Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Investor Presentation (April 2026)
76 slides from Soluna's investor presentation, April 2026
Slide 1: Renewable Computing
Power is the asset. Compute follows. Renewable Computing. Nasdaq: SLNH 1
Slide 2: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activities,
Slide 3: Renewable Computing
Renewable Computing: using compute itself to bridge the supply gap needed to power To reach their massively increased Renewable Energy has a full potential AI compute. wasted energy & Bitcoin need a sustainable problem. energy source. Up to 40% of generated energy goes unused. Soluna converts unused
Slide 4: Company Overview
EXECUTIVE SUMMARY Company Overview + AI is driving Miners prefer Soluna bridges Clean energy goes to waste due to exponentially scalable, well- this gap curtailment growing demand managed, and for compute cost-advantaged hosting partners. Co-locating data centers behind the meter at renewable power
Slide 5: 2025 Soluna Highlights
2025 Soluna Highlights 1 INSTALLED HASHRATE MW MANAGED 2025 Q4 REVENUE 5.2 EH/s 2 123 MW ~1.0 GW 3 $9.2 Million AVERAGE POWER COST CURTAILED ENERGY MONETIZED CAPITAL RAISED in Q4 $34 / MWh 4 105,109 MWh 4 $57.5 Million 5 EMPLOYEES POWER DEVELOPMENT PIPELINE AVERAGE J / TH/s 55 1 ~4.3 GW <25 J / TH/s
Slide 6: Our Strategy
Our Strategy Bitcoin We develop, own and operate Bitcoin Hosting Data Centers. Transform stranded clean energy into high-performance computing infrastructure. ~4.3GW Renewable Power Pipeline Computing We sign PPAs and acquire We make renewable energy a land co-located with global superpower using Re
Slide 7: Soluna Organizational Structure
Soluna Organizational Structure Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna Energy, Inc. Soluna Digital, Inc. Soluna HPC, Inc. The development platform that The Bitcoin Hosting business The AI business that builds and identifies and acquires that builds, operates and leases operates data centers that
Slide 8: Business Segments
Business Segments Prop Bitcoin Mining Grid Ancillary Services Diversified Revenue • Soluna or JV owned Bitcoin mining • Compensation to act as behind-the-meter machines flexible load for the grid Streams • Bitcoin sold daily • Paid on $ / MWh basis by Utility or Grid Operator • Soluna provides Managed
Slide 9: Our Data Center Projects
ProjectA Location Power Size Model Status 1 Power Cost Partner(s) Our Data Dorothy 1A TX Source Wind (MW) 25 BTC Hosting Operating $35 N/A Center Projects Dorothy 1B TX Wind 25 BTC Mining Operating $35 Navitas Sophie KY Grid 25 BTC Hosting Operating $33 N/A We have over 1GW of Dorothy 2 TX Wind 48 B
Slide 10: Project Locations
Project Locations Soluna has 1GW+ of Renewable Computing Projects in Texas. A major location for Bitcoin and AI data centers. The proximity of several projects creates “clustering.” This potentially creates opportunities for larger data center campuses at our sites. 10 10 | | Nasdaq: Nasdaq: SLNH SL
Slide 11: Key Metrics - All Operating Sites
Key Metrics - All Operating Sites (As of December 31, 2025) PROJECTS ENERGIZED BUSINESS BTC ALLOCATION HOSTING CUSTOMER DISTRIBUTION 121 MW Bitcoin Mining - operational 25 MW proprietary 123 MW 2 MW AI - under 7 industry development 98 MW hosting leading partners DEPLOYED MINING RIGS OPERATING HASHR
Slide 12: Energized Data Center Capacity and Growth
Energized Data Center Capacity and Growth We are building the largest clean-energy-powered Bitcoin Energy Capacity (MW) Compute Power (EH/s) infrastructure platform. 700 70 600 60 500 50 1 1 Year Energy (MW) Hashrate (EH/s2) 400 40 2023 25 1.0 300 30 2024 75 2.9 2025 129 5.8 200 20 2026 368 19.8 100
Slide 13: Illustrative Earnings Potential
Illustrative Earnings Potential Base case - $55 Hashprice 3 Non-GAAP Financials 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Substantial potential ramp of Consolidated Total Revenue and Adj. $140,000 $70,000 $132,808 EBITDA1,2 driven by completion of the $117,539 following
Slide 14: Pipeline & Distinctives
Pipeline & Distinctives 14 | Nasdaq: SLNH
Slide 15: The Perfect Storm: Driving Energy Demand
The Perfect Storm: Driving Energy Demand Historic Load Infrastructure Grid Reliability Energy Arms Spike 1,2 Bottlenecks 3,4,5 Strained 6,7,8,9 Race 1,2,6 Explosive load growth: U.S. Interconnection queues exceed DOE (2025) and NERC (2024 LTRA) Unprecedented scale: CapEx is utilities now forecast 50
Slide 16: How We Source Power for Our Data Centers
How We Source Power for Our Economic/Technical Data Centers CURTAILED curtailment from negative LMP. ENERGY DC * Energy that Energy that is would have gone SUBTRACTIVE GRID sourced from the to grid without grid in excess of the load. ENERGY ENERGY plant production. * Soluna AI Data Center. 16 | Nasd
Slide 17: Unique Interconnection Strategy
Unique Interconnection Strategy Behind-the-Meter Structure Allows Our Data Centers to Remain Flexible, Drawing Power from the Grid or Renewable Power Plant and Provide Ancillary Services. Rapid Time to Interconnection. EXISTING RENEWABLE POWER PROJECT ASSETS GRID OPERATOR TELEMETRY PROJECT METER HV
Slide 18: Our Power Cost Is Among the Lowest in the Industry
Our Power Cost $80 Is Among the $80 Lowest In the $70 Industry $60 $50 $50 $40 $40 $30 $30 $20 $10 $0 Bitcoin 1 AI 2 (1) Luxor Research; Public filings from various miners Industry (2) EIA.gov | https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a Soluna 18 | Nasdaq: SLNH
Slide 19: Soluna Development Pipeline as of December 31, 2025
Soluna Development Pipeline as of December 31, 2025 6000 MW 5250 MW 805MW 83MW 123MW 4.3GW+ 4500 MW 3.3GW 3750 MW 3000 MW 2250 MW 1500 MW 750MW 0MW Assessed Planning & Development Under Construction Operating Total Pipeline Curtailment assessments PPA negotiations or signed, Project Kati 1 is active
Slide 20: Maestro OS Is Our Force Multiplier
Maestro OS Is Our TM Force Multiplier Our proprietary software streamlines site operations with intelligent monitoring, precise data, and full-stack automation—enabling faster decisions, higher uptime, and seamless grid integration. Control Data Collection Operations Power Extend equipment lifespan
Slide 21: Soluna's Distinctiveness
Soluna’s Distinctiveness Behind the Meter (BTM) BTM model enables Flexible power design Proprietary software and model captures accelerated access to with redundant options for proven execution stranded energy and low cost power power eases grid congestion Monetizing stranded power Using existing su
Slide 22: Focus & Catalysts
2026 Focus & Catalysts 22 | Nasdaq: SLNH
Slide 23: 2026 Corporate Focus
2026 Corporate Focus Develop Optimize Capital Grow AI Projects Formation Pipeline Advance Project Kati 2 with Energize Project Kati 1. Executing a disciplined Expand Soluna’s Metrobloks to shovel-ready Enhance profitability capital strategy to fund Renewable and tenant-ready. Build a across operating
Slide 24: Q1-Q2'26 Roadmap of Upcoming Catalysts
Energize Phase 1 (48 MW) Continue to Develop Existing Customer Energize Phase 2 (35MW) of of Kati 1 Kati 2 AI Expansions Kati 1 Project-level Capital PPAs on Projects Rosa, New Customer New AI Project Formation Hedy, Ellen, Annie Announcements Announcements Q1 - Q2’26 Roadmap of Upcoming Catalysts I
Slide 25: Artificial Intelligence
Artificial Intelligence 25 | Nasdaq: SLNH
Slide 26: AI Campus at Project Kati 2
AI Campus at Project Kati 2 JOINT VENTURE A co-development JV combining Soluna's renewable-powered Texas campus METROBLOKS BRINGS with Metrobloks' hyperscale AI data center design and operations platform. • AI-ready data center design & operations • Pre-lease & customer engagement • Day-to-day site
Slide 27: 27 | Nasdaq: SLNH
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Slide 28: 300MW+ Tier III AI Campus Plan
300MW+ Tier III AI Campus Plan Phased Onsite Power Renewable Grid Development Generation Clustering Stabilization Plan Strategy Infrastructure Kati-2 is planned as a two-phase, The campus power plan is Grid power for the campus is The campus design includes a AI-optimized data center campus expected
Slide 29: Briscoe Wind Farm Acquisition & Dorothy
Briscoe Wind Farm Acquisition & Dorothy 3 29 | Nasdaq: SLNH
Slide 30: Soluna Has Acquired the 150 MW Briscoe Wind Farm
OVERVIEW Soluna has acquired the 150 MW Briscoe Wind Farm, achieving full vertical integration at Project Dorothy and securing the energy foundation for Dorothy 3 AI expansion. = HIGHLIGHTS OF THE ACQUISITION Size of Power Plant: Purchase Price: $53 Strategic Plan: Soluna Financing: $12.5 Projected
Slide 31: Financial Overview
TOTAL FUNDED COST Financial Overview $53M Non-Dilutive Financing Structure The transaction was financed through cash on the balance sheet and debt sources. The YEAR-ONE ADJ. EBITDA acquisition is expected to be immediately Adjusted EBITDA accretive, with projected Year-One Adjusted EBITDA of $6 milli
Slide 32: Scaling Renewable Computing
Scaling Renewable Computing to power Renewable Computing is Soluna’s advantage — aligning energy and the next generation of infrastructure compute to scale AI infrastructure faster and more efficiently. TOTAL PIPELINE 4.3GW+ = AI PIPELINE Kati 2 Dorothy 3 Greenfield Sites Up to 300 MW+ Up to 300 MW+ M
Slide 33: Project Dorothy 3
FUNDAMENTALS Project Dorothy 3 TARGET CAPACITY POWER SOURCE 150-300 MW Wind LINE OF BUSINESS LAND AI 300 Acres Expansion of Renewable-Powered AI Infrastructure With full ownership of the 150 MW wind farm, ERCOT grid access, and additional contracted sources, Dorothy 3 is expected to support 150 MW+
Slide 34: Company Overview
Company Overview 34 | Nasdaq: SLNH
Slide 35: Overlapping Challenges
3 overlapping challenges 2 Exploding Compute 1 Constrained Grid 3 Imbalanced Demand Energy Supply- Demand (1) The Computational Limits of Deep Learning, Thompson N et Al - 2022 35 | Nasdaq: SLNH
Slide 36: Constrained Grid
1 / CONSTRAINED GRID Historic Infrastructure Grid Reliability Load Spike 1,2 Bottlenecks 3,4,5 Strained 6,7,8,9 National interconnection queues exceed DOE (2025) and NERC 2.6TW (2024 LTRA) warn of rising 50GW reliability risks without of new generation Permitting and build times MAJOR NEW needed by
Slide 37: Exploding Compute Demand
2 / EXPLODING COMPUTE DEMAND 100MThe energy required to run AI Llama 3 tasks is accelerating, with an GPT-4 10M annual growth rate between GPT-3 26% and 36% Total power draw required 1M AI models 100k Power draw 10k 1k 100 2012 2014 2016 2018 2020 2022 2024 2026 Publication date 37 | Nasdaq: Source:
Slide 38: Imbalanced Energy Supply-Demand
3 / IMBALANCED ENERGY SUPPLY-DEMAND 30 40 of energy produced by renewable plants % goes unused. Source: Soluna Curtailment Assessments of IPPs in Pipeline. Curtailment estimates from ISO/RTO websites. Wood Mackenzie. 38 | Nasdaq: SLNH
Slide 39: Renewable Energy Has a Wasted Energy Opportunity
RENEWABLE ENERGY HAS A WASTED ENERGY OPPORTUNITY 39 | Nasdaq: SLNH
Slide 40: Design Compute Around Power Availability
DESIGN COMPUTE AROUND POWER AVAILABILITY — NOT THE OTHER WAY AROUND 40 | Nasdaq: SLNH
Slide 41: All Forms of Renewable Energy Are Growing Faster Than Ever
GW All forms of 12,000 renewable energy are growing faster than ever. 6,000 Tripling in 2030 Accelerated Case 2030 Main Case 2030 0 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Source: IEA data - https://www.iea.org/reports/renewables-2025/executive-summary 41 | Nasdaq: SLNH
Slide 42: Soluna Is the Power-Compute Convergence
Soluna is the power<>compute convergence – using curtailed renewable energy to power advanced computing infrastructure. 42 | Nasdaq: SLNH
Slide 43: Renewable Computing
To reach their Renewable full potential AI Energy has a & HPC need wasted energy a sustainable opportunity energy source RENEWABLE COMPUTING: Using compute itself to bridge the supply gap needed to power massively increased compute. 43 | Nasdaq: SLNH
Slide 44: Renewables Are a Perfect Match for AI
Renewables are a perfect match for AI Renewables are a perfect match for AI Many AI workloads can be paused Renewables AI or time-shifted, allowing compute to run when wind or solar is producing instead of forcing constant grid demand. 44 | Nasdaq: SLNH
Slide 45: Unique Interconnection Strategy
Unique Interconnection Strategy Behind-the-Meter Structure Allows Our Data Centers to Remain Flexible, Drawing Power from the Grid or Renewable Power Plant and Provide Ancillary Services. Rapid Time to Interconnection. EXISTING RENEWABLE POWER PROJECT ASSETS GRID OPERATOR TELEMETRY PROJECT METER HV
Slide 46: How We Source Power for Our Data Centers
How We Source Power for Our Economic/Technical Data Centers CURTAILED curtailment from negative LMP. ENERGY DC * Energy that Energy that is would have gone SUBTRACTIVE GRID sourced from the to grid without grid in excess of the load. ENERGY ENERGY plant production. * Soluna AI Data Center. 46 | Nasd
Slide 47: How We Achieve Tier-3 Uptime Behind the Meter
How We Achieve Grid Energy 39.200% Tier-3 Uptime Behind the Meter DATA Resiliency CENTER Other Backup 2.000% UPTIME 1.982% 99.982% Downtime 0.018% Wind Energy 58.800% 47 | Nasdaq: SLNH
Slide 48: Texas Wind Farm Curtailment
CASE STUDY Texas Wind Farm Curtailment 150 MW Wind Generation Generation Curtailed 80% 60% 73% 66% 57.3% 59.7% 40% 42.7% 40.3% 34% 20% 27% 0% 2021 2022 2023 2024 Source: Soluna Data Analysis, Wind Farm Data 48 | Nasdaq: SLNH
Slide 49: Soluna Converts ~50% of Curtailed Energy to Compute
CASE STUDY Soluna Converts ~50% of Curtailed Energy to Compute 50 MW Data Center – Project Dorothy 1 Converted by Soluna Curtailed 80% 60% 40% 42.7% 40.3% 34% 20% 27% 22.6% 20.6% 16.9% 14% 0% 2021 2022 2023 2024 Source: Soluna Data Analysis, Wind Farm Data 49 | Nasdaq: SLNH
Slide 50: Massive Pipeline of Wasted Renewable Energy
4 3GW+ Soluna has a massive pipeline of wasted renewable energy to power high performance computing. 50 | Nasdaq: SLNH
Slide 51: Texas Is the Beginning
With its concentration of renewables, Texas is the beginning… 51 | Nasdaq: SLNH
Slide 52: U.S. Renewable Plants Generate 20 TWh/yr of Wasted Energy
Renewable power plants in the U.S. alone generate 20 TWh/yr of wasted renewable energy Grid-scale Renewable Power Plant Source: https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/10/grid -congestion-remains-key-issue-as-data-center-load-growth-stresses-system 52 | Nasdaq: SL
Slide 53: Our Power Cost Is Among the Lowest in the Industry
Our Power Cost $80 Is Among the $80 Lowest In the $70 Industry $60 $50 $50 $40 $40 $30 $30 $20 $10 $0 Bitcoin 1 AI 2 (1) Luxor Research; Public filings from various miners Industry (2) EIA.gov | https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a Soluna 53 | Nasdaq: SLNH
Slide 54: Solution for Grid and Data Center Decarbonization
Soluna’s solution for grid and data center -25% decarbonization As new data-heavy applications drive massive energy demand, most data centers rely on carbon-intensive grids to power these workloads. While RECs are widely used to offset emissions, they often fail to reflect real-time energy usage and
Slide 55: Our Accomplishments in 2025
Our Accomplishments in 2025 Business Project Milestones Milestones ● Gross financing activities of $142M+ to fund growth ● Project Kati (166 MW) groundbreaking completed and ● Closed up to $100M credit facility with Generate Capital began construction ● Launched $87M ATM program ● Signed 48 MW Galaxy
Slide 56: The Soluna Way
Source The low-cost curtailed Soluna power from IPPs Way Grow Build, own, pipeline operate data centers We tackle wasted energy through digital infrastructure. As we optimize the grid and serve our customers, we fuel our growth, funding further expansion to make renewable energy a superpower. Grow A
Slide 57: We Serve Some of Bitcoin's Most Successful Miners
We serve some of Bitcoin’s most 87.6 67 Total EH/s2 Total No. Facilities 22.1 7.5 successful miners % Here’s a snapshot of our customers’ total mining Average J/TH Percentage of portfolios.1,2 Bitcoin Network (1) Source: Public filings, Luxor Research, Bitcoin Network, and Customer Surveys (2) Total
Slide 58: What Our Customers Are Saying
What Our Customers Are Saying “Our partnership with Soluna is another “Partnering with Soluna has been a “Blockware is proud to continue significant step in advancing our North game-changer for Compass. Their building alongside Soluna, expanding American self-mining strategy. Each of commitment to op
Slide 59: Meet the Soluna Leadership Team
Meet the Soluna Leadership Team 150 years of combined experience in starting, managing, and leading companies John Belizaire Michael Toporek Michael Picchi Jessica Thomas Mary O’Reilly Chief Executive Officer Executive Chairman Chief Financial Officer Chief Accounting Officer Chief People Officer Jim Re
Slide 60: Learn more at solunacomputing.com
Learn more at solunacomputing.com 60 60 | | Nasdaq: SLNH Nasdaq: SLNH
Slide 61: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 61 | Nasdaq: SLNH
Slide 62: Appendix
Appendix 62 | Nasdaq: SLNH
Slide 63: 2025 Full-Year Results Download
For Soluna’s 2025 = full-year results, click here to download the presentation 63 | Nasdaq: SLNH
Slide 64: Project Finance & Unit Economics
Project Finance & Unit Economics 64 | Nasdaq: SLNH
Slide 65: Corporate Structure Supports Flexible Capital Formation
Our Corporate Structure Supports Flexible Capital Formation for Infrastructure Capital formation occurs at project-level and at parent-level companies. Bitcoin is separate Soluna Holdings, Inc. from AI. (SLNH) Soluna Digital, Inc. Soluna HPC, Inc. BTC Project Co BTC Project Co AI Project Co AI Proje
Slide 66: Illustrative Earnings Potential - Upside Case
Illustrative Earnings Potential 3 Upside case - $75 Hashprice Non-GAAP Financials 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Additional $20 of Hashprice vs. base $167,078 case adds approximately $35 million to $160,000 $100,000 annual Consolidated Total Adj. $148,297 $88
Slide 67: Bitcoin Data Center Project ROIC
Bitcoin Data Center Project 1 Project Return on Invested Capital (ROIC 2) ● 44 months to return capital YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 5 ● 34.9% IRR3 26,784 ● 225% ROIC2 9,284 9,284 CAPEX 9,314 Net Cash Flow4 9,284 9,284 9,284 9,295 9,246 6,686 (25,197) IRR 3 — — — 0.1% 14.
Slide 68: Bitcoin Data Center Soluna ROIC
Bitcoin Data Center Project 1 Soluna ROIC 2 (25% ownership) ● 38 months to return capital YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 5 ● 50.1% IRR3 16,740 ● 755% ROIC2 5,802 5,802 CAPEX 5,821 Net Cash Flow4 5,802 3,328 2,843 2,847 2,832 2,048 (6,299) IRR 3 — — — 11.2% 24.8% 33.0% 40.6%
Slide 69: We Finance Our Projects Using Project Level Equity and Debt
We finance our projects using a combination of Project Level Equity and Debt ProjectCo Soluna Spring Lane Navitas Soluna Developer Soluna Developer Debt Owner Equity Owner Equity Equity Profit “Pre-Flip”5 Profit “Post-Flip”6 Dorothy 1A 14.6% 85.4% - 0% 10%/50%(1) - Dorothy 1B 51% - 49% n/a n/a - Doroth
Slide 70: Project Cash Flows Bitcoin Hosting Pre Flip
Project Cash Flows Bitcoin Hosting Pre Flip 1,2,3 We make money from services fees, developer profit and our share of owner profit. $22.99 $33.14 $2.49 $7.72 $7.66 PROFIT $59.13 SLNH JV Partner 3rd Party $17.87 $22.99 $59.13 (1) “Pre Flip” refers to project timeline prior to reaching the JV partner ta
Slide 71: Project Cash Flows Bitcoin Hosting Post Flip
Project Cash Flows Bitcoin Hosting Post Flip 1,2,3 After the “Flip” our developer profit increases significantly. $12.43 $33.14 $16.57 $7.72 $4.14 PROFIT $59.13 SLNH JV Partner 3rd Party $28.44 $12.43 $59.13 (1) “Pre Flip” refers to project timeline prior to reaching the JV partner target economics, a
Slide 72: Summary of Existing Debt
Summary of Existing Debt 1 $31.3m subsidiary debt (no Soluna Holdings guarantee) $7.1m GreenCloud debt (with Soluna Holdings guarantee) Amort Debt Tranche (Entity) Total Remaining Generate (D1A, D2, Briscoe) $26,265 ~4.5 years Galaxy Digital (Sophie) $4,195 ~3.9 years Spring Lane Equipment (Dorothy
Slide 73: AI / HPC Data Center Project ROIC
1 AI / HPC Data Center Project ROIC 2 YR 1 YR 2 YR 3 ● Capital is returned at exit 2,100,000 ● 34.8% IRR3 34.8% ● 145% ROIC2 IRR3 CAPEX 158,000 158,000 145% Net Cash Flow4 ROIC2 (1,400,000) (1) Key assumptions: (a) Assumes ~15-month build period with 3-year hold and exit at YR3, (b) Returns shown on
Slide 74: Data Center Demand Shifts into Hyperdrive
Data center 2026 data center tenant demand by user type (% of GW) demand shifts into hyperdrive, fueled by recently unlocked AI Hyperscalers Neoclouds capabilities AI companies (pure-plays) Traditional cloud (excl. hyperscalers) Financial services Source: JLL Research All other industries 74 | Nasda
Slide 75: Texas Could Overtake Virginia as Largest Data Center Market
Texas could overtake Virginia as the largest global data center market by 2030 due to plentiful land and energy 2025 year-end leased data center and hyper-owned capacity (GW) Existing Under construction 12 8 4 0 Virginia Texas Pac. Northwest Ohio Georgia Arizona Tennessee Illinois Wisconsin Californ
Slide 76: 92% of Development Pipeline Precommitted; Vacancy Near Zero
With 92% of the development pipeline precommitted vacancy is likely to remain near zero for several years North America data center vacancy (%) 6% 5% 4% 3% 2% 2% 2% 1% 1% 0% YE ‘20 YE ‘21 YE ‘22 YE ‘23 YE ‘24 YE ‘25 Source: JLL Research. Note: Vacancy reflects leased and hyper-owned inventory. 76 | N