The Distribution by Juniper Square Relationship Alpha in the Middle Market - Bryan Thornton - Managing Partner @ PCCP
Sep 16, 2025
Bryan Thornton, a Partner at PCCP with 26 years of experience, shares insights from his extensive career in real estate investment. He discusses the transformation of PCCP from a California startup to a national firm and emphasizes the critical role of relationships in lending and equity investment. The conversation highlights the shift from traditional banks to private credit, the importance of transparency in partnerships, and how technology is reshaping the industry. Thornton also reflects on how a strong organizational culture drives success and fuels long-term growth.
AI Snips
Chapters
Transcript
Episode notes
Urban Roots Shaped A Career
- Bryan's urban curiosity began in childhood and led him to study urban design at Penn.
- That early passion directly guided his move into New York real estate after college.
From Workouts To Being PCCP's First Analyst
- Bryan joined PCCP as the firm's first analyst after stints at Victor Capital and Nomura in the 1990s.
- His early roles exposed him to workouts, mezzanine debt, CMBS, and public REIT formation.
What Middle Market Means For PCCP
- PCCP defines middle market by economics: average equity $30–35M and loans ~$70M supporting $75–150M deals.
- The firm's team is organized by client relationships rather than being product-led across debt and equity.