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The Advanced Real Estate Equity Waterfall Modeling Master Class
Introduction
Welcome (3:23)
About The Instructor & Student Success (4:19)
Real Estate Partnerships
The Makeup of a Real Estate Partnership (2:36)
The Makeup of an Equity Waterfall (3:56)
Deals vs. Funds (5:30)
Part 1 - The Cash-on-Cash Preferred Return Waterfall Model
The Cash-on-Cash Preferred Return Waterfall Model Explained (2:54)
GP/LP Cash Flow Calculations (10:27)
Equity Contributions & Acquisition Information (8:51)
Beginning Balance & Days in Year (10:38)
Preferred Interest & LP Contributions (5:35)
LP Distributions (8:35)
CF Remaining & GP Promote (10:04)
CF From Sale & GP Promote (10:02)
Modeling Checks - Part 1 (6:48)
Modeling Checks - Part 2 (11:27)
LP & GP Cash Flows & Checks (4:40)
Project-Level Returns (5:13)
Promoted Interest & GP/LP Returns (10:01)
Part 2 - The Dual-Preferred Return Waterfall Model
GP/LP CF Calculations (7:33)
The Dual-Preferred Return Waterfall Model Explained (2:33)
Acquisition Information (5:46)
Beginning Balances & Preferred Interest Accrual (5:47)
LP Distributions & Ending Balances (4:30)
GP Distributions, CF Remaining, & Checks (12:57)
CF Above The Preferred Return & GP/LP CF (3:49)
Promoted Interest, Project-Level Returns, & GP/LP Returns (6:25)
Part 3 - The GP Catch-Up Waterfall Model
GP/LP CF Calculations (4:19)
The GP Catch-Up Waterfall Model Explained (2:43)
Acquisition Information & Preferred Interest Accrual (8:34)
Distributions, CF Remaining, & Checks (3:16)
Catch-Up Distributions (10:33)
CF Checks & Cash Flows Over Catch-Up (5:03)
GP/LP Cash Flows (3:56)
Return Metrics & Promoted Interest (9:18)
Part 4 - The GP Catch-Up With Clawback Waterfall Model
The GP Catch-Up With Clawback Waterfall Model Explained (6:40)
GP/LP CF Calculations (5:30)
Acquisition Information & Preferred Interest Accrual (5:47)
Distributions, CF Remaining, & Conditional Formatting (13:00)
Catch-Up Distributions (9:17)
CF Over Catch-Up & Clawbacks - Part 1 (8:33)
Promoted Interest & Clawbacks - Part 2 (9:39)
GP/LP Cash Flow & Return Finalization (9:36)
Wrapping Up
Where To Go From Here (2:23)
Course Lessons - Previous Version
A Note About The June 2025 Course Update
What We Will Cover (2:49)
A Sneak Peek Into What You'll Build (2:56)
How This Course Is Structured (2:39)
About The Instructor (3:41)
Student Success Stories (2:02)
Download Me First
Real Estate Partnership Breakdown (3:42)
Equity Waterfall Breakdown (4:03)
The Syndication Model (2:28)
The Fund Model (3:13)
Excel Financial Modeling Refresher (1:38)
The Cash-on-Cash Hurdle Model Introduction (4:48)
Introduction To The Model (4:00)
Modeling Equity Percentages & Operating Metrics (8:36)
Project-Level Cash Flow Modeling (2:38)
Modeling Dynamic Cash Flow From Operations (6:32)
Modeling Dynamic Sale Proceeds (6:19)
GP & LP Equity Contributions (4:05)
Modeling The Preferred Cash-on-Cash Return Tier (2:50)
Building Out Days In Year (MAX(IF()) (6:24)
Modeling Outstanding Equity Balance (2:57)
Calculating The Preferred Cash-on-Cash Return (4:14)
Finalizing The LP Preferred Cash-on-Cash Return Tier (3:29)
GP Contributions, Distributions, & Cash Flow (3:47)
The Preferred Cash-on-Cash Check (5:22)
Total Project-Level Cash-on-Cash Build-Out (5:20)
The Cash-on-Cash Promote Tier - LP (6:24)
The Cash-on-Cash Promote Tier - GP (& Check) (6:33)
Net Sale Proceeds Distributions (4:57)
Calculating GP & LP Cash Flows (2:54)
GP & LP Average Cash-on-Cash (6:46)
GP & LP IRR & Equity Multiple (6:01)
Calculating The GP Promoted Interest (3:30)
Modeling Project-Level Returns (4:12)
Check-In - One Down!
The Dual Preferred Return Waterfall Model Introduction (3:31)
Modeling Equity Percentages (3:14)
Modeling Loan Metrics (3:22)
Building Out Cash Flow From Operations (4:32)
Modeling Net Sale Proceeds (6:17)
GP & LP Equity Contributions (2:46)
Preferred Return Modeling - Part 1 (4:21)
Preferred Return Modeling - Part 2 (4:23)
Modeling LP Distributions With Multiple Preferred Returns (4:25)
Modeling GP Cash Flow In The Preferred Return (3:36)
Preferred IRR & Equity Multiple Checks (7:53)
Building Out The Promoted Interest Tier (2:25)
Modeling LP & GP Cash Flows (5:49)
Calculating The GP Promoted Interest (1:32)
Finalizing Return Metrics (2:28)
Modeling Equity Percentages (2:30)
Modeling Cash Flow From Operations (2:42)
Modeling Net Sale Proceeds (3:28)
GP & LP Equity Contributions (1:52)
Modeling The Preferred Return Tier (LP) (5:51)
Modeling The Preferred Return Tier (GP) (4:39)
Building Out The LP Catch-Up Cash Flows (6:32)
Building Out The GP Catch-Up Cash Flows (& Checks) (7:14)
Modeling Cash Flows Over The Catch-Up (2:15)
LP & GP Cash Flows & Return Metrics (5:23)
GP Cash Flow Check & GP Promoted Interest Calculation (3:45)
Project-Level Return Finalization (3:10)
Check-In - One More To Go!
The GP Catch-Up With Clawback Waterfall Model Explained (2:29)
American vs. European Style Waterfalls (2:51)
The Fund & Clawback Timeline (2:07)
Modeling Equity Percentages & Total Cash Flows (7:06)
Modeling Equity Contributions (2:13)
Building Out The Preferred Return Tier (LP) (6:42)
Promoted Interest Visual Build-Out (7:35)
Building Out The Preferred Return Tier (GP) (4:19)
Modeling The LP & GP Catch-Up Cash Flows (8:35)
Building The Total Cash Flow Check (3:40)
Modeling Cash Flows Over The Catch-Up (2:37)
Modeling The LP Clawback - Part 1 (6:00)
GP Cash Flows & Promoted Interest Calculation (5:11)
Modeling The LP Clawback - Part 2 (7:07)
Finalizing GP Cash Flows & The Promoted Interest (3:38)
Finalizing The Model (2:33)
Check-In - You're Done!
Where To Go From Here (2:45)
Modeling Equity Contributions
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