KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Positioned for Higher Rate Environment Portfolio rotated out of higher rate-floor loans positioning KREF to benefit from a rising rate environment 100% floating-rate loan portfolio; 64% indexed to one-month LIBOR and 36% to Term SOFR One-month LIBOR = 3.14% Term SOFR = 3.04% As of September 30, 2022 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 -$0.05 -$0.10 -$0.15 -$0.11 -0.50% Annual Net Interest Income Per Share Sensitivity to Change in Market Rates Note: Based on portfolio as of September 30, 2022 KREF $0.00 +0.0% $0.11 +0.50% Change in LIBOR/SOFR $0.21 +1.00% ($ Impact Per Share) $0.32 +1.50% 31

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