Alex Cabria

What’s been the biggest highlight and challenge of 2025 so far?

The biggest highlight has been seeing what I anticipated late in 2024 play out: Credit markets have tightened significantly, and for strong sponsors with quality assets in prime markets, bank lending liquidity has come roaring back. This resurgence has created excellent opportunities for well-positioned clients and lenders alike.

That same dynamic has also brought one of the biggest challenges — intense competition for high-quality transactions. Credit spreads have compressed to levels we haven’t seen in years, not only from banks on lower-leverage senior loans but also from debt funds with bank-provided back leverage, offering higher-leverage options at spreads that were typical for senior loans just a year ago. It’s a highly competitive landscape once again.

Which lending opportunities that didn’t exist last year are you leaning into today?  

From a product suite perspective, SMBC recently launched a warehouse/repo facility business within our real estate finance group. It’s been incredibly well received since its debut just a few months ago, and I’m excited to continue growing this line of business. It’s one of several full-suite offerings we provide to clients with credit fund arms, reinforcing our commitment to delivering comprehensive solutions.

Hard to pick your favorite child, but which transaction made you most proud this year, and why?

I am going a little off script to share some color on a recent transaction with one of SMBC’s major Japanese clients. For a while, I was getting some friendly flak from colleagues overseas for not leaning in harder with our covered Japanese relationships. The truth? They’re incredibly well banked. One transaction I am particularly proud of was a construction loan for one of Japan’s largest real estate investors with a significant U.S. presence.

Leaning into SMBC’s cross-border strength, we delivered exactly what we promised, and the execution made headlines in both of our head offices. I even heard how important this transaction was for us firsthand from senior management during a recent visit to our Tokyo HQ. That’s the kind of street cred worth celebrating.

Have the capital markets’ resiliency surprised you over the past few years?

The past few years have been nothing short of a roller coaster. For top sponsors, liquidity in the capital markets never truly dried up, although it might not have been as easy as it might have been for several years. When CMBS was muted or not a good option, well-banked clients leaned on active banks for balance sheet executions or tapped into credit funds flush with dry powder. Agencies stayed active, and life insurance companies had their share of deals. 

On the flip side, certain asset types and sponsors faced real challenges. It’s been a tale of two cities — strong relationships with solid assets in good markets got attention, while others had to navigate serious bumps along the way. But don’t count commercial real estate finance out. It’s a cyclical business, and if you can ride out the waves, there’s always light at the end of the tunnel — just as we’re seeing now with the capital markets resiliency despite what seems to me to be daily geopolitical and macro events causing volatility and, at times, chaos in the U.S. and global markets.

What do you wish you knew coming into 2025 that you know now?

We would all grow a little numb to daily chaos — and, yes, I really should have held onto those Bitcoin investments from a decade ago.

Lighting Round:

“The Summer I Turned Pretty” or “The Morning Show”?

“The Morning Show.” 

Biggest moment of 2025: TSwift’s engagement or Fed rate cuts?

Admittedly, I’m a low-key Swiftie at heart … and, honestly, these Fed rate cuts haven’t hit as deep as a Taylor breakup track yet.

Data centers: Been there done that, or Gimme more?

I think you all know where SMBC stands on this point given our leadership in the sector.

How do you shake off market stress?

A bloody bull and a medium-rare burger stacked with cheddar, crisp lettuce, and a sharp slice of raw onion — served at the bar at JG Melon on the Upper East Side, while Bobby and Neal trade banter behind the counter. The perfect way to (temporarily) tune out the stress.

NFL or college football?

College football, hands down. Have you seen the Giants and Jets recently?

What song would be the theme tune of your life?

I will switch it up this year but it’s another 2Pac song: “When I Get Free” from the 2001 posthumous album “Until the End of Time.” A song thematically about adversity and resilience, reflection and redemption. A complete banger.

Ultimate dinner party: Pick three guests (dead or alive)?

This year, I’d choose Bob Marley, Nikola Tesla and Anthony Bourdain. Each was undeniably eccentric and represents a different realm: music, science and travel.

Holiday wish?

I recently admitted my 16-and-a-half-year-old dog to the ICU at the Schwarzman Animal Medical Center. He has been by my side through nearly every milestone of my adult life, living a long and deeply loved life. This holiday season, my wish — if his quality of life remains intact and in the hopeful event he pulls through — is simply to share one more Christmas with him.