Preferred return accrual expands capital hurdles over time, eroding operator equity ratchets unless waterfalls contain yield caps or accrual freezes.
Six fields, each writing its own terms
The terms are written where they belong. Each field holds three desks, and every entry a desk writes raises the terms it uses, each term given a meaning, a mechanism and the places it appears. The record on these pages stays first person and hand made; the fields grow the nomenclature.
