| Subsidiary | Jurisdiction of Organization | |
| KKR Real Estate Finance Holdings L.P. | Delaware | |
| KREF Capital LLC | Delaware | |
| KREF Capital REO LLC | Delaware | |
| KREF Capital TRS LLC | Delaware | |
| KREF Capital REO TRS LLC | Delaware | |
| KREF Holdings I LLC | Delaware | |
| KREF Holdings II LLC | Delaware | |
| KREF Holdings III LLC | Delaware | |
| KREF Holdings IV LLC | Delaware | |
| KREF Holdings V LLC | Delaware | |
| KREF Holdings VI LLC | Delaware | |
| KREF Holdings VII LLC | Delaware | |
| KREF Holdings VIII LLC | Delaware | |
| KREF Holdings IX LLC | Delaware | |
| KREF Holdings X LLC | Delaware | |
| KREF Holdings XI LLC | Delaware | |
| KREF Holdings XII LLC | Delaware | |
| KREF Holdings XIII LLC | Delaware | |
| KREF Holdings XIV LLC | Delaware | |
| KREF Holdings XV LLC | Delaware | |
| KREF Holdings XVI LLC | Delaware | |
| KREF Holdings XVII LLC | Delaware | |
| KREF Lending I LLC | Delaware | |
| KREF Lending II LLC | Delaware | |
| KREF Lending III LLC | Delaware | |
| KREF Lending III TRS LLC | Delaware | |
| KREF Lending IV LLC | Delaware | |
| KREF Lending V LLC | Delaware | |
| KREF Lending VI LLC | Delaware | |
| KREF Lending VII LLC | Delaware | |
| KREF Lending VIII LLC | Delaware | |
| KREF Lending IX LLC | Delaware | |
| KREF Lending XI LLC | Delaware | |
| KREF Lending XII LLC | Delaware | |
| KREF Lending XIII LLC | Delaware | |
| KREF Lending XIV LLC | Delaware | |
| KREF Lending XV LLC | Delaware | |
| KREF Lending XVI LLC | Delaware | |
| KREF Lending XVII LLC | Delaware | |
| KREF Mezz Holdings LLC | Delaware | |
| KREF RECOP Holdings LLC | Delaware | |
| KREF Securities Holdings, LLC | Delaware | |
| KREF Securities Holdings II, LLC | Delaware | |
| KREF Securities Holdings III LLC | Delaware |
| KREF Securities Holdings IV LLC | Delaware | |
| KREF Securities Holdings V LLC | Delaware | |
| REFH Holdings LLC | Delaware | |
| REFH SR Mezz LLC | Delaware | |
| KREF Finance Holdings LLC | Delaware | |
| KREF Finance Holdings L.P. | Delaware | |
| KREF Finance TRS LLC | Delaware | |
| KREF CLO Sub-REIT LLC | Delaware | |
| KREF CLO Loan Seller LLC | Delaware | |
| KREF CLO Holdings LLC | Delaware | |
| KREF 2021-FL2 Holdings LLC | Delaware | |
| KREF 2021-FL2 Ltd. | Cayman Islands | |
| KREF 2021-FL2 LLC | Delaware | |
| KREF 2022-FL3 Holdings LLC | Delaware | |
| KREF 2022-FL3 Ltd. | Cayman Islands | |
| KREF 2022-FL3 LLC | Delaware | |
| KREF Holdings XVIII GP LLC | Delaware | |
| KREF FX Holdings LP | Delaware | |
| KREF Lending XVIII GP HoldCo LLC | Delaware | |
| KREF Lending XVIII GP LLC | Delaware | |
| KREF Holdings XVIII LP | Delaware | |
| KREF Lending XVIII LP | Delaware | |
| KREF GBP Holdings XVIII LP | Delaware | |
| KREF GBP Lending XVIII LP | Delaware | |
| KREF EUR Holdings XVIII LP | Delaware | |
| KREF EUR Lending XVIII LP | Delaware | |
| KREF EUR DAC HoldCo LLC | Delaware | |
| Lloyd Outparcel Holdings LLC | Delaware | |
| KREF Lloyd Center Manager LLC | Delaware | |
| KREF Lloyd Center Venture LLC | Delaware | |
| KREF Lloyd Center TRS LLC | Delaware | |
| KREF Lloyd Center Owner LLC | Delaware | |
| 330 Yale Owner LLC | Delaware | |
| 350 Ellis Venture LLC | Delaware | |
| 350 Ellis Owner LLC | Delaware | |
| DPP9 Owner, LLC | Delaware | |
| Summermill Holdings LLC | Delaware | |
| Summermill Acquisition LLC | Delaware |