Relationship Alpha in the Middle Market - Bryan Thornton - Managing Partner @ PCCP
Description
Bryan Thornton joins host Brandon Sedloff on The Distribution for a wide-ranging conversation about his 26-year career at PCCP and the evolution of real estate investment management. He shares how his early experiences shaped his passion for urban environments, reflects on PCCP’s growth from a California-focused startup to a national player, and explains why relationships remain central to both lending and equity investing. The discussion covers the shifts in capital markets, the rise of private credit, and how transparency, culture, and technology continue to redefine the industry.
We discuss:
- PCCP’s consistent middle-market strategy across debt and equity
- The profound shift from bank dominance to private credit in real estate lending
- The role of transparency and relationship “alpha” in operator-lender partnerships
- How culture and curiosity fuel long-term career growth and organizational success
- The impact of technology and data on the future of investment management
This episode offers valuable perspective for anyone navigating the challenges and opportunities in real estate today.
Links:
PCCP - https://pccpllc.com/
Bryan on LinkedIn - https://www.linkedin.com/in/bryan-thornton-09868357/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00 ) - Intro
(00:01:32 ) - Bryan’s career and background
(00:11:44 ) - The scale of PCCP
(00:14:33 ) - The state of the industry
(00:19:28 ) - The relationship between lenders and borrowers
(00:21:10 ) - PCCP’s equity business
(00:27:52 ) - The evolution of the markets
(00:31:42 ) - The relationship between PCCP and her capital partners
(00:33:12 ) - Culture and leadership
(00:36:07 ) - Technology impacts on physical assets
(00:42:53 ) - NAREIM
(00:47:00 ) - Lessons from staying with one firm for over 25 years
(00:49:54 ) - Predictions for the next decade
United States
