KKR Real Estate Finance Trust Investor Presentation Deck

Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents (¹) Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Real estate owned, net Equity method investments Accrued interest receivable Other assets (2) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Dividends payable Accrued interest payable Due to affiliates Accounts payable, accrued expenses and other liabilities (3) Total Liabilities Commitments and Contingencies Permanent Equity Preferred Stock, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, $0.01 par value, (13,110,000 and 6,900,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (74,871,191 and 65,271,058 shares issued; 69,338,283 and 61,370,732 shares outstanding as of September 30, 2022 and December 31, 2021, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (5,532,908 and 3,900,326 shares repurchased as of September 30, 2022 and December 31, 2021, respectively) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Permanent Equity Total Liabilities and Equity $ $ $ $ September 30, 2022 (1) Includes $79 million and $54 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively (2) Includes $7 million and $2 million of restricted cash as of September 30, 2022 and December 31, 2021, respectively (3) Includes $4 million and $2 million of expected loss reserve for unfunded loan commitments as of September 30, 2022 and December 31, 2021, respectively KREF 183,341 7,306,565 (110,798) 7,195,767 79,688 36,856 30,574 14,824 7,541,050 3,469,126 1,933,656 337,181 142,888 29,767 14,822 9,271 9,125 5,945,836 131 694 1,810,149 (126,394) (89,323) 1,595,257 (43) 1,595,214 7,541,050 $ $ $ $ December 31, 2021 271,487 6,316,733 (22,244) 6,294,489 78,569 35,537 15,241 7,916 6,703,239 3,726,593 1,087,976 338,549 141,851 26,589 6,627 5,952 7,521 5,341,658 69 613 1,459,959 (38,208) (60,999) 1,361,434 147 1,361,581 6,703,239 39

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