KKR Real Estate Finance Trust Inc

KREF is in a Stage 2 Advancing phase with a confirmed momentum breakout and rising EMAs. Medium-term bias is bullish, but price is near extreme overbought territory and slightly extended above short-term EMAs. We recommend stalking pullbacks into the rising 9/20/50 EMA support zone for potential entries, aligning with a defensive Free Cash Flow + Buybacks approach.

• ↑Legacy office exposure cut from 21% to 18%, targeting <10% by end-2026
• ↑$38M repurchased at $6.63/share, boosting book value by $0.32 per share
• ↓Q2 GAAP loss of $122M (−$1.95/share) underscores deep operating losses