Structured Credit, B-Pieces & the Private Markets Opportunity | Chris Hentemann, 400 Capital

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.