KREF · KKR Real Estate Finance Trust Inc.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $5.990 to $6.085, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $5.995 to $6.050, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date (the "RSU Vesting Date"). The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until the earlier of (a) ten years after the RSU Vesting Date and (b) such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer. Upon such date, the reporting person has elected to receive the Common Stock in four equal annual installments.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2026.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2026.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2026. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until the earlier of (i) five years after the vesting date of the restricted stock units, or (ii) the date of the reporting person's Termination (as defined in the KKR Real Estate Finance Trust Inc. 2025 Omnibus Incentive Plan).

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2026. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until five years after the vesting date of the restricted stock units.

Reflects the sale of 125,289 shares of common stock of KKR Real Estate Finance Trust Inc., by the Reporting Person in a block sale at a price per share of $8.25 pursuant to Rule 144 of the Securities Act of 1933, as amended. The sale was made in connection with the Reporting Person's year-end tax planning for 2025. The Reporting Person intends, but is not required, to repurchase an equal number of shares in 2026, subject to compliance with laws and company policies, as well as then-current market conditions.

Reflects the sale of 125,289 shares of common stock of KKR Real Estate Finance Trust Inc., by the Reporting Person in a block sale at a price per share of $8.25 pursuant to Rule 144 of the Securities Act of 1933, as amended. The sale was made in connection with the Reporting Person's year-end tax planning for 2025. The Reporting Person intends, but is not required, to repurchase an equal number of shares in 2026, subject to compliance with laws and company policies, as well as then-current market conditions.

Held through a limited partnership. Mr. Rosenberg disclaims beneficial ownership over these shares of Common Stock, except to the extent of his pecuniary interest therein.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.785 to $7.800, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.8059 to $7.8193, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.885 to $7.9200, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.7950 to $7.9290, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Represents a transfer of shares pursuant to a property settlement agreement.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 25, 2026 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 25, 2026 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 25, 2026 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 25, 2026 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date (the "RSU Vesting Date"). The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until the earlier of (a) ten years after the RSU Vesting Date and (b) such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer. Upon such date, the reporting person has elected to receive the Common Stock in four equal annual installments.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 25, 2026 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2025.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2025.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2025. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until five years after the vesting date of the restricted stock units.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2025. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until the earlier of (i) five years after the vesting date of the restricted stock units, or (ii) the date of the reporting person's Termination (as defined in the Amended and Restated KKR Real Estate Finance Trust Inc. 2016 Omnibus Incentive Plan).

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock unit.

Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 19, 2025 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 19, 2025 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 19, 2025 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 19, 2025 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date.

Represents a grant of restricted stock units, which will vest on the earlier of (i) April 19, 2025 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date (the "RSU Vesting Date"). The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until the earlier of (a) ten years after the RSU Vesting Date and (b) such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer. Upon such date, the reporting person has elected to receive the Common Stock in four equal annual installments.

The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $9.70 to $9.73, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2024.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2024.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2024.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2024.

Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2024.