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    Thomas Catherwood • BTIG, LLC

    Thomas Catherwood's questions to Innovative Industrial Properties Inc (IIPR) leadership

    Thomas Catherwood's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG asked about the specific investment case for IQHQ, its business plan for overcoming sector challenges, and the process used to review and mitigate potential conflicts of interest.

    Answer

    Executive Chairman Alan Gold clarified the investment is in an operating company's debt and preferred equity, not direct real estate, positioning IIPR senior in the capital stack. He stated the capital helps IQHQ complete developments and capitalize on life science and AI demand. Gold also explained that a special committee of disinterested board members reviewed and approved the transaction. Chief Investment Officer Ben Regin added that the investment sits ahead of approximately $4 billion in common equity.

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    Thomas Catherwood's questions to Ares Commercial Real Estate Corp (ACRE) leadership

    Thomas Catherwood's questions to Ares Commercial Real Estate Corp (ACRE) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG, LLC inquired about ACRE's strategy for using leverage to increase loan originations, the current state of the origination pipeline, and the potential for extending the risk-rated five Chicago office loan.

    Answer

    CEO & Director Bryan Donohoe confirmed the company has the capacity and intent to use more leverage for growth, citing the accordion feature in their Morgan Stanley facility. He described the origination pipeline as robust but noted deal velocity can fluctuate. Regarding the Chicago loan, he indicated that a return to accrual status is unlikely due to broader office sector challenges.

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    Thomas Catherwood's questions to Paramount Group Inc (PGRE) leadership

    Thomas Catherwood's questions to Paramount Group Inc (PGRE) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG questioned if San Francisco office leasing demand, excluding AI, is primarily driven by tenants exploring refreshed space. He also asked where in the New York portfolio Paramount is pushing rents and whether they have started testing lower concession offerings in their highly-leased assets.

    Answer

    Chairman, CEO & President Albert Behler noted a broad-based pickup in San Francisco demand across legal, finance, and tech, crediting the new city administration. Peter Brindley, Executive VP & Head of Real Estate, confirmed diverse industry activity and a significant increase in tours. For New York, Brindley stated they are exercising pricing power on scarce, high-quality upper-floor spaces. While concessions have been flat, he expects them to decrease as they leverage high occupancy to improve deal economics.

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    Thomas Catherwood's questions to Paramount Group Inc (PGRE) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG asked for specifics on the Kirkland and Benesch leases in Manhattan, whether the shrinking supply of quality space is giving Paramount pricing power, and for a response to a peer's view that the Q1 San Francisco leasing pickup was a one-off event.

    Answer

    Peter Brindley, EVP, Head of Real Estate, detailed that both the Kirkland and Benesch leases addressed significant vacant space while also derisking future expirations. He confirmed that a 'fear of loss' among tenants is creating earlier engagement and giving Paramount pricing power, especially on scarce upper floors in Midtown. He disagreed that San Francisco's Q1 was a one-off, stating that a healthy pipeline of roughly 7 million square feet of varying tenant sizes remains.

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    Thomas Catherwood's questions to COPT Defense Properties (CDP) leadership

    Thomas Catherwood's questions to COPT Defense Properties (CDP) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG, LLC asked how the company addresses potential space availability challenges amid rising occupancy and retention. He also questioned whether high retention was driven by improved tenant outlooks or a lack of market alternatives.

    Answer

    President & CEO Stephen Budorick explained that high occupancy triggers new speculative development to meet demand. He attributed strong retention to prime locations and tenant co-investment in secure facilities (SCIFs). EVP & COO Britt Snider added that CDP's ability to fund tenant improvements gives it an edge over capital-constrained competitors.

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    Thomas Catherwood's questions to Alexandria Real Estate Equities Inc (ARE) leadership

    Thomas Catherwood's questions to Alexandria Real Estate Equities Inc (ARE) leadership • Q2 2025

    Question

    Thomas Catherwood asked for an update on several development projects that have not yet shown leasing progress and sought to clarify the classification of leasing activity between development projects and previously vacant space.

    Answer

    Peter Moglia, CEO & CIO, confirmed that the prospect pool for the development pipeline has grown, although tenant decision-making times remain elongated. Joel Marcus, Founder & Executive Chairman, added that leasing drivers are highly specific to each submarket and tenant. Both Mr. Moglia and Marc Binda, CFO & Treasurer, clarified that the leasing of 'previously vacant space' refers to space within the existing operating portfolio, not the development pipeline.

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    Thomas Catherwood's questions to Prologis Inc (PLD) leadership

    Thomas Catherwood's questions to Prologis Inc (PLD) leadership • Q2 2025

    Question

    Thomas Catherwood from BTIG sought to reconcile conflicting leading indicators, questioning the bifurcation between rising space utilization and proposals versus a drop in the IBI activity index.

    Answer

    Chris Caton, MD of Global Strategy & Analytics, explained that a full-picture view is necessary, as metrics can be retrospective or prospective. He noted that space utilization is up, reflecting supply chain growth and inventory build, while the IBI activity index reflects the softer economic climate and slower movement of goods. The building pipeline represents future decision-making in this landscape.

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    Thomas Catherwood's questions to Blackstone Mortgage Trust Inc (BXMT) leadership

    Thomas Catherwood's questions to Blackstone Mortgage Trust Inc (BXMT) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG asked about the potential for loan book growth through the remainder of 2025, considering moderating repayments. He also questioned how the origination pipeline has shifted in terms of volume, sector, or geography since the recent tariff announcements.

    Answer

    CEO Katharine Keenan stated that repayments are continuing at a steady pace and the company aims to grow the portfolio towards its $20 billion target, while maintaining a primary focus on credit quality. EVP of Investments Austin Pena added that the origination strategy has not fundamentally shifted post-tariffs, as it remains concentrated on resilient sectors like multifamily and industrial, which is a strategy that feels even more appropriate in an uncertain environment.

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    Thomas Catherwood's questions to KKR Real Estate Finance Trust Inc (KREF) leadership

    Thomas Catherwood's questions to KKR Real Estate Finance Trust Inc (KREF) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG inquired about the strategy for European loan originations, whether future originations would be tied to repayments given the leverage ratio, and if recent tariffs have impacted repayment expectations.

    Answer

    CEO Matt Salem confirmed that KREF has been active in Europe for years and expects to close deals in Western Europe and the U.K. within the next couple of quarters. President & COO Patrick Mattson addressed leverage, noting that post-quarter repayments brought the ratio to the midpoint of their target range (3.7x). He added that it's too early to see a tariff impact on repayments, as the refinancing market remains liquid and functional for sponsors.

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