KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Details Senior Loans (¹) 1 Senior Loan 2 Senior Loan 3 Senior Loan 4 Senior Loan 5 Senior Loan 6 Senior Loan Senior Loan Senior Loan Senior Loan (⁹) 10 Senior Loan 11 Senior Loan 12 Senior Loan 13. Senior Loan 14 Senior Loan 15. Senior Loan Senior Loan 16 17 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 7 8 9 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan 35 Senior Loan 36 Senior Loan 37 Senior Loan 38 33 34 39 40 41 42 Investment 43 44 45 46 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 47 48 49 Total / Weighted Average Non-Senior Loans Location Arlington, VA Bellevue, WA Los Angeles, CA Boston, MA Mountain View, CA New York, NY Bronx, NY Various Various Minneapolis, MN Boston, MA Chicago, IL Denver, CO The Woodlands, TX Philadelphia, PA Washington, D.C. Chicago, IL Boston, MA Philadelphia, PA New York, NY Oakland, CA Plano, TX Boston, MA West Palm Beach, FL Fort Lauderdale, FL Fontana, CA Irving, TX Pittsburgh, PA Portland, OR San Diego, CA Denver, CO Brisbane, CA State College, PA Seattle, WA Denver, CO Dallas, TX New York, NY Seattle, WA Austin, TX Mesa, AZ Brooklyn, NY Phoenix, AZ Arlington, VA Denver, CO Queens, NY Washington, D.C. Dallas, TX Austin, TX New York, NY 1 Floating Rate Mezzanine 2 Fixed Rate Mezzanine (¹2) 3 Real Estate Corporate Loan (13) Total / Weighted Average CMBS Total / Weighted Average Portfolio Total / Weighted Average 3Q21 Outstanding Portfolio (14) *See footnotes on subsequent page 34 Westbury, NY Various n/a Property Type Multifamily Office Multifamily Life Science Office Condo (Resi) Industrial Multifamily Industrial Office Office Multifamily Multifamily Hospitality Office Office Office Life Science Office Multifamily Office Office Multifamily Multifamily Hospitality Industrial Multifamily Student Housing Retail Multifamily Industrial Life Science Student Housing Multifamily Multifamily Office Multifamily Office Multifamily Industrial Hospitality Single Family Rental Multifamily Multifamily Industrial Multifamily Multifamily Multifamily Condo (Resi) Multifamily Retail Multifamily Investment Date 9/30/2021 9/13/2021 2/19/2021 5/24/2018 7/14/2021 12/20/2018 8/27/2021 5/31/2019 6/30/2021 11/13/2017 2/4/2021 6/6/2019 8/13/2019 9/15/2021 4/11/2019 12/20/2019 7/15/2019 4/27/2021 6/19/2018 12/5/2018 10/23/2020 2/6/2020 3/29/2019 11/7/2018. 11/9/2018 5/11/2021 4/22/2021 6/8/2021 10/26/2015 2/3/2020 12/11/2020 7/22/2021 10/15/2019 9/7/2018 6/24/2021 1/22/2021 3/29/2018 3/20/2018 12/4/2020 5/4/2021 1/18/2019 4/22/2021 10/23/2020 9/14/2021 7/21/2017 12/4/2020 8/18/2021 9/12/2019 8/4/2017 1/27/2020 6/19/2015 12/11/2020 Total Whole Loan (2) 381.0 520.8 260.0 250.5 362.8 234.5 381.2 216.5 425.0 194.4 375.0 186.0 185.0 183.3 182.6 175.5 170.0 332.3 165.0 163.0 509.9 153.7 138.0 135.0 130.0 119.9 117.6 112.5 109.6 102.3 95.8 95.0 93.4 92.3 88.5 87.0 86.0 80.7 80.0 77.8 77.0 72.1 141.8 70.3 70.1 69.0 68.2 67.5 42.4 $8,527.8 17.0 5.5 79.1 $101.6 Committed Principal Amount (2) Principal Amount 381.0 260.4 260.0 250.5 250.0 234.5 228.7 216.5 212.5 194.4 187.5 186.0 185.0 183.3 182.6 175.5 170.0 166.2 165.0 163.0 159.7 153.7 138.0 135.0 130.0 119.9 117.6 112.5 109.6 102.3 95.8 95.0 93.4 92.3 88.5 87.0 86.0 80.7 80.0 77.8 77.0 72.1 70.9 70.3 70.1 69.0 68.2 67.5 42.4 $7,014.9 17.0 5.5 31.6 $54.1 $40.0 $7,109.0 Current 352.9 47.3 248.0 237.0 182.0 206.9 93.9 214.9 1.7 194.4 187.5 179.5 185.0 168.1 155.6 109.9 133.7 105.9 165.0 148.0 99.5 127.4 137.0 133.4 130.0 42.7 107.0 112.5 109.6 102.3 52.8 84.9 82.1 92.3 88.5 87.0 86.0 80.7 78.7 43.2 77.0 12.8 70.9 69.3 67.1 66.3 68.2 67.5 42.4 $5,736.3 17.0 5.5 31.6 $54.1 $35.7 $5,826.1 Net Equity (3) 78.7 12.6 48.9 48.8 43.7 36.0 92.1 37.1 (0.5) 33.2 37.3 32.3 41.5 166.7 23.3 26.6 22.9 15.9 71.5 22.4 15.7 31.6 56.7 21.9 24.3 13.4 17.7 16.8 89.6 14.9 15.5 16.1 24.3 16.0 16.1 21.0 13.2 13.3 12.5 17.2 16.9 5.0 11.4 12.0 17.0 10.3 9.6 10.4 27.8 $1,479.2 16.9 0.9 31.0 $48.8 $35.7 $1,563.7 Future Funding (4) 28.1 213.1 12.0 13.5 68.0 27.6 134.8 1.6 210.8 3.6 15.2 27.0 65.6 36.3 60.3 - 15.0 9.4 26.3 1.0 1.6 NOI 77.2 10.6 - 43.0 10.1 11.3 - - - 1.3 34.6 - 59.3 1.0 3.0 2.7 - $1,224.9 $0.0 $4.3 $1,229.2 Coupon (5) (6) L + 3.2% L + 3.6% L+ 3.6% L + 3.2% L + 3.3% L + 3.6% L+ 4.1% L + 3.1% L+ 5.4% L + 3.8% L+ 3.3% L+ 3.6% L + 2.8% L + 4.2% L + 2.6% L+3.4% L+3.3% L + 3.6% L + 2.5% L + 2.6% L+ 4.3% L + 2.7% L + 2.7% L + 2.9% L+3.4% L + 4.6% L + 3.3% L + 2.9% L + 5.5% L+ 3.3% L+ 3.8% L + 3.0% L + 2.7% L + 3.4% L+ 3.0% L +3.3% L + 4.0% L+ 4.1% L +3.7% L + 3.2% L + 2.9% L + 4.8% L+ 3.8% L+2.7% L+ 3.0% L + 3.5% L+ 3.8% L + 2.5% L + 4.2% L + 3.3% L + 9.0% 11.0% L + 12.0% 12.3% 4.8% 4.3% Max Remaining Term (Yrs) (5) (7) 5.0 5.5 4.4 2.3 4.9 2.3 4.9 2.7 4.8 1.2 4.4 2.7 2.9 5.0 2.6 3.3 2.9 4.6 1.8 2.2 4.1 3.4 2.5 2.1 2.2 4.7 4.6 4.7 0.0 3.4 4.3 4.9 3.1 1.9 4.8 4.4 1.5 1.5 3.2 4.6 2.4 4.6 4.0 5.0 0.9 4.2 4.9 2.9 0.5 3.3 2.8 3.8 4.2 3.7 7.7 3.3 Loan Per SF / Unit / Key $317,965 / unit $ 155 / SF $ 462,687 / unit $507/SF $ 592 / SF $1,292 / SF $ 114/SF $ 200,802 / unit $14/ SF $ 179/ SF $506/ SF $364,837 / unit $ 311,448 / unit $184,917/key $218 / SF $ 538 / SF $ 129 / SF $ 440 / SF $169/ SF $ 556,391 / unit $306/SF $ 177/ SF $ 351,282 / unit $ 164,321 / unit $ 375,723 / key $ 36 / SF $ 117,836 / unit $ 155,602 / bed $ 101 SF $ 442,965 / unit $35/ SF $ 733 / SF $ 68,782 / bed $ 515,571 / unit. $ 295,000/unit $288/ SF $ 462,366 / unit $ 468 / SF $ 201,695 / unit $50 / SF $ 392,879 / key $ 27,785 / unit $ 392,898 / unit $ 286,157/ unit $ 111 / SF $ 265,132 / unit $ 189,444 / unit $191,218 / unit $ 1,343/ SF(11) $ 451,477 / unit $ 45 / SF n/a LTV(5)(8) 69% 63% 68% 53% 73% 71% 52% 74% 76% 65% 71% 72% 54% 64% 68% 58% 59% 66% 71% 77% 65% 63% 63% 67% 66% 64% 70% 74% n/a 71% 61% 71% 64% 76% 77% 65% 63% 56% 77% 55% 69% 50% 73% 78% 77% 63% 70% 74% 73% 67% 64% n/a n/a n/a 58% 67% Risk Rating 3 3 3 2 3 4 3 3 3 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 2 3 3 3 4 3 3 3 4 3 3 3 4 3.0 3 5 3 3.2 3.0 $5,826.1 KKR REAL ESTATE FINANCE TRUST

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