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 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 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 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
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