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About This Workshop
A two-day interactive workshop designed for founders, operators, and professionals who want to finally understand how real estate finance actually works — and learn to speak the language of developers, investors, and property owners.
Over two 90-minute live sessions from 12:00-1:30PM EST, you’ll learn the ins and outs of real estate economics. The fastest way to lose credibility with developers and investors is to use the wrong financial language, so understanding the industry’s key metrics and terms is essential.
This workshop teaches you the basics of real estate finance — without jargon, and without assuming you’ve ever opened an Excel model.
You’ll walk away knowing how to:
Understand the players in a deal and how capital flows between them
Read a property P&L and identify what actually drives value
Decode key metrics like cap rate, NOI, and IRR — and how they map to business performance
Grasp how developers and LPs structure deals, waterfalls, and promotes
Speak fluently with anyone in the real estate ecosystem
Questions about the workshop?
View FAQs on format, access, recordings and more: FAQs
Instructors
Brad Hargreaves
Founder & Editor-in-Chief
Thesis Driven
The Workshop Will Cover
The Players, the P&L, and the Language
Who’s who in a real estate deal: GPs, LPs, lenders, and service providers
How properties are structured financially (and why every building is its own business)
The property P&L: revenue, expenses, and the all-important NOI
Translating startup and corporate finance into real estate terms
Common misunderstandings founders make — and how to avoid them
Capitalization, IRR, and the Exit
How projects are capitalized: the debt–equity “capital stack”
Understanding waterfalls, promotes, and preferred returns
IRR and yield on cost — what they mean and why timing matters
How developers get paid: fees, promotes, and refinances
Exit strategies — from merchant build to long-term holds
Why focusing on NOI is the key to creating value in real estate
Format & Access:
Two live sessions: Each 90 minutes, split across two days
Post-workshop access: Circle community with recorded breakdowns, sample agreements, and template resources