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KREF Liquidity and Portfolio Overview

Portfolio Positioned for Rate Environment 99% floating-rate loan portfolio indexed to Term SOFR continues to benefit from a rising rate environment Annual Net Interest Income Per Share Sensitivity to Change in Market Rates (1) Term SOFR = 5.32% As of September 30, 2023 ($ Impact Per Share) $0.15 $0.10 $0.05 $0.00 $0.00 $0.07 $0.14 ($0.05) ($0.07) ($0.10) ($0.15) ($0.14) -1.00% -0.50% 0.00% +0.50% +1.00% Change in SOFR Note: (1) Based on portfolio as of September 30, 2023 Excludes loans accounted for under the cost recovery method KREF 29

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