KKR Real Estate Finance Trust Investor Presentation Deck

Recent Operating Performance ($ in Millions) 3Q'21 Net income (loss)(¹): $32.0 Distributable earnings (2): $34.5 $0.57 Net Income and Distributable Earnings $0.62 3Q'21 $0.28 2Q¹22 $19.4 $33.1 $0.48 2Q'22 3Q'22 ($48.4) $34.4 $0.50 3Q'22 ($0.70 Net Income (Loss) per Diluted Share Distributable Earnings per Diluted Share $0.431 (1) Represents Net income (loss) attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP KREF 3Q'21 Dividend per share: $0.43 Dividends and Book Value Per Share $19.09 $0.43 Dividend yield on book value per share: 9.0% 8.9% 3Q'21 2Q¹22 $19.36 2Q'22 ■Book Value per Share 3Q'22 $0.43 9.4% $18.28 3Q'22 32

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