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What’s the question?
Say the first hurdle is 8% and the 2nd hurdle is 12% with a 20% promote.
The first hurdle is $40M so let's split that 90/10 (LP/GP).
Let's say the second hurdle is $50M. The $10M that relates to the second hurdle is that split 72% to LP ($7.2M) and the 28% goes to GP ($2.8M).
I'm seeing where the $10M is split 90%/10% LP/GP and the $10M is then divided by 80% and then multiplied by 20% to get $2.5M promote, and with the GP 10% of the $10 ($1.5M) to get a total of $3.5M vs the other way of $2.8M.