Recorded live in Sundance, Utah, this episode of The Distribution features host Brandon Sedloff in conversation with Jonathan Glick at the conclusion of the fourth annual REEL Conference. Together, they reflect on the event’s intimate and candid discussions with 45 founders and entrepreneurs in middle market real estate. The conversation covers the challenges of today’s market cycle, shifting capital structures, the role of technology and AI, and the importance of leadership and team culture in navigating uncertainty.

They discuss:

Why adaptability and creativity will determine success in the next real estate cycle
Key capital formation trends, including the rise of co-investments and diversified structures
How AI and technology are reshaping investment firms and talent strategies
The importance of storytelling and differentiation in attracting capital
Evolving approaches to compensation, retention, and building durable teams

Links:

Incubation Capital

Jonathan on LinkedIn

Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠

Juniper Square - ⁠https://www.junipersquare.com/⁠

Topics:

(00:00:00) - Intro
(00:02:41) - REEL
(00:04:51) - Key takeaways from the REEL conference
(00:05:43) - Capital flows and market realities
(00:07:43) - Challenges and opportunities in real estate
(00:12:07) - The messy middle and capital structures
(00:22:16) - AI and technology in private markets
(00:33:06) - AI expectations and industry adaptation
(00:34:06) - The role of technology in real estate
(00:36:22) - Importance of relationships in real estate
(00:45:08) - Compensation and talent retention
(00:54:07) - Final thoughts and advice for founders

Eight

How to Make a Few Billion Dollars

Identifying A, B, and C Players

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