In this special guest episode of The TreppWire Podcast, we’re joined by Justin Kennedy, Co-Founder and Managing Partner of 3650 Capital, to discuss the state of commercial real estate (CRE) through the lens of nearly three decades of experience. Justin outlines how 3650 Capital operates across stable cash flow lending, real estate credit solutions, and special situations. We dive into significant market dispersion in the market and why micro-market fundamentals and property utility matter more than ever, as performance increasingly diverges across similar assets within geographic proximity. Justin explains how technology-driven shifts in retail and office demand represent secular change, why investors must focus on forward-looking utility over historical metrics, and how AI is beginning to influence real estate analysis. Tune in now.Episode Notes• Background in CRE & CMBS• 3650 Investment Strategy & Three Vehicle s• Real Estate Market Dispersion• Market Evolution: CRE Today• Technology Impact on CRE• AI's Role in Real Estate Workflows• Closing Thoughts & AdviceQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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