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Investor Presentation A P R I L 2 0 2 4

kref-1q24-investor-presentation 1.pdf

2 Legal 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 presentation 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, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest ; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains ; deterioration in the performance of the properties securing our investments ; difficulty accessing financing or raising capital ; and the risks, uncertainties and factors set forth under Part I-Item 1A. “Risk Factors” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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 April 30, 2024. 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 March 31, 2024 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-1q24-investor-presentation 1.pdf

3 KKR Real Estate Finance Trust Inc. Overview (1) Average loan size is inclusive of the unfunded commitment (2) Based on outstanding principal amount of secured financing, including non-consolidated senior interests (3) Includes $107 million in cash, $450 million undrawn corporate revolver capacity and $64 million of available borrowings based on existing collateral (4) As of December 31, 2023 (5) Figures represent AUM across all KKR real estate transactions Best In Class Portfolio Conservative Balance Sheet KREF's Manager Fully Integrated with KKR $7. 5 B Investment Portfolio 100% Senior Loans58% Multifamily & Industrial $120 M Average Loan Size(1)97% Interest Collected Senior loans secured primarily by transitional, institutional multifamily, office and industrial properties owned by high quality sponsors$8. 7 B Financing Capacity 78% Fully Non-Mark-to-Market(2) Conservative liability management focused on diversified non-mark-to-market financing14% KKR Ownership in KREF $620 M Current Liquidity(3)$553 B Global AUM(4)$28 B Balance Sheet(4) $69 B Real Estate AUM(4)(5)~150 Real Estate Professional s(4) One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices

kref-1q24-investor-presentation 1.pdf

4 Investment Highlights KKR Sponsorship Cycle Tested, Experienced Leadership Team Differentiated Investment Strategy Best in Class Investment Portfolio Conservative Liability Management Strong Levels of Liquidity1234 5 6 KKR Real Estate Finance Trust (“KREF”) benefits from its integration within KKR's broader Real Estate platform

kref-1q24-investor-presentation 1.pdf

KKR Sponsorship

kref-1q24-investor-presentation 1.pdf

6 KKR Platform-A Leading Global Asset Manager Note: Figures as of December 31, 2023 unless otherwise noted (1) Figures represent AUM across all KKR real estate strategies as reported by KKR & Co. Inc. (NYSE: KKR) as a public company (2) Includes investments / commitments made by KKR's balance sheet, KKR employees and other affiliates. Investments made by curre nt and former KKR employees are retained by those individuals personally. Includes unfunded commitments made by individuals Assets Under Management$553 B Internal Balance Sheet$28 B Investment Professionals750+Founded 1976 25 / 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 KKR Real Estate Attributes Strategic Growth Vertical : ~$4. 3 billion of KKR balance sheet and employee capital committed across KKR real estate strategies(2) ~150 dedicated Real Estate investment and asset/portfolio management professionals across 16 cities in 11 countries $69 billion in AUM in Real Estate strategies globally(1) K-Star: Affiliated rated special servicer and asset services platform started in 2022, with a team of approximately 45 professionals and $45+ billion of special servicing rights

kref-1q24-investor-presentation 1.pdf

7 Integrated Global Real Estate Platform Note: Figures of December 31, 2023, unless otherwise noted. Numbers may not sum due to rounding. Foreign exchange rates as of December 4, 2023 (1) Represents implied value based on weighted average loan-to-value of respective strategies (2) Represents current gross asset value across all KKR real estate transactions; strategies include Real Estate Partners America s, 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 i n the Real Estate Loans or Real Estate CMBS Securities totals, as applicable), KJR Management, KRE RESDOC, Global Atlantic equity investments, Special Situations equity investments, KKR Credit accounts equity investments, Private Equity funds, and Balance Sheet investments Founded in 2011 and fully integrated across both Real Estate Debt and Equity, as well as the Americas, Europe, and Asia Real Estate Loans $51B of Collateral Value(1) Integrated Real Estate Platform Own or lend on $251B RE assets $148B Underlying Asset Value(1)Real Estate CMBS $53B of Asset Value(2)Real Estate Equity

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8 KREF Integration with KKR Note: Figures of December 31, 2023, unless otherwise noted (1) Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKRKREF 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 Deep network of direct relationships to source high-quality investments Differentiated credit assessment capabilities Solutions provider for complex business plans offering speed and certainty Best-in-class financing creates attractive risk-adjusted returns Integration Drives Meaningful Benefits to KREF KKR Private Equity $98B of AUM, 199 professionals globally, 100+ portfolio companies globally KKR Credit $219B of AUM, 165 professionals globally, sourcing & UW synergies KKR Capital Markets 67 professionals globally, sourcing and structuring expertise KKR Public Policy & Affairs 32 professionals globally, stakeholder relations KKR Global Macro & Asset Allocation 42 professionals globally, insight on macro market observations and MSA analytics KKR Senior Advisors(1) 103 advisors globally, including three dedicated real estate advisors

kref-1q24-investor-presentation 1.pdf

Experienced Leadership Team

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10 KKR 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 & Co-President of KKR Real Estate Joined KKR in 2012 Formerly at Apollo Global Management and Goldman Sachs Joel Traut Partner & Head of Originations Joined KKR in 2015 Formerly at GE Capital Real Estate Jenny Box Partner & Co-Head of Special Situations Americas Joined KKR in 2019 Formerly at Oaktree and Blackstone Billy Butcher Partner & Co-President of KKR Real Estate Joined KKR in 2004 Formerly at Goldman Sachs Roger Morales Partner & Head of Real Estate Acquisitions Americas Joined KKR in 2011 Formerly at Eton Park and Vornado Realty Trust Justin Pattner Partner & Head of Real Estate Equity Americas Joined KKR in 2011 Formerly at Eton Park and Lubert Adler

kref-1q24-investor-presentation 1.pdf

11 KKR Real Estate Finance Trust Team Ralph Rosenberg Chairman of the Board Chris Lee Vice Chairman of the Board Matt Salem Chief Executive Officer Member of the Board Patrick Mattson President Chief Operating Officer Kendra Decious Chief Financial Officer Treasurer Joel Traut Partner Head of Originations Joined KKR in 2015 Formerly a Director at GE Capital Real Estate with over 19 years industry experience Julian Hodgeman Director Joined KKR in 2015 Formerly an associate at Rialto Capital Management with over 12 years industry experience Celine Comeau Director Joined KKR in 2021 Formerly an associate at Global Atlantic Financial Group with over 11 years industry experience Ali Imraan Managing Director Head of European Originations Joined KKR in 2022 Formerly a Managing Director at La Salle Investment Management with over 16 years industry experience Paul Fine Managing Director Joined KKR in 2015 Formerly a Director At CCRE with over 15 years industry experience Rachel Hunter-Goldman Director Joined KKR in 2021 Formerly a Principal at Apollo Global Management with over 10 years industry experience Ian Mc Connell Director Joined KKR in 2020 Formerly a Senior VP at Starwood Property Trust with over 16 years industry experience Adam Simon Managing Director Joined KKR in 2015 Formerly a VP at Rialto Capital Management 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 Corey Hall Director Joined KKR in 2022 Formerly a Senior VP at Brookfield with over 15 years industry experience Investment Professionals50+Finance, Legal, Investor Relations & Capital Markets Professionals+Leadership Team Senior Investment Team Legal Capital Markets & IR Finance

kref-1q24-investor-presentation 1.pdf

Differentiated Investment Strategy

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13 Differentiated, Conservative Investment Strategy Note: The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans (1) Average loan size is inclusive of the unfunded commitment Lending on institutional quality real estate owned by high-quality sponsors in top markets Institutional Quality Commercial Real Estate Average Loan Size(1) $120M % of Portfolio Multifamily / Industrial Loans 58% Construction Loans 14%91%Average Occupancy of Multifamily Loans High-Quality, Experienced & Well-Capitalized Sponsors AUM, Top 10 Publicly Traded Global Asset Manager $100B+ Market Capitalization, Top 5 Global Investment Bank $100B+ Units, Top Regional Multifamily Developer and Operator 15,000+Select Examples:Top Markets with Strong Underlying Fundamentals Top 15 MSAs 78% Top 25 MSAs 91%

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Best In Class Investment Portfolio

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15 KREF Loan Portfolio by the Numbers (1) Includes real estate owned and CMBS B-Pieces held through an equity method investment (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, lif e science-related space (4) “Other” property types include: 2% Self-Storage, 2% Student Housing and 1% Single Family Rental (5) Office property certification % is based on current principal loan balance; see description for LEED certification in the App endix Geography Investment Type(2) Property Type Interest Rate Type Total Portfolio(1) 4% 8% 9%16%19%13% Other <4%: 19%($ in Millions) 92%Office(5) 4% Washington, D. C. Multifamily (3) (4) 4%4%

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16 Multifamily and Office Loan Overview (1) Average loan commitment is inclusive of the unfunded KREF commitment (2) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. W eighted average LTV Includes non-consolidated senior interests and excludes risk-rated 5 loans (3) Based on most recent data available from our borrowers as of March 31, 2024Multifamily: 43% of Loan Portfolio Property Locations$100 M Average Loan Size(1)70% W. A. LTV(2)0% Construction Loans 83% W. A. Occupancy at Closing91% W. A. Occupancy Current(3)2015 Median Year Built Office: 22% of Loan Portfolio Property Locations74% W. A. Occupancy Current(3)$152 M Average Loan Size(1)62% W. A. LTV(2)2. 0% Co-Working Exposure 62% W. A. Occupancy at Closing9. 8 years W. A. Remaining Lease Term

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17 2 & 3-Rated Office 64%5-Rated Office 36% Location Investment Date Loan Purpose Current Commitment ($ Millions)Current Principal ($ Millions)Loan per SFMax Term (Years) Mountain View, CA Jul-21 Acquisition $250. 0 $200. 9 $654 2. 4 Minneapolis, MN Nov-17 Refinance 199. 4 194. 4 182 1. 3 Boston, MA Feb-21 Refinance 187. 5 187. 5 506 1. 9 Risk-Rated 5: Total / Weighted Average $636. 9 $582. 8 1. 8 Bellevue, WA Sep-21 Construction 260. 4 186. 8 851 3. 0 Washington, D. C. Nov-21 Refinance 181. 0 168. 1 471 3. 7 Plano, TX Feb-20 Refinance 150. 7 150. 7 208 0. 9 Dallas, TX Dec-21 Refinance 138. 0 138. 0 439 2. 7 Philadelphia, PA Jun-18 Refinance 114. 3 114. 3 117 2. 9 Chicago, IL Jul-19 Refinance 105. 0 88. 4 85 4. 4 Washington, D. C. Jan-22 Refinance 100. 0 73. 5 269 3. 9 Dallas, TX Jan-21 Acquisition 87. 0 87. 0 294 1. 9 Oakland, CA Oct-20 Acquisition 45. 8 45. 8 141 1. 6 Risk-Rated 2 & 3: Total / Weighted Average $1,182. 2 $1,052. 7 2. 8 Grand Total / Weighted Average $1,819. 1 $1,635. 5 2. 4Note: The charts above are based on outstanding principal amount. Commitment amount includes participations by KKR affiliated en tities 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 Bellevu e, 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. Excludes R EO properties (1) Amounts include $150 million of non-consolidated senior interest. KREF's retained mezzanine position is $38 million (2) Amounts include $39 million of non-consolidated senior interest. KREF's retained mezzanine position is $7 million KREF Office Loan Portfolio Overview Approximately two-thirds of the outstanding principal balance of KREF's Office segment is Risk-Rated 3 or better Risk-Rated 3 or Better Office Assets KREF Office Loan Portfolio Office Portfolio Breakdown Oakland, CA Bellevue, WA Philadelphia, PA Plano, TX Dallas, TX Dallas, TX Washington, D. C. Chicago, IL Washington, D. C. (1) (1) (2) (2)

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18 Location Investment Date Loan Purpose Current Commitment ($ Millions)Current Principal ($ Millions)Loan per SFMax Term (Years) Seattle, WA Oct-21 Acquisition $140. 3 $117. 1 $747 2. 5 Risk-Rated 5: Total / Weighted Average $140. 3 $117. 1 2. 5 San Carlos, CA Feb-22 Recapitalization 125. 0 103. 2 704 2. 9 Risk-Rated 4: Total / Weighted Average $125. 0 $103. 2 2. 9 Boston, MA Aug-22 Construction 312. 5 206. 6 747 3. 4 Boston, MA Apr-21 Acquisition 166. 2 162. 1 673 2. 1 Redwood City, CA Sep-22 Construction 145. 2 16. 4 885 3. 5 Cambridge, MA Dec-21 Construction 115. 7 91. 1 1,072 2. 8 Brisbane, CA Jul-21 Refinance 95. 0 90. 8 784 2. 4 Risk-Rated 3: Total / Weighted Average $834. 5 $567. 0 2. 7 Grand Total / Weighted Average $1,099. 8 $787. 3 2. 7 3-Rated Life Sci. 72%4-Rated Life Sci. 13%5-Rated Life Sci. 15% Note: The charts above are based on outstanding principal amount. Commitment amount includes participations by KKR affiliated en tities 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 Boston, MA, Redwood City, CA and Cambridge, MA construction loans, Loan Per SF is calculated as the total commitment amount of the loan divided by the proposed SF. Max remaining term (years) assumes all exte nsion options are exercised, if applicable KREF Life Science Loan Portfolio Overview 100% of KREF's Risk-Rated 3 exposure is located in the top two Life Science markets Risk-Rated 3 Life Science Assets KREF Life Science Loan Portfolio Life Science Portfolio Breakdown Cambridge, MA Brisbane, CA Redwood City, CABoston, MA Boston, MA

kref-1q24-investor-presentation 1.pdf

19 Portfolio Credit Quality Overview 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. W eighted average LTV Includes non-consolidated senior interests and excludes risk-rated 5 loans (2) Weighted average is weighted by current principal amount Collected 97% of interest payments due on the loan portfolio Weighted Average Risk Rating(2): 3. 2Loan-to-Value(1)Risk Rating Distribution Weighted Average LTV(2): 65%Loan Count1Q '24 Weighted Average LTV(2): 65%Weighted Average Risk Rating(2): 3. 24Q '23 0 2 4 3 60 0 2 4 4 57Loan Count

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20 Watch List Migrations Quarter-over-Quarter In 1Q'24, KREF had two risk-rating downgrades 4Q'23 Watch List Intra-Quarter Activity 1Q'24 Watch List Total Principal: $512 million Risk Rating: 5 Total Principal: $700 million(1) Mountain View Office Mountain View Office Minneapolis Office Minneapolis Office Seattle Life Science Seattle Life Science Boston Office Total Principal: $476 million(1)Risk Rating: 4 Total Principal: $395 million Boston Office West Hollywood Multifamily West Hollywood Multifamily Raleigh Multifamily Raleigh Multifamily San Diego Multifamily San Diego Multifamily Downgraded from 3 to 4 San Carlos Life Science (1) Includes $150 million of non-consolidated senior interest

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21 Case Studies: Watch List Loans (Risk Rating 5) (1) The total whole loan was $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the l oan or $250 million (2) The total whole loan was $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 March 31, 2024, at a fixed PIK interest rate of 4. 5% (3) The total whole loan was $375 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the l oan or $188 million, of which includes $150 million of non-consolidated senior interest. KREF's retained mezzanine position is $38 million (4) The total whole loan was $188 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 75% of the l oan or $140 million (5) Loan basis reflects outstanding current principal amount before any CECL adjustments Investment Mountain View Office Minneapolis Office Boston Office Seattle Life Science Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan(2)Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date July 2021 November 2017 February 2021 October 2021 Collateral Five Class-A Office Buildings totaling 446k SFTwo Class-A Office Buildings totaling 1. 1mm SFClass-A Office totaling 741k SFClass-A Life Science Property totaling 210k SF Loan Purpose Acquisition Refinance Refinance Acquisition Location Mountain View, CA Minneapolis, MN Boston, MA Seattle, WA Committed Amount $250 million(1)$199 million(2) $188 million(3) ($38 million retained mezz)$140 million(4) Current Principal Amount$201 million $194 million(2) $188 million(3) ($38 million retained mezz)$117 million Loan Basis(5)$654 / SF $182 / SF $506 / SF $747 / SF Coupon + 3. 4% + 2. 3%(2) + 3. 4% + 3. 2% Max Remaining Term (Yrs. )2. 4 1. 3 1. 9 2. 5 Loan Risk Rating 5 5 5 5

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22 Case Studies: Watch List Loans (Risk Rating 4) (1) The total whole loan was $196 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 64% of the l oan or $125 million (2) Loan basis reflects outstanding current principal amount before any CECL adjustments Investment San Carlos Life Science San Diego Multifamily West Hollywood Multifamily Raleigh Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date February 2022 October 2021 January 2022 April 2022 Collateral Class-A Life Science Property totaling 230k SF231-unit Class-A Multifamily 37-unit Class-A Multifamily 320-unit Class-B Multifamily Loan Purpose Acquisition Refinance Refinance Acquisition Location San Carlos, CA San Diego, CA West Hollywood, CA Raleigh, NC Committed Amount $125 million(1)$114 million $107 million $91 million Current Principal Amount$103 million $105 million $107 million $81 million Loan Basis(2)$704 / SF $453,457 / unit $2,881,083 / unit $253,006 / unit Coupon + 3. 6% + 3. 2% + 3. 1% + 3. 0% Max Remaining Term (Yrs. )2. 9 2. 6 2. 9 3. 1 Loan Risk Rating 4 4 4 4

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23 Overview of Real Estate Owned Note: Figures as of March 31, 2024. Property Type and Location breakouts based on Carrying Value (1) Equity represents Carrying Value less current financing (2) Carrying value of current REO represents the value of land, building, and related improvements. Carrying value of projected R EO represents amortized cost of the loan less 1Q'24 CECL allowance (3) Loan was co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan (4) Loan was co-funded by KREF and a KKR affiliate. KREF's interest was 75% of the loan As of March 31, 2024, approximately $165 million of equity(1) was held in our current and projected Real Estate Owned (REO) properties REO: Current and Projected Location Property Type Carrying Value(2) ($ in millions)Carrying Value per Square Foot Current REO Portland, OR Retail / Redevelopment $83 n. a. Philadelphia, PA Office / Garage 78 $109 / SF Total Current REO $161 Projected REO as of April 23, 2024 Mountain View, CA Class A Office Campus $121(3)$392 / SF Seattle, WA Class A Life Science 84(4)$534 / SF Total Current and Projected REO $365 Property Type Location

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Conservative Liability Management

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25 Financing Overview: 78% Non-Mark-To-Market (1) Weighted average coupon expressed as spread over Term SOFR (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) t otal permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligation, less cash to (ii) to tal permanent equity, in each case, at period end (5) Based on outstanding principal amount of secured financing, including non-consolidated senior interests that resulted from non-recourse sales of senior loan interest in loans KREF originated Diversified financing sources totaling $8. 7 billion with $2. 9 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios (3) Outstanding Financing(5)($ in Millions)Maximum Capacity Outstanding Principal Amount Weighted Avg. Coupon(1)Advance Rate Non-MTM Term Credit Facilities $2,000 $1,335 +2. 0% 66. 2%(2) Term Lending Agreements $1,827 $1,175 +1. 8% 73. 9% ✓ Warehouse Facility $500 $0 n/a n/a ✓ Secured Term Loan $342 $342 +3. 6% — ✓ Corporate Revolving Credit Facility$610 $160 +2. 0% — ✓ Total Debt $5,280 $3,013 Collateralized Loan Obligations$1,943 $1,943 +1. 5% 84. 5% ✓ Term Loan Facility $1,000 $572 +2. 0% 76. 4% ✓ Asset Specific Financing $491 $289 +2. 9% 79. 2% ✓ Total Leverage $8,713 $5,816 (4)x x Non-Mark-to-Market 78%

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26 Note: Based on outstanding principal balance of secured financing agreements (does not include KREF's secured term loan or co llateralized loan obligations (CLOs)). Maturity year represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agree men ts KREF Debt Maturities No corporate debt or final facility maturities due until 2026 Upcoming Debt Maturities by Year ($ in Millions)

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27 Financing Overview: Term Credit Facilities (1) Based on extended maturity date (2) Weighted average pricing expressed as spread over Term SOFR (3) Based on principal balance of financing Counterparty Total or Weighted Average Drawn $617 $387 $330 $1,335 Capacity $1,000 $600 $400 $2,000 Collateral: Loans / Principal Balance8 Loans / $958 9 Loans / $551 7 Loans / $508 24 Loans / $2,017 Final Stated Maturity(1) September 2026 March 2026 December 2027-Weighted Average Pricing(2) +1. 5% + 2. 0% +2. 7% +2. 0% Weighted Average Advance 64. 4% 70. 4% 65. 0% 66. 2% Mark-to-market Credit Only Credit Only Credit Only-($ in Millions) Property Type(3):

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28 Liquidity Overview (1) Represents under-levered amounts on financing facilities. While these amounts were previously contractually approved and/or draw n, in certain cases, the lender's consent is required for us to (re)borrow these amounts In addition to the available liquidity below, KREF had $108 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of March 31, 2024 ($ in Millions)Sources of Available Liquidity(4) (1)

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29 Earnings Sensitivity to Change in SOFR Note: Based on portfolio as of March 31, 2024 (1) Excludes loans accounted for under the cost recovery method99% floating-rate loan portfolio indexed to Term SOFR Quarterly Net Interest Income Per Share Sensitivity to Change in Market Rates(1) Term SOFR = 5. 33% As of March 31, 2024($ Impact Per Share) Change in SOFR

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30 Recent Operating Performance (1) Represents Net income (loss) attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) 4Q'23 Distributable earnings before realized losses on loan write-offs was $33 million, or $0. 47 per share $0. 25Net Income and Distributable Earnings Dividends and Book Value Per Share ($ in Millions) 1Q'23 4Q'23 1Q '24 Net income (loss)(1): ($30. 8) ($18. 7) ($8. 7) Distributable earnings (loss)(2): $33. 1 ($26. 0) $26. 71Q'23 4Q'23 1Q '24 Dividend per share: $0. 43 $0. 43 $0. 25 Dividend yield on book value per share: 10. 0% 11. 1% 6. 6% (3)$0. 43 Dividend declared per share

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31 Key Highlights Best in class investment portfolio-58% Multifamily and Industrial Strong liquidity position-$620 million of liquidity as of March 31, 2024Conservative liability management -78% diversified non-mark-to-market secured financing Fully integrated with KKR; aligned with shareholders-14% ownership; $69B of real estate AUM Experienced leadership & asset management team -75+ years of collective experience Scaled investment portfolio-$7. 5 billion predominantly senior loan portfolio

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Appendix

kref-1q24-investor-presentation 1.pdf

33 Portfolio Details Note: See footnotes on subsequent page($ in Millions) # Investment(1)Location Property Type Investment Date Total Whole Loan(2)Committed Principal Amount(2)Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6)Loan Per SF / Unit / Key(7)Origination LTV(4)(8)Risk Rating Senior Loans(9) 1 Senior Loan Arlington, VA Multifamily 9/30/2021 $381. 0 $381. 0 $371. 1 $76. 3 +3. 3% 2. 5 $334,300 / unit 69% 3 2 Senior Loan Boston, MA Life Science 8/3/2022 312. 5 312. 5 206. 6 29. 2 +4. 2% 3. 4 $747 / SF 56% 3 3 Senior Loan Bellevue, WA Office 9/13/2021 520. 8 260. 4 186. 8 52. 2 +3. 7% 3. 0 $851 / SF 63% 3 4 Senior Loan Various Industrial 4/28/2022 504. 5 252. 3 252. 3 50. 9 +2. 7% 3. 1 $98 / SF 64% 3 5 Senior Loan Mountain View, CA Office 7/14/2021 362. 8 250. 0 200. 9 118. 5 +3. 4% 2. 4 $654 / SF n. a. 5 6 Senior Loan Bronx, NY Industrial 8/27/2021 381. 2 228. 7 201. 5 45. 8 +4. 2% 2. 4 $277 / SF 52% 3 7 Senior Loan Los Angeles, CA Multifamily 2/19/2021 220. 0 220. 0 220. 0 34. 0 +2. 9% 1. 9 $410,430 / unit 68% 3 8 Senior Loan Various Multifamily 5/31/2019 206. 5 206. 5 206. 5 81. 2 +4. 0% 1. 2 $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. 3 $182 / SF n. a. 5 10 Senior Loan Various Industrial 6/15/2022 375. 5 187. 8 173. 5 38. 2 +2. 9% 3. 3 $135 / SF 50% 3 11 Senior Loan Boston, MA Office 2/4/2021 375. 0 187. 5 187. 5 37. 5 +3. 4% 1. 9 $506 / SF n. a. 5 12 Senior Loan The Woodlands, TX Hospitality 9/15/2021 183. 3 183. 3 181. 1 33. 3 +4. 3% 2. 5 $199,204 / key 64% 3 13 Senior Loan Washington, D. C. Office 11/9/2021 181. 0 181. 0 168. 1 59. 6 +2. 9% 3. 7 $471 / SF 55% 3 14 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171. 5 171. 5 170. 9 26. 3 +2. 8% 2. 8 $210,456 / unit 73% 3 15 Senior Loan Various Self-Storage 12/21/2022 336. 6 168. 3 150. 7 36. 1 +3. 8% 3. 8 $22,663 / unit 64% 3 16 Senior Loan Boston, MA Life Science 4/27/2021 332. 3 166. 2 162. 1 28. 9 +3. 7% 2. 1 $673 / SF 66% 3 17 Senior Loan Plano, TX Office 2/6/2020 150. 7 150. 7 150. 7 23. 0 +2. 8% 0. 9 $208 / SF 64% 3 18 Senior Loan Redwood City, CA Life Science 9/30/2022 580. 7 145. 2 16. 4 2. 4 +4. 5% 3. 5 $885 / SF 53% 3 19 Senior Loan Seattle, WA Life Science 10/1/2021 188. 0 140. 3 117. 1 43. 4 +3. 2% 2. 5 $747 / SF n. a. 5 20 Senior Loan Dallas, TX Office 12/10/2021 138. 0 138. 0 138. 0 25. 9 +3. 7% 2. 7 $439 / SF 68% 3 21 Senior Loan Boston, MA Multifamily 3/29/2019 137. 0 137. 0 137. 0 27. 9 +3. 4% 0. 0 $351,282 / unit 63% 3 22 Senior Loan Arlington, VA Multifamily 1/20/2022 135. 3 135. 3 133. 5 31. 1 +2. 9% 2. 9 $445,071 / unit 65% 3 23 Senior Loan Fontana, CA Industrial 5/11/2021 132. 0 132. 0 113. 5 47. 2 +4. 7% 2. 2 $113 / SF 64% 3 24 Senior Loan Fort Lauderdale, FL Hospitality 11/9/2018 125. 6 125. 6 125. 6 65. 0 +5. 0% 0. 1 $362,954 / key 62% 3 25 Senior Loan San Carlos, CA Life Science 2/1/2022 195. 9 125. 0 103. 2 30. 9 +3. 6% 2. 9 $704 / SF 68% 4 26 Senior Loan Cambridge, MA Life Science 12/22/2021 401. 3 115. 7 91. 1 24. 9 +4. 0% 2. 8 $1,072 / SF 51% 3 27 Senior Loan Philadelphia, PA Office 6/19/2018 114. 3 114. 3 114. 3 19. 1 +2. 8% 2. 9 $117 / SF 71% 3 28 Senior Loan San Diego, CA Multifamily 10/20/2021 113. 5 113. 5 104. 7 30. 3 +3. 2% 2. 6 $453,457 / unit 71% 4 29 Senior Loan Pittsburgh, PA Student Housing 6/8/2021 112. 5 112. 5 112. 5 17. 3 +3. 0% 2. 2 $155,602 / unit 74% 3 30 Senior Loan West Hollywood, CA Multifamily 1/26/2022 107. 0 107. 0 106. 6 20. 2 +3. 1% 2. 9 $2,881,083 / unit 65% 4 31 Senior Loan Chicago, IL Office 7/15/2019 105. 0 105. 0 88. 4 36. 3 +2. 3% 4. 4 $85 / SF 59% 3 32 Senior Loan Las Vegas, NV Multifamily 12/28/2021 101. 1 101. 1 101. 1 15. 3 +2. 8% 2. 8 $191,460 / unit 61% 3 33 Senior Loan Boston, MA Industrial 6/28/2022 285. 5 100. 0 99. 3 20. 6 +3. 0% 3. 3 $198 / SF 52% 3 34 Senior Loan Cary, NC Multifamily 11/21/2022 100. 0 100. 0 95. 3 18. 4 +3. 4% 3. 7 $244,275 / unit 63% 3 35 Senior Loan Washington, D. C. Office 1/13/2022 228. 5 100. 0 73. 5 11. 0 +3. 3% 3. 9 $269 / SF 55% 3 36 Senior Loan Phoenix, AZ Industrial 1/13/2022 195. 3 100. 0 59. 4 15. 4 +4. 0% 2. 9 $57 / SF 57% 3 37 Senior Loan Orlando, FL Multifamily 12/14/2021 97. 4 97. 4 91. 8 25. 2 +3. 1% 2. 8 $242,110 / unit 74% 3 38 Senior Loan Brisbane, CA Life Science 7/22/2021 95. 0 95. 0 90. 8 18. 1 +3. 1% 2. 4 $784 / SF 71% 3 39 Senior Loan Raleigh, NC Multifamily 4/27/2022 91. 4 91. 4 81. 0 21. 6 +3. 0% 3. 1 $253,006 / unit 68% 4 40 Senior Loan Brandon, FL Multifamily 1/13/2022 90. 3 90. 3 67. 8 10. 6 +3. 1% 2. 9 $193,074 / unit 75% 3 41 Senior Loan Dallas, TX Multifamily 12/23/2021 90. 0 90. 0 80. 8 17. 9 +2. 9% 2. 8 $248,482 / unit 67% 3 42 Senior Loan Miami, FL Multifamily 10/14/2021 89. 5 89. 5 89. 5 17. 5 +2. 9% 2. 6 $304,422 / unit 76% 3 43 Senior Loan Dallas, TX Office 1/22/2021 87. 0 87. 0 87. 0 13. 4 +3. 4% 1. 9 $294 / SF 65% 3 44 Senior Loan San Antonio, TX Multifamily 6/1/2022 246. 5 86. 3 80. 3 19. 9 +2. 8% 3. 2 $103,007 / unit 68% 3 45 Senior Loan Scottsdale, AZ Multifamily 5/9/2022 169. 0 84. 5 84. 5 13. 1 +2. 9% 3. 2 $457,995 / unit 64% 3 46 Senior Loan Hollywood, FL Multifamily 12/20/2021 81. 0 81. 0 81. 0 15. 2 +3. 1% 2. 8 $327,935 / unit 74% 3 47 Senior Loan Charlotte, NC Multifamily 12/14/2021 79. 3 79. 3 76. 1 12. 7 +3. 1% 2. 8 $206,699 / unit 74% 3 48 Senior Loan Phoenix, AZ Single Family Rental 4/22/2021 72. 1 72. 1 70. 0 20. 0 +4. 9% 2. 1 $157,092 / unit 50% 3 49 Senior Loan(10) Various Industrial 6/30/2021 142. 5 71. 2 64. 2 27. 8 +5. 5% 2. 3 $73 / SF 58% 3 50 Senior Loan Denver, CO Multifamily 9/14/2021 70. 3 70. 3 70. 3 10. 8 +2. 8% 2. 5 $290,496 / unit 78% 3

kref-1q24-investor-presentation 1.pdf

34 Portfolio Details Note: See footnotes on subsequent page($ in Millions) # Investment(1) Location Property Type Investment Date Total Whole Loan(2)Committed Principal Amount(2)Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6)Loan Per SF / Unit / Key(7)Origination LTV(4)(8)Risk Rating Senior Loans(9) 51 Senior Loan Washington, D. C. Multifamily 12/4/2020 $69. 0 $69. 0 $66. 8 $66. 8 +3. 6% 1. 7 $267,000 / unit 63% 3 52 Senior Loan Dallas, TX Multifamily 8/18/2021 68. 2 68. 2 68. 2 10. 2 +3. 9% 2. 4 $189,444 / unit 70% 3 53 Senior Loan Manassas Park, VA Multifamily 2/25/2022 68. 0 68. 0 68. 0 13. 4 +2. 7% 2. 9 $223,684 / unit 73% 3 54 Senior Loan Plano, TX Multifamily 3/31/2022 67. 8 67. 8 67. 4 19. 1 +2. 8% 3. 0 $253,226 / unit 75% 3 55 Senior Loan Nashville, TN Hospitality 12/9/2021 66. 0 66. 0 64. 8 10. 3 +3. 7% 2. 8 $281,672 / key 68% 3 56 Senior Loan Atlanta, GA Multifamily 12/10/2021 61. 5 61. 5 59. 7 15. 3 +3. 0% 2. 8 $197,804 / unit 67% 3 57 Senior Loan Durham, NC Multifamily 12/15/2021 60. 0 60. 0 56. 8 10. 4 +3. 0% 2. 8 $164,526 / unit 67% 3 58 Senior Loan San Antonio, TX Multifamily 4/20/2022 57. 6 57. 6 56. 4 10. 6 +2. 7% 3. 1 $164,950 / unit 79% 3 59 Senior Loan Queens, NY Industrial 2/22/2022 55. 3 55. 3 55. 1 14. 3 +4. 0% 0. 4 $89 / SF 68% 3 60 Senior Loan Sharon, MA Multifamily 12/1/2021 51. 9 51. 9 51. 9 7. 7 +2. 9% 2. 7 $270,443 / unit 70% 3 61 Senior Loan Reno, NV Industrial 4/28/2022 140. 4 50. 5 50. 5 11. 4 +2. 7% 3. 1 $117 / SF 74% 3 62 Senior Loan Carrollton, TX Multifamily 4/1/2022 48. 5 48. 5 47. 7 14. 0 +2. 9% 3. 0 $149,134 / unit 74% 3 63 Senior Loan Oakland, CA Office 10/23/2020 146. 2 45. 8 45. 8 7. 2 +4. 4% 1. 6 $141 / SF 55% 2 64 Senior Loan Dallas, TX Multifamily 4/1/2022 43. 9 43. 9 42. 6 11. 6 +2. 9% 3. 0 $119,706 / unit 73% 3 65 Senior Loan Georgetown, TX Multifamily 12/16/2021 41. 8 41. 8 41. 8 10. 3 +3. 4% 2. 8 $199,048 / unit 68% 3 66 Senior Loan San Diego, CA Multifamily 4/29/2022 203. 0 40. 0 39. 7 6. 3 +2. 6% 3. 1 $455,485 / unit 63% 3 67 Senior Loan Denver, CO Industrial 12/11/2020 15. 4 15. 4 12. 6 4. 9 +3. 8% 1. 8 $47 / SF 76% 2 Total / Weighted Average $11,457. 0 $8,050. 9 $7,325. 9 $1,850. 2 +3. 3% 2. 5 65% 3. 2 CMBS B-Pieces 1 CMBS B-Pieces(11) Various Various 2/13/2017 n. a. $40. 0 $35. 7 $35. 7 4. 7% 5. 2 n. a. 58% n. a. Total / Weighted Average $40. 0 $35. 7 $35. 7 4. 7% 5. 2 58% Real Estate Owned 1 Real Estate Asset Portland, OR Retail 12/16/2021 n. a. n. a. $82. 7 $82. 7 n. a. n. a. n. a. n. a. n. a. 2 Real Estate Asset Philadelphia, PA Office 12/22/2023 n. a. n. a. 78. 0 28. 0 n. a. n. a. n. a. n. a. n. a. Total / Weighted Average $160. 7 $110. 7 Portfolio Total / Weighted Average $8,090. 9 $7,522. 2 $1,996. 5 8. 7% 2. 5 65% 3. 2

kref-1q24-investor-presentation 1.pdf

35 Portfolio Details 1. 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 REO investments. Excludes loans that were 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 March 31, 2024, 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 11, the total whole loan is $375. 0million, co-originated and co-funded by us and a KKR affiliate. Our interest is 50% of the loan or $187. 5million, of which $150. 0million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37. 5million, fully funded as of March 31, 2024, at an interest rate of S+7. 96%. For Senior Loan 30,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 $3. 9 million funded as of March 31, 2024, 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 63, the total whole loan is $146. 2 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 31% of the loan or $45. 8million, of which $38. 6million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $7. 2million, fully funded as of March 31, 2024, at an interest rate of S+13. 02%. 2. 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. 3. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings ; and (ii) the investment amount of CMBS B-Pieces and REO, net of borrowings. 4. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by investment amount of RECOP ICMBS B-Pieces. Risk-rated 5loans areexcluded from the weighted average LTV. 5. Coupon expressed asspread over Term SOFR. 6. Max remaining term (years) assumes allextension options areexercised, ifapplicable. 7. Loan Per SF/Unit /Key isbased onthecurrent principal amount divided bythecurrent SF/Unit /Key. For Senior Loans 2,3,6,18,23,26,36,48,49,and 67,Loan Per SF/Unit /Key iscalculated asthetotal commitment amount oftheloan divided bytheproposed SF/Unit /Key. 8. Forsenior loans, LTV isgenerally based ontheinitial loan amount divided bytheas-isappraised value asofthedate theloan was originated ;formezzanine loans, LTV isbased ontheinitial balance ofthewhole loan divided bytheas-isappraised value asofthedate theloan was originated ;for RECOP ICMBS B-Pieces, LTV isbased ontheweighted average LTV oftheunderlying loan pool atissuance. Weighted Average LTVexcludes risk-rated 5loans. For Senior Loans 2, 3, 6, 18, 23, 26, 36, 48, 49, and 67, 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. For senior loans where an appraisal has been obtained post origination, the LTVs subsequently presented are based on the current principal amount dividend by the as-is appraised value as of the new appraisal date. Senior loans with updated LTV include : Senior Loan 17 (64%); Senior Loan 21 (64%); Senior Loan 22 (78%); Senior Loan 24 (66%); Senior Loan 27 (64%);Senior Loan 31 (57%); Senior Loan 32 (75%); Senior Loan 37 (83%); Senior Loan 43 (63%); and Senior Loan 67 (61%). 9. 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.. 10. For Senior Loan 49, the total whole loan facility is$142. 5million co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility, or $71. 2million. The facility is comprised ofindividual cross-collateralized whole loans. Asof March 31, 2024, there were four underlying senior loans in the facility with a commitment of $71. 2million and outstanding principal of $64. 2million. 11. Represents our investment in an aggregator vehicle alongside RECOP I 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-1q24-investor-presentation 1.pdf

36 Fully Extended Loan Maturities Note: Based on current principal amount. Excludes real estate owned and CMBS B-Pieces held through an equity method investment Fully extended weighted average loan maturity of 2. 5 years Fully Extended Loan Maturities ($ in Millions)

kref-1q24-investor-presentation 1.pdf

37 Consolidated Balance Sheets (in thousands-except share and per share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 106,517 $ 135,898 Commercial real estate loans, held-for-investment 7,113,256 7,343,548 Less: Allowance for credit losses (243,634) (210,470) Commercial real estate loans, held-for-investment, net 6,869,622 7,133,078 Real estate owned assets, held for sale 99,977 101,017 Real estate owned, held for investment, net 82,669 82,091 Accrued interest receivable 40,602 41,003 Equity method investments 35,108 35,076 Other assets 22,200 19,455 Total Assets $ 7,256,695 $ 7,547,618 Liabilities and Equity Liabilities Secured financing agreements, net $ 3,521,796 $ 3,782,419 Collateralized loan obligations, net 1,942,569 1,942,171 Secured term loan, net 334,977 335,331 Accrued interest payable 19,247 20,207 Real estate owned liabilities, held for sale 16,334 15,883 Dividends payable 17,328 29,805 Due to affiliates 8,087 8,270 Other liabilities 16,267 9,350 Total Liabilities 5,876,605 6,143,436 Commitments and Contingencies — — Equity Preferred Stock, $0. 01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023); liquidation preference of $25. 00 per share 131 131 Common stock, $0. 01 par value, 300,000,000 authorized (75,299,556 shares issued and 69,313,860 shares outstanding; as of Marc h31, 2024 and December 31, 2023, respectively) 693 693 Additional paid-in capital 1,817,373 1,815,077 Accumulated deficit (340,437) (314,370) Repurchased stock (5,985,696 shares repurchased as of March 31, 2024 and December 31, 2023) (96,764) (96,764) Total KKR Real Estate Finance Trust Inc. stockholders' equity 1,380,996 1,404,767 Noncontrolling interests in equity of consolidated joint venture (906) (585) Total Equity 1,380,090 1,404,182 Total Liabilities and Equity $ 7,256,695 $ 7,547,618

kref-1q24-investor-presentation 1.pdf

38 Consolidated Statements of Income (in thousands-except share and per share data) Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Net Interest Income Interest income $ 151,620 $ 165,024 $ 152,530 Interest expense 112,476 118,532 105,976 Total net ineterest income 39,144 46,492 46,554 Other Income Income (loss) from equity method investments 845 374 (347) Other miscellaneous income 1,792 1,280 2,711 Revenue from real estate owned operations 4,978 2,520 2,246 Total other income 7,615 4,174 4,610 Operating Expenses Provision for credit losses, net 33,266 49,500 60,467 Management fees to affiliate 6,340 6,523 6,523 Incentive compensation to affiliate — — 1,811 General and administrative 4,992 4,600 4,690 Expenses from real estate owned operations 5,549 2,957 2,758 Total operating expenses 50,147 63,580 76,249 Income (Loss) Before Income Taxes (3,388) (12,914) (25,085) Income tax expense 41 199 169 Net Income (Loss) (3,429) (13,113) (25,254) Net income (loss) attributable to noncontrolling interests (321) (226) (177) Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries (3,108) (12,887) (25,077) Preferred stock dividends 5,326 5,326 5,326 Participating securities' shares in earnings 305 525 407 Net Income (Loss) Attributable to Common Stockholders $ (8,739) $ (18,738) $ (30,810) Net Income (Loss) Per Share of Common Stock, Basic and Diluted $ (0. 13) $ (0. 27) $ (0. 45) Weighted Average Number of Shares of Common Stock Outstanding, Basic and Diluted 69,386,568 69,384,309 69,095,011 Dividends Declared per Share of Common Stock $ 0. 25 $ 0. 43 $ 0. 43

kref-1q24-investor-presentation 1.pdf

39 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (1) Numbers presented may not foot due to rounding (2) Includes a $59 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended Decem ber 31, 2023(in thousands-except share and per share data) Three Month Ended March 31, 2024Per Diluted Share(1)December 31, 2023Per Diluted Share(1) March 31, 2023Per Diluted Share(1) Net Income (Loss) Attributable to Common Stockholders $ (8,739) $ (0. 13) $ (18,738) $ (0. 27) $ (30,810) $ (0. 45) Adjustments Non-cash equity compensation expense 2,296 0. 03 1,565 0. 02 2,152 0. 03 Unrealized (gains) or losses, net (102) — 419 0. 01 1,173 0. 02 Provision for credit losses, net 33,266 0. 48 49,500 0. 71 60,467 0. 88 Non-cash convertible notes discount amortization — — — — 89 — Distributable Earnings before realized loss on loan write-offs $ 26,721 $ 0. 39 $ 32,746 $ 0. 47 $ 33,071 $ 0. 48 Realized loss on loan write-offs(2) — — (58,706) (0. 85) — — Distributable Earnings (Loss) $ 26,721 $ 0. 39 $ (25,960) $ (0. 37) $ 33,071 $ 0. 48 Weighted average number of shares of common stock outstanding, diluted 69,386,568 69,384,309 69,095,011

kref-1q24-investor-presentation 1.pdf

40 Key Definitions “Distributable Earnings ": The Company defines Distributable Earnings as net income (loss) attributable to common 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-1q24-investor-presentation 1.pdf