KKR Real Estate Finance Trust Investor Presentation Deck

3Q'22 Loan Originations - Select Case Studies Investment Loan Type Investment Date Collateral Location Loan Size Loan Purpose Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Boston Life Science Floating-Rate Senior Loan August 2022 424k RSF Class A Life Science Development FUND Boston, MA $313 million Construction $649/ SF + 4.2% 56% 4.9 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan LTV based on total commitment amount divided by the as-stabilized value as of the date the loan was originated (2) (3) The total whole loan is $581 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 25% of the loan, or $145 million KREF San Francisco Area Life Science Floating-Rate Senior Loan September 2022 Four-Building, 656k SF Life Science Development Redwood City, CA $145 million (3) Construction $1,206 / SF + 4.5% 53% 5.0 1301 MAIN 22

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