When would you have a beginning balance other than zero on your waterfall model?

Doing a waterfall with two major asset sale dates. Waterfall 1 ends at sale date 1, waterfall 2 starts after that. The way its currently flowing is leaving me with an ending balance at the sale 1. I tried putting that balance as the beginning balance on waterfall 2 but now i'm thoroughly confused, and it's making my first pref return >100% IRR when the assumption is 11%. Doesn't work if I just use the full cash flow on one model for whatever reason, so it's always been separated out this way

1 Comments
 

Consequatur consequatur quos sint quia. Quas tenetur placeat quia labore et. Omnis omnis numquam sit possimus. Id officiis velit ex maiores veniam eligendi qui.

Soluta dignissimos non commodi in. Deleniti dolorum eaque est aut numquam nostrum aspernatur. Vel fuga blanditiis atque dolores est. Sequi quia suscipit sed autem. Dolorem itaque reiciendis provident expedita voluptate.

Career Advancement Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Morgan Stanley 08 97.8%
  • Goldman Sachs 02 97.2%

Overall Employee Satisfaction

August 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.2%

Professional Growth Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.8%
  • JPMorgan 01 97.2%

Total Avg Compensation

August 2026 Investment Banking

  • Vice President (16) $429
  • Associates (47) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (25) $178
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (83) $151
  • Intern/Summer Analyst (74) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
DrApeman's picture
DrApeman
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”