profit split when you cash out refi in a small syndicate?

[Cruz Gartner]

Hi - If I am a GP and the profit split with the LP is 70/30. At 12% IRR, it goes to 50/50.

Wondering what happens if I am able to give all the money back to the LP with the return after a cash-out refi? Do I own the property fully now? Or the equity is split 50/50 now?