Built by a real estate CFO managing $540M+ in assets

Your waterfall model
shouldn't live in Excel.

WaterfallIQ connects your actual operating data to live waterfall calculations, scenario analysis, and investor reports — all in one place. No more rebuilding from scratch every time your capital structure changes.

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waterfalliq.io/dashboard/property/state-college/operating
WaterfallIQ
Properties
State College
Overview
Investors
Model Assumptions
Operating
Waterfall
Scenarios
Health
Overview
Investors (3)
Model Assumptions
Operating
Waterfall
Scenarios (5)
Health
AY 2025-26
Aug 2025 – Jul 2026
Blended
Actual
Budget
Forecast
AccountAugSepOctNovDecJanFebMarAprMayJunJulAnnual
Income
Gross Potential Rent100,687100,687100,687100,687100,68790,83190,83190,83190,83190,83190,83190,8311,139,249
Vacancy Loss—————(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(1,250)(8,750)
Other Income18,9038,94210,90010,8509,53710,0219,4059,7639,5078,5099,3289,303124,968
Net Operating Income120,498110,537112,494112,444111,13299,01397,67698,75598,60297,70798,21798,1921,255,268
Debt Service
Interest — Senior Loan(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(82,917)(994,996)
Interest — Mezzanine(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(133,333)(1,599,996)
Cash Flow from Operations(95,752)(105,713)(103,756)(103,806)(105,118)(117,237)(118,574)(117,495)(117,648)(118,543)(118,033)(118,058)(1,339,733)
$540M+
Assets under management by the creator
3 min
To run a full waterfall scenario
0
Excel files needed
100%
Waterfall calculations auditable

The Problem

Every “what if?” question costs you two hours.

When an investor asks what their IRR looks like at a $95M exit vs. $110M, you shouldn't have to open five Excel files, recalculate debt payoffs, and rebuild the waterfall from scratch.

⚠️

Version control doesn't exist

Which version of the waterfall model is current? The one you emailed on Tuesday or the one your analyst updated Thursday?

🔁

Every change breaks something

Edit one assumption in your Excel waterfall and spend 45 minutes debugging circular references and broken cell links.

📊

Actuals never make it in

Your operating model lives in Yardi or QuickBooks. Your waterfall lives in Excel. They never talk to each other.

👥

Investor questions take days

An LP asks for their projected return at two different exit caps. You can't answer in the meeting — you have to get back to them.

The Solution

One model. Every answer. Always current.

Waterfall Engine

The math is always right — and you can prove it.

Variable-tier structures with pref returns, IRR hurdles, catch-up provisions, equity multiple hurdles, and promote splits. Every tier shows exactly where each dollar went and why.

5
Tier types supported
Unlimited
Investors per deal
<1 sec
Calculation time
Scenario Analysis

Answer every "what if" before they ask it.

Model sales, refinances, and recaps without touching your base case. Compare up to 4 scenarios side by side. Sensitivity matrix shows IRR across any two variables instantly.

Sale, Refi, Recap
Scenario types
Up to 4
Side-by-side compare
7×7 grid
Sensitivity matrix
Operating Model

Actuals, budget, and forecast — one grid.

Import from Excel or CSV. Blended view automatically shows the most current data for each period. Full GL-mapped chart of accounts with 52 default accounts.

52
Default GL accounts
Calendar, Fiscal, Academic
Period types
Actual, Budget, Forecast
Versions
Investor Reports

Send a report in minutes, not days.

Per-investor IRR, equity multiple, and distributions for every scenario. Investor report generated automatically — formatted, professional, ready to send.

PDF + Excel
Report format
Automatic
Per-investor IRR
1 click
Generation time

Scenario Analysis

Model a $120M exit. See every investor's return. In 3 minutes.

waterfalliq.io/dashboard/property/state-college/scenarios
Baseline
Sale
Refinance
$120MM Sale
Active scenario
Sale Price
$120,000,000
Closing Costs
1%
Debt Payoff
$25,000,000
Gross Sale Price$120,000,000
Closing Costs (1%)($1,200,000)
Debt Payoff($25,000,000)
Net Proceeds$93,800,000
Run Waterfall
Net Distributed
$93.8M
Member IRR
13.74%
Sponsor IRR
10.83%
Member Multiple
3.80x
Waterfall Breakdown
TierHurdleSplitMemberSponsorTotal
Return of Equity ✓—100/0$12,741,341$6,275,586$19,016,926
8% Preferred Return ✓8.00%100/0$17,969,951$8,850,871$26,820,822
Residual ✓—80/20$38,369,801$9,592,450$47,962,252
Total$69,081,093$24,718,907$93,800,000
Investor Returns
InvestorOwn %TypeEquityDistributionCoCMultipleIRR
Sunrise Capital Partners33.00%SP$9,900,000$37,380,942377.6%4.14x14.62%
James Whitfield34.00%LP$10,200,000$28,630,567280.7%3.17x11.88%
Robert Chen33.00%LP$9,900,000$27,788,491280.7%3.17x11.88%

Who It's For

Built for operators. Not brokers.

💼

CFOs & Asset Managers

Replace the model you rebuild every quarter. Answer investor questions in the meeting, not two days later.

🏢

Real Estate Operators

Track actuals against budget, model exit scenarios, and show LPs exactly what they'll make — all from one tool.

📈

Real Estate Analysts

Stop maintaining five versions of the same waterfall. One model, all scenarios, always tied to current data.

Pricing

Simple, honest pricing.

7-day free trial on all plans. Full access. No credit card required.

Starter

$99/month

$990/yr (2 months free)

For solo operators and analysts.

  • Up to 3 properties
  • Full operating model (actuals, budget, forecast)
  • Waterfall engine — all tier types
  • Sale, refi & recap scenarios
  • Sensitivity analysis
  • Excel export
  • Email support
Start Free Trial

Professional

Most Popular
$249/month

$2,490/yr (2 months free)

For established operators and CFOs.

  • Up to 15 properties
  • Everything in Starter
  • Investor report branding
  • Priority email support
  • Early access to new features
Start Free Trial

Firm

$499/month

$4,990/yr (2 months free)

For firms managing large portfolios.

  • Unlimited properties
  • Everything in Professional
  • Up to 5 team members
  • Priority email support
Start Free Trial

All plans include a 7-day free trial with full access. Cancel anytime. Annual billing saves 2 months.

Stop rebuilding models.
Start making decisions.

Join real estate operators who have replaced their waterfall spreadsheets with WaterfallIQ. Your first 7 days are free.

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