052 / unit $ 234,565 / unit $ 2,756,757 / unit $ 210 / SF $57 / SF $ 739 / SF $ 73,507 / bed $ 189,939 / unit $ 238,488 / unit $ 304,422 / unit $ 295,000/unit $ 288 / SF $206,522/ unit $ 462,366 / unit $ 327,935 / unit 69% 63% 68% 53% 73% 71% 52% 74% 68% 65% 55% 71% 72% 64% 68% 58% 73% 59% 66% 71% 77% 65% 63% 69% 59% 68% 65% 66% 68% 64% 70% 51% 74% 61% 77% 71% 74% 65% 55% 57% 71% 64% 75% 67% 76% 77% 65% 74% 63% 74% 17 Risk Rating 3 3 3 1 WN ww www. 3 m 3 3 3 4 3 3 3 3 4 3 3 2 3 3 3 3 3 3 w w w w w w w w w w w w w w w w w w w 3 2 3

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