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

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

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

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