$APLD 𝗽𝗮𝘁𝗵 𝘁𝗼 𝗽𝗿𝗼𝗳𝗶𝘁, 𝗽𝗮𝗿𝘁 𝟮: 𝗼𝗻𝗲 𝗺𝗲𝗴𝗮𝘄𝗮𝘁𝘁. The buildings run at about an 89% NOI margin. Each MW brings in about $1.75M of rent a year, and after depreciation and interest my PSI model keeps about $0.16 M. The coupon is the lever. At March's 6.75%, that profit jumps by about two-thirds. The 800 MW still to finance is leased to tenants rated AA or better, per Wes Cummins. I'm assuming $10M of debt per MW, roughly what its last three note deals raised per MW.