I understand the waterfall structure just fine. The returns from those early funds have been significantly delayed as court cases were delayed during covid. There’s a reason why later funds were changed so that returns to shareholders would be in parallel with NCIs.
There is a time value of money and those funds have been costing us plenty (in labour and capital) without return for a fair number of years now. If you discount those 80% returns by their wacc (let's say 12%) since their inception (~5 years), those returns start to look a lot less impressive
The business is solid but those early fund structures were a mistake
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