{
  "tool_id": "art-754-equity-exit-waterfall",
  "kernel_id": "art-754-equity-exit-waterfall",
  "display_name": "Equity Exit Waterfall Modeler",
  "tool_version": "1.0.0",
  "mandate_type": "consumer_finance",
  "purpose": "Equity exit proceeds after a liquidation-preference waterfall, ported from ApexLogics Apex #141 (AL-148). From the exit valuation, the aggregate preferred investment, the preferred ownership fraction and liquidation-preference multiple, the participation type (non/full/capped with a cap multiple), and your role, ownership, option strike and cost basis, the node walks the waterfall layer by layer: the preference is min(exit, invested × multiple); non-participating preferred converts to common only when its pro-rata share strictly exceeds the preference (NVCA convention, strict inequality); full participating takes the preference then shares pro-rata; capped participating takes the preference plus pro-rata participation floored at 0 and capped at cap × invested, with the excess reverting to the common pool. Your gross proceeds follow your role (preferred shares in the preferred total; common takes the declared fraction of the common pool), net proceeds are floored at 0 after the option strike, taxable gain is max(0, net − basis) per IRC §1001, and the break-even exit (0 for the preferred role, per Apex) is preference + strike / (common share of common). Non-finite inputs are refused with REFUSED_NON_FINITE_INPUT per the I-JSON guard and a non-positive exit with REFUSED_NON_POSITIVE_EXIT, never a silent guess. The preferred-captured-more-than-common warning is Apex #141's own heuristic, carried flagged (ART754_PREF_WINS_WARNING_HEURISTIC); no official threshold exists for it.",
  "control_description": "Equity exit proceeds after a liquidation-preference waterfall, ported from ApexLogics Apex #141 (AL-148). From the exit valuation, the aggregate preferred investment, the preferred ownership fraction and liquidation-preference multiple, the participation type (non/full/capped with a cap multiple), and your role, ownership, option strike and cost basis, the node walks the waterfall layer by layer: the preference is min(exit, invested × multiple); non-participating preferred converts to common only when its pro-rata share strictly exceeds the preference (NVCA convention, strict inequality); full participating takes the preference then shares pro-rata; capped participating takes the preference plus pro-rata participation floored at 0 and capped at cap × invested, with the excess reverting to the common pool. Your gross proceeds follow your role (preferred shares in the preferred total; common takes the declared fraction of the common pool), net proceeds are floored at 0 after the option strike, taxable gain is max(0, net − basis) per IRC §1001, and the break-even exit (0 for the preferred role, per Apex) is preference + strike / (common share of common). Non-finite inputs are refused with REFUSED_NON_FINITE_INPUT per the I-JSON guard and a non-positive exit with REFUSED_NON_POSITIVE_EXIT, never a silent guess. The preferred-captured-more-than-common warning is Apex #141's own heuristic, carried flagged (ART754_PREF_WINS_WARNING_HEURISTIC); no official threshold exists for it.",
  "declared_inputs": [],
  "declared_outputs": [],
  "kernel_digest": "sha256:48b85460b3225af44a79ed74664c8f16736b8cef433492fa32e1a1a4ef79c3b3",
  "trust_label": "deferred: deterministic source published, zkVM proof not yet generated; New gpu:false node, art-754-equity-exit-waterfall, built 2026-10-20 (APEX-PORT-141-LAND-1). Pure arithmetic waterfall walk (min/max, products, one floor chain); no digest inside compute(), no transcendentals, no iteration at all; expected FAST on GPU-CYCLE-PREFLIGHT-1 static pre-screen. standards_basis is not_applicable: the node ports the Apex page's own planning model; the conventions it uses (NVCA model term sheet liquidation-preference mechanics, IRC §1001 gain computation) are quoted in the payload CITES.md F2/F3 and carried as DIFFERS records rather than as a standards conformance claim.",
  "data_vintage": "2026-10-21",
  "last_validated": "2026-10-21",
  "conformance_fixtures_vendored": true,
  "compute_proof_ready": "deferred",
  "wave": 134,
  "source_url": "https://ainumbers.co/chaingraph/art-754-equity-exit-waterfall.html",
  "generated_at": "2026-10-23T13:15:03.505Z"
}