Understanding the Capital Stack and Finding Opportunity in a Changing Market with Jen Maldonado
Real estate deals can look very different depending on where you sit in the capital stack.
In this episode, Jen Maldonado breaks down what the capital stack means, who gets paid first, and how risk changes at each level. She uses a simple $10 million example to explain senior debt, second liens, preferred equity, and common equity.
Jen also shares what she is seeing in Austin, Phoenix, and California as she reviews the market heading into the last quarter of 2026. In Austin, she is watching single family homes, condos, and smaller apartment properties while working on development projects…
The skinny
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