The optional Catch-Up section, which is positioned under tier 1 in all three sections of the model, is currently ‘turned off’ when you download the model, but can be turned on by answering ‘yes’ to the question ‘Is there a catch-up?’ in cell D32. If you are using the catch-up section, you must use solver or goal seek to calibrate the waterfall model any time you alter assumptions in your DCF model or in the sponsor fees, equity split, or tier 1 sections of the waterfall (these are all inputs that come before the catch-up section).
This is explained more thoroughly in the video tutorial you can find here:
https://www.adventuresincre.com/new-real-estate-jv-waterfall-model/