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.
The Capital Stack: Who Gets Paid First, and Who Actually Bears the Risk
A deal is not funded by “debt and equity.” It is funded by a stack of layers — senior debt, mezzanine debt, preferred equity, and common equity — and each one carries a different priority of payment, a different required return, and a different position in the line of who loses money first when things go wrong. The headline IRR tells you the blended outcome if everything goes to plan. The capital stack tells you what the headline cannot: where your money actually sits, what it is actually exp...
6 Oct 2026
The Return the IRS Takes: Depreciation, Recapture, and the After-Tax Number That Actually Pays You
Every metric in real estate — IRR, equity multiple, cash on cash, yield on equity — is a pre-tax number. The return you actually keep is something else entirely. The IRS is a partner in every deal you own, one who never signed the operating agreement and never wired a dollar of equity, and that partner takes a cut of your income every year and a cut of your gain when you sell. The problem is that none of it shows up on the pro forma. Two deals can post the exact same pre-tax IRR and hand you ...
21 Sept 2026
The Concession Problem: Why Effective Rent Is the Only Number That Matters Right Now
Face rent is what the lease says. Effective rent is what the property earns. In a growing number of markets right now, those are not the same number, and the gap between them is distorting every metric operators rely on to make portfolio decisions. As supply from 2021 and 2022 delivers across Sun Belt and secondary markets, concessions are back. One month free. Two months free. In the most competitive submarkets, operators are giving away 15 to 20 percent of a year's rent just to fill units. ...
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