同学你好，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。具体可以看一下这个例题。

• Initial cash flows= total investment - debt. 
  
• The annual cash flow = NOI - the mortgage payment. 
  
• The terminal cash flow = the sale price - the mortgage balance.
  

• 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.