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    Jon Petersen • Piper Sandler & Co.

    Jon Petersen's questions to Grail Inc (GRAL) leadership

    Jon Petersen's questions to Grail Inc (GRAL) leadership • Q2 2025

    Question

    Jon Petersen of Piper Sandler inquired about early order trends from the Quest Diagnostics integration and sought commentary on the Galleri test's repeat testing rate and its trajectory.

    Answer

    CEO Bob Ragusa reported positive early results from the Quest integration, noting it reduces friction and that 7% of Q2 orders came through the platform from high-volume prescribers. He also expressed satisfaction with the repeat testing rate, which increased to 25% in Q2 from over 20% in Q1, viewing it as a strong indicator of product adoption for a non-reimbursed test.

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    Jon Petersen's questions to Safehold Inc (SAFE) leadership

    Jon Petersen's questions to Safehold Inc (SAFE) leadership • Q2 2025

    Question

    Jon Petersen asked about the impact of Manhattan's recovering office market on land values and potential asset sales, inquired about a broader strategy for recycling capital, and questioned if the political focus on affordable housing is a net positive for Safehold.

    Answer

    CEO Jay Sugarman noted that positive dynamics in Manhattan's office and residential markets are beneficial long-term for land values but a near-term impact is unclear. He stated that while they always evaluate the portfolio, creating new ground leases remains the primary focus over selling. On affordable housing, both Sugarman and CIO Tim Doherty agreed that their success comes from providing cheap capital and building credibility with developers to solve the national supply-demand imbalance.

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    Jon Petersen's questions to National Storage Affiliates Trust (NSA) leadership

    Jon Petersen's questions to National Storage Affiliates Trust (NSA) leadership • Q2 2025

    Question

    Jon Petersen from Jefferies asked for a breakdown of the drivers behind the revenue guidance reduction, specifically between housing market weakness and PRO integration issues, and whether integration challenges were portfolio-specific.

    Answer

    EVP & CFO Brandon Togashi explained that the lack of housing market improvement accounted for performance at the low end of the original guidance, with the further reduction attributable to the extended challenges of the PRO integration. President & CEO David Cramer added that these challenges were more market-driven than portfolio-specific, citing the difficulty of rebranding in highly competitive markets like Phoenix.

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    Jon Petersen's questions to Galaxy Digital Inc. (GLXY) leadership

    Jon Petersen's questions to Galaxy Digital Inc. (GLXY) leadership • Q2 2025

    Question

    Jon Petersen from Jefferies asked what hurdles Galaxy might need to cross to sign a deal with a major hyperscaler and whether customer diversification would be a priority for future data center capacity.

    Answer

    President & CIO Christopher Ferraro clarified that the main factor was a practical matter of availability, as the first 800 MW of capacity was dedicated to CoreWeave. He noted that as Galaxy executes on this project and brings more capacity online, it will demonstrate its delivery capabilities to other hyperscalers. He also agreed that customer and geographic diversification is a natural long-term goal.

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    Jon Petersen's questions to Prologis Inc (PLD) leadership

    Jon Petersen's questions to Prologis Inc (PLD) leadership • Q2 2025

    Question

    Jon Petersen from Jefferies inquired about the prevalence of higher power demands from warehouse automation and how Prologis is managing this in a power-constrained environment.

    Answer

    CEO Hamid Moghadam estimated that power demand could increase 5x, from ~5 kWh to 25 kWh per square foot with full automation and EV charging. President Dan Letter added that Prologis is 'way in front of this,' leveraging expertise from its mobility business to launch a new behind-the-meter energy generation solution to bridge the gap as utilities struggle to keep up with demand.

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