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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. 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(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. 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% is based on current principal loan balance; see description for LEED certification in the Appendix", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:48:40.162+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a38c246-3394-4a73-b8d7-a88d3ebfe55a", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.69, "x": 0.059, "y": 0.815 }, "kind": "source-note", "text": "Note: The charts above are based on total assets. Total assets reflect the principal amount of our loan portfolio", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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WA\nOffice\n9/13/2021\n260.4\n260.4\n172.9\n53.4\n+3.7%\n3.5\n$855/SF\n63%\n3\n4\nSenior Loan\nVarious\nIndustrial\n4/28/2022\n252.3\n252.3\n252.3\n50.2\n+2.7%\n3.6\n$98/SF\n64%\n3\n5\nSenior Loan\nMountain View, CA\nOffice\n7/14/2021\n250.0\n250.0\n200.9\n82.3\n+3.4%\n2.9\n$654/SF\nn.a.\n5\n6\nSenior Loan\nBronx, NY\nIndustrial\n8/27/2021\n228.7\n228.7\n193.5\n51.2\n+4.2%\n2.9\n$277/SF\n52%\n3\n7\nSenior Loan\nLos Angeles, CA\nMultifamily\n2/19/2021\n220.0\n220.0\n220.0\n40.7\n+2.9%\n2.4\n$410,430/unit\n68%\n3\n8\nSenior Loan\nVarious\nMultifamily\n5/31/2019\n206.5\n206.5\n206.5\n41.9\n+4.0%\n1.7\n$192,991/unit\n74%\n3\n9\nSenior Loan\nMinneapolis, MN\nOffice\n11/13/2017\n199.4\n199.4\n194.4\n89.0\n+2.3%\n1.8\n$182/SF\nn.a.\n5\n10\nSenior Loan\nVarious\nSelf Storage\n12/21/2022\n188.5\n188.5\n100.2\n21.4\n+3.8%\n4.3\n$21,710/unit\n69%\n3\n11\nSenior Loan\nVarious\nIndustrial\n6/15/2022\n375.5\n187.8\n169.5\n33.7\n+2.9%\n3.8\n$122/SF\n50%\n3\n12\nSenior Loan\nWashington, D.C.\nOffice\n11/9/2021\n187.7\n187.7\n175.5\n52.8\n+3.4%\n3.2\n$492/SF\n55%\n4\n13\nSenior Loan\nBoston, MA\nOffice\n2/4/2021\n375.0\n187.5\n187.5\n37.5\n+3.4%\n2.4\n$506/SF\n71%\n4\n14\nSenior Loan\nThe Woodlands, TX\nHospitality\n9/15/2021\n183.3\n183.3\n179.2\n33.3\n+4.3%\n3.0\n$197,162/key\n64%\n3\n15\nSenior Loan\nPhiladelphia, PA\nOffice\n4/11/2019\n176.7\n176.7\n155.8\n101.1\n+2.6%\n0.1\n$218/SF\nn.a.\n5\n16\nSenior Loan\nWashington, D.C.\nOffice\n12/20/2019\n175.5\n175.5\n169.2\n79.1\n+3.5%\n1.3\n$828/SF\n58%\n4\n17\nSenior Loan\nWest Palm Beach, FL\nMultifamily\n12/29/2021\n171.5\n171.5\n170.9\n26.0\n+2.8%\n3.3\n$210,456/unit\n73%\n3\n18\nSenior Loan\nBoston, MA\nLife Science\n4/27/2021\n332.3\n166.2\n157.3\n31.5\n+3.7%\n2.6\n$653/SF\n66%\n3\n19\nSenior Loan\nNew York, NY\nCondo (Residential)\n12/20/2018\n157.4\n157.4\n155.6\n57.4\n+3.7%\n0.3\n$2,593,978/unit\n69%\n3\n20\nSenior Loan\nPlano, TX\nOffice\n2/6/2020\n150.7\n150.7\n150.7\n23.2\n+2.8%\n1.4\n$208/SF\n63%\n3\n21\nSenior Loan\nRedwood City, CA\nLife Science\n9/30/2022\n580.7\n145.2\n0.0\n(1.1)\n+4.5%\n4.0\n$885/SF\n53%\n3\n22\nSenior Loan\nSeattle, WA\nLife Science\n10/1/2021\n188.0\n140.3\n116.1\n34.8\n+3.2%\n3.0\n$741/SF\n69%\n3\n23\nSenior Loan\nDallas, TX\nOffice\n12/10/2021\n138.0\n138.0\n138.0\n25.7\n+3.7%\n3.2\n$439/SF\n68%\n3\n24\nSenior Loan\nBoston, MA\nMultifamily\n3/29/2019\n137.0\n137.0\n137.0\n28.2\n+3.4%\n0.5\n$351,282/unit\n59%\n3\n25\nSenior Loan\nArlington, VA\nMultifamily\n1/20/2022\n135.3\n135.3\n132.6\n31.2\n+2.9%\n3.4\n$441,963/unit\n78%\n3\n26\nSenior Loan\nFontana, CA\nIndustrial\n5/11/2021\n132.0\n132.0\n106.1\n39.5\n+4.7%\n2.7\n$113/SF\n64%\n3\n27\nSenior Loan\nFort Lauderdale, FL\nHospitality\n11/9/2018\n130.0\n130.0\n130.0\n24.3\n+3.5%\n0.2\n$375,723/key\n66%\n3\n28\nSenior Loan\nSan Carlos, CA\nLife Science\n2/1/2022\n195.9\n125.0\n98.1\n31.8\n+3.6%\n3.4\n$670/SF\n68%\n3\n29\nSenior 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Excludes one mezzanine loan with an outstanding principal of $5.5 million that was fully written off.\nFor 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.\nFor 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. 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Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold.\n(3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOP I and REO.\n(4) Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOP I CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\n(5) Coupon expressed as spread over Term SOFR.\n(6) Max remaining term (years) assumes all extension options are exercised, if applicable.\n(7) Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. 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