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Real estate equity waterfall calculator
Compare LP and GP cash distributions under an explicit whole-deal waterfall convention.
Dated contributions and distributable cash
| Date | Total contribution | Distributable cash | |
|---|---|---|---|
Promote tiers
The first tier starts at 0%. Later tiers start at higher cumulative profit / contributed capital hurdles.
- LP distributions
- $1,300,000
- LP IRR / equity multiple
- 22.0% / 1.44×
- GP distributions
- $200,000
- GP IRR / equity multiple
- 44.5% / 2.00×
- Unpaid preferred return
- $0
| Date | Distributable cash | LP paid | GP paid |
|---|---|---|---|
| 2025-01-01 | $0 | $0 | $0 |
| 2026-01-01 | $200,000 | $180,000 | $20,000 |
| 2027-01-01 | $1,300,000 | $1,120,000 | $180,000 |
Method and limitations
Educational calculation only. Use your transaction agreement and source records. No audit, assurance opinion, investment or legal advice.
Capital returns pro rata first. LP receives a simple annual preferred return on outstanding capital, accrued on actual days / 365. Optional full GP catch-up targets its share of cumulative profit. Tiers begin at cumulative distributed profit divided by total contributed capital; the final tier is uncapped. These are profit-on-capital hurdles, not IRR hurdles. No compounded preference, clawback, taxes or fees are modeled. IRR is dated and reported only for a single cash-flow sign change.
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