KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Largest Three Multifamily Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Arlington Multifamily Floating-Rate Senior Loan September 2021 912-unit Class-B+ and 198-unit Class-A Multifamily Arlington, VA $381 million $355 million $320k/ unit + 3.2% 69% 4.0 Los Angeles Multifamily Floating-Rate Senior Loan February 2021 536-unit Class-A Multifamily Los Angeles, CA $260 million $250 million $466k/ unit + 3.6% 68% 3.4 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (2) KREF Sunbelt Multifamily Portfolio Floating-Rate Senior Loan May 2019 3-Property, 1,070-unit Class-A Multifamily Various $217 million $217 million $202k / unit + 4.0% 74% 1.7 19

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