KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Largest Three Industrial Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Western U.S. Industrial Portfolio Floating-Rate Senior Loan April 2022 14 Class A/B Industrial Properties Totaling 5.2mm SF Various $252 million (3) $252 million $98 / SF + 2.7% 64% 4.4 Bronx Industrial Floating-Rate Senior Loan August 2021 1.4mm RSF, Two-Story, Class A Distribution and Parking Facility Bronx, NY $229 million (4) $157 million $277/ SF + 4.2% 52% 3.7 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (3) The total whole loan is $504.5 million, co-originated by the Company and KKR affiliates. The Company's interest is 50.0% of the loan (4) The total whole loan is $381.2 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60.0% of the loan KREF U.S. Industrial Portfolio Floating-Rate Senior Loan June 2022 12 Class A/B Industrial Assets Totaling 2.8mm SF Various $188 million $142 million $102/SF + 2.9% 50% 4.5 ON SE 21

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