{
  "uri": "alkn://truthloops/securities/negative-preferred-return-not-guaranteed-yield",
  "contents": [
    {
      "uri": "alkn://truthloops/securities/negative-preferred-return-not-guaranteed-yield",
      "mimeType": "application/json",
      "text": "{\n  \"source_role\": \"doctrine\",\n  \"observation_type\": \"doctrine\",\n  \"evidence_payload_retrievable\": false,\n  \"scope_temporal\": \"permanent_doctrine\",\n  \"loop_id\": \"negative-preferred-return-not-guaranteed-yield\",\n  \"branch\": \"investor-economics\",\n  \"polarity\": \"negative_disambiguation\",\n  \"bounded_proposition\": \"REFUTES: \\\"A stated 6% preferred return means investors are guaranteed a 6% cash payment.\\\"\",\n  \"required_evidence\": [\n    \"Partnership agreement waterfall (defines whether preference is cumulative, conditional, deferred, subject to GP powers, etc.)\",\n    \"Reserve and expense provisions\",\n    \"Distributable-cash definition\"\n  ],\n  \"correct_relationship\": \"The governing documents determine whether the preference is cumulative, conditional, payable only from available distributable proceeds, subordinated, deferred or subject to GP powers and expenses.\",\n  \"closure_condition\": \"PERMANENT disambiguation loop. Active whenever the 6% preferred return is cited.\",\n  \"do_not_publish\": [\n    \"\\\"6% guaranteed\\\"\",\n    \"\\\"6% guaranteed yield\\\"\",\n    \"\\\"6% coupon\\\"\",\n    \"\\\"6% guaranteed cash payment\\\"\",\n    \"\\\"6% preferred return\\\" without the \\\"contractual waterfall term — not a guaranteed coupon or current cash yield\\\" qualifier\"\n  ],\n  \"linked_loops\": [\n    \"offering-disclosure\",\n    \"rwa-legal-bridge\"\n  ],\n  \"status\": \"OPEN\",\n  \"effective_date\": \"2026-09-17\"\n}"
    }
  ]
}