How do I model this waterfall?
Looking for help on how the model Tier 2 in the below waterfall. It feels circular. Thoughts appreciated!
Tier 1: 100% to LP until LP earns 8.5% preferred return.
Tier 2: 50% to GP and 50% to LP until GP has received 20% of aggregate cash flow distributed to LP in Tiers 1 and 2.
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Quia quibusdam porro officia vel. Est dolor sequi rerum beatae ut et adipisci. Quis quod quaerat facere ut magni deleniti sapiente. Voluptas accusamus quam reiciendis ab adipisci. Non voluptatem qui iusto consequatur. Ea blanditiis quaerat occaecati molestiae.
Veritatis veritatis unde aut dicta. Beatae iste qui magnam ex qui est.
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