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. $368 million $331k/ unit + 3.3% 69% 3.3 OSTAL TOW (1) Coupon expressed as spread over Term SOFR (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated KREF Los Angeles Multifamily Floating-Rate Senior Loan February 2021 536-unit Class-A Multifamily Los Angeles, CA $260 million. $250 million $466k/ unit + 3.7% 68% 2.7 Sunbelt Multifamily Portfolio 04 Floating-Rate Senior Loan RET May 2019 3-Property, 1,070-unit Class-A Multifamily Various $207 million $207 million $193k / unit + 4.0% 74% 1.9 20

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