Lastly, we're going to calculate the management returns.

Management's cash flows in the deal are based on their negotiated exit stake, so it's going to be equals if the exit year that we are in anchored is equal to our year count, then return the negotiated exit stake, which is 9.5% anchored times the calculated equity value, if not zero.

And we see if we copy this across, we will see the management cash flow appearing in year four of 31.9.

In terms of what management put into the deal, it was their rollover, which is equal to the opposite, so that it shows as a negative of the common equity amount times their percentage of that equity investment, which was 10%, and that returns a value of negative 1.

Now, for the management stake, we're also going to consider a discount factor of 10% on the investment, and we're going to consider an investment return rate of 2%.

And this is typical for a management stake.

So instead of using an IRR here, we're going to use an MIRR.

That's going to take into consideration those two additional components.

So the MIRR is asking us for the values, and then it's asking us for the finance rate, which is a discount rate of 10%.

And then it's asking us for the reinvestment rate, which is lower at 2%, and that returns a whopping 55.7% management IRR, which is primarily reflective of the fact that they're allowed to put very little cash in, and typically they're incentivized by hitting targets and leading the company through this very stressful and trying period.

And if it's a hit, they will have very, very, very strong returns as evidenced here.