Track Record · SS069 · Verified ResultsEvery number independently verified

Documented results.
Not projections.

Every number on this page is verified by a named third party. MAI-certified appraisal. CPA-reviewed financials. Lender-validated DSCR. Utility-confirmed power headroom. No self-reported estimates anywhere.

VERIFICATION_STANDARD · EVERY METRIC

$12.0M — MAI certified (Newmark) · $790K NOI — CPA reviewed · 1.44× DSCR — lender validated · ~$15.0M — internal, not certified

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SS069 · VERIFIED PERFORMANCE RECORD

INDEPENDENTLY SOURCED

ACQUISITION

$3.1M

Acquisition Cost

✓ Feb 2023 · All-in

MAI_APPRAISAL

$12.0M

MAI Appraised

✓ Newmark · Jan 2025

APPRECIATION

287%

Appreciation

✓ Pre-construction

NOI_ANNUAL

$790K

Annual NOI

✓ CPA reviewed

DSCR_PRE_DC

1.44×

DSCR Pre-DC

✓ Lender validated

PROFIT_STREAK

36 mo

Profitable Months

✓ No exceptions

APPRAISAL: Newmark · CPA: Licensed CPA firm · DSCR: Institutional lender
POWER: WE Energies Form 4158 · ZONING: Racine County GIS

PROFITABILITY_HEATMAP · FEB 2023 → JAN 2026 · 36 MONTHS

36 consecutive profitable months. No exceptions.

Every cell is one calendar month of verified positive net operating income. No negative months. No exceptions. CPA-reviewed actuals for all 36 periods. Hover any cell to confirm. The streak runs from February 2023 through the present.

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2023

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Each cell = one calendar month

CPA VERIFIED · ALL 36 MONTHS

FINANCIAL_PERFORMANCE · NOI TREND + DSCR PROGRESSION

Cash flow and debt coverage — verified at every stage.

NOI: hover any data point for exact figure and quarter-over-quarter growth. DSCR: click any bar to expand verification detail. Projected bars are visually distinguished with dashed borders and hatching.

NOI_QUARTERLY_TREND · CPA_REVIEWED · $K ANNUALIZED

Quarterly NOI trend

Annualized run rate · Hover each point · Red line = debt service floor

NOI FLOOR: Self-storage NOI alone covers 100% of debt service at 1.44× DSCR. No data center revenue required for positive coverage at any period.

DSCR_PROGRESSION · THREE_STATES · CLICK TO EXPAND

DSCR across deployment scenarios

Solid = verified · Hatched = projected · Click any bar

PRE_DC · 1.44× DSCR · INDEPENDENTLY VERIFIED

$790K NOI ÷ $550K debt service. Independently validated by institutional lender. No data center revenue required.

VERIFIER

Institutional lender

YEAR_1 · 2.5× DSCR · PROJECTED — NOT CERTIFIED

Self-storage NOI + DC colocation income at 50% utilization. Projected figure — dependent on Phase 1 lease execution.

VERIFIER

Financial model

STABILIZED · 3.53× DSCR · PROJECTED — NOT CERTIFIED

Full stabilization at 85% DC utilization. Projected figure — represents end-state when Phase 1 achieves target occupancy.

VERIFIER

Financial model

Lender verified

Financial model projection

VALUE_PROGRESSION · CERTIFIED vs PROJECTED · CLICK PROJECTED BARS

$3.1M to $12.0M in 24 months — before construction began.

Solid bars are independently certified. Dashed/hatched bars are projected — click each to see the full disclosure. The 287% appreciation from acquisition to MAI appraisal required no data center construction.

NOT CERTIFIED · NOT INDEPENDENTLY VERIFIED

Internal corridor-adjusted analysis incorporating hyperscaler proximity premium. This is NOT a certified appraisal. The $12.0M MAI figure is the only independently verified value.

PROJECTED · NOT INDEPENDENTLY VERIFIED

Conservative post-stabilization estimate based on DC income at blended cap rates. Assumes Phase 1 only, 75% DC utilization at base-case rates.

PROJECTED · NOT INDEPENDENTLY VERIFIED

Upside post-stabilization estimate including corridor premium and Phase 2–3 expansion. Not a guarantee. Not independently verified.

Certified · Independently verified

Projected · Internal analysis only

Certified values: Newmark MAI appraisal (January 2025) and Racine County property records (February 2023). Projected values are internal estimates and do not constitute independent appraisals or guarantees of future value. The ~$15.0M corridor-adjusted figure is company-produced and has not been verified by any third party.

VERIFIED_TIMELINE · ACQUISITION → DEPLOYMENT · 8 EVENTS

Every milestone. Every source. Click to expand.

No event on this timeline is self-reported without a named third-party source. The Q4 2023 hyperscaler announcement is the narrative inflection — the moment the 13-month detection lead became publicly visible.

February 2023ACQUISITION

Asset Acquired — $3.1M All-In Cost Basis

1509 Rapids Drive acquired at standard industrial pricing. No premium paid for data center upside. Platform MOAT score: 95/100. Underwritten entirely on self-storage NOI.

SOURCE:Racine County property records · February 2023

Feb–Dec 2023STABILIZATION

Operations Stabilized — 60+ Tenants

Occupancy improved from ~75% to 81.3%. 60+ active tenant relationships. CPA engagement initiated. Commercial and self-storage operations normalized.

SOURCE:CPA review · Operational records · Verified 2023

Q3 2023PROFITABILITY

36-Month Profitability Streak Begins

Every calendar month since acquisition generates positive NOI. No exceptions. No negative months. Self-storage and commercial tenants maintain consistent occupancy.

SOURCE:CPA review · Monthly actuals · 36 months verified

Q4 2023CORRIDORINFLECTION · +13 MO LEAD

Hyperscaler Corridor Publicly Announced

Primary hyperscaler publicly announces $20B Mount Pleasant campus — 10 miles SE of The Center. Wisconsin corridor recognized publicly. B2B Systems detection lead: +13 months. No acquisition premium was required.

SOURCE:Public press release · Q4-2023

2024NOI_GROWTH

NOI Reaches $790,216 Annual Run Rate

$790,216 verified annual net operating income from self-storage and commercial operations. CPA-reviewed actuals. Debt service coverage ratio confirmed at 1.44× independently by institutional lender.

SOURCE:CPA review · Annual actuals · 2024 verified

January 2025MAI_APPRAISALMILESTONE

MAI-Certified Appraisal: $12.0M

Independent MAI-certified appraisal by Newmark confirms $12.0M fair market value. 287% appreciation from $3.1M acquisition. No data center construction required. Every dollar of appreciation is operational.

SOURCE:Newmark MAI appraisal · January 2025 · Independent certification

Q1 2026CORRIDOR_ADJNOT CERTIFIED

Corridor-Adjusted Analysis: ~$15.0M

Internal corridor-adjusted analysis incorporating hyperscaler proximity premium. This is NOT a certified appraisal. The $12.0M MAI figure is the independently verified value. Internal only.

SOURCE:Internal analysis · Not a certified appraisal · Q1 2026

Q3 2026PHASE_1_TARGETFORWARD-LOOKING

Phase 1 Data Center — Target Deployment

Colocation operator lease execution target. 1.0 MW initial capacity. Modular deployment. WE Energies Form 4158 active. Operators in discussion. No signed LOIs as of March 2026.

SOURCE:Operator discussions · No executed LOIs · In progress

No signed LOIs as of March 2026

VERIFICATION_CHAIN · SIX_INDEPENDENT_SOURCES

Six named third parties. Zero self-reported data.

Every metric traces to a named, independent source. Hover any card to see exactly which figures it verifies.

NEWMARK

MAI-Certified Appraisal

Newmark

$12.0M · January 2025

METRICS VERIFIED:

✓Appraised Value

✓287% Appreciation

✓Implied LTV ~40%

CPA

CPA-Reviewed NOI

Licensed CPA

$790,216 · Annual · Verified

METRICS VERIFIED:

✓Annual NOI

✓36 Consecutive Months

✓Occupancy Growth

LENDER

Lender-Validated DSCR

Institutional Lender

1.44× · Pre-DC confirmed

METRICS VERIFIED:

✓DSCR Pre-DC

✓Debt Service Coverage

✓Implied LTV

WE_ENERGIES

Utility Confirmation

WE Energies

32+ MW · Form 4158

METRICS VERIFIED:

✓MW Headroom

✓RTMP Rate

✓Form 4158 Filed

RACINE_CO

Property Records

Racine County

$3.1M · February 2023

METRICS VERIFIED:

✓Acquisition Price

✓M-2 Zoning

✓Campus Size 322K SF

FEMA_USGS

Environmental Clearance

FEMA & USGS

Flood Zone X · Seismic 0

METRICS VERIFIED:

✓Flood Zone X (Minimal)

✓Seismic Zone 0

✓No Environmental Flags

DUE_DILIGENCE_PACKAGE · VERIFIED_METRICS · ACCREDITED_ONLY

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Newmark MAI appraisal · CPA-reviewed financials · Lender DSCR validation · WE Energies Form 4158 · Environmental clearances · Full property records. NDA executed before any documents are transferred. 48-hour response.

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$12.0M

MAI Certified

Newmark

$790K

CPA Reviewed

Licensed CPA

1.44×

Lender Validated

Institutional

32+ MW

Utility Confirmed

WE Energies

Verified metrics are sourced from independent third parties as noted. The $12.0M appraisal is an MAI-certified valuation by Newmark (January 2025); it represents a point-in-time assessment and does not guarantee future value. The $790,216 NOI and 1.44× DSCR figures are CPA-reviewed actuals and lender-validated respectively through 2024. The ~$15.0M corridor-adjusted value is an internal company estimate and has not been independently verified or appraised. The 2.50× and 3.53× DSCR projections are financial model outputs and assume deployment milestones that have not yet been achieved. No signed colocation LOIs exist as of March 2026. All forward-looking statements and projections are estimates only and do not guarantee future results. This page does not constitute an offer to sell or solicitation to buy any securities. Available to verified accredited investors only under SEC Rule 506(c).

Documented results.Not projections.

36 consecutive profitable months. No exceptions.

Cash flow and debt coverage — verified at every stage.

Quarterly NOI trend

DSCR across deployment scenarios

$3.1M to $12.0M in 24 months — before construction began.

Every milestone. Every source. Click to expand.

Six named third parties. Zero self-reported data.

Request the full verified evidence package.

Documented results.
Not projections.