WEBVTT

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Yeah I mean I think this is the

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the creative problem that that myself and other

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leaders in this industry get to get the

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work to solve and there's another there's a

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number of kind of templates that could work

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and my guess is there's a lot more

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that will still evolve and develop and I

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think with that you mentioned one lever in

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particular which is kind of what is the

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deposits or prepays or pre-funding that a tenant is

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willing to do and and I think what

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you're seeing right now is it's different by

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tenant you may have some smaller Neoclouds or

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even mid-sized Neoclouds where they've got large

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equity funding maybe they were VC backed and

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they raise a lot of money in the

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private markets most of their money they're trying

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to deploy towards chips and GPU purchases and

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so they're balancing how much they need to

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pay on rents and leases versus deploying more

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equity down in the GPUs.

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You have more hyperscalers and maybe more IG

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credit who have a lot more cash in

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the balance sheet more liquidity access to more

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lines those are those are the groups that

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are willing to kind of work with you

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and often prepay more to secure that right

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to access the power and so there's an

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interesting dynamic there.

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The third thing I mentioned you're starting to

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see this across the industry is that there's

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a number of creative joint ventures and structures

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that can be evolved sometimes with the tenant

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sometimes with a third-party investor sometimes with

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like an infrastructure fund either on the credit

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or equity side and those are conversations that

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myself and my capital markets team are actively

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engaged with because there's kind of the circular

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component right you need a tenant you need

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a tenant that is financeable so you can

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deal with capital stack and then you need

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ourselves who's going to be building out and

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being able to develop the data center and

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you've got to get all three of these

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pieces to line up.