The real estate industry is changing. Having weathered unprecedented changes following a high in pandemic-era spending which drove up real estate valuations followed by inflation and interest rates hikes, there has undoubtedly been differential dislocations across sectors in the real estate market. The combination of rapid rise in interest rates coupled with regional U.S. bank exposure to commercial real estate led to several bank failures. With banks tightening on lending across the board, how does this present opportunities across the real estate capital stack? On the flipside for residential real estate, as high rates and massive housing shortage place pressure on new buyers, what are the long-term implications for an economy in transition from home buyers to long-term renters? How are astute real estate investors navigating the dispersion across sectors when the cement settles in real estate?