嗨，爱思考的PZer你好：
同学你好，这个是private debt real estate中的知识点。
leveraged IRR and unleveraged IRR是分别从股东出资角度和整体property角度来看投资的IRR。
Leveraged IRR: 只看股东出资部分，所有的现金流都只是股东，
- Initial cash flows= total investment - debt. Equity股东购买房屋实际支付的钱
- The annual cash flow = NOI - the mortgage payment. Equity股东每期支付的现金流，就是能收到的NOI再减去每年支付的利息支出
- The terminal cash flow = the sale price - the mortgage balance. Equity股东最终能收到的钱，也就是房屋出售时候的价格-需要偿还的贷款本金。
Unleveraged IRR：从整体property角度来看，
- The initial cash outflow, annual cash flows and terminal cash flow are higher because no debt is incurred, so unleveraged IRR is based on all-cash investment.也就是全部都是Equity股东来出资的，不用减去任何Debt部分。
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
