KKR Real Estate Finance Trust Investor Presentation Deck

Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity Summary of Outstanding Financing Weighted Avg. Coupon (¹) ($ in Millions) Term Credit Facilities Term Lending Agreements Warehouse Facility Secured Term Loan Corporate Re Credit Facility Total Debt Collateralized Loan Obligations Term Loan Facility Asset Specific Financing Total Leverage Maximum Capacity $2,000 $2,046 $500 $345 $610 $5,501 $1,943 $1,000 $491 $8,935 Outstanding Face Amount $1,550 $1,438 $0 $345 $50 $3,383 $1,943 $566 $220 $6,112 +1.9% +1.8% n/a +3.6% +2.0% +1.6% +1.9% +2.9% Advance Rate 67.7% 77.7% n/a 84.5% 80.0% 82.7% Non- MTM (2) Revolver 1% Asset Specific 3% Leverage Ratios Debt-To-Equity (3) Ratio Senior Loan Interests 4% 2.2X Term Credit Facilities 24% Outstanding Financing (5) Secured Term Loan 5% Term Loan, Facility 9% 4.0X Total Leverage Ratio (4) (1) Weighted average coupon expressed as spread over Term SOFR (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) total permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end (5) Based on outstanding face amount of secured financing, including non-consolidated senior interests, that resulted from non-recourse sales of senior loan interest in loans KREF originated KREF Collateralized Loan Obligations 30% Term Lending Agreements 23% Non-Mark- to-Market 76% 27

View entire presentation