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Advanced Waterfall Modeling Master File - Final
Advanced Waterfall Modeling Master File - Final
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Welcome to the course! This file contains the all of the finalized equity waterfall models that we will be building in this class.
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GP Equity 5%
LP Equity 95%
Year Acquisition 1
Month Ending 6/30/2019 9/30/2019
CF From Operations (1,225,000) 18,925
Net Sale Proceeds 0 0
Total Cash Flows (1,225,000) 18,925
Equity Contributions
GP Contributions (61,250) 0
LP Contributions (1,163,750) 0
GP Contributions 61,250 0
GP Distributions 0 946
GP Cash Flow (61,250) 946
Total Distributions 0 18,925
Cash-on-Cash Promote
LP Distributions 0 0
All CF Distributed? GP Distributions 0 0
YES Total Distributions 0 0
LP Cash Flows
Contributions (1,163,750) 0
Distributions 0 17,979
LP Net Cash Flow (1,163,750) 17,979
LP IRR 12.04%
LP EM 2.53x
LP Average Cash-on-Cash 7.84%
GP Cash Flows
Contributions (61,250) 0
Distributions 0 946
GP Net Cash Flow (61,250) 946
GP IRR 31.40%
GP EM 10.77x
GP Average Cash-on-Cash 24.91%
GP Promote
Cash-on-Cash 99,323
Sale Proceeds 380,183
Total GP Promote 479,506
Project-Level IRR 14.00% LP IRR 12.04%
Project-Level EM 2.94x LP EM 2.53x
Project-Level Avg. C-o-C 8.69% LP Avg. C-o-C 7.84%
GP IRR 31.40%
GP EM 10.77x
GP Avg. C-o-C 24.91%
GP Promote $479,506
1 1 1 2 2 2
12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021
18,925 18,925 18,925 20,500 20,500 20,500
0 0 0 0 0 0
18,925 18,925 18,925 20,500 20,500 20,500
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
946 946 946 1,025 1,025 1,025
946 946 946 1,025 1,025 1,025
18,925 18,925 18,925 20,500 20,500 20,500
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
17,979 17,979 17,979 19,475 19,475 19,475
17,979 17,979 17,979 19,475 19,475 19,475
0 0 0 0 0 0
946 946 946 1,025 1,025 1,025
946 946 946 1,025 1,025 1,025
Purchase Price $3,500,000 LTV 65%
Going-In Cap Rate 6.00% Loan Amount $2,275,000
Annual NOI Growth 3.00% Interest Rate 4.25%
Sale @ EOY Year 10 Amortization 360 Months Total Project-Level Cas
Exit Cap Rate 6.50% Monthly Payment $11,192
Ending Balance @ Sale $1,807,334
2 3 3 3 3 4
6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022
20,500 22,122 22,122 22,122 22,122 23,793
0 0 0 0 0 0
20,500 22,122 22,122 22,122 22,122 23,793
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
1,025 1,081 1,081 1,057 1,069 1,081
1,025 1,081 1,081 1,057 1,069 1,081
20,500 21,614 21,614 21,144 21,379 21,614
0 0 0 0 1,370 0
0 0 0 0 1,370 0
0 0 0 0 2,739 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
19,475 20,533 20,533 20,087 21,680 20,533
19,475 20,533 20,533 20,087 21,680 20,533
0 0 0 0 0 0
1,025 1,081 1,081 1,057 2,439 1,081
1,025 1,081 1,081 1,057 2,439 1,081
Year 1 2 3 4 5
Days in Year 366 365 365 365 366
Preferred Cash-on-Cash Check 6.17963% 6.69391% 7.00000% 7.00000% 7.00000%
Total Project-Level Cash-on-Cash 6.18% 6.69% 7.22% 7.77% 8.33%
Total LP Cash-on-Cash 6.18% 6.69% 7.12% 7.40% 7.70%
Total GP Cash-on-Cash 6.18% 6.69% 9.24% 14.69% 20.31%
4 4 4 5 5 5
12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024
23,793 23,793 23,793 25,514 25,514 25,514
0 0 0 0 0 0
23,793 23,793 23,793 25,514 25,514 25,514
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
1,081 1,057 1,069 1,078 1,078 1,066
1,081 1,057 1,069 1,078 1,078 1,066
21,614 21,144 21,379 21,555 21,555 21,320
0 0 4,712 0 0 0
0 0 4,712 0 0 0
0 0 9,423 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
20,533 20,087 25,021 20,477 20,477 20,254
20,533 20,087 25,021 20,477 20,477 20,254
0 0 0 0 0 0
1,081 1,057 5,780 1,078 1,078 1,066
1,081 1,057 5,780 1,078 1,078 1,066
6 7 8 9 10
365 365 365 366 365
7.00000% 7.00000% 7.00000% 7.00000% 7.00000%
8.91% 9.51% 10.12% 10.75% 11.40%
8.01% 8.32% 8.64% 8.98% 9.32%
26.10% 32.06% 38.20% 44.53% 51.04%
5 6 6 6 6 7 7
6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
25,514 27,287 27,287 27,287 27,287 29,113 29,113
0 0 0 0 0 0 0
25,514 27,287 27,287 27,287 27,287 29,113 29,113
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,066 1,081 1,081 1,057 1,069 1,081 1,081
1,066 1,081 1,081 1,057 1,069 1,081 1,081
21,320 21,614 21,614 21,144 21,379 21,614 21,614
8,154 0 0 0 11,699 0 0
8,154 0 0 0 11,699 0 0
16,307 0 0 0 23,398 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
28,408 20,533 20,533 20,087 32,009 20,533 20,533
28,408 20,533 20,533 20,087 32,009 20,533 20,533
0 0 0 0 0 0 0
9,220 1,081 1,081 1,057 12,768 1,081 1,081
9,220 1,081 1,081 1,057 12,768 1,081 1,081
7 7 8 8 8 8 9
3/31/2026 6/30/2026 9/30/2026 12/31/2026 3/31/2027 6/30/2027 9/30/2027
29,113 29,113 30,993 30,993 30,993 30,993 32,931
0 0 0 0 0 0 0
29,113 29,113 30,993 30,993 30,993 30,993 32,931
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,057 1,069 1,081 1,081 1,057 1,069 1,078
1,057 1,069 1,081 1,081 1,057 1,069 1,078
21,144 21,379 21,614 21,614 21,144 21,379 21,555
0 15,351 0 0 0 19,112 0
0 15,351 0 0 0 19,112 0
0 30,701 0 0 0 38,224 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
20,087 35,661 20,533 20,533 20,087 39,422 20,477
20,087 35,661 20,533 20,533 20,087 39,422 20,477
0 0 0 0 0 0 0
1,057 16,420 1,081 1,081 1,057 20,181 1,078
1,057 16,420 1,081 1,081 1,057 20,181 1,078
9 9 9 10 10 10 10
12/31/2027 3/31/2028 6/30/2028 9/30/2028 12/31/2028 3/31/2029 6/30/2029
32,931 32,931 32,931 34,926 34,926 34,926 34,926
0 0 0 0 0 0 2,534,550
32,931 32,931 32,931 34,926 34,926 34,926 2,569,476
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,078 1,066 1,066 1,081 1,081 1,057 1,069
1,078 1,066 1,066 1,081 1,081 1,057 1,069
21,555 21,320 21,320 21,614 21,614 21,144 21,379
0 0 22,986 0 0 0 26,976
0 0 22,986 0 0 0 26,976
0 0 45,972 0 0 0 53,953
0 0 0 0 0 0 2,027,640
0 0 0 0 0 0 506,910
0 0 0 0 0 0 2,534,550
0 0 0 0 0 0 0
0 0 0 0 0 0 0
20,477 20,254 43,240 20,533 20,533 20,087 2,074,926
20,477 20,254 43,240 20,533 20,533 20,087 2,074,926
0 0 0 0 0 0 0
1,078 1,066 24,052 1,081 1,081 1,057 534,955
1,078 1,066 24,052 1,081 1,081 1,057 534,955
GP Equity 5% Project-Level IRR 10.55%
LP Equity 95% Project-Level EM 1.59x
Year Acquisition 1 1 1
Month Ending 6/30/2019 9/30/2019 12/31/2019 3/31/2020
CF From Operations (1,225,000) 10,175 10,175 10,175
Net Sale Proceeds 0 0 0 0
Total Cash Flows (1,225,000) 10,175 10,175 10,175
Equity Contributions
GP Contributions (61,250) 0 0 0
LP Contributions (1,163,750) 0 0 0
Preferred Return
Beginning Balance 0 1,163,750 1,174,100 1,184,628
Preferred Interest Accrual 0 20,016 20,194 20,152
Starting EM Balance 0 1,745,625 1,735,959 1,726,292
LP Contributions 1,163,750 0 0 0
LP Distributions 0 9,666 9,666 9,666
Ending Pref Balance 1,163,750 1,174,100 1,184,628 1,195,114
EM Check IRR Check Ending EM Balance 1,745,625 1,735,959 1,726,292 1,716,626
1.50x 9.15% Total LP Cash Flow (1,163,750) 9,666 9,666 9,666
GP Contributions 61,250 0 0 0
EM Check IRR Check GP Distributions 0 509 509 509
1.50x 9.15% GP Cash Flow (61,250) 509 509 509
Total Distributions 0 10,175 10,175 10,175
Cash Flow Remaining 0 0 0 0
Promoted Interest
LP Distributions 0 0 0 0
GP Distributions 0 0 0 0
Total Distributions 0 0 0 0
Cash Flow Remaining 0 0 0 0
LP Cash Flows
Contributions (1,163,750) 0 0 0
Distributions 0 9,666 9,666 9,666
LP Net Cash Flow (1,163,750) 9,666 9,666 9,666
LP IRR 10.13%
LP EM 1.57x
GP Cash Flows
Contributions (61,250) 0 0 0
Distributions 0 509 509 509
GP Net Cash Flow (61,250) 509 509 509
GP IRR 17.37%
GP EM 2.13x
GP Promote
Total GP Promote 34,380
LP IRR 10.13% Purchase Price $3,500,000
LP EM 1.57x Going-In Cap Rate 5.00%
Annual NOI Growth 5.00%
GP IRR 17.37% Sale @ EOY Year 5
GP EM 2.13x Exit Cap Rate 6.00%
GP Promote $34,380
1 2 2 2 2 3 3
6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021
10,175 12,363 12,363 12,363 12,363 14,659 14,659
0 0 0 0 0 0 0
10,175 12,363 12,363 12,363 12,363 14,659 14,659
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
509 618 618 618 618 733 733
509 618 618 618 618 733 733
10,175 12,363 12,363 12,363 12,363 14,659 14,659
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9,666 11,744 11,744 11,744 11,744 13,927 13,927
9,666 11,744 11,744 11,744 11,744 13,927 13,927
0 0 0 0 0 0 0
509 618 618 618 618 733 733
509 618 618 618 618 733 733
LTV 65%
Loan Amount $2,275,000
Interest Rate 4.25%
Amortization 360 Months
Monthly Payment $11,192
Ending Balance @ Sale $2,065,875
3 3 4 4 4 4 5
3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023
14,659 14,659 17,071 17,071 17,071 17,071 19,604
0 0 0 0 0 0 0
14,659 14,659 17,071 17,071 17,071 17,071 19,604
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
733 733 854 854 854 854 980
733 733 854 854 854 854 980
14,659 14,659 17,071 17,071 17,071 17,071 19,604
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
13,927 13,927 16,218 16,218 16,218 16,218 18,623
13,927 13,927 16,218 16,218 16,218 16,218 18,623
0 0 0 0 0 0 0
733 733 854 854 854 854 980
733 733 854 854 854 854 980
5 5 5 6 6 6 6 7
12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
19,604 19,604 19,604 0 0 0 0 0
0 0 1,656,613 0 0 0 0 0
19,604 19,604 1,676,216 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
980 980 78,081 0 0 0 0 0
980 980 78,081 0 0 0 0 0
19,604 19,604 1,561,616 0 0 0 0 0
0 0 114,600 0 0 0 0 0
0 0 76,209 0 0 0 0 0
0 0 38,391 0 0 0 0 0
0 0 114,600 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
18,623 18,623 1,559,744 0 0 0 0 0
18,623 18,623 1,559,744 0 0 0 0 0
0 0 0 0 0 0 0 0
980 980 116,472 0 0 0 0 0
980 980 116,472 0 0 0 0 0
7 7 7 8 8 8 8 9
12/31/2025 3/31/2026 6/30/2026 9/30/2026 12/31/2026 3/31/2027 6/30/2027 9/30/2027
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
9 9 9 10 10 10 10
12/31/2027 3/31/2028 6/30/2028 9/30/2028 12/31/2028 3/31/2029 6/30/2029
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
GP Equity 5% Project-Level IRR
LP Equity 95% Project-Level EM
Year Acquisition 1 1 1
Month Ending 6/30/2019 9/30/2019 12/31/2019 3/31/2020
CF From Operations (1,225,000) 18,925 18,925 18,925
Net Sale Proceeds 0 0 0 0
Total Cash Flows (1,225,000) 18,925 18,925 18,925
Equity Contributions
LP Contributions (1,163,750) 0 0 0
GP Contributions (61,250) 0 0 0
Preferred Return
Beginning Balance 0 1,163,750 1,167,620 1,171,566
Preferred Interest Accrual 0 22,795 22,871 22,697
LP Contributions 1,163,750 0 0 0
LP Distributions 0 18,925 18,925 18,925
IRR Ending Balance 1,163,750 1,167,620 1,171,566 1,175,338
8.0000% Total LP Cash Flow (1,163,750) 18,925 18,925 18,925
GP Contributions 61,250 0 0 0
IRR GP Distributions 0 0 0 0
N/A GP Cash Flow (61,250) 0 0 0
Total Distributions 0 18,925 18,925 18,925
Cash Flow Remaining 0 0 0 0
LP Cash Flows
Contributions (1,163,750) 0 0 0
Distributions 0 18,925 18,925 18,925
LP Net Cash Flow (1,163,750) 18,925 18,925 18,925
LP IRR 16.70%
LP EM 1.99x
GP Cash Flows
Contributions (61,250) 0 0 0
GP CF Check Distributions 0 0 0 0
20.0000% GP Net Cash Flow (61,250) 0 0 0
GP IRR 56.59%
GP EM 9.44x
GP Promote
Catch-Up 485,825
Over Catch-Up 28,645
Total GP Promote 514,470
20.86% LP IRR 16.70% Purchase Price $3,500,000
2.36x LP EM 1.99x Going-In Cap Rate 6.00%
Annual NOI Growth 5.00%
8.00% GP IRR 56.59% Sale @ EOY Year 5
20.00% GP EM 9.44x Exit Cap Rate 6.00%
GP Promote $514,470
1 2 2 2 2 3 3 3
6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022
18,925 21,550 21,550 21,550 21,550 24,306 24,306 24,306
0 0 0 0 0 0 0 0
18,925 21,550 21,550 21,550 21,550 24,306 24,306 24,306
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
18,925 21,550 21,550 21,550 21,550 24,306 24,306 24,306
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
18,925 21,550 21,550 21,550 21,550 24,306 24,306 24,306
18,925 21,550 21,550 21,550 21,550 24,306 24,306 24,306
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
LTV 65%
Loan Amount $2,275,000
Interest Rate 4.25%
Amortization 360 Months
Monthly Payment $11,192
Ending Balance @ Sale $2,065,875
3 4 4 4 4 5 5
6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023
24,306 27,200 27,200 27,200 27,200 30,239 30,239
0 0 0 0 0 0 0
24,306 27,200 27,200 27,200 27,200 30,239 30,239
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
24,306 27,200 27,200 27,200 27,200 30,239 30,239
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
24,306 27,200 27,200 27,200 27,200 30,239 30,239
24,306 27,200 27,200 27,200 27,200 30,239 30,239
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5 5 6 6 6 6 7 7
3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
30,239 30,239 0 0 0 0 0 0
0 2,401,110 0 0 0 0 0 0
30,239 2,431,350 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1,146,735 1,138,712 0 0 0 0 0 0
22,215 22,060 0 0 0 0 0 0
0 0 0 0 0 0 0 0
30,239 1,160,772 0 0 0 0 0 0
1,138,712 0 0 0 0 0 0 0
30,239 1,160,772 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
30,239 1,160,772 0 0 0 0 0 0
0 1,270,578 0 0 0 0 0 0
0 539,806 0 0 0 0 0 0
0 539,806 0 0 0 0 0 0
0 1,079,611 0 0 0 0 0 0
0 190,966 0 0 0 0 0 0
0 152,773 0 0 0 0 0 0
0 38,193 0 0 0 0 0 0
0 190,966 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
30,239 1,853,351 0 0 0 0 0 0
30,239 1,853,351 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 577,999 0 0 0 0 0 0
0 577,999 0 0 0 0 0 0
7 7 8 8 8 8 9 9
3/31/2026 6/30/2026 9/30/2026 12/31/2026 3/31/2027 6/30/2027 9/30/2027 12/31/2027
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
9 9 10 10 10 10
3/31/2028 6/30/2028 9/30/2028 12/31/2028 3/31/2029 6/30/2029
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
GP Equity 5%
LP Equity 95%
Year Acquisition 1 1
Month Ending 6/30/2020 9/30/2020 12/31/2020
Total Cash Flows (10,000,000) 0 0
Equity Contributions
LP Contributions (9,500,000) 0 0
GP Contributions (500,000) 0 0
Preferred Return
Beginning Balance 0 9,500,000 9,686,084
Preferred Interest Accrual 0 186,084 189,729
LP Contributions 9,500,000 0 0
LP Distributions 0 0 0
IRR Ending Balance 9,500,000 9,686,084 9,875,813
7.2205% Total LP Cash Flow (9,500,000) 0 0
In Promoted Interest? NO NO NO
GP Contributions 500,000 0 0
IRR GP Distributions 0 0 0
7.2205% GP Cash Flow (500,000) 0 0
Total Distributions 0 0 0
Cash Flow Remaining 0 0 0
LP Clawback Calculations
Beginning Balance 0 9,500,000 9,686,084
Preferred Interest Accrual 0 186,084 189,729
LP Contributions (9,500,000) 0 0
LP Distributions 0 0 0
Total Clawback Ending Balance 9,500,000 9,686,084 9,875,813
(274,779) LP Clawback 0 0 0
LP Cash Flows
Contributions (9,500,000) 0 0
IRR Check Distributions 0 0 0
7.7315% LP Net Cash Flow Before Clawback (9,500,000) 0 0
IRR Check Clawback 0 0 0
8.0000% LP Net Cash Flow After Clawback (9,500,000) 0 0
LP IRR 8.00%
LP EM 1.49x
GP Cash Flows
Contributions (500,000) 0 0
Distributions 0 0 0
GP Net Cash Flow (500,000) 0 0
Clawback 0 0 0
GP Net Cash Flow After Clawback (500,000) 0 0
GP IRR 11.71%
GP EM 1.43x
GP Promote
Catch-Up 351,138
Over Catch-Up 0
Clawback (274,779)
Total GP Promote 76,359
Project-Level IRR 8.18% LP IRR 8.00% Property
Project-Level EM 1.50x LP EM 1.49x Property Sale #1
Property Sale #2
Preferred Return 8.00% GP IRR 11.71% Property Sale #3
Catch-Up Profit GP % 20.00% GP EM 1.43x Property Sale #4
GP Promote $76,359 Property Sale #5
Capital Raised $10,000,000 Fund Liquidation
1 1 2 2 2 2 3
3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
NO NO NO NO NO NO NO
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
Date Net Proceeds
6/30/2025 $8,000,000
3/31/2026 $5,000,000
12/31/2026 $3,000,000
9/30/2027 ($750,000)
6/30/2028 $0
6/30/2030 $100,000
3 3 3 4 4 4 4 5
12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
NO NO NO NO NO NO NO NO
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
5 5 5 6 6 6 6 7
12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
0 0 8,000,000 0 0 5,000,000 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
NO NO NO NO NO NO NO NO
0 0 0 0 0 0 0 0
0 0 400,000 0 0 250,000 0 0
0 0 400,000 0 0 250,000 0 0
0 0 8,000,000 0 0 5,000,000 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 7,600,000 0 0 4,750,000 0 0
0 0 7,600,000 0 0 4,750,000 0 0
0 0 0 0 0 0 0 0
0 0 7,600,000 0 0 4,750,000 0 0
0 0 0 0 0 0 0 0
0 0 400,000 0 0 250,000 0 0
0 0 400,000 0 0 250,000 0 0
0 0 0 0 0 0 0 0
0 0 400,000 0 0 250,000 0 0
7 7 7 8 8 8 8 9
12/31/2026 3/31/2027 6/30/2027 9/30/2027 12/31/2027 3/31/2028 6/30/2028 9/30/2028
3,000,000 0 0 (750,000) 0 0 0 0
0 0 0 (712,500) 0 0 0 0
0 0 0 (37,500) 0 0 0 0
0 0 0 37,500 0 0 0 0
110,985 0 0 0 0 0 0 0
110,985 0 0 (37,500) 0 0 0 0
2,219,693 0 0 0 0 0 0 0
780,307 0 0 0 0 0 0 0
390,153 0 0 0 0 0 0 0
390,153 0 0 0 0 0 0 0
780,307 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 (712,500) 0 0 0 0
2,498,862 0 0 0 0 0 0 0
2,498,862 0 0 (712,500) 0 0 0 0
0 0 0 0 0 0 0 0
2,498,862 0 0 (712,500) 0 0 0 0
0 0 0 (37,500) 0 0 0 0
501,138 0 0 0 0 0 0 0
501,138 0 0 (37,500) 0 0 0 0
0 0 0 0 0 0 0 0
501,138 0 0 (37,500) 0 0 0 0
9 9 9 10 10 10 10
12/31/2028 3/31/2029 6/30/2029 9/30/2029 12/31/2029 3/31/2030 6/30/2030
0 0 0 0 0 0 100,000
0 0 0 0 0 0 0
0 0 0 0 0 0 0
NO NO NO NO NO NO NO
0 0 0 0 0 0 0
0 0 0 0 0 0 5,000
0 0 0 0 0 0 5,000
0 0 0 0 0 0 100,000
0 0 0 0 0 0 0
0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 95,000
0 0 0 0 0 0 95,000
0 0 0 0 0 0 274,779
0 0 0 0 0 0 369,779
0 0 0 0 0 0 0
0 0 0 0 0 0 5,000
0 0 0 0 0 0 5,000
0 0 0 0 0 0 (274,779)
0 0 0 0 0 0 (269,779)