On the 2 yard-line closing my deal and my OA language is somewhat stuck. I realize this is a very deal and investor-specific question, and many OA's are held in confidence so please only share in generalities or market observations. What is typical preferred return language and waterfall structure for investors in SBA-friendly OA's? I am under the last SOP (pre-9/30/26). I was told, "We cannot have any recoupment of investor capital in the waterfall during the life of the loan, even if the making of distributions is wholly up to your discretion." Does this mean the waterfall that controls during the life of the loan is only a preferred return, and then once the return is hit, pro rata distributions to all parties, and then some sort of catch up scenario that comes into play after full and final satisfaction of the SBA loan that all distributions go to the investors until they get their capital back? Or perhaps no catch-up at all and investor money is recouped upon their exit.