I _think_ you mean most cases preference stack is _at least_ total capital raised... and therein lies the rub... if you have some latecomers coming in at 1.5 or

I _think_ you mean most cases preference stack is _at least_ total capital raised... and therein lies the rub... if you have some latecomers coming in at 1.5 or 2x that drastically affects payouts.