Real Estate Capital Markets with Brandon Sedloff of Juniper Square

Brandon Sedloff 00:38

Thanks, Justin, thrilled to be with you and thanks for having me, excited for our conversation.

Brandon Sedloff 01:15

Yeah, no, I appreciate that. And just for your listeners context, as you mentioned, I host a podcast that's called the distribution. I started it about two years ago, not because I wanted to be a podcast host, but because my colleagues at Juniper square were really curious to better understand what was happening through the lens of the industry leaders, people like yourself and our clients. And so, yeah, I would bring these people in and they would do a webinar or a zoom call with us. And that worked really well, but the, the demand by my colleagues was so great. That I wasn't able to keep bringing executives in to talk to every team. So I started recording the conversations and at some point somebody said to me, Hey, you know, these are really interesting conversations. You're recording them. Why don't you just turn this into a podcast. There's nothing confidential here. So with the permission of my guests, I was able to release a podcast that was in 20, 23. think the first one was in March. And we just, as you mentioned, completed a hundred episodes. And I just feel so honored and privileged to have the opportunity to sit down with leaders across private markets. help them tell their story and understand kind of what's top of mind for them. You know, there's a lot of content, um, going back a hundred episodes to answer your question. So the, the honest answer is I use my friend, uh, uh, know, AI and specifically, uh, a tool called notebook LM to help me organize some of the themes that came out in all of the different conversations that I had. I think, you know, we, you know, obviously there's market related, you know, fundamentals themes and The market was very different in 2023 than it is in 2025. So I didn't focus so much on those for the hundredth episode where I actually just was a solo host. didn't have a guest. just spoke for 40 minutes about my thoughts. So anyone who wants to listen can head over to the distribution and download that episode. But I think what's really interesting is when you look at the people behind the companies that are driving the market, how did they get to where they are in their career and how, and how, how unintentional it was in, many, many instances and how much their success really relied on serendipity. But serendipity is driven by a growth mindset, you know, being open to trying new things, being open to saying yes, being open to making changes and how the trust in people and the importance of relationships came through in nearly every conversation I had over the last two years. And so, you know, what that tells me about private markets, which includes private equity and venture. credit and infrastructure, but also inside of private real estate, which obviously includes all the major food groups, including industrial is the importance of trust is the importance of education and is the importance of relationships. And that's why, you know, folks like you who have this podcast are doing such a great service to the market because you need to educate people on what's happening is that's how trust is built and relationships are formed over years.

Brandon Sedloff 04:05

I don't think it's a thing.

Brandon Sedloff 04:49

Yeah, I think it's important to realize if you kind of deconstruct or decouple kind of business at its core, any business, you know, people who are going to hire you, people who are going to, you know, trust us with our solutions at Juniper square there, there, yes, they're looking at the company, but ultimately they're, they're looking to the individual who's the face of the organization. And most people want to work with people that they trust. And I've just found that in order to trust people, you have to understand who they are. You have to understand. their story, where they came from, all the different kind of component pieces that made up their character. And I, and it's really hard to do when you're looking at a pitch deck, you know, your eyes start to glaze over. Everybody kind of looks a version of the same. I've, and I talked about this on the episode. I've had guests, you know, executives of very large, multi-billion dollar companies say, why, why do want me to talk about myself and where I grew up and what my parents did? And I think the reason I want to do that is because

Brandon Sedloff 05:47

That is who they are at their core. Those early experiences inform their DNA, their work ethic, their drive, their interests. And so trying to get to that in a little bit more detail on, my show is, one of the core components. And you know, there's other great podcasts to talk about market fundamentals and other things, but I really try to focus on the story. the story behind the people who are driving private markets.

Brandon Sedloff 06:20

Yeah, it was interesting. mean, my, my first episodes and most people haven't gone back to listen cause we didn't have many followers when, when it was new, you know, I talked a lot about kind of market fundamentals and cap rates and you details of micro markets and what the fed is going to do. And I realized very quickly that those are really interesting topics, but there's people far more credible than me who are better positioned to pontificate on those things. And by the way, they're not, they don't have much of a shelf life, you know, six months after the recording. The world was changing so quickly, even six weeks or six days after the recording, the world was changing so quickly that the content wasn't very durable. And so, you know, as I listened to people talk and I got feedback from what they liked about our interaction, it was very clear that people want a chance to kind of fully develop their thoughts. want a chance to share their vision, but they want to do it in a non-pitch way. so. You know, I started just by kind of creating space to let my guests talk. then, you know, as we focused on the things that they would talk about, I found this very kind of natural rhythm where, you know, getting somebody to talk about themselves and open up kind of breaks down some of the barriers. It allows them to be a little bit more free and flexible and comfortable and how they share their story. And so I always like to start with the, you know, the person talking to my guests, talking about themselves. And obviously when you get to the company part, that's, know, on autopilot, everybody can talk about their company. They've pitched it. They've talked about it to their colleagues. and then when you get into the market, you know, the market fundamentals and kind of the outlook and leadership principles, I find it's a little bit more interesting once you've kind of anchored it with who the person is and their true DNA. So, you know, look, these things evolve. People used to ask me, what is my style? What podcast, who do I admire? And the reality is I didn't really listen to enough podcasts to know. So As a result of this, I've started listening to a lot more podcasts to understand the different approaches and styles. And, know, I'm always trying to iterate and figure out kind of what's best for me, because if it's authentic to me, I feel like that comes through for my guests. So, you know, I don't try to speak to any one person. I just try to focus on, know, who my guest is, what they're, know, what their interesting story is and help them tell that to the world. And, you know, hopefully people find it interesting and if they do great and if they don't. So be it, I think that's a benefit, you know, we're, we're similar. You know, we're not doing podcasting as a business. We're doing it as a way to build community and share insights. And as a result, you know, we're largely unencumbered by some of the more commercial aspects that drive other podcasts. So since, so we can just be authentic and be ourselves.

Brandon Sedloff 09:20

Yeah. mean, I think from a, from a format perspective, there's kind of two, two, two extremes, right? you know, I think, I think you, you and I know, you know, Chris powers who formerly had the Fort podcast and now it's powers podcasts and Chris, somebody I've known for a long time. And, know, I did seek inspiration from, you know, his endeavor as a podcast host. And so I should give credit where credit is due, to, to him, you know, when I think about where I listen today, there's kind of two types of shows. I really like. Founders podcast by David Senra. And that's a, that's a, you know, that kind of inspired me to do the solo episode where I didn't interview anybody. just focused entirely on my interpretation of other people's insights. And that's what David does. He, you know, reads biographies and autobiographies of history's greatest entrepreneurs. And then he spends, you know, anywhere between 45 and 90 minutes, distilling down the insights that he's learned. And I find that to be an incredibly effective format for, for my. style of learning and, and, retention, you know, on the other side, you've got podcasts like all in, which are of, you know, three to five different guests and it's highly interactive and it's a debate and it's a discussion and a drama and everything in between. whether you agree or disagree with the politics or the conversation, I think that that format, is also interesting as a way to get some insights. So those are kind of.

Brandon Sedloff 10:43

two extremes in terms of formats. And I think, you know, there's, elements to take away from both, but ultimately for me, it's less about the format and the structure and more about, you know, can I get content that that's useful to the private markets community? And in my audience is, you know, people across private markets. Um, and, and I don't, you know, I'm not focused on investors or asset managers or, or CEOs. It's really for everybody. And I just want to help them broaden their aperture because what I've Realize having been in this business for over 20 years is that, you know, there's a very, there's a very strong tendency to want to work in your business. You know, your heads down, you're in your deals, you're in your portfolio, you're in your business in the, you know, the dynamics of you, the teams that you, your colleagues, the teams that you manage and lead. And when you do that, you know, you don't really get to pick your head up and understand what are my competitors doing? What are my peers doing? What are the things that I can learn? from them that are good. What are the things I can learn from them that I want to be sure I don't do? And so this is a way for, you know, peers to learn from peers about what's working and what isn't working. And I think that's really important because, and you know, maybe we'll get into this, but you know, the industry of real estate and more broadly private markets is changing. We're at a structural inflection point where, you know, it is competitive out there, you know, long gone are the days of, you know, low interest rates and, know, but plentiful capital flowing in from everybody. And the reality is people are needing to look themselves in the mirror and say, you know, is what got me here to this point in my business, this level of success going to get me to where I want to go. And I think the honest answer for most people in our business is no, you can't just keep doing what you've always done because the industry is changing the fundamentals of how do you underwrite an asset and what's a good market in a bad market. And how do you generate alpha from that asset. Those things remain true. I don't think there's that, you know, there's some iteration and evolution, but the structural changes in our industry around technology, around private wealth, around profitability and operational alpha. These are all things that are very, very real. And, you know, and I think present a really exciting opportunity. So I'm trying to make it, you know, so people aren't afraid of these changes, but instead they embrace them and Anytime there's change, your tendency is to, to, to recoil and, and, be afraid. And that's just because you don't have the information and the insights. So really this is about how can we share information and insights to make change less scary and, turn it from a negative or a neutral into a positive and something exciting forever.

Brandon Sedloff 13:25

can be.

Brandon Sedloff 14:08

Yeah. So just for your listeners who may not be familiar, know, Juniper square is a, we, call ourselves a fund operations partner to private markets, GPS, and we offer, you know, two solutions. The first is a technology solution, which is focused on the relationship between the GP and their LPs and that, you know, the, kind of different components of that. vary in terms of how our clients use it, but it's an investor CRM, it's a digital data room to share potential investments with investors, it's investor reporting, and then it's the investor portal or your kind of interface to your investors, how you share information, documents, investment performance, et cetera. And then the other side of our business, which is more exclusively focused on groups that raise money in open and closed end funds, is on fund administration. And we support them by doing their books and records, investment accounting. We do it, you know, through compliance, you know, investor KYC and AML. We do it through investor onboarding, helping them, you know, complete their subscription agreements as a service. So we do all of these different things. So we think of ourselves at Juniper Square as wanting to be the most important partner besides the investor to the private markets GP. The business started in 2014. I joined in 2016 as the founding sales leader. think I was the second employee. At the time we, in 2016, we had about 30 clients. And as the business has grown and evolved, know, so too has, you know, our, our client base. So today we serve over 2200 private markets, GPs. Those GPs manage over 40,000 investments on our platform across more than 650,000 investors. Right. So before we were talking, you mentioned you had some investments with some of our clients. and so you would be an investor, a single investor that might invest in multiple, multiple deals. so the business has expanded a lot. And as part of that expansion, we've also moved in, you know, kind of outside of our founding asset class, which was real estate into other asset classes. So venture capital and private equity. And so my role as chief real estate officer is really to kind of represent the.

Brandon Sedloff 16:26

Yeah. So my role as chief real estate officer is to really represent the interest in the needs of our real estate clients, and then to translate those into the solutions that we build and we deliver. it's think of it more as kind of a strategy type role. also, you know, kind of as a, as a, an aside, given our size and scale in real estate, you know, we see a lot of information, a lot of data. talked to a lot of people, you know, of our 20, 200 clients, probably 70, 80 % today are still real estate. By the way, if we talk 12 months from now, I bet that's very different statistic given the growth we're seeing in private equity. and as a result, you know, I've kind of adopted this or, you know, being given this opportunity to, share insights on behalf of our clients in the industry. And we're, we're, and I am kind of seen as neutral, right? We don't raise money. We don't manage money. So I can say, I can help GPS investment manager share. You know, things with others that they may want to have heard, but maybe afraid or reticent to share because they're worried that an investor might frown on them for saying it. And so I just, there's a really strong kind of ecosystem and community element behind my role, which is, you know, to help drive the industry forward and make sure that, know, both we at Juniper square and our clients are staying on top of and ahead of the changes that are happening. So nobody gets blindsided and where there's problems or challenges. Let's not just pretend sweep them under the rug. Let's talk about them. Let's bring them up. Let's discuss them in public so we can help each other solve those challenges. Because the reality is most people in our industry are facing a very similar set of challenges given kind of how things have evolved.

Brandon Sedloff 18:47

It does. mean, it's a, it's a gift. It's a privilege that, you know, we've had an incredible team, great product, amazing sales and support and engineering and everything that have gotten us to this point. And, know, the fact that our clients can call us and not just, you know, talk to us about how to use the product, but ask us what we're seeing in the market and, you know, share their perspectives with us and ask for help and ask to be connected to people across the industry. mean, that, that is very powerful because. I mean, you're, know, we are all in sales. You know, I always remind my clients, if you're a GP, you're raising money, you're selling something, you're selling yourself in your funds or your deals. If you're a broker, you're, helping people represent themselves, you know, on the buy side or the sell side. So we're always selling, but I think the reality is that, you know, people want to work with people that they feel like really understand them and their business and that they know and trust. And, and, quite frankly can listen and help them with their problems. And sometimes. You know, you have a solution to the problem and sometimes you don't, but you might know somebody who does. I think that's what I really like. And I just, whenever someone says, you're a vendor. always try to reconnect them, you know, re reposition it to we're we're we're partners. mean, sure. Vendor is a, is a term, but, but if somebody starts to think about you or me or any of us as vendors, I think you're already off to a bad start because that's a, In my mind, that implies a hierarchical relationship. We are higher than you. We are hiring you to do what we say. And that that's fine. And some people need that. But I think, you know, and you tell me what you see in your business, Justin, but I'd imagine your best relationships are ones where you're able to share insights and feedback and collaborate, you know, as peers and partners, not as a vendor or a service provider.

Brandon Sedloff 21:27

Yeah, it's a lot of fun. It's an important part of the business as well. And I think, you know, for any folks out there, you know, that work with any service provider, whether it's in your home or your business or, you know, you are one. I mean, I think it's really important just to try to establish this concept of partnership, you know, upfront wherever you can, because, you know, it's really incredible when there's that relationship and that trust, what you can do by learning from and with others. So I think it's an important takeaway for your listeners.

Brandon Sedloff 22:16

Yeah. I mean, and if you've, know, if anybody follows me on, LinkedIn or kind of sees my content on the podcast, you know, one of the themes I really focus on and it's ironic cause I'm the one talking here, but you know, talk, talk less and listen more. mean, your, your best cue, your best insight, your best lead comes directly from the people who need help. And I think the challenge is so many people. come into a meeting or come into a conference or a dinner with an agenda. want to meet that person and talk to them about X. That's awesome. That's all about you. And that's fine. And like, you know, we're all humans and we have business aspirations, personal professional, but what if you flip the script and be like, I wonder what they want to talk about. I wonder what they need help with. I wonder how you can be of service to them. And so when you approach it that way,

Brandon Sedloff 23:05

The little secret is you don't need to come in with a lot of structure because your structure is given to you by the people who you surround yourself with. I spend a lot less time worrying about what I'm going to say or you know, what my agenda is when I show up and a lot more time focused on showing up to the places where the people that I want to be around show up. And so some of that is, you know, when we think about curating content and events, you know, obviously You've got the podcast, which generates a tremendous amount of content. Yours does mine does all of them do. And then you've got kind of the way I think about it is first, second and third party events. So first party events that we organize ourselves and we get to control everybody who's who's there. And that's, that's fairly easy and straightforward. The second is, you know, events where we can partner with organizations that focus on like-minded, you know, outcome. So, you know, for us, that's. people who focus on investment managers, not asset managers or property managers. And then in particular, people who cater to CFOs, heads of capital formation, heads of investor relations, and then the strategic leaders of the businesses, COOs, CEOs, et cetera. and so it's important that you find the right community. And that means sometimes the biggest event, you know, the most important event of the year for you, Justin may be a total non-event for me. And that's okay, right? You're not trying to be all things to all people there. We're targeting different personas. And then lastly, you have the big conferences. so, you know, getting yourself into the right room, I think is really critical. And, you know, right now we're, kind of in the process of running this branding workshop with a, with a partner. We're doing a series of webinars. And one of the things that they're talking about is this concept of an ideal investor profile. Right. You can call it, know, and we have the same concept in, technology sales, you know, ideal client profile. What's your ICP. And so I think people just really need to understand who they're targeting and why. And once you identify that you can be in the room and then going back to your original question, you know, if you listen that, know, the people become your content, right? The people in the room are the, are the insights they share. My job is really just to kind of listen and find the patterns and the themes and kind of, you know, parse through the, the noise and all the chit chat on the side to identify what the root cause problems are or the opportunities are. And then just repeat it back. And that's how you get a great conversation going. And I think it can be, you know, it could be super effective and people love to talk, you know, in confidence with one another. And again, that only comes when, when there's trust and credibility. So it does take time, but You know, things like this podcast that you're hosting really help. You know, people get to know one another without necessarily being in the same room as them.

Brandon Sedloff 26:49

Yeah. mean, behind, know, kind of any individual is a, is a great group of individuals working together as a team. You know, I'm fortunate to be surrounded by nearly a thousand people at Juniper square now of which, you know, maybe 40, 50 % spend time directly with our clients. And so there's kind of two ways that we think about, you know, building the product. And we've spent the last decade. you know, in the trenches with our customers inside of their businesses, with their investors, really deeply understanding what they need to get them to where they are today. And I think we've done a really good job, you know, now that we've got the scale that we have with 2200 private market GPS on the platform. But part of our DNA is, has always been in core values has always been to build with our customers. So we don't think that we're, you know, we have all the answers, but we seek. insights and feedback from the market to drive us. And that, you know, that obviously comes in two forms. mean, there's structural changes, regulatory changes that are, that are changing requirements and we need to stay ahead of those. But it also comes from, you know, day to day, Hey, I'm working in the product or my investor needs X or, know, this is something that you don't do that. I would love you to help me with, you know, what are your thoughts? And we take those insights and part of it is just the ability to kind of really effectively track. And prioritize the, the, you know, the biggest challenge for a technology company is that the technology is not like hard to build. mean, yes, technically it's hard. And you know, the devil is in the details. mean, for example, we have 40,000 funds, you know, every distribution type ties back to a distribution, every capital call or contribution ties back to a standard definition. Like these things you need to be very, very intentional with how you build. But at the end of the day, You know, any great engineer will tell you, are not the hardest problems to be solved. The hardest problems to be solved are really, do you prioritize everything that we're hearing from the market in which is thing number one, which is thing number two, and which is thing number three. And you have to, you have to kind of balance that with what your biggest clients need against kind of what the whole market needs against, you know, what your business needs to achieve its outcomes and finding that kind of the intersection of those things. is really what I think makes companies great or ultimately if they're unable to do that leads to their failure because it's super, you know, there's no shortage of ideas and there's certainly no shortage of problems that people need help with. And so how do you just stay very, very focused and very true to your core value proposition and know when, Hmm, totally understand that this is a really deep problem for you to solve. And we're not the right people to help you solve it. Like that's super, super critical for folks to understand. And, and I wish more, you know, partners or vendors or service providers were transparent because I think, you know, people really under, you know, undervalue the power of saying no, or, not right now, or I'm not the right fit. and so I think that's a, that's just an important reality of how, the world works.

Brandon Sedloff 30:23

That's right. That's right. Yeah.

Brandon Sedloff 31:09

Yeah, definitely not say I have a mastery over any, anything, let alone any asset class. always learning and always more to learn. Look, I think, again, it comes back to having a lot of conversations. You know, my, my teachers are my clients in the market and people like you, people who are in the trenches. And you know what, what I think is interesting from where I sit, which is maybe different from where you sit is I don't need to know, you know, the ins and outs of, know, powered land and data centers and. You know, I don't need to know the ins and outs of, of lease terms and cap rates in a specific market, but I need to understand the big trends. need to understand, you know, where capital is coming from and moving to and kind of what, what are the structural changes? so when you kind of like zoom up or zoom out from the asset level and the sector specifics, you start to look at some of these kinds of horizontal themes that permeate all sectors and all of the players in those sectors. You know, so one of the big themes that has emerged is, you know, is really around technology and AI. So how is that changing the businesses that our clients have? How do they run their investment management business? But how is it impacting their assets and their ability to drive NOI at the asset level? And so, you know, the way that you do that inside of a warehouse is different than how you do that inside of an office building, which is different than how you do it inside of a, or a shopping mall, but AI and technology. is a theme and there's a gazillion offshoots of how, you know, an investment manager would, need to think about that. Another, another major theme is sources and uses of capital, right? So we've seen a kind of massive increase in, private capital, private wealth, whether those are accredited investors, sophisticated, you know, families and family offices, or even kind of quasi institutions coming into alternatives broadly, but also into private real estate and their requirements, especially when they have tax obligations are very, very different than the institutions who often are tax exempt. so trying to see how, you know, your clients are thinking about, you know, the buy, the sell, the trade on their assets, given, you know, the sources of capital and what they need from their real estate investment is a really interesting structural shift. And depending on where you sit in the ecosystem, know, the way that looks for you, you know, might be a family looking to sell, wanting to mitigate their tax obligations. Whereas for me, it might look like an investment manager who wants to get more families to give them discretion over investing their capital into industrial or logistics, for example. So that's another kind of big trend that permeates all asset classes. And then I think, You know, the last one is just operations. You know, we talked a little bit about how the market is different. It's harder. What got you to where you are today isn't going to get you to where you want to be. And part of that is just, how do you, how do you get better at your job? And part of that is how do you run a better business? You know, how do you run a more efficient business? How do you attract the best people? How do you create alignment to keep those people on your team, keep them incentivized and encouraged to be their best version of themselves? And then a lot of that has to do with the asset level operations and alpha, you know, investors used to be able to put money to work and, know, hope, you know, just kind of watch, you know, watch the markets compress and, know, the value of their asset increase because there's more demand than there was supply. And, I think you and I both know those days are, are over. And so what we're seeing is we're seeing the, rise of the operator and that's how do you buy the best assets? How do you.

Brandon Sedloff 34:59

operate them, you know, at the at the property level. And then how do you kind of position for the best opportunity on the cell or for many, it's a long term hold. And there's just a lot more focus right now from the market on this idea of operational alpha. So, you know, who are you investing with? Where are they investing? How are they operating? How is that different? And you really have to have a focus and a story to tell there if you want to be competitive going forward.

Brandon Sedloff 37:50

Yeah, we talked, we talked earlier a little bit about how, you know, it changes hard and AI and technology and real estate kind of is one of those hard changes. And, know, I've been in this business for a long time. And I remember, you know, before prop tech was even a thing. And then as, you know, technology started to emerge, it was this thing, but everybody was very excited to not, you know, use technology. They were very proud to be traditionalists. And over the last, you know, 15 years, that's changed. And I actually don't even like the term prop tech. You know, Juniper is not a prop tech company. We don't just do property. do kind of everything private markets and we do more than technology. But that aside, I think it's a misnomer because the reality is if you're in, in private markets, if you're in real estate, if you're in industrial, you need to be using technology inside of your business period, full stop. It's no longer acceptable to, to, kind of claim to be a technophobe. And so if you kind of drill that down, there's, know, there's all kinds of technology and, know, cool, shiny objects you can buy. But I think, you know, the way I think about it is there's, know, to your point, there's, there's really two categories. There's things that exist off the shelf today that can make me more productive. And, you know, that's kind of decomposing the tasks that you do in your job and figuring out where you can get leverage. And there's a lot of, you know, great tools that you can get from the LLMs, whether that's You know, Gemini or chat GPT or, or, or Claude or anthropic or Grok or any of these, these large language models that are out there, can drive just a lot of productivity in your day to day. And then I think, you know, related to that, the, challenge that a lot of people have in thinking about the power of AI in their own business is that so much of our thinking is designed around workflows based on human beings. But if you, if you kind of decompose the work that's done, There's two types of jobs to be done. There's knowledge work, which is things that you do behind your computer. And then there's human work, which are things that only human beings can do building relationships, having empathy, et cetera. Going forward, much of the knowledge work is likely going to be replaced or will be replaced over time by AI. Whereas the human work cannot and will not be replaced, at least hopefully in our lifetimes by AI. goes back to the power of relationships. So when you think about the knowledge work or the computer work, thus the work that's most right for disruption or evolution by AI. So, so, so naturally we think about, what is our role in that work? Well, I sit at my computer, I open up a document, I type into that document. I, I, you know, review that document like, but take the human out of the work. Like what if there is no human, there is no sitting at your computer and these things just happen. And then you start to reimagine some of these workflows in the art of the possible. And I think it can become quite inspiring. Obviously there's some challenges. What does that mean for the economy and, and, you know, job creation and other things that are like very, very real and prudent and pertinent to think about, but just really understanding kind of how you can reimagine your own job and your own organization. You know, if you're using AI in a more efficient way. And I think, you know, we're not, we're not. that far away from this. Obviously the tech no, I, I believe, and I think we at Juniper square believe that technology is there to drive these kinds of massive step change improvements today. The biggest challenge is people's willingness to adopt and evolve. And so you've got to, you've got to kind of go slow before you can go fast. And we're, we're in that, you know, go slow ish phase right now. The other thing I would just say on AI and technology really quickly is, um, the, the seven, you know, today there's seven very, you know, meaningful large language models, LLMs out there. These organizations have a tremendous amount of capital, as you know, they're powering, know, the insatiable demand for powered land and data centers, and they're going to continue, you know, mostly continue to grow and the amount of investment they require is far greater than any, you know, individual company, you know, that's listening to this can probably afford or justify or definitely afford or justify. So rather than trying to build your own, LLM, what you need to do is you need to find applications or service providers that kind of have their, you know, sit on top of these large LLMs like we do, we use many of them and then, you know, have a large enough set of clients and data that makes it interesting and relevant to train the models on industry specific concepts. So, you know, in your case, it's, it's, you know, industrial in our case, it's private markets. So I would just encourage people to think about that when they're out in the market, thinking about the different, you know, components of their technology stack.

Brandon Sedloff 43:22

Yeah, well, I think, you know, first of all, it seems like there's a little bit more enthusiasm going into 2026 and then there was in 2025, you know, we're an optimistic bunch in the real estate space and, know, glass is always half full, not half empty. you know, I'm always excited when the market's excited. think, you know, I do, I do think that there's a little bit more room to run, you know, when

Brandon Sedloff 43:46

When we get some capitulation on kind of the bid-ask spread, I think, you we need to see some of these transaction volume start to increase. It'll be very healthy, you know, as we establish new market clearing prices. There's a lot of capital that's sitting on the sidelines, kind of ready to flow into the sector, but I think they're going to be, you know, cautious and cautiously optimistic. So I'll be kind of really looking into where the capital that is moving is moving from and moving to and what asset class is. you know, I think in, in, know, without picking, you know, favorite, but it's clear that the market still is favoring the fundamentals of, the industrial sector across all the subtypes. we're also seeing retail, excuse me. We're also seeing, you know, a focus on, retail and, all things living right now. So those are kind of major themes that I, expect to continue to see persist into, into 2026. And, and I think, you know, Global capital flows, if you look behind the headlines and the geopolitics, the reality is the world's a very big place and there's a lot of money kind of all around the world. And I think it would be prudent to be thoughtful about kind of where there's deep sources of capital and what those capital needs are. And for folks who are seeking capital to not just constrain themselves to people that are in their backyard, maybe they're on. the other side of this country, maybe they're more broadly across North America, maybe they're in other parts of the world, but you know, a big part of real assets has always been driven by global capital flows. And I think that'll be increasingly important despite the headlines and the geopolitics as we, as we go into 2026. then, lastly, I would just say, you know, all things brand and content creation and it, you know, it might seem cringe for some of your listeners, um, because, know, brand and selling and content creation are not things that yeah, it doesn't have to be part of it, but it does because you have to stand out. You have to cut through the noise and it's never been easier to do it. You've just got to dive in. So I'm always excited and supportive to see people kind of dipping their toe into, into the waters here and getting started on that journey.

Brandon Sedloff 46:31

Yeah, we're living in exciting times. So, you know, never, never a dull moment, but, you know, it'll, it'll be, it'll be fun to watch, you know, what changes in, in 2026. And for some people, you know, what doesn't change, right? I think, I think to some extent you always want to be evolving, but sometimes you just got to double down on what's working. And so, you know, there's, there's as our industry changes, I think it gets more sophisticated. I think it gets more exciting.

Brandon Sedloff 46:56

and I think that creates opportunities for more smart people to come in and really help move things forward. So I'm, I'm as excited as I've ever been both for the industry as well as for, you know, what we're doing at Juniper square. I'm, ending 2025 and entering 2026 on a, on a note of optimism and enthusiasm and, and you know, hopefully, hopefully it all plays out as planned.

Brandon Sedloff 47:51

Awesome, well thank you so much for having me on your show Justin. I really enjoyed it and look forward to our next conversation.