Matthew Sigel

They set up a JV where the oil and gas company will provide energy infrastructure to that new hyperscaler, I guess you could say, Neocloud.

And they continued to participate in funding that company.

It's been a home run.

So Nscale just did, I think, a Series E at a $15 billion valuation.

They're talking about an IPO.

Acre has participated in every raise.

They're going to own 24% of this company when they IPO.

And that investment is now worth like a third of Acre's market cap.

Meanwhile, you're paid a 5% dividend yield from the core business.

So it's done very well.

It's a beneficiary from the war because of their energy assets.

And meanwhile, you've got this hidden gem that's about to be monetized probably with an IPO here in Q2.

So we love to look for those kind of under the radar stories that US investors can't always get exposure to.

And that's been one of our biggest winners this year.

Well, it's been going up even during the war.

So these things won't last forever.

And probably when N scale goes public, that might be a good time to take some profits in the name.

But for now, they seem to be benefiting either way.

When the market's focusing on energy, they hold up better.

And then when AI is working, they have the N scale tailwind.