Waterfall
Hi all -
Currently working for a well-capitalized REIT (we require no JV's or equity partners). I am trying to expand my waterfall knowledge for future job opportunities. I have attached a practice test (pic) that I am trying to complete. I don't think I am getting to the right answer since my IRR check isn't tying out. If anyone would like to take a crack at it and reattach their model, I would greatly appreciate it.

Thanks!
Your ending balance is 10mm in year 0, Beginning balance is 10mm in year 1, the second pref accrued cell to the right is 8%*10mm (Beginning Balance). Try to figure out the rest on your own, its the best way to learn it.
I have this, but unsure if its right
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