diff --git a/src/message/mod.rs b/src/message/mod.rs
index a200140..d9c0716 100644
--- a/src/message/mod.rs
+++ b/src/message/mod.rs
@@ -70,6 +70,8 @@ mod printer;
 
 pub use self::compose::text_to_message;
 
+type ProtocolPreview<'a> = (&'a dyn Protocol, u16, u16);
+
 pub type MessageKey = (MessageTimeStamp, OwnedEventId);
 
 #[derive(Default)]
@@ -715,11 +717,12 @@ impl<'a> MessageFormatter<'a> {
         style: Style,
         text: &mut Text<'a>,
         info: &'a RoomInfo,
-    ) {
+        settings: &'a ApplicationSettings,
+    ) -> Option<ProtocolPreview<'a>> {
         let width = self.width();
         let w = width.saturating_sub(2);
         let shortcodes = self.settings.tunables.message_shortcode_display;
-        let (mut replied, _) = msg.show_msg(w, style, true, shortcodes);
+        let (mut replied, proto) = msg.show_msg(w, style, true, shortcodes);
         let mut sender = msg.sender_span(info, self.settings);
         let sender_width = UnicodeWidthStr::width(sender.content.as_ref());
         let trailing = w.saturating_sub(sender_width + 1);
@@ -738,12 +741,22 @@ impl<'a> MessageFormatter<'a> {
             text,
         );
 
+        // Determine the image offset of the reply header, taking into account the formatting
+        let proto = proto.map(|p| {
+            let y_off = text.lines.len() as u16;
+            // Adjust x_off by 2 to account for the vertical line and indent
+            let x_off = self.cols.user_gutter_width(settings) + 2;
+            (p, x_off, y_off)
+        });
+
         for line in replied.lines.iter_mut() {
             line.spans.insert(0, Span::styled(THICK_VERTICAL, style));
             line.spans.insert(0, Span::styled(" ", style));
         }
 
         self.push_text(replied, style, text);
+
+        proto
     }
 
     fn push_reactions(&mut self, counts: Vec<(&'a str, usize)>, style: Style, text: &mut Text<'a>) {
@@ -961,7 +974,7 @@ impl Message {
         vwctx: &ViewportContext<MessageCursor>,
         info: &'a RoomInfo,
         settings: &'a ApplicationSettings,
-    ) -> (Text<'a>, Option<(&'a dyn Protocol, u16, u16)>) {
+    ) -> (Text<'a>, [Option<ProtocolPreview<'a>>; 2]) {
         let width = vwctx.get_width();
 
         let style = self.get_render_style(selected, settings);
@@ -974,10 +987,10 @@ impl Message {
             .reply_to()
             .or_else(|| self.thread_root())
             .and_then(|e| info.get_event(&e));
-
-        if let Some(r) = &reply {
-            fmt.push_in_reply(r, style, &mut text, info);
-        }
+        let proto_reply = reply.as_ref().and_then(|r| {
+            // Format the reply header, push it into the `Text` buffer, and get any image.
+            fmt.push_in_reply(r, style, &mut text, info, settings)
+        });
 
         // Now show the message contents, and the inlined reply if we couldn't find it above.
         let (msg, proto) = self.show_msg(
@@ -988,10 +1001,11 @@ impl Message {
         );
 
         // Given our text so far, determine the image offset.
-        let proto = proto.map(|p| {
+        let proto_main = proto.map(|p| {
             let y_off = text.lines.len() as u16;
             let x_off = fmt.cols.user_gutter_width(settings);
-            // Adjust y_off by 1 if a date was printed before the message to account for the extra line.
+            // Adjust y_off by 1 if a date was printed before the message to account for
+            // the extra line we're going to print.
             let y_off = if fmt.date.is_some() { y_off + 1 } else { y_off };
             (p, x_off, y_off)
         });
@@ -1012,7 +1026,7 @@ impl Message {
             fmt.push_thread_reply_count(thread.len(), &mut text);
         }
 
-        (text, proto)
+        (text, [proto_main, proto_reply])
     }
 
     pub fn show<'a>(
@@ -1053,7 +1067,7 @@ impl Message {
                 },
                 ImageStatus::Loaded(backend) => {
                     proto = Some(backend.as_ref());
-                    placeholder_frame(None, width, &backend.rect().into())
+                    placeholder_frame(Some("Loading..."), width, &backend.rect().into())
                 },
                 ImageStatus::Error(err) => Some(format!("[Image error: {err}]\n")),
             };
diff --git a/src/windows/room/scrollback.rs b/src/windows/room/scrollback.rs
index eeb6c2d..cc0e3bd 100644
--- a/src/windows/room/scrollback.rs
+++ b/src/windows/room/scrollback.rs
@@ -1340,7 +1340,7 @@ impl<'a> StatefulWidget for Scrollback<'a> {
 
         for (key, item) in thread.range(&corner_key..) {
             let sel = key == cursor_key;
-            let (txt, mut msg_preview) =
+            let (txt, [mut msg_preview, mut reply_preview]) =
                 item.show_with_preview(prev, foc && sel, &state.viewctx, info, settings);
 
             let incomplete_ok = !full || !sel;
@@ -1357,11 +1357,17 @@ impl<'a> StatefulWidget for Scrollback<'a> {
                     continue;
                 }
 
+                // Only take the preview into the matching row number.
+                // `reply` and `msg` previews are on rows,
+                // so an `or` works to pick the one that matches (if any)
                 let line_preview = match msg_preview {
-                    // Only take the preview into the matching row number.
                     Some((_, _, y)) if y as usize == row => msg_preview.take(),
                     _ => None,
-                };
+                }
+                .or(match reply_preview {
+                    Some((_, _, y)) if y as usize == row => reply_preview.take(),
+                    _ => None,
+                });
 
                 lines.push((key, row, line, line_preview));
                 sawit |= sel;