KKR Real Estate Finance Trust Results Presentation Deck

Financing Overview: 79% Non-Mark-To-Market Diversified financing sources totaling $8.0 billion with $2.5 billion of undrawn capacity (1) (2) ($ in Millions) (3) (4) (5) Term Credit Facilities Term Lending Agreements Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Corporate Obligations Collateralized Loan Obligations Term Loan Facility Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Avg. Coupon (¹) $1,840 $1,383 $500 $300 $349 $144 $520 $5,036 $1,943 $1,000 $1,204 $943 $0 $0 $349 $144 $0 $2,640 $1,943 $899 +1.7% +1.8% n/a n/a +3.5% (6) 6.1% +2.0% +1.5% +1.6% Advance Rate 1.0% 79.6% n/a n/a 84.5% 78.7% Non- MTM (2) Senior Loan Interests 6% Leverage Ratios Secured Term Loan. 6% 1.5x Outstanding Secured Financing(5) Debt-to-Equity Total Leverage Ratio (3) Ratio (4) 3.2x Term Credit Facilities 21% Term Loan Facility 16% Collateralized Loan Obligations 34% Term Lending Agreements 17% Total Leverage $7,979 $5,482 Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions Represents (i) total outstanding debt agreements (excluding non-recourse term loan facility), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility (6) Loan bears interest at L +3.5% and is subject to a LIBOR floor of 0.5% KREF Note: All figures as of March 31,2022 Non-Mark- to-Market 79% 12

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