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Originially held live over two webinar sessions, the archive recordling of this popular online workshop is being made available for a limited time. The program introduces students to the theory and practical construction of "waterfalls" for existing and new Microsoft Excel spreadsheet models. The waterfall is the method of distributing profits among partners within a transaction. In more complex transactions, profits are not distributed pari passu. (Pari passu is the proportional distribution of profits according to the percentage of capital invested—that is, with an investor who provides 80 percent of the capital receiving 80 percent of the profit.) During the first session, students will gain a theoretical understanding of what a waterfall is, as well as be exposed to the Microsoft Excel functions required to construct a waterfall. In the second session, students will construct a waterfall from a blank spreadsheet that can be incorporated into all existing spreadsheet models.

Students enrolling should be familiar with basic Excel commands and spreadsheet construction.

Program Information
Program Date:
October 30, 2012
Introduction to Modeling Investment Waterfall Distributions Session 1 (October 2012)
Session highlights
  • Theoretical understanding of structured products, i.e., bifurcating cash flows by IRR
  • Understanding of specific Microsoft Excel functions required to build a waterfall
  • Understanding of language and concepts of a waterfall in real estate, e.g., "pref rate"
  • Rate conversions, e.g., equivalent nominal annual rate
Speaker Information
Roger Staiger   [ view bio ]
Introduction to Modeling Investment Waterfall Distributions Session 2 (October 2012)
Session highlights
  • Complete waterfall model in Microsoft Excel that is compatible and scalable with existing spreadsheet models
  • Quantify equity contributions
  • Quantify project cash flows
  • Quantify project characteristics
  • Calculate the first waterfall (pref rate), i.e., Tier I
  • Separate cash flows by tier investor
  • Analyze investor cash flows
  • Wrap-up/conclusion
Speaker Information
Roger Staiger   [ view bio ]
Individual topic purchase: Selected
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