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"inputSha256": "b22efee26d3cae156a46bbcde286cb078364193f9cf9c68caacb2921afbaa39f" }, { "id": "G-durable-delivery-rent", "dashboardRecordId": "G-durable-delivery-rent", "resultPath": "cases/G-durable-delivery-rent.json.gz", "resultSha256": "9e0856da47909b146811e5389f841762cf7e38374570fa0091f4905a1c28a397", "inputPath": "inputs/60d5274ab1477f4fa08ad607c5c93cc41973198e8cb99bffa0215b9bec439235.json.gz", "inputSha256": "60d5274ab1477f4fa08ad607c5c93cc41973198e8cb99bffa0215b9bec439235" } ] }, "limitations": [ "Finite deterministic grid; no global-optimum claim", "Vistra P1 entity proxy remains unresolved", "Zero tenant direct contributions and prepaid rent in principal cases", "No executed financing gate passes are inferred from economic feasibility", "No independently documented cost-segregation allocation in principal tax case", "Existing-budget service allocation is conditional and not a verified quote", "Original valuation date and physical inputs are frozen; current balances and shares are not rolled forward", "Independent Power package retained as conditional source case, not tax-reoptimized; NUAI-owned benefits remain zero. Its dated provider returns and complete schedule move are checked separately.", "Expanded public cap, sponsor, equipment and policy scenarios are separate diagnostics", "Research cutoff is October 11 Pacific; October 9–11 filing coverage is not exhaustive. Financial inputs and current-share assumptions were not rolled forward from October 8.", "The selected E case is the best conditional result within its declared finite comparison grid, not a globally optimal or market-committed financing plan.", "The 0.25% hard-cost maintenance allocations remain a capital reserve with no assumed spending, repair deduction, new asset basis or exit release.", "Outside-investor and Power-SPV tax benefits do not automatically become NUAI cash. No verified tax-credit proceeds or short-life cost segregation are assumed in the principal case." ], "artifactPublicationNote": "The five public v2.7.1 downloads document the approved one-cell Phase 1 DSCR reference correction and preserve original v2.7 source lineage. The original artifacts and frozen captured results are unchanged. Correction checks are bounded; no full native-workbook recalculation occurred. The reproducibility archives remain private. Publication does not establish executed financing or turn a conditional result into a stock-price forecast. The reproduced historical register contains one disclosed terminology substitution; its original source file remains unchanged.", "browserCaptures": { "mode": "captured-workbook-comparisons", "defaultCaseId": "E-P1+P2-balloon-6pct-40pct-reserve-future-needs", "sourceResultsSha256": "c9ecfb57f8ad9d7a8f4f8128fbf1b8e3e4c5a97432ea6034ddaa461cdaa9c389", "description": "Ten frozen comparisons: eight active workbook selectors and two preserved v2.6 references. The browser selects captured outputs; it does not run the financial engine. Both fixed-C D tax cases and both Phase 1-only C/E captures remain unfunded.", "invariantInputs": [ "October 8 financial-input vintage", "Physical and pre-tax operating arrays for matched C/D/E comparisons", "Zero tenant direct contributions", "Zero prepaid rent", "11% original-holder discount hurdle", "F changes construction and independent Power timing separately", "G changes uncontracted rent separately" ], "currentVerified": { "status": "No verified executable funded project package; discretionary construction remains financing-gated", "valuePerOriginalShareUSD": null, "facts": [ "The October 7 draw was reported October 8. $60m of new borrowing plus approximately $58.3m of existing cash supported the initial power LC collateral.", "Initial LC face is $116m; 102% minimum specific cash collateral is $118.32m. LC face value is not drawable construction cash.", "Original Macquarie legal maturity is April 6, 2029 after the preceding-business-day adjustment. Six-month lease/funding remedies require the lender's written-notice election; no extension or remedy notice is assumed.", "Power security up to $82.8m is due at first delivery in an acceptable form. The model's 25% cash margin and May 2028 posting are assumptions; an earlier September 2027 posting was stressed separately.", "October 11 is the statutory-research cutoff, not a refresh of October 8 financial balances or current shares." ], "unresolved": [ "Actual October 8 unrestricted and total restricted cash", "Current amended Macquarie principal, PIK, premiums, covenants, warrants and payoff", "Actual current share count and unsold ATM capacity", "Binding tenant leases and credit/completion support", "Executed project/Power funding, LC replacement and lien/release consents", "Vistra legal-entity allocation and direct-versus-JV delivery obligations" ], "evidenceGates": [ { "id": "current-liquidity", "label": "Reconciled current cash and loan balances", "passed": null, "detail": "Conditional cash-zero/$80.6m debt proxies cannot substitute for actual borrower statements." }, { "id": "current-project-funding", "label": "Drawable project commitments and conditions", "passed": false, "detail": "No verified executed package is established in the source record." }, { "id": "current-construction", "label": "Discretionary construction funded", "passed": false, "detail": "The no-construction-financing path is retained as stress; construction is gated by available finance." } ] }, "power": { "label": "Independent external Power SPV; NUAI ownership and residual value zero", "metrics": [ { "id": "powerPhysicalCosts", "label": "Physical power capex", "value": 687.5, "kind": "money" }, { "id": "powerDebt", "label": "Independent Power debt", "value": 423.64355358813725, "kind": "money" }, { "id": "powerAllInFunding", "label": "Independent Power all-in funding", "value": 759.882040894695, "kind": "money" }, { "id": "powerEquity", "label": "External Power equity", "value": 336.2384873065578, "kind": "money" }, { "id": "powerAllInLeverage", "label": "Debt / Power all-in funding", "value": 0.5575122595203511, "kind": "percent" }, { "id": "powerCoupon", "label": "Hypothetical Power coupon", "value": 0.09, "kind": "percent" }, { "id": "powerMeasuredDSCR", "label": "Minimum measured after-tax DSCR", "value": 1.9590025043045072, "kind": "number" }, { "id": "powerRequiredDSCR", "label": "Required DSCR", "value": 1.4, "kind": "number" }, { "id": "powerNoExitIRR", "label": "External equity IRR with no terminal proceeds", "value": 0.13350013286198903, "kind": "percent" }, { "id": "powerEquityHurdle", "label": "External equity hurdle", "value": 0.12, "kind": "percent" }, { "id": "powerNoExitNPV", "label": "External equity NPV with no terminal proceeds", "value": 17.733708533594115, "kind": "money" } ], "terms": [ "Power SPV owned generation/electrical equipment and assigned capacity-payment contracts; legal security unverified; not NUAI/tenant-owned GPU collateral", "Power contractual capacity revenue after tax/fuel/O&M; no NUAI HoldCo distributions", "9% coupon, 15-year fully amortizing debt and six-month DSRA are source model assumptions; construction and collateral are independently funded.", "Source capacity/fuel receipts span 15 years; a 20-year PPA does not establish a 20-year tenant lease. PPA/fuel payments are separate from landlord rent.", "Removing the entire source terminal value still produces 13.35% external equity IRR versus 12% hurdle; no Power proceeds or collateral are credited to NUAI.", "The independent Power source package is preserved conditionally, not tax-reoptimized. F shifts its complete dated delivery schedule; no NUAI ownership payout or investor tax benefit is imported." ], "evidenceGate": { "id": "power-execution", "label": "Independent debt, equity, offtake and delivery", "passed": false, "detail": "Provider economics pass conditionally; binding capacity offtake, fuel pass-through, external commitments and delivery remain unverified." } }, "cases": [ { "id": "A-frozen-selected", "label": "A — frozen v2.6 selected case", "layer": "A", "scope": "Phase 1 plus Phase 2", "packageName": "Authenticated v2.6 selected actual engine replay", "comparisonGroup": "Preserved v2.6 comparisons", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 2.4146388446185982, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Authenticated v2.6 selected actual engine replay", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Legacy tax shortcut retained for this comparison; it is not the v2.7 taxpayer-specific tax case.", "The original archived tax treatment is preserved to identify the effect of changing the tax model.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5589.196178588923, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7620006870892604, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7578226861614984, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7375.334996764426, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1423.1024730178788, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 4863.2945604883735, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 69.18679269560845, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 34.59339634780422, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.6400708804654305, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 0, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax shortcut", "value": 1270.4590242330592, "kind": "money", "note": "Legacy total includes borrower corporate shortcut only" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": null, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": null, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.1499999999999999, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.11249999999999993, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.07200797405236088, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1329.9650311374899, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.2999999999999998, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 347.40425101221047, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4060.8426660817804, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.12801417609308607, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 1033.8508352711133, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 3533.329529350883, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3000000000000003, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 2711.5737092730124, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 923.0547732208488, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": true, "detail": "Conditional dated cash, capital-provider and covenant tests pass. Execution evidence remains separate." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": true, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.1229213165363231, "requiredMOIC": 1.5, "modeledMOIC": 2.459444266399993, "hurdleNPVUSDmillion": 14.189245629537822, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464489646283581, "requiredMOIC": 1, "modeledMOIC": 1.084169455272785, "hurdleNPVUSDmillion": 0.8367659176199211, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.12076178499785939, "requiredMOIC": 1.5, "modeledMOIC": 2.4607748077478075, "hurdleNPVUSDmillion": 7.3113277365972635, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10457853434657871, "requiredMOIC": 1, "modeledMOIC": 1.092650512647273, "hurdleNPVUSDmillion": 1.862477443031409, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 7.4205790054730745, "hurdleNPVUSDmillion": 14.343765893086788, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [ { "label": "Original-holder distributions discounted at 11%", "valueUSDmillion": 257.30231920628154, "operation": "subtotal", "note": "After dated capital calls, financing claims, applicable cash taxes, parent dilution and awards. This is a captured subtotal; the detailed bridge is in the workbook." } ], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 69.1867926956084 }, { "label": "Issuance fee", "valueUSDmillion": 2.421537744346294 }, { "label": "Net cash", "valueUSDmillion": 66.76525495126211 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 358.43136870582254 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 2711.5737092730124 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "legacy", "fixedContractParent": null, "failureKeys": [], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": 2.4146388446185982, "originalPVUSDmillion": 257.30231920628154, "status": "Conditional economically feasible" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.7882413394824248, "originalPVUSDmillion": 190.5538151077218, "status": "Conditional economically feasible" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.336070590779815, "originalPVUSDmillion": 142.37079901083658, "status": "Conditional economically feasible" } ], "sourceBinding": { "dashboardRecordId": "A-frozen-selected", "resultPath": "cases/A-frozen-selected.json.gz", "resultSha256": "b7e2649a16f3b3afe89846c442686a3622b854e6f18726dee7e5e47aa83a0277", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": false }, { "id": "A-frozen-reference", "label": "A — frozen v2.6 no-sale reference", "layer": "A", "scope": "Phase 1 plus Phase 2", "packageName": "Authenticated v2.6 reference actual engine replay", "comparisonGroup": "Preserved v2.6 comparisons", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 2.4105223656155053, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Authenticated v2.6 reference actual engine replay", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Legacy tax shortcut retained for this comparison; it is not the v2.7 taxpayer-specific tax case.", "The original archived tax treatment is preserved to identify the effect of changing the tax model.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5589.196178588923, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7620006870892604, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7578226861614984, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7375.334996764426, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1423.1024730178788, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 4863.2945604883735, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 98.96063649529532, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 49.48031824764766, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5875328691392306, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 0, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax shortcut", "value": 1270.4590242330592, "kind": "money", "note": "Legacy total includes borrower corporate shortcut only" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": null, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": null, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.1499999999999999, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.1499999999999999, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08812993037088454, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1329.9650311374899, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.2999999999999998, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 347.40425101221047, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4060.8426660817804, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.1175065738278461, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 1033.8508352711133, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 3533.329529350883, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3000000000000003, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 2711.5737092730124, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 923.0547732208488, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": true, "detail": "Conditional dated cash, capital-provider and covenant tests pass. Execution evidence remains separate." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": true, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.1229213165363231, "requiredMOIC": 1.5, "modeledMOIC": 2.459444266399993, "hurdleNPVUSDmillion": 14.189245629537822, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464489646283581, "requiredMOIC": 1, "modeledMOIC": 1.084169455272785, "hurdleNPVUSDmillion": 0.8367659176199211, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.12076178499785939, "requiredMOIC": 1.5, "modeledMOIC": 2.4607748077478075, "hurdleNPVUSDmillion": 7.3113277365972635, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10457853434657871, "requiredMOIC": 1, "modeledMOIC": 1.092650512647273, "hurdleNPVUSDmillion": 1.862477443031409, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 7.218642387004723, "hurdleNPVUSDmillion": 37.747760337433995, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [ { "label": "Original-holder distributions discounted at 11%", "valueUSDmillion": 256.86366992470454, "operation": "subtotal", "note": "After dated capital calls, financing claims, applicable cash taxes, parent dilution and awards. This is a captured subtotal; the detailed bridge is in the workbook." } ], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 22.48497409326425 }, { "label": "Issuance fee", "valueUSDmillion": 0.7869740932642488 }, { "label": "Net cash", "valueUSDmillion": 21.698 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 358.43136870582254 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2029-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.756896087761537 }, { "label": "Issuance fee", "valueUSDmillion": 0.026491363071653798 }, { "label": "Net cash", "valueUSDmillion": 0.7304047246898833 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4142424364739076 }, { "label": "Issuance fee", "valueUSDmillion": 0.014498485276586768 }, { "label": "Net cash", "valueUSDmillion": 0.39974395119732087 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4149193077166888 }, { "label": "Issuance fee", "valueUSDmillion": 0.01452217577008411 }, { "label": "Net cash", "valueUSDmillion": 0.40039713194660465 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.41560012737505353 }, { "label": "Issuance fee", "valueUSDmillion": 0.014546004458126875 }, { "label": "Net cash", "valueUSDmillion": 0.40105412291692666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37439428738173564 }, { "label": "Issuance fee", "valueUSDmillion": 0.013103800058360749 }, { "label": "Net cash", "valueUSDmillion": 0.3612904873233749 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37508307310289246 }, { "label": "Issuance fee", "valueUSDmillion": 0.013127907558601238 }, { "label": "Net cash", "valueUSDmillion": 0.36195516554429125 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37577587674075946 }, { "label": "Issuance fee", "valueUSDmillion": 0.013152155685926582 }, { "label": "Net cash", "valueUSDmillion": 0.36262372105483287 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3764727217331779 }, { "label": "Issuance fee", "valueUSDmillion": 0.013176545260661228 }, { "label": "Net cash", "valueUSDmillion": 0.36329617647251666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37717363165471873 }, { "label": "Issuance fee", "valueUSDmillion": 0.013201077107915156 }, { "label": "Net cash", "valueUSDmillion": 0.36397255454680355 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37787863021747053 }, { "label": "Issuance fee", "valueUSDmillion": 0.01322575205761147 }, { "label": "Net cash", "valueUSDmillion": 0.3646528781598591 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3785877412718366 }, { "label": "Issuance fee", "valueUSDmillion": 0.013250570944514282 }, { "label": "Net cash", "valueUSDmillion": 0.3653371703273223 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.379300988807354 }, { "label": "Issuance fee", "valueUSDmillion": 0.013275534608257393 }, { "label": "Net cash", "valueUSDmillion": 0.36602545419909666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3800183969534964 }, { "label": "Issuance fee", "valueUSDmillion": 0.013300643893372373 }, { "label": "Net cash", "valueUSDmillion": 0.366717753060124 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38073998998048914 }, { "label": "Issuance fee", "valueUSDmillion": 0.013325899649317121 }, { "label": "Net cash", "valueUSDmillion": 0.367414090331172 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38146579230013977 }, { "label": "Issuance fee", "valueUSDmillion": 0.013351302730504893 }, { "label": "Net cash", "valueUSDmillion": 0.3681144895696349 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38219582846665706 }, { "label": "Issuance fee", "valueUSDmillion": 0.013376853996332998 }, { "label": "Net cash", "valueUSDmillion": 0.3688189744703241 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3402016794557937 }, { "label": "Issuance fee", "valueUSDmillion": 0.011907058780952781 }, { "label": "Net cash", "valueUSDmillion": 0.32829462067484094 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34094025755242835 }, { "label": "Issuance fee", "valueUSDmillion": 0.011932909014334993 }, { "label": "Net cash", "valueUSDmillion": 0.3290073485380934 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3416831440212909 }, { "label": "Issuance fee", "valueUSDmillion": 0.011958910040745183 }, { "label": "Net cash", "valueUSDmillion": 0.32972423398054573 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.31059321743222895 }, { "label": "Issuance fee", "valueUSDmillion": 0.010870762610128015 }, { "label": "Net cash", "valueUSDmillion": 0.2997224548221009 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 2711.5737092730124 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "legacy", "fixedContractParent": null, "failureKeys": [], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": 2.4105223656155053, "originalPVUSDmillion": 256.86366992470454, "status": "Conditional economically feasible" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.7965979657194773, "originalPVUSDmillion": 191.44429167581214, "status": "Conditional economically feasible" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.3522992377384977, "originalPVUSDmillion": 144.10011290361817, "status": "Conditional economically feasible" } ], "sourceBinding": { "dashboardRecordId": "A-frozen-reference", "resultPath": "cases/A-frozen-reference.json.gz", "resultSha256": "901dff21b40a663b4c1b4db0438e1938b988e33b0dffb97e5c18c49bdfe888d8", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": false }, { "id": "C-P1+P2-source-residual", "label": "C — direct leasing, legacy tax, both phases", "layer": "C", "scope": "Phase 1 plus Phase 2", "packageName": "Conditional modeling assumption", "comparisonGroup": "Finite-grid financing comparison; fixed physical timetable", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 2.410522365615506, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Conditional modeling assumption", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Legacy tax shortcut retained for this comparison; it is not the v2.7 taxpayer-specific tax case.", "The original archived tax treatment is preserved to identify the effect of changing the tax model.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5589.196178588923, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7620006870892604, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7578226861614984, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7375.334996764426, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1423.1024730178788, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 4863.294560488373, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 98.9606364952953, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 49.48031824764765, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5875328691392309, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 0, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax shortcut", "value": 1270.4590242330592, "kind": "money", "note": "Legacy total includes borrower corporate shortcut only" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": null, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": null, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.15, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.15000000000000002, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.7999999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08812993037088464, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1329.9650311374899, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.2999999999999998, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 347.40425101221047, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4060.8426660817804, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.2, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.11750657382784614, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 1033.8508352711133, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 3533.3295293508827, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3000000000000003, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 2711.5737092730124, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 923.0547732208488, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": true, "detail": "Conditional dated cash, capital-provider and covenant tests pass. Execution evidence remains separate." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": true, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.1229213165363231, "requiredMOIC": 1.5, "modeledMOIC": 2.459444266399993, "hurdleNPVUSDmillion": 14.189245629537766, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464489646283603, "requiredMOIC": 1, "modeledMOIC": 1.084169455272785, "hurdleNPVUSDmillion": 0.8367659176199354, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.12076178499785939, "requiredMOIC": 1.5, "modeledMOIC": 2.460774807747808, "hurdleNPVUSDmillion": 7.3113277365972635, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10457853434657871, "requiredMOIC": 1, "modeledMOIC": 1.092650512647273, "hurdleNPVUSDmillion": 1.862477443031409, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 7.218642387004726, "hurdleNPVUSDmillion": 37.74776033743403, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [ { "label": "Original-holder distributions discounted at 11%", "valueUSDmillion": 256.86366992470465, "operation": "subtotal", "note": "After dated capital calls, financing claims, applicable cash taxes, parent dilution and awards. This is a captured subtotal; the detailed bridge is in the workbook." } ], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 22.48497409326425 }, { "label": "Issuance fee", "valueUSDmillion": 0.7869740932642488 }, { "label": "Net cash", "valueUSDmillion": 21.698 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 358.43136870582254 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2029-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.7568960877615389 }, { "label": "Issuance fee", "valueUSDmillion": 0.026491363071653864 }, { "label": "Net cash", "valueUSDmillion": 0.730404724689885 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4142424364739076 }, { "label": "Issuance fee", "valueUSDmillion": 0.014498485276586768 }, { "label": "Net cash", "valueUSDmillion": 0.39974395119732087 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4149193077166888 }, { "label": "Issuance fee", "valueUSDmillion": 0.01452217577008411 }, { "label": "Net cash", "valueUSDmillion": 0.40039713194660465 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4156001273750517 }, { "label": "Issuance fee", "valueUSDmillion": 0.01454600445812681 }, { "label": "Net cash", "valueUSDmillion": 0.4010541229169249 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3743942873817338 }, { "label": "Issuance fee", "valueUSDmillion": 0.013103800058360685 }, { "label": "Net cash", "valueUSDmillion": 0.3612904873233731 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37508307310289246 }, { "label": "Issuance fee", "valueUSDmillion": 0.013127907558601238 }, { "label": "Net cash", "valueUSDmillion": 0.36195516554429125 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37577587674075763 }, { "label": "Issuance fee", "valueUSDmillion": 0.01315215568592652 }, { "label": "Net cash", "valueUSDmillion": 0.3626237210548311 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3764727217331779 }, { "label": "Issuance fee", "valueUSDmillion": 0.013176545260661228 }, { "label": "Net cash", "valueUSDmillion": 0.36329617647251666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37717363165471873 }, { "label": "Issuance fee", "valueUSDmillion": 0.013201077107915156 }, { "label": "Net cash", "valueUSDmillion": 0.36397255454680355 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37787863021747053 }, { "label": "Issuance fee", "valueUSDmillion": 0.01322575205761147 }, { "label": "Net cash", "valueUSDmillion": 0.3646528781598591 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3785877412718366 }, { "label": "Issuance fee", "valueUSDmillion": 0.013250570944514282 }, { "label": "Net cash", "valueUSDmillion": 0.3653371703273223 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.379300988807354 }, { "label": "Issuance fee", "valueUSDmillion": 0.013275534608257393 }, { "label": "Net cash", "valueUSDmillion": 0.36602545419909666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3800183969534964 }, { "label": "Issuance fee", "valueUSDmillion": 0.013300643893372373 }, { "label": "Net cash", "valueUSDmillion": 0.366717753060124 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38073998998048914 }, { "label": "Issuance fee", "valueUSDmillion": 0.013325899649317121 }, { "label": "Net cash", "valueUSDmillion": 0.367414090331172 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38146579230013977 }, { "label": "Issuance fee", "valueUSDmillion": 0.013351302730504893 }, { "label": "Net cash", "valueUSDmillion": 0.3681144895696349 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38219582846665523 }, { "label": "Issuance fee", "valueUSDmillion": 0.013376853996332934 }, { "label": "Net cash", "valueUSDmillion": 0.3688189744703223 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.344698278466678 }, { "label": "Issuance fee", "valueUSDmillion": 0.01206443974633373 }, { "label": "Net cash", "valueUSDmillion": 0.33263383872034424 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3454630867242091 }, { "label": "Issuance fee", "valueUSDmillion": 0.01209120803534732 }, { "label": "Net cash", "valueUSDmillion": 0.3333718786888618 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34623235636324046 }, { "label": "Issuance fee", "valueUSDmillion": 0.012118132472713417 }, { "label": "Net cash", "valueUSDmillion": 0.33411422389052703 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3470061134085024 }, { "label": "Issuance fee", "valueUSDmillion": 0.012145213969297585 }, { "label": "Net cash", "valueUSDmillion": 0.33486089943920483 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3477843840365256 }, { "label": "Issuance fee", "valueUSDmillion": 0.012172453441278397 }, { "label": "Net cash", "valueUSDmillion": 0.33561193059524724 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3485671945765465 }, { "label": "Issuance fee", "valueUSDmillion": 0.012199851810179128 }, { "label": "Net cash", "valueUSDmillion": 0.33636734276636737 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30577155891526775 }, { "label": "Issuance fee", "valueUSDmillion": 0.010702004562034372 }, { "label": "Net cash", "valueUSDmillion": 0.2950695543532334 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3065635288822262 }, { "label": "Issuance fee", "valueUSDmillion": 0.010729723510877918 }, { "label": "Net cash", "valueUSDmillion": 0.2958338053713483 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3073601186739911 }, { "label": "Issuance fee", "valueUSDmillion": 0.01075760415358969 }, { "label": "Net cash", "valueUSDmillion": 0.29660251452040143 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30816135523954136 }, { "label": "Issuance fee", "valueUSDmillion": 0.01078564743338395 }, { "label": "Net cash", "valueUSDmillion": 0.2973757078061574 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.308967265685057 }, { "label": "Issuance fee", "valueUSDmillion": 0.010813854298976995 }, { "label": "Net cash", "valueUSDmillion": 0.29815341138608 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3097778772748396 }, { "label": "Issuance fee", "valueUSDmillion": 0.010842225704619386 }, { "label": "Net cash", "valueUSDmillion": 0.2989356515702202 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3105932174322271 }, { "label": "Issuance fee", "valueUSDmillion": 0.01087076261012795 }, { "label": "Net cash", "valueUSDmillion": 0.2997224548220992 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 2711.5737092730124 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "legacy", "fixedContractParent": null, "failureKeys": [], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": 2.410522365615506, "originalPVUSDmillion": 256.86366992470465, "status": "Conditional economically feasible" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.796597965719478, "originalPVUSDmillion": 191.44429167581222, "status": "Conditional economically feasible" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": 1.3522992377384986, "originalPVUSDmillion": 144.10011290361825, "status": "Conditional economically feasible" } ], "sourceBinding": { "dashboardRecordId": "C-P1+P2-source-residual", "resultPath": "cases/C-P1-P2-source-residual.json.gz", "resultSha256": "58f8d16ab82b87b6d069b9f7d64a05ec3290857b00c9d827f5f9b049e696481e", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "C-P1-source-residual", "label": "C — Phase 1 only; funding failure", "layer": "C", "scope": "Phase 1", "packageName": "Conditional modeling assumption", "comparisonGroup": "Finite-grid financing comparison; fixed physical timetable", "financialPass": false, "executionPass": false, "valuePerOriginalShareUSD": null, "status": "No feasible funded value", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Conditional modeling assumption", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Legacy tax shortcut retained for this comparison; it is not the v2.7 taxpayer-specific tax case.", "The original archived tax treatment is preserved to identify the effect of changing the tax model.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 1528.353512507143, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7612601014605488, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.757772052681014, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 2016.904037434206, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 1329.9650311374899, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 100, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 50, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5858541901366932, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 12.710594810267146, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 0, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax shortcut", "value": 347.40425101221047, "kind": "money", "note": "Legacy total includes borrower corporate shortcut only" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": null, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": null, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.15, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.15000000000000002, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.7999999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08787812852050399, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1329.9650311374899, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.2999999999999998, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Legacy borrower tax", "value": 347.40425101221047, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": false, "detail": "Failed captured gates: public_cohort_return, dated_unfunded_cash. No feasible funded per-share value is displayed." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": false, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": 0.1229213165363231, "requiredMOIC": 1.5, "modeledMOIC": 2.459444266399993, "hurdleNPVUSDmillion": 14.189245629537766, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464489646283603, "requiredMOIC": 1, "modeledMOIC": 1.084169455272785, "hurdleNPVUSDmillion": 0.8367659176199354, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 1.2254150348724488, "hurdleNPVUSDmillion": -58.21343816301889, "passed": false, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 22.48497409326425 }, { "label": "Issuance fee", "valueUSDmillion": 0.7869740932642488 }, { "label": "Net cash", "valueUSDmillion": 21.698 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.7568960877615389 }, { "label": "Issuance fee", "valueUSDmillion": 0.026491363071653864 }, { "label": "Net cash", "valueUSDmillion": 0.730404724689885 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4142424364739076 }, { "label": "Issuance fee", "valueUSDmillion": 0.014498485276586768 }, { "label": "Net cash", "valueUSDmillion": 0.39974395119732087 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4149193077166888 }, { "label": "Issuance fee", "valueUSDmillion": 0.01452217577008411 }, { "label": "Net cash", "valueUSDmillion": 0.40039713194660465 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4156001273750517 }, { "label": "Issuance fee", "valueUSDmillion": 0.01454600445812681 }, { "label": "Net cash", "valueUSDmillion": 0.4010541229169249 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3743942873817338 }, { "label": "Issuance fee", "valueUSDmillion": 0.013103800058360685 }, { "label": "Net cash", "valueUSDmillion": 0.3612904873233731 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37508307310289246 }, { "label": "Issuance fee", "valueUSDmillion": 0.013127907558601238 }, { "label": "Net cash", "valueUSDmillion": 0.36195516554429125 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37577587674075763 }, { "label": "Issuance fee", "valueUSDmillion": 0.01315215568592652 }, { "label": "Net cash", "valueUSDmillion": 0.3626237210548311 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3764727217331779 }, { "label": "Issuance fee", "valueUSDmillion": 0.013176545260661228 }, { "label": "Net cash", "valueUSDmillion": 0.36329617647251666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37717363165471873 }, { "label": "Issuance fee", "valueUSDmillion": 0.013201077107915156 }, { "label": "Net cash", "valueUSDmillion": 0.36397255454680355 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37787863021747053 }, { "label": "Issuance fee", "valueUSDmillion": 0.01322575205761147 }, { "label": "Net cash", "valueUSDmillion": 0.3646528781598591 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3785877412718366 }, { "label": "Issuance fee", "valueUSDmillion": 0.013250570944514282 }, { "label": "Net cash", "valueUSDmillion": 0.3653371703273223 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.379300988807354 }, { "label": "Issuance fee", "valueUSDmillion": 0.013275534608257393 }, { "label": "Net cash", "valueUSDmillion": 0.36602545419909666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3800183969534964 }, { "label": "Issuance fee", "valueUSDmillion": 0.013300643893372373 }, { "label": "Net cash", "valueUSDmillion": 0.366717753060124 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38073998998048914 }, { "label": "Issuance fee", "valueUSDmillion": 0.013325899649317121 }, { "label": "Net cash", "valueUSDmillion": 0.367414090331172 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38146579230013977 }, { "label": "Issuance fee", "valueUSDmillion": 0.013351302730504893 }, { "label": "Net cash", "valueUSDmillion": 0.3681144895696349 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38219582846665523 }, { "label": "Issuance fee", "valueUSDmillion": 0.013376853996332934 }, { "label": "Net cash", "valueUSDmillion": 0.3688189744703223 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3402016794557937 }, { "label": "Issuance fee", "valueUSDmillion": 0.011907058780952781 }, { "label": "Net cash", "valueUSDmillion": 0.32829462067484094 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34094025755242646 }, { "label": "Issuance fee", "valueUSDmillion": 0.011932909014334928 }, { "label": "Net cash", "valueUSDmillion": 0.32900734853809155 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3416831440212909 }, { "label": "Issuance fee", "valueUSDmillion": 0.011958910040745183 }, { "label": "Net cash", "valueUSDmillion": 0.32972423398054573 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34243036399455606 }, { "label": "Issuance fee", "valueUSDmillion": 0.011985062739809463 }, { "label": "Net cash", "valueUSDmillion": 0.3304453012547466 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3454630867242091 }, { "label": "Issuance fee", "valueUSDmillion": 0.01209120803534732 }, { "label": "Net cash", "valueUSDmillion": 0.3333718786888618 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34623235636324046 }, { "label": "Issuance fee", "valueUSDmillion": 0.012118132472713417 }, { "label": "Net cash", "valueUSDmillion": 0.33411422389052703 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3470061134085024 }, { "label": "Issuance fee", "valueUSDmillion": 0.012145213969297585 }, { "label": "Net cash", "valueUSDmillion": 0.33486089943920483 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3477843840365256 }, { "label": "Issuance fee", "valueUSDmillion": 0.012172453441278397 }, { "label": "Net cash", "valueUSDmillion": 0.33561193059524724 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3485671945765465 }, { "label": "Issuance fee", "valueUSDmillion": 0.012199851810179128 }, { "label": "Net cash", "valueUSDmillion": 0.33636734276636737 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30577155891526775 }, { "label": "Issuance fee", "valueUSDmillion": 0.010702004562034372 }, { "label": "Net cash", "valueUSDmillion": 0.2950695543532334 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3065635288822262 }, { "label": "Issuance fee", "valueUSDmillion": 0.010729723510877918 }, { "label": "Net cash", "valueUSDmillion": 0.2958338053713483 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3073601186739911 }, { "label": "Issuance fee", "valueUSDmillion": 0.01075760415358969 }, { "label": "Net cash", "valueUSDmillion": 0.29660251452040143 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30816135523954136 }, { "label": "Issuance fee", "valueUSDmillion": 0.01078564743338395 }, { "label": "Net cash", "valueUSDmillion": 0.2973757078061574 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.308967265685057 }, { "label": "Issuance fee", "valueUSDmillion": 0.010813854298976995 }, { "label": "Net cash", "valueUSDmillion": 0.29815341138608 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3097778772748396 }, { "label": "Issuance fee", "valueUSDmillion": 0.010842225704619386 }, { "label": "Net cash", "valueUSDmillion": 0.2989356515702202 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3105932174322271 }, { "label": "Issuance fee", "valueUSDmillion": 0.01087076261012795 }, { "label": "Net cash", "valueUSDmillion": 0.2997224548220992 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3114133137405346 }, { "label": "Issuance fee", "valueUSDmillion": 0.010899465980918711 }, { "label": "Net cash", "valueUSDmillion": 0.30051384775961587 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2034-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3122381939439745 }, { "label": "Issuance fee", "valueUSDmillion": 0.010928336788039108 }, { "label": "Net cash", "valueUSDmillion": 0.3013098571559354 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2034-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3130678859485992 }, { "label": "Issuance fee", "valueUSDmillion": 0.010957376008200972 }, { "label": "Net cash", "valueUSDmillion": 0.30211050994039823 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2034-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.1026441110716263 }, { "label": "Issuance fee", "valueUSDmillion": 0.003592543887506921 }, { "label": "Net cash", "valueUSDmillion": 0.09905156718411938 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "legacy", "fixedContractParent": null, "failureKeys": [ "public_cohort_return", "dated_unfunded_cash" ], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" } ], "sourceBinding": { "dashboardRecordId": "C-P1-source-residual", "resultPath": "cases/C-P1-source-residual.json.gz", "resultSha256": "8dbbfaa73f0790cc10a24f47b0ba73c9cd2b4039356a8aeec46e31e1a14a5b2f", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "D-fixed-C-prebill", "label": "D — fixed C financing, pre-bill tax", "layer": "D", "scope": "Phase 1 plus Phase 2", "packageName": "Fixed C financing, ownership, issuance and service contract; only statutory tax module changes", "comparisonGroup": "Tax attribution with C financing contracts held fixed", "financialPass": false, "executionPass": false, "valuePerOriginalShareUSD": null, "status": "No feasible funded value", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Fixed C financing, ownership, issuance and service contract; only statutory tax module changes", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution.", "Senior financing, preferred draws and public issuance are fixed to C. Both D cases retain a dated funding failure and therefore have no feasible funded per-share value." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5589.196178588923, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7620006870892604, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7578226861614984, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7375.334996764426, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1423.1024730178788, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 4890.030035358927, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 98.9606364952953, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 49.48031824764765, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5875328691392309, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 21.959138010451117, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 652.0381360122965, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower Texas margin cash tax", "value": 103.50852877513769, "kind": "money", "note": "Borrower franchise plus separately allocated NUAI owner tax; investor taxes reported separately" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": 227.1, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": 0, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.15, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.15000000000000002, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.7999999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08812993037088464, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1338.2513043141191, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3211356038399857, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 28.298028649131325, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4060.8426660817804, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.2, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.11750657382784614, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 1033.8508352711133, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 3551.778731044808, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3209888610998668, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 2711.5737092730124, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 75.21050012600637, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": false, "detail": "Failed captured gates: dated_unfunded_cash. No feasible funded per-share value is displayed." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": false, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 2.930430595724387, "hurdleNPVUSDmillion": 152.34691337847565, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464572213135004, "requiredMOIC": 1, "modeledMOIC": 1.0765345435626714, "hurdleNPVUSDmillion": 0.767330685962996, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 2.932920859164336, "hurdleNPVUSDmillion": 270.78032525313694, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10457773141718996, "requiredMOIC": 1, "modeledMOIC": 1.0850080680987286, "hurdleNPVUSDmillion": 1.7240124116534332, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 6.934986077568829, "hurdleNPVUSDmillion": 32.349953862007965, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 22.48497409326425 }, { "label": "Issuance fee", "valueUSDmillion": 0.7869740932642488 }, { "label": "Net cash", "valueUSDmillion": 21.698 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 358.43136870582254 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2029-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.7568960877615389 }, { "label": "Issuance fee", "valueUSDmillion": 0.026491363071653864 }, { "label": "Net cash", "valueUSDmillion": 0.730404724689885 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4142424364739076 }, { "label": "Issuance fee", "valueUSDmillion": 0.014498485276586768 }, { "label": "Net cash", "valueUSDmillion": 0.39974395119732087 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4149193077166888 }, { "label": "Issuance fee", "valueUSDmillion": 0.01452217577008411 }, { "label": "Net cash", "valueUSDmillion": 0.40039713194660465 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.4156001273750517 }, { "label": "Issuance fee", "valueUSDmillion": 0.01454600445812681 }, { "label": "Net cash", "valueUSDmillion": 0.4010541229169249 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3743942873817338 }, { "label": "Issuance fee", "valueUSDmillion": 0.013103800058360685 }, { "label": "Net cash", "valueUSDmillion": 0.3612904873233731 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37508307310289246 }, { "label": "Issuance fee", "valueUSDmillion": 0.013127907558601238 }, { "label": "Net cash", "valueUSDmillion": 0.36195516554429125 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37577587674075763 }, { "label": "Issuance fee", "valueUSDmillion": 0.01315215568592652 }, { "label": "Net cash", "valueUSDmillion": 0.3626237210548311 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3764727217331779 }, { "label": "Issuance fee", "valueUSDmillion": 0.013176545260661228 }, { "label": "Net cash", "valueUSDmillion": 0.36329617647251666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37717363165471873 }, { "label": "Issuance fee", "valueUSDmillion": 0.013201077107915156 }, { "label": "Net cash", "valueUSDmillion": 0.36397255454680355 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.37787863021747053 }, { "label": "Issuance fee", "valueUSDmillion": 0.01322575205761147 }, { "label": "Net cash", "valueUSDmillion": 0.3646528781598591 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3785877412718366 }, { "label": "Issuance fee", "valueUSDmillion": 0.013250570944514282 }, { "label": "Net cash", "valueUSDmillion": 0.3653371703273223 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.379300988807354 }, { "label": "Issuance fee", "valueUSDmillion": 0.013275534608257393 }, { "label": "Net cash", "valueUSDmillion": 0.36602545419909666 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3800183969534964 }, { "label": "Issuance fee", "valueUSDmillion": 0.013300643893372373 }, { "label": "Net cash", "valueUSDmillion": 0.366717753060124 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38073998998048914 }, { "label": "Issuance fee", "valueUSDmillion": 0.013325899649317121 }, { "label": "Net cash", "valueUSDmillion": 0.367414090331172 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38146579230013977 }, { "label": "Issuance fee", "valueUSDmillion": 0.013351302730504893 }, { "label": "Net cash", "valueUSDmillion": 0.3681144895696349 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.38219582846665523 }, { "label": "Issuance fee", "valueUSDmillion": 0.013376853996332934 }, { "label": "Net cash", "valueUSDmillion": 0.3688189744703223 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34243036399455606 }, { "label": "Issuance fee", "valueUSDmillion": 0.011985062739809463 }, { "label": "Net cash", "valueUSDmillion": 0.3304453012547466 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3431819427510001 }, { "label": "Issuance fee", "valueUSDmillion": 0.012011367996285004 }, { "label": "Net cash", "valueUSDmillion": 0.3311705747547151 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3439379057168556 }, { "label": "Issuance fee", "valueUSDmillion": 0.012037826700089948 }, { "label": "Net cash", "valueUSDmillion": 0.33190007901676566 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.344698278466678 }, { "label": "Issuance fee", "valueUSDmillion": 0.01206443974633373 }, { "label": "Net cash", "valueUSDmillion": 0.33263383872034424 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3454630867242091 }, { "label": "Issuance fee", "valueUSDmillion": 0.01209120803534732 }, { "label": "Net cash", "valueUSDmillion": 0.3333718786888618 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.34623235636324046 }, { "label": "Issuance fee", "valueUSDmillion": 0.012118132472713417 }, { "label": "Net cash", "valueUSDmillion": 0.33411422389052703 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30577155891526775 }, { "label": "Issuance fee", "valueUSDmillion": 0.010702004562034372 }, { "label": "Net cash", "valueUSDmillion": 0.2950695543532334 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3065635288822262 }, { "label": "Issuance fee", "valueUSDmillion": 0.010729723510877918 }, { "label": "Net cash", "valueUSDmillion": 0.2958338053713483 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3073601186739911 }, { "label": "Issuance fee", "valueUSDmillion": 0.01075760415358969 }, { "label": "Net cash", "valueUSDmillion": 0.29660251452040143 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.30816135523954136 }, { "label": "Issuance fee", "valueUSDmillion": 0.01078564743338395 }, { "label": "Net cash", "valueUSDmillion": 0.2973757078061574 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.308967265685057 }, { "label": "Issuance fee", "valueUSDmillion": 0.010813854298976995 }, { "label": "Net cash", "valueUSDmillion": 0.29815341138608 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3097778772748396 }, { "label": "Issuance fee", "valueUSDmillion": 0.010842225704619386 }, { "label": "Net cash", "valueUSDmillion": 0.2989356515702202 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3105932174322271 }, { "label": "Issuance fee", "valueUSDmillion": 0.01087076261012795 }, { "label": "Net cash", "valueUSDmillion": 0.2997224548220992 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 2711.5737092730124 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "prebill", "fixedContractParent": "C-P1+P2-source-residual", "failureKeys": [ "dated_unfunded_cash" ], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" } ], "sourceBinding": { "dashboardRecordId": "D-fixed-C-prebill", "resultPath": "cases/D-fixed-C-prebill.json.gz", "resultSha256": "6741f74d6f25af3920a298769b857529cdcf12bf452400a48a0750e5a08935fd", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "D-fixed-C-current", "label": "D — fixed C financing, current-law tax", "layer": "D", "scope": "Phase 1 plus Phase 2", "packageName": "Fixed C financing, ownership, issuance and service contract; only statutory tax module changes", "comparisonGroup": "Tax attribution with C financing contracts held fixed", "financialPass": false, "executionPass": false, "valuePerOriginalShareUSD": null, "status": "No feasible funded value", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Fixed C financing, ownership, issuance and service contract; only statutory tax module changes", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution.", "Senior financing, preferred draws and public issuance are fixed to C. Both D cases retain a dated funding failure and therefore have no feasible funded per-share value." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5589.196178588923, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7620006870892604, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7578226861614984, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7375.334996764426, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1423.1024730178788, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 4890.030035358927, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 98.9606364952953, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 49.48031824764765, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5875328691392309, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 24.847034966302644, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 652.0381360122965, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower Texas margin cash tax", "value": 103.50852877513769, "kind": "money", "note": "Borrower franchise plus separately allocated NUAI owner tax; investor taxes reported separately" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": 227.1, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": 0, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1528.353512507143, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.15, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.15000000000000002, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.7999999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08812993037088464, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 389.25163774676537, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1338.2513043141191, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3211356038399857, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1020.5377414900254, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 28.298028649131325, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4060.8426660817804, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.2, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.19999999999999996, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.8, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.11750657382784614, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 1033.8508352711133, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 3551.778731044808, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.3209888610998668, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 2711.5737092730124, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 75.21050012600637, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "DSRA follows the source scheduled-payment proxy; this is a modeled reserve convention." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": false, "detail": "Failed captured gates: dated_unfunded_cash. No feasible funded per-share value is displayed." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": false, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 2.930430595724387, "hurdleNPVUSDmillion": 152.34691337847565, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464572213135004, "requiredMOIC": 1, "modeledMOIC": 1.0765345435626714, "hurdleNPVUSDmillion": 0.767330685962996, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 2.932920859164336, "hurdleNPVUSDmillion": 270.78032525313694, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10457773141718996, "requiredMOIC": 1, "modeledMOIC": 1.0850080680987286, "hurdleNPVUSDmillion": 1.7240124116534332, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 6.934476638477119, "hurdleNPVUSDmillion": 33.61722856841488, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 154.98774793172632 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 22.48497409326425 }, { "label": "Issuance fee", "valueUSDmillion": 0.7869740932642488 }, { "label": "Net cash", "valueUSDmillion": 21.698 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2028-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 358.43136870582254 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2029-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2029-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2030-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2031-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.7568960877615389 }, { "label": "Issuance fee", "valueUSDmillion": 0.026491363071653864 }, { "label": "Net cash", "valueUSDmillion": 0.730404724689885 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3105932174322271 }, { "label": "Issuance fee", "valueUSDmillion": 0.01087076261012795 }, { "label": "Net cash", "valueUSDmillion": 0.2997224548220992 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1020.5377414900254 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 2711.5737092730124 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "current", "fixedContractParent": "C-P1+P2-source-residual", "failureKeys": [ "dated_unfunded_cash" ], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" } ], "sourceBinding": { "dashboardRecordId": "D-fixed-C-current", "resultPath": "cases/D-fixed-C-current.json.gz", "resultSha256": "679e8d48e058edb3212c6d5ebef6380165e269717eaa0215b81949fa8ffff2db", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "E-P1+P2-balloon-6pct-40pct-reserve-future-needs", "label": "E — selected current-law package, both phases", "layer": "E", "scope": "Phase 1 plus Phase 2", "packageName": "Conditional modeling assumption", "comparisonGroup": "Finite-grid financing comparison; fixed physical timetable", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 6.682453019884312, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Conditional modeling assumption", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution.", "Selected E assumes 6% senior coupons, interest-only operation and full principal balloons at ten-year legal maturity, 40% NUAI phase interests, and retention of cash for all modeled future net funding needs." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5831.42313996653, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7999999999996303, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7963062927809617, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7323.090615799726, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1165.8626624256885, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 6615.345732306044, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 128.83817021478492, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 86.88394661427967, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 43.44197330713983, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.6077675364028287, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 1577.155394476448, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower Texas margin cash tax", "value": 103.64361996855985, "kind": "money", "note": "Borrower franchise plus separately allocated NUAI owner tax; investor taxes reported separately" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": 227.1, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": 0, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1598.1231068302134, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.06, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.4, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.4, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.5499999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.24310701456113148, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 301.84749225935553, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1719.2240256219486, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 128.83817021478492, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.9591160772401195, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1598.1231068302134, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 28.327644210899173, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: Interest-only operation; full principal at legal maturity funded through explicitly priced lifecycle common/NUAI calls, not an assumed refinance.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4233.300033136316, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.06, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.4, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.4, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.6, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.24310701456113148, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 864.0151701663331, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 4896.121706684095, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.9648773773552237, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 4233.300033136316, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 75.31597575766067, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: Interest-only operation; full principal at legal maturity funded through explicitly priced lifecycle common/NUAI calls, not an assumed refinance.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": true, "detail": "Conditional dated cash, capital-provider and covenant tests pass. Execution evidence remains separate." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "P2-facility", "label": "P2 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": true, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.06, "modeledReturn": 0.06, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 1.721495210004881, "hurdleNPVUSDmillion": 2.469136006766348e-13, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10466143473243339, "requiredMOIC": 1, "modeledMOIC": 1.0356793283758359, "hurdleNPVUSDmillion": 0.4635869086719282, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-senior", "label": "P2 senior lender", "requiredReturn": 0.06, "modeledReturn": 0.06, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P2-outside", "label": "P2 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 1.7525673929121361, "hurdleNPVUSDmillion": 5.99830571396501, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P2-preferred", "label": "P2 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10453773816057199, "requiredMOIC": 1, "modeledMOIC": 1.0411230179258892, "hurdleNPVUSDmillion": 1.0778758149409384, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 17.083588964421008, "hurdleNPVUSDmillion": 203.41499910175037, "passed": true, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [ { "label": "Original-holder distributions discounted at 11%", "valueUSDmillion": 712.0777766974261, "operation": "subtotal", "note": "After dated capital calls, financing claims, applicable cash taxes, parent dilution and awards. This is a captured subtotal; the detailed bridge is in the workbook." } ], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 86.8839466142796 }, { "label": "Issuance fee", "valueUSDmillion": 3.040938131499786 }, { "label": "Net cash", "valueUSDmillion": 83.84300848277981 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 161.99665103903848 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P2 first modeled senior draw", "date": "2029-04-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 373.20325950053154 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1598.1231068302134 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2041-03-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 4233.300033136316 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "current", "fixedContractParent": null, "failureKeys": [], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": 6.682453019884312, "originalPVUSDmillion": 712.0777766974261, "status": "Conditional economically feasible" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": 5.170947743518166, "originalPVUSDmillion": 551.0127735528373, "status": "Conditional economically feasible" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": 4.050273506340268, "originalPVUSDmillion": 431.59446760483127, "status": "Conditional economically feasible" } ], "sourceBinding": { "dashboardRecordId": "E-P1+P2-balloon-6pct-40pct-reserve-future-needs", "resultPath": "cases/E-P1-P2-balloon-6pct-40pct-reserve-future-needs.json.gz", "resultSha256": "79ec8cb3a32391b154004d38b5cea278f0d2bb4db50896bf2da793dfe45a6391", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "E-P1-legacy-7pct-source-residual-tail-only", "label": "E — Phase 1 only; provider-return failure", "layer": "E", "scope": "Phase 1", "packageName": "Conditional modeling assumption", "comparisonGroup": "Finite-grid financing comparison; fixed physical timetable", "financialPass": false, "executionPass": false, "valuePerOriginalShareUSD": null, "status": "No feasible funded value", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Conditional modeling assumption", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 1553.2018430361506, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7724369471749978, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7690612195024343, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 2019.6075470312207, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 371.60779667899914, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 1336.5594448713975, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 98.99805723942073, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 49.499028619710366, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.5874722638621667, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 110.87185877353846, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower Texas margin cash tax", "value": 28.29323998853077, "kind": "money", "note": "Borrower franchise plus separately allocated NUAI owner tax; investor taxes reported separately" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": 62.1, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": 0, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1553.2018430361506, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.07, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.15, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.15000000000000002, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.7999999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.08812083957932501, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 371.60779667899914, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1336.5594448713975, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.2999999000001778, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1037.1298838905557, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 28.29323998853077, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: 240-month amortization with 120-month legal maturity and a funded residual balloon.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": false, "detail": "Failed captured gates: public_cohort_return. No feasible funded per-share value is displayed." }, { "id": "P1-facility", "label": "P1 facility tests", "passed": true, "detail": "Eligibility, debt draws, required coverage and legal maturity are tested under the captured terms." }, { "id": "holdco-funding", "label": "Dated HoldCo funding", "passed": false, "detail": "Public issuance, restricted cash, owner tax and all dated obligations must reconcile." } ], "evidenceGates": [ { "id": "project-commitment", "label": "Executed project debt and equity commitments", "passed": false, "detail": "The research cases are uncommitted; a mathematical pass does not establish drawable capital." }, { "id": "tenant-credit", "label": "Binding tenant rent and credit support", "passed": false, "detail": "Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation." }, { "id": "lien-priority", "label": "Macquarie priority and senior-lender consent", "passed": false, "detail": "Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified." }, { "id": "verified-liquidity", "label": "Reconciled current unrestricted cash and amended payoff", "passed": null, "detail": "Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures." } ], "providers": [ { "id": "P1-senior", "label": "P1 senior lender", "requiredReturn": 0.07, "modeledReturn": 0.07, "requiredMOIC": null, "modeledMOIC": null, "hurdleNPVUSDmillion": null, "passed": true, "committed": false, "note": "Return shown is the contractual coupon assumption, not a separately captured lender IRR. Security, conditions and funding are uncommitted." }, { "id": "P1-outside", "label": "P1 outside common investor", "requiredReturn": 0.12, "modeledReturn": null, "requiredMOIC": 1.5, "modeledMOIC": 2.923610342558913, "hurdleNPVUSDmillion": 157.9787523862774, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "P1-preferred", "label": "P1 preferred investor", "requiredReturn": 0.1, "modeledReturn": 0.10464851917411144, "requiredMOIC": 1, "modeledMOIC": 1.0739278655564575, "hurdleNPVUSDmillion": 0.7355855326783001, "passed": true, "committed": false, "note": "Dated provider return includes capital contributions and contractual receipts. A missing IRR is unavailable, not zero; NPV/MOIC tests are retained." }, { "id": "public-cohorts", "label": "Parent public-issuance cohorts", "requiredReturn": 0.11, "modeledReturn": null, "requiredMOIC": 1, "modeledMOIC": 1.2474547480777944, "hurdleNPVUSDmillion": -55.221902207380666, "passed": false, "committed": false, "note": "Minimum captured cohort MOIC and sum of cohort NPVs. Assumed issue price and gross ceiling do not establish market access or available ATM capacity." } ], "pvBridge": [], "fundingEvents": [ { "label": "Conditional public issuance", "date": "2026-10-08", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 16.435233160621763 }, { "label": "Issuance fee", "valueUSDmillion": 0.5752331606217618 }, { "label": "Net cash", "valueUSDmillion": 15.860000000000001 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Hypothetical LC replacement and bridge takeout", "date": "2026-11-01", "items": [ { "label": "Cash released after new margin", "valueUSDmillion": 106.72 }, { "label": "Retained new cash margin", "valueUSDmillion": 11.600000000000001 }, { "label": "Estimated bridge takeout", "valueUSDmillion": 100.25416666666666 }, { "label": "Upfront fee", "valueUSDmillion": 1.16 }, { "label": "Net available cash", "valueUSDmillion": 5.305833333333336 } ], "note": "Unspecified hypothetical bank-acceptable additional credit support; no validated NUAI unsecured LC line or credit loss underwriting. Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 158.55609152555877 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "Conditional public issuance", "date": "2026-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-03-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2027-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.891191709844559 }, { "label": "Issuance fee", "valueUSDmillion": 0.031191709844559566 }, { "label": "Net cash", "valueUSDmillion": 0.8599999999999994 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.22163364967439284 }, { "label": "Issuance fee", "valueUSDmillion": 0.00775717773860375 }, { "label": "Net cash", "valueUSDmillion": 0.2138764719357891 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-07-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-08-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-09-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.2319768476936733 }, { "label": "Issuance fee", "valueUSDmillion": 0.008119189669278565 }, { "label": "Net cash", "valueUSDmillion": 0.22385765802439472 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-10-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-11-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2032-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.23213838958175648 }, { "label": "Issuance fee", "valueUSDmillion": 0.008124843635361477 }, { "label": "Net cash", "valueUSDmillion": 0.224013545946395 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.20121215852352253 }, { "label": "Issuance fee", "valueUSDmillion": 0.007042425548323289 }, { "label": "Net cash", "valueUSDmillion": 0.19416973297519924 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2033-12-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.1819078588027418 }, { "label": "Issuance fee", "valueUSDmillion": 0.006366775058095964 }, { "label": "Net cash", "valueUSDmillion": 0.17554108374464583 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2034-01-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.14604378814869037 }, { "label": "Issuance fee", "valueUSDmillion": 0.005111532585204163 }, { "label": "Net cash", "valueUSDmillion": 0.1409322555634862 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2034-02-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.14604378814869037 }, { "label": "Issuance fee", "valueUSDmillion": 0.005111532585204163 }, { "label": "Net cash", "valueUSDmillion": 0.1409322555634862 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2037-04-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.3280857882452152 }, { "label": "Issuance fee", "valueUSDmillion": 0.011483002588582534 }, { "label": "Net cash", "valueUSDmillion": 0.3166027856566327 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2037-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.10287739023421416 }, { "label": "Issuance fee", "valueUSDmillion": 0.003600708658197496 }, { "label": "Net cash", "valueUSDmillion": 0.09927668157601667 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "Conditional public issuance", "date": "2037-06-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 0.10030175768077017 }, { "label": "Issuance fee", "valueUSDmillion": 0.0035105615188269564 }, { "label": "Net cash", "valueUSDmillion": 0.0967911961619432 } ], "note": "Dated financing assumption; 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new shares are included in original-holder dilution and public-cohort return tests." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1037.1298838905557 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "Conditional public issuance", "date": "2038-05-01", "items": [ { "label": "Gross proceeds", "valueUSDmillion": 1.0341968911917092 }, { "label": "Issuance fee", "valueUSDmillion": 0.036196891191709823 }, { "label": "Net cash", "valueUSDmillion": 0.9979999999999993 } ], "note": "Dated financing assumption; new shares are included in original-holder dilution and public-cohort return tests." } ], "taxLaw": "current", "fixedContractParent": null, "failureKeys": [ "public_cohort_return" ], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": null, "originalPVUSDmillion": null, "status": "No feasible funded value" } ], "sourceBinding": { "dashboardRecordId": "E-P1-legacy-7pct-source-residual-tail-only", "resultPath": "cases/E-P1-legacy-7pct-source-residual-tail-only.json.gz", "resultSha256": "443073b53379f59f7c7fc9ea98d74a21616c6057f1ce460987d53097fa336b25", "inputPath": "inputs/46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d.json.gz", "inputSha256": "46c75c884cc150f70009345a44f583a29440edd0ffb2be7fd7deecb8f0eab25d" }, "liveWorkbookSelector": true }, { "id": "F-P2-shift--29", "label": "F — Phase 2 accelerated 29 months", "layer": "F", "scope": "Phase 1 plus Phase 2", "packageName": "Complete P2 and independent Power date shift; conditional capacity, financing and permits remain unverified", "comparisonGroup": "Separate construction timing sensitivity", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 7.865217057579763, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Complete P2 and independent Power date shift; conditional capacity, financing and permits remain unverified", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution.", "F moves the entire Phase 2 schedule, including independent Power delivery, 29 months earlier. 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Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: Interest-only operation; full principal at legal maturity funded through explicitly priced lifecycle common/NUAI calls, not an assumed refinance.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4233.300033136316, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.06, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.4, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.4, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.6, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.23699144844986908, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 864.0151701663331, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 4894.615638100656, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.9244226969263671, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 4233.300033136316, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 75.31597575766068, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. Collateral: P2 landlord-owned property. Security and consents remain hypothetical.", "Repayment: Interest-only operation; full principal at legal maturity funded through explicitly priced lifecycle common/NUAI calls, not an assumed refinance.", "Repayment cash flow: P2 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] } ], "economicGates": [ { "id": "economic-funded", "label": "Complete economic funding and provider tests", "passed": true, "detail": "Conditional dated cash, capital-provider and covenant tests pass. 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Actual bank approval/credit limit not evidenced." }, { "label": "P1 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 161.99665103903848 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P2 first modeled senior draw", "date": "2026-11-01", "items": [ { "label": "Senior draw", "valueUSDmillion": 373.20325950053154 } ], "note": "Conditional schedule; not a drawable commitment." }, { "label": "P1 senior legal maturity", "date": "2038-04-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 1598.1231068302134 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." }, { "label": "P2 senior legal maturity", "date": "2038-10-01", "items": [ { "label": "Principal balloon", "valueUSDmillion": 4233.300033136316 } ], "note": "Future common/NUAI capital support is included in lifecycle calls and priced provider returns. No unpriced refinancing proceeds are assumed." } ], "taxLaw": "current", "fixedContractParent": null, "failureKeys": [], "fixedDiscountSensitivities": [ { "rate": 0.11, "fixedDistributions": true, "valuePerOriginalShareUSD": 7.865217057579763, "originalPVUSDmillion": 838.1123307472244, "status": "Conditional economically feasible" }, { "rate": 0.13, "fixedDistributions": true, "valuePerOriginalShareUSD": 6.280386055046317, "originalPVUSDmillion": 669.2337866905531, "status": "Conditional economically feasible" }, { "rate": 0.15, "fixedDistributions": true, "valuePerOriginalShareUSD": 5.07220927881571, "originalPVUSDmillion": 540.4912680202688, "status": "Conditional economically feasible" } ], "sourceBinding": { "dashboardRecordId": "F-P2-shift--29", "resultPath": "cases/F-P2-shift--29.json.gz", "resultSha256": "645e984d61d0c5aca561e2bea258c0bee2fa577d890241378e00bb49321c84a9", "inputPath": "inputs/b22efee26d3cae156a46bbcde286cb078364193f9cf9c68caacb2921afbaa39f.json.gz", "inputSha256": "b22efee26d3cae156a46bbcde286cb078364193f9cf9c68caacb2921afbaa39f" }, "liveWorkbookSelector": true }, { "id": "G-durable-delivery-rent", "label": "G — uncontracted Phase 1 rent +10%", "layer": "G", "scope": "Phase 1 plus Phase 2", "packageName": "Uncontracted P1 rent10% higher only; outside the fixed-physical comparison", "comparisonGroup": "Separate commercial sensitivity", "financialPass": true, "executionPass": false, "valuePerOriginalShareUSD": 7.656149821391768, "status": "Conditional economically feasible", "assumptions": [ "This is a frozen captured comparison. Browser selection does not recalculate a financial model or establish executable financing.", "Uncontracted P1 rent10% higher only; outside the fixed-physical comparison", "Financial assumptions and valuation date remain October 8, 2026. Actual current balances, shares, ATM availability and amended loan payoff are unverified.", "Zero tenant direct contribution and zero prepaid rent in these principal comparisons. The independent Power SPV has no assumed NUAI ownership payout.", "Vistra is mapped to a 5% Phase 1 fixed-interest proxy; actual legal entity and waterfall remain unresolved. No additional campus-wide 5% haircut is applied.", "LC replacement is hypothetical: $116m face, $11.6m retained cash margin and $104.4m additional bank-acceptable credit support. Bank approval, intercreditor and collateral-release consents are unverified.", "Outside common and preferred capital are priced claims. Lifecycle calls include contractual senior takeout; future equity support is not a committed or free refinancing source.", "Borrower federal pass-through treatment is assumed. Texas margin cash tax and NUAI owner federal cash tax are separate; income is not taxed at 21% twice.", "Principal case has zero verified short-life/bonus allocation and zero monetized tax-credit proceeds. Undocumented capitalized landlord costs use the building schedule; loss, basis, interest and sale limits are modeled.", "Maintenance allocations are retained capital reserves. No automatic repair deduction, asset basis, spending or terminal release is assumed; legal restriction is unverified.", "No global optimum is established. E changes debt/common terms and cash retention within a finite grid; comparing C with E is not a one-variable tax attribution.", "G assumes uncontracted Phase 1 rent 10% higher while holding gross exit proceeds fixed. It is outside the fixed-operating-economics comparison." ], "metrics": [ { "id": "projectDebt", "label": "Senior project debt", "value": 5831.42313996653, "kind": "money" }, { "id": "eligibleLeverage", "label": "Debt / lender-eligible costs", "value": 0.7999999999996303, "kind": "percent" }, { "id": "allInLeverage", "label": "Debt / complete construction funding", "value": 0.7963062927809617, "kind": "percent" }, { "id": "constructionFunding", "label": "Complete construction funding", "value": 7323.090615799726, "kind": "money" }, { "id": "outsideInitial", "label": "Initial outside common calls", "value": 1188.4830295256354, "kind": "money" }, { "id": "outsideLifecycle", "label": "Lifecycle outside common calls", "value": 6740.0396425961335, "kind": "money" }, { "id": "nuaiLifecycle", "label": "NUAI lifecycle project calls", "value": 0, "kind": "money" }, { "id": "sponsorDebt", "label": "Sponsor debt", "value": 0, "kind": "money" }, { "id": "parentGross", "label": "Gross parent issuance", "value": 60.04909687587149, "kind": "money" }, { "id": "newShares", "label": "New parent shares", "value": 30.024548437935746, "kind": "shares" }, { "id": "originalParentRetained", "label": "Original parent ownership retained", "value": 0.6581324957757696, "kind": "percent" }, { "id": "peakDeficit", "label": "Peak unfunded cash deficit", "value": 0, "kind": "money" }, { "id": "ownerCashTax", "label": "NUAI owner federal cash tax", "value": 1632.346048759305, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower Texas margin cash tax", "value": 105.43911356859383, "kind": "money", "note": "Borrower franchise plus separately allocated NUAI owner tax; investor taxes reported separately" }, { "id": "retainedMaintenanceReserve", "label": "Retained maintenance capital reserve", "value": 227.1, "kind": "money", "note": "No assumed spending, release or extra tax basis; legal restriction unverified. Legacy captures do not contain the new tax-reserve ledger." }, { "id": "taxCredits", "label": "Tax credits generated in borrower tax ledger", "value": 0, "kind": "money" }, { "id": "restrictedAtHorizon", "label": "HoldCo restricted cash at horizon", "value": 37.3, "kind": "money" } ], "phases": [ { "id": "P1", "label": "Phase 1", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 1598.1231068302134, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.06, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.4, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.4, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0.05, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.5499999999999999, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.26325299831030785, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 324.4678593593023, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 1843.9179359120378, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 2.161501407017072, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 1598.1231068302134, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 30.123137810933162, "kind": "money" } ], "terms": [ "Borrower: P1 project SPV. Collateral: P1 landlord-owned property. Security and consents remain hypothetical.", "Repayment: Interest-only operation; full principal at legal maturity funded through explicitly priced lifecycle common/NUAI calls, not an assumed refinance.", "Repayment cash flow: P1 binding tenant payments (assumed). Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed.", "Common contributions and residual ownership are distinct. Provider NPV/MOIC includes later capital calls and sale proceeds; assumed credit support does not become committed capital.", "Original level-payment proxy times reserve months; held cash is explicit, never treated as free cash." ] }, { "id": "P2", "label": "Phase 2", "metrics": [ { "id": "seniorDebt", "label": "Senior debt", "value": 4233.300033136316, "kind": "money" }, { "id": "coupon", "label": "Assumed senior coupon", "value": 0.06, "kind": "percent" }, { "id": "ownershipBeforeSale", "label": "NUAI interest before secondary sale", "value": 0.4, "kind": "percent" }, { "id": "ownershipAfterSale", "label": "NUAI interest after secondary sale", "value": 0.4, "kind": "percent" }, { "id": "fixedInterest", "label": "Fixed Vistra/entity interest proxy", "value": 0, "kind": "percent" }, { "id": "outsideOwnership", "label": "Outside common financial interest", "value": 0.6, "kind": "percent" }, { "id": "originalLookThrough", "label": "Original holders' final project look-through", "value": 0.26325299831030785, "kind": "percent", "note": "Final cap-table project share proxy; actual original-holder PV uses every dated issuance/distribution cohort" }, { "id": "outsideInitial", "label": "Outside construction calls", "value": 864.0151701663331, "kind": "money" }, { "id": "outsideLifecycle", "label": "Outside lifecycle calls", "value": 4896.121706684095, "kind": "money" }, { "id": "nuaiCalls", "label": "NUAI lifecycle calls", "value": 0, "kind": "money" }, { "id": "measuredDSCR", "label": "Applicable minimum DSCR", "value": 1.9648773773552237, "kind": "number" }, { "id": "requiredDSCR", "label": "Required underwriting DSCR", "value": 1.3, "kind": "number" }, { "id": "balloon", "label": "Principal at legal maturity", "value": 4233.300033136316, "kind": "money" }, { "id": "borrowerCashTax", "label": "Borrower cash tax", "value": 75.31597575766067, "kind": "money" } ], "terms": [ "Borrower: P2 project SPV. 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