Rick Jones, Founder and Principal of Jackstay Ventures LLC, joins the LightBox crew to unpack the latest capital markets chaos stirred up by post-tariff volatility and macro uncertainty. The conversation spans the latest pulse on recession risk and lender behavior to the evolving role of warehouse lending and the long-awaited wave of distressed debt. Rick’s take? The CRE market is doing just fine—but there are some tells that he says will warn us when real trouble is afoot. Never one to shy away from knotty topics, Rick makes the case for considering CMBS conduit reinvention, and why the best time to rethink assumptions is when no one thinks it’s necessary. Always entertaining, Rick takes the team conversation to high-rise mausoleums, magical thinking, and the dangers of overusing adjectives.

01:58 The Impact of Volatility on Commercial Real Estate

06:41 The Role of Non-Bank Lenders

10:36 The Distressed Debt Market

13:07 Warehouse Lending

15:16 The Slow Burn of Market Distress

21:03 Office Distress: The Race to Resolve

22:04 Is it Time to Rethink CMBS Conduits?

27:26 Magical Thinking in Market Analysis

Have questions for the pod team? Send them to [email protected].

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