Analyst, Commercial Real Estate

Come join one of America's fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures. Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard. We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good. About Us NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple•to allow NLG to keep its promises. How we do this•an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team. They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering. Please note that we do not offer visa sponsorship for this position. Role Summary As a member of NLG Capital's Commercial Real Estate team, this role supports the origination, underwriting, and closing of commercial mortgage investments on behalf of National Life Group. The Analyst will contribute to financial modeling, credit analysis, and market research to support investment decisions and ongoing portfolio management. This position currently offers an onsite work schedule, with the expectation that you will be in the office four (4) days per week during onsite core days. Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday. The work schedule type and core days are subject to change with advance notification and manager discretion. Essential Duties and Responsibilities Origination & Underwriting Analyze and underwrite commercial mortgage loan opportunities, including cash flow modeling and debt sizing. Build and maintain financial models (cash flow projections, IRR, NPV, sensitivity analyses). Evaluate investments across property types, including multifamily, industrial, retail, office, and niche sectors. Assess key credit metrics such as DSCR, LTV, and debt yield. Perform sensitivity analysis on interest rates, vacancy, and exit assumptions. Structuring & Execution Support loan structuring, including amortization, covenants, reserves, and pricing. Review third-party reports (appraisals, engineering, environmental, sponsor analysis). Analyze leases, operating statements Coordinate with legal, appraisal, and internal stakeholders throughout the closing process. Assist in preparation of credit memos and investment committee materials. Portfolio Management & Reporting Maintain pipeline tracking and portfolio analytics. Support quarterly and annual portfolio reporting. Monitor loan performance, including covenant compliance and credit quality. Assist with risk rating assessments and internal reporting. Support asset management activities Market Research & Risk Assessment Conduct market research on supply/demand dynamics, rent trends, and liquidity. Identify and evaluate risks, including tenant rollover, capital expenditures, and market conditions. All other duties as assigned Minimum Qualifications Bachelor's degree in Finance, Real Estate, or related field and 2 or more years of related experience. Strong Excel skills, including pivot tables and financial functions, including NPV. Experience with financial modeling and underwriting. Understanding of real estate fundamentals and capital structures. Demonstrated understanding of capital market dynamics and pricing. Knowledge of, and experience in, structuring positions with the capital stack and relative value. Strong analytical, research, and problem-solving skills. Effective written and verbal communication skills. Results-oriented with strong attention to detail. Able to manage multiple priorities in a fast-paced environment. Collaborative, with the ability to work both independently and as part of a team. Demonstrates sound judgment, intellectual curiosity, and accountability. Preferred Qualifications MBA with concentration in Finance, Real Estate, or related field. 3•5 years of experience in commercial real estate or related field. Experience using VBA in Excel. Experience with

ARGUS CRE

valuation software. Benefits Your benefits start day one and are flexible and customizable to your and your family's specific needs. Check out the

BENEFITS

of a Career at National Life! National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT•founded in 1848, Life Insurance Company of the Southwest, Addison, TX•chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group. Fortune 1000 status is based on the consolidated financial results of all National Life Group companies. Social Media Policy Site Disclosure and Privacy Policy National Life Group 1 National Life Dr Montpelier, VT 05604