Sign in

    Ryan Shelley • Bank of America

    Ryan Shelley's questions to Bread Financial Holdings Inc (BFH) leadership

    Ryan Shelley's questions to Bread Financial Holdings Inc (BFH) leadership • Q2 2025

    Question

    Ryan Shelley of Bank of America Merrill Lynch asked about the rationale behind the new debt tender offer, particularly the inclusion of recently issued subordinated notes, and the company's broader capital structure strategy.

    Answer

    EVP & CFO Perry Beberman explained that the company is in an excess cash position and is opportunistically optimizing its debt structure. He noted the original subordinated note issuance was larger than necessary for their balance sheet. The tender provides optionality, especially as the 9.75% senior notes have a call option in February 2026.

    Ask Fintool Equity Research AI

    Ryan Shelley's questions to PennyMac Financial Services Inc (PFSI) leadership

    Ryan Shelley's questions to PennyMac Financial Services Inc (PFSI) leadership • Q2 2025

    Question

    Ryan Shelley of Bank of America Merrill Lynch asked for commentary on the slight uptick in portfolio delinquency rates during the quarter.

    Answer

    CFO Daniel Perotti noted the increase was consistent with seasonal trends and highlighted that delinquencies actually decreased year-over-year. CEO David Spector added that risk is mitigated by strong borrower equity, government assistance programs, and the high quality of recently originated loans, which show delinquency rates significantly below the industry average.

    Ask Fintool Equity Research AI

    Ryan Shelley's questions to PennyMac Financial Services Inc (PFSI) leadership • Q4 2024

    Question

    Ryan Shelley asked if the quarterly decrease in revenue margin was solely due to mix shift and also inquired about the company's strategy for its upcoming unsecured debt maturity in October.

    Answer

    Executive Daniel Perotti confirmed the margin decline was primarily driven by a mix shift toward lower-margin correspondent production. Regarding the debt, he stated that PFSI plans to access the unsecured market in 2025 to both address the maturity and increase the overall proportion of unsecured debt in its capital structure.

    Ask Fintool Equity Research AI

    Ryan Shelley's questions to Navient Corp (NAVI) leadership

    Ryan Shelley's questions to Navient Corp (NAVI) leadership • Q4 2024

    Question

    Ryan Shelley asked if Navient would consider issuing new debt to fund future growth opportunities and where the repayment of unsecured debt maturities ranks within the company's capital allocation priorities.

    Answer

    CFO Joe Fisher confirmed that unsecured debt issuance would be a tool to fund significant growth but also highlighted other funding sources, including a large cash position and unencumbered assets. The decision would depend on the scale of the growth opportunity, implying a flexible approach to capital allocation that balances growth, debt management, and shareholder returns.

    Ask Fintool Equity Research AI

    Ryan Shelley's questions to Navient Corp (NAVI) leadership • Q3 2024

    Question

    Ryan Shelley asked how Navient plans to address its upcoming June 2025 debt maturity and whether the company would consider issuing new debt in the high-yield market.

    Answer

    CFO Joe Fisher detailed Navient's strong liquidity position, citing over $7.4 billion in available resources from cash, unencumbered loans, and overcollateralization, stating the company is very comfortable addressing upcoming maturities. While confident in the current position, he noted that Navient remains opportunistic and would not rule out tapping the high-yield market if conditions are attractive.

    Ask Fintool Equity Research AI

    Ryan Shelley's questions to Credit Acceptance Corp (CACC) leadership

    Ryan Shelley's questions to Credit Acceptance Corp (CACC) leadership • Q3 2024

    Question

    Ryan Shelley inquired about the drivers behind the recent trend in the active dealer count and asked about the company's strategy for addressing the March 2026 debt maturity, which is now callable.

    Answer

    Chief Treasury Officer Douglas Busk described the active dealer count as 'fairly flat' outside of typical seasonality, noting that despite a normalizing competitive environment, the company continues to grow market share and is on pace for a record volume year. Regarding the 2026 notes, an executive from the treasury team stated they are monitoring market conditions and are not in a rush to act, given the ample time to maturity and multiple refinancing options available, including new notes, securitization, or existing liquidity.

    Ask Fintool Equity Research AI