Real Estate
Equity Waterfall & Promote Calculator
Return of capital, preferred return, catch-up and promote — tier by tier, in dollars
What it does
Inside the workbook.
Return of capital, pref, catch-up, promote — with LP and GP dollars at every tier.
WHAT YOU GET
- A 5-tab workbook: START HERE · THE WATERFALL · EXIT SCENARIOS · SUMMARY · FAQ
- 2 charts that update themselves as you type
- Realistic example figures already filled in, so you can watch it work before you replace them
- A plain-English START HERE guide built into the file, plus a 14-question FAQ
WHY THIS ONE
- Works in FREE Google Sheets. Also opens in Excel. No add-ons.
- One-time purchase. No subscription, no account, no upsell.
- Nothing connects to your bank or your software. You type the numbers in yourself.
- Input cells are unlocked and formulas are protected so a stray paste cannot break the math — and there is NO password, so you can unlock and change anything.
- Every formula was opened in a calculation engine, fully rebuilt, and checked against values worked out independently of the file. If one disagreed, it would not be on sale.
HOW IT WORKS
1. Download and open the file. Nothing to unzip.
2. Read the START HERE tab — about two minutes.
3. Type your numbers over the examples in the blue cells.
GOOGLE SHEETS
File > Import > Upload > choose the file > Replace spreadsheet. No XLOOKUP, no LAMBDA, nothing that breaks on import.
INSTANT DOWNLOAD
Available immediately after purchase under Purchases and Reviews. Nothing ships.
REFUNDS AND SUPPORT
Instant digital downloads cannot be returned automatically through Etsy. Message me — if something is broken or not what you expected, I will fix it or refund you.
AI DISCLOSURE
This workbook was built with AI assistance. Every formula in it was then opened in a calculation engine and tested against independently calculated values before it was listed. The math is checked, not assumed.
This is a digital file only. No physical item will be shipped.
The proof
Every figure, worked out twice.
Before this workbook was listed it was opened in a calculation engine, rebuilt, and every headline figure was compared to a value computed independently in code from the same seed inputs. This is an excerpt of that ledger.
- BuildGenerated from a written spec, opened in a calculation engine, fully rebuilt.
- RecomputeEach figure worked out again in code — never read back from the sheet.
- CompareCell by cell, to a stated tolerance. One disagreement and it does not go on sale.
| Sheet | Cell | Expected | Calculated | Figure | |
|---|---|---|---|---|---|
| THE WATERFALL | F5 | 284,000 | 284,000 | ✓ | Selling costs at exit |
| THE WATERFALL | F6 | 7,316,000 | 7,316,000 | ✓ | Net sale proceeds |
| THE WATERFALL | F7 | 8,766,000 | 8,766,000 | ✓ | Total cash to distribute |
| THE WATERFALL | F8 | 4,500,000 | 4,500,000 | ✓ | Total equity |
| THE WATERFALL | F9 | 4,266,000 | 4,266,000 | ✓ | Profit above capital |
| THE WATERFALL | F10 | 88.9% | 88.9% | ✓ | LP share of equity |
| THE WATERFALL | F13 | 0.47 | 0.47 | ✓ | Pref factor over hold |
| THE WATERFALL | F14 | 1,877,312.31 | 1,877,312.31 | ✓ | Pref accrued to LP |
Questions
Before you buy.
Will it work in free Google Sheets?
Yes. File > Import > Upload > choose the file > Replace spreadsheet. Every formula was written to work in Google Sheets as well as Excel — no XLOOKUP, no LAMBDA, no dynamic arrays, no add-ons and no subscription.
Why can't I type in some cells?
Those are formulas, locked so a stray paste cannot quietly break a tier and hand somebody the wrong number. There is no password. Review > Unprotect Sheet in Excel, or Data > Protected sheets and ranges in Google Sheets, opens the whole thing if you want to change a formula.
Is this legal, tax or investment advice?
No. It is arithmetic. Your operating agreement — the LLC agreement or limited partnership agreement — is the only document that decides how your deal splits money, and this workbook has not read it. Before you rely on a number here for an actual distribution, a capital call or a K-1, confirm it with the attorney who drafted the agreement and with your CPA. Where the sheet and the agreement disagree, the agreement wins.
My sponsor's spreadsheet gives a different number. Who is right?
Probably neither of you is wrong — you are answering different questions. The three usual causes: the pref accrues simple in one model and compounds in the other; the catch-up is measured against the LP's pref in one model and against total pref including the sponsor's co-invest in the other; or one model distributes cash during the hold and the other holds it to exit. Set those three the same way and the numbers converge. If they still do not, the difference is in the document, not the math.
What is a catch-up, in plain English?
After the LP has been paid its preferred return, the sponsor is behind — the LP got all of that money and the sponsor got none of the promote. The catch-up tier hands the sponsor cash until its promote equals its agreed share of the profit distributed so far. With a 20% promote and a full catch-up, the sponsor receives 25 cents for every dollar of LP pref, which puts it at exactly 20% of the pref-plus-catch-up total. Then the ordinary split starts.
Does it work in free Google Sheets?
Yes. Every workbook is built with an older, universal formula vocabulary so it imports into free Google Sheets without add-ons, and it opens in Excel as well. You get both in one purchase.
How was it tested?
The workbook was opened in a calculation engine, fully rebuilt, and 68 figures were compared to values worked out independently in code from the same seed inputs. One disagreement would have stopped the release. An excerpt of that ledger is on this page.
Get it
Equity Waterfall & Promote Calculator — $29.99
Instant download on Etsy. Google Sheets and Excel versions in the same purchase. No subscription, ever.
Educational estimates only. These calculators and workbooks do the arithmetic on the figures you enter; they are general-purpose tools, not financial, investment, tax, legal, lending, insurance or construction advice, and no result is a quote, an offer, or a guarantee of any outcome. Results depend entirely on your inputs and assumptions. Verify anything you intend to rely on with a licensed professional — a CPA, attorney, lender, licensed contractor, or your own agent. WorkbookBarn and Marcos Gil accept no liability for decisions made using these tools. Marcos Gil is a licensed Kentucky real estate agent (License No. 296259) and is not a lender, CPA or attorney.