Now it's time to wire the interest and dividends into the model, and that's going to help us clear up this out of balance as a result of the mezzanine and the preference shares. So the first thing I wanna do is take care of the dividend. The dividend, the preference dividend, is going to be linked to the preference share calculation on the debt page. Now, the preference dividend, which is being paid out of the company to the owners of the preference shares, which is typically the sponsor, that's gonna be modeled as a negative. So we have to link this as a minus and then go ahead and pick up the 74.7 from year one. So the preference share is positive because it's increasing the value of the preference shares, but it's negative because it's value being transferred out of the company. I'm still gonna hold off on these common dividends for the time being. They belong to the sale leaseback, and I wanna deal with that at the end. So that will impact the ending balance of the equity, and that clears up one half of being out of balance. And if we look at balance sheet, we'll see that our balance is now off by 36, which is solely the mezzanine. So let's deal with the interest, and then we'll take care of that. On the income statement, what we'll have to do now is wire in the total interest expense from the debt page. And we'll do this by creating a link to a circular toggle so that we can turn this on and off. Now as we know, building most models in this way when using the average balance and using a cash sweep where we're taking cash flow in and applying it to the ending balances of the debt, we are going to create a circular model. So we should at least just check to make sure that that is the case here. If I go over to my debt page, if I link to the total interest expense of 105.8, I should get a circular error message, and I do. So I'm going to, at this point, need to turn my iterations on in order to solve that. And then to prepare the model for dealing with issues around the circularity, I'm going to link this to the circ switch that we have on the cover page. So I'll say =if.

My circular switch is on, and that cell has been named switch, so we don't have to absolute reference that. If that equals one, then show me the total interest in debt J81. If not, zero it out. And what this is doing is it's showing me a zero because I've got the switch turned off. So now I'll turn it on, and I see the interest is in fact flowing. That's a lot of interest, and it's obviously gonna change a lot of our numbers. But what we have here at least is the total interest expense flowing through the model. Now, that still has not impacted my mezzanine. This has still not brought me into balance, and it hasn't brought me into balance because I have to go over to the cash flow statement and deal with the difference between the cash and the total interest expense. So I'm gonna go over to my cash flow statement, and I'm going to take a look at what we have here. We have EBITDA, which means it's before interest and taxes, and now we have tax expense flowing more accurately, which is linked to our provision from tax. And that's of course been impacted by the tax deductibility of interest. And again, we're not dealing with the complexity around caps on deductibility of interest expense. The cash interest calculation we already have on our debt page, we've done it below in row 82. However, before we bring it into the cash flow statement, we have to remember that it will also make the model circular because it's basically interest that is being calculated on debt that we are effectively solving for using the cash flow statement. So we need to link this to the circ switch as well. =ifswitch=1, then I'm going to go and get that cash interest. If not, give me a zero. And so now we have the cash linked up properly in the model, and we can zero that out simply by turning the switch on and off. Now there is another switch in this model that we could have used, and that is the circ switch on the input page. And why there are two switches, it's really just to show that occasionally the switch will be in a more sort of central place than on a cover page several pages away. We could have linked to either one. Probably regardless of which one you choose, you need that to be the switch that activates all the interest. You don't wanna have one switch on the front activating the total interest and then another switch on the input page activating just the cash interest 'cause that would be a mess. So I will turn this back on. And the last thing that I want to do now that I have my cash interest wired into my cash flow statement is to check to make sure that I am in fact in balance, and I am. And we'll notice that if I do turn the switch back off, I will fall out of balance by the amount of the mezzanine increase because the cash interest is no longer flowing through the cash flow statement. So as long as I'm circular, I will have a balanced model.