// WRITING
Notes on
ownership.
What is actually happening in cap tables, ESOPs and equity infrastructure — reported plainly, with the sources attached.
Pulley is shutting down: what happens to your cap table, and what to do
Pulley shuts down on December 8, 2026 and Carta is taking the migrations. The three dates that bind you, the export to run this week, and an honest look at every Pulley alternative.
Read the report// SERIES · 15 PARTS
Cap tables for dummies
Every number on a cap table, explained from zero — one company's figures carried from incorporation through a Series B to an exit.
- 01 What is a cap table? A dead-simple explanation 3 MIN
- 02 Authorized, issued, outstanding, fully diluted: the four numbers everyone confuses 3 MIN
- 03 The option pool, and the pool shuffle that costs founders real percentage points 4 MIN
- 04 How vesting actually works: cliffs, schedules and a month-by-month example 4 MIN
- 05 Strike price, 409A and exercising options, in plain English 4 MIN
- 06 SAFEs and convertible notes: the dilution you cannot see on your cap table 4 MIN
- 07 Dilution across seed, Series A and Series B: where founder ownership actually goes 3 MIN
- 08 The exit waterfall: why owning 43% does not mean receiving 43% 4 MIN
- 09 Common vs preferred shares: what investors actually buy 3 MIN
- 10 Pool top-ups and refresher grants: keeping the pool from running dry 3 MIN
- 11 83(b) elections, early exercise and QSBS: the timing decisions that keep your money 3 MIN
- 12 The paperwork that makes a grant real: board consents, 409As and Rule 701 4 MIN
- 13 Secondaries and tender offers: turning equity into cash before an exit 3 MIN
- 14 How to value the equity in a job offer, properly 3 MIN
- 15 Ten cap table mistakes, and the audit that catches them in an afternoon 4 MIN
// GUIDES & REPORTING
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Carta alternatives in 2026: an honest map
A straight comparison of Carta alternatives for cap table and equity management in 2026 — Ledgy, Cake Equity, Eqvista, Fidelity Private Shares, Qapita — and what the Pulley shutdown changed about the choice.
4 MIN READ
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How to export everything from Pulley before December 8
Pulley goes dark on December 8, 2026 and limited data access ends January 31, 2027. Here is everything you need out of it, and how to check the export is actually complete.
3 MIN READ
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Pulley alternatives: where to move your cap table before December 8
Pulley shuts down on December 8, 2026. An honest comparison of the alternatives — Carta, Ledgy, Cake Equity, Eqvista, Fidelity Private Shares, Qapita — and how to pick without a feature grid.
4 MIN READ
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Pulley vs Carta: the comparison is over
Pulley vs Carta was the default cap table comparison for years. Pulley shuts down on December 8, 2026 — here is what that changes for anyone choosing a platform today.
3 MIN READ