KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Positioned for Rate Environment 99% floating-rate loan portfolio indexed to Term SOFR continues to benefit from a rising rate environment Term SOFR = 5.14% As of June 30, 2023 $0.15 $0.10 $0.05 $0.00 ($0.05) ($0.10) ($0.15) Annual Net Interest Income Per Share Sensitivity to Change in Market Rates (¹) KREF ($0.13) -1.00% Note: Based on portfolio as of June 30, 2023 (1) Excludes loans accounted for under the cost recovery method ($0.07) -0.50% $0.00 0.00% Change in SOFR $0.07 +0.50% ($ Impact Per Share) $0.13 +1.00% 31

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