KREF

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

SECOND QUARTER 2026 FINANCIAL RESULTS

New York, NY, July 21, 2026 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2026.

Reported net loss attributable to common stockholders of ($121.8) million, or ($1.95) per diluted share of common stock, for the three months ended June 30, 2026, compared to net loss attributable to common stockholders of ($61.9) million, or ($0.96) per diluted share of common stock, for the three months ended March 31, 2026.

Reported Distributable Loss of ($36.4) million, or ($0.58) per diluted share of common stock, for the three months ended June 30, 2026, compared to Distributable Loss of ($4.1) million, or ($0.06) per diluted share of common stock, for the three months ended March 31, 2026.

Second Quarter 2026 Highlights

•$721.6 million liquidity position, including $83.1 million of cash, $254.8 million of loan principal repayments held by a servicer and $350.0 million of undrawn capacity on our corporate revolving credit agreement as of June 30, 2026

•Originated and funded $348.6 million and $328.3 million, respectively, relating to three floating-rate senior loans, with a weighted average appraised loan-to-value ratio ("LTV")(1) of 58% and coupon of 2.8% over the applicable benchmark; and funded $31.1 million in loan principal for existing loans

•Received $806.6 million in loan repayments, including $784.2 million in full repayments across five loans

•Current loan portfolio of $4.5 billion:

•98% floating rate with a weighted average unlevered all-in yield(2) of 6.8% as of June 30, 2026

•Multifamily and industrial assets represent 60% of the loan portfolio

•Weighted average LTV at origination of 66%

•Average risk rating of the loan portfolio was 3.3, weighted by outstanding principal amount

•Resolved two watchlist loans; including a risk-rated 5 loan by taking title to a life science property in Boston, MA, and a risk-rated 4 loan in Georgetown, TX through a repayment

•Entered into two non-mark-to-market facilities in Europe with commitments of €115 million and £99 million, respectively

•Diversified financing sources totaling $7.0 billion with $2.6 billion of undrawn capacity:

•79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2027 and no corporate debt due until 2030

•Repurchased 5.7 million shares at an average price per share of $6.63 for a total of $38.0 million

•Common book value of $604.0 million, or $10.24 per share, as of June 30, 2026, inclusive of a loan loss allowance that increased by $119.8 million, or ($1.92) per share, for the three months ended June 30, 2026 primarily due to additional reserves for risk-rated 5 and held-for-sale loans

Matt Salem, Chief Executive Officer of KREF, said “As the Board undertakes its review of strategic alternatives, management remains focused on executing the action plan that we established at the beginning of the year. We have made substantial progress repositioning the portfolio and generating liquidity through repayments and asset resolutions.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “Our capital position continues to provide meaningful flexibility. With over $700 million of liquidity, more than $2 billion of expected repayments this year, and predominantly non-mark-to-market financing, we believe we are well positioned to navigate the action plan.”

(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. Weighted average LTV excludes loans with a risk rating of 5.

(2)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

1

Second Quarter 2026 Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal FundedCoupon Maturity Date(A) LTV

Senior Loan, Various, Spain(B) MultifamilyApril 2026$158,367 $138,106 +2.9%May 203149%

Senior Loan, Los Angeles, CA(C) MultifamilyApril 2026153,990 153,990 +2.8October 202670

Senior Loan, Various, CA(D) OfficeApril 202636,250 36,250 +2.6April 203148

Total/Weighted Average$348,607 $328,346 +2.8%58%

(A)    Maturity date assumes all extension options are exercised, if applicable.

(B)    Loan size is €135.2 million in local currency. The total whole loan is $593.0 million, or €506.4 million, co-originated and co-funded by KREF and KKR affiliates. The Company's interest was 27% of the loan.

(C)    Loan secured by the borrower's ownership interest in an underlying mortgage loan.

(D)    The total whole loan is $72.5 million, co-originated and co-funded by KREF and KKR affiliates. The Company's

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2 a202603-exhibit99x1.htm

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FIRST QUARTER 2026 FINANCIAL RESULTS

New York, NY, April 22, 2026 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2026.

Reported net loss attributable to common stockholders of ($61.9) million, or ($0.96) per diluted share of common stock, for the three months ended March 31, 2026, compared to net loss attributable to common stockholders of ($32.0) million, or ($0.49) per diluted share of common stock, for the three months ended December 31, 2025.

Reported Distributable Loss of ($4.1) million, or ($0.06) per diluted share of common stock, for the three months ended March 31, 2026, compared to Distributable Earnings of $14.4 million, or $0.22 per diluted share of common stock, for the three months ended December 31, 2025.

The Company’s Board of Directors declared a dividend of $0.10 per share of common stock with respect to the second quarter of 2026. The dividend is payable on July 15, 2026 to KREF’s common stockholders of record as of June 30, 2026.

In April 2026, the Board of Directors authorized a modified repurchase program, which replaces the prior authorization and authorizes KREF to repurchase up to an aggregate of $75.0 million of common stock and 6.50% Series A Cumulative Redeemable Preferred Stock.

First Quarter 2026 Highlights

•$653.4 million liquidity position, including $135.4 million of cash and $500.0 million of undrawn capacity on our corporate revolving credit agreement as of March 31, 2026

•Originated and funded $184.1 million and $177.9 million, respectively, relating to one floating-rate senior loan, with an appraised loan-to-value ratio ("LTV")(1) of 72% and coupon of 2.6% over the applicable benchmark; and funded $20.0 million in loan principal for existing loans

•Received $415.4 million in loan repayments, including $312 million of repayments on office loans

•Current loan portfolio of $5.1 billion:

•99% floating rate with a weighted average unlevered all-in yield(2) of 7.2% as of March 31, 2026

•Multifamily and industrial assets represent 63% of the loan portfolio

•Weighted average LTV at origination of 66%

•Average risk rating of the loan portfolio was 3.3, weighted by outstanding principal amount

•Leased our real estate owned office property in Mountain View, CA to OpenAI

•Invested $41.7 million in CMBS securities

•Diversified financing sources totaling $7.2 billion with $2.6 billion of undrawn capacity:

•77% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2027 and no corporate debt due until 2030

•In January 2026, repurchased 92,094 shares at an average price per share of $8.25 for a total of $0.8 million

•Common book value of $767.9 million, or $11.87 per share, as of March 31, 2026, inclusive of a CECL allowance of $260.3 million, or ($4.03) per share; the CECL allowance increased $73.5 million, or ($1.14) per share, for the three months ended March 31, 2026 primarily due to additional reserves for risk-rated 5 loans

(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. Weighted average LTV excludes loans with a risk rating of 5.

(2)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

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Matt Salem, Chief Executive Officer of KREF, said “2026 is a transition year for KREF as we execute an aggressive action plan to resolve legacy exposures and reposition the portfolio. We are making tangible progress on this initiative while rotating into newer vintage, higher-quality assets, improving portfolio quality, rebuilding earnings power, and driving long-term shareholder value.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “As part of a disciplined capital allocation strategy, we reduced our quarterly dividend to $0.10 per share. With strong liquidity and expected repayments, we have the flexibility to retain and redeploy capital into attractive risk-adjusted opportunities, including new investments and share repurchases. Our new $75 million repurchase authorization further enhances this flexibility and supports value creation.”

First Quarter 2026 Loan Originations

The Company committed capital and funded the following floating-rate loan ($ in thousands):

Description/LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal FundedCoupon Maturity Date(A) LTV

Senior Loan, Various, UK (B) IndustrialMarch 2026$184,130 $177,863 +2.6%May 203172%

Total$184,130 $177,863 +2.6%72%

(A)    Maturity date assumes all extension options are exercised, if applicable.

(B)    Loan size is £136 million in local currency. The total whole loan is $438 million, or £323 million, co-originated and co-funded by KREF an

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

New York, NY, February 3, 2026 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the year ended December 31, 2025.

Reported net loss attributable to common stockholders of ($32.0) million and ($69.9) million, or ($0.49) and ($1.05) per diluted share of common stock, for the three months and year ended December 31, 2025, respectively.

Reported Distributable Earnings of $14.4 million and $26.3 million, or $0.22 and $0.39 per diluted share of common stock, for the three months and year ended December 31, 2025, respectively.

Fourth Quarter 2025 Highlights

•$886.6 million liquidity position, including $84.6 million of cash, $700.0 million of undrawn capacity on our corporate revolving credit agreement and $74.3 million of loan principal repayments held by a servicer as of December 31, 2025

•Originated and funded $424.4 million and $396.9 million, respectively, relating to four floating-rate senior loans, including two European loans, with a weighted average appraised loan-to-value ratio ("LTV")(1) of 68% and coupon of 2.9% over applicable benchmark; and funded $28.8 million in loan principal for existing loans

•Received $379.9 million in loan repayments

•Current loan portfolio of $5.4 billion:

•99% floating rate with a weighted average unlevered all-in yield(2) of 7.3% as of December 31, 2025

•Multifamily and industrial assets represent 58% of the loan portfolio

•Weighted average LTV at origination of 66%

•Collected 100% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.2, weighted by outstanding principal amount

•Entered into a new $250.0 million term lending agreement, which provides match-term financing on a non-mark-to-market basis

•Entered into a new £300.0 million term credit agreement to finance European originations

•Diversified financing sources totaling $8.2 billion with $3.5 billion of undrawn capacity:

•74% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2027 and no corporate debt due until 2030

•Repurchased 1,120,943 shares at an average price per share of $8.24 for a total of $9.2 million

•Common book value of $844.8 million, or $13.04 per share, as of December 31, 2025, inclusive of a CECL allowance of $204.1 million, or ($3.15) per share; the CECL allowance increased for the three months ended December 31, 2025 primarily due to additional reserves for risk-rated 5 loans of $43.7 million, or ($0.67) per share

2025 Highlights

•Originated and funded $1.1 billion and $1.0 billion, respectively, relating to twelve floating-rate loans, including two European loans, with a weighted average LTV(1) of 68% and coupon of 2.8% over applicable benchmark; and funded $96.1 million in loan principal for existing loans

•Received $1.5 billion in loan repayments

•Refinanced and upsized the secured term loan from $339.5 million to $650.0 million, reduced the spread from S+3.50% to S+2.50%, and extended the maturity to March 2032

•Increased the borrowing capacity of the corporate revolving credit facility by $90.0 million to $700.0 million and extended the maturity date until 2030

•Entered into three term lending agreements totaling $650.0 million, which provide match-term financing on a non-mark-to-market basis, and a new £300.0 million term credit agreement to finance European originations

•Took title to multifamily properties in West Hollywood, CA and Raleigh, NC through deed-in-lieu of foreclosures; these loan resolutions resulted in net realized losses of $34.8 million, or ($0.52) per diluted share of common stock

•Sold certain real estate owned assets, including a parking garage in Philadelphia, PA and a retail/redevelopment parcel in Portland, OR, for a combined gain of $1.2 million

1

•Repurchased 4,629,824 shares at an average price per share of $9.35 for a total of $43.3 million

•The CECL allowance increased for the year ended December 31, 2025 primarily due to additional reserves for risk-rated 5 loans of $119.4 million, or ($1.79) per share

Matt Salem, Chief Executive Officer of KREF, said: “2025 was a year of repositioning for KREF as we worked through one of the most challenging real estate cycles since the Global Financial Crisis. We took decisive actions to strengthen our balance sheet, enhance liquidity, and address legacy exposures, while continuing to originate high-quality loans in resilient sectors. As we move into 2026, our focus is on accelerating the resolution of select REO and watchlist assets to unlock value, narrow the gap between our share price and book value, and position the Company for more durable earnings growth.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “We ended the quarter with

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

THIRD QUARTER 2025 FINANCIAL RESULTS

New York, NY, October 21, 2025 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2025.

Reported net income attributable to common stockholders of $8.1 million, or $0.12 per diluted share of common stock, for the three months ended September 30, 2025, compared to net loss attributable to common stockholders of ($35.4) million, or ($0.53) per diluted share of common stock, for the three months ended June 30, 2025.

Reported a Distributable Loss of ($2.3) million, or ($0.03) per diluted share of common stock, for the three months ended September 30, 2025, compared to Distributable Loss of ($2.9) million, or ($0.04) per diluted share of common stock, for the three months ended June 30, 2025.

Third Quarter 2025 Highlights

•$933.0 million liquidity position, including $204.1 million of cash and $700.0 million of undrawn capacity on our corporate revolving credit agreement as of September 30, 2025

•Originated and funded $131.9 million and $68.4 million, respectively, relating to two floating-rate loans, with a weighted average appraised loan-to-value ratio ("LTV")(1) and coupon of 61% and S+3.2%, respectively; and funded $15.8 million in loan principal for existing loans

•Received $479.7 million in loan repayments

•Upsized the secured term loan from $548.6 million to $650.0 million and reduced the spread by 0.75% to S+2.50%

•Increased the borrowing capacity of the corporate revolving credit facility by $40.0 million to $700.0 million

•Current loan portfolio of $5.3 billion:

•99% floating rate with a weighted average unlevered all-in yield(2) of 7.8% as of September 30, 2025

•Multifamily and industrial assets represent 58% of the loan portfolio

•Weighted average LTV at origination of 65%

•Collected 100% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.1, weighted by outstanding principal amount

•Diversified financing sources totaling $7.7 billion with $3.1 billion of undrawn capacity:

•77% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2027 and no corporate debt due until 2030

•Resolved a risk-rated 5 loan by taking title to a multifamily property in Raleigh, NC, resulting in a realized loss of $14.4 million

•Repurchased and retired 448,877 shares at an average price per share of $9.41 for a total of $4.2 million

•Common book value of $902.0 million, or $13.78 per share, as of September 30, 2025, inclusive of a CECL allowance of $160.4 million, or ($2.45) per share.

Matt Salem, Chief Executive Officer of KREF, said: “We’ve spent the past several years building our European real estate credit platform, combining local expertise with KKR’s global scale. Our first European loan on behalf of KREF on a portfolio of infill industrial properties in France reflects the strength of that effort and demonstrates our ability to capture relative value and strong risk-adjusted opportunities across a broader geography.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “During the quarter, we repriced and upsized our Term Loan B by $100 million, lowering our cost of capital by 75 basis points and further strengthening our funding flexibility. With the increase of our corporate revolver to $700 million, total liquidity now exceeds $900 million, enhancing our capacity to manage the portfolio and capitalize on attractive opportunities.”

(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. Weighted average LTV excludes loans with a risk rating of 5.

(2)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

1

Third Quarter 2025 Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal FundedCoupon Maturity Date(A) LTV

Senior Loan, Melville, NY(B) MultifamilyJuly 2025$71,050 $7,596 +3.9%August 203055%

Senior Loan, Atlanta, GAMultifamilySeptember 202560,800 60,800 +2.4October 203067

Total/Weighted Average$131,850 $68,396 +3.2%61%

(A)    Maturity date assumes all extension options are exercised, if applicable.

(B)    The total whole loan is $142.1 million, co-originated by the Company and KKR affiliates. The Company's interest was 50% of the loan.

Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of September 30, 2025 ($ in millions):

InvestmentCommitted Principal / Investment AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

SECOND QUARTER 2025 FINANCIAL RESULTS

New York, NY, July 22, 2025 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2025.

Reported net loss attributable to common stockholders of ($35.4) million, or ($0.53) per diluted share of common stock, for the three months ended June 30, 2025, compared to net loss attributable to common stockholders of ($10.6) million, or ($0.15) per diluted share of common stock, for the three months ended March 31, 2025.

Reported a Distributable Loss of ($2.9) million, or ($0.04) per diluted share of common stock, for the three months ended June 30, 2025, compared to Distributable Earnings of $17.0 million, or $0.25 per diluted share of common stock, for the three months ended March 31, 2025.

Second Quarter 2025 Highlights

•$756.7 million liquidity position, including $107.7 million of cash and $620.0 million of undrawn capacity on our corporate revolving credit agreement as of June 30, 2025

•Originated and funded $210.7 million and $210.4 million, respectively, relating to two floating-rate loans, with a weighted average appraised loan-to-value ratio ("LTV")(1) and coupon of 71% and S+2.4%, respectively; and funded $19.8 million in loan principal for existing loans

•Received $450.1 million in loan repayments

•Current loan portfolio of $5.8 billion:

•99% floating rate with a weighted average unlevered all-in yield(2) of 7.6% as of June 30, 2025

•Multifamily and industrial assets represent 62% of the loan portfolio

•Weighted average LTV of 66%

•Collected 99.9% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.1, weighted by outstanding principal amount

•Diversified financing sources totaling $8.2 billion with $3.2 billion of undrawn capacity:

•78% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2026 and no corporate debt due until 2030

•Entered into a new $100.0 million term lending agreement, with the ability to upsize, which provides match-term financing on a non-mark-to-market basis

•Resolved a risk-rated 5 loan by taking title to a multifamily property in West Hollywood, CA, resulting in a realized loss of $20.4 million.

•Sold certain real estate owned assets, including a parking garage in Philadelphia, PA and a retail/redevelopment parcel in Portland, OR, for a combined gain of $1.2 million

•Invested $9 million in CMBS B-Pieces

•Repurchased and retired 2,170,904 shares at an average price per share of $9.21 for a total of $20.0 million

•Common book value of $912.3 million, or $13.84 per share, as of June 30, 2025, inclusive of a CECL allowance of $173.9 million, or ($2.64) per share. The CECL allowance increased by $49.8 million, or ($0.74) per share, for the three months ended June 30, 2025 primarily due to additional reserves for watchlist loans in the office and life science sectors.

Matt Salem, Chief Executive Officer of KREF, said: “The opportunity set in real estate credit is robust and offers strong relative value. We continued to invest repayments from the portfolio into high quality lending opportunities while also expanding our investment opportunity into CMBS”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “With year to date repayments of $634 million, liquidity in excess of $750 million and no corporate debt due until 2030, KREF is positioned well for the current investing environment”

(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. Weighted average LTV excludes loans with a risk rating of 5.

(2)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

1

Second Quarter 2025 Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal FundedCoupon Maturity Date(A) LTV

Senior Loan, North Palm Beach, FLMultifamilyMay 2025$85,650 $85,400 +2.3%June 203072%

Senior Loan, Raleigh, NC(B) IndustrialJune 2025125,000 125,000 +2.4July 203071

Total/Weighted Average$210,650 $210,400 +2.4%71%

(A)    Maturity date assumes all extension options are exercised, if applicable.

(B)    The total whole loan is $407.6 million, co-originated by the Company and KKR affiliates. The Company's interest was 31% of the loan.

Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of June 30, 2025 ($ in millions):

InvestmentCommitted Principal / Investment AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)(C)(D)

Weighted Average LTV

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FIRST QUARTER 2025 FINANCIAL RESULTS

New York, NY, April 23, 2025 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2025.

Reported net loss attributable to common stockholders of ($10.6) million, or ($0.15) per diluted share of common stock, for the three months ended March 31, 2025, compared to net income attributable to common stockholders of $14.6 million, or $0.21 per diluted share of common stock, for the three months ended December 31, 2024.

Reported Distributable Earnings of $17.0 million, or $0.25 per diluted share of common stock, for the three months ended March 31, 2025, compared to a Distributable Loss of ($14.7) million, or ($0.21) per diluted share of common stock, for the three months ended December 31, 2024.

First Quarter 2025 Highlights

•$720.3 million liquidity position, including $106.4 million of cash and $570.0 million of undrawn capacity on our corporate revolving credit agreement as of March 31, 2025

•Originated and funded $376.3 million and $374.0 million, respectively, relating to four floating-rate loans, with a weighted average appraised loan-to-value ratio ("LTV")(2) and coupon of 69% and S+2.8%, respectively; and funded $31.6 million in loan principal for existing loans

•Received $183.6 million in loan repayments

•Refinanced existing Term Loan B of $340 million with a new $550.0 million Term Loan B due March 2032; the new loan bears interest at S+3.25%

•Increased the borrowing capacity of the corporate revolving credit facility by $50.0 million to $660.0 million and extended the maturity through 2030

•Entered into a new $300.0 million term lending agreement, which provides match-term financing on a non-mark-to-market basis

•Current loan portfolio of $6.1 billion:

•99% floating rate with a weighted average unlevered all-in yield(1) of 7.6% as of March 31, 2025

•Multifamily and industrial assets represent 61% of the loan portfolio

•Weighted average LTV of 65%

•Collected 100% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.1, weighted by outstanding principal amount

•Diversified financing sources totaling $8.3 billion with $3.1 billion of undrawn capacity:

•78% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2026 and no corporate debt due until 2030

•Repurchased and retired 889,100 shares at an average price per share of $11.03 for a total of $9.8 million

•Common book value of $982.1 million, or $14.44 per share, as of March 31, 2025, inclusive of a CECL allowance of $144.4 million, or ($2.12) per share. The CECL allowance increased by $24.9 million, or ($0.36) per share, for the three months ended March 31, 2025 primarily due to additional reserves for watchlist loans in the multifamily and life science sectors.

Matt Salem, Chief Executive Officer of KREF, said: “KREF is well positioned for this market environment with strong liquidity and durable financing. We returned to offense in the first quarter with originations over $375 million and we will continue to actively replace repayments with new originations.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “This quarter we continued to build upon KREF’s best-in-class financing structure adding an incremental $560 million of non-mark-to-market capacity. We increased our Term Loan B due March 2032 to $550 million, our revolving credit facility to $660 million and added a new secured facility with matched term. With the facility refinances, KREF has no corporate debt maturities over the next five years.”

1

(1)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

(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. Weighted average LTV excludes loans with a risk rating of 5.

First Quarter 2025 Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal FundedCoupon Maturity Date(A) LTV

Senior Loan, Nashville, TNHospitalityJanuary 2025$75,750 $75,000 +3.3%January 203064%

Senior Loan, Various(B) MultifamilyJanuary 2025148,500 147,000 +3.0February 203071

Senior Loan, Phoenix, AZMultifamilyMarch 202579,020 79,020 +2.3April 203069

Senior Loan, Delray Beach, FLMultifamilyMarch 202573,000 73,000 +2.3April 203071

Total/Weighted Average$376,270 $374,020 +2.8%69%

(A)    Maturity date assumes all extension options are exercised, if applicable.

(B)    The total whole loan is $247.5 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60.0% of the loan.

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

New York, NY, February 3, 2025 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter and full year ended December 31, 2024.

Reported Net Income attributable to common stockholders of $14.6 million and $13.1 million, or $0.21 and $0.19 per diluted share of common stock, for the three months and year ended December 31, 2024, respectively.

Reported Distributable Loss of ($14.7) million and ($70.7) million, or ($0.21) and ($1.02) per diluted share of common stock, for the three months and year ended December 31, 2024, respectively.

Fourth Quarter 2024 Highlights

•Received $457.0 million in loan repayments and funded $53.0 million in loan principal

•Repaid $220.0 million in financing, net

•Current loan portfolio of $5.9 billion:

•99% floating rate with a weighted average unlevered all-in yield(1) of 7.8% as of December 31, 2024

•Multifamily and industrial assets represent 60% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 65%

•Collected 100% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.1, weighted by outstanding principal amount

•Diversified financing sources totaling $8.0 billion with $3.1 billion of undrawn capacity:

•79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No final facility maturities until 2026 and no corporate debt due until 2027

•Repurchased 859,055 shares at an average price per share of $11.64 for a total of $10.0 million

2024 Highlights

•$684.8 million liquidity position, including $104.9 million of cash and $530.0 million of undrawn capacity on our corporate revolver as of December 31, 2024

•Received $1.5 billion in loan repayments and funded $333.3 million in loan principal

•Repaid $1.0 billion in financing, net, reducing our total leverage ratio to 3.6x

•Extended the final maturity date of a $1.0 billion term credit facility to September 2029

•Took title to an office property and a life science property through deed-in-lieu of foreclosure, and wrote off uncollectible mezzanine/subordinated loans; these loan resolutions resulted in net realized losses of $173.5 million, or ($2.50) per diluted share of common stock

•Common book value of $1.0 billion, or $14.76 per share, as of December 31, 2024, inclusive of a CECL allowance of $119.6 million, or ($1.74) per share

Matt Salem, Chief Executive Officer of KREF, said: “The current market offers an attractive lending opportunity and KREF is actively originating with $224 million closed in the first month of the year.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “Repayments of $1.5 billion last year surpassed expectations driving portfolio deleveraging and high levels of liquidity, positioning KREF for new investment activity.”

(1)    All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

(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. Weighted average LTV excludes loans with a risk rating of 5.

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Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of December 31, 2024 ($ in millions):

InvestmentCommitted Principal / Investment AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)(C)(D)

Weighted Average LTV(D)

Senior Loans$6,354.4 $5,900.2 $5,771.5 $1,438.5 2.065%

Real Estate Assets(E) 335.8 335.8 335.8 294.8 n.a.n.a.

CMBS B-Pieces40.0 35.6 35.635.6 4.558

Total/Weighted Average$6,730.2 $6,271.6 $6,142.9 $1,768.9 2.065%

(A)    Carrying value for senior loans represents the amortized cost, net of applicable allowance for credit losses. Carrying value for real estate assets represents the investment amount. Carrying value for CMBS B-Pieces, held through an equity method investment, is measured at fair value.

(B)    Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) real estate assets, net of borrowings and noncontrolling interests.

(C)    Max remaining term (years) assumes all extension options are exercised, if applicable.

(D)    Weighted by outstanding principal amount for senior loans. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Real estate assets include real estate owned and an equity method investment.

Non-GAAP Financial Measures

Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders

The tables below reconcile Distributable Earnings (Loss) and related diluted per share amounts to net income (loss) attributable to common stockholders and related diluted per share amount

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

THIRD QUARTER 2024 FINANCIAL RESULTS

New York, NY, October 21, 2024 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2024.

Reported net loss attributable to common stockholders of ($13.0) million, or ($0.19) per diluted share of common stock, for the three months ended September 30, 2024, compared to net income attributable to common stockholders of $20.2 million, or $0.29 per diluted share of common stock, for the three months ended June 30, 2024.

Reported Distributable Earnings of $25.9 million, or $0.37 per diluted share of common stock, for the three months ended September 30, 2024, compared to a Distributable Loss of ($108.7) million, or ($1.57) per diluted share of common stock, for the three months ended June 30, 2024.

Third Quarter 2024 Highlights

•$637.6 million liquidity position, including $108.8 million of cash and $475.0 million of undrawn capacity on our corporate revolving credit agreement as of September 30, 2024

•Received $290.0 million in loan repayments and funded $55.3 million in loan principal

•Repaid $267.8 million in financing, net, reducing debt-to-equity ratio and total leverage ratio to 1.8x and 3.8x, respectively

•Current loan portfolio of $6.3 billion:

•99% floating rate with a weighted average unlevered all-in yield(1) of 8.3% as of September 30, 2024

•Multifamily and industrial assets represent 60% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 65%

•Collected 100% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.2, weighted by outstanding principal amount

•Diversified financing sources totaling $8.3 billion with $3.0 billion of undrawn capacity:

•79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•Extended the final maturity date of a $1.0 billion term credit facility to September 2029

•No final facility maturities until 2026 and no corporate debt due until 2027

•Common book value of $1,030.2 million, or $14.84 per share, as of September 30, 2024, inclusive of a CECL allowance of $150.9 million, or ($2.17) per share. The CECL allowance was increased by $36.4 million, or ($0.52) per share, for the three months ended September 30, 2024 due primarily to additional reserves for risk-rated 5 loans, primarily in the life science sector.

Matt Salem, Chief Executive Officer of KREF, said: “This quarter represents another significant step forward in managing our portfolio. KREF is now positioned to re-enter the lending market and invest in this attractive real estate credit environment.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF continues to operate with high levels of liquidity exceeding $630 million. Year to date repayments surpassed $1 billion and we are projecting higher levels in 2025, which will lead to incremental capital for new investments.”

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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. Weighted average LTV excludes loans with a risk rating of 5.

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Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of September 30, 2024 ($ in millions):

InvestmentCommitted Principal / Investment AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)(C)(D)

Weighted Average LTV(D)

Senior Loans$6,848.6 $6,339.7 $6,178.6 $1,567.2 2.265%

Real Estate Assets(E) 335.6 335.6 335.6 264.2 n.a.n.a.

CMBS B-Pieces40.0 35.4 35.435.4 4.758

Total/Weighted Average$7,224.2 $6,710.7 $6,549.7 $1,866.8 2.265%

(A)    Carrying value for senior loans represents the amortized cost, net of applicable allowance for credit losses. Carrying value for real estate assets represents the investment amount. Carrying value for CMBS B-Pieces, held through an equity method investment, is measured at fair value.

(B)    Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) real estate assets, net of borrowings and noncontrolling interests.

(C)    Max remaining term (years) assumes all extension options are exercised, if applicable.

(D)    Weighted by outstanding principal amount for senior loans. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Real estate assets include real estate owned and an equity method investment.

Non-GAAP Financial Measures

Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders

The table below reconciles Distributable Earnings (Lo

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

SECOND QUARTER 2024 FINANCIAL RESULTS

New York, NY, July 22, 2024 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2024.

Reported net income attributable to common stockholders of $20.2 million, or $0.29 per diluted share of common stock, for the three months ended June 30, 2024, compared to net loss attributable to common stockholders of ($8.7) million, or ($0.13) per diluted share of common stock, for the three months ended March 31, 2024.

Reported Distributable Loss of ($108.7) million, or ($1.57) per diluted share of common stock, for the three months ended June 30, 2024, compared to a Distributable Earnings of $26.7 million, or $0.39 per diluted share of common stock, for the three months ended March 31, 2024.

Second Quarter 2024 Highlights

•$643.9 million liquidity position, including $107.2 million of cash, $57.0 million of loan principal repayments held by a servicer(1) and $435.0 million of undrawn capacity on our corporate revolving credit agreement as of June 30, 2024

•Received $384.5 million in loan repayments and funded $121.5 million in loan principal

•Repaid $241.5 million in financing reducing debt-to-equity ratio and total leverage ratio to 1.9x and 3.9x, respectively

•Current loan portfolio of $6.6 billion:

•99% floating rate with a weighted average unlevered all-in yield(2) of 8.9% as of June 30, 2024

•Multifamily and industrial assets represent 60% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(3) of 65%

•Collected 96% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.1, weighted by outstanding principal amount

•Diversified financing sources totaling $8.4 billion with $2.8 billion of undrawn capacity:

•79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No corporate debt or final facility maturities due until 2026

•Took title to an office property in Mountain View, CA and a life science property in Seattle, WA through deed-in-lieu of foreclosure and wrote off a mezzanine office loan in Boston, MA that was deemed uncollectible, resulting in a combined realized loss of $136.0 million

•Sold a portion of the real estate owned office assets in Philadelphia, PA and provided $30.1 million in financing to the buyer at a coupon rate of S+4.3%

•Common book value of $1,058.4 million, or $15.24 per share, as of June 30, 2024, inclusive of a CECL allowance of $114.5 million, or ($1.65) per share.

Matt Salem, Chief Executive Officer of KREF, said: “We have made meaningful progress working through our portfolio, and with no new watchlist loans and stable book value, KREF is well-positioned for the second half of the year.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “Robust repayments of $384 million in Q2 and over $900 million year to date has led to increased levels of liquidity and lower leverage.”

(1)    Loan principal repayments held by a servicer at quarter-end were received in July 2024.

(2)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(3)    LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes loans with a risk rating of 5.

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Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of June 30, 2024 ($ in millions):

InvestmentCommitted Principal AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)(C)(D)

Weighted Average LTV(D)

Senior Loans(E) $7,149.5 $6,575.9 $6,450.3 $1,578.4 2.465%

Real Estate Assets(F) n.a.335.5 335.5 264.1 n.a.n.a.

CMBS B-Pieces40.0 35.3 35.335.3 5.058

Total/Weighted Average$7,189.5 $6,946.7 $6,821.1 $1,877.7 2.465%

(A)    Carrying value for senior loans represents the amortized cost, net of applicable allowance for credit losses. Carrying value for real estate assets represent the investment amount. Carrying value for CMBS B-Pieces, held through an equity method investment, is measured at fair value.

(B)    Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) real estate assets, net of borrowings and noncontrolling interest.

(C)    Max remaining term (years) assumes all extension options are exercised, if applicable.

(D)    Weighted by outstanding principal amount for senior loans. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Senior loans include senior mortgages and similar credit quality investments, including junior participations in the Company's originated senior loans for which it has synd

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FIRST QUARTER 2024 FINANCIAL RESULTS

New York, NY, April 23, 2024 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2024.

Reported net loss attributable to common stockholders of ($8.7) million, or ($0.13) per diluted share of common stock, for the three months ended March 31, 2024, compared to net loss attributable to common stockholders of ($18.7) million, or ($0.27)

per diluted share of common stock, for the three months ended December 31, 2023.

Reported Distributable Earnings of $26.7 million, or $0.39 per diluted share of common stock, for the three months ended March 31, 2024, compared to a Distributable Loss of ($26.0) million, or ($0.37) per diluted share of common stock, for the three months ended December 31, 2023.

First Quarter 2024 Highlights

•$620.1 million liquidity position, including $106.5 million of cash and $450.0 million of undrawn capacity on our corporate revolving credit agreement as of March 31, 2024

•Received $335.7 million in loan repayments, including full loan repayments of $173.4 million on a previously 4-rated senior office loan in Washington, D.C. and $151.3 million on a previously 4-rated senior condo loan in New York, NY

•Funded $103.5 million for loans closed in previous years

•Current loan portfolio of $7.3 billion:

•99% floating rate with a weighted average unlevered all-in yield(1) of 8.9% as of March 31, 2024

•Multifamily and industrial assets represent 58% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 65%

•Collected 97% of interest payments due on the loan portfolio

•Average risk rating of the loan portfolio was 3.2, weighted by outstanding principal amount

•Diversified financing sources totaling $8.7 billion with $2.9 billion of undrawn capacity:

•78% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No corporate debt or final facility maturities due until 2026

•Common book value of $1,053.2 million, or $15.18 per share, as of March 31, 2024, inclusive of a CECL allowance of $245.8 million, or ($3.54) per share. The CECL allowance was increased by $33.3 million, or ($0.48) per share for the three months ended March 31, 2024, due primarily to additional reserves on risk-rated 5 senior office loans.

Matt Salem, Chief Executive Officer of KREF, said: “KREF is operating with high levels of liquidity totaling over $600 million and received net repayments for the quarter of $232 million. Distributable Earnings continue to benefit from our floating rate portfolio with Distributable Earnings per share of $0.39 for the quarter compared to our $0.25 dividend.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF continues to benefit from a diverse set of financing facilities which are predominantly non-mark to market and matched-term with no debt maturities over the next two years.”

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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. Weighted average LTV excludes loans with a risk rating of 5.

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Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio as of March 31, 2024 ($ in millions):

InvestmentCommitted Principal AmountOutstanding Principal / Investment Amount Carrying Value(A)

Net Equity(B)

Max Remaining Term (Years)(C)(D)

Weighted Average LTV(D)

Senior Loans(E) $8,050.9 $7,325.9 $7,058.2 $1,850.2 2.565%

CMBS B-Pieces40.0 35.7 35.135.7 5.258

Real Estate Ownedn.a.160.7 160.7 110.7 n.a.n.a.

Total/Weighted Average$8,090.9 $7,522.2 $7,254.0 $1,996.5 2.565%

(A)    Carrying value for senior loans represents the amortized cost, net of applicable allowance for credit losses. Carrying value for CMBS B-Pieces, held through an equity method investment, is measured at fair value. Carrying value for Real Estate Owned ("REO") represents the investment amount.

(B)    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.

(C)    Max remaining term (years) assumes all extension options are exercised, if applicable.

(D)    Weighted by outstanding principal amount for senior loans and by investment amount of CMBS B-Pieces. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Senior loans include senior mortgages and similar credit quality investments, including junior participations in the Company's originated senior loans for which it has syndicated the senior participations and retained the junior participations for its portfolio

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS

New York, NY, February 6, 2024 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter and full year ended December 31, 2023.

Reported net loss attributable to common stockholders of ($18.7) million and ($53.9) million, or ($0.27) and ($0.78) per diluted share of common stock, for the three and twelve months ended December 31, 2023, respectively.

Reported Distributable Earnings (Loss) of ($26.0) million and $57.6 million, or ($0.37) and $0.83 per diluted share of common stock, for the three and twelve months ended December 31, 2023, respectively.

The Company’s Board of Directors declared a dividend of $0.25 per share of common stock with respect to the first quarter of 2024. The dividend is payable on April 15, 2024 to KREF’s common stockholders of record as of March 28, 2024.

Commenting on the dividend, Matt Salem, Chief Executive Officer of KREF, said: “Our strong liquidity profile and significant resources and expertise through our integration with KKR’s broader real estate platform affords KREF the ability to maximize the value of our watchlist portfolio. With over $68 billion of real estate assets under management, KKR has extensive experience owning and managing real estate. This value creation on select REO assets will require time and impact earnings in the interim. To that end, the Board of Directors declared a dividend of $0.25 per share. A number of factors were considered in setting this current level, including, our expectations for covering the dividend with operating earnings from our performing loan portfolio while patiently executing the investment thesis for our REO assets, as well as expectations for future interest rates cuts. Importantly, as we resolve our REO portfolio, we can reinvest the capital into new loans to unlock additional earnings potential.”

Fourth Quarter 2023 Highlights

•Funded $138.7 million for loans closed in previous years and received loan repayments of $188.1 million

•Current loan portfolio of $7.6 billion:

•99% floating rate with a weighted average unlevered all-in yield(1) of 9.0% as of December 31, 2023

•Multifamily and industrial assets represent 55% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 66%

•Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity:

•76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No corporate debt or final facility maturities due until the first quarter of 2026

•In December 2023, we took title to the collateral of one defaulted senior office loan in Philadelphia with an outstanding principal balance of $149.8 million (after a $6.0 million partial repayment). Accordingly, a $58.7 million, or ($0.85) per diluted share, realized loss was recognized

2023 Highlights

•$629.9 million liquidity position, including $135.9 million of cash and $450.0 million of undrawn capacity on our corporate revolving credit agreement as of December 31, 2023

•Funded $684.3 million for loans closed in previous years and received loan repayments of $766.6 million

•Extended a $600.0 million master repurchase agreement and a $500.0 million warehouse facility maturity date to March 2026

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5.

1

•Upsized a $240.0 million master repurchase agreement to $400.0 million and extended the final maturity date to December 2027

•Repaid $143.8 million convertible notes in cash

•Common book value of $1,077.0 million, or $15.52 per share, as of December 31, 2023, inclusive of a CECL allowance of $212.5 million, or ($3.06) per share

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF is well positioned for this market environment with over $600 million of liquidity and best-in-class non-mark-to market financing.”

Portfolio Performance

Collected 97.6% of interest payments due on the loan portfolio for the year ended December 31, 2023. As of December 31, 2023, the average risk rating of the Company's portfolio was 3.2, weighted by outstanding principal amount, consistent with the risk rating as of September 30, 2023 and December 31, 2022.

Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio(A) as of December 31, 2023 ($ in millions):

InvestmentCommitted Principal AmountOutstand

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

THIRD QUARTER 2023 FINANCIAL RESULTS

New York, NY, October 23, 2023 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2023.

Reported net income attributable to common stockholders of $21.4 million, or $0.31 per diluted share of common stock, for the three months ended September 30, 2023, compared to net loss attributable to common stockholders of ($25.8) million, or ($0.37) per diluted share of common stock, for the three months ended June 30, 2023.

Reported Distributable Earnings of $17.4 million, or $0.25 per diluted share of common stock, for the three months ended September 30, 2023, compared to $33.1 million, or $0.48 per diluted share of common stock, for the three months ended June 30, 2023.

Third Quarter 2023 Highlights

•$715.7 million liquidity position, including $108.0 million of cash, and $500.0 million of undrawn capacity on the corporate revolving credit agreement as of September 30, 2023

•Funded $164.9 million for loans closed in previous quarters and received loan repayments of $152.3 million

•Current loan portfolio of $7.8 billion:

•99.0% floating rate with a weighted average unlevered all-in yield(1) of 8.9% as of September 30, 2023

•Multifamily and industrial assets represent 55% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 65%

•In September 2023, the Company restructured a $103.4 million (after a $15.0 million borrower repayment) senior office loan in Chicago, IL into a senior mortgage loan and a subordinated note. As of September 30, 2023, the $15.0 million subordinated note was written off

•Diversified financing sources totaling $8.9 billion with $2.7 billion of undrawn capacity:

•76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•No corporate debt or final facility maturities due until the fourth quarter of 2025

•Common book value of $1,126.0 million, or $16.29 per share, as of September 30, 2023, inclusive of a CECL allowance of $221.7 million, or ($3.21) per share

Matt Salem, Chief Executive Officer of KREF, said: “KREF’s pro-active asset management, which leverages the market presence and proprietary information from KKR’s broader real estate equity and credit business as well as our dedicated special servicing and asset management platform, K-Star, creates differentiated outcomes.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF is well positioned in this market environment with best-in-class non-mark-to-market financing, high levels of liquidity and deep relationships with our financing partners and borrowers.”

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5.

1

Portfolio Performance

Collected 96.0% of interest payments due on the loan portfolio for the three months ended September 30, 2023. As of September 30, 2023, the average risk rating of the Company's portfolio was 3.2, weighted by outstanding principal amount, consistent with that as of June 30, 2023.

Quarter End Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio(A) as of September 30, 2023 ($ in millions):

InvestmentCommitted Principal AmountOutstanding Principal Amount Amortized Cost(B)

Carrying Value(C)

Max Remaining Term (Years)(D)(E)

Weighted Average LTV(D)

Senior Loans(F) $8,777.0 $7,752.6 $7,716.0 $7,497.0 2.865%

CMBS B-Pieces(G)

40.0 35.7 35.7 35.55.758

Total/Weighted Average$8,817.0 $7,788.3 $7,751.7 $7,532.5 2.865%

(A)    Excludes one Real Estate Owned asset with a net carrying value of $81.6 million as of September 30, 2023.

(B)    Amortized cost represents the outstanding principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and loan write-offs.

(C)    Carrying value represents the amortized cost, net of applicable allowance for credit losses. Carrying value for CMBS B-Pieces, held through an equity method investment ("RECOP I"), is measured at fair value.

(D)    Weighted by outstanding principal amount for senior loans and by net equity for its CMBS B-Pieces. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Max remaining term (years) assumes all extension options are exercised, if applicable.

(F)    Senior loans include senior mortgages and similar credit quality investments, including junior participations in the Company's originated

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

SECOND QUARTER 2023 FINANCIAL RESULTS

New York, NY, July 24, 2023 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2023.

Reported net loss attributable to common stockholders of ($25.8) million, or ($0.37) per diluted share of common stock, for the three months ended June 30, 2023, compared to net loss attributable to common stockholders of ($30.8) million, or ($0.45) per diluted share of common stock, for the three months ended March 31, 2023.

Reported Distributable Earnings of $33.1 million, or $0.48 per diluted share of common stock, for the three months ended June 30, 2023, compared to $33.1 million, or $0.48 per diluted share of common stock, for the three months ended March 31, 2023.

Second Quarter 2023 Highlights

•$799.6 million liquidity position, including $207.7 million of cash and $560.0 million of undrawn capacity on the corporate revolving credit agreement (“Revolver”) as of June 30, 2023

•Funded $177.2 million for loans closed in previous quarters and received loan repayments of $339.3 million

•Current loan portfolio of $7.8 billion:

•99.0% floating rate with a weighted average unlevered all-in yield(1) of 8.8% as of June 30, 2023

•Multifamily and industrial assets represent 56% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 65%

•Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity

•76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•Upsized a $240.0 million master repurchase agreement to $400.0 million

•Repaid $143.8 million convertible notes in cash

•No corporate debt or final facility maturities due until the fourth quarter of 2025

•Common book value of $1,132.1 million, or $16.38 per share, as of June 30, 2023, inclusive of a CECL allowance of $227.9 million, or ($3.30) per share. The CECL allowance was increased by $56.3 million, or ($0.82) per diluted share, during the three months ended June 30, 2023, due primarily to additional reserves on risk-rated 5 senior office loans, as well as macroeconomic condition

Matt Salem, Chief Executive Officer of KREF, said: “KREF’s focus on best in class liabilities and liquidity positions us well for the current market. KREF is operating with over $800 million of liquidity while the portfolio is generating strong income from the high interest rate environment.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF’s integration with KKR’s broader Real Estate business that manages $65 billion of assets provides us with real-time market knowledge across both debt and equity. KREF also continues to benefit from our long-standing banking relationships as part of the broader KKR franchise and in the first half of 2022, increased and extended the duration of our borrowing capacity.”

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5.

1

Portfolio Performance

Collected 99.4% of interest payments due on the loan portfolio for the three months ended June 30, 2023. As of June 30, 2023, the average risk rating of the Company's portfolio was 3.2, weighted by outstanding principal amount, consistent with that as of March 31, 2023.

Quarter End Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio(A) as of June 30, 2023 ($ in millions):

InvestmentCommitted Principal AmountOutstanding Principal Amount Amortized Cost(B)

Carrying Value(C)

Max Remaining Term (Years)(D)(E)

Weighted Average LTV(D)

Senior Loans(F) $8,966.6 $7,755.0 $7,713.9 $7,490.1 3.065%

CMBS B-Pieces(G)

40.0 35.7 35.7 35.55.958

Total/Weighted Average$9,006.6 $7,790.7 $7,749.6 $7,525.6 3.065%

(A)    Excludes one Real Estate Owned asset with a net carrying value of $81.4 million as of June 30, 2023.

(B)    Amortized cost represents the outstanding principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and loan write-offs.

(C)    Carrying value represents the amortized cost, net of applicable allowance for credit losses. Carrying value for CMBS B-Pieces, held through an equity method investment ("RECOP I"), is measured at fair value.

(D)    Weighted by outstanding principal amount for senior loans and by net equity for its CMBS B-Pieces. Weighted average LTV excludes loans with a risk rating of 5.

(E)    Max remaining term (years) a

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FIRST QUARTER 2023 FINANCIAL RESULTS

New York, NY, April 24, 2023 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2023.

Reported net loss attributable to common stockholders of ($30.8) million, or ($0.45) per diluted share of common stock, for the three months ended March 31, 2023, compared to net income attributable to common stockholders of $14.6 million, or $0.21 per diluted share of common stock, for the three months ended December 31, 2022.

Reported Distributable Earnings of $33.1 million, or $0.48 per diluted share of common stock, for the three months ended March 31, 2023, compared to $12.4 million, or $0.18 per diluted share of common stock, for the three months ended December 31, 2022.

First Quarter 2023 Highlights

•$892.2 million liquidity position, including $254.1 million of cash and $610.0 million of undrawn capacity on the corporate revolving credit agreement (“Revolver”), in addition to $99.6 million of unencumbered senior loans as of March 31, 2023

•Funded $203.6 million for loans closed in previous quarters and received loan repayments of $86.9 million

•Current loan portfolio of $7.9 billion:

•100.0% floating rate with a weighted average all-in yield(1) of 8.5% as of March 31, 2023

•Multifamily and industrial assets represent 57% of the loan portfolio

•Weighted average loan-to-value ratio ("LTV")(2) of 66%

•Diversified financing sources totaling $9.0 billion with $2.7 billion of undrawn capacity

•76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

•Extended a $600.0 million repurchase facility maturity date to December 2025 and a $500.0 million warehouse facility maturity date to March 2026

•Excluding match-term secured financing and subsequent to the convertible notes due May 2023, there are no debt maturities due until 2025

•Common book value of $1,185.4 million, or $17.16 per common share, as of March 31, 2023, inclusive of a CECL allowance of $171.6 million, or ($2.48) per common share. The CECL allowance was increased by $60.5 million, or ($0.88) per diluted share, during the three months ended March 31, 2023, due primarily to additional reserves for two 5-risk rated office loans where sponsors have commenced sales processes for the properties, as well as heightened market volatility, uncertainty and reduced liquidity, particularly in the office sector

Matt Salem, Chief Executive Officer of KREF, said: “Since our IPO six years ago, we have conservatively positioned KREF with a focus on best in class liabilities and liquidity which positions us well for the current market environment. KREF is operating with nearly $900 million of liquidity while still generating attractive Distributable Earnings which cover the dividend.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF has diversified liabilities with 76% fully non-mark-to-market and access to a $610 million revolver. In the first quarter, we enhanced our strong position by extending $1.1 billion in facilities by an additional two years.”

(1)    All-in yield includes cash coupon, amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method.

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5.

1

Portfolio Performance

Collected 100% of interest payments due on the loan portfolio for the three months ended March 31, 2023. As of March 31, 2023, the average risk rating of the Company's portfolio was 3.2, weighted by outstanding principal amount, consistent with that as of December 31, 2022.

Quarter End Portfolio Summary

The following table sets forth certain information regarding the Company’s portfolio(A) as of March 31, 2023 ($ in millions):

InvestmentCommitted Principal AmountOutstanding Principal Amount Amortized Cost(B)

Carrying Value(C)

Max Remaining Term (Years)(D)(E)

Weighted Average LTV(D)

Senior Loans(F) $9,280.4 $7,917.2 $7,876.3 $7,709.0 3.266%

CMBS B-Pieces(G)

40.0 35.7 35.7 35.76.258

Total/Weighted Average$9,320.4 $7,952.9 $7,912.0 $7,744.7 3.266%

(A)    Excludes one Real Estate Owned asset with a net carrying value of $81.1 million as of March 31, 2023.

(B)    Amortized cost represents the outstanding principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and partial write-offs on loan balances deemed uncollectible.

(C)    Carrying value represents the amortized cost, net of applicable allowance for credit losses. Carrying value for CMBS B-Pieces, held through an

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

New York, NY, February 7, 2023 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter and full year ended December 31, 2022.

Reported net income attributable to common stockholders of $14.6 million and $15.4 million, or $0.21 and $0.23 per diluted share of common stock, for the three and twelve months ended December 31, 2022, respectively.

Reported Distributable Earnings of $12.4 million and $109.6 million, or $0.18 and $1.62 per diluted share of common stock, for the three and twelve months ended December 31, 2022, respectively.

Fourth Quarter 2022 Highlights

•Originated and funded $370.4 million and $207.4 million, respectively, relating to three floating-rate loans, with a weighted average appraised loan-to-value ratio (“LTV”)(1) and coupon(2) of 58% and 8.0%, respectively. Received loan repayments of $209.2 million.

•Entered into a new $125.0 million asset specific financing facility, which provides non-recourse match-term asset-based financing on a non-mark-to-market basis.

•In December 2022, the Company agreed to restructure a $161.0 million defaulted senior office loan into a senior mortgage loan and a junior mezzanine note, which is subordinate to a new senior mezzanine note held by the sponsor. As of December 31, 2022, $25.0 million, or ($0.36) per diluted share, was deemed uncollectible and written off.

2022 Highlights

•$951.8 million liquidity position, including $239.8 million of cash and $610.0 million of undrawn capacity on the Company's corporate revolving credit facility ("Revolver"), in addition to $179.4 million of unencumbered senior loans as of December 31, 2022.

•Originated and funded $2.7 billion and $1.8 billion, respectively, relating to 25 floating-rate loans. 69% of 2022 origination secured by multifamily or industrial properties.

•Current loan portfolio of $7.8 billion is 100% floating-rate with a weighted average LTV of 66% as of December 31, 2022.

•Optimized and diversified financing sources:

•77% of secured financing was completely non-mark-to-market, and the remaining balance was only subject to

mark-to-credit, as of December 31, 2022.

•Closed a $1.0 billion managed multifamily CLO with a two-year reinvestment period providing $847.5 million of non-mark-to-market and non-recourse financing equating to an 84.75% advance rate, at a weighted average cost of capital of Term SOFR+1.71% before transaction costs.

•Entered into three new asset specific financing facilities totaling $490.6 million, which provide non-recourse match-term asset-based financing on a non-mark-to-market basis.

•Entered into a new $350.0 million term lending agreement, which provides match-term financing on a non-mark-to-market basis with an option to increase the facility to $500.0 million.

•Increased the borrowing capacity of an existing $500.0 million term lending agreement to $1.0 billion, which provides match-term asset-based financing on a non-mark-to-market basis.

•Increased the borrowing capacity on the Revolver by $275.0 million to $610.0 million and extended the maturity date through March 2027.

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5 and one real estate corporate loan to a multifamily operator.

(2)    Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor as of December 31, 2022.

1

•Issued 6,210,000 shares of 6.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), at a liquidation price of $25.00 per share, and received net proceeds of $151.2 million.

•Completed two underwriting public offerings totaling 9,244,155 shares of common stock, resulting in net proceeds of $187.5 million, before transaction costs.

•Repurchased 2,085,370 shares of our common stock for $35.8 million.

•Common book value was $1,243.8 million, or $18.00 per common share, as of December 31, 2022, inclusive of a CECL allowance of $111.1 million, or ($1.61) per common share. Net income includes a CECL provision of $112.4 million, or ($1.66) per diluted share, for the twelve months ended December 31, 2022. The increase in the CECL provision was primarily due to heightened market volatility and uncertainty, and reduced liquidity in the office sector.

Matt Salem, Chief Executive Officer of KREF, said: “Entering 2023, KREF is well positioned with liquidity of $950 million, 77% non-mark-to-market financing, and significant operating earnings tail-wind from current interest rate market.”

Patrick Mattson, President and Chief

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

THIRD QUARTER 2022 FINANCIAL RESULTS

New York, NY, October 24, 2022 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2022.

Reported net loss attributable to common stockholders of ($48.4) million, or ($0.70) per diluted share of common stock, for the three months ended September 30, 2022, compared to net income attributable to common stockholders of $19.4 million, or $0.28 per diluted share of common stock, for the three months ended June 30, 2022. The current quarter net loss was largely driven by an increase in the unrealized CECL allowance.

Reported Distributable Earnings of $34.4 million, or $0.50 per diluted share of common stock, for the three months ended September 30, 2022, compared to $33.1 million, or $0.48 per diluted share of common stock, for the three months ended June 30, 2022.

Third Quarter 2022 Highlights

•Originated and funded $457.7 million and $44.9 million, respectively, relating to two floating-rate life science loans, with a weighted average appraised loan-to-value ratio (“LTV”)(1) and coupon(2) of 55% and 7.2%, respectively. Received loan repayments of $387.3 million.

•$916.2 million liquidity position, including $183.3 million of cash and $610.0 million of undrawn capacity on the revolver, in addition to $369.5 million of unencumbered senior loans as of September 30, 2022.

•Current funded loan portfolio of $7.6 billion is 100.0% floating rate with a weighted average LTV of 67% as of September 30, 2022.

•Common book value was $1,267.5 million, or $18.28 per common share, as of September 30, 2022, inclusive of a CECL allowance of $114.9 million, or ($1.66) per common share. The CECL allowance of $114.9 million was increased by $80.6 million, or ($1.16) per common share, during the three months ended September 30, 2022. The increase in the CECL allowance was primarily due to heightened market volatility and uncertainty, and reduced liquidity in the office sector.

•Entered into a new $265.6 million asset specific financing facility, which provides non-recourse match-term asset-based financing on a non-mark-to-market basis.

•In October, the Company entered into a new $125.0 million asset specific financing facility, which provides non-recourse match-term asset-based financing on a non-mark-to-market basis.

•Upsized the $750.0 million term lending agreement to $1.0 billion, which provides matched-term asset-based financing on a non-mark-to-market basis.

•The Company repurchased 587,890 shares of common stock at an average price per share of $17.42 for a total of $10.3 million. Subsequent to quarter-end, the Company repurchased an additional 452,788 shares of common stock bringing year-to-date repurchases to 2,085,370 shares at an average price per share of $17.13 for a total of $35.8 million.

Matt Salem, Chief Executive Officer of KREF, said: “KREF is well-positioned for the current market environment with record liquidity of more than $900 million and a 100% floating rate loan portfolio.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF added $2.5 billion of non-mark to market financing capacity year-to-date, building on its best in class, diversified liability structure.”

(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 or by the current principal amount as of the date of the most recent as-is appraised value. Weighted average LTV excludes loans with a risk rating of 5 and one real estate corporate loan to a multifamily operator.

(2)    Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor as of September 30, 2022.

1

Portfolio Performance

Collected 100.0% of interest payments due on the loan portfolio for the three months ended September 30, 2022. As of September 30, 2022, the average risk rating of the Company's portfolio was 3.1, weighted by outstanding principal amount, compared to 3.0 as of June 30, 2022. As of September 30, 2022, approximately 5% of the Company's loans was risk-rated 5.

Third Quarter 2022 Investment Activity

Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/ LocationProperty TypeMonth Originated Committed Principal Amount(A) Initial Principal Funded Interest Rate (B)

Maturity Date(C) LTV

Senior Loan, Boston, MALife ScienceAugust 2022$312,500 $44,900 + 4.2%August 202756%

Senior Loan, Redwood City, CALife ScienceSeptember 2022145,185 — + 4.5October 202753

Total/Weighted Average(D) $457,685 $44,900 + 4.3%55%

(A)    Represents principal amount committed by the Company. Total committed principal amount inclusive of KKR affiliate co-originations totaled $893.4 million.

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

SECOND QUARTER 2022 FINANCIAL RESULTS

New York, NY, July 25, 2022 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2022.

Reported net income attributable to common stockholders of $19.4 million, or $0.28 per diluted share of common stock, for the three months ended June 30, 2022, compared to $29.8 million, or $0.46 per diluted share of common stock, for the three months ended March 31, 2022.

Reported Distributable Earnings of $33.1 million, or $0.48 per diluted share of common stock, for the three months ended June 30, 2022, compared to $29.8 million, or $0.47 per diluted share of common stock, for the three months ended March 31, 2022.

Second Quarter 2022 Highlights

•Originated and funded $1,034.2 million and $948.1 million, respectively, relating to 11 floating-rate multifamily and industrial loans, with a weighted average appraised loan-to-value ratio (“LTV”)(1) and coupon(2) of 63% and 4.5%, respectively. Received loan repayments of $444.3 million.

•Current funded loan portfolio of $7.8 billion is 100.0% performing, 100.0% floating rate with a weighted average LTV of 67% as of June 30, 2022.

•Completed an underwritten public offering of 2,750,000 shares of common stock at $19.51 per share, resulting in $53.7 million of net proceeds before transaction costs.

•In June 2022, the Company repurchased 1,044,692 shares of common stock at an average price per share of $17.28 for a total of $18.1 million, resulting in approximately $0.03 of accretion in book value per share. Subsequent to quarter-end, the Company repurchased 401,844 additional shares of common stock bringing year-to-date repurchases to 1,446,536 shares at an average price per share of $17.32 for a total of $25.1 million.

•Increased the borrowing capacity on the corporate revolving credit facility (“Revolver”) to $610.0 million with a maturity date of March 2027.

•Entered into a new $350.0 million term lending agreement, which provides match-term asset-based financing on a non-mark-to-market basis.

•Entered into a new $100.0 million asset specific financing facility, which provides match-term asset-based financing on a non-mark-to-market basis.

•$790.3 million liquidity position, including $118.0 million of cash and $610.0 million of undrawn capacity on the Revolver, in addition to $416.0 million of unencumbered senior loans as of June 30, 2022.

•Common book value was $1,348.6 million, or $19.36 per common share, as of June 30, 2022, inclusive of a CECL allowance of $34.3 million, or ($0.49) per common share. The CECL allowance of $34.3 million was increased by $11.8 million, or ($0.17) per common share, during the three months ended June 30, 2022.

Matt Salem, Chief Executive Officer of KREF, said: “KREF is well positioned in today’s market environment with a high quality, floating-rate loan portfolio secured by institutional real estate. KREF’s $1.0 billion of Q2 originations contributed to strong distributable earnings which should directly benefit from future increases in short term interest rates.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “In the second quarter, KREF continued to diversify financing, adding $450 million of non-mark-to-market capacity across two new facilities, demonstrating our ability to differentiate in more volatile markets. KREF begins the third quarter with record liquidity of nearly $800 million and an additional $400 million of unencumbered senior loans.”

(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 or by the current principal amount as of the date of the most recent as-is appraised value.

(2)    Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor as of June 30, 2022.

1

Portfolio Performance

Collected 100.0% of interest payments due on loan portfolio for the three months ended June 30, 2022. As of June 30, 2022, the average risk rating of the Company's portfolio was 3.0 (Average Risk), weighted by outstanding principal amount, compared to 2.9 as of March 31, 2022. As of June 30, 2022, 96.0% of the Company's loans was risk-rated 3 or better.

Second Quarter 2022 Investment Activity

Loan Originations

The Company committed capital and funded the following floating-rate loans ($ in thousands):

Description/ LocationProperty TypeMonth Originated Committed Principal Amount(A) Initial Principal Funded Interest Rate (B)

Maturity Date(C) LTV

Senior Loan, Dallas, TX Multifamily April 2022$43,890 $38,308 + 2.9%April 202773%

Senior Loan, Carrollton, TX Multifamily April 202248,477 43,449 + 2.9April 202774

Senior Loan, San Antonio, TX Multifamily April 202257,600 55,200 + 2.7May 202779

Senior Loan,

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FIRST QUARTER 2022 FINANCIAL RESULTS

New York, NY, April 25, 2022 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2022.

Reported net income attributable to common stockholders of $29.8 million, or $0.47 and $0.46 per basic and diluted share of common stock, respectively, for the three months ended March 31, 2022, compared to $35.2 million, or $0.59 per basic and diluted share of common stock, for the three months ended December 31, 2021.

Reported Distributable Earnings of $29.8 million, or $0.47 per diluted share of common stock, for the three months ended March 31, 2022, compared to ($2.9) million(1), or ($0.05) per diluted share of common stock, for the three months ended December 31, 2021.

First Quarter 2022 Highlights

•Originated and funded $843.6 million and $618.1 million, respectively, relating to nine floating-rate loans, with a weighted average appraised loan-to-value ratio (“LTV”)(2) and coupon(3) of 66% and 3.4%, respectively. Received loan repayments of $282.3 million.

•Current funded loan portfolio of $7.1 billion is 100.0% performing, 100.0% floating rate with a weighted average LTV of 67% as of March 31, 2022.

•Closed a $1.0 billion managed multifamily CLO with two-year reinvestment period providing $847.5 million of non-mark-to-market and non-recourse financing equating to an 84.75% advance rate and a weighted average cost of capital of Term SOFR plus 1.71% before transaction costs.

•Completed an accretive underwritten public offering of 6,494,155 shares of common stock at $20.83 per share, resulting in $133.8 million of net proceeds before transaction costs. The offering was $0.11 per share accretive to book value per share. Issued 6,210,000 shares of 6.50% Series A Cumulative Redeemable Preferred Stock, at a liquidation price of $25.00 per share and received net proceeds of $151.2 million.

•Increased the borrowing capacity on the corporate revolving credit facility (“Revolver”) to $520.0 million and extended the maturity date through March 2027.

•Upsized the $500.0 million term lending agreement to $750.0 million, which provides matched-term asset-based financing on a non-mark-to-market basis.

•$759.3 million liquidity position, including $173.2 million of cash and $520.0 million of undrawn capacity on the Revolver, in addition to $377.3 million of unencumbered senior loans as of March 31, 2022.

•Common book value increased to $1,321.8 million, or $19.46 per common share, as of March 31, 2022, representing eight consecutive quarters of book value per share accretion.

Matt Salem, Chief Executive Officer of KREF, said: “KREF delivered another strong quarter of distributable earnings, originations and capital markets activity. Our defensive portfolio secured by high quality real estate owned by institutional sponsors continues to deliver attractive risk adjusted returns. With quarter end liquidity over $750 million, we are well positioned to capitalize on the opportunities in this market environment.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “Strong brand recognition combined with KREF's affiliation with KKR led to record capital markets activity during the quarter including a $285 million increase in permanent equity and over $1.1 billion of incremental non-mark-to-market financing capacity.”

(1)    For the three months ended December 31, 2021, Distributable Earnings is net of $32.9 million, or ($0.55) per diluted share, of realized losses on loan write-offs.

(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 or by the current principal amount as of the date of the most recent as-is appraised value.

(3)    Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor as of March 31, 2022.

1

Portfolio Performance

Collected 100.0% of interest payments due on loan portfolio for the three months ended March 31, 2022. As of March 31, 2022, the average risk rating of the Company's portfolio was 2.9 (Average Risk), weighted by outstanding principal amount, consistent with that as of December 31, 2021. As of March 31, 2022, 95.0% of the Company's loans was risk-rated 3 or better.

First Quarter 2022 Investment Activity

Loan Originations

The Company committed capital and funded to the following floating-rate loans ($ in thousands):

Description/ LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal Funded Interest Rate (A)

Maturity Date(B) LTV

Senior Loan, Brandon, FLMultifamilyJanuary 2022$90,300 $61,920 + 3.1%February 202775%

Senior Loan, Washington, DC(D) OfficeJanuary 2022100,000 57,060 + 3.2February 202855

Senior Loan, Phoenix, AZ(E)

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS

New York, NY, February 8, 2022 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter and full year ended December 31, 2021.

Reported net income attributable to common stockholders of $35.2 million and $125.6 million, or $0.59 and $2.21 per diluted share of common stock, for the three and twelve months ended December 31, 2021, respectively.

Reported Distributable Earnings(1) of ($2.9) million and $92.4 million, or ($0.05) and $1.63 per diluted share of common stock, for the three and twelve months ended December 31, 2021, respectively.

Fourth Quarter 2021 Highlights

•Originated and funded $1.8 billion and $1.5 billion, respectively, relating to 18 floating-rate loans, with a weighted average appraised loan-to-value ratio (“LTV”)(2) and coupon of 68% and L+3.0%, respectively. Received loan repayments of $679.6 million.

•Completed an accretive underwritten public offering of 5,547,361 common shares at $21.76 per share, resulting in $120.4 million of net proceeds. The offering was $0.22 per share accretive to book value per share.

•Completed repricing of $297.8 million existing secured term loan and a $52.2 million add-on, for an aggregate principal amount of $350.0 million due September 2027, which was issued at par. The new secured term loan bears interest at L+3.50%, and is subject to a LIBOR floor of 0.50%, which is an aggregate improvement of 1.75%.

•$528.9 million liquidity position, including $271.5 million of cash and $200.0 million of undrawn capacity on the corporate revolving credit facility (“Revolver”), in addition to $235.3 million of unencumbered senior loans.

•Took title to one defaulted senior retail loan with an outstanding principal balance and net carrying value of $109.6 million and $69.3 million, respectively. Accordingly, the Company recognized an $8.2 million GAAP gain from reversal of the allowance for credit losses and recognized a $32.1 million realized loss on loan write-off through distributable earnings.

•Common book value increased to $1,188.9 million, or $19.37 per common share, as of December 31, 2021, representing seven consecutive quarters of book value accretion.

2021 Highlights

•Originated and funded a record $4.8 billion and $3.6 billion, respectively, relating to 37 floating-rate loans. Total originations for 2021 represented a 428% and 56% increase over 2020 and 2019 originations, respectively.

•Current funded loan portfolio of $6.7 billion is 100.0% performing, 100.0% floating rate with a weighted average LTV of 68% as of December 31, 2021.

•Issued 6,900,000 shares of 6.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), at a liquidation price of $25.00 per share, and received net proceeds of $167.1 million. In January 2022, the Company issued an additional 6,210,000 shares of Series A Preferred Stock and received net proceeds of $151.2 million.

•Optimized and diversified financing sources:

•71% of the secured financing was completely non-mark-to-market, and the remaining balance is only subject to mark-to-credit, as of December 31, 2021.

•Closed a $1.3 billion managed collateralized loan obligation (“CLO”) with a two-year reinvestment period providing $1.1 billion of non-mark financing equating to an 84.25% advance rate and a weighted average cost of capital of L+1.30% before transaction costs.

•Entered into a new $500.0 million term lending agreement, which provides asset-based financing on a non-mark-to-market basis with matched-term up to five years.

(1)    Distributable earnings is net of $32.9 million, or ($0.55) and ($0.58) per diluted share, of realized losses on loan write-offs for the three and twelve months ended December 31, 2021, respectively.

(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 or by the current principal amount as of the date of the most recent as-is appraised value.

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Matt Salem, Chief Executive Officer of KREF, said: “KREF had a strong 2021 with record originations of $4.8 billion and a 35% increase in the funded portfolio to $6.8 billion. Our franchise, client relationships, and the ability to leverage the broader KKR platform positions KREF well for continued success in 2022.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “The KREF brand continues to drive robust capital markets activity. During the quarter, KREF raised accretive common equity and upsized and improved the cost of capital on the Term Loan B. KREF’s growth continued into 2022 including the issuance of an additional $155 million of 6.5% Series A Preferred Stock and the pricing of a new $1.0 billion managed CRE CLO.”

Portfolio Performance

Collected 97.3% and 100.0% of inte

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KKR REAL ESTATE FINANCE TRUST INC. REPORTS

THIRD QUARTER 2021 FINANCIAL RESULTS

New York, NY, October 25, 2021 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2021.

Reported net income attributable to common stockholders of $32.0 million, or $0.57 per diluted share of common stock, for the three months ended September 30, 2021, compared to $29.3 million, or $0.52 per diluted share of common stock, for the three months ended June 30, 2021.

Reported Distributable Earnings of $34.5 million, or $0.62 per diluted share of common stock, for the three months ended September 30, 2021, compared to $30.4 million, or $0.54 per diluted share of common stock, for the three months ended June 30, 2021.

Third Quarter 2021 Highlights

•Originated eight senior loans totaling $1,537.0 million, with a weighted average appraised loan-to-value ratio (“LTV”)(1) and coupon of 66% and L+3.5%, respectively. Received loan repayments of $934.9 million.

•Closed a $1.3 billion managed CLO with two-year reinvestment period providing $1.1 billion of non-mark financing equating to an 84.25% advance rate and a weighted average cost of capital of L+1.3% before transaction costs. Concurrently, repaid $767.0 million of outstanding notes under our 2018 CLO.

•Entered into a new $500.0 million term lending agreement, which provides asset-based financing on a non-mark-to-market basis with matched-term up to five years.

•$516.2 million liquidity position, including $307.7 million of cash and $185.0 million of undrawn capacity on the corporate revolving credit facility (“Revolver”), in addition to $528.0 million of unencumbered investments.

•Current loan portfolio:

•A record $5.8 billion funded portfolio that is 98.0% performing with a weighted average risk rating of 3.0.

•Multifamily and office loans comprise 71% of the portfolio, while hospitality and retail loans comprise 8%.

•99.9% floating-rate with a weighted average LTV of 67%.

•Book value per common share ("BVPS") accretion for six consecutive quarters. BVPS was $19.09 as of September 30, 2021, compared to $18.91 as of June 30, 2021.

Matt Salem, Chief Executive Officer of KREF, said: “KREF delivered another exceptional quarter with record distributable earnings and our sixth consecutive quarter of book value accretion. The scale of our platform, connectivity with KKR and deep relationships with institutional sponsors delivered strong investment activity with $1.5 billion originations for the third quarter.”

Patrick Mattson, President and Chief Operating Officer of KREF, added: “KREF’s affiliation with KKR continues to create market-leading financing solutions. During the quarter, KREF further diversified its financing through the addition of a new $500 million non-mark-to-market term facility and closing of a $1.3 billion managed CRE CLO.”

(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 or by the current principal amount as of the date of the most recent as-is appraised value.

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Portfolio Performance

Collected 97.4% of interest payments due on loan portfolio for the three months ended September 30, 2021. As of September 30, 2021, the average risk rating of the Company's portfolio was 3.0 (Average Risk), weighted by outstanding principal amount, as compared to 3.1 (Average Risk) as of June 30, 2021. As of September 30, 2021, 91.2% of the Company's loans was risk-rated 3 or better.

Third Quarter 2021 Investment Activity

Loan Originations

The Company committed capital and funded to the following floating-rate loans ($ in thousands):

Description/ LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal Funded Interest Rate (A)

Maturity Date(B) LTV

Senior Loan, Mountain View, CA(D) OfficeJuly 2021$250,000 $181,571 L + 3.3%August 202673%

Senior Loan, Brisbane, CALife ScienceJuly 202195,000 84,875 L + 3.0August 202671

Senior Loan, Dallas, TXMultifamilyAugust 202168,200 68,200 L + 3.8September 202670

Senior Loan, Bronx, NY(E) IndustrialAugust 2021228,746 93,940 L + 4.1September 202652

Senior Loan, Bellevue, WA(F) OfficeSeptember 2021260,416 43,157 L + 3.6April 202763

Senior Loan, Denver, COMultifamilySeptember 202170,300 69,250 L + 2.7October 202678

Senior Loan, The Woodlands, TXHospitalitySeptember 2021183,331 168,090 L + 4.2October 202664

Senior Loan, Arlington, VAMultifamilySeptember 2021381,000 352,941 L + 3.2October 202669

Total/ Weighted Average(C)

$1,536,993 $1,062,024 L + 3.5%66%

(A)    Floating rate based on one-month USD LIBOR. The weighted average coupon is 3.6%, based on outstanding principal and inclusive of in-place LIBOR floors, as of September 30, 2021.

(B)    Maturity date assumes all extension options are exercised, if applicable.

(C)    Weighted average interest rate and LTV are based on c