ing 1% 50.1MM $2.7MM 510.7MM Preferred 790/0 Residual 20% Total value of entity: $13.6MM Year 0 J.P.Morgan Preferred 20% Managing 1% 50.5MM 10.7MM 543.1MM Liquidation Value: $54.3MM Year 10 Residual 79% Assumptions: $16MM funding; 15% valuation discount on asset due to illiquidity