Do profits from Refi benefit GP directly?

[Vlad Denisov]

We have 8% pref and plan to refinance into GSE on year 3. We return 50% of the capital to investors. Do we split this payout like any other cashflow? 

Let's say we have a cumulative 70/30 split. Let's say year 3 brings us a total of 55% (income+refi). If we had 2% return in the year 1 and 4% return in the year 2, does it mean that we have to give investors in year 3:

a) 8-2= 6% - difference they didn't get in year 1

b)8-4=  4% - difference they didn't get in year 2

c) 8% - for the year 3

Thus, 55-(6+4+8) = 37%

And from these 37% we as GP get our 30% split? So, 37*0,3=11.1%

Is it correct?