Galaxy Digital (Nasdaq: GLXY) to fund Helios AI data center with $3.5B notes
Rhea-AI Filing Summary
Galaxy Helios Data Centers II LLC, an indirect wholly owned subsidiary of Galaxy Digital Inc., announced its intention to privately offer, subject to market conditions and other factors, $3.507 billion aggregate principal amount of senior secured notes due 2031 to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S.
The net proceeds are intended to finance part of the development and construction of two buildings with eight data halls providing 400 MW of utility capacity and 260 MW of critical IT capacity in Dickens County, Texas, and to fund debt service reserves. The facility is tied to a lease with CoreWeave covering 260 MW of critical IT load, with a 15-year base lease term plus two 5‑year extension options, a 13.7% starting MRC gross yield on cost, a 3.0–5.0% annual rent escalator linked to CPI, and an expected near triple‑net structure supporting projected NOI margins of about 90%.
Illustrative projections for the project show minimum remaining contracted lease payments of $10.4 billion over the initial lease term (excluding a $100 million option payment already received), a full $3.507 billion debt draw, scheduled amortization reducing debt substantially by 2040, and cumulative post‑debt‑service cash flow reaching $3.765 billion by 2043. These figures are forward‑looking, non‑GAAP, and presented solely as illustrative financial information for the proposed notes financing.
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Filing Explained
As of July 22, the $3.507 billion Helios notes are proposed, not completed; any secured debt and proceeds remain conditional.
This
Galaxy says the subsidiary intends to privately offer
The disclosed instrument is secured debt intended to fund part of the Helios data-center project and debt-service reserves; because it is not an announced issuance of common stock, the filing does not itself establish dilution for existing common holders.
The notes are being offered to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S, and are not registered under the Securities Act. A subsequent Form 8-K or offering document reporting closing would resolve whether the notes were issued and disclose their final terms.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Senior secured notes offering size: $3.507 billion
Project utility capacity: 400 MW
Critical IT load under contract: 260 MW
+4 more
7 metrics
Senior secured notes offering size
$3.507 billion
Aggregate principal amount of proposed notes due 2031 in a private offering
Project utility capacity
400 MW
Utility capacity for the Helios data center project in Dickens County, Texas
Critical IT load under contract
260 MW
Critical IT capacity contracted to CoreWeave for Project Speed Phase II
Minimum contracted lease payments
$10.4Bn
Remaining lease payments over 15-year initial term at 3% annual inflation, excluding $100M option payment
Starting MRC gross yield on cost
13.7%
Initial monthly recurring charge yield for the CoreWeave lease
Annual rent escalator
3.0–5.0%
CPI-linked yearly rent increase depending on inflation band
Approved campus electrical capacity
1.63 GW
Approved electrical capacity at Galaxy’s Helios Campus supporting AI and HPC workloads
Key Terms
Rule 144A, Regulation S, Net Operating Income, Debt Service Coverage Ratio, +1 more
5 terms
Rule 144A regulatory
"offering ... to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A"
Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.
Regulation S regulatory
"outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act"
Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.
Net Operating Income financial
"Non-GAAP financial measures including Net Operating Income, Debt Service Coverage Ratio"
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
Debt Service Coverage Ratio financial
"Non-GAAP financial measures including Net Operating Income, Debt Service Coverage Ratio"
Debt service coverage ratio measures how many times a company's available cash flow can pay its scheduled debt payments (interest plus principal). Think of it like checking how many months of take-home pay it would take to cover your mortgage and loan bills; a higher number means a bigger cushion against missed payments. Investors use it to gauge credit risk, the likelihood of default, and whether a company can afford dividends or new borrowing.
Levered Free Cash Flow financial
"Non-GAAP financial measures including Net Operating Income, Debt Service Coverage Ratio, Levered Free Cash Flow"
Levered free cash flow is the cash a company has left after paying all operating costs, taxes, interest and required debt repayments — essentially the money truly available to shareholders. For investors it matters because it shows whether a business can afford dividends, share buybacks, reinvestment or can weather a downturn after meeting its loan obligations; think of it like a household’s leftover money once the mortgage and other mandatory bills are paid.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What financing did Galaxy Digital (GLXY) announce for its Helios project?
Galaxy Helios Data Centers II LLC intends to offer $3.507 billion of senior secured notes due 2031 in a private placement. The notes target qualified institutional buyers under Rule 144A and certain non‑U.S. investors under Regulation S, and the transaction remains subject to market conditions.
How will Galaxy Digital (GLXY) use proceeds from the proposed $3.507 billion notes?
The issuer plans to use net proceeds to finance a portion of constructing two buildings with eight data halls providing 400 MW utility and 260 MW critical IT capacity in Dickens County, Texas, and to fund debt service reserves for the Helios data center project.
What are the key lease terms with CoreWeave in Galaxy Digital’s (GLXY) Helios Phase II project?
CoreWeave has 260 MW of critical IT load under contract on a 15‑year base lease, with two additional 5‑year extension options. The lease features a 13.7% starting MRC gross yield on cost, a CPI‑linked 3.0–5.0% annual rent escalator, and a near triple‑net structure.
What minimum contracted lease payments does Galaxy Digital (GLXY) present for the CoreWeave lease?
Illustrative materials show $10.4 billion of remaining minimum contracted lease payments over the 15‑year initial term, assuming 3% annual inflation and excluding a $100 million option payment already received. The company notes it can give no assurance these lease payments will be made.
What do Galaxy Digital’s (GLXY) illustrative financial projections show for Helios debt and cash flows?
Projections assume a full $3.507 billion debt draw, with amortization reducing the balance significantly by 2040. Illustrative rent reaches $565 million in 2029, with NOI margins around 90%, and cumulative post‑debt‑service cash flow of $3.765 billion by 2043, all forward‑looking and non‑GAAP.
Which non-GAAP metrics does Galaxy Digital (GLXY) highlight in the Helios projections?
The investor materials reference non‑GAAP measures including Net Operating Income, Debt Service Coverage Ratio, Levered Free Cash Flow, and Cumulative Levered Free Cash Flow. These are presented as supplemental, illustrative metrics and are not directly reconciled to GAAP figures.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(212 ) 390-9216
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 7.01 Regulation FD Disclosure.
On July 22, 2026, Galaxy Helios Data Centers II LLC (the “Issuer”), an indirect wholly owned subsidiary of Galaxy Digital Inc. (the “Company”), formally announced its intention to offer, subject to market conditions and other factors, $3.507 billion aggregate principal amount of senior secured notes due 2031 (the “Notes”) in a private offering (the “Offering”) to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. There can be no assurance that the Offering will be completed on the terms described herein or at all.
The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.
Attached hereto as Exhibit 99.1 to this Current Report on Form 8-K is certain illustrative financial information and other information (the “Illustrative Financial Information”) concerning the Project that has been disclosed by the Issuer in connection with the Offering.
The information furnished with this Item 7.01 and in the Illustrative Financial Information attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The information included in this Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any securities.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K, including the exhibits hereto, contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, are forward-looking statements, including statements relating to the anticipated terms of the Notes being offered, the completion, timing and size of the proposed Offering and the intended use of proceeds. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements represent the Company’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the satisfaction of the closing conditions related to the Offering and risks relating to the Company’s business, including those described in periodic reports that the Company files from time to time with the SEC. The Issuer may not consummate the proposed Offering described in this Current Report on Form 8-K and, if the proposed Offering is consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described herein. The forward-looking statements included in this Current Report on Form 8-K speak only as of the date of this Current Report on Form 8-K, and the Company does not undertake to update the statements included in this Current Report on Form 8-K for subsequent developments, whether as a result of new information, future events, or otherwise, except as may be required by law.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. | Description | |||||||
| 99.1 | Illustrative Financial Information of the Project. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GALAXY DIGITAL INC. | ||||||||
Date: July 22, 2026 | By: | /s/Anthony Paquette | ||||||
| Anthony Paquette | ||||||||
| Chief Financial Officer | ||||||||
galaxy.com Investor Presentation July 2026 Exhibit 99.1
galaxy.com 2 INVESTOR PRESENTATION Disclaimer This presentation, the information contained herein and the materials accompanying it (collectively, this “Presentation”) has been prepared by Galaxy Digital Inc. (“Parent”), Galaxy Helios Data Centers II LLC (the “Issuer”) and Galaxy Helios II LLC (the “Subsidiary Guarantor” and, together with Parent and the Issuer, the “Company Parties”) solely in connection with a proposed offering of senior secured notes (the “notes”) by the Issuer and may not be used for any other purpose. While this Presentation contains a discussion of various entities and projects, only the Issuer, the Subsidiary Guarantor, and the 400 MW utility capacity / 260 MW critical IT capacity data center project being developed on the 196-acre property will provide credit support for the notes. This Presentation is strictly confidential and is being furnished to the Recipient thereof (the “Recipient” or “you”) on the condition that you agree to not copy, reproduce, disclose, forward or distribute it to any third party in whole or in part without the prior written consent of the Company Parties. By attending the meeting where this Presentation is made, or by accepting delivery of or by receiving this Presentation, you agree to be bound by the following terms and conditions, including any modifications to them. No Offer or Solicitation The notes have not been and will not be registered under the U.S. Securities Act of 1933 (the “Act”), or any state securities laws or the laws of any foreign jurisdiction. The notes will be offered in the U.S. only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Act and to non-U.S. persons outside the U.S. in reliance on Regulation S under the Act. Accordingly, this document is being provided only to persons that are reasonably believed to be “qualified institutional buyers,” as defined in Rule 144A under the Act, or that are non-U.S. persons outside the U.S. By accepting this Presentation, you will be deemed to represent that you are either a qualified institutional buyer or a non-U.S. person outside the United States. Before you make an investment decision in respect of the notes, you should read the preliminary offering memorandum prepared for the offering of the notes described herein (as amended and supplemented, the “Offering Memorandum”). Any decision to invest in the notes should be based solely on information contained in the Offering Memorandum, and the disclosure in this Presentation is qualified in its entirety by reference to the Offering Memorandum, which is expressly incorporated herein. No responsibility or liability is accepted by the representative or any of its affiliates, advisors, directors, officers, employees, agents, representatives or associates, nor any other person, for any of the information contained herein or for any action taken by you or any of your directors, officers, employees, agents or associates on the basis of such information. The notes have not been approved or disapproved by the SEC, or any other securities regulating body or agency, nor has any such authority, commission, or body passed on the accuracy or adequacy of this Presentation. Any representation to the contrary is a criminal offense. The notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Act and applicable state securities laws pursuant to registration or exemption therefrom. Investors should be aware that they may be required to bear the financial risks of an investment in the notes for an indefinite period of time. The notes will not be listed on any securities exchange or automated quotation system, and there is no obligation on the part of any person to make a market for the notes. No action has been made or will be taken that would permit a public offering of any securities in any jurisdiction in which action for that purpose is required. No offers, sales, resales or delivery of any securities or any distribution of any offering material relating to any securities may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable laws and regulations and which will not impose any obligation on the Company Parties. Cautionary Note Regarding Forward-Looking Statements This Presentation contains certain “forward-looking statements” of the Company Parties within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements other than statements of historical facts contained in this Presentation, including statements regarding the Issuer’s strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These forward-looking statements generally are identified by the words “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and, in each case, their negative or other various or comparable terminology, and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Particular uncertainties that could cause the Issuer’s actual results to be materially different than those expressed in the Issuer’s forward-looking statements include, without limitation: volatility in the price of the Issuer’s securities due to a variety of factors, including changes in the competitive and regulated industry in which the Issuer operates, the Issuer’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting the Issuer’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. Readers are cautioned not to put undue reliance on forward-looking statements, and the Issuer assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Particular uncertainties that could cause the Company Parties’ actual results to be materially different than those expressed in the Company Parties’ forward-looking statements include, without limitation the risks identified in the Parent’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Parent’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 and in the preliminary offering memorandum. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the preliminary offering memorandum prepared for the offering of the securities described herein. You should read this Presentation completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Third Party Information Except where otherwise specified, the marketing, ranking and industry data included in this Presentation are based on good faith estimates of the Company Parties’ management based upon assumptions that are believed by the Company Parties’ management to be reasonable as of the date on the cover of this Presentation. These estimates have been derived from management’s knowledge and experience in the market in which the Company Parties operate, as well as information obtained from internal company data, industry publications and surveys, third-party studies and other publicly available information related to the markets in which the Company Parties operate. Although the Company Parties believe information obtained from third-parties to be reliable, they have not independently verified any of the data from third party sources referred to in this Presentation or from which the management estimates are derived, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. None of the Company Parties make any representation as to the accuracy of such third-party information on which the Company Parties’ estimates are based. Management’s estimates are subject to significant risks, uncertainties, changes in circumstances, assumptions, contingencies, and subject to change based on various other important factors. The information contained in this Presentation is provided as of the date of this Presentation (or at the different date as indicated herein) and is subject to change without notice. This Presentation shall not be deemed an indication of the state of affairs of the Company Parties at any time after the date hereof, nor an indication that there has been no change in such matters since the date hereof. Except as required by law, neither the Company Parties nor their Representatives undertake any obligation to provide any additional information or to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Any proposed terms of the offering of the notes contained in this Presentation are indicative only and remain subject to contract. Non-GAAP Figures This Presentation includes certain non-GAAP financial measures including Net Operating Income, Debt Service Coverage Ratio, Levered Free Cash Flow, and Cumulative Levered Free Cash Flow. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. generally accepted accounting principles (“GAAP”) and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should be considered only as supplemental to, and should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that the use of such measures in this presentation may not be comparable to the use of similarly-titled measures by other companies. The Company Parties have not provided reconciliations of such non-GAAP financial measures to the most directly comparable GAAP measures because it is unable to predict with reasonable certainty certain items required for such reconciliations, including the timing and impact of non-recurring or unusual items, financing-related costs, transaction expenses and other adjustments, without unreasonable effort. Special Note Regarding Projected Financial Data This Presentation includes certain illustrative projected financial data. Such financial data may not be indicative of our future results. Such data is not a prediction, should not be relied upon as such and is premised on a number of factors, all of which are inherently uncertain and subject to numerous business, industry, market, regulatory, geopolitical, competitive and financial risks that are outside of our control. Any such projected financial data is based on available information and certain assumptions that the Company Parties believe are reasonable under the circumstances. However, there can be no assurance that the assumptions made in connection with such data will prove accurate, and actual results may differ materially. The Company Parties make no representation to any person regarding the illustrative projected financial data and the Company Parties do not intend to update or otherwise revise any such data to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying such data are later shown to be incorrect. If our assumptions prove to be inaccurate, our actual results may differ substantially and materially from these projections. Certain figures included in this Presentation have been rounded for presentation purposes. Accordingly, totals and percentages may not sum precisely due to rounding. Notice Regarding Logos and Trademarks This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners and does not imply an affiliation with, or endorsement by, the owners of these trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, ® or © symbols, but the Company Parties will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.
galaxy.com 9 Transaction Overview: ~$3.5Bn Financing of the Helios Data Center INVESTOR PRESENTATION • Developing Project Speed Phase II (400 Gross MW / 260 MW Critical IT Load), leased to CoreWeave • Owner, developer, and future operator of HPC infrastructure • Well-positioned to meet surging AI demand with 1.63 GW of approved electrical capacity at its Helios Campus • 800 Gross MW of leased capacity at Helios (including 400 Gross MW from Phase II) – all with CoreWeave as the tenant ─ Delivered Phase I, exhibiting ability to develop at large scale • Rapidly scaling, specialized cloud provider focused on GPU accelerated AI and HPC workloads • Backed by Nvidia who owns a ~11.5% equity stake and is obligated to purchase up to $6.3Bn of residual cloud capacity through April 2032 • $99.4bn of contracted revenue backlog as of Q1’26 (1) • Has a $43.6Bn market capitalization with $6.2Bn+ LTM revenue as of Q1’26 (2) 260 MW Critical IT Load Under Contract 15 Years Base Lease Term + Two 5-Year CoreWeave Extension Options 13.7% Starting MRC Gross Yield on Cost $10.4Bn (3) (5) Minimum Contracted Lease Payments Q2’27 (5) Initial Targeted Rent Commencement Date ~90%+ (6) 3.0-5.0% (4) Annual Rent Escalator Near Triple Net Lease (7) NOI Margin 1. Per public filings 2. As of 07/14/2026 3. Reflects remaining lease payments under the lease and does not include a $100M options payment already received from CoreWeave, based on 15-year initial lease term, 3% annual inflation 4. 3% if CPI is below 3%; 5% if CPI is greater than 5%; If CPI is between 3%-5%, annual escalation rate shall be equal to the CPI 5. We can give no assurance that such lease payments will be made or that we will be able to achieve the target rent commencement date 6. Includes operating expenses of $15 / kW / month 7. Tenant will pay expenses associated with operating the Premises (i) excluding personnel costs provided by Galaxy to operate all mechanical, cooling, electrical and administrative functions (outside of the Data Center white space), and (ii) including, but not limited to, utilities, taxes, insurance, maintenance, and ordinary repairs
galaxy.com 27 Consolidated Financial Summary Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Cash Flow Summary Rent $MM - - 155 472 565 582 599 617 636 655 675 695 716 737 759 782 806 830 70 NOI $MM - - 120 424 516 531 547 564 580 598 616 634 653 673 693 714 735 757 64 NOI Margin % - N/A 77% 90% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% Cash Available for Debt Service $MM - - 120 424 516 531 547 564 580 598 616 634 653 673 693 714 735 757 64 Net Interest $MM - - (117) (290) (284) (272) (260) (243) (222) (198) (171) (140) (106) (66) (22) 8 8 8 (0) Amortization $MM - - - (12) (140) (140) (167) (227) (262) (300) (342) (388) (439) (495) (556) (40) - - - DSRA Draw (Replace) $MM - - - - - - - - - - - - - - - - - - 219 Cash Flow Post Debt Service $MM - - 4 122 92 119 121 94 97 100 103 106 109 112 116 682 743 765 283 Cumulative CF Post Debt Service $MM - - 4 126 217 336 457 551 648 748 850 956 1,065 1,177 1,292 1,974 2,717 3,482 3,765 Debt Beginning $MM - - 3,507 3,507 3,495 3,355 3,215 3,048 2,821 2,559 2,259 1,918 1,529 1,091 596 40 - - - Draw $MM - 3,507 - - - - - - - - - - - - - - - - - Mandatory Amortization $MM - - - (12) (140) (140) (167) (227) (262) (300) (342) (388) (439) (495) (556) (40) - - - Ending $MM - 3,507 3,507 3,495 3,355 3,215 3,048 2,821 2,559 2,259 1,918 1,529 1,091 596 40 - - - - Post-Construction Illustrative Annual Financial Summary INVESTOR PRESENTATION Consolidated Financial Summary Only 1 month shown