#1KKR REAL ESTATE FINANCE TRUST Investor Presentation OCTOBER 2023 TT T#2Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests and their impact on the Company's loan portfolio, financial condition and business operations; accelerating inflationary trends, spurred by multiple factors including high commodity prices, a tight labor market, and low residential vacancy rates, may result further in interest rate increases and lead to increased market volatility; higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds and an increase in the number of borrowers who exercise extension options, which could extend beyond the term of certain secured financing agreements the Company uses to finance its loan investments; the economic impact of escalating global trade tensions, the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; the impact of, and market dislocations that may result from, governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets; the failure of any banks with which the Company and/or the Company's borrowers have a commercial relationship could adversely affect, among other things, the Company or the Company's borrower's ability to access deposits or borrow from financial institutions on favorable terms; interest rate mismatches between the Company's target assets and any borrowings used to fund such assets; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise, could adversely affect the Company's results of operations; the level and volatility of prevailing interest rates and credit spreads; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of the Company's existing investments; general volatility of the securities markets in which the Company participates; changes in the Company's business, investment strategies or target assets; deterioration in the performance of the properties securing the Company's investments that may cause deterioration in the performance of the Company's investments, risks in collection of contractual interest payments, and potentially, principal losses to the Company; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to the Company or the owners and operators of the real estate securing the Company's investments; the adequacy of collateral securing the Company's investments and declines in the fair value of the Company's investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing the Company's growth, including integrating new assets into the Company's existing systems; reductions in the yield on the Company's investments and increases in the cost of the Company's financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and the Company's relationship with its Manager; subsidiaries of KKR & Co. Inc. have significant influence over the Company and KKR's interests may conflict with those of the Company's stockholders in the future; the cost of operating the Company's platform, including, but not limited to, the cost of operating a real estate investment platform; adverse legislative or regulatory developments; the Company's qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and the Company's exclusion from registration under the Investment Company Act of 1940, as amended; authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board, the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that the Company is subject to, as well as their counterparts in any foreign jurisdictions where the Company might do business; and other risks and uncertainties, including those described under Part I-Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward looking statements in this presentation speak only as of October 30, 2023. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of September 30, 2023 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP. KREF 2#3KKR Real Estate Finance Trust Inc. Overview Best In Class Portfolio $7.9 B Investment Portfolio Conservative Balance Sheet $8.9 B Financing Capacity KREF's Manager Fully Integrated with KKR 14% KKR Ownership in KREF 100% Senior Loans 55% Multifamily & Industrial 76% $519 B Fully Non-Mark-to-Market(2) Global AUM (4) $25 B Balance Sheet (4) $124 M 96% Average Loan Size(1) Interest Collected $716 M Current Liquidity(3) Senior loans secured primarily by transitional, institutional multifamily, office and industrial properties owned by high quality sponsors Conservative liability management focused on diversified non-mark-to-market financing $64 B Real Estate AUM(4)(5) 150+ Real Estate Professionals (4) One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices Average loan size is inclusive of the unfunded commitment Based on outstanding face amount of secured financing, including non-consolidated senior interests Includes $108 million in cash, $500 million undrawn corporate revolver capacity, $78 million of available borrowings based on existing collateral and $30 million of loan repayment proceeds held by a servicer As of June 30, 2023 (1) (2) (3) (5) KREF Figures represent AUM across all KKR real estate transactions 3#4Investment Highlights 2 Cycle Tested, Experienced Leadership Team 3 Differentiated Investment Strategy 1 KKR Sponsorship KREF © Mi 4 5 Best in Class Investment Portfolio Conservative Liability Management 6 Portfolio Positioned for Rate Environment KKR Real Estate Finance Trust ("KREF") benefits from its integration within KKR's % broader Real Estate platform 4#5KKR Sponsorship#6KKR Platform - A Leading Global Asset Manager KKR Founded 1976 $519 B $25 B 748 Assets Under Management Internal Balance Sheet Investment Professionals 24/18 Cities/Countries KKR operates with a single culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices across offices and asset classes E° n KKR Real Estate Attributes ~$64 billion in AUM in Real Estate strategies globally(1) 150+ dedicated Real Estate investment and asset management professionals across 16 cities in 11 countries K-Star: Affiliated rated special servicer and asset services platform started in 2022, with a team of 45 people and $40+ billion of special servicing rights Note: Figures as of June 30, 2023 unless otherwise noted (1) Figures represent AUM across all KKR real estate transactions (2) Strategic Growth Vertical: ~$4.3 billion of KKR balance sheet and employee capital committed across KKR real estate strategies (2) Includes investments / commitments made by KKR's balance sheet, KKR employees, and other affiliates. Investments made by current and former KKR employees are retained by those individuals personally. Includes unfunded commitments made by individuals KREF 6#7Integrated Global Real Estate Platform Founded in 2011 and fully integrated across both Real Estate Debt and Equity, as well as the Americas, Europe, and Asia Note: (1) (2) Real Estate Loans $46B of Collateral Value (1) Integrated Real Estate Platform Real Estate Own or lend on $232B RE assets Equity $53B of Asset Value(2) Real Estate CMBS $132B Underlying Asset Value (1) Figures of June 30, 2023 unless otherwise noted. Numbers may not sum due to rounding. Foreign exchange rates as of May 26, 2023 Represents implied value based on weighted average loan-to-value of respective strategies Represents current gross asset value across all KKR real estate transactions; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Property Partners Europe, Asia Property Partners, KKR Real Estate Select Trust (credit investments in KREST are represented in the Real Estate Loans or Real Estate CMBS Securities totals, as applicable), KJR Management, KRE RESDOC Americas, KRE RESDOC Europe, Global Atlantic assets, Private Equity funds, Special Situations, trophy single tenant investments in KKR Credit accounts, and Balance Sheet investments KREF 7#8KREF Integration with KKR KREF differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantages through KKR's brand, industry knowledge, relationships and deep bench of investment professionals KKR Private Equity $97B of AUM, 195 professionals globally, 100+ portfolio companies globally KKR Global Macro & Asset Allocation 41 professionals globally, insight on macro market observations and MSA analytics KKR Senior Advisors (1) 95 advisors globally, including three dedicated real estate advisors KKR REAL ESTATE FINANCE TRUST Fo Note: (1) Figures of June 30, 2023 unless otherwise noted Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR KREF KKR Credit $200B of AUM, 163 professionals globally, sourcing & UW synergies Integration Drives Meaningful Benefits to KREF Deep network of direct relationships to source high-quality investments KKR Capital Markets 67 professionals globally, sourcing and structuring expertise Differentiated credit assessment capabilities KKR Public Policy & Affairs 31 professionals globally, stakeholder relations Solutions provider for complex business plans offering speed and certainty Best-in-class financing creates attractive risk- adjusted returns 8#9Experienced Leadership Team#10KKR Real Estate Credit Investment Committee Diversity of Manager's Investment Committee creates a thorough vetting process US Investment Committee Matt Salem CEO KREF Member of KREF Board Partner & Head of Real Estate Credit ⚫ Joined KKR in 2015 • Formerly at Rialto Capital Management and Goldman Sachs Patrick Mattson President & COO KREF Managing Director & COO of Real Estate Credit Joined KKR in 2015 . Formerly at Rialto Capital Management and Morgan Stanley Ralph Rosenberg Chairman of KREF Board Partner & Global Head of Real Estate ⚫ Joined KKR in 2011 • Formerly at Eton Park and Goldman Sachs Chris Lee Vice Chairman of KREF Board Partner & Head of Real Estate Americas . Joel Traut Partner & Head of Originations • Joined KKR in 2012 • Formerly at Apollo Global Management and Goldman Sachs ⚫ Joined KKR in 2015 Formerly at GE Capital Real Estate KREF Jenny Box Partner & Co-Head of Special Situations Americas Billy Butcher Partner & Chief Operating Officer of Global Real Estate Roger Morales Partner & Head of Real Estate Acquisitions Americas Justin Pattner Partner & Head of Real Estate Equity Americas ⚫ Joined KKR in 2019 • Formerly at Oaktree and Blackstone Joined KKR in 2004 Formerly at Goldman Sachs ⚫ Joined KKR in 2011 Formerly at Eton Park and Vornado Realty Trust ⚫ Joined KKR in 2011 Formerly at Eton Park and Lubert Adler: 10#11KKR Real Estate Finance Trust Team Leadership Team Ralph Rosenberg Chris Lee Chairman of the Board Vice Chairman of the Board Joel Traut Partner Head of Originations Paul Fine Managing Director Matt Salem Chief Executive Officer Member of the Board Senior Investment Team Patrick Mattson President Chief Operating Officer Kendra Decious Chief Financial Officer Treasurer Ali Imraan Managing Director Head of European Originations Rachel Hunter-Goldman Adam Simon Director Director Ian McConnell Director Julian Hodgeman Celine Comeau Director Director Corey Hall Director Joined KKR in 2015 Formerly a Director at GE Capital Real Estate with over 19 years industry experience Legal Joined KKR in 2015 Formerly a Director At CCRE with over 15 years industry experience Joined KKR in 2022 Formerly a Managing Director at LaSalle Investment Management with over 16 years industry experience Joined KKR in 2021 Formerly a Principal at Apollo Global Management with over 10 years industry experience Capital Markets & IR Joined KKR in 2015 Formerly a VP at Rialto Capital Management with over 15 years industry experience Finance Joined KKR in 2020 Formerly a Senior VP at Starwood Property Trust with over 16 years industry experience Joined KKR in 2015 Formerly associate at Rialto Capital Management with over 12 years industry experience Joined KKR in 2021 Formerly an associate at Global Atlantic Financial Group with over 11 years industry experience Joined KKR in 2022 Formerly a Senior VP at Brookfield with over 15 years industry experience Vincent Napolitano Director General Counsel & Secretary Joined KKR in 2020 Formerly an Associate at Skadden, Arps with over 11 years industry experience Jack Switala Director Equity Capital Markets & IR Joined KKR in 2021 Formerly a Vice President at Wells Fargo Securities with over 10 years industry experience Leo Michalakos Director Finance Joined KKR in 2019 Formerly a controller for Terra Capital Partners with over 11 years industry experience KREF 56 Investment Professionals + Finance, Legal, Investor Relations & Capital Markets Professionals 11#12Differentiated Investment Strategy#13Differentiated, Conservative Investment Strategy Lending on institutional quality real estate owned by high-quality sponsors in top markets Institutional Quality Commercial Real Estate Top Markets with Strong Underlying Fundamentals Average Loan Size (1) $124M Average Occupancy of Multifamily Loans 91% % of Portfolio Multifamily Industrial Loans 55% * Construction Loans 12% Top 15 MSAs Top 25 MSAs 79% 91% The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans Average loan size is inclusive of the unfunded commitment Note: (1) (2) LTM as of September 30, 2023 KREF High-Quality, Experienced & Well-Capitalized Sponsors Select Examples: AUM, Top 10 Publicly Traded Global Asset Manager $100B+ Market Capitalization, Top 5 Global Investment Bank $100B+ 息 Units, Top Regional Multifamily Developer and Operator 15,000+ Repeat Borrowers (2) 67% 13#14Best In Class Investment Portfolio#15KREF Loan Portfolio by the Numbers Total Portfolio Growth Investment Type(2) ($ in Millions) $5,826 $5,221 $5,035 $7,726 $7,870 3Q'19 3Q'20 3Q'21 3Q'22 3Q'23 17% Other <5%: 23% Geography(1) Senior Loans 100% Interest Rate Type Fixed 1% Property Type (4) Hospitality 5% Other 6% Life Science (3) 9% Industrial 14% Multifamily 41% 6% .11% 5% Office 25% 6% Washington, D.C. Office (5) 7% Class-B 6% 15% 10% Floating 99% Multifamily LEED Class-B 25% 85% Class-A 94% Class-A 75% Note: The charts above are based on total assets. Total assets reflect the principal amount of our loan portfolio (1) Map excludes one real estate owned asset with a net carrying value of $82 million (2) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non- recourse sale of a corresponding first mortgage (3) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (4) "Other" property types include: 2% Condo (Residential), 2% Student Housing, 1% Single Family Rental and 1% Self-Storage (5) Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix KREF 15#16Multifamily and Office Loan Overview $101 M Multifamily: 41% of Loan Portfolio $157 M 70% 0% Average Loan Size (1) W.A. LTV(2) Construction Loans 80% 91% 2015 W.A. Occupancy at Closing W.A. Occupancy Current(3) Median Year Built Property Locations Office: 25% of Loan Portfolio Average Loan Size(1) 65% W.A. Occupancy at Closing 61% W.A. LTV(2) 74% W.A. Occupancy Current(3) 2.1% Co-Working Exposure 9.7 years W.A. Remaining Lease Term Property Locations (1) (2) Average loan commitment is inclusive of the unfunded KREF commitment LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. Excludes loans risk-rated 5 (3) Based on most recent data available from our borrowers as of September 30, 2023 KREF 16#17KREF Office Loan Portfolio Overview Just under half of the outstanding principal balance of KREF's Office segment is Risk-Rated 3 KREF Office Loan Portfolio Office Portfolio Breakdown 5-Rated Office 27% 3-Rated Office 41% 4-Rated Office 32% Risk-Rated 3 or Better Office Assets Location Investment Date Mountain View, CA Jul-21 Loan Purpose Acquisition Current Commitment Current Principal ($ Millions) ($ Millions) Loan per SF Max Term (Years) $250.0 $200.9 $654 2.9 Minneapolis, MN Nov-17 Refinance 199.4 194.4 182 1.8 Philadelphia, PA Apr-19 Risk-Rated 5: Total / Weighted Average Acquisition 176.7 155.8 218 0.1 $626.1 $551.1 1.7 Washington, D.C. Nov-21 Refinance 187.7 175.5 492 3.2 Boston, MA Washington, D.C. Feb-21 Refinance 187.5 187.5 506 2.4 Dec-19 Recapitalization 175.5 169.2 828 1.3 Oakland, CA Risk-Rated 4: Total / Weighted Average $550.7 $532.3 2.3 Bellevue, WA Sep-21 Construction 260.4 172.9 855 3.5 Plano, TX Feb-20 Refinance 150.7 150.7 208 1.4 Dallas, TX Dec-21 Refinance 138.0 138.0 439 3.2 Philadelphia, PA Jun-18 Refinance 116.5 112.6 115 3.4 Chicago, IL Jul-19 Refinance 105.0 88.4 85 4.9 Washington, D.C. Jan-22 Refinance 100.0 61.5 225 4.4 Dallas, TX Jan-21 Acquisition 87.0 87.0 294 2.4 Oakland, CA Oct-20 Acquisition 64.4 44.5 137 2.1 Risk-Rated 2 & 3: Total / Weighted Average $1,022.0 $855.6 3.1 Grand Total/Weighted Average $2,198.8 $1,938.9 2.5 Bellevue, WA Chicago, IL Philadelphia, PA Dallas, TX Plano, TX Dallas, TX Washington, D.C. Note: $ in Millions. The charts above are based on total assets. Total assets reflect the principal amount of our loan portfolio. Commitment amount includes participations by KKR affiliated entities and third parties that are syndicated / sold. Weighted average is weighted by the current principal amount. Loan Per SF is based on the current principal amount divided by the current SF. For the Bellevue, WA loan, Loan Per SF is calculated as the total commitment amount of the loan divided by the proposed SF. Max remaining term (years) assumes all extension options are exercised, if applicable KREF 17#18Case Studies: Largest Three Multifamily Loans (1) (2) 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 Los Angeles Multifamily Floating-Rate Senior Loan Sunbelt Multifamily Portfolio Floating-Rate Senior Loan September 2021 912-unit Class-B+ and 198-unit Class-A Multifamily Arlington, VA February 2021 536-unit Class-A Multifamily Los Angeles, CA May 2019 3-Property, 1,070-unit Class-A Multifamily Various $381 million $220 million $369 million $220 million $332k/unit + 3.3% 69% $410k/ unit + 2.9% 68% $207 million $207 million $193k/unit + 4.0% 74% 3.0 2.4 1.7 CINSTAL TOWERS Coupon expressed as spread over Term SOFR LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. Please refer to the Appendix for more information on how LTV is calculated KREF 18#19Case Studies: Largest Three Office Loans Investment Loan Type Investment Date Collateral Location Committed Amount Bellevue Office Floating-Rate Senior Loan Mountain View Office Floating-Rate Senior Loan Minneapolis Office Floating-Rate Senior Loan (5) September 2021 Class-A Office Totaling 609k SF Bellevue, WA $260 million (3) July 2021 Five Class-A Office Buildings Totaling 446k SF Mountain View, CA $250 million (4) November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $199 million Current Principal Amount $173 million Basis Coupon (1) LTV(2) Max Remaining Term (Yrs.) Asset Photos $855/SF $201 million $654/SF + 3.7% + 3.4% 63% N/A $194 million $182/SF + 2.3% N/A 3.5 2.9 1.8 Coupon expressed as spread over Term SOFR LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. Excludes loans risk-rated 5. Please refer to the Appendix for more information on how LTV is calculated (1) (2) (3) The total whole loan is $521 million, co-originated by the Company and KKR affiliates. The Company's interest is 50% of the loan (4) The total whole loan is $363 million, co-originated by the Company and a KKR affiliate. The Company's interest is 69% of the loan (5) The total whole loan is $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74 million was funded as of September 30, 2023, at a fixed PIK interest rate of 4.5% KREF 19#20Case Studies: Largest Three Industrial Loans Investment Loan Type Western U.S. Industrial Portfolio Floating-Rate Senior Loan Bronx Industrial Floating-Rate Senior Loan U.S. Industrial Portfolio Floating-Rate Senior Loan Investment Date Collateral Location April 2022 14 Class A/B Industrial Properties Totaling 5.2mm SF Various August 2021 1.4mm RSF, Two-Story, Class A Distribution and Parking Facility Bronx, NY June 2022 12 Class A/B Industrial Assets Totaling 2.8mm SF Various Committed Amount $252 million (3) Current Principal Amount $252 million Basis Coupon (1) LTV(2) $98/SF $229 million (4) $194 million $277/SF + 2.7% + 4.2% 64% 52% $188 million $170 million $122/SF + 2.9% 50% Max Remaining Term (Yrs.) 3.6 2.9 3.8 Asset Photos (1) (2) Coupon expressed as spread over Term SOFR LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. Please refer to the Appendix for more information on how LTV is calculated (3) The total whole loan is $505 million, co-originated by the Company and KKR affiliates. The Company's interest is 50% of the loan (4) The total whole loan is $381 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60% of the loan KREF 20#213Q '23 2Q '23 Portfolio Credit Quality Overview Collected 96% of interest payments due on loan portfolio Loan-to-Value(1)(2) 25% 21% 29% 0 - 60% 60 - 65% 65 - 70% 20% Risk Rating Distribution Loan 1 62 5 3 Count 5% 0% <1% 70-75% 75 -80% 1 2 Weighted Average LTV(³): 65% 30% 24% 20% 20% 3 83% 10% 7% 4 Weighted Average Risk Rating (3): 3.2 Loan Count 2 62 4 84% 3 5 6% 8% 7% 0% 1% 0 - 60% 60-65% 65-70% 70-75% 75 - 80% 1 2 3 4 5 Weighted Average LTV(3): 65% Weighted Average Risk Rating (3): 3.2 Note: The charts above are based on percentage of our loan portfolio (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value, except as noted in the footnotes to the "Portfolio Details" Summary in the Appendix (2) Includes non-consolidated senior interests and excludes risk-rated 5 loans (3) Weighted average is weighted by current principal amount KREF 21#22Case Studies: Watch List Loans (Risk Rating 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (1) $201 million $654 / SF + 3.4% 2.9 Minneapolis Office Floating-Rate Senior Loan (2) November 2017 Two Class-A Office Buildings totaling 1.1mm SF Refinance Minneapolis, MN $199 million (2) $194 million (2) $182 / SF +2.3% (2) Philadelphia Office Floating-Rate Senior Loan April 2019 Four Office Building Portfolio totaling 711k SF Acquisition Philadelphia, PA $177 million $156 million $218/SF + 2.6% 0.1 1.8(2) 5 5 5 (1) (2) The total whole loan is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million The total whole loan is $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74 million was funded as of September 30, 2023, at a fixed PIK interest rate of 4.5% KREF 22#23Case Studies: Watch List Loans (Risk Rating 4) Investment Washington, D.C. Office Boston Office Washington, D.C. Office Loan Type Floating-Rate Senior Loan Investment Date November 2021 Floating-Rate Senior Loan February 2021 Floating-Rate Senior Loan December 2019 West Hollywood Multifamily Floating-Rate Senior Loan January 2022 Collateral Class-A Office totaling 357k SF Class-A Office totaling 741k SF Class-A Office totaling 204k SF 37-unit Class-A Multifamily Loan Purpose Location Refinance Refinance Refinance Refinance Washington, D.C. Boston, MA Washington, D.C. West Hollywood, CA Committed Amount $188 million $188 million (1) $176 million $107 million Current Principal Amount Loan Basis $176 million $188 million (1) $169 million $492 / SF $506 / SF Coupon + 3.4% + 3.4% $828/ SF + 3.5% $104 million $2,797,812 / unit + 3.1% Max Remaining Term (Yrs.) Loan Risk Rating 3.2 2.4 1.3 3.4 4 4 4 4 Amounts include $150 million of non-consolidated senior interest. KREF's retained mezzanine position is $38 million (1) KREF 23#24Conservative Liability Management#25Financing Overview: 76% Non-Mark-To-Market Diversified financing sources totaling $8.9 billion with $2.7 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios ($ in Millions) Maximum Capacity Outstanding Face Amount Weighted Avg. Advance Coupon (1) Non- Rate MTM Term Credit Facilities $2,000 $1,521 +1.9% 64.5% (2) Term Lending Agreements $1,984 $1,406 +1.8% 76.8% 4.1X 2.3x Warehouse Facility $500 $0 n/a n/a Secured Term Loan $344 $344 +3.6% Corporate Revolving Credit Facility $610 $110 +2.0% Debt-To-Equity Ratio (3) Total Leverage (4) Ratio Outstanding Financing(5) Total Debt $5,437 $3,380 Collateralized Loan $1,943 $1,943 +1.5% 84.5% Obligations Term Loan Facility $1,000 $566 +1.9% 79.8% Revolver Term Credit Facilities 24% 2% Collateralized Loan Obligations 31% Senior Loan Asset Specific Financing $491 $239 +2.9% 82.8% Interests 3% Total Leverage $8,871 $6,128 Asset Specific 4% Term Lending Agreements 22% Secured Term Loan 5% Term Loan Facility Weighted average coupon expressed as spread over Term SOFR 9% Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) total permanent equity, in each case, at period end Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end Based on outstanding face amount of secured financing, including non-consolidated senior interests, that resulted from non-recourse sales of senior loan interest in loans KREF originated (1) (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) (5) KREF Non-Mark- to-Market 76% 25 25#26KREF Upcoming Debt Maturities No corporate debt or final facility maturities due until the fourth quarter of 2025 ($ in Millions) $2,000 $1,500 $1,000 $500 2023 2024 Upcoming Debt Maturities by Year $340 2025 $1,514 2026 $454 2027 Note: Based on outstanding principal balance of financing and final facility maturity. Does not include debt obligations without a final stated maturity, KREF's Term Loan Facility or KREF's collateralized loan obligations (CLOS) KREF 26#27Financing Overview: Term Credit Facilities ($ in Millions) Counterparty WELLS FARGO Morgan Stanley Goldman Sachs Drawn $674 $506 $340 Total or Weighted Average $1,521 $2,000 Capacity $1,000 $600 $400 Collateral: Loans / Principal Balance 9 Loans / $989 11 Loans / $758 8 Loans / $609 28 Loans/$2,356 Final Stated Maturity (1) September 2026 March 2026 October 2025 Weighted Average Pricing(2) +1.5% + 2.0% +2.7% +1.9% Weighted Average Advance 68.2% 66.8% 55.8% 64.5% Mark-to-market Credit Only Credit Only Credit Only (1) (2) Based on extended maturity date Weighted average pricing expressed as spread over Term SOFR (3) Based on principal balance of financing KREF Property Type(3): Single Family Rental 3% Industrial 16% Office 35% Life Science 16% Multifamily 30% 27 27#28Liquidity Overview In addition to the available liquidity below, KREF had $23 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of September 30, 2023 Sources of Available Liquidity ($ in Millions) $800 $700 $600 $500 $400 $500 $300 $200 $100 $108 $0 Cash $30 $78 $716 Undrawn Corporate Revolver Approved and Undrawn Credit Capacity' (1) Loan Repayment Proceeds Held by a Servicer Total Available Liquidity (2) Represents under-levered amounts under financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender's consent is required for us to (re)borrow these amounts (1) (2) Received subsequent to quarter end KREF 28#29Portfolio Positioned for Rate Environment 99% floating-rate loan portfolio indexed to Term SOFR continues to benefit from a rising rate environment Annual Net Interest Income Per Share Sensitivity to Change in Market Rates (1) Term SOFR = 5.32% As of September 30, 2023 ($ Impact Per Share) $0.15 $0.10 $0.05 $0.00 $0.00 $0.07 $0.14 ($0.05) ($0.07) ($0.10) ($0.15) ($0.14) -1.00% -0.50% 0.00% +0.50% +1.00% Change in SOFR Note: (1) Based on portfolio as of September 30, 2023 Excludes loans accounted for under the cost recovery method KREF 29#30Recent Operating Performance Net Income and Distributable Earnings Dividends and Book Value Per Share ($ in Millions) 3Q'22 2Q'23 3Q'23 Net income (loss) (1): 3Q'22 Dividend per share: 2Q'23 ($48.4) ($25.8) $21.4 $0.43 $0.43 Distributable earnings (2): $34.4 ($0.70) $0.50 3Q'22 $33.1 ($0.37) $0.48 2Q'23 $17.4 $0.31 Net Income (Loss) per Diluted Share Distributable Earnings per Diluted Share $0.43 $0.25 Dividend yield on book value per share: 9.4% 10.5% 3Q'23 $0.43 10.6% $18.28 $16.38 $16.29 3Q'23(3) 3Q'22 (1) (2) (3) Represents Net income (loss) attributable to common stockholders See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP 3Q'23 Distributable earnings before realized losses on loan write-offs is $32 million, or $0.47 per share KREF 2Q'23 3Q'23 Book Value per Share 30#31Key Highlights KREF Best in class investment portfolio - 55% Multifamily and Industrial Fully integrated with KKR; aligned with shareholders - 14% ownership; $64B of real estate AUM Scaled investment portfolio - $7.9 billion predominantly senior loan portfolio Experienced leadership & asset management team-75+ years of collective experience KKR REAL ESTATE FINANCE TRUST Conservative liability management - 76% diversified non-mark-to-market secured financing Strong liquidity position - $716 million of liquidity as of September 30, 2023 31#32Appendix#33Portfolio Details ($ in Millions) # Investment (1) Location Property Type Investment Date Total Whole Loan (2) Committed Principal Amount(2) Current Principal Amount Net Equity(3) Coupon (4)(5) Max Remaining Term (Yrs)(4)(6) Loan Per LTV(4)(8) SF / Unit / Key(7) Risk Rating Senior Loans(9) 1 Senior Loan Arlington, VA Multifamily 9/30/2021 $381.0 $381.0 $368.7 $73.7 +3.3% 3.0 $332,167 / unit 69% 3 2 Senior Loan Boston, MA Life Science 8/3/2022 312.5 312.5 163.7 22.3 +4.2% 3.9 $747/SF 56% 3 3 Senior Loan Bellevue, WA Office 9/13/2021 260.4 260.4 172.9 53.4 +3.7% 3.5 $855/SF 63% 3 4 Senior Loan Various Industrial 4/28/2022 252.3 252.3 252.3 50.2 +2.7% 3.6 $98/SF 64% 3 5 Senior Loan Mountain View, CA Office 7/14/2021 250.0 250.0 200.9 82.3 +3.4% 2.9 $654/ SF n.a. 5 6 Senior Loan Bronx, NY Industrial 8/27/2021 228.7 228.7 193.5 51.2 +4.2% 2.9 $277/SF 52% 3 7 Senior Loan Los Angeles, CA Multifamily 2/19/2021 220.0 220.0 220.0 40.7 +2.9% 2.4 $410,430/unit 68% 3 8 Senior Loan Various Multifamily 5/31/2019 206.5 206.5 206.5 41.9 +4.0% 1.7 $192,991 / unit 74% 3 9 Senior Loan Minneapolis, MN Office 11/13/2017 199.4 199.4 194.4 89.0 +2.3% 1.8 $182/SF n.a. 5 10 Senior Loan Various Self Storage 12/21/2022 188.5 188.5 100.2 21.4 +3.8% 4.3 $21,710/unit 69% 3 11 Senior Loan 12 Senior Loan Various Washington, D.C. Industrial 6/15/2022 375.5 187.8 169.5 33.7 +2.9% 3.8 $122 / SF 50% 3 Office 11/9/2021 187.7 187.7 175.5 52.8 +3.4% 3.2 $492 / SF 55% 4 13 Senior Loan Boston, MA Office 2/4/2021 375.0 187.5 187.5 37.5 +3.4% 2.4 $506/SF 71% 4 14 Senior Loan The Woodlands, TX Hospitality 9/15/2021 183.3 183.3 179.2 33.3 +4.3% 3.0 $197,162 / key 64% 3 15 Senior Loan 16 Senior Loan Philadelphia, PA Washington, D.C. Office 4/11/2019 176.7 176.7 155.8 101.1 +2.6% 0.1 $218/SF n.a. 5 Office 12/20/2019 175.5 175.5 169.2 79.1 +3.5% 1.3 $828/ SF 58% 4 17 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 170.9 26.0 +2.8% 3.3 $210,456/unit 73% 3 18 Senior Loan 19 Senior Loan 20 Senior Loan Boston, MA New York, NY Plano, TX Life Science 4/27/2021 332.3 166.2 157.3 31.5 +3.7% 2.6 $653/SF 66% 3 Condo (Residential) 12/20/2018 157.4 157.4 155.6 57.4 +3.7% 0.3 $2,593,978 unit 69% 3 Office 2/6/2020 150.7 150.7 150.7 23.2 +2.8% 1.4. $208/SF 63% 3 21 Senior Loan Redwood City, CA Life Science 9/30/2022 580.7 145.2 0.0 (1.1) +4.5% 4.0 $885/SF 53% 3 22 Senior Loan 23 Senior Loan Seattle, WA Dallas, TX Life Science 10/1/2021 188.0 140.3 116.1 34.8 +3.2% 3.0 $741/SF 69% 3 Office 12/10/2021 138.0 138.0 138.0 25.7 +3.7% 3.2 $439/ SF 68% 3 24 Senior Loan 25 Senior Loan 26 Senior Loan 27 Senior Loan 28 Senior Loan 29 Senior Loan (10) 30 Senior Loan (11) 31 Senior Loan 32 Senior Loan 33 Senior Loan Boston, MA Arlington, VA Fontana, CA San Carlos, CA Various Philadelphia, PA Cambridge, MA Pittsburgh, PA Miami, FL Multifamily 3/29/2019 137.0 137.0 137.0 28.2 +3.4% 0.5 $351,282 / unit 59% 3 Multifamily 1/20/2022 135.3 135.3 132.6 31.2 +2.9% 3.4 $441,963 / unit 78% 3 Industrial 5/11/2021 132.0 132.0 106.1 39.5 +4.7% 2.7 $113 / SF 64% 3 Fort Lauderdale, FL Hospitality 11/9/2018 130.0 130.0 130.0 24.3 +3.5% 0.2 $375,723 / key 66% 3 Life Science 2/1/2022 195.9 125.0 98.1 31.8 +3.6% 3.4 $670/SF 68% 3 Industrial 6/30/2021 242.0 121.0 96.5 39.2 +5.5% 2.8 $75/SF 62% 3 Office 6/19/2018 116.5 116.5 112.6 19.5 +3.3% 3.4 $115/SF 53% 3 Life Science 12/22/2021 401.3 115.7 83.5 23.9 +4.0% 3.3 $1,072 / SF 51% 3 Student Housing 6/8/2021 112.5 112.5 112.5 17.2 +3.0% 2.7 $155,602 / unit 74% 3 Multifamily 10/28/2022 110.4 110.4 94.0 22.7 +3.8% 4.1 $333,333/unit 51% 3 34 Senior Loan West Hollywood, CA Multifamily 1/26/2022 107.0 107.0 103.5 17.0 +3.1% 3.4 $2,797,812 unit 65% 4 35 Senior Loan Las Vegas, NV Multifamily 12/28/2021 106.3 106.3 102.0 17.4 +2.8% 3.3 $193,182 / unit 75% 3 36 Senior Loan (12) Chicago, IL Office 7/15/2019 105.0 105.0 88.4 17.7 +2.3% 4.9 $85/SF 57% 3 37 Senior Loan San Diego, CA Multifamily 10/20/2021 103.5 103.5 103.5 18.8 +2.9% 3.1 $448,052 / unit 71% 3 38 Senior Loan Orlando, FL Multifamily 12/14/2021 102.4 102.4 93.6 23.6 +3.1% 3.3 $246,959 / unit 74% 3 39 Senior Loan Boston, MA Industrial 6/28/2022 285.5 100.0 99.3 20.4 +3.0% 3.8 $198 / SF 52% 3 40 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 61.5 10.5 +3.3% 4.4 $225 / SF 55% 3 41 Senior Loan Phoenix, AZ Industrial 1/13/2022 195.3 100.0 56.5 20.1 +4.0% 3.4 $57 / SF 57% 3 42 Senior Loan Cary, NC Multifamily 11/21/2022 100.0 100.0 95.0 18.5 +3.4% 4.2 $243,656 / unit 63% 3 43 Senior Loan Brisbane, CA Life Science 7/22/2021 95.0 95.0 90.8 17.9 +3.1% 2.9 $784 / SF 71% 3 44 Senior Loan Brandon, FL Multifamily 1/13/2022 90.3 90.3 66.8 9.5 +3.1% 3.4. $194,102 / unit 75% 3 45 Senior Loan Dallas, TX Multifamily 12/23/2021 90.0 90.0 79.1 16.2 +2.9% 3.3 $243,477 / unit 67% 3 46 Senior Loan Miami, FL Multifamily 10/14/2021 89.5 89.5 89.5 17.4 +2.9% 3.1 $304,422 / unit 76% 3 47 Senior Loan Dallas, TX Office 1/22/2021 87.0 87.0 87.0 19.5 +3.4% 2.4 $294/SF 63% 3 48 Senior Loan Charlotte, NC Multifamily 12/14/2021 86.8 86.8 82.1 17.3 +3.1% 3.3 $223,100 / unit 74% 3 49 Senior Loan San Antonio, TX Multifamily 6/1/2022 246.5 86.3 80.3 19.8 +2.8% 3.7 $103,007/unit 68% 3 50 Senior Loan Scottsdale, AZ Multifamily 5/9/2022 169.0 84.5 84.5 13.0 +2.9% 3.7 $457,995 / unit 64% 3 Note: See footnotes on subsequent page KREF 33 33#34Portfolio Details ($ in Millions) Committed # Investment(1) Location Property Type Investment Date Total Whole Loan (2) Principal Amount (2) Current Principal Amount Net Equity(3) Coupon (4)(5) Max Remaining Term (Yrs)(4)(6) Loan Per LTV(4)(8) SF / Unit / Key(7) Risk Rating Senior Loans(9) 51 Senior Loan Raleigh, NC Multifamily 4/27/2022 $82.9 $82.9 $78.9 $15.4 +3.0% 3.6 $246,448 / unit 68% 3 52 Senior Loan Hollywood, FL Multifamily 12/20/2021 81.0 81.0 81.0 15.0 +3.1% 3.3 $327,935 / unit 74% 3 53 Senior Loan Phoenix, AZ Single Family Rental 4/22/2021 72.1 72.1 64.0 20.3 +4.9% 2.6 54 Senior Loan Denver, CO Multifamily 9/14/2021 70.3 70.3 70.2 12.3 +2.8% 3.0 55 Senior Loan Washington, D.C. Multifamily 12/4/2020 69.0 69.0 66.8 10.7 +3.6% 2.2 56 Senior Loan Dallas, TX Multifamily 8/18/2021 68.2 68.2 68.2 10.1 +3.9% 2.9 57 Senior Loan Manassas Park, VA Multifamily 2/25/2022 68.0 68.0 68.0 13.3 +2.7% 3.4 58 Senior Loan Plano, TX Multifamily 3/31/2022 67.8 67.8 67.4 19.0 +2.8% 3.5 $157,092 / unit $290,216 / unit $267,000/ unit $189,444 / unit $223,684 / unit $253,226 / unit 50% 3 78% 3 63% 70% 3 3 73% 3 75% 3 59 Senior Loan Nashville, TN Hospitality 12/9/2021 66.0 66.0 64.7 10.1 +3.7% 3.3 $281,237 / key 68% 3 60 Senior Loan Oakland, CA Office 10/23/2020 205.5 64.4 44.5 7.0 +4.4% 2.1. $137 / SF 55% 2 61 Senior Loan Atlanta, GA Multifamily 12/10/2021 61.5 61.5 59.1 14.9 +3.0% 3.3 62 Senior Loan Durham, NC Multifamily 12/15/2021 60.0 60.0 56.0 12.2 +3.0% 3.3 63 Senior Loan San Antonio, TX Multifamily 4/20/2022 57.6 57.6 56.3 10.4 +2.7% 3.6 $195,696 / unit $162,183 / unit $164,611 / unit 67% 3 67% 79% 3 3 64 Senior Loan Sharon, MA Multifamily 12/1/2021 56.9 56.9 56.9 8.4. +2.9% 3.2 $296,484 / unit 70% 3 65 Senior Loan Queens, NY Industrial 2/22/2022 55.3 55.3 53.9 14.9 +4.0% 0.9 $87/SF 68% 3 66 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.3 +2.7% 3.6 $117 / SF 74% 3 67 Senior Loan Carrollton, TX Multifamily 4/1/2022 48.5 48.5 47.2 13.4 +2.9% 3.5 68 Senior Loan Dallas, TX Multifamily 4/1/2022 43.9 43.9 42.2 11.1 +2.9% 3.5 69 Senior Loan Georgetown, TX Multifamily 12/16/2021 41.8 41.8 41.8 10.3 +3.4% 3.3 $147,371 / unit $118,419 / unit $199,048 / unit 74% 3 70 Senior Loan San Diego, CA. Multifamily 4/29/2022 203.0 40.0 39.7 6.6 +2.6% 3.6 $455,485 / unit 73% 68% 63% 3 3 3 71 Senior Loan Denver, CO. Industrial 12/11/2020 15.4 15.4 10.8 6.9 +3.8% 2.3 $47 / SF 61% 2 Total/Weighted Average CMBS B-Pieces Total/Weighted Average Real Estate Owned 12,293.8 8,777.0 7,752.6 1,887.1 +3.3% 2.8 65% 3.2 RECOP (13) n.a. 40.0 35.7 35.7 +4.8% 5.7 n.a. 58% n.a. 40.0 35.7 35.7 +4.8% 5.7 58% 1 Real Estate Asset Portland, OR Retail 12/16/2021 n.a. n.a. 81.6 81.6 n.a. n.a. n.a. n.a. n.a. Total/Weighted Average Portfolio Total / Weighted Average 81.6 81.6 8,817.0 7,869.9 2,004.4 8.7% 2.8 65% 3.2 Note: See footnotes on subsequent page KREF 34#35Portfolio Details 1. 2. 3. 4. Our total portfolio represents the current principal amount on senior and mezzanine loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our sole REO investment. Excludes one mezzanine loan with an outstanding principal of $5.5 million that was fully written off. For Senior Loan 9, the total whole loan is $199.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of September 30, 2023, at a fixed interest rate of 4.5%. The mezzanine note interest is payment-in-kind ("PIK Interest"), which is capitalized, compounded, and added to the outstanding principal balance of the respective loans. For Senior Loan 13, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of September 30, 2023, at an interest rate of S+7.96%. For Senior Loan 34, the total whole loan is $107.0 million, including (i) a fully funded senior mortgage loan of $102.0 million, at an interest rate of S+3.06%, (ii) a senior mezzanine note with $0.8 million funded as of September 30, 2023, at a fixed interest rate of 10.0% and (iii) a fully funded junior mezzanine note of $0.8 million, at a fixed interest rate 10.0% with certain profit share provisions, as defined in the loan agreement. For Senior Loan 60, the total whole loan is $205.5 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 31% of the loan or $64.4 million, of which $54.3 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $10.1 million, of which $7.0 million was funded as of September 30, 2023, at an interest rate of S+13.02% Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOPI and REO. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOPI CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV. 5. Coupon expressed as spread over Term SOFR. 6. Max remaining term (years) assumes all extension options are exercised, if applicable. 7. 8. 9. 10. 11. 12. 13. Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 6, 21, 26, 29, 31, 41, 53, and 71, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOP I CMBS B- Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk rated-5 loans. For Senior Loan 19, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost. For Senior Loans 2, 3, 6, 21, 26, 29, 31, 41, 53, and 71, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations. For Senior Loan 29, the total whole loan facility is $242.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $121.0 million. The facility is comprised of individual cross-collateralized whole loans. As of September 30, 2023, there were eight underlying senior loans in the facility with a commitment of $121.0 million and outstanding principal of $96.5 million. For Senior Loan 30, Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes junior mezzanine notes with a total outstanding principal of $25.0 million that was fully written off. For Senior Loan 36, Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes a subordinated note with a total outstanding principal of $15.0 million that was fully written off. Represents our investment in an aggregator vehicle alongside RECOPI that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. KREF 35#36Fully Extended Loan Maturities Fully extended weighted average loan maturity of 2.8 years ($ in Millions) $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 T $500 $347 $286 Fully Extended Loan Maturities $832 $2,893 $3,145 II. $250 $0 2023 2024 2025 2026 2027 Note: Excludes CMBS B-Pieces held through an equity method investment KREF 2028 36#37Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents(1) Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Real estate owned, net Accrued interest receivable Equity method investments Other assets(2) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Dividends payable Accrued interest payable Other liabilities Due to affiliates Total Liabilities Commitments and Contingencies Equity Preferred Stock, $0.01 par value, 50,000,000 shares authorized $ September 30, 2023 108,038 7,528,451 $ (218,992) December 31, 2022 239,791 7,494,138 (106,974) 7,309,459 7,387,164 81,618 80,231 39,930 39,005 35,540 36,849 50,857 19,281 7,625,442 $ 7,802,321 3,827,399 1,941,114 335,680 $ 3,748,691 1,935,592 336,828 143,237 29,716 29,711 19,388 17,859 10,535 10,245 8,313 8,722 6,172,145 6,230,885 Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022); liquidation preference of $25.00 per share Common stock, $0.01 par value, 300,000,000 authorized (75,091,757 and 75,080,707 shares issued; 69,106,061 and 69,095,011 shares outstanding; as of September 30, 2023 and December 31, 2022) Additional paid-in capital Accumulated deficit Repurchased stock (5,985,696 shares repurchased as of September 30, 2023 and December 31, 2022) 131 131 691 691 1,815,493 1,808,983 (265,827) (96,764) (141,503) (96,764) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture 1,453,724 (427) 1,571,538 (102) Total Equity Total Liabilities and Equity 1,453,297 $ 7,625,442 $ 1,571,436 7,802,321 (1) Includes $10 million and $151 million held in collateralized loan obligation as of September 30, 2023 and December 31, 2022, respectively (2) Includes $30 million of loan repayment proceeds held by a servicer and receivable by KREF as of September 30, 2023 KREF 37#38Consolidated Statements of Income (in thousands except share and per share data) Net Interest Income Interest income Interest expense Total net ineterest income Other income Revenue from real estate owned operations Income (loss) from equity method investments Other income Total other income Operating Expenses General and administrative Provision for (reversal of) credit losses, net Management fees to affiliate $ September 30, 2023 Three Months Ended June 30, 2023 September 30, 2022 163,229 $ 118,617 44,612 159,629 115,677 $ 43,952 114,627 67,311 $ 47,316 Nine Months Ended September 30, 2023 September 30, 2022 475,388 340,270 $ 135,118 278,460 144,503 133,957 1,795 1,984 2,092 6,025 6,554 839 551 914 1,043 3,835 2,809 4,437 840 9,957 3,992 5,443 6,972 3,846 17,025 14,381 Incentive compensation to affiliate Expenses from real estate owned operations Total operating expenses 4,788 4,710 4,286 14,188 13,040 8,814 56,335 80,604 125,616 91,184 6,566 6,559 6,589 19,648 19,102 69 611 2,491 2,819 2,656 2,598 8,233 7,520 23,056 70,871 94,077 170,176 130,846 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, and Participating Securities' Share in Earnings 26,999 (19,947) (42,915) (18,033) 17,492 Income tax expense 165 177 511 Net Income (Loss) 26,834 (20,124) (42,915) (18,544) 17,492 Net income (loss) attributable to noncontrolling interests (307) (96) (161) (580) (283) Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries Preferred stock dividends Participating securities' shares in earnings 27,141 5,326 (20,028) 5,326 (42,754) (17,964) 17,775 5,326 15,978 15,978 414 418 341 1,239 1,028 Net Income (Loss) Attributable to Common Stockholders $ 21,401 $ (25,772) $ (48,421) $ (35,181) $ 769 Net Income (Loss) Per Share of Common Stock, Basic $ 0.31 $ (0.37) $ (0.70) $ (0.51) $ 0.01 Net Income (Loss) Per Share of Common Stock, Diluted $ 0.31 $ (0.37) $ (0.70) $ (0.51) $ 0.01 Weighted Average Number of Shares of Common Stock Outstanding, Basic 69,122,636 69,115,654 69,382,730 69,111,201 67,029,140 Weighted Average Number of Shares of Common Stock Outstanding, Diluted Dividends Declared per Share of Common Stock 69,122,636 69,115,654 69,382,730 69,111,201 67,029,140 $ 0.43 $ 0.43 $ 0.43 $ 1.29 $ 1.29 KREF 38#39Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (in thousands except share and per share data) Three Months Ended Net Income (Loss) Attributable to Common Stockholders Adjustments Non-cash equity compensation expense Unrealized (gains) or losses, net Provision for (reversal of) credit losses, net Non-cash convertible notes discount amortization Distributable Earnings before realized loss on loan write-off Realized loss on loan write-off(2) Distributable Earnings September 30, 2023 Per Diluted Share(1) June 30, 2023 Per Diluted Share(1) September 30, 2022 Per Diluted Share (¹) $ 21,401 $ 0.31 $ (25,772) $ (0.37) $ (48,421) $ (0.70) 2,184 0.03 2,174 0.03 2,175 0.03 (25) 292 (79) 8,814 0.13 56,335 0.82 80,604 1.16 44 91 - $ 32,374 $ 0.47 $ 33,073 $ 0.48 $ 34,370 $ 0.50 (15,000) (0.22) I $ 17,374 $ 0.25 $ 33,073 $ 0.48 $ 34,370 $ 0.50 Weighted average number of shares of common stock outstanding, diluted 69,122,636 69,115,654 69,382,730 (1) Numbers presented may not foot due to rounding (2) Includes a $15 million write-off of a subordinated loan during the three months ended September 30, 2023 KREF 39#40Key Definitions "Distributable Earnings": Commencing for all periods ending on or after December 31, 2020, the Company has elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental basis to KREF's net income as determined in accordance with GAAP as the Company believes it would be useful to investors in evaluating the Company's operating performance and its ability to pay its dividends. Distributable Earnings replaces the Company's prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods have been recast as Distributable Earnings. The Company defines Distributable Earnings as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITs. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood's green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings. KREF 40