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    Eric Dray • Bank of America

    Eric Dray's questions to Prosperity Bancshares Inc (PB) leadership

    Eric Dray's questions to Prosperity Bancshares Inc (PB) leadership • Q2 2025

    Question

    Eric Dray, on behalf of Ebrahim Poonawala from Bank of America, asked about the fee income run rate, which has been trending above previous guidance. He also questioned whether the pending American Bank acquisition limits the company's ability to pursue other deals before it closes.

    Answer

    CFO Asylbek Osmanov confirmed that the noninterest income run rate should be updated to a higher range of $38 million to $40 million, driven by strong service and debit card fees. 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 Ares Commercial Real Estate Corp (ACRE) leadership

    Eric Dray's questions to Ares Commercial Real Estate Corp (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 Inc (BRSP) leadership

    Eric Dray's questions to Brightspire Capital Inc (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 Inc (BXMT) leadership

    Eric Dray's questions to Blackstone Mortgage Trust Inc (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 Inc (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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