THE REAL ESTATE SECONDARIES INVESTOR - COMPANION FILES
julianrsterling.com/resecondaries

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Revised 23 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's five workbooks, corrected
   The_Discount_You_Are_Actually_Paying.xlsx   Chapters 5 to 9 and 13
   Pricing_from_the_Tape.xlsx                  Chapters 10 to 12 and 19
   Sell_or_Roll.xlsx                           Chapters 15 and 16
   The_Portfolio_Bid.xlsx                      Chapter 17
   Seventy_Two_Questions.xlsx                  Appendix A (arrives empty)
   00_START_HERE.md                            what changed is at the end
   Each of the four models closes on a checks sheet.

2. Blank_Model_Set/  (new)
   The four models with every input emptied, for your own interest. Each
   checks sheet counts what is still missing and tests what holds for any
   inputs. The book's figures are in book_inputs.txt: type them back in and
   the book's results come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: why the interest is for sale, the NAV layer by
   layer, reading a valuation report, the four discounts, unsmoothing and
   the lag, the tape and the second road, the debt, the one-page bid, the
   transfer and consent tracker, sell or roll and the queue, the portfolio
   bid and the tail rule, the stress case and the decision record, and the
   first mark. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Unfunded_Commitment_Refined.xlsx         Chapters 8 and 20
   Case_2_Deferred_Consideration_And_The_Staple.xlsx   Chapter 14
   Case_3_From_Reference_Date_To_Completion.xlsx       Chapters 13 and 20
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
