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KREF Liquidity and Portfolio Overview

Key Highlights KREF Best in class investment portfolio - 55% Multifamily and Industrial Fully integrated with KKR; aligned with shareholders - 14% ownership; $64B of real estate AUM Scaled investment portfolio - $7.9 billion predominantly senior loan portfolio Experienced leadership & asset management team-75+ years of collective experience KKR REAL ESTATE FINANCE TRUST Conservative liability management - 76% diversified non-mark-to-market secured financing Strong liquidity position - $716 million of liquidity as of September 30, 2023 31

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