KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Details ($ in Millions) # Senior Loans 1⁹ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Investment (¹) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan (11) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Location Arlington, VA Boston, MA Bellevue, WA Los Angeles, CA Various Mountain View, CA Bronx, NY Various Minneapolis, MN Various Washington, D.C. Boston, MA New York, NY The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Boston, MA Various Oakland, CA Plano, TX Chicago, IL Redwood City, CA Various Seattle, WA Dallas, TX Boston, MA Philadelphia, PA Arlington, VA Fontana, CA Fort Lauderdale, FL San Carlos, CA Irving, TX Cambridge, MA Pittsburgh, PA Miami, FL Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Boston, MA Washington, D.C. Phoenix, AZ Cary, NC Brisbane, CA Brandon, FL Dallas, TX Miami, FL Dallas, TX *See footnotes on subsequent page KREF Property Type Multifamily Life Science Office Multifamily Industrial Office Industrial Multifamily Office Industrial Office Office Condo (Residential) Hospitality Office Office Multifamily Life Science Self-Storage Office Office Office Life Science Industrial Life Science Office Multifamily Office Multifamily Industrial Hospitality Life Science Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily. Multifamily Multifamily Industrial Office Industrial. Multifamily Life Science Multifamily Multifamily Multifamily Office Investment Date 9/30/2021 8/3/2022 9/13/2021 2/19/2021 4/28/2022 7/14/2021 8/27/2021 5/31/2019 11/13/2017 6/15/2022 11/9/2021 2/4/2021 12/20/2018 9/15/2021 4/11/2019 12/20/2019 12/29/2021 4/27/2021 12/21/2022 10/23/2020 2/6/2020 7/15/2019 9/30/2022 6/30/2021 10/1/2021 12/10/2021 3/29/20 6/19/2018 1/20/2022 5/11/2021 11/9/2018 2/1/2022 4/22/2021 12/22/2021 6/8/2021 10/28/2022 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 6/28/2022 1/13/2022 1/13/2022 11/21/2022 7/22/2021 1/13/2022 12/23/2021 10/14/2021 1/22/2021 Total Whole Loan (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 375.0 186.1 183.3 182.6 175.5 171.5 332.3 320.0 509.9 153.7 150.0 580.7 283.6 188.0 138.0 137.0 136.0 135.3 132.0 130.0 195.9 117.6 401.3 112.5 110.4 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 100.0 95.0 90.3 90.0 89.5 87.0 Committed Principal Amount (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 187.5 186.1 183.3 182.6 175.5 171.5 166.2 160.0 159.7 153.7 150.0 145.2 141.8 140.3 138.0 37.0 136.0 135.3 132.0 130.0 125.0 117.6 115.7 112.5 110.4 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 100.0 95.0 90.3 90.0 89.5 87.0 Current Principal Amount $361.5 85.7 104.7 250.0 252.3 195.3 156.7 216.5 194.4 142.2 167.2 187.5 177.8 173.8 158.8 149.0 170.2 139.5 20.1 134.1 148.0 118.2 0.0 71.9 111.2 136.5 137.0 136.0 131.4 88.4 130.0 87.8 112.5 67.4 112.5 94.0 102.0 106.0 103.5 88.9 102.0 98.7 58.7 41.9 93.3 90.8 64.4 77.5 89.5 87.0 Net Equity(3) $79.1 10.1 29.4 38.4 49.3 49.0 40.3 39.2 87.6 27.6 49.1 37.4 56.2 33.8 26.9 42.4 26.2 27.7 3.5 21.1 25.0 21.0 (1.4) 70.6 29.7 25.9 30.8 136.8 32.3 59.5 24.1 21.3 17.7 18.9 17.1 22.5 19.9 21.0 18.6 21.6 15.3 19.6 10.2 11.6 17.5 17.7 9.0 15.0 17.2 21.2 Coupon (4) (5) +3.3% +4.2% +3.6% +3.6% +2.7% +3.4% +4.2% +4.0% +3.8% +2.9% +3.3% +3.3% +3.6% +4.2% +2.6% +3.4% +2.8% +3.6% +3.8% +4.3% +2.7% +3.3% +4.5% +5.5% +3.1% +3.7% +3.4% +3.5% +2.9% +4.7% +3.5% +3.6% +3.3% +4.0% +2.9% +3.8% +2.7% +2.8% +2.8% +3.1% +3.0% +3.0% +3.2% +4.0% +3.4% +3.1% +3,1% +2.8% +2.9% +3.3% Max Remaining Term (Yrs)(4)(6) 3.8 4.6 4.3 3.2 4.4 3.6 3.7 1.4 0.3 4.5 3.9 3.1 1.0 3.8 1.4 2.0 4.0 3.4 5.0 2.9 2.1 1.6 4.8 3.5 3.8 3.9 1.3 0.5 4.1 3.4 0.9 4.1 3.4 4.0 3.4 4.9 4.0 3.9 3.9 4.0 4.1 4.5 5.1 4.1 4.9 3.6 4.1 4.0 3.9 3.1 Loan Per SF / Unit / Key(7) $325,707 / unit $747/SF $ 855/SF $ 466,400/unit $ 98/SF $636/SF $ 277/SF $ 202,336 / unit $ 179/ SF $ 102/SF $ 469 / SF $ 506 / SF $ 1,393 / SF $191,243/key $ 222/SF $729/SF $ 209,632 / unit $579/SF $ 34/SF $ 412/SF $ 205/SF $ 114/SF $ 885 / SF $72/SF $ 710 / SF $ 434/SF $ 351,282/unit $ 139/SF $ 438,078/unit $ 113/SF $375,723 / key $ 599/SF $ 123,877/unit $ 1,072/SF $ 155,602/unit $333,333/unit $ 193,182/unit $335,975/unit $ 448,052/unit $ 234,565 / unit $ 2,756,757 / unit $ 197 / SF $ 215/SF $57/SF $ 239,231 / unit $ 784/SF $ 192,188/unit $ 238,488 / unit $ 304,422 / unit $ 294 / SF LTV(4)(8) 69% 56% 63% 68% 64% 73% 52% 74% n.a. 50% 55% 71% 69% 64% n.a. 58% 73% 66% 61% 54% 63% 57% 53% 62% 69% 68% 59% n.a. 65% 64% 66% 68% 70% 51% 74% 51% 61% 77% 71% 74% 65% 52% 55% 57% 63% 71% 75% 67% 76% 65% Risk Rating 3 3 3 3 3 4 3 3 5 3 3 3 3 3 5 4 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 35

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