KKR Real Estate Finance Trust Investor Presentation Deck

Financing Overview: 77% Non-Mark-To-Market Diversified financing sources totaling $9.1 billion with $2.9 billion of undrawn capacity Summary of Outstanding Financing ($ in Millions) Term Credit Facilities Term Lending Agreements Asset Specific Financing Warehouse Facility Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Debt Term Loan Facility Collateralized Loan Obligations Total Leverage Maximum Capacity $1,840 $1,881 $791 $500 $347 $144 $610 $6,112 $1,000 $1,943 $9,055 Outstanding Face Amount $1,436 $1,391 $311 $0 $347 $144 $0 $3,629 $632 $1,943 $6,204 Weighted Avg. Coupon (¹) +1.8% +1.8% +2.4% n/a +3.5% 6.1% n/a +1.8% +1.5% Advance Rate 68.5% 75.6% 79.9% n/a 80.4% 84.5% Non- MTM (2) Debt-To-Equity Ratio" Senior Loan Interests 4% Leverage Ratios Asset Specific_ Financing 5% 2.0X Secured Term_ Loan 5% Outstanding Secured Financing(5) Term Credit Facilities 23% 3.8X Term Loan Facility 10% Total Leverage (4) Ratio Collateralized Loan Obligation 31% Term Lending Agreements 22% Non-Mark- to-Market 77% (1) Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end (5) Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility KREF 27

View entire presentation