# Opportunity begins below the surface.

**REAL ESTATE** · [https://nwxinvest.com/strategies/real-estate](https://nwxinvest.com/strategies/real-estate)

> Our real estate process starts with basis and durable demand, then tests the operating plan against outcomes that do not follow the base case.

## Portfolio role

Potential income and appreciation from tangible assets with active operational oversight.

## What we examine

Entry basis, submarket supply and demand, capital structure, operating assumptions, replacement cost and exit sensitivity.

## Principal risks

Illiquidity, leverage, tenant and market concentration, execution risk, valuation uncertainty and loss of principal.