KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Details ($ in Millions) Senior Loans (¹) 1 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Investment 40 41 42 43 44 45 46 47 48 49 (10) Senior Loan Senior Loan Senior Loan. Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 50 Senior Loan Location Arlington, VA Boston, MA Bellevue, WA Los Angeles, CA Various Mountain View, CA Bronx, NY Various Various New York, NY Minneapolis, MN Various Washington, D.C. Boston, MA The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Boston, MA Philadelphia, PA Oakland, CA Plano, TX Chicago, IL Redwood City, CA Seattle, WA Dallas, TX Boston, MA Arlington, VA Fontana, CA Fort Lauderdale, FL San Carlos, CA Irving, TX Cambridge, MA Pittsburgh, PA Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Boston, MA Washington, D.C. Phoenix, AZ Brisbane, CA State College, PA Brandon, FL Dallas, TX Miami, FL Dallas, TX Charlotte, NC San Antonio, TX *See footnotes on subsequent page KREF Property Type Multifamily Life Science Office Multifamily Industrial Office Industrial Multifamily Industrial Condo (Resi) Office Industrial Office Office Hospitality Office Office Multifamily Life Science Office Office Office Office Life Science Life Science Office Multifamily Multifamily Industrial Hospitality Life Science Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Industrial Office Industrial Life Science Student Housing Multifamily Multifamily Multifamily Office Multifamily Multifamily Investment Date 9/30/2021 8/3/2022 9/13/2021 2/19/2021 4/28/2022 7/14/2021 8/27/2021 5/31/2019 6/30/2021 12/20/2018 11/13/2017 6/15/2022 11/9/2021 2/4/2021 9/15/2021 4/11/2019 12/20/2019 12/29/2021 4/27/2021 6/19/2018 10/23/2020 2/6/2020 7/15/2019 9/30/2022 10/1/2021 12/10/2021 3/29/2019 1/20/2022 5/11/2021 11/9/2018 2/1/2022 4/22/2021 12/22/2021 6/8/2021 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 6/28/2022 1/13/2022 1/13/2022 7/22/2021 10/15/2019 1/13/2022 12/23/2021 10/14/2021 1/22/2021 12/14/2021 6/1/2022 Total Whole Loan (2) $381.0 312.5 520.8 260.0 504.5 362.8 381.2 216.5 425.0 211.2 194.4 375.5 187.7 375.0 183.3 182.6 175.5 171.5 332.3 161.0 509.9 153.7 150.0 580.7 188.0 138.0 137.0 135.3 132.0 130.0 195.9 117.6 401.3 112.5 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 95.0 93.4 90.3 90.0 89.5 87.0 86.8 246.5 Committed Principal Amount (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 212.5 211.2 194.4 187.8 187.7 187.5 183.3 182.6 175.5 171.5 166.2 161.0 159.7 153.7 150.0 145.2 140.3 138.0 137.0 135.3 132.0 130.0 125.0 117.6 115.7 112.5 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 95.0 93.4 90.3 90.0 89.5 87.0 86.8 86.3 Current Principal Amount $355.0 44.9 93.0 250.0 252.3 192.2 137.5 216.5 47.0 200.1 194.4 137.5 154.8 187.5 170.9 157.3 144.2 169.8 135.9 161.0 129.1 145.3 117.6 103.8 135.8 137.0 130.9 72.6 130.0 84.9 112.2 61.5 112.5 102.0 106.0 103.5 88.9 102.0 98.5 58.5 33.3 90.8 91.5 63.9 77.5 89.5 87.0 76.0 80.3 Net Equity (3) $72.4 3.7 28.3 38.3 49.0 48.0 36.0 39.2 45.4 60.9 33.2 30.4 41.3 37.4 30.4 25.4 37.6 25.7 25.3 160.2 20.3 22.3 20.3 (1.5) 25.2 25.2 30.8 31.7 43.4 24.3 24.0 17.3 16.7 17.0 19.8 21.0 18.5 21.5 15.3 97.7 10.0 22.1 22.3 23.5 10.6 15.0 17.2 21.2 10.9 79.9 Future Funding) $26.0 267.6 167.4 10.0 + 3.2% + 4.2% + 3.6% +3.6% + 2.7% +3.3% + 4.1% + 4.0% +5.5% + 3.6% + 3.8% 50.3 + 2.9% 32.9 +3.3% + 3.3% + 4.2% +2.6% +3.4% + 2.7% + 3.6% + 3.5% + 4.3% + 2.7% + 3.3% + 4.5% + 3.1% + 3.7% + 2.7% 57.8 91.2 165.5 11.1 - 12.4 25.3 31.3 1.7 30.3 4.8 8.4 32.4 145.2 36.5 2.2 4.4 + 2.9% 59.4 + 4.7% +3.4% + 3.6% +3.3% + 3.9% + 2.9% 40.1 5.4 54.2 4.3 - 13.5 Coupon (5)(6) 1.5 41.5 66.7 4.2 1.9 26.4 12.5 10.8 6.0 + 2.7% + 2.8% + 2.8% + 3.0% + 3.0% + 3.0% + 3.2% + 4.0% + 3.1% + 2.7% + 3.1% + 2.8% + 2.9% + 3.3% + 3.0% + 2.8% Max Remaining Term (Yrs) (5) (7) 4.0 4.9 4.5 3.4 4.6 3.9 3.9 1.7 3.8 1.3. 0.2 4.8 4.2 3.4 4.0 1.6 2.3 4.3 3.6 0.8 3.1 2.4 1.9 5.0 4.0 4.2 1.5 4.4 3.7 1.2 4.4 3.6 4.3 3.7 4.3 4.2 4.1 4.3 4.4 4.8 5.4 4.4 3.9 2.1 4.4 4.3 4.1 3.4 4.3 4.7 Loan Per SF / Unit / Key(8) $319,793 / unit $ 649/ SF $ 855 / SF $ 466,400/unit $ 98 / SF $ 626/SF $ 277/ SF $ 202,336 / unit $ 163/SF $1,388/SF $ 179 / SF $ 99/SF $ 434 / SF $ 506 / SF $ 187,957/key $ 220 / SF $ 706 / SF $ 209,072 / unit $ 564/SF $ 165/SF $ 397 / SF $ 201 / SF $ 113/SF $ 1,206 / SF $ 662/SF $ 432 / SF $ 351,282/ unit $ 436,300/unit $ 113/SF $375,723 / key $ 580/SF $ 123,586 / unit $ 1,072/SF $ 155,602 / unit $ 193,182/ unit $ 335,975 / unit $ 448,052 / unit $ 234,565 / unit $ 2,756,757 / unit $ 197 / SF $ 214/SF $57/SF $ 784/SF $ 76,614/SF $ 194,363 / unit $ 238,488/unit $ 304,422 / unit $ 288 / SF $ 206,522 / unit $ 88,134 / unit LTV (5)(9) 69% 56% 63% 68% 64% 73% 52% 74% 67% 69% n/a 50% 55% 71% 64% n/a 58% 73% 66% 71% 65% 63% 57% 53% 69% 68% 59% 65% 64% 66% 68% 70% 51% 74% 61% 77% 71% 74% 65% 52% 55% 57% 71% 64% 75% 67% 76% 65% 74% 68% Risk Rating 3 3 3 3 3 4 3 3 3 3 5 3 3 3 3 5 4 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 35

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