KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Details ($ in Millions) # Senior Loans (⁹) 1 2 3 4 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 40 41 42 43 44 45 46 47 48 49 50 Investment (¹) Senior Loan Senior Loan Senior Loan Senior Loan Seni 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 (10) Senior Loan (11) 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 Location KREF Arlington, VA Boston, MA Bellevue, WA Los Angeles, CA Various Mountain View, CA Bronx, NY Various Minneapolis, MN Various Washington, D.C. Boston, MA Various The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL New York, NY Boston, MA 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 Various Philadelphia, PA Cambridge, MA Pittsburgh, PA Miami, FL West Hollywood, CA Las Vegas, NV San Diego, CA Orlando, FL Boston, MA Washington, D.C. Phoenix, AZ Cary, NC Brisbane, CA Brandon, FL Dallas, TX Miami, FL Dallas, TX Charlotte, NC San Antonio, TX Note: See footnotes on subsequent page Property Type Multifamily Life Science Office Multifamily Industrial Office Industrial Multifamily Office Industrial Office Office Self Storage Hospitality Office Office Multifamily Condo (Residential) Life Science Office Office Office Life Science Life Science Office Multifamily Multifamily Industrial Hospitality Life Science Industrial Office Life Science Student Housing Multifamily Multifamily Multifamily Multifamily Multifamily Industrial Office Industrial Multifamily Life Science 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 11/13/2017 6/15/2022 11/9/2021 2/4/2021 12/21/2022 9/15/2021 4/11/2019 12/20/2019 12/29/2021 12/20/2018 4/27/2021 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 6/30/2021 6/19/2018 12/22/2021 6/8/2021 10/28/2022 1/26/2022 12/28/2021 10/20/2021 12/14/2021 6/28/2022 1/13/2022 1/13/2022 11/21/2022 7/22/2021 1/13/2022 12/23/2021 10/14/2021 1/22/2021 12/14/2021 6/1/2022 Total Whole Loan (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 206.5 199.4 187.8 187.7 375.0 371.6 183.3 176.7 175.5 171.5 169.4 332.3 509.9 150.7 150.0 580.7 188.0 138.0 137.0 135.3 132.0 130.0 195.9 242.0 116.5. 401.3 112.5 110.4 107.0 106.3 103.5 102.4 285.5 228.5 195.3 100.0 95.0 90.3 90.0 89.5 87.0 86.8 246.5 Committed Principal Amount(2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 206.5 199.4 187.8 187.7 187.5 185.8 183.3 176.7 175.5 171.5 169.4 166.2 159.7 150.7 150.0 145.2 140.3 138.0 137.0 135.3 132.01 130.0 125.0 121.0 116.5 115.7 112.5 110.4 107.0 106.3 103.5 102.4 100.0 100.0 100.0 100.0 95.0 90.3 90.0 89.5 87.0 86.8 86.3 Current Principal Amount $367.6 141.4 148.6 250.0 252.3 200.2 181.3 206.5 194.4 167.2 174.6 187.5 66.0 178.7 154.7 161.9 170.7 166.2 153.0 139.9 150.7 118.4 0.0 115.2 138.0 137.0 131.9 101.8 130.0 93.8 86.5 111.9 76.7 112.5 94.0 102.0 102.0 103.5 91.7 99.3 60.4 50.4 94.6 90.8 66.2 78.4 89.5 87.0 81.1 80.3 Net Equity(³) $73.1 18.8 35.9 38.7 49.9 65.2 38.8 39.2 89.0 33.1 51.7 37.5 21.2 32.7 100.0 71.7 25.7 60.5 30.6 22.0 23.1 21.4 (1.2) 33.8 25.6 28.1 30.5 35.1 24.2 27.4 29.0 18.8 19.9 17.2 22.6 15.5 20.0 18.7 24.5 20.3 9.5 13.9 18.0 17.8 9.7 15.4 17.3 19.5 16.3 19.8 Coupon (4)(5) +3.3% +4.2% +3.7% +3.7% +2.7% +3.4% +4.2% +4.0% +2.3% +2.9% +3.4% +3.4% +3.8% +4.3% +2.6% +3.5% +2.8% +3.7% +3.7% +4.4% +2.8% +3.3% +4.5% +3.2% +3.7% +3.4% +2.9% +4.7% +3.5% +3.6% +5.5% +3.3% +4.0% +3.0% +3.8% +3.1% +2.8% +2.9% +3.1% +3.0% +3.3% +4.0% +3.4% +3.1% +3.1% +2.9% +2.9% +3.4% +3.1% +2.8% Max Remaining Term (Yrs)(4)(6) 3.3 4.1 3.8 2.7 3.9 3.1 3.2 1.9 2.0 4.0 3.4 2.6 4.5 3.3 0.1 1.5 3.5 0.5 2.9 2.4 1.6 1.1 4.3 3.3 3.4 0.8 3.6 2.9 0.4 3.6 3.0 3.6 3.5 2.9 4.4 3.6 3.5 3.4 3.5 4.0 4.6 3.6 4.4 3.1 3.6 3.5 3.4 2.6 3.5 3.9 Loan Per SF / Unit / Key(7) $331,144 / unit $747 / SF $855 / SF $466,400/unit $98 / SF $651 / SF $277/ SF $192,991 / unit $182 / SF $120 / SF $489 / SF $506/ SF $19,792 / unit $196,635 / key $216 / SF $792 / SF $210,275/unit $2,480,099 / unit $635 / SF $430 / SF $208/ SF $114/SF $885 / SF $735 / SF $439 / SF $351,282 / unit $439,817 / unit $113/ SF $375,723 / key $640 / SF $75 / SF $114/SF $1,072/SF $155,602 / unit $333,333 / unit $2,756,757 / unit $193,182 / unit $448,052 / unit $242,027 / unit $198/ SF $221/ SF $57 / SF $242,484 / unit $784 / SF $196,506 / unit $241,221 / unit $304,422 / unit $294 / SF $220,377 / unit $103,007 / unit LTV(4)(8) 69% 56% 63% 68% 64% n.a. 52% 74% n.a. 50% 55% 71% 65% 64% n.a. 58% 73% 69% 66% 55% 63% 57% 53% 69% 68% 59% 78% 64% 66% 68% 62% 53% 51% 74% 51% 65% 61% 71% 74% 52% 55% 57% 63% 71% 75% 67% 76% 63% 74% 68% Risk Rating 3 3 3 3 5 3 3 5 3 4 4 3 3 5 4 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 35

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