KKR Real Estate Finance Trust Results Presentation Deck

Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Avg. Coupon (¹) ($ in Millions) Term Credit Facilities Term Lending Agreements Warehouse Facility Secured Term Loan Corporate Revolving Credit Facility Total Debt Collateralized Loan Obligations Term Loan Facility Asset Specific Financing Total Leverage $2,000 $2,046 $500 $345 $610 $5,501 $1,943 $1,000 $491 $8,935 $1,550 $1,438 $0 $345 $50 $3,383 $1,943 $566 $220 $6,112 +1.9% +1.8% n/a +3.6% +2.0% +1.6% +1.9% +2.9% Advance Rate 67.7% 77.7% n/a 84.5% 80.0% 82.7% (1) Weighted average coupon expressed as spread over Term SOFR (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions Non- MTM (2) Revolver 1% Asset Specific 3% Leverage Ratios Debt-To-Equity Ratio (3) Senior Loan Interests 4% 2.2X Term Credit Facilities 24% 4.0x Secured Term Loan 5% Total Leverage Ratio (4) Outstanding Financing (5) Collateralized Loan Obligations 30% Term Lending Kerm Loan Agreements 23% Facility 9% Non-Mark- to-Market 76% (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) total permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, 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, that resulted from non-recourse sales of senior loan interest in loans KREF originated KREF 12

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