Multifamily Credit and the Wall of Maturities

Multifamily sits at the center as Matt Brody breaks down the wall of maturities, credit demand, and how deals get done in 2026.

February 23, 2026

Nina Dale

We’re staring at a multi-trillion-dollar wall of maturities, and despite the noise, the real action is happening in credit.

Season 5 of the No Cap podcast continues as Jack Stone and Alex Gornik catch up with Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners. Canyon steps in when banks pull back, and Matt stays close to complicated deals and structured capital.

The conversation covers why investors keep chasing income, where multifamily stress is building, and how capital solutions take shape in today’s market. Matt also walks through what he’s seeing from LPs, how credit fits into portfolios right now, and why 2026 looks more like a grind than a reset.

Conversation Highlights

Alex: Tell us how you got into real estate in the first place.

Matt Brody: It started with some family exposure in Iowa. I used accounting as a way in, landed in Chicago as an auditor, then moved to Walton Street Capital in 2006. The firm grew fast, and then the financial crisis hit.

Jack: What got you into all those meetings back then?

Matt: I kept knocking on doors and asking if I could listen. When things turned, investors started calling. I was already tracking the data, so I ended up explaining what was happening. That’s how I moved into capital raising and investor relations.

Alex: What stuck with you from that period?

Matt: I’m not naturally salesy. I’m more data driven and more rational. That still shapes how I approach capital today.

What started as a walk through Matt’s path into the business quickly turned into a look at how Canyon actually thinks about risk, structure, and where capital fits today.

Alex: Talk to us about Canyon and what you’re seeing right now.

Matt: Canyon’s been around since 1990. We’re about $28 billion in AUM, with roughly $4 billion in real estate. We think of ourselves as a scaled boutique. We’re trying to find gaps and cracks, mostly through credit, but across equity too.

Jack: How do you think about the split between credit and equity?

Matt: It’s been pretty even. We don’t force capital into one side or the other. It filters based on opportunity.

Alex: What are LPs asking for right now?

Matt: Most institutional portfolios already have mature real estate allocations, usually around 10%. That’s why income and credit have become a big theme. In contrast, equity returns haven’t really shown up, and people are looking at credit for durability and cash flow.

Alex: Everyone keeps coming back to the wall of maturities.

Matt: You’ve got a couple trillion dollars of loans coming due over the next few years. Banks have pulled back from leading deals. We focus a lot on housing and multifamily because it’s a huge, liquid market.

If you look at the wall of maturity, a couple trillion dollars, give or take, over the next few years.

Alex: How do you decide what data actually matters?

Matt: Direction matters more than precision. We’re a micro market player. Submarkets matter. We don’t need to get the rate curve exactly right. We need to get the deal right.

From there, the focus narrowed to where the pressure is building, how much of it stays out of public view, and why multifamily keeps sitting at the center of the action.

Alex: Where are you seeing the most stress and opportunity?

Matt: Most of what we do is multifamily and housing strategies. You see real stress in older assets and weaker submarkets, but you can still find workable situations.

Jack: A lot of this feels quiet.

Matt: It is. It’s mostly private. Capital stacks get fragmented. People need recaps.

Alex: What does a “solution” deal look like today?

Matt: Usually someone tried conventional financing and couldn’t get it done. That opens the door for more bespoke structures. Pref, mezz, stretch senior. You need flexibility.