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
Waterfall Distributions: What Every GP and LP Needs to Understand Before Signing an Operating Agreement
The distribution waterfall is the most important section of any real estate operating agreement and the one most investors either skim past or misunderstand entirely. It defines how every dollar of cash flow and every dollar of profit at sale g...
Sensitivity Analysis: How to Stop Trusting Your Base Case and Start Stress Testing Every Assumption
Every assumption in your underwriting will be wrong. The question is not whether your model is accurate. It is whether your deal survives the range of outcomes that reality is likely to produce. Most operators build a single scenario, call it t...
The Fed's Hidden Message: What Real Estate Investors Need to Know About the June 2026 Rate Decision
The Federal Reserve held rates steady yesterday — but the signal matters more than the decision. In his first meeting as Fed Chair, Kevin Warsh delivered a hawkish message that changes the math for real estate investors: markets now expect a ra...
When Sellers Retreat and the Fed Holds: Why Underwriting Discipline Wins This Cycle
5.8% of U.S. home listings were pulled off the market in April 2026 — the highest delisting rate since the pandemic shutdowns. Meanwhile, markets are pricing a 96-98% probability that the Fed holds rates steady at its June 16-17 meeting, with n...
Debt Yield: The Lender's Metric You're Probably Not Tracking
Almost every lender in commercial real estate uses debt yield to evaluate your deal. Almost no independent operator tracks it on their own. That gap — between what you are measuring and what your lender is measuring — is where refinance surpris...