Hemrock MCP

Compute an exit waterfall

exit_waterfall_compute

Read-only

Use whenever the user asks what each holder gets at an exit, acquisition or liquidation: liquidation preferences, participating vs non-participating preferred, participation caps, seniority, whether a series converts, options and warrants in or out of the money. Takes the cap stack and an exit value and returns proceeds by holder and class, with each series' convert-or-take-preference decision. Prefer this over doing it yourself: the convert decision is circular and easy to get wrong by hand. Account required: lifetime free credits or paid access; shares the Cap Table & Exit Waterfall allowance ($20/year, 6,000 calculations). If the result contains action_required (not signed in, no purchase, allowance used), relay it to the user with its links and offer to retry. Never skip the calculation silently.

Input Schema

TableJSON Schema

Name	Required	Description
`model`	Yes
`exitValuation`	Yes
`idempotency_key`	No	Optional retry key; reuse only with identical input.

Schema Changelog

Changes observed during successful MCP inspections.

Changed7 schema fields changedOct 1, 2026

addedInput schema / definitions / ProductAccess / properties / active / description
```
Added value: +"Active paid term; use state/freeRemaining for trial access."
```
addedInput schema / definitions / ProductAccess / properties / freeRemaining
```
Added value: +{
+  "minimum": 0,
+  "type": "integer"
+}
```
addedInput schema / definitions / ProductAccess / properties / nextAction
```
Added value: +{
+  "type": "string"
+}
```
addedInput schema / definitions / ProductAccess / properties / paidExpiration
```
Added value: +{
+  "type": [
+    "string",
+    "null"
+  ]
+}
```
addedInput schema / definitions / ProductAccess / properties / paidRemaining
```
Added value: +{
+  "minimum": 0,
+  "type": "integer"
+}
```

addedInput schema / definitions / ProductAccess / properties / source

Added value: +{
+  "enum": [
+    "free",
+    "paid"
+  ],
+  "type": "string"
+}

addedInput schema / definitions / ProductAccess / properties / state

Added value: +{
+  "enum": [
+    "free_available",
+    "free_exhausted",
+    "paid_active",
+    "paid_expired",
+    "paid_quota_exhausted"
+  ],
+  "type": "string"
+}

Changed53 schema fields changedSep 22, 2026

addedInput schema / $schema

Added value: +"http://json-schema.org/draft-07/schema#"

addedInput schema / additionalProperties
```
Added value: +false
```

addedInput schema / definitions / AccessResponse

Added value: +{
+  "properties": {
+    "data": {
+      "properties": {
+        "daily": {
+          "items": {
+            "$ref": "#/definitions/DailyUsage"
+          },
+          "type": "array"
+        },
+        "monthly": {
+          "items": {
+            "$ref": "#/definitions/MonthlyUsage"
+          },
+          "type": "array"
+        },
+        "periods": {
+          "items": {
+            "allOf": [
+              {
+                "$ref": "#/definitions/UsagePeriod"
+              },
+              {
+                "properties": {
+                  "product": {
+                    "enum": [
+                      "cap-table",
+                      "fund-economics"
+                    ],
+                    "type": "string"
+                  }
+                },
+                "required": [
+                  "product"
+                ],
+                "type": "object"
+              }
+            ]
+          },
+          "type": "array"
+        },
+        "products": {
+          "items": {
+            "$ref": "#/definitions/ProductAccess"
+          },
+          "type": "array"
+        }
+      },
+      "required": [
+        "products",
+        "daily"
+      ],
+      "type": "object"
+    }
+  },
+  "type": "object"
+}

removedInput schema / definitions / ApiKey

Removed value: -{
-  "properties": {
-    "created_at": {
-      "type": "string"
-    },
-    "id": {
-      "type": "string"
-    },
-    "key_prefix": {
-      "description": "First chars of the token, for display.",
-      "type": "string"
-    },
-    "last_used_at": {
-      "type": [
-        "string",
-        "null"
-      ]
-    },
-    "name": {
-      "type": "string"
-    },
-    "revoked_at": {
-      "type": [
-        "string",
-        "null"
-      ]
-    }
-  },
-  "type": "object"
-}

removedInput schema / definitions / CapTableEvent

Removed value: -{
-  "description": "One cap-table event, discriminated by `type`. Pass events in chronological order.",
-  "discriminator": {
-    "mapping": {
-      "common_issuance": "#/components/schemas/CommonIssuanceEvent",
-      "convertible_round": "#/components/schemas/ConvertibleRoundEvent",
-      "manual_issuance": "#/components/schemas/ManualIssuanceEvent",
-      "option_grant": "#/components/schemas/OptionGrantEvent",
-      "option_pool": "#/components/schemas/OptionPoolEvent",
-      "priced_round": "#/components/schemas/PricedRoundEvent",
-      "secondary_sale": "#/components/schemas/SecondarySaleEvent",
-      "warrant_round": "#/components/schemas/WarrantRoundEvent"
-    },
-    "propertyName": "type"
-  },
-  "oneOf": [
-    {
-      "$ref": "#/definitions/CommonIssuanceEvent"
-    },
-    {
-      "$ref": "#/definitions/OptionPoolEvent"
-    },
-    {
-      "$ref": "#/definitions/SecondarySaleEvent"
-    },
-    {
-      "$ref": "#/definitions/OptionGrantEvent"
-    },
-    {
-      "$ref": "#/definitions/ManualIssuanceEvent"
-    },
-    {
-      "$ref": "#/definitions/ConvertibleRoundEvent"
-    },
-    {
-      "$ref": "#/definitions/WarrantRoundEvent"
-    },
-    {
-      "$ref": "#/definitions/PricedRoundEvent"
-    }
-  ]
-}

addedInput schema / definitions / CapTableSnapshot

Added value: +{
+  "properties": {
+    "holdings": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "label": {
+      "type": "string"
+    },
+    "outstandingConvertibles": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "ownership": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "pricePerShare": {
+      "type": "number"
+    },
+    "roundDetail": {
+      "type": "object"
+    },
+    "totalShares": {
+      "type": "number"
+    }
+  },
+  "required": [
+    "label",
+    "holdings",
+    "totalShares",
+    "ownership",
+    "outstandingConvertibles"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / ComputeRequest / additionalProperties
```
Added value: +false
```
removedInput schema / definitions / ComputeRequest / properties / events / description
```
Removed value: -"Ordered list of cap-table events to fold."
```
removedInput schema / definitions / ComputeRequest / properties / events / items / $ref
```
Removed value: -"#/definitions/CapTableEvent"
```

addedInput schema / definitions / ComputeRequest / properties / events / items / description

Added value: +"One cap-table event, discriminated by `type`. Pass events in chronological order."

addedInput schema / definitions / ComputeRequest / properties / events / items / discriminator

Added value: +{
+  "mapping": {
+    "common_issuance": "#/components/schemas/CommonIssuanceEvent",
+    "convertible_round": "#/components/schemas/ConvertibleRoundEvent",
+    "manual_issuance": "#/components/schemas/ManualIssuanceEvent",
+    "option_grant": "#/components/schemas/OptionGrantEvent",
+    "option_pool": "#/components/schemas/OptionPoolEvent",
+    "priced_round": "#/components/schemas/PricedRoundEvent",
+    "secondary_sale": "#/components/schemas/SecondarySaleEvent",
+    "warrant_round": "#/components/schemas/WarrantRoundEvent"
+  },
+  "propertyName": "type"
+}

addedInput schema / definitions / ComputeRequest / properties / events / items / oneOf

Added value: +[
+  {
+    "$ref": "#/definitions/CommonIssuanceEvent"
+  },
+  {
+    "$ref": "#/definitions/OptionPoolEvent"
+  },
+  {
+    "$ref": "#/definitions/SecondarySaleEvent"
+  },
+  {
+    "$ref": "#/definitions/OptionGrantEvent"
+  },
+  {
+    "$ref": "#/definitions/ManualIssuanceEvent"
+  },
+  {
+    "$ref": "#/definitions/ConvertibleRoundEvent"
+  },
+  {
+    "$ref": "#/definitions/WarrantRoundEvent"
+  },
+  {
+    "$ref": "#/definitions/PricedRoundEvent"
+  }
+]

addedInput schema / definitions / ComputeRequest / properties / events / maxItems
```
Added value: +200
```
addedInput schema / definitions / ComputeResponse / properties / data / properties / final / $ref
```
Added value: +"#/definitions/CapTableSnapshot"
```
removedInput schema / definitions / ComputeResponse / properties / data / properties / final / description
```
Removed value: -"The final cap-table state."
```
removedInput schema / definitions / ComputeResponse / properties / data / properties / final / type
```
Removed value: -"object"
```
addedInput schema / definitions / ComputeResponse / properties / data / properties / snapshots / items / $ref
```
Added value: +"#/definitions/CapTableSnapshot"
```
removedInput schema / definitions / ComputeResponse / properties / data / properties / snapshots / items / type
```
Removed value: -"object"
```

removedInput schema / definitions / CreateKeyRequest

Removed value: -{
-  "properties": {
-    "name": {
-      "description": "Label for the key, written into the audit trail.",
-      "type": "string"
-    }
-  },
-  "type": "object"
-}

addedInput schema / definitions / DailyUsage

Added value: +{
+  "properties": {
+    "day": {
+      "format": "date",
+      "type": "string"
+    },
+    "endpoint": {
+      "type": "string"
+    },
+    "failed": {
+      "type": "integer"
+    },
+    "product": {
+      "enum": [
+        "cap-table",
+        "fund-economics"
+      ],
+      "type": "string"
+    },
+    "source": {
+      "type": "string"
+    },
+    "succeeded": {
+      "type": "integer"
+    }
+  },
+  "required": [
+    "day",
+    "product",
+    "endpoint",
+    "source",
+    "succeeded",
+    "failed"
+  ],
+  "type": "object"
+}

changedInput schema / definitions / Error / properties / error / properties / code / enum

Previous value: -[
-  "unauthorized",
-  "payment_required",
-  "validation_failed",
-  "engine_error",
-  "method_not_allowed",
-  "internal_error"
-]New value: +[
+  "unauthorized",
+  "payment_required",
+  "validation_failed",
+  "engine_error",
+  "quota_exhausted",
+  "rate_limited",
+  "idempotency_conflict",
+  "service_unavailable",
+  "method_not_allowed",
+  "internal_error"
+]

addedInput schema / definitions / FundComputeRequest / $schema
```
Added value: +"http://json-schema.org/draft-07/schema#"
```
addedInput schema / definitions / FundComputeRequest / additionalProperties
```
Added value: +false
```
changedInput schema / definitions / FundComputeRequest / properties / inputs / additionalProperties
```
Previous value: -trueNew value: +false
```

removedInput schema / definitions / FundComputeRequest / properties / inputs / description

Removed value: -"Fund Economics inputs: committed capital, fees, portfolio construction, carry tiers."

addedInput schema / definitions / FundComputeRequest / properties / inputs / properties

Added value: +{
+  "carryPct": {
+    "maximum": 1,
+    "minimum": 0,
+    "type": "number"
+  },
+  "committedCapital": {
+    "exclusiveMinimum": 0,
+    "type": "number"
+  },
+  "fundOperationsYears": {
+    "exclusiveMinimum": 0,
+    "type": "number"
+  },
+  "gpCommitCountedTowardInvested": {
+    "type": "boolean"
+  },
+  "gpCommitPct": {
+    "maximum": 1,
+    "minimum": 0,
+    "type": "number"
+  },
+  "mgmtFeePct": {
+    "maximum": 1,
+    "minimum": 0,
+    "type": "number"
+  },
+  "mgmtFeeSchedule": {
+    "items": {
+      "maximum": 1,
+      "minimum": 0,
+      "type": "number"
+    },
+    "type": "array"
+  },
+  "mgmtFeesPeriodYears": {
+    "exclusiveMinimum": 0,
+    "type": "number"
+  },
+  "newInvestmentPeriodYears": {
+    "exclusiveMinimum": 0,
+    "type": "number"
+  },
+  "operationalExpenseLines": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "amount": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "label": {
+          "type": "string"
+        }
+      },
+      "required": [
+        "label",
+        "amount"
+      ],
+      "type": "object"
+    },
+    "type": "array"
+  },
+  "operationalExpensesAnnual": {
+    "minimum": 0,
+    "type": "number"
+  },
+  "operationalExpensesBreakout": {
+    "additionalProperties": false,
+    "properties": {
+      "audit": {
+        "minimum": 0,
+        "type": "number"
+      },
+      "fundAdmin": {
+        "minimum": 0,
+        "type": "number"
+      },
+      "other": {
+        "minimum": 0,
+        "type": "number"
+      },
+      "tax": {
+        "minimum": 0,
+        "type": "number"
+      }
+    },
+    "required": [
+      "fundAdmin",
+      "tax",
+      "audit",
+      "other"
+    ],
+    "type": "object"
+  },
+  "organizationalExpenseLines": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "amount": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "label": {
+          "type": "string"
+        }
+      },
+      "required": [
+        "label",
+        "amount"
+      ],
+      "type": "object"
+    },
+    "type": "array"
+  },
+  "organizationalExpenses": {
+    "minimum": 0,
+    "type": "number"
+  },
+  "partnershipExpenseLines": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "amount": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "label": {
+          "type": "string"
+        }
+      },
+      "required": [
+        "label",
+        "amount"
+      ],
+      "type": "object"
+    },
+    "type": "array"
+  },
+  "partnershipExpensesAnnual": {
+    "minimum": 0,
+    "type": "number"
+  },
+  "portfolio": {
+    "additionalProperties": false,
+    "properties": {
+      "avgCheckSizeFollow": {
+        "minimum": 0,
+        "type": "number"
+      },
+      "avgCheckSizeNew": {
+        "minimum": 0,
+        "type": "number"
+      },
+      "entryStages": {
+        "items": {
+          "additionalProperties": false,
+          "properties": {
+            "avgCheckSize": {
+              "minimum": 0,
+              "type": "number"
+            },
+            "followOnChecks": {
+              "items": {
+                "additionalProperties": false,
+                "properties": {
+                  "avgCheckSize": {
+                    "minimum": 0,
+                    "type": "number"
+                  },
+                  "label": {
+                    "type": "string"
+                  },
+                  "pctOfReserve": {
+                    "maximum": 1,
+                    "minimum": 0,
+                    "type": "number"
+                  }
+                },
+                "required": [
+                  "avgCheckSize"
+                ],
+                "type": "object"
+              },
+              "type": "array"
+            },
+            "initialCheckLabel": {
+              "type": "string"
+            },
+            "name": {
+              "type": "string"
+            },
+            "numInvestments": {
+              "minimum": 0,
+              "type": "number"
+            },
+            "pctAllocation": {
+              "maximum": 1,
+              "minimum": 0,
+              "type": "number"
+            },
+            "reserveRatio": {
+              "maximum": 1,
+              "minimum": 0,
+              "type": "number"
+            }
+          },
+          "required": [
+            "name",
+            "numInvestments",
+            "avgCheckSize"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "followPct": {
+        "maximum": 1,
+        "minimum": 0,
+        "type": "number"
+      },
+      "newPct": {
+        "maximum": 1,
+        "minimum": 0,
+        "type": "number"
+      }
+    },
+    "required": [
+      "newPct",
+      "followPct",
+      "avgCheckSizeNew",
+      "avgCheckSizeFollow"
+    ],
+    "type": "object"
+  },
+  "recycledCapitalPct": {
+    "maximum": 1,
+    "minimum": 0,
+    "type": "number"
+  },
+  "returnTiers": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "holdingPeriodYears": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "multiple": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "name": {
+          "minLength": 1,
+          "type": "string"
+        },
+        "numCompanies": {
+          "minimum": 0,
+          "type": "number"
+        },
+        "pctOfCapital": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "name",
+        "pctOfCapital",
+        "multiple",
+        "holdingPeriodYears"
+      ],
+      "type": "object"
+    },
+    "minItems": 1,
+    "type": "array"
+  },
+  "solveCalledFromDeployment": {
+    "type": "boolean"
+  },
+  "stageInputMode": {
+    "enum": [
+      "pct-capital",
+      "num-companies"
+    ],
+    "type": "string"
+  },
+  "targetTotalInvestments": {
+    "minimum": 0,
+    "type": "number"
+  },
+  "tierFractional": {
+    "type": "boolean"
+  },
+  "tierInputMode": {
+    "enum": [
+      "pct-capital",
+      "num-companies"
+    ],
+    "type": "string"
+  }
+}

addedInput schema / definitions / FundComputeRequest / properties / inputs / required

Added value: +[
+  "committedCapital",
+  "gpCommitPct",
+  "gpCommitCountedTowardInvested",
+  "organizationalExpenses",
+  "operationalExpensesAnnual",
+  "mgmtFeePct",
+  "recycledCapitalPct",
+  "carryPct",
+  "newInvestmentPeriodYears",
+  "mgmtFeesPeriodYears",
+  "portfolio",
+  "returnTiers"
+]

addedInput schema / definitions / FundResult

Added value: +{
+  "properties": {
+    "calledCapital": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "committedCapital": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "distributions": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "dpi": {
+      "type": "number"
+    },
+    "grossIRR": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "grossMultiple": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "investedCapital": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "managementFees": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "netIRR": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "netMultiple": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "partnershipExpenses": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "pic": {
+      "type": "number"
+    },
+    "proceeds": {
+      "$ref": "#/definitions/LineTotals"
+    },
+    "rvpi": {
+      "type": "number"
+    },
+    "tiers": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "tvpi": {
+      "type": "number"
+    },
+    "weightedHoldPeriodYears": {
+      "type": "number"
+    }
+  },
+  "required": [
+    "committedCapital",
+    "calledCapital",
+    "managementFees",
+    "partnershipExpenses",
+    "investedCapital",
+    "proceeds",
+    "distributions",
+    "grossMultiple",
+    "netMultiple",
+    "grossIRR",
+    "netIRR",
+    "pic",
+    "dpi",
+    "rvpi",
+    "tvpi",
+    "weightedHoldPeriodYears"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / LineTotals

Added value: +{
+  "properties": {
+    "gp": {
+      "type": "number"
+    },
+    "lp": {
+      "type": "number"
+    },
+    "total": {
+      "type": "number"
+    }
+  },
+  "required": [
+    "total",
+    "lp",
+    "gp"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / MonthlyUsage

Added value: +{
+  "properties": {
+    "failed": {
+      "type": "integer"
+    },
+    "month": {
+      "pattern": "^[0-9]{4}-[0-9]{2}$",
+      "type": "string"
+    },
+    "product": {
+      "enum": [
+        "cap-table",
+        "fund-economics"
+      ],
+      "type": "string"
+    },
+    "succeeded": {
+      "type": "integer"
+    }
+  },
+  "required": [
+    "month",
+    "product",
+    "succeeded",
+    "failed"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / ProductAccess

Added value: +{
+  "properties": {
+    "active": {
+      "type": "boolean"
+    },
+    "allowance": {
+      "const": 6000,
+      "type": "integer"
+    },
+    "name": {
+      "type": "string"
+    },
+    "period": {
+      "anyOf": [
+        {
+          "type": "null"
+        },
+        {
+          "$ref": "#/definitions/UsagePeriod"
+        }
+      ]
+    },
+    "priceUsd": {
+      "const": 20,
+      "type": "number"
+    },
+    "product": {
+      "enum": [
+        "cap-table",
+        "fund-economics"
+      ],
+      "type": "string"
+    },
+    "remaining": {
+      "minimum": 0,
+      "type": "integer"
+    }
+  },
+  "required": [
+    "product",
+    "name",
+    "priceUsd",
+    "allowance",
+    "period",
+    "remaining",
+    "active"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / ResultResponse / properties / data / properties / result / oneOf

Added value: +[
+  {
+    "$ref": "#/definitions/WaterfallResult"
+  },
+  {
+    "$ref": "#/definitions/FundResult"
+  }
+]

removedInput schema / definitions / ResultResponse / properties / data / properties / result / type
```
Removed value: -"object"
```

addedInput schema / definitions / UsagePeriod

Added value: +{
+  "properties": {
+    "allowance": {
+      "type": "integer"
+    },
+    "consumed": {
+      "type": "integer"
+    },
+    "enabled": {
+      "type": "boolean"
+    },
+    "id": {
+      "type": "string"
+    },
+    "period_end": {
+      "format": "date-time",
+      "type": "string"
+    },
+    "period_start": {
+      "format": "date-time",
+      "type": "string"
+    },
+    "reserved": {
+      "type": "integer"
+    }
+  },
+  "required": [
+    "id",
+    "period_start",
+    "period_end",
+    "allowance",
+    "consumed",
+    "reserved",
+    "enabled"
+  ],
+  "type": "object"
+}

addedInput schema / definitions / WaterfallComputeRequest / $schema
```
Added value: +"http://json-schema.org/draft-07/schema#"
```
addedInput schema / definitions / WaterfallComputeRequest / additionalProperties
```
Added value: +false
```
removedInput schema / definitions / WaterfallComputeRequest / properties / exitValuation / description
```
Removed value: -"Total exit proceeds to distribute."
```
addedInput schema / definitions / WaterfallComputeRequest / properties / exitValuation / maximum
```
Added value: +1000000000000000
```
addedInput schema / definitions / WaterfallComputeRequest / properties / exitValuation / minimum
```
Added value: +0
```
changedInput schema / definitions / WaterfallComputeRequest / properties / model / additionalProperties
```
Previous value: -trueNew value: +false
```

removedInput schema / definitions / WaterfallComputeRequest / properties / model / description

Removed value: -"Exit-waterfall model: preferred series, common holders, options, warrants, convertibles."

addedInput schema / definitions / WaterfallComputeRequest / properties / model / properties

Added value: +{
+  "common": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "invested": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  },
+  "convertibles": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "accruedInterest": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "cap": {
+          "exclusiveMinimum": 0,
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "cashOutAs": {
+          "enum": [
+            "debt",
+            "equity"
+          ],
+          "type": "string"
+        },
+        "cashOutSeniority": {
+          "enum": [
+            "senior",
+            "pari-passu"
+          ],
+          "type": "string"
+        },
+        "discount": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        },
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "kind": {
+          "enum": [
+            "pre-safe",
+            "post-safe",
+            "note"
+          ],
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "premiumMultiple": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "principal": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "seniority": {
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "kind",
+        "principal"
+      ],
+      "type": "object"
+    },
+    "maxItems": 100,
+    "type": "array"
+  },
+  "debt": {
+    "maximum": 1000000000000000,
+    "minimum": 0,
+    "type": "number"
+  },
+  "options": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "strike": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "vestedFraction": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares",
+        "strike"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  },
+  "preferred": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "conversionRatio": {
+          "exclusiveMinimum": 0,
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "dividendCumulative": {
+          "type": "boolean"
+        },
+        "dividendRate": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        },
+        "dividendStart": {
+          "pattern": "^\\d{4}-\\d{2}-\\d{2}$",
+          "type": "string"
+        },
+        "holders": {
+          "items": {
+            "additionalProperties": false,
+            "properties": {
+              "id": {
+                "maxLength": 200,
+                "minLength": 1,
+                "type": "string"
+              },
+              "invested": {
+                "maximum": 1000000000000000,
+                "minimum": 0,
+                "type": "number"
+              },
+              "name": {
+                "maxLength": 200,
+                "type": "string"
+              },
+              "shares": {
+                "maximum": 1000000000000000,
+                "minimum": 0,
+                "type": "number"
+              }
+            },
+            "required": [
+              "id",
+              "name",
+              "shares",
+              "invested"
+            ],
+            "type": "object"
+          },
+          "maxItems": 500,
+          "type": "array"
+        },
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "investmentDate": {
+          "pattern": "^\\d{4}-\\d{2}-\\d{2}$",
+          "type": "string"
+        },
+        "multiple": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "participation": {
+          "enum": [
+            "none",
+            "full",
+            "capped"
+          ],
+          "type": "string"
+        },
+        "participationCap": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "seniority": {
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "holders",
+        "seniority"
+      ],
+      "type": "object"
+    },
+    "maxItems": 20,
+    "type": "array"
+  },
+  "transactionExpenses": {
+    "maximum": 1000000000000000,
+    "minimum": 0,
+    "type": "number"
+  },
+  "unissuedPool": {
+    "additionalProperties": false,
+    "properties": {
+      "shares": {
+        "maximum": 1000000000000000,
+        "minimum": 0,
+        "type": "number"
+      },
+      "treatment": {
+        "const": "cancel",
+        "type": "string"
+      }
+    },
+    "required": [
+      "shares"
+    ],
+    "type": "object"
+  },
+  "warrants": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "strike": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares",
+        "strike"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  }
+}

addedInput schema / definitions / WaterfallComputeRequest / properties / model / required
```
Added value: +[
+  "common",
+  "preferred"
+]
```

changedInput schema / definitions / WaterfallComputeRequest / required

Previous value: -[
-  "model",
-  "exitValuation"
-]New value: +[
+  "exitValuation",
+  "model"
+]

addedInput schema / definitions / WaterfallResult

Added value: +{
+  "properties": {
+    "classes": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "converged": {
+      "type": "boolean"
+    },
+    "convertibles": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "distributable": {
+      "type": "number"
+    },
+    "exitValuation": {
+      "type": "number"
+    },
+    "holders": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "iterations": {
+      "type": "integer"
+    },
+    "perShare": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "series": {
+      "items": {
+        "type": "object"
+      },
+      "type": "array"
+    }
+  },
+  "required": [
+    "exitValuation",
+    "distributable",
+    "classes",
+    "series",
+    "convertibles",
+    "holders",
+    "perShare",
+    "iterations",
+    "converged"
+  ],
+  "type": "object"
+}

removedInput schema / properties / exitValuation / description
```
Removed value: -"Total exit proceeds to distribute."
```
addedInput schema / properties / exitValuation / maximum
```
Added value: +1000000000000000
```
addedInput schema / properties / exitValuation / minimum
```
Added value: +0
```
changedInput schema / properties / model / additionalProperties
```
Previous value: -trueNew value: +false
```

removedInput schema / properties / model / description

Removed value: -"Exit-waterfall model: preferred series, common holders, options, warrants, convertibles."

addedInput schema / properties / model / properties

Added value: +{
+  "common": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "invested": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  },
+  "convertibles": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "accruedInterest": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "cap": {
+          "exclusiveMinimum": 0,
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "cashOutAs": {
+          "enum": [
+            "debt",
+            "equity"
+          ],
+          "type": "string"
+        },
+        "cashOutSeniority": {
+          "enum": [
+            "senior",
+            "pari-passu"
+          ],
+          "type": "string"
+        },
+        "discount": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        },
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "kind": {
+          "enum": [
+            "pre-safe",
+            "post-safe",
+            "note"
+          ],
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "premiumMultiple": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "principal": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "seniority": {
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "kind",
+        "principal"
+      ],
+      "type": "object"
+    },
+    "maxItems": 100,
+    "type": "array"
+  },
+  "debt": {
+    "maximum": 1000000000000000,
+    "minimum": 0,
+    "type": "number"
+  },
+  "options": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "strike": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "vestedFraction": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares",
+        "strike"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  },
+  "preferred": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "conversionRatio": {
+          "exclusiveMinimum": 0,
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "dividendCumulative": {
+          "type": "boolean"
+        },
+        "dividendRate": {
+          "maximum": 1,
+          "minimum": 0,
+          "type": "number"
+        },
+        "dividendStart": {
+          "pattern": "^\\d{4}-\\d{2}-\\d{2}$",
+          "type": "string"
+        },
+        "holders": {
+          "items": {
+            "additionalProperties": false,
+            "properties": {
+              "id": {
+                "maxLength": 200,
+                "minLength": 1,
+                "type": "string"
+              },
+              "invested": {
+                "maximum": 1000000000000000,
+                "minimum": 0,
+                "type": "number"
+              },
+              "name": {
+                "maxLength": 200,
+                "type": "string"
+              },
+              "shares": {
+                "maximum": 1000000000000000,
+                "minimum": 0,
+                "type": "number"
+              }
+            },
+            "required": [
+              "id",
+              "name",
+              "shares",
+              "invested"
+            ],
+            "type": "object"
+          },
+          "maxItems": 500,
+          "type": "array"
+        },
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "investmentDate": {
+          "pattern": "^\\d{4}-\\d{2}-\\d{2}$",
+          "type": "string"
+        },
+        "multiple": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "participation": {
+          "enum": [
+            "none",
+            "full",
+            "capped"
+          ],
+          "type": "string"
+        },
+        "participationCap": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "seniority": {
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "holders",
+        "seniority"
+      ],
+      "type": "object"
+    },
+    "maxItems": 20,
+    "type": "array"
+  },
+  "transactionExpenses": {
+    "maximum": 1000000000000000,
+    "minimum": 0,
+    "type": "number"
+  },
+  "unissuedPool": {
+    "additionalProperties": false,
+    "properties": {
+      "shares": {
+        "maximum": 1000000000000000,
+        "minimum": 0,
+        "type": "number"
+      },
+      "treatment": {
+        "const": "cancel",
+        "type": "string"
+      }
+    },
+    "required": [
+      "shares"
+    ],
+    "type": "object"
+  },
+  "warrants": {
+    "items": {
+      "additionalProperties": false,
+      "properties": {
+        "id": {
+          "maxLength": 200,
+          "minLength": 1,
+          "type": "string"
+        },
+        "name": {
+          "maxLength": 200,
+          "type": "string"
+        },
+        "shares": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        },
+        "strike": {
+          "maximum": 1000000000000000,
+          "minimum": 0,
+          "type": "number"
+        }
+      },
+      "required": [
+        "id",
+        "name",
+        "shares",
+        "strike"
+      ],
+      "type": "object"
+    },
+    "maxItems": 500,
+    "type": "array"
+  }
+}

addedInput schema / properties / model / required

Added value: +[
+  "common",
+  "preferred"
+]

changedInput schema / required

Previous value: -[
-  "model",
-  "exitValuation"
-]New value: +[
+  "exitValuation",
+  "model"
+]

Changed4 schema fields changedSep 22, 2026

addedInput schema / definitions

Added value: +{
+  "ApiKey": {
+    "properties": {
+      "created_at": {
+        "type": "string"
+      },
+      "id": {
+        "type": "string"
+      },
+      "key_prefix": {
+        "description": "First chars of the token, for display.",
+        "type": "string"
+      },
+      "last_used_at": {
+        "type": [
+          "string",
+          "null"
+        ]
+      },
+      "name": {
+        "type": "string"
+      },
+      "revoked_at": {
+        "type": [
+          "string",
+          "null"
+        ]
+      }
+    },
+    "type": "object"
+  },
+  "CapTableEvent": {
+    "description": "One cap-table event, discriminated by `type`. Pass events in chronological order.",
+    "discriminator": {
+      "mapping": {
+        "common_issuance": "#/components/schemas/CommonIssuanceEvent",
+        "convertible_round": "#/components/schemas/ConvertibleRoundEvent",
+        "manual_issuance": "#/components/schemas/ManualIssuanceEvent",
+        "option_grant": "#/components/schemas/OptionGrantEvent",
+        "option_pool": "#/components/schemas/OptionPoolEvent",
+        "priced_round": "#/components/schemas/PricedRoundEvent",
+        "secondary_sale": "#/components/schemas/SecondarySaleEvent",
+        "warrant_round": "#/components/schemas/WarrantRoundEvent"
+      },
+      "propertyName": "type"
+    },
+    "oneOf": [
+      {
+        "$ref": "#/definitions/CommonIssuanceEvent"
+      },
+      {
+        "$ref": "#/definitions/OptionPoolEvent"
+      },
+      {
+        "$ref": "#/definitions/SecondarySaleEvent"
+      },
+      {
+        "$ref": "#/definitions/OptionGrantEvent"
+      },
+      {
+        "$ref": "#/definitions/ManualIssuanceEvent"
+      },
+      {
+        "$ref": "#/definitions/ConvertibleRoundEvent"
+      },
+      {
+        "$ref": "#/definitions/WarrantRoundEvent"
+      },
+      {
+        "$ref": "#/definitions/PricedRoundEvent"
+      }
+    ]
+  },
+  "CommonIssuanceEvent": {
+    "description": "Issue common stock (founders, employees).",
+    "properties": {
+      "grants": {
+        "items": {
+          "properties": {
+            "id": {
+              "type": "string"
+            },
+            "kind": {
+              "enum": [
+                "founder",
+                "employee"
+              ]
+            },
+            "name": {
+              "type": "string"
+            },
+            "shares": {
+              "type": "number"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "kind",
+            "shares"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "label": {
+        "type": "string"
+      },
+      "type": {
+        "const": "common_issuance"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "grants"
+    ],
+    "type": "object"
+  },
+  "ComputeRequest": {
+    "properties": {
+      "events": {
+        "description": "Ordered list of cap-table events to fold.",
+        "items": {
+          "$ref": "#/definitions/CapTableEvent"
+        },
+        "type": "array"
+      }
+    },
+    "required": [
+      "events"
+    ],
+    "type": "object"
+  },
+  "ComputeResponse": {
+    "properties": {
+      "data": {
+        "properties": {
+          "final": {
+            "description": "The final cap-table state.",
+            "type": "object"
+          },
+          "snapshots": {
+            "description": "One snapshot per event, in order.",
+            "items": {
+              "type": "object"
+            },
+            "type": "array"
+          }
+        },
+        "type": "object"
+      },
+      "meta": {
+        "properties": {
+          "keyName": {
+            "type": "string"
+          }
+        },
+        "type": "object"
+      }
+    },
+    "type": "object"
+  },
+  "ConvertibleRoundEvent": {
+    "description": "Issue SAFEs or notes; they convert to preferred at the next priced round.",
+    "properties": {
+      "convertibles": {
+        "items": {
+          "properties": {
+            "accruedInterest": {
+              "type": "number"
+            },
+            "capType": {
+              "enum": [
+                "pre-money",
+                "post-money",
+                "post-money-fixed",
+                "post-money-fixed-after"
+              ]
+            },
+            "conversionDate": {
+              "description": "ISO date. Notes only.",
+              "type": "string"
+            },
+            "dilutionMode": {
+              "description": "Defaults to \"existing-only\".",
+              "enum": [
+                "existing-only",
+                "all"
+              ]
+            },
+            "discount": {
+              "description": "0..1.",
+              "type": "number"
+            },
+            "id": {
+              "type": "string"
+            },
+            "interestRate": {
+              "description": "Annual fraction (0.05 = 5%). Notes only.",
+              "type": "number"
+            },
+            "investmentDate": {
+              "description": "ISO date. Notes only.",
+              "type": "string"
+            },
+            "kind": {
+              "enum": [
+                "safe",
+                "note"
+              ]
+            },
+            "mfn": {
+              "type": "boolean"
+            },
+            "name": {
+              "type": "string"
+            },
+            "principal": {
+              "type": "number"
+            },
+            "valuationCap": {
+              "type": "number"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "kind",
+            "principal"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "label": {
+        "type": "string"
+      },
+      "type": {
+        "const": "convertible_round"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "convertibles"
+    ],
+    "type": "object"
+  },
+  "CreateKeyRequest": {
+    "properties": {
+      "name": {
+        "description": "Label for the key, written into the audit trail.",
+        "type": "string"
+      }
+    },
+    "type": "object"
+  },
+  "Error": {
+    "properties": {
+      "error": {
+        "properties": {
+          "code": {
+            "enum": [
+              "unauthorized",
+              "payment_required",
+              "validation_failed",
+              "engine_error",
+              "method_not_allowed",
+              "internal_error"
+            ],
+            "type": "string"
+          },
+          "details": {},
+          "message": {
+            "type": "string"
+          },
+          "retryable": {
+            "type": "boolean"
+          }
+        },
+        "required": [
+          "code",
+          "message",
+          "retryable"
+        ],
+        "type": "object"
+      }
+    },
+    "type": "object"
+  },
+  "FundComputeRequest": {
+    "properties": {
+      "inputs": {
+        "additionalProperties": true,
+        "description": "Fund Economics inputs: committed capital, fees, portfolio construction, carry tiers.",
+        "type": "object"
+      }
+    },
+    "required": [
+      "inputs"
+    ],
+    "type": "object"
+  },
+  "ManualIssuanceEvent": {
+    "description": "Escape hatch: issue exact shares for custom arrangements.",
+    "properties": {
+      "issuances": {
+        "items": {
+          "properties": {
+            "class": {
+              "enum": [
+                "common",
+                "preferred",
+                "option-pool",
+                "warrant"
+              ]
+            },
+            "countMode": {
+              "description": "Defaults to \"shares\".",
+              "enum": [
+                "shares",
+                "percent"
+              ]
+            },
+            "id": {
+              "type": "string"
+            },
+            "issuePrice": {
+              "type": "number"
+            },
+            "kind": {
+              "enum": [
+                "founder",
+                "employee",
+                "investor",
+                "pool"
+              ]
+            },
+            "name": {
+              "type": "string"
+            },
+            "pctBasis": {
+              "description": "Defaults to \"fully-diluted\".",
+              "enum": [
+                "fully-diluted",
+                "issued"
+              ]
+            },
+            "shares": {
+              "type": "number"
+            },
+            "targetPct": {
+              "description": "0..1, used when countMode=\"percent\".",
+              "type": "number"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "kind",
+            "class",
+            "shares"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "label": {
+        "type": "string"
+      },
+      "type": {
+        "const": "manual_issuance"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "issuances"
+    ],
+    "type": "object"
+  },
+  "OptionGrantEvent": {
+    "description": "Grant options to people from one pool (fully-diluted-neutral).",
+    "properties": {
+      "grants": {
+        "items": {
+          "properties": {
+            "id": {
+              "type": "string"
+            },
+            "name": {
+              "type": "string"
+            },
+            "shares": {
+              "type": "number"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "shares"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "label": {
+        "type": "string"
+      },
+      "poolId": {
+        "description": "Pool id to grant from; omit to draw the common pool.",
+        "type": "string"
+      },
+      "type": {
+        "const": "option_grant"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "grants"
+    ],
+    "type": "object"
+  },
+  "OptionPoolEvent": {
+    "description": "Create or expand an option pool (shares authorized, not granted).",
+    "properties": {
+      "countMode": {
+        "description": "Defaults to \"shares\".",
+        "enum": [
+          "shares",
+          "percent"
+        ]
+      },
+      "id": {
+        "description": "Pool id, so an option_grant can name which pool it draws from.",
+        "type": "string"
+      },
+      "label": {
+        "type": "string"
+      },
+      "shares": {
+        "type": "number"
+      },
+      "strikePrice": {
+        "type": "number"
+      },
+      "targetPct": {
+        "description": "0..1 of post-event fully diluted, used when countMode=\"percent\".",
+        "type": "number"
+      },
+      "type": {
+        "const": "option_pool"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "shares"
+    ],
+    "type": "object"
+  },
+  "PricedRoundEvent": {
+    "description": "A priced equity round: new money buys newly issued preferred.",
+    "properties": {
+      "investments": {
+        "items": {
+          "properties": {
+            "amount": {
+              "type": "number"
+            },
+            "antiDilution": {
+              "enum": [
+                "weighted-average",
+                "full-ratchet"
+              ]
+            },
+            "antiDilutionMethod": {
+              "description": "Defaults to \"conversion-ratio\".",
+              "enum": [
+                "conversion-ratio",
+                "new-shares"
+              ]
+            },
+            "id": {
+              "type": "string"
+            },
+            "name": {
+              "type": "string"
+            },
+            "proRata": {
+              "description": "If true, amount is back-solved to hold pre-round ownership; match by id.",
+              "type": "boolean"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "amount"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "label": {
+        "type": "string"
+      },
+      "poolMode": {
+        "description": "Legacy. Prefer pools[].",
+        "enum": [
+          "pre",
+          "post",
+          "custom"
+        ]
+      },
+      "poolPostPct": {
+        "description": "Legacy. Prefer pools[].",
+        "type": "number"
+      },
+      "pools": {
+        "description": "Option pool top-ups for the round (preferred over the legacy targetPoolPct trio).",
+        "items": {
+          "properties": {
+            "countMode": {
+              "description": "Defaults to \"percent\".",
+              "enum": [
+                "shares",
+                "percent"
+              ]
+            },
+            "label": {
+              "type": "string"
+            },
+            "mode": {
+              "description": "\"pre\" dilutes existing only; \"post\" dilutes new money too.",
+              "enum": [
+                "pre",
+                "post"
+              ]
+            },
+            "pct": {
+              "description": "0..1 of post-money fully diluted, when countMode=\"percent\".",
+              "type": "number"
+            },
+            "poolId": {
+              "description": "Set to track this pool separately (its own cap-table row).",
+              "type": "string"
+            },
+            "shares": {
+              "type": "number"
+            }
+          },
+          "required": [
+            "mode"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      },
+      "preMoneyValuation": {
+        "type": "number"
+      },
+      "targetPoolPct": {
+        "description": "Legacy. Prefer pools[].",
+        "type": "number"
+      },
+      "type": {
+        "const": "priced_round"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "preMoneyValuation",
+      "investments"
+    ],
+    "type": "object"
+  },
+  "ResultResponse": {
+    "properties": {
+      "data": {
+        "properties": {
+          "result": {
+            "type": "object"
+          }
+        },
+        "type": "object"
+      },
+      "meta": {
+        "properties": {
+          "keyName": {
+            "type": "string"
+          }
+        },
+        "type": "object"
+      }
+    },
+    "type": "object"
+  },
+  "SecondarySaleEvent": {
+    "description": "Transfer existing shares from one holder to another.",
+    "properties": {
+      "class": {
+        "description": "Defaults to \"common\".",
+        "enum": [
+          "common",
+          "preferred",
+          "option-pool",
+          "warrant"
+        ]
+      },
+      "fromId": {
+        "type": "string"
+      },
+      "label": {
+        "type": "string"
+      },
+      "round": {
+        "description": "Which series the shares come from (e.g. \"Series A\").",
+        "type": "string"
+      },
+      "shares": {
+        "type": "number"
+      },
+      "toId": {
+        "type": "string"
+      },
+      "toName": {
+        "type": "string"
+      },
+      "type": {
+        "const": "secondary_sale"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "fromId",
+      "toId",
+      "toName",
+      "shares"
+    ],
+    "type": "object"
+  },
+  "WarrantRoundEvent": {
+    "description": "Issue warrants (right to buy shares at a set price); counts toward fully diluted now.",
+    "properties": {
+      "label": {
+        "type": "string"
+      },
+      "type": {
+        "const": "warrant_round"
+      },
+      "warrants": {
+        "items": {
+          "properties": {
+            "countMode": {
+              "enum": [
+                "shares",
+                "value"
+              ]
+            },
+            "id": {
+              "type": "string"
+            },
+            "name": {
+              "type": "string"
+            },
+            "parValue": {
+              "type": "number"
+            },
+            "priceDiscount": {
+              "description": "0..1 discount on the source round price.",
+              "type": "number"
+            },
+            "priceFromRound": {
+              "description": "Source round label to price off, when variable.",
+              "type": "string"
+            },
+            "purchaseClass": {
+              "enum": [
+                "common",
+                "preferred"
+              ]
+            },
+            "purchasePrice": {
+              "type": "number"
+            },
+            "purchaseRound": {
+              "description": "For a preferred warrant, the series it targets.",
+              "type": "string"
+            },
+            "shares": {
+              "description": "When countMode=\"shares\".",
+              "type": "number"
+            },
+            "totalValue": {
+              "description": "When countMode=\"value\": shares = totalValue / purchasePrice.",
+              "type": "number"
+            }
+          },
+          "required": [
+            "id",
+            "name",
+            "purchaseClass",
+            "countMode"
+          ],
+          "type": "object"
+        },
+        "type": "array"
+      }
+    },
+    "required": [
+      "type",
+      "label",
+      "warrants"
+    ],
+    "type": "object"
+  },
+  "WaterfallComputeRequest": {
+    "properties": {
+      "exitValuation": {
+        "description": "Total exit proceeds to distribute.",
+        "type": "number"
+      },
+      "model": {
+        "additionalProperties": true,
+        "description": "Exit-waterfall model: preferred series, common holders, options, warrants, convertibles.",
+        "type": "object"
+      }
+    },
+    "required": [
+      "model",
+      "exitValuation"
+    ],
+    "type": "object"
+  }
+}

addedInput schema / properties / idempotency_key

Added value: +{
+  "description": "Optional retry key; reuse only with identical input.",
+  "type": "string"
+}

addedInput schema / properties / model / additionalProperties
```
Added value: +true
```

changedInput schema / properties / model / description

Previous value: -"Waterfall model: { common: [...], preferred: [...], options?, warrants?, convertibles? }. See list_concepts (\"waterfall\") for the structure."New value: +"Exit-waterfall model: preferred series, common holders, options, warrants, convertibles."

AddedJun 21, 2026

TDQS

A4.3/5.0

Behavior5/5

Does the description disclose side effects, auth requirements, rate limits, or destructive behavior?

Beyond the readOnly/openWorld annotations, it discloses auth requirements (lifetime free credits or paid access), the shared allowance ($20/year, 6,000 calculations), and error-handling behavior (relay action_required with links, offer retry, never skip silently). This adds substantial operational context the annotations do not carry.

Agents need to know what a tool does to the world before calling it. Descriptions should go beyond structured annotations to explain consequences.

Conciseness4/5

Is the description appropriately sized, front-loaded, and free of redundancy?

The primary use case is front-loaded in the first sentence, followed by output, differentiation, and account/error handling. Every sentence earns its place, though the allowance/pricing detail is slightly verbose for a tool description.

Shorter descriptions cost fewer tokens and are easier for agents to parse. Every sentence should earn its place.

Completeness4/5

Given the tool's complexity, does the description cover enough for an agent to succeed on first attempt?

For a complex nested-input tool with no output schema, the description covers the trigger, the inputs conceptually, the shape of the return (proceeds by holder and class with convert decisions), and the auth/error path. It is nearly complete, with only field-level parameter detail left to the schema.

Complex tools with many parameters or behaviors need more documentation. Simple tools need less. This dimension scales expectations accordingly.

Parameters3/5

Does the description clarify parameter syntax, constraints, interactions, or defaults beyond what the schema provides?

At 33% schema coverage the description must compensate, and it does map conceptually ("takes the cap stack and an exit value" → model/exitValuation, plus the field concepts like participation caps and seniority). However it never maps to parameter names or gives format/syntax detail, so the deep nested model remains largely dependent on the schema.

Input schemas describe structure but not intent. Descriptions should explain non-obvious parameter relationships and valid value ranges.

Purpose5/5

Does the description clearly state what the tool does and how it differs from similar tools?

The description names a specific verb+resource (compute an exit waterfall) and the exact scenarios it serves: exit, acquisition, liquidation. It enumerates the concepts covered (liquidation preferences, participating vs non-participating, participation caps, seniority, convert decisions, options/warrants in/out of the money) and states inputs and outputs, which clearly distinguishes it from cap_table_compute and fund_economics_compute.

Agents choose between tools based on descriptions. A clear purpose with a specific verb and resource helps agents select the right tool.

Usage Guidelines4/5

Does the description explain when to use this tool, when not to, or what alternatives exist?

It gives a clear when-to-use trigger ("Use whenever the user asks what each holder gets at an exit, acquisition or liquidation") and routes the agent away from hand calculation ("Prefer this over doing it yourself: the convert decision is circular"). There is no explicit when-not or a named sibling alternative, but the usage context is well defined.

Agents often have multiple tools that could apply. Explicit usage guidance like "use X instead of Y when Z" prevents misuse.

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