No Cap by CRE Daily

Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residential and commercial mortgage credit. From the mechanics of risk retention and "B pieces" to innovative builder finance structures, learn how 400 Capital identifies asymmetry in global markets. Chris explains how they’ve bridged the gap between bank balance sheets and private capital by creating partnerships that accommodate modern regulatory standards. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction 00:43 – Chris Hentemann’s Career: From First Boston to the 2008 Crisis 06:37 – The Founding of 400 Capital and Early Investment Thesis 11:52 – Housing Finance, CRT Markets, and the Role of Private Capital 16:41 – Masterclass on Risk Retention: B Pieces and Asset Quality Control 22:13 – The Evolution of Banks: From Warehouse Lenders to Risk Partners 33:30 – Modern Underwriting: AI Integration and Investment Yield Math 43:37 – Strategy Spotlight: Builder Finance and Lot Financing Structures 48:33 – Global Expansion: European SRT Markets and Regulatory Capital Deals 56:56 – Macro Outlook: Rate Cycles, Inflation, and the Power of Volatility For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 6, Episode 2: This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail. Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through the investment side of the platform, Ross now leads one of the largest publicly traded REITs in North America. This conversation covers all of it — the origin story, the GFC, the "retail apocalypse" narrative, and how Kimco has quietly built one of the most durable portfolios in the business. We get into how Kimco underwrites acquisitions (location + basis, always), why grocery anchors drive daily and weekly foot traffic that no other asset class can replicate, and how the four segments of the grocery market — traditional, discount, organic, and ethnic — each attract a distinct co-tenancy ecosystem. Ross also breaks down Kimco's approach to redevelopment and densification, including 13,000+ multifamily units either built, under construction, or fully entitled across their portfolio, and why turning a sea of surface parking into a 25-story mixed-use tower can be additive — not disruptive — to the retail below. We also cover Kimco's structured investment program in preferred equity and mezz financing, how they think about balance sheet discipline (including a decade-long push to earn an A-minus credit rating from all three agencies), and why new ground-up retail construction would require 50–60% rent increases in most markets just to pencil — a supply constraint that's quietly been one of the biggest tailwinds for existing center owners. If you want to understand how a REIT that's been in the business since Eisenhower still finds mispriced assets, turns over capital intelligently, and thinks about what comes next — this episode is it. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction 05:13 – Kimco’s First Deal and Early Mistakes 10:31 – Curating Tenant Mix Around the Customer 15:08 – Omnichannel Retail and Store Importance 19:44 – Capital Strategy and Debt Approach 25:00 – Portfolio Strategy and Market Positioning 30:00 – Leasing Strategy and Tenant Demand 35:00 – Redevelopment and Value Creation 40:00 – Retail Resilience and Market Outlook 45:43 – Development, Densification, and Closing Thoughts For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance. Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 10-year hold challenge for developers. From ground-up developments to post-CO recapitalizations, learn how these capital market experts are resetting the clock on distressed assets and preparing for the next era of "OZ 2.0." Whether you're a developer or an investor, this episode is a must-listen for navigating today's complex financing environment. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction 01:54 – Ackman-Ziff's History and Focus on Structured Finance 03:21 – Carving a Niche in the Opportunity Zone Space 04:35 – Structuring Preferred Equity for a 10-Year Hold 08:55 – Financing Ground-Up Development with OZ Pref 14:52 – The Math: 10-Year Outlook and Positive Leverage 18:05 – Opportunity Zone Fundamentals and Tax Benefits 21:28 – Strategic Recaps: Injecting New OZ Equity Post-CO 25:13 – Navigating Qualified Opportunity Zone Compliance 30:10 – OZ 2.0: Future Outlook and Global Gain Trends 37:21 – Case Study: $200M Recapitalization in Washington D.C. 48:41 – The Cycle of Common Equity vs. Private Credit For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership. Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has evolved from family-run ownership models to today’s era of institutional capital and global brokerage consolidation. Michael also breaks down the strategic thinking behind some of Manhattan’s most recognizable assets and neighborhoods—from the transformation of NoMad and the role of Business Improvement Districts to the redevelopment of the iconic Flatiron Building. The conversation explores how policy shifts like the City of Yes initiative, along with advances in technology, finance, and AI, could shape the next chapter of New York office and urban development. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Introduction 01:55 – The Many Michael Cohens & Williams Equities History 07:05 – Globalization and the Consolidation of Brokerage 11:51 – Public Models vs. Partnership Structures in CRE 19:01 – New York's Current Market State: A Virtuous Cycle 26:38 – The Rise of NoMad and Business Improvement Districts (BIDs) 37:21 – The Future of the Iconic Flatiron Building 40:31 – Portfolio Strategy: 1031 Exchanges and Value-Add Upside 55:01 – Institutional Capital and IRR vs. ROI Investing For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platforms aim to fix that. Brandon and Rodes explain how Bracket is building a marketplace designed to streamline the entire deal process, from pricing strategy and broker opinions of value to buyer discovery and execution. The conversation explores how technology, better data transparency, and AI-driven underwriting could expand buyer pools, speed up transactions, and change how properties trade across the commercial real estate market. TOPICS 00:00 – Introduction 01:48 – Solving CRE Info Gaps and Transaction Pain 03:48 – Lessons from 10X and Auction Gaps 07:13 – Bringing Institutional Process to Mid-Markets 13:16 – From Manual Brokerage to Tech Platform 21:49 – Pricing Strategy: AI and "Buying the Listing" 28:38 – Selling Transparency Over Price 38:53 – Client Consulting: Data-Driven Trust Building For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs. The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Intro And Why QC Invests Across Verticals 04:36 – Chris’ Background And How QC Capital Started 08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record 12:47 – Why QC Moved Beyond Multifamily 13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration 16:44 – Why Multifamily Could Stay Tough Over The Next Cycle 19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield 21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs 27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation 34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating Up For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

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 For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution. The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Intro and Setting the Stage 05:20 – Alex’s Nontraditional Path Into Development 09:40 – Early Deals and Learning Through Adaptive Reuse 15:30 – Why Complexity Became the Strategy 21:10 – Capital Stacks, Risk, and Creative Structuring 27:40 – Scaling From Local Projects to a National Platform 33:50 – Markets, Mistakes, and Hard Lessons 40:20 – Where Adaptive Reuse Still Works 46:30 – What Development Looks Like From Here For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale. Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 01:00 – Bill’s Background and Entry Into Credit 06:30 – What Loan Servicers Actually Do 10:00 – Private vs. Public Credit Servicing 18:55 – Multifamily Stress Signals 26:40 – Office Risk and Capital Costs 31:40 – Lodging and Other Trouble Spots 38:45 – Extensions, Refinancing, and the Data 41:00 – Where We Are in the Cycle 46:50 – Culture, Scale, and Building Trimont For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns. The conversation covers pressure points across multifamily and office, the rise of tenant fraud and insurance costs, and why many resolutions are happening quietly rather than through forced sales. A rare, ground-level view of how distress moves through the real estate system. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 01:00 – Alex’s Path to CW Capital and the GFC 06:29 – How Special Servicing and CMBS Work 08:35 – B-Piece Control and Servicer Power 14:20 – Why This Cycle Is Different 16:15 – Multifamily Stress in the Sun Belt 21:10 – Tenant Fraud, Insurance, and NOI 24:50 – Workout Decisions vs. Asset Takebacks 26:40 – Office Distress and Capital Costs 38:45 – Private Credit and Quiet Extensions 42:35 – The Metrics CW Capital Tracks For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism turned into conviction over time. The conversation spans VICI’s evolution from Caesars to the Venetian, as well as its expansion into assets like Chelsea Piers and Great Wolf Lodge. A clear look at owning mission-critical real estate despite shifting narratives. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – VICI’s Origin Story 03:10 – Ed’s Path to the CEO Seat 11:06 – Caesars Bankruptcy and the VICI Spin 21:09 – Wall Street Skepticism Around Gaming 25:29 – Cap Rates, Net Lease, and Scale 31:00 – The Venetian Deal with Apollo 37:58 – Cycles, Pricing, and Operator Power 43:26 – Experiential Assets Beyond Vegas 48:26 – College Sports and New Sale-Leaseback Models 51:10 – Mission-Critical Real Estate For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets. He highlights key themes shaping 2025–26, including liquidity pressures, balance sheet strength, and the growing gap between winners and laggards. David also shares what investors often overlook and how to read the signals that matter. A must-listen for anyone watching the REIT landscape closely. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Introduction 03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors 05:02 – Media Narratives vs. Real REIT Fundamentals 07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite 11:28 – The REIT Dividend Machine and Long-Term Compounding 17:01 – SL Green Case Study and Smart-Money Office Signals 22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers 25:21 – NAV Discounts, M&A Activity, and REIT Consolidation 33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates 43:18 – Mortgage REITs, Preferreds, and Signs of Market Turnaround For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 5, Episode 1: We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong. This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to institutional capital while continuing to operate as a standalone real estate business within Apollo. Colin breaks down how Bridge evaluates dislocation, why capital is behaving the way it is, where they’re still finding opportunity, and what separates durable operators from those getting washed out. If you want a clear read on how one of the most active institutional investors is navigating this cycle, this episode delivers. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Introduction 01:40 – Colin’s Path Into Real Estate and Joining Bridge 04:18 – Building Bridge’s Platform Across Strategies 08:20 – Growth Drivers: Class B/C, Supply, and Rents 10:40 – Coastal vs. Sun Belt and What “Back” Really Means 14:34 – Sun Belt Check: Cap Rates, Supply, and Patience 18:40 – Underwriting With Higher Expenses 21:00 – Navigating the Cycle and Protecting Downside 26:40 – Cap Rates, Return Hurdles, and 2026–27 Outlook 31:30 – Advice for Young Investors and Finding Opportunity For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed. TOPICS 00:00 – Introduction 02:10 – Early Career and Founding Onyx Equities 06:15 – Navigating Market Cycles and Value Creation 09:30 – Office Market Shifts and Tenant Demand 12:45 – Life Sciences and Medical Office Expansion 17:40 – Inside the Data Center Gold Rush 22:15 – Rates, Debt, and Opportunities Ahead 27:48 – Tri-State vs. Sun Belt Market Dynamics 34:05 – Leadership, Adaptability, and Lessons Learned 42:30 – Building a Brand Tenants Trust Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners. Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with AI and automation to simplify how investors and developers secure financing. He shares the story behind Lev’s pivot from brokerage to software, what’s next for AI in real estate, and how data and design will define the next generation of real estate technology. TOPICS 00:00 – Introduction 03:00 – Startup Roots and Dispatch Exit 08:44 – How Mortgage Frustration Became Lev’s Origin 14:25 – Digitizing the Financing Experience 19:45 – AI and the Future of CRE Software 25:02 – How Lev Memo Is Changing Deal Execution 31:10 – Agentic AI and Workflow Automation 36:47 – Harnessing Data and Unstructured Information 41:00 – Brokers, Efficiency and Industry Adoption 45:18 – Building Great Software and Leading Through Change Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline. Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projects like AREA15, the immersive entertainment destination in Las Vegas. He discusses innovation inside a legacy business, what it takes to keep a century-old brand relevant, and why experience is becoming real estate’s most valuable asset. TOPICS 00:00 – Introduction 02:18 – Growing Up in a Real Estate Legacy 06:47 – Lessons From Family Leadership 11:34 – Reinventing Fisher Brothers for the Future 15:29 – The Story Behind AREA15 21:02 – Real Estate Meets Experience and Culture 26:48 – Why Creativity Drives Modern Development 33:17 – Balancing Risk, Tradition, and Innovation 39:10 – The Future of New York’s Urban Core 45:26 – Leadership, Legacy, and Next-Gen Vision Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.