Returns Analysis
7 articlesIRR, MOIC, cash-on-cash, TVPI/DPI/RVPI, and the sensitivity-and-stress-testing layer above them. The metric vocabulary institutional LPs and investment committees actually use.
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Financial Modeling
The institutional CRE financial modeling toolkit — returns analysis, valuation, debt analysis, and waterfall mechanics. Written by practitioners, not marketers.
Institutional real estate underwriting is the product of four disciplines that have to agree on the same deal: a return-metric vocabulary (IRR, MOIC, cash-on-cash, TVPI/DPI/RVPI), a set of valuation lenses (cap rate, NOI, DCF, terminal value, replacement cost), a debt-sizing stack (DSCR, debt yield, LTV/LTC), and a distribution waterfall (preferred return, catch-up, promote tiers, clawback). Each layer has its own conventions, and the points where they collide — DSCR vs LTV at refinancing, going-in cap vs exit cap at hold, American vs European waterfall at distribution — are where institutional discipline either holds or breaks.
The four clusters below cover that stack end to end. 29 practitioner guides, each with the formula, a worked 2026 example, the institutional benchmarks, and the mistakes that quietly move outcomes.
Valuation
8 articlesCap rate, NOI, DCF, terminal value, and replacement cost — the four institutional valuation lenses, the conventions that move cap rates 25 bps, and when each governs.
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7 articlesDSCR, debt yield, LTV/LTC, interest-rate hedging, prepayment regimes, and the 2026 CRE maturity wall. How institutional debt actually sizes and prices in 2026.
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7 articlesHow distributions actually flow from gross deal economics to LP and GP pockets — preferred return, catch-up, promote tiers, clawback, GP co-invest, and the American vs European split.
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