REAL ESTATE FUND MANAGEMENT — COMPANION FILES, SECOND SET
Julian R. Sterling · julianrsterling.com/fundmanagement · 9 September 2026

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WHAT IS IN HERE

  Blank_Model_Set.zip          five workbooks, 113 KB
  Working_Documents.pdf        five printable documents, seven pages, 23 KB
  Forty_Questions.xlsx         forty questions, marked by the file, 18 KB
  Three_Cases.zip              three cases the book does not work, 45 KB


THE BLANK MODEL SET

The five workbooks already on the page carry the book's own figures, so that every
number it prints can be traced back to a live formula. These five are the same models
with the inputs taken out. Type your own fund into the blue cells and they run.

  Fund_Waterfall_Model_Blank.xlsx                     21 inputs
  Underwriting_and_Exit_Sensitivity_Blank.xlsx       187 inputs
  Debt_Sizing_and_Covenants_Blank.xlsx               109 inputs
  Asset_Management_and_Fund_Operations_Blank.xlsx    207 inputs
  The_Definitions_Priced_Blank.xlsx                   14 inputs

Every workbook opens on a Read Me that names, sheet by sheet, exactly which cells to
type in. Every workbook closes on a Checks sheet that does two things: it counts how
many inputs are still empty, and it runs the consistency tests that must hold on any
fund, whoever's fund it is. There is nothing left to compare against the book, so the
checks test the model against itself instead.

Three things were deliberately left in place: the sensitivity ladders, which are
scenario steps rather than data; the source references in the right-hand columns, which
say what each input is and which section defines it; and the distribution ladders on
sheets 3, 5 and 6 of The Definitions Priced, which are money amounts sized to the book's
fund and should be rescaled to yours.

Verified before release: each workbook was recalculated with every input empty and
returns no error values anywhere. The waterfall was then refilled with the book's own
fund and reproduces $152,800,000 to the LPs, $17,200,000 to the GP and a 24.6 per cent
GP share of profit, exactly as printed. The definitions workbook, refilled the same way,
returns $17.2m, $14.0m and $6.0m across the three catch-up readings, and an $11.2m
spread. The models are intact; only the data is gone.


THE WORKING DOCUMENTS

Five documents the book specifies and does not supply, laid out to be printed and taken
into a meeting. A4, with margins wide enough to print on US Letter without loss.

  1  The pre-IC gate                  thirty items from 8.15, nine LP red flags from 8.16
  2  The quarterly close              thirty-one steps in twelve stages, Chapter 12
  3  The fund risk register           the fifteen risks of 13.13, with KPI and mitigation
  4  The next ninety days             the eight items of 13.13, sequenced by dependency
  5  Next-fund readiness              sixteen weighted metrics from 14.12, and the
                                      decisive indicator the chapter keeps out of the score

Status, owner, date and score columns are left empty on purpose: these are documents to
fill in, not to read.


FORTY QUESTIONS

A workbook that marks itself. Twelve numerical questions, marked against a tolerance so
that a reasonable rounding passes and a right number reached the wrong way does not.
Twenty-eight multiple choice, marked on the letter. Answer in the yellow cells; the
Marked column fills in as you go.

The Score sheet counts your wrong answers by chapter, which is the only reading list
worth having: it is built from what you got wrong rather than from what someone else
thought was important. The Marking sheet holds every answer, every tolerance, and the
reason each answer is what it is. Nothing is hidden from you; the workbook simply marks
you honestly if you look.


THREE CASES THE BOOK DOES NOT WORK

New material, not a restatement. Each case is one workbook: the note is the first sheet,
the model is the rest, and a Checks sheet closes it. Type your own figures in and every
finding recomputes.

  Case_One_Early_Winner.xlsx          extends 6.12
      A fund whose first disposal is its best one. The general partner is paid
      $4,160,000 in year two and owes all of it back at the end. Three findings: a 30
      per cent escrow covers less than a third of the clawback, and it would have had to
      be 74 per cent; the difference between a gross clawback and one capped at the
      after-tax promote is exactly the tax, to the dollar; and an interim wind-up test
      would have caught it at the second disposal, two years early.

  Case_Two_No_Dry_Powder.xlsx         extends 10.10
      Section 10.10 closes a $12m gap with $6m of paydown. This fund has no cash. The
      LTV test binds rather than the debt yield, and the workbook computes the exact cap
      rate at which the two swap over. To refinance in full, NOI has to rise 25 per
      cent, which takes 5.7 years at the assumed growth against a two-year horizon: so
      waiting is not a route. Four routes are priced side by side, and the cheapest one
      is the one that depends entirely on a lender who has already decided it wants out.

  Case_Three_Phantom_Occupancy.xlsx   extends 8.3
      92.9 per cent leased against 60.3 per cent operating, run over twelve months with
      free-rent burn-off and two tenant failures. Leased occupancy does not move all
      year; operating occupancy ends at 70.6 per cent. The missing income is split into
      its two causes and reconciled: $362,133 of free rent, which had an end date, and
      $304,267 of failure, which did not. The acquisition decision is then taken four
      times, at each quarter end, with only what was known then. The right answer
      changes, and it changes at a quarter you can name.


IF YOU WANT THE FIGURES RATHER THAN THE FRAME

The workbooks carrying the book's own example are on the same page. Between the two sets
you can read the book's answer and produce your own from the same formulas.


These materials are educational. All funds, assets and markets differ materially; verify
every calculation against your own documents before relying on it. Nothing here is
investment advice.
