KKR Real Estate Finance Trust Results Presentation Deck

First Quarter 2022 Highlights (1) (2) Financials Originations Portfolio Liquidity & Capitalization 1Q Net income (1¹) of $0.46 per diluted share and Distributable Earnings (2) of $0.47 per diluted share Book Value per Common Share ("BVPS") of $19.46 per share, compared to $19.37 per share in 4Q'21, representing eight consecutive quarters of book value per share accretion KREF 1Q originations of nine floating-rate senior loans totaling $844 million with $618 million of initial fundings Subsequent to quarter-end, originated three floating-rate senior loans totaling $150 million with $137 million of initial fundings $7.3 billion predominantly senior loan portfolio ● ● ● Multifamily and office assets represent 75% of loan portfolio Weighted average risk rating of 2.9; 100% performing Received $282 million in loan repayments and collected 100% of interest payments due in 1Q Completed an accretive underwritten public offering of 6,494,155 shares of common stock at $20.83 per share, resulting in $134 million of net proceeds before transaction costs. The offering was $0.11 per share accretive to BVPS Completed an offering of an additional 6,210,000 shares of 6.5% Series A Cumulative Redeemable Preferred Stock at a liquidation price of $25.00 per share, resulting in net proceeds of $151 million Closed a $1.0 billion managed multifamily CLO with two-year reinvestment period providing $847.5 million of non-mark-to- market and non-recourse financing equating to an 84.75% advance rate at a weighted average running cost of capital of Term SOFR + 1.71%, before transaction costs Increased the borrowing capacity on our corporate revolving credit facility by $185 million to $520 million and extended the maturity date through March 2027 Upsized our $500 million term lending agreement to $750 million, which provides matched-term asset-based financing on a non-mark-to-market basis 79% of financing is fully non-mark-to-market and the remaining balance is only mark-to-credit $759 million of available liquidity, including $173 million of cash, $66 million of available borrowings based on existing collateral, and $520 million undrawn on the corporate revolver Represents Net Income attributable to common stockholders See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP 4

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