This week on The Gray Report, Spencer Gray and Griffin Haddad break down one of the most misunderstood return metrics in real estate: cash-on-cash return.

What is it? How is it calculated?

How can leverage, interest-only debt, and refinances dramatically change it?

And why can it sometimes be misleading?

They go three layers deep into:

Cash-on-cash vs IRR vs equity multiple

How financing structure impacts investor returns

Original vs current capital after a refinance

How sponsors can “manipulate” cash-on-cash

What a “good” cash-on-cash return looks like in today’s market

But that’s not all.

Spencer and Griffin also analyze Q4 updates from Newmark, Cushman & Wakefield, and AvalonBay, highlighting major 2026 themes:

Is the supply wave finally behind us?

Why Class A assets are outperforming

Why 2026 may be an “occupancy-first” cycle Is capital cautiously returning to multifamily?

Where Midwest markets like Indianapolis, Columbus, and Chicago sit in the current cycle

Plus, a deep dive into market cycle charts from Integra Realty Resources and what they signal for investors.

If you’re an LP, GP, active investor, passive investor, or work in multifamily, this episode is packed with insight.

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