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Jade Rahmani

Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods (KBW)

Jade Rahmani is a Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods (KBW), specializing in commercial real estate finance, homebuilders, and single-family REITs. He provides research coverage on leading real estate companies such as Meritage Homes and has been recognized as a 5-star analyst on TipRanks, achieving a strong 76.14% success rate and an average return of 16.7% on stock recommendations. Rahmani began his career covering industrial sectors at Prudential Securities, worked in strategic roles at UBS and Sidley Austin, and joined KBW in 2007 where he was named #1 Stock Picker in Housing Durables by StarMine for 2012 and 2015. He holds a BA from the University of Michigan and an MBA from NYU Stern, supported by significant professional credentials and recognition within the industry.

Jade Rahmani's questions to LENNAR CORP /NEW/ (LEN) leadership

Jade Rahmani's questions to LENNAR CORP /NEW/ (LEN) leadership • Q3 2025

Question

Jade Rahmani asked for the quantity or percentage of year-to-date deliveries that came from Milrose. He also inquired about the gross margin outlook beyond Q4, specifically whether the remaining 75% of deliveries from Milrose would reflect the interest cost benefit, implying a potential incremental headwind as the $560 million annual interest cost is not yet fully reflected.

Answer

CFO Diane Bessette stated that year-to-date deliveries from Milrose were 'about 25% in that zone.' Executive Chairman & Co-CEO Stuart Miller and Co-CEO & President Jon Jaffe discussed the benefits of Milrose and broader land banking relationships for cost structure and efficiency, emphasizing a manufacturing approach and ecosystem. Miller clarified that Lennar's strategy involves a range of participants providing low-cost capital, not just Milrose, to achieve the best cost structure and affordability.

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Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership

Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership • Q2 2025

Question

Jade Rahmani of Keefe, Bruyette & Woods (KBW) inquired about credit trends in the Freddie Mac B-piece portfolio, the pro forma occupancy and remaining duration of a key life science loan following a new lease, and the company's strategic interest in the senior housing sector.

Answer

CFO Paul Richards confirmed the B-piece portfolio remains solid, with only a few loans in the 2021 floating-rate vintage under watch. CIO Matt McGraner added that market liquidity should support troubled assets. Regarding the life science project, McGraner stated the new lease brings the first phase to two-thirds occupancy, with about 2.5 years of duration remaining on the loan. He also affirmed a strong, positive outlook on the senior housing sector, noting its attractive fundamentals and capital flows, and confirmed NextPoint is actively evaluating opportunities in the space.

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Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership • Q2 2025

Question

Jade Rahmani of Keefe, Bruyette & Woods (KBW) inquired about credit trends in the Freddie Mac B-piece portfolio, the pro forma occupancy and remaining duration of a key life science loan following a new lease, and the company's strategic outlook on the seniors housing sector.

Answer

CFO Paul Richards confirmed the Freddie Mac portfolio remains solid, noting only a few loans of minor concern in the 2021 floating-rate pool. CIO Matt McGraner added that market liquidity should help resolve troubled assets and improve the delinquency picture. Regarding the life science project, McGraner stated the new lease would bring occupancy to two-thirds of the first phase, with Richards noting about 2.5 years of remaining loan duration. McGraner also expressed strong interest in the seniors housing sector, confirming NextPoint is actively evaluating opportunities in that space.

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Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership • Q2 2025

Question

Jade Rahmani of Keefe, Bruyette & Woods (KBW) inquired about credit trends within the Freddie Mac B-piece portfolio, the pro forma occupancy and remaining duration of a key life science loan after a new lease, and the company's strategic outlook on the seniors housing sector.

Answer

CFO Paul Richards stated that the B-piece portfolio's credit profile is solid, though a few loans in the 2021 floating-rate vintage are being monitored. CIO Matt McGraner added that market liquidity should support troubled assets. Regarding the life science project, McGraner confirmed the new lease would bring the first phase to two-thirds occupancy, with Richards noting about 2.5 years of remaining loan duration. McGraner attributed the project's resilience to its 2024 origination, strong sponsor equity, and the new lease. He also affirmed a strong interest in the seniors housing sector, agreeing with its positive fundamental outlook.

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Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership • Q2 2025

Question

Jade Rahmani of Keefe, Bruyette & Woods (KBW) inquired about credit trends within the Freddie Mac B-piece portfolio, the pro forma occupancy and remaining duration of a key life science loan following a new lease, and the company's strategic outlook on the seniors housing sector.

Answer

CFO Paul Richards confirmed the B-piece portfolio remains solid, with only a few loans in the 2021 floating-rate vintage being monitored. CIO Matt McGraner added that strong market liquidity provides options for troubled assets. Regarding the life science project, McGraner stated the new lease brings the first phase to two-thirds occupancy. Richards noted the loan has roughly 2.5 years of remaining duration, though McGraner highlighted that new financing options are already being explored. McGraner attributed the project's resilience to its 2024 origination, significant sponsor equity, and the major lease. He also expressed strong interest in the seniors housing sector, agreeing with its favorable outlook and confirming it as an attractive area for future investment.

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Jade Rahmani's questions to NexPoint Real Estate Finance (NREF) leadership • Q2 2025

Question

Jade Rahmani of Keefe, Bruyette & Woods (KBW) inquired about credit trends within the Freddie Mac B-piece portfolio, the specifics of a major life science lease including pro forma occupancy and remaining loan duration, and the company's strategic interest in the seniors housing sector.

Answer

CFO Paul Richards stated the B-piece portfolio's credit profile is solid, with only a few loans in the 2021 floating-rate pool under watch. CIO Matt McGraner added that market liquidity should support resolutions for troubled assets. Regarding the life science project, McGraner confirmed a new lease will bring a key project to two-thirds occupancy, and while the loan has 2.5 years of duration, favorable refinancing options are already being explored due to the project's strong sponsorship and recent origination. McGraner also expressed strong interest in the seniors housing sector, agreeing with its positive fundamentals and noting it as an attractive area for future investment.

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Jade Rahmani's questions to Apollo Commercial Real Estate Finance (ARI) leadership

Jade Rahmani's questions to Apollo Commercial Real Estate Finance (ARI) leadership • Q2 2025

Question

In a follow-up, Jade Rahmani of Keefe, Bruyette & Woods (KBW) questioned the dividend policy, asking about potential impediments to an increase and the plan to continue paying out most earnings. He also asked for the thesis behind the company's focus on seniors housing.

Answer

President, CEO & Director Stuart Rothstein stated there are no material NOLs to prevent a dividend increase with rising earnings and that the policy remains to distribute most earnings to investors. Chief Investment Officer Scott Weiner explained the seniors housing thesis is driven by a supply-demand imbalance and favorable demographics, with a focus on newer, private-pay properties.

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