Distribution Resolution

Chief Executive Officer

Devalore is now abra R&D Solutions

Thank you everyone at Devalore for this wonderful opportunity I really learned so much. Stay tuned for my next adventure. #Tech #StartUp #RealEstate #SocialMedia

Software Engineer

S & J Sheet Metal Supl

Organization Manager

Waterfall Distributions | Founder - Distribution Resolution | Software Engineer

Let's navigate the world of real estate distributions together, from complex waterfalls to multiple structures.

I specialize in partnering with General Partners (GPs) and Syndicators, offering comprehensive support for all things related to distributions. Whether it's navigating complex waterfall structures or managing multiple waterfall scenarios, I've got you covered. 

My services extend beyond traditional advisory roles—I audit Excel models, provide strategic guidance, and have even developed custom software capable of calculating distributions in seconds.

With my multifaceted approach, I aim to streamline processes, optimize returns, and empower real estate professionals to thrive in today's dynamic market.

Schedule a meeting, https://calendly.com/gary-distribution-resolution/introduction

I spoke with developers recently. They were telling me their pain points when it comes to waterfalls and distributions.

They underwrote a deal in which they’ll make a profit for a few years, then do construction (which they’ll raise more capital for), and after that, they will refinance and hold for 10-15 years.

Their issue is that their returns and IRR for both the GP and LP weren’t adding up. 

I brought up a few good points for them to start looking into and asked them how they would solve these issues.

Was their model created for construction and to handle multiple capital injections?

What happens when you have different investors contributing at different times?

When is capital being returned?

All of these issues are common occurrences and need complex solutions to resolve.

Everyone wants a simple waterfall, but every case is unique.

How do you answer these questions when you are underwriting?

If you need help structuring and organizing these types of distributions, reach out and let’s chat.

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Any distribution or waterfall questions? Reach out!

Need help setting up or calculating a waterfall? Reach out.

Gary Schwartz

Updated Distribution Model!

Create clear, easy distributions in seconds!

I have recently added new features:

- Specific days you can return capital
- Different calculations for capital events
- Added clarity

This updated model can now handle specific date inputs for the return of capital, providing more flexibility.

Many Excel models have different calculations depending on whether you are returning capital or not. We can now handle this as well.

Plus, there's much more!

If you haven’t yet received access to my model, like and leave a comment below.

This is the free version. If you would like access to the paid version, where you can access more features including distributions for individual investors, multi waterfalls, and more, reach out.

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Any distribution or waterfall questions? Reach out!

Need help setting up or calculating a waterfall? Reach out.

Something else I’m seeing more often in equity waterfalls:

Uneven Splits: The GP can decide that the LP gets this hurdle first, then only the GP will receive that hurdle. 

This is most common for the preferred return.

It can also occur with the return of capital, where the LP can receive their return of capital before the GP.

This concept is derived from the idea of a catch-up, although it can be applied to one specific hurdle at a time. (I’ll bring up catch-up in a different post.)

This is very beneficial if you are a newer GP and would like your investors to receive profits or capital before you do.

This is the ninth part of a multi-part series explaining equity waterfalls.

Do you implement uneven splits or give your LPs special features?

We are just getting started with this multi-part series. Let me know what else you’d like to hear about.

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If you want to receive my newsletter, direct message me!

For any distribution or waterfall questions, reach out!

Need help setting up or calculating a waterfall? Reach out.

Every day, individuals reach out to me for great content on waterfalls and how to learn more.

There is no all-inclusive curriculum.

I’m contemplating starting a 3-part course on waterfalls and distributions.

Comment below which option you would sign up for:

1 - For LPs and beginning investors. It would focus on the core basics of what a waterfall is, how they work, and common setups.

2 - For underwriters. All the details and concepts of a waterfall. How to translate a legal document into a waterfall. How to distribute the waterfall to investors.

3 - For CFOs. How and why to structure a waterfall. Multi-waterfalls. Capital injections. How to fix a broken model.

All three would be math-heavy.

We would learn using my custom software.

They would all be reliant on the earlier ones.

Comment below which number interests you the most.

Reach out privately if you’d like a potential syllabus.

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If you found value in this post, please like and comment. Follow for more content!

If you want to receive my newsletter, direct message me!

Any distribution or waterfall questions? Reach out!

Need help setting up or calculating a waterfall? Reach out.

Sponsors and GPs have been asking me for a way to help their investors understand their distribution model. 


There are usually three different ways GPs do this:

1) They show them a PDF file with all the potential returns and how everything will be distributed. Visually pleasing but not practical to understand.

2) Having a 1:1 meeting with their investor, showing them what is happening. The investor gets the gist but is usually more confused afterward.

3) Giving the investor access to your model. Not very intuitive to understand, can take a long time to digest even if it does.

Now comes your best option: My easy-to-use model. 

Once all the details are set on the exact waterfall you would like, you can send it to your investors. 

They now have the opportunity to play with it and tinker with the amount of cash return, the hurdles, and even the specific details if they so choose. 

If they understand the basics of what a waterfall distribution is, they will get it.

Reach out for an intro call, help your investors gain clarity and understanding in their investments.

What do you currently do to show your investors your distribution model? 

How have you been shown a model in the past?

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If you found value in this post, please like and comment. Follow for more content!

If you want to receive my newsletter, direct message me!

Any distribution or waterfall questions, reach out!

Need help setting up or calculating a waterfall? Reach out.

On building trust: Trust runs both ways.


GP/ Syndicator needs to deliver returns and information that corresponds to how the investment is going in a timely matter.

When the LP/ Investor makes the commitment, follow through quickly and efficiently. 

Don’t get me wrong, things will not go as planned but success is more likely when both are on the same page. Being communicative and upfront ( about the good and the bad) goes a long way.

Where have you built more trust ( during the good or the bad times) through being upfront and honest?

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If you found value in this post, please like and comment. Follow for more content!

If you want to receive my newsletter, direct message me!

Any distribution or waterfall questions, reach out!

Need help setting up or calculating a waterfall? Reach out.

Trust is the most important aspect of business.

Without trust, you have nothing.

Take responsibility and be willing to put yourself out there. It’s the only way.

When you find someone who is an expert and you can trust, ask them for advice. Build out those relationships.

I am fortunate to have a few great mentors in my life. I have also had the pleasure of meeting individuals who have put me down and walked all over me. You learn from both, but only practice from one.

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If you found value in this post, please like and comment. Follow for more content!

If you want to receive my newsletter, direct message me!

Any distribution or waterfall questions, reach out!

Need help setting up or calculating a waterfall? Reach out.

Hey everyone! I need your help! I want to run another webinar. What do you want to hear about?

There are so many options and great aspects to talk about.

Do you want something more math-heavy?

Different ways to structure deals?

What I’m seeing in waterfall structures?

How I would structure a deal from beginning to end?

What else?

Please comment on what you would like to hear about!

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If you found value in this post, please like and comment. Follow for more content!

If you want to receive my newsletter, direct message me!

Any distribution or waterfall questions, reach out!

Need help setting up or calculating a waterfall? Reach out.

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