Pref equity terms — what's standard right now?

Seeing a lot of blended current/accrual to keep the asset's cash flow breathing during the plan, with a total return in the low-to-mid teens. Watch the redemption and forced-sale provisions — that's where the real negotiation is, not the headline rate.

We just did one with a partial current pay and an accrual backend. The control terms on default were way more contested than the economics.