KKR Real Estate Finance Trust Results Presentation Deck

Case Studies: Watch List Loans (Risk Rating 4) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (¹) Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan January 2022 $198 million $643 / SF SOFR + 3.4% 3.4 Washington, D.C. Office 4 November 2021 Class-A Office totaling 357k SF Refinance Washington, D.C. $188 million $173 million $485 / SF LIBOR + 3.3% 3.7 Washington, D.C. Office 4 December 2019 Class-A Office totaling 200k SF Refinance Washington, D.C. $176 million $154 million $755 / SF LIBOR + 3.4% 1.8 Chicago Office 4 July 2019 Class-A Office totaling 1.0 million SF Refinance Chicago, IL $150 million $118 million $114 / SF SOFR + 3.3% 1.4 4 West Hollywood Multifamily (1) The total whole loan facility is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million KREF 37-unit Class-A Multifamily Refinance West Hollywood, CA $102 million $102 million $2,756,757 / unit LIBOR + 3.0% 3.9 4 11

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