KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Positioned for Higher Rate Environment 100% floating-rate loan portfolio continues to benefit from a rising rate environment 55% indexed to Term SOFR and 45% to one-month LIBOR Annual Net Interest Income Per Share Sensitivity to Change in Market Rates One-month LIBOR = 4.39% Term SOFR = 4.36% As of December 31, 2022 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 $(0.05) $(0.10) $(0.15) $(0.20) $(0.25) $(0.20) -1.00% Note: Based on portfolio as of December 31, 2022 KREF $(0.10) -0.50% $0.00 0.00% Change in LIBOR/SOFR $0.10 +0.50% ($ Impact Per Share) $0.20 +1.00% 31

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