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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