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    Eric Dray

    Research Analyst at Bank of America

    Eric Dray is an Equity Research Associate at Bank of America Securities, specializing in financial institutions and commercial real estate investment trusts (REITs). He provides in-depth coverage of companies such as loanDepot, BrightSpire Capital, Apollo Commercial Real Estate Finance, Blackstone Mortgage Trust, Starwood Property Trust, TPG RE Finance Trust, and Ares Commercial Real Estate. Dray's recent analyst ratings have included sell and neutral calls, with coverage metrics such as a 57% success rate and significant price target revisions, as seen on platforms like TipRanks and Benzinga. He began his equity research career prior to working in investment banking, holds the CFA credential, and is likely registered with FINRA for securities analysis and research activities.

    Eric Dray's questions to PROSPERITY BANCSHARES (PB) leadership

    Eric Dray's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Eric Dray, on behalf of Ebrahim Poonawala at Bank of America, asked for an updated run rate for fee income and questioned if the pending American Bank deal would limit the capacity for other M&A activity.

    Answer

    CFO Asylbek Osmonov updated the quarterly noninterest income guidance to a new range of $38 million to $40 million, citing strength in service and debit card fees. Senior Chairman & CEO David Zalman confirmed that the company remains "very active" in the M&A market and the pending deal is not a limiting factor.

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    Eric Dray's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Eric Dray, on behalf of Ebrahim Poonawala at Bank of America, asked about the noninterest income run rate, which has been trending above prior guidance. He also questioned whether the pending American Bank acquisition would limit the company's ability to pursue other M&A deals in the interim.

    Answer

    Asylbek Osmonov, CFO, confirmed that the fee income run rate has increased due to strong performance in service and debit card fees, and he updated the quarterly guidance to a new, higher range of $38 million to $40 million. David Zalman, Senior Chairman & CEO, stated definitively that the company remains "very active" in the M&A market and the pending American Bank deal does not limit its ability to complete other transactions.

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    Eric Dray's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Eric Dray, on behalf of Ebrahim Poonawala, asked about the non-interest income run rate, noting it has been consistently above the prior guidance range of $36-38 million. He also questioned whether the pending American Bank acquisition would limit the company's ability to pursue other M&A deals before it closes.

    Answer

    CFO Asylbek Osmanov agreed that the fee income run rate has increased due to strong service and debit card fees, updating the new expected range to $38 million to $40 million per quarter. In response to the second question, Senior Chairman & CEO David Zalman stated definitively that the American Bank deal does not limit their ability to remain active in M&A.

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    Eric Dray's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Eric Dray, on behalf of Ebrahim Poonawala at Bank of America, asked about the noninterest income run rate, which has been trending above prior guidance. He also questioned whether the pending American Bank deal would limit the company's ability to pursue other M&A opportunities in the near term.

    Answer

    CFO Asylbek Osmanov acknowledged the stronger performance and updated the quarterly noninterest income guidance to a new, higher range of $38 million to $40 million, citing strength in service and debit card fees. Senior Chairman and CEO David Zalman stated that the company remains "very active" in the M&A market and that the pending American Bank transaction does not limit their ability to complete other deals.

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    Eric Dray's questions to Ares Commercial Real Estate (ACRE) leadership

    Eric Dray's questions to Ares Commercial Real Estate (ACRE) leadership • Q3 2024

    Question

    Eric Dray asked about the risk of negative credit migration from the risk-rated 3 loan bucket and inquired about the timing and outlook for resuming new loan originations.

    Answer

    CEO Bryan Donohoe responded that while not impossible, they feel the risks are well-encapsulated, especially given the more positive market backdrop. On deployment, he noted the broader Ares platform has been very active in originations, building a pipeline that will be available for ACRE once its balance sheet is appropriately positioned, likely in the first half of 2025.

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    Eric Dray's questions to BrightSpire Capital (BRSP) leadership

    Eric Dray's questions to BrightSpire Capital (BRSP) leadership • Q3 2024

    Question

    Eric Dray asked for insights on the growth of the new origination pipeline, including the timing for a pickup in activity and specific areas of focus. He also requested an update on the resolution plan and timeline for the Long Island City REO properties.

    Answer

    CEO Michael Mazzei described the lending landscape as gradually "thawing out," with inquiries at about one-third of 2021-2022 levels. He noted a pickup in acquisition financing but a slower refi market. President & COO Andrew Witt added that the pipeline is over 50% residential (multifamily, build-to-rent), with a focus on industrial as well. Regarding the Long Island City assets, Mazzei said progress has been slow but there is interest from schools and government agencies. He indicated a mid-2025 deadline to gain leasing traction before considering a sale.

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    Eric Dray's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership

    Eric Dray's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership • Q3 2024

    Question

    Eric Dray from Bank of America asked about the potential risk to credit quality and the pace of resolutions if expected interest rate cuts do not materialize. He also inquired about specific areas of focus, by collateral type or geography, for the company's origination pipeline heading into 2025.

    Answer

    CEO Katie Keenan responded that the direction of rates is "pretty clear," especially in Europe, and that the narrowing range of outcomes has been the key driver of market liquidity, a trend she doesn't expect to meaningfully change. For the 2025 pipeline, she highlighted multifamily, industrial, and data centers in the U.S. as attractive sectors, and noted that Europe continues to present strong relative value.

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    Eric Dray's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership • Q2 2024

    Question

    Eric Dray asked if Federal Reserve rate cuts of 50-100 basis points would materially change the outlook for office loans and what it would take for the sector to truly stabilize.

    Answer

    CEO Katie Keenan responded that while lower rates are helpful, the office sector's issues are a secular reset in demand, not a rate story. She stated that stabilization depends on transparency and conviction around where rents and cap rates settle, allowing new capital to invest at reset values, a trend that is slowly beginning.

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