How to split cash out refi funds with investor

[Kyle Barton]

When doing a cash out refi on a property where the cash out amount is more than the amount originally invested, how do you split the cash out amount between the investor(s) and GP? Would the investors get the full cash out amount, do they get the full amount up to their amount invested and then split the funds above and beyond that, or split the full amount based on ownership percentages? The entity docs leaves it to our discretion, just wondering what the norm is in the industry.