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Rick Shane

Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co.

Richard Shane is a Managing Director and Senior Equity Research Analyst at J.P. Morgan, specializing in the financial sector with a particular focus on consumer finance and specialty finance companies. He covers over 50 prominent stocks, including major names such as American Express (AXP), and has demonstrated a strong performance track record with a success rate of approximately 68% and an average return per recommendation of 11.4%. Shane began his tenure at J.P. Morgan in 2013 and has more than a decade of industry experience, having previously held analyst roles at other financial firms. He holds relevant securities licenses and professional credentials necessary for his role as a registered research analyst.

Rick Shane's questions to AMERICAN EXPRESS (AXP) leadership

Rick Shane's questions to AMERICAN EXPRESS (AXP) leadership • Q3 2025

Question

Rick Shane inquired about the role of retention offers as the new, higher Platinum Card fees roll out, asking about the typical percentage of customers who request or take these offers and if that response rate is expected to be higher or lower this time.

Answer

Chairman and CEO Stephen Squeri explained that retention offers play a very small role in retaining the card base, with most retention driven by explaining the product's value. He believes the Platinum Card's enhanced value proposition makes it easy for customers to see its worth, and he anticipates retention offers may play an even smaller role than in the past due to the product's inherent strength and ease of benefit engagement.

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Rick Shane's questions to ARBOR REALTY TRUST (ABR) leadership

Rick Shane's questions to ARBOR REALTY TRUST (ABR) leadership • Q2 2025

Question

Rick Shane of JPMorgan Chase & Co. requested details on the $10.5 million in REO-related losses, the accounting and balance of payment-in-kind (PIK) interest, the strategy for holding versus selling REO based on property absorption, and the expected capital expenditure for the REO portfolio.

Answer

CFO Paul Elenio clarified that a ~$9.5 million REO loss was a strategic decision to quickly flip a deteriorating asset, while a smaller loss was on another property. He stated the PIK receivable balance was $95 million at quarter-end, which is added to the loan's carrying value and assessed quarterly via CECL. CEO Ivan Kaufman explained their REO strategy focuses on workforce housing, not oversupplied Class A assets. Both executives estimated future CapEx on the REO portfolio would be in the $25-$50 million range over time.

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Rick Shane's questions to KKR Real Estate Finance Trust (KREF) leadership

Rick Shane's questions to KKR Real Estate Finance Trust (KREF) leadership • Q2 2025

Question

Rick Shane of JPMorgan Chase & Co. asked about KREF's strategy for managing its significant 2026 and 2027 loan maturity walls and sought clarification on the distinction between a loan refinance and an extension. In a follow-up, he requested a detailed timeline for repatriating capital from the company's REO portfolio.

Answer

CEO Matt Salem addressed the maturity walls, explaining that many loans are being refinanced ahead of schedule as sponsors seek to extend duration in a favorable market, and he does not see maturities as a major catalyst for new defaults. He clarified that most refinancings in KREF's pipeline are for new credits, not existing loans. Regarding the REO portfolio, Salem provided an asset-by-asset breakdown, indicating West Hollywood and Portland would see capital returns starting within the next year, while assets like Mountain View and Seattle require more patience to maximize value.

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Rick Shane's questions to KKR Real Estate Finance Trust (KREF) leadership • Q2 2025

Question

Rick Shane from JPMorgan Chase & Co. asked for insight into KREF's large maturity walls in 2026 and 2027, seeking a potential breakdown of expected payoffs, extensions, and problematic loans. He also requested clarification on whether pipeline 'refinancings' represent new credits or existing KREF loans, and how the company internally distinguishes a 'refinance' from an 'extension'.

Answer

CEO Matthew Salem explained that it's difficult to provide a precise breakdown of future maturities, but noted many are being resolved ahead of schedule. He believes most credit issues have already surfaced and are not primarily tied to maturity dates anymore. Salem clarified that the vast majority of refinancings in the pipeline are for new credits, not existing KREF loans. An extension modifies a current loan, whereas a full refinance of an existing asset is rare and would be treated as an entirely new loan with new terms.

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