Every Dollar Flows
Through the Right Tier.
Configure return of capital, preferred return, GP catch-up, and promote tiers separately on cash flow, appreciation, and sale proceeds. No more forcing one structure onto three different income streams.
Waterfall on Each Stream, Independently
Cash flow, appreciation, and sale proceeds each have their own tier structure — because real syndications don't apply one waterfall to all three.
| Tier | Cash Flow | Appreciation | Sale Proceeds |
|---|---|---|---|
| 1. Return of Capital | — | — | 100% pro rata |
| 2. Preferred Return | 8% compounded | 8% compounded | Unpaid pref balance |
| 3. GP Catch-up | — | — | 100% to GP until 20% of pref |
| 4. Promote | 80/20 | 80/20 | 80/20 up to 15% IRR |
| 5. Super-hurdle | — | — | 70/30 above 15% IRR |
3 Hurdle Types. Pick Whatever Your OA Uses.
Promote hurdles can be defined as an IRR, an equity multiple, or a flat percentage.
IRR Hurdle
“80/20 until LP hits a 15% IRR, then 70/30.” Most common in institutional deals.
Equity Multiple
“80/20 until LP hits 2x, then 70/30.” Common in shorter-hold value-add deals.
Flat Percentage
“50/50 above 12% cumulative return.” Simple split, often used in friends-and-family deals.
The Math, In Black and White
For a $1M raise at 8% pref, 20% catch-up, 80/20 promote, 5-year hold, $400K gain at exit:
Explore More Features
See everything Real Estate Partnership Equity Split Calculator has to offer.
Partner Equity Splitter
Define contribution, equity percentage, and role for every partner — with full support for asymmetric and hybrid splits.
Learn more →Compensation & Fees Stack
Stack every sponsor fee on the right base — acquisition on equity raised, asset management on NOI, disposition on sale proceeds.
Learn more →Distribution Modeler
Year-by-year partner distributions in a stacked column chart, plus cumulative timelines and the exit waterfall.
Learn more →Multi-Property Portfolio Projections
Roll scenarios up to entity and portfolio with aggregate committed capital, IRR, and partner-level totals across deals.
Learn more →Term Sheet Generator
Auto-build a one-page investor term sheet from your partners, fees, waterfall, and projections — share it before the attorney drafts the OA.
Learn more →AI Authoring Suite
Four authoring prompts pre-filled with scenario numbers: LP pitch outline, investor one-pager, risk disclosure draft, operator weekly update.
Learn more →AI Contract Review Pipeline
Five structured AI prompts that review JV and partnership agreements clause by clause — plain English, risks, obligations, negotiation playbook, executive brief.
Learn more →Model the Waterfall With Confidence
Unlimited tiers, three streams, every hurdle type — rendered in black and white.
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