I have a data model built in Power Pivot with a few tables connected and I am trying to do a simple formula based on a few conditions.

Basically calculate this formula if Scenario 1, 2, and 3 are true. Below is a view of the Error:

The way it is written is like a nested IF Statement, but I am getting an Error in Excel saying:

"MdxScript(Model) (8, 4) Calculation Error in Measure 'Revenue_Model'[Actual Net New Calc]: The value for column 'Percent Owned' in table 'HFM Map' cannot be determined in the current context. etc.....

Here is the formula:
Actual Net New Calc:=IF([Actuals]=BLANK(),BLANK(),
IF('HFM Map'[Operations]="Direct Ops - Core Retail",BLANK(),
IF('HFM Map'[Percent Owned]="Not Owned",BLANK(),
[Actuals]-[Budget]+[Q2 Forecast Net New])))

So if Actuals are blank, do nothing
If Operation is equal to "Direct Ops - Core Retail, do nothing
If Percent Owned is = "Not Owned", do nothing.
SO if it doesn't match any of these then perform the formula.

Am I not doing something right with the IF Statement? Seems to also break with just one IF Statement as well.

I.e. This doesn't work either
Actual Net New Calc:=IF('HFM Map'[Operations]="Direct Ops - Core Retail",BLANK(),
[Actuals]-[Budget]+[Q2 Forecast Net New])

Error Received:
"MdxScript(Model) (8, 4) Calculation Error in Measure 'Revenue_Model'[Actual Net New Calc]: The value for column 'Operation' in table 'HFM Map' cannot be determined in the current context. etc.....