KKR Real Estate Finance Trust Results Presentation Deck

Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents (¹) Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Real estate owned, net Equity method investments Accrued interest receivable Other assets (2) (3) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Dividends payable Accrued interest payable Accounts payable, accrued expenses and other liabilities (4) Due to affiliates Total Liabilities Commitments and Contingencies Permanent Equity Preferred Stock, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, $0.01 par value, (13,110,000 and 6,900,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (71,834,030 and 65,271,058 shares issued; 67,933,704 and 61,370,732 shares outstanding as of March 31, 2022 and December 31, 2021, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (3,900,326 shares repurchased as of March 31, 2022 and December 31, 2021) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Permanent Equity Total Liabilities and Equity (1) Includes $54.0 million held in collateralized loan obligation as of December 31, 2021 (2) Includes $1.7 million and $2.3 million of restricted cash as of March 31, 2022 and December 31, 2021, respectively (3) (4) $ $ $ Includes $80.9 million of pre-close loan fundings into escrow as of March 31, 2022 Includes $1.8 million and $1.5 million of expected loss reserve for unfunded loan commitments as of March 31, 2022 and December 31, 2021, respectively KREF March 31, 2022 173,178 6,772,884 (20,676) 6,752,208 78,569 36,595 19,091 90,122 7,149,763 3,035,230 1,929,616 337,971 142,193 29,411 9,528 7,426 8,668 5,500,043 131 679 1,747,340 (37,616) (60,999) 1,649,535 185. $ $ $ 1,649,720 7,149,763 $ December 31, 2021 271,487 6,316,733 (22,244) 6,294,489 78,569 35,537 15,241 7,916 6,703,239 3,726,593 1,087,976 338,549 141,851 26,589 6,627 7,521 5,952 5,341,658 69 613 1,459,959 (38,208) (60,999) 1,361,434 147 1,361,581 6,703,239 21

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