KKR Real Estate Finance Trust : Supplemental Information

SECOND QUARTER 2022 SUPPLEMENTAL INFORMATION

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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 certain 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 potential negative impacts of COVID-19 on the global economy and on the Company's loan portfolio, financial condition and business operations; how widely utilized COVID-19 vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and their impact on the ultimate severity and duration of the COVID-19 pandemic; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests; the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned discontinuance of LIBOR and the transition to alternative reference rates; 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 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 economic impact of escalating global trade tensions, and the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; 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 (the "Investment Company Act"); authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board (the "FASB"), 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, 2021, 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 presentation. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this presentation and in the Company's filings with the SEC.

All forward looking statements in this presentation speak only as of July 25, 2022. 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 June 30, 2022 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.

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KKR Real Estate Finance Trust Inc. Overview

Best In Class		Conservative		KREF's Manager Fully
Portfolio		Balance Sheet		Integrated with KKR

$7.9 B	$8.5 B	14%
Investment Portfolio	Financing Capacity	KKR Ownership in KREF
99%	58%	77%	$479 B	$25 B
Senior Loans	Multifamily &	Fully Non-Mark-to-Market(2)	Global AUM(4)	Balance Sheet(4)
	Industrial
$121 M	100%	$790 M	$59 B	150+
Average Loan	Performing	Current Liquidity(3)	Real Estate	Real Estate
Size(1)			AUM(4) (5)	Professionals(4)
Seniorloanssecuredprimarilyby	Conservativeliabilitymanagement	Onefirmculturethatrewards
investmentdiscipline,creativityand
transitional,institutionalmultifamily	focusedon
determinationandemphasizesthe
andofficepropertiesownedbyhigh	diversifiednon-mark-to-market
sharingofinformation,resources,
qualitysponsors	financing

expertiseandbestpractices

1. Average loan size is inclusive of the unfunded KREF commitment
2. Based on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility
3. Includes $118 million in cash, $610 million undrawn corporate revolver capacity, and $62 million of available borrowings based on existing collateral
4. As of March 31, 2022
5. Figures represent AUM across all KKR real estate transactions. On April 28, 2022, KKR acquired a Japanese REIT manager named KJR Management ("KJRM"). Real estate AUM presented is pro forma this acquisition based on publicly announced AUM figures by KJRM.

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Second Quarter 2022 Highlights

Financials

Originations

Portfolio

Liquidity &

Capitalization

• 2Q Net income(1) of $0.28 per diluted share and Distributable Earnings(2) of $0.48 per diluted share
• Book Value per Common Share ("BVPS") of $19.36 per share, compared to $19.46 per share as of 1Q'22
• • Book Value inclusive of a $34 million, or ($0.49) per share, CECL credit loss allowance
• 2Q originations of 11 floating-rate senior loans totaling $1,034 million with $948 million of initial fundings
• $7.9 billion predominantly senior loan portfolio
• • Multifamily and industrial assets represent 58% of loan portfolio
  • Weighted average risk rating of 3.0; 100% performing
  • Received $444 million in loan repayments and collected 100% of interest payments due in 2Q
• Completed an underwritten public offering of 2,750,000 shares of common stock at $19.51 per share, resulting in $54 million of net proceeds before transaction costs
• Repurchased 1.0 million shares at an average price per share of $17.28 for a total of $18 million; year-to-date as of July 25, 2022, KREF repurchased 1.4 million shares of common stock at an average price of $17.32 for a total of $25 million
• Entered into a new $350 million term lending agreement and a new $100 million asset specific financing facility, which provide match-termasset-based financing on a non-mark-to-market basis
• Increased the borrowing capacity on our corporate revolving credit facility by $90 million to $610 million
• 77% of financing is fully non-mark-to-market and the remaining balance is mark-to-credit only
• $790 million of available liquidity, including $118 million of cash, $62 million of available borrowings based on existing collateral, and $610 million undrawn capacity on the corporate revolver

1. Represents Net Income attributable to common stockholders
2. See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP

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2Q'22 Financial Summary

Income Statement

($ in Millions)	2Q'22
Net Interest Income	$45.9
Other Income	4.1
Operating Expenses	(13.2)
Provision for Credit Losses	(11.8)
Preferred Stock Dividends	(5.3)
Other	(0.3)
Net Income Attributable to Common Stockholders	$19.4
Diluted Weighted Average Shares Outstanding	68,549,049
Net Income per Share, Diluted	$0.28
Distributable Earnings(1)	$33.1
Diluted Weighted Average Shares Outstanding	68,549,049
Distributable Earnings per Share, Diluted(1)	$0.48
Dividend per Share	$0.43

Balance Sheet
($ in Millions)	2Q'22
(2)	$7,887.8
Total Portfolio
Term Credit Facilities	1,387.2
Term Lending Agreements	1,358.8
Asset Specific Financing	96.3
Secured Term Loan	348.3
Convertible Notes	143.8
Total Debt	$3,334.4
Term Loan Facility	741.6
Collateralized Loan Obligations	1,942.8
Total Leverage	$6,018.8
Cash	118.0
Total Permanent Equity	1,676.4
Common Shareholders' Equity	1,348.6
(3)	1.9x
Debt-to-Equity Ratio
(4)	3.5x
Total Leverage Ratio
Shares Outstanding	69,654,532
(5)	$19.36
Book Value per Share

1. See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP
2. Represents the principal amount on senior and mezzanine/other loans, one real estate owned asset, and net equity in RECOP I and real estate owned
3. Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end
4. Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end
5. Book value per share includes CECL credit loss allowance of $34.3 million or ($0.49) per common share

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