SECOND QUARTER 2022 SUPPLEMENTAL INFORMATION J U L Y 2 5 , 2 0 2 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 pur ...

Financial Data and Key Metrics Changes - For Q2 2022, the company reported GAAP net income of $19.4 million or $0.28 per diluted share, with distributable earnings of $33.1 million or $0.48 per share, covering the $0.43 per share dividend by over 1.1 times [6][8] - Book value per share as of June 30, 2022, was $19.36, a decline of less than 1% quarter over quarter, impacted by cumulative CECL reserves [7] - The company paid a cash dividend of $0.43 per common share, reflecting an annualized yield of 9.2% based on the closing price [8] Business Line Data and Key Metrics Changes - Strong loan originations of over $1 billion in Q2 2022, with 100% of activity in multifamily or industrial property types and a low weighted average loan value of 63% [12] - Multifamily and industrial loans now represent nearly 60% of the portfolio as of Q2 2022 [12] - The funded portfolio grew by $633 million, reaching a total of $7.9 billion, a 40% increase year-over-year [30] Market Data and Key Metrics Changes - The company raised over $187 million of common equity and $150 million of preferred equity at a fixed coupon of 6.5% [13] - Increased revolver by $275 million, extending its term to five years [13] - The current portfolio has a weighted average risk rating of 3.0, with 96% of loans rated three or better [27] Company Strategy and Development Direction - The company is focused on maintaining higher liquidity and lower leverage in the current economic environment [12][25] - The strategy includes diversifying financing sources, with approximately $1.5 billion of non-mark-to-market financing capacity added [14] - The company aims to continue operating at lower leverage levels until more stability is observed in the market [43][104] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the economic environment of higher inflation and quantitative tightening, highlighting a favorable lending market [10][11] - The company anticipates that short-term interest rate increases will positively impact distributable earnings, with a potential $0.30 per share increase from a 150-basis-point rise [17] - Management remains cautious about the overall market environment, emphasizing the importance of liquidity and risk management [42][104] Other Important Information - The company repurchased approximately 1.4 million shares at a weighted average price of $17.32, which was accretive to book value [23][24] - The liquidity position remains strong, exceeding $790 million, including over $118 million in cash [26] Q&A Session Summary Question: Can you discuss the changes in the lending market over the past few months? - Management noted that leverage has decreased significantly, with loan-to-value ratios dropping from the high-60s to low-60s, and spreads widening by 75 to 100 basis points, indicating a lenders' market [38][39] Question: How does the decline in the 10-year treasury impact the commercial real estate outlook? - Management indicated that while the decline may signal uncertainty, stability in interest rates could lead to increased transaction volumes in real estate [50][52] Question: What is the outlook for repayments in the coming quarters? - Management expects repayments to be in the range of $400 million to $500 million per quarter, but noted that this can vary based on market conditions [54] Question: Can you provide insights on the provision for CECL and the office market? - The CECL reserve increased to $34 million, and management remains cautious about the office market, focusing on quality assets in growth areas [58][61] Question: How do you view the liquidity positions of your sponsors? - Management expressed confidence in the financial strength of their sponsors, noting that most are institutional with significant financial resources [85]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-38082 KKR Real Estate Finance Trust Inc. (Exact name of registrant as specified in its charter) Maryland 47- ...

KKR REAL ESTATE FINANCE TRUST INVESTOR PRESENTATION M A Y 2 0 2 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 purc ...

Financial Data and Key Metrics Changes - For Q1 2022, the company reported GAAP net income of $29.8 million, or $0.47 per basic share, and $0.46 per diluted share, with distributable earnings also at $29.8 million, covering a dividend of $0.43 per share [5][6] - Book value per share increased to $19.46 as of March 31, 2022, up from $19.37 as of December 31, 2021, marking the eighth consecutive quarter of growth [5][6] Business Line Data and Key Metrics Changes - The company originated nine senior loans totaling $844 million in Q1 2022, bringing the total funded portfolio to a record $7.25 billion, which is a 36% increase year-over-year [10][25] - Multifamily loans represented 55% of Q1 origination commitments, with industrial and life sciences making up 18% and 15% respectively [11] Market Data and Key Metrics Changes - Increased volatility and geopolitical risks led to a more conservative lending environment, with rates in the senior secured CRE lending market widening by approximately 25 basis points compared to the previous quarter [11] - The company noted strong activity in the pipeline, with approximately $1.3 billion of loans either closed or under exclusivity subsequent to quarter end [14] Company Strategy and Development Direction - The company focuses on first mortgage loans secured by high-quality real estate owned by institutional sponsors, aiming for strong risk-adjusted returns [12] - The management emphasized the importance of adapting to the current market conditions, with a strategy to lend conservatively while capitalizing on strong demand for real estate as an inflation hedge [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macro environment due to inflation and interest rate increases but noted healthy conditions in the real estate sector, particularly in growth areas [30] - The company expects earnings to become positively correlated with rate increases in the second half of the year, as they transition to new loans with lower rate floors [14][44] Other Important Information - The company raised $151 million in net proceeds through a follow-on issuance of preferred shares and $134 million through a common equity offering, which is accretive to book value [20] - The liquidity position remains strong, exceeding $750 million as of quarter end, including over $170 million in cash [20] Q&A Session Summary Question: Can you talk to the tone in the current market and what you’re seeing from borrowers as well as competitor lenders? - Management noted a cautious tone in the lending market, with increased structure and reduced leverage, but still observed strong demand for real estate as an inflation hedge [30] Question: What impact do you believe the growth in the non-traded REIT sector is having on the market? - Management indicated that the growth in non-traded REITs is creating more lending opportunities, as these entities are typically low-leverage borrowers [35] Question: Can you walk through ROE on a new dollar put into a senior loan multifamily today versus how that looked in the fall? - Management stated that asset and liability spreads have widened by about 25 basis points, but leverage available to borrowers remains largely unchanged [40] Question: Can you talk about the two Philadelphia office buildings that were added to the watch list? - Management explained that the loans were added to the watch list due to business plan delays and a lack of progress in leasing, influenced by the broader Philadelphia market conditions [47][64] Question: How does the competitive landscape impact deal terms and pricing? - Management observed that leverage has dialed back about 5% across property types, with multifamily loans currently at high 60s to 70% LTV and office loans around 60 to 65% LTV [51]

FIRST QUARTER 2022 SUPPLEMENTAL INFORMATION APRIL 25, 2022 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-38082 KKR Real Estate Finance Trust Inc. (Exact name of registrant as specified in its charter) Maryland 47 ...

KKR Real Estate Finance Trust Inc. Fourth Quarter and Full Year 2021 Supplemental Information February 8, 2022 Legal Disclosures 2 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 ...

Capital Structure and Investment Portfolio - KREF's total committed capital base reached $838.1 million, fully drawn prior to its IPO, which generated net proceeds of $225.9 million on May 5, 2017[19]. - As of December 31, 2021, KREF's aggregate investment portfolio totaled $6,791.5 million, primarily comprised of $6,677.2 million in senior and mezzanine loans[31]. - The average committed loan size, net of amounts committed by KKR affiliates, was $130.9 million for the year ended December 31, 2021, compared to $91.8 million for 2020[32]. - KREF's common book value as of December 31, 2021, was $1,188.9 million, net of a $23.7 million CECL allowance[32]. - KREF's portfolio is entirely located in the United States as of December 31, 2021[31]. - The total outstanding portfolio financing was $5.5 billion, with a maximum capacity of $6.9 billion[38]. - Non-Mark-to-Market financing sources accounted for 71% of the total portfolio financing, amounting to $3.8 billion as of December 31, 2021[37]. - The company closed a $1.3 billion managed collateralized loan obligation (CLO) with an 84.25% advance rate and a weighted average cost of capital of L+1.30%[39]. - A $500 million term lending agreement was entered into, providing asset-based financing on a Non-Mark-to-Market basis with a term of up to five years[39]. - The company targets a leverage ratio on senior loans between 3.5 and 4.0-to-1, with a total leverage ratio of 3.7-to-1 as of December 31, 2021[41]. Investment Strategy and Risk Management - KREF focuses on originating and acquiring transitional senior loans secured by institutional-quality commercial real estate properties located in liquid markets[18]. - The company expects future investment activity to be heavily weighted toward floating-rate senior loans, financed through repurchase facilities and non-mark-to-market financing[31]. - KREF's investment strategy includes lending at a substantial discount to intrinsic real estate value, supported by independent assessments[27]. - KREF's investment committee includes experienced professionals with over 25 years of commercial real estate experience, ensuring robust investment strategy execution[25]. - Approximately 98.3% of the total investment portfolio earned a floating rate of interest indexed to one-month LIBOR as of December 31, 2021[42]. - About 54% of the loan portfolio had a LIBOR floor of 0.25% or higher, with a weighted average floor of 0.74%[44]. - The company is monitoring the transition from LIBOR to SOFR, with no assets or liabilities indexed to SOFR as of December 31, 2021[47]. - The company operates in a competitive environment, facing competition from various institutional lenders and financial institutions[49]. - The company is exposed to risks associated with debt-oriented real estate investments, which could be negatively impacted by changes in economic conditions and real estate fundamentals[67]. - The company may experience difficulties in redeploying cash from repayments of existing loans, which could adversely affect financial performance[85]. Economic and Market Conditions - The ongoing COVID-19 pandemic has caused severe disruptions in the U.S. and global economy, impacting the company's performance and results of operations[55]. - The company has observed signs of economic recovery but cannot predict the time required for a widespread sustainable recovery, particularly with the emergence of new COVID-19 variants[56]. - The pandemic has led to increased inflation and labor shortages, negatively affecting borrowers' ability to execute their business plans[57]. - Economic conditions, including the impact of COVID-19, could negatively affect the creditworthiness of borrowers and the value of underlying real estate collateral[68]. - The company cannot predict the degree to which economic conditions will improve or decline, which could materially affect its business and financial condition[69]. - The pandemic may result in more frequent modifications of loans and instances of default or foreclosure on assets underlying the company's loans[62]. - The inability of borrowers' tenants to pay rent could lead to defaults, affecting the company's ability to pay dividends and meet debt obligations[58]. - Economic downturns may lead to defaults on concentrated investments, adversely affecting financial condition and results of operations[95]. Interest Rate and Credit Risk - 98.3% of the total investment portfolio earns a floating rate of interest indexed to one-month USD LIBOR, indicating a high exposure to interest rate fluctuations[70]. - In a declining interest rate environment, interest income generally decreases as LIBOR decreases, which could negatively impact net income[70]. - The company’s net interest income benefits from in-the-money LIBOR floors, but this benefit is expected to decrease as LIBOR increases[70]. - Changes in interest rates and credit spreads may lead to operating losses if interest and related expenses exceed interest and related income[71]. - Increases in interest rates may negatively affect demand for loans and could result in higher borrower default rates[72]. - The transition from LIBOR to SOFR may result in higher interest costs for the company, impacting its operating results[146]. Regulatory and Compliance Risks - The company must maintain less than 40% of total assets in "investment securities" to avoid registration under the Investment Company Act, limiting investment flexibility[183]. - To qualify for exclusions under the Investment Company Act, subsidiaries must hold at least 55% of assets in "qualifying" real estate assets and 80% in real estate-related assets[189]. - The company is subject to periodic reviews by its board of directors, relying on information provided by its manager, which may influence decision-making[180]. - The obligations of being a public company require significant resources, including compliance with the Sarbanes-Oxley Act and SEC regulations, which could strain management and financial resources[203]. - Failure to maintain effective internal controls over financial reporting could lead to a loss of investor confidence and negatively impact stock price[204]. - The company must maintain its qualification as a REIT to avoid substantial tax liabilities, which involves complex compliance requirements[206]. - Regulatory capital requirements could increase financing costs and limit the ability to originate or acquire loans, impacting liquidity[196]. - The potential for increased competition from deregulated financial institutions could affect the company's investment opportunities and yields[197]. Management and Governance - KREF's manager, KKR, reported $470.6 billion in assets under management as of December 31, 2021, providing significant advantages in sourcing and managing investments[23]. - KKR and its affiliates beneficially owned shares providing them with an aggregate 23.2% of the total voting power of the company as of December 31, 2021[172]. - The company pays base management fees regardless of portfolio performance, which may reduce the incentive for the Manager to seek attractive risk-adjusted returns[170]. - The Manager can earn incentive fees based on quarterly earnings, potentially leading to investments in riskier assets to boost short-term net income[171]. - The management agreement with the company's Manager can be terminated with 180 days' notice, which could be costly and difficult to execute[165]. - The current term of the management agreement extends to December 31, 2022, with automatic renewals unless terminated by the Manager[163]. - Conflicts of interest may arise in the allocation of investment opportunities between the company and KKR investment vehicles, potentially affecting the company's share of such opportunities[178]. - The company may co-invest with KKR investment vehicles, which could result in less favorable economic terms for the company compared to other parties[178]. - KKR's information-sharing policies may limit the company's ability to leverage KKR's resources effectively for its investments[179].

KKR Real Estate Finance Trust Inc. Third Quarter 2021 Supplemental Information October 25, 2021 Legal Disclosures 2 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 ...