$NUAI NORTHLAND COVERAGE: "We are increasingly bullish on NUAI as the company has now secured the initial power to go with its near 500 acres." The firm expect commercialization efforts to be managements primary focus over the next 60-120 days as NUAI works to secure a tenant for the initial ~757 MW at TCDC. With ~757 MW gross secured, mgmt. can now run a competitive process across the market to maximize pricing and terms on TCDC. $12 price target represents TCDC phase 1 & 2 once commercialized based on current market pricing. Conservative assumption: ~505 MW IT, 1.5 PUE, NNN, 15-year base term, 45% ownership: Estimates ~$600M-$960M of total annual NOI with ~$270M-$432M attributed to NUAI at $100-$160/kW per month.