In addition to the common equity waterfalls, there are the non-preferred return waterfall, the wacky waterfall, and the side letters waterfall. These types of waterfalls are not common but have been used before. The non-preferred waterfall has no preferred return and can use a straight split from the first dollar, like a 70/30 split. The wacky waterfall is where the sponsor calculates a breakpoint that is based on a more significant or something calculation. The sponsor can make the split dependent on whether or not a 15% IRR or a 1.5 equity multiple is greater. The side letters waterfall structure is a waterfall where there are side letters between a sponsor and the investors within different classes.