KKR Real Estate Finance Trust Investor Presentation Deck

Recent Operating Performance Net Income and Distributable Earnings ($ in Millions) 2Q'22 Net income (loss)(¹): $19.4 Distributable earnings(2): $33.1 $0.28 $0.48 2Q'22 1Q'23 ($30.8) $33.1 ($0.45) $0.48 1Q'23 2Q'23 ($25.8) $33.1 ($0.37) Net Income (Loss) per Diluted Share Distributable Earnings per Diluted Share $0.48 2Q'23 $0.43 (1) Represents Net income (loss) attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP KREF Dividends and Book Value Per Share 2Q'22 Dividend per share: $0.43 $0.43 Dividend yield on book value per share: 8.9% 10.0% $19.36 1Q'23 2Q'22 $17.16 1Q'23 Book Value per Share 2Q'23 $0.43 10.5% $16.38 2Q'23 32

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