Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.

They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
00:00 – Intro And Canyon’s Role In Real Estate Credit
02:50 – Matt’s Path Into Real Estate And The GFC Years
06:00 – From Walton Street To Angelo Gordon To Canyon
09:40 – How Canyon Thinks About Credit Vs Equity
14:10 – What LPs Are Looking For Right Now
18:20 – The Wall Of Maturities And Private Credit Demand
23:40 – Macro Vs Micro Data And Reading The Market
28:10 – Multifamily, Housing, And Quiet Distress
33:20 – Structuring Capital Solutions In Today’s Market
39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.