Not quite. Ownership shows who holds what, but not necessary who gets what - at exit. 🧩 The Missing Piece: Waterfall Calculations Exit outcomes hinge on share class rights and preferences. Without modelling those, your cap table is just surface-level. 🔍 Why It Matters Waterfalls are the hidden engine behind: •⁠ ⁠Cap table modelling •⁠ ⁠Professional fair value assessments •⁠ ⁠Accurate Exit distributions 👉 Our carousel breaks it down: how the waterfall rather than just the c