Beyond IRR
Beyond IRR is a real estate investing podcast focused on what actually drives performance — not just the headline returns.
Hosted by the team behind BHPA, this show breaks down the metrics, structures, and assumptions behind real estate deals. Each episode goes deeper into topics like IRR, cash flow durability, leverage risk, volatility, capital structure, and exit sensitivity — helping investors think more critically about how returns are generated.
If you want to move beyond surface-level analysis and understand the mechanics behind the numbers, this podcast is for you.
Beyond IRR
Latest Episodes
The Concession Problem: Why Effective Rent Is the Only Number That Matters Right Now
Face rent is what the lease says. Effective rent is what the property earns. In a growing number of markets right now, those are not the same number, and the gap between them is distorting every metric operators rely on to make portfolio decisi...
What If Rates Go Up From Here: Planning Your Real Estate Portfolio for a Higher Rate Environment
The 10 year Treasury yield just hit a 20 month high. Thirty year mortgage rates are approaching 7%. And for the first time in this cycle, a Fed official has publicly floated the possibility of a rate increase. For the past two years, the consen...
Metrics That Matter — Part 3: The Long Term Outcome Layer
This is the final episode of the Metrics That Matter series. In Part 1, we covered the decision layer: DSCR and equity yield. In Part 2, the risk and stability layer: break even occupancy and operating expense ratio trend. Today we arrive at le...
Metrics That Matter — Part 2: The Risk and Stability Layer
A property can have a strong DSCR, a reasonable equity yield, healthy occupancy, and a clean monthly report. And it can still be fragile. It can still be one insurance renewal, one vacancy spike, or one missed rent growth assumption away from a...
Metrics That Matter — Part 1: The Decision Layer
Most real estate investors have dashboards full of numbers — NOI, cash-on-cash return, occupancy, DSCR, IRR — but when it comes time to make an actual decision, they're still going with gut feel. That's not portfolio management. That's accounti...