KKR Real Estate Finance Trust Results Presentation Deck

2 3 4 5 6 7 8 9 Senior Loans (¹) 1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 www.w 31 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 44 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 32 33 34 35 36 37 38 39 40 Portfolio Details 41 42 43 4 45 46 47 48 49 ($ in Millions) 50 Investment Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (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 Location Arlington, VA Bellevue, WA Los Angeles, CA Various Mountain View, CA New York, NY Bronx, NY Various Various Minneapolis, MN Various Washington, D.C. Boston, MA The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Chicago, IL Boston, MA New York, NY Philadelphia, PA Oakland, CA Plano, TX Seattle, WA Dallas, TX Boston, MA Arlington, VA Fort Lauderdale, FL San Carlos, CA Fontana, 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 Denver, CO Dallas, TX Charlotte, NC San Antonio, TX *See footnotes on subsequent page KREF Property Type Multifamily Office Multifamily Industrial Office Condo (Resi) Industrial Multifamily Industrial Office Industrial Office Office Hospitality Office Office Multifamily Office Life Science Multifamily Office Office Office Life Science Office Multifamily Multifamily Hospitality Life Science Industrial Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Industrial Office Industrial Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Office Multifamily Multifamily Investment Date 9/30/2021 9/13/2021 2/19/2021 4/28/2022 7/14/2021 12/20/2018 8/27/2021 5/31/2019 6/30/2021 11/13/2017 6/15/2022 11/9/2021 2/4/2021 9/15/2021 4/11/2019 12/20/2019 12/29/2021 7/15/2019 4/27/2021 12/5/2018 6/19/2018 10/23/2020 2/6/2020 10/1/2021 12/10/2021 3/29/2019 1/20/2022 11/9/2018 2/1/2022 5/11/2021 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 6/24/2021 1/22/2021 12/14/2021 6/1/2022 Total Whole Loan (2) $381.0 520.8 260.0 504.5 362.8 234.5 381.2 216.5 425.0 194.4 375.5 187.7 375.0 183.3 182.6 175.5 171.5 170.0 332.3 163.0 161.0 509.9 153.7 188.0 138.0 137.0 135.3 130.0 195.9 119.9 117.6 401.3 112.5 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 246.5 Committed Principal Amount (2) $381.0 260.4 260.0 252.3 250.0 234.5 228.7 216.5 212.5 194.4 187.8 187.7 187.5 183.3 182.6 175.5 171.5 170.0 166.2 163.0 161.0 159.7 153.7 140.3 138.0 137.0 135.3 130.0 125.0 119.9 117.6 115.7 112.5 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 95.0 93.4 90.3 90.0 89.5 88.5 87.0 86.8 86.3 Current Principal Amount $353.9 75.4 250.0 252.3 189.3 218.1 124.8 216.3 30.2 194.4 132.6 145.1 187.5 169.3 157.0 134.6 169.6 137.6 130.7 148.5 161.0 121.5 135.7 96.2 135.8 137.0 130.9 130.0 82.0 57.0 112.0 57.1 112.5 102.0 106.0 103.5 88.9 102.0 98.2 57.7 14.2 88.4 89.1 63.4 77.5 89.5 88.5 87.0 76.0 80.3 Net Equity (3) $71.2 19.7 38.1 48.7 47.5 62.6 26.9 39.0 28.5 33.1 25.3 38.5 37.4 31.0 25.0 36.8 25.3 40.5 22.5 22.9 161.4 19.1 21.4 25.3 25.1 30.7 31.6 24.2 21.1 28.0 19.1 14.8 17.0 19.8 20.9 18.4 21.4 15.2 97.4 9.2 2.9 19.9 23.1 9.9 14.9 17.1 15.4 21.2 10.9 79.9 Future Funding (4) $27.1 185.0 10.0 60.7 16.4 103.9 0.2 182.3 55.2 42.6 14.0 25.6 40.9 1.9 32.4 35.5 14.5 6.0 18.0 44.1 2.2 4.4 43.0 62.9 5.6 58.6 4.3 13.5 10.8 6.0 Coupon (5)(6) Max Remaining + 3.2% + 3.6% + 3.6% + 2.7% + 3.3% + 3.6% + 4.1% + 4.0% + 5.5% + 3.8% + 2.9% + 3.3% + 3.3% + 4.2% + 2.6% +3.4% + 2.7% + 3.3% + 3.6% + 4.0% + 3.5% + 4.3% + 2.7% + 3.1% + 3.6% + 2.7% + 2.9% + 3.4% + 3.6% + 4.6% + 3.3% + 3.9% 2.9% + + 2.7% + 2.8% + 2.8% + 3.0% + 3.0% + 3.0% + 3.2% + 4.0% + 3.0% + 2.7% + 3.1% 1.8 42.3 85.8 6.6 4.3 26.9 12.5 + 2.8% + 2.8% Loan Per Term (Yrs) (5) (7) SF / Unit / Key(8) + 3.0% + 3.3% + 3.0% + 2.8% 4.3 4.8 3.7 4.9 4.1 1.5 4.2 1.9 4.0 0.4 5.0 4.4 3.6 4.3 1.9 2.5 4.5 2.1 3.9 1.4 1.0 3.4 2.6 4.3 4.4 1.8 4.6 1.4 4.6 3.9 3.9 4.5 3.9 4.5 4.4 4.4 4.5 4.6 5.0 5.6 4.6 4.1 2.4 4.6 4.5 4.4 4.0 3.6 4.5 4.9 $ 318,784 / unit $ 855 / SF $ 466,400/unit $ 98 / SF $ 616 / SF $ 1,362 / SF $ 277 / SF $ 202,104 / unit $ 163 / SF $ 179 / SF $95 / SF $417 / SF $ 506 / SF $186,198 key $220 / SF $ 659 / SF $ 208,857 / unit $ 132/SF $ 543/ SF $ 558,300 / unit $165/SF $ 373 / SF $ 188/SF $ 614 / SF $ 432 / SF $ 351,282 / unit $ 436,300 / unit $ 375,723 / key $ 560 / SF $102/SF $ 123,317 / unit $ 1,072 / SF $ 155,602 / unit $ 193,182 / unit $ 335,975 / unit $ 448,052 / unit $ 234,565 / unit $2,756,757 / unit $196/ SF $ 211/SF $ 57 / SF $763/ SF $ 74,659 / unit $ 192,590 / unit $ 238,488 / unit $ 304,422 / unit $ 295,000/unit $288/ SF $ 206,522 / unit $ 88,134 / unit LTV (5) (9) 69% 63% 68% 64% 73% 69% 52% 74% 67% 77% 50% 55% 71% 64% 68% 58% 73% 57% 66% 77% 71% 65% 63% 69% 68% 59% 65% 66% 68% 64% 70% 51% 74% 61% 77% 71% 74% 65% 52% 55% 57% 71% 64% 75% 67% 76% 77% 65% 74% 68% 17 Risk Rating 3 3 3 Awwwwwwwwwwww 3 3 3 3 3 3 4 3 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 w w w w w w w www 3 3 3

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