# Exit Waterfall Schedule

Distribution waterfall across debt, preferred and equity at exit.

- Canonical: https://finamodel.com/schedules/exit-waterfall
- Group: Valuation & Returns
- Found in: 27 models
- Sheet-name variants: Waterfall, Cash_Waterfall, Distribution_Waterfall

## About this exit waterfall schedule

An exit waterfall schedule allocates transaction proceeds across debt, preferred equity, common equity, management rollover, and other claimants at exit. It shows who receives cash first and how value flows through the capital structure.

Use this free Excel exit waterfall schedule preview to compare distribution waterfall layouts and proceeds allocation logic. It is useful for LBO models, venture-backed cap tables, structured credit, real estate funds, and any model with multiple layers of capital.

## Source models

- [abs-clo](https://finamodel.com/templates/abs-clo-model) - sheet: Waterfall
- [cap-table](https://finamodel.com/templates/cap-table-model) - sheet: Waterfall
- [capital-raising](https://finamodel.com/templates/capital-raising) - sheet: Exit_Waterfall
- [venture-capital](https://finamodel.com/templates/venture-capital-model) - sheet: Waterfall
- [exit-waterfall](https://finamodel.com/templates/exit-waterfall-model) - sheet: Waterfall
- [convertible-safe](https://finamodel.com/templates/convertible-safe-model) - sheet: Waterfall
- [development-pro-forma](https://finamodel.com/templates/development-pro-forma-model) - sheet: Waterfall
- [multi-family](https://finamodel.com/templates/multi-family-model) - sheet: Waterfall
- [office-building](https://finamodel.com/templates/office-building-model) - sheet: Waterfall
- [industrial-warehouse](https://finamodel.com/templates/industrial-warehouse-model) - sheet: Waterfall
- [real-estate-fund](https://finamodel.com/templates/real-estate-fund-model) - sheet: Waterfall
- [construction-draw](https://finamodel.com/templates/construction-draw-model) - sheet: Waterfall
- [direct-lending](https://finamodel.com/templates/direct-lending-model) - sheet: Waterfall
- [credit-portfolio-cdo](https://finamodel.com/templates/credit-portfolio-cdo-model) - sheet: Waterfall
- [pe-fund](https://finamodel.com/templates/pe-fund-model) - sheet: Waterfall
- [fund-of-funds](https://finamodel.com/templates/fund-of-funds-model) - sheet: Waterfall
- [continuation-fund](https://finamodel.com/templates/continuation-fund-model) - sheet: Waterfall
- [hydrogen](https://finamodel.com/templates/hydrogen-model) - sheet: Cash_Waterfall
- [cloud-infra](https://finamodel.com/templates/cloud-infrastructure-model) - sheet: Waterfall
- [project-finance-sculpting](https://finamodel.com/templates/project-finance-sculpting-model) - sheet: Waterfall
- [infrastructure-fund](https://finamodel.com/templates/infrastructure-fund-model) - sheet: Waterfall
- [infrastructure-bond](https://finamodel.com/templates/infrastructure-bond-model) - sheet: Waterfall
- [infrastructure-concession](https://finamodel.com/templates/infrastructure-concession-model) - sheet: Waterfall
- [tax-equity-flip](https://finamodel.com/templates/tax-equity-flip-model) - sheet: Cash_Waterfall
- [toll-road](https://finamodel.com/templates/toll-road-model) - sheet: Waterfall
- [preferred-equity-waterfall](https://finamodel.com/templates/preferred-equity-waterfall-model) - sheet: Waterfall
- [carried-interest](https://finamodel.com/templates/carried-interest) - sheet: Waterfall

## Related schedules

- [Returns Analysis](https://finamodel.com/schedules/returns-analysis) - IRR, MOIC and cash-on-cash returns for sponsors and investors.
- [Sensitivity](https://finamodel.com/schedules/sensitivity) - Two-way data tables and tornado charts on the key value drivers.
- [DCF & Valuation](https://finamodel.com/schedules/dcf-valuation) - Discounted-cash-flow with WACC, terminal value and implied value per share.
- [Ratios & KPIs](https://finamodel.com/schedules/ratios-kpis) - Operating and financial ratio dashboard derived from the statements.
- [NAV & Portfolio](https://finamodel.com/schedules/nav-portfolio) - Net-asset-value and holdings rollup for funds and portfolios.
- [Capital Returns](https://finamodel.com/schedules/capital-returns) - Dividend and buyback schedule with payout and yield analysis.