The Big Lease — Investor Materials, April 2026

Document 01 / Boom Belt Deck

The investor deck.

Twenty-one slides. Two macro forces. Four asset classes. One platform. Click any slide to view full size; arrow keys navigate.

Download .pptx Open as PDF

Document 02 / Data Sources & Claim Verification

Every claim has a citation.

Investor Prospectus Supplement. Forward-looking projections are management estimates; the underlying data is sourced from ELFA, CoStar, IMARC, Bloomberg, NASA, the NRC, SIFMA, and other recognized institutions.

Download .docx

01Market Size & Total Addressable Market

The deck claims a $1 trillion+ TAM across four asset classes. Combined annual leasing volume across equipment ($1.02T), commercial real estate ($742B), vehicles ($174B), and business transfers exceeds $1 trillion. TBL targets transaction fees on this volume — not the asset value itself.

Leasing Market Data
Claim	Data Point	Source
US Equipment Leasing (Annual)	$1.02 trillion	Equipment Leasing & Finance Association (ELFA)
ELFA 2025 Activity	$119.8B new activity (2nd all-time high); 3.1% NBV growth	ELFA CFI Report, Dec 2025
US Commercial Real Estate	$742.3B	IMARC Group / CoStar / CBRE
US Vehicle Leasing	$174.1B (2025); projected $242.4B (2026)	Fortune Business Insights
Texas Commercial Activity	$203.4B annual; Houston $3B sales; Dallas 14.8 msf leased	Texas Real Estate Research Center (TRERC)
Texas Share of US Market	~8% national lease volume; $80B+ annually	ELFA + TRERC (derived)

02Competitive Landscape

Competitor Data
Claim	Data Point	Source
CoStar Group Market Cap	$16.6–21.3B (Feb 2026)	Yahoo Finance / Companies Market Cap
CoStar Annual Revenue	$3.25B (2025 TTM)	CoStar Q4 2025 Results
CoStar Time to Build	30+ years to reach current scale	CoStar Group SEC Filings
Broker Commission Rates	4–12% of total deal value	CBRE / JLL / Marcus & Millichap schedules
Lease Accounting Software	$5K/yr × 3 = $15K per client	LeaseQuery / Visual Lease / Occupier pricing
CPA Lease Review Costs	$2K/yr × 3 = $6K per client	Industry standard rates

03Macro Tailwinds: AI Boom & Silver Tsunami

AI & Data Center Growth
Claim	Data Point	Source
AI Infrastructure Spend (2026)	$650–700B (Google $185B, MSFT $145B, AMZN $200B, Meta $115–135B)	Industry Reports / Carbon Credits
Data Center Construction	$53.7B YTD through Nov 2025; 98% CAGR 2021–25	ConstructConnect
Data Center Energy Demand	500+ TWh globally (2% of consumption); 30% annual growth	International Energy Agency (IEA)
US Data Center Power	80 GW (2025) → 150 GW (2028); nearly doubling	Bloom Energy Report

Silver Tsunami & Wealth Transfer
Claim	Data Point	Source
Baby Boomers Retiring	~10,000 per day reaching retirement age	Multiple sources / Vernick Financial
Great Wealth Transfer	$84–124 trillion transferring through 2045–2048	Cerulli Associates
Business Succession Gap	Majority of small businesses lack formal succession plans	National Association of Certified Valuators & Analysts

04Boom Belt Geography

The 11-state Boom Belt drives American economic growth: $9T annual GDP and absorbing 70% of US population growth.

Boom Belt States
Claim	Data Point	Source
No-Income-Tax States	9 states (TX, FL, TN in Boom Belt)	Tax Foundation
Texas Population Growth	1.34% annually; +2.56M residents 2020–2025	World Population Review
Florida Population Growth	1.24% annually; sustained domestic migration	World Population Review
Georgia Population Growth	0.94% annually; +1.33M residents 2010–23 (13.74%)	World Population Review
Tennessee Growth	+207K residents 2020–2023; 4th in U-Haul Growth Index 2025	World Population Review / U-Haul
Boom Belt GDP	11 states: $9T GDP; absorbing 70% of US population growth	Fox Business / Economic Analysis

05Unit Economics: The $7,200 Math

The deck claims a $7,200 total platform fee over 3 years versus $45,800–$47,800 for a broker and $192K–$332K for an in-house team. Based on a $10,000/month NNN commercial lease with a 36-month term ($360,000 total value). TBL charges 2% of each monthly payment: $200/month × 36 = $7,200. All accounting (ASC 842), tax reporting, payment processing, market pricing, and renewal intelligence included at no additional cost.

Net savings per deal over 3 years: $38,600–$40,600 vs. broker; $185K–$325K vs. in-house. At 10,000 deals by Year 3, TBL earns $72M in platform revenue.

06Texas Pacific Land Corporation (TPL) Comparison

TPL Financial & Operating Data
Metric	Value	Source
TPL EBITDA (2025)	$687.4M adjusted	TPL Q4 2025 Press Release
TPL Surface Acreage	~882,000 acres (Permian Basin)	Texas Pacific Land Corporation
TPL Business Model	Royalties, easements, water sales, surface leases	TPL SEC 10-K
TPL Margins	60%+ operating margins on royalty & easement income	TPL Financial Statements

The TPL comparison illustrates how a land-based lease and royalty model generates exceptional margins with minimal operating cost. TBL replicates this model digitally across terrestrial leasing — and physically on lunar surface acreage as the Artemis program matures.

07Next-Generation Energy & Space Resources

Artemis Program & Lunar Resources
Claim	Data Point	Source
Artemis II Mission	Splashdown April 10, 2026; 10-day crewed lunar fly-by	NASA
Artemis II Launch	Launched April 1, 2026 from Kennedy Space Center	NASA
Interlune Helium-3 Agreement	DOE purchased 3L of He-3; delivery by April 2029	Interlune / DOE Isotope Program
Outer Space Treaty (1967)	Prohibits national sovereignty; silent on resource extraction	UN Office for Outer Space Affairs
US Space Resource Rights	2015 Act: US citizens may own extracted space resources	Congress.gov

Advanced Nuclear Energy
Claim	Data Point	Source
Natura MSR-1 Reactor	First NRC-approved liquid-fueled advanced reactor; 1-MW; deployed 2026	NRC / Natura Resources / NEXTRA Alliance
JJ Pickle Research Center	1.1 MW steady-state TRIGA Mark II; 475-acre Austin campus	UT-Austin / NRC
US Research Reactors	31 operating research reactors in the US	Nuclear Regulatory Commission

08Municipal Bond Market

Claim	Data Point	Source
2025 Issuance Volume	$580B record; tax-exempt $522.6B (+16% vs 2024)	The Bond Buyer
Outstanding Muni Debt	$4+ trillion	SIFMA / Federal Reserve
Market Fragmentation	~50,000 state and local issuers; highly manual processes	MSRB / Industry analysis

Estable Corporation targets automation of muni bond issuance, compliance, and lifecycle management. The $4T+ market remains highly fragmented with thousands of issuers relying on manual, paper-based processes.

Disclaimer

This document is provided for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or investment. Information has been compiled from sources believed to be reliable but no representation or warranty is made as to accuracy, completeness, or timeliness. Forward-looking statements, projections, and estimates are based on management assumptions and subject to significant risks. Past performance of referenced companies (TPL, CoStar Group, and others) is not indicative of future results. Confidential — subject to the terms of the accompanying NDA.

Estable Corporation · Austin, TX · max@thebiglease.ai

Document 03 / Detailed Financial Projections

All three phases. Seed through scale.

Year-by-year projections, expense breakdowns, revenue modeling, customer service scaling, and adoption economics. The 80/20 Model: capture 80% of the $1.76T Boom Belt market over 10 years.

Download .docx

Executive Summary

The Big Lease (TBL) is the first full-lifecycle leasing platform for four asset classes: real estate, land, equipment, and businesses. Two unprecedented macro forces — the AI infrastructure boom and the silver tsunami — converge to create a $5T+/yr addressable market across the Boom Belt.

TBL replaces the fragmented broker-driven model with an AI-native platform that handles discovery, negotiation, payments, accounting, and lifecycle management in one system. 2% of transaction value plus 2% monthly processing, plus automation/integration services, plus ASC 842/IFRS 16 compliance — replacing $5K–$50K/yr in accounting software for every customer.

The 80/20 Model. Target 80% of the $1.76T addressable leasing market over 10 years. Loss-leading pricing in Years 1–3 locks in market share. By Year 10, TBL processes $1.41T in volume and generates $24B in annual platform revenue. Total capital required: $1.6B–$3.2B across 5 staged raises.

Revenue Streams

Revenue Stream	Timing	Example	Revenue Mix
Transaction Fee (2%)	One-time at lease execution	$100K lease = $2,000	50–60% of Year 1
Monthly Processing (2%)	Recurring for lease duration	$10K/mo lease = $200/mo	60–70% by Year 3
Automation & Integration	Per-supplier onboarding + ongoing	$500–$5,000 per integration	15–20%
Accounting Subscriptions	Annual ASC 842/IFRS 16 compliance	$1,200–$3,600/yr per customer	10–15% at scale

The $7,200 Math

Example deal: $10,000/month NNN commercial lease, 36-month term, $360,000 total value.

Cost Item	Broker Model	TBL Platform	In-House Team
Broker commission (5% avg)	$18,000	$0	$0
In-house lease team (1–2 FTE)	$0	$0	$55K–$85K/yr ea.
Lease accounting software (3 yrs)	$15,000	$0 — included	$15,000
CPA lease review (3 yrs)	$6,000	$0 — included	$6,000
Manual payment processing	$1,800	$0 — included	$1,800
Market comp research	$1,000–$2,000	$0 — included	$1,000–$2,000
Renewal negotiation (yr 3)	$3,000–$5,000	$0 — included	Internal staff time
Management overhead & training	$0	$0	$10K–$20K/yr
TBL platform fee (2%)	—	$7,200	—
Total 3-Year Cost	$45,800–$47,800	$7,200	$199K–$332K

vs. Broker: $38,600+ saved per deal (5.4–6.6× return). vs. In-House Team: $192K–$325K saved over 3 years. At 10,000 deals/yr, TBL earns $72M in platform fees.

Phase 1 — Own Texas (Year 1–3)

Texas represents $80B+ in annual lease volume across all four asset classes — approximately 8% of the US market. Phase 1 targets 10,000 leases by Year 3, representing $1B+ in transaction volume and 1.2% market share in Texas alone.

Year-by-Year Revenue
Metric	Year 1	Year 2	Year 3
Active Leases (cumulative)	200	2,000	10,000
Avg. Lease Value (monthly)	$8,000	$9,000	$10,000
Transaction Fee Revenue	$320K	$2.88M	$16.0M
Monthly Processing Revenue	$192K	$2.16M	$12.0M
Automation & Integration	$100K	$600K	$3.0M
Accounting Subscriptions	$48K	$480K	$2.4M
Total Revenue	$660K	$6.12M	$33.4M

Phase 1 Summary — Total Annual Expenses
Category	Year 1	Year 2	Year 3
People & Payroll	$468K–$534K	$680K–$780K	$852K–$1.02M
IT & Infrastructure	$34K–$52K	$53K–$71K	$83K–$107K
Operations & Growth	$137K–$267K	$224K–$398K	$416K–$734K
Total Expenses	$639K–$853K	$957K–$1.25M	$1.35M–$1.86M
Revenue	$660K	$6.12M	$33.4M
Net Income / (Loss)	($193K)–$21K	$4.87M–$5.16M	$31.5M–$32.1M

Phase 1 targets breakeven by Month 12–18. By Year 3, the platform generates $33M+ in revenue against $1.4M–$1.9M in expenses — gross margins above 90%.

Phase 2 — National Expansion (Year 3–5)

With Texas proven, Phase 2 expands across the full Boom Belt and into all 50 states. The platform is battle-tested, the AI pricing engine has thousands of comps, and the playbook is repeatable.

Year-by-Year Revenue
Metric	Year 4	Year 5
Active Leases (cumulative)	25,000	50,000
Avg. Lease Value (monthly)	$12,000	$15,000
Transaction Fee Revenue	$36M	$75M
Monthly Processing Revenue	$36M	$90M
Automation & Integration	$10M	$20M
Accounting Subscriptions	$6M	$12M
Total Revenue	$88M	$197M
Total Expenses	$4.05M–$7.05M	$6.25M–$10.55M
Net Income	$81M–$84M	$186M–$191M

Phase 2 funded by a $5M–$15M Series A. Headcount grows to 20–35 people (vs. 50–80 at traditional SaaS companies at this scale). AI-native architecture eliminates entire departments.

Phase 3 — Global Scale (Year 5–7+)

Phase 3 takes TBL global, adding international markets, all four asset classes at full depth, and enterprise partnerships. The AI pricing engine now has tens of thousands of comps — a data moat no competitor can replicate.

Year-by-Year Revenue
Metric	Year 6	Year 7
Active Leases (cumulative)	100,000	200,000+
Avg. Lease Value (monthly)	$18,000	$20,000+
Transaction Fee Revenue	$180M	$400M+
Monthly Processing Revenue	$216M	$480M+
Automation & Integration	$40M	$80M+
Accounting Subscriptions	$24M	$48M+
Total Revenue	$460M	$1.0B+
Total Expenses	$27.5M–$57M	$49.5M–$101M
Net Income	$403M–$433M	$899M–$951M

Capital Requirements & Investment Structure

Funding by Phase
Round	Amount	Timeline	Dilution	Use of Funds
Seed	$1M–$2M	Year 1	10–20%	Engineering, MVP, subsidized TX launch
Series A	$15M–$25M	Year 2–3	15–20%	National expansion, loss-leading pricing, 35 team
Series B	$100M–$200M	Year 3–4	10–15%	Aggressive scale, lock in enterprises, 80+ team
Series C	$500M–$1B	Year 5–6	8–12%	Market dominance push, 300 team, global
Series D / IPO	$1B–$2B	Year 7–8	IPO	Full scale, 1,500 team, $24B revenue target
Cumulative	$1.6B–$3.2B	8 years	80% market capture. Operating losses funded through Year 3.

The 80/20 Market Dominance Model

The 80/20 Model is TBL's aggressive strategy to capture 80% of the $1.76 trillion addressable leasing market within 10 years. Operating at a loss in the early years is not a failure — it is the strategy. By subsidizing onboarding, offering below-market pricing, and investing aggressively in platform infrastructure, TBL locks in market share before competitors can respond. This is the Amazon playbook applied to leasing infrastructure.

10-Year Path to 80% Capture
Year	Capture	Volume	Fee	Revenue	Headcount	Strategy
1	0.1%	$1.8B	0.5%	$9M	8	Free/subsidized TX onboarding. Build moat.
2	0.5%	$8.8B	0.75%	$66M	15	Aggressive loss-leading pricing.
3	2%	$35B	1.0%	$350M	35	National scale. Lock in enterprises.
4	5%	$88B	1.25%	$1.1B	80	Reinvest revenue. Data moat compounds.
5	10%	$176B	1.5%	$2.6B	150	Dominant platform. Rates normalizing.
6	20%	$352B	1.75%	$6.2B	300	Network effects lock out competitors.
7	35%	$616B	1.85%	$11.4B	500	Global expansion. Full fee structure.
8	50%	$880B	1.9%	$16.7B	800	Operating profit accelerates.
9	65%	$1.14T	1.95%	$22.3B	1,200	Infrastructure monopoly forming.
10	80%	$1.41T	2.0%	$24B	1,500	Market dominance. $24B revenue.

Estable Corporation — Parent Entity & Vision

Estable Corporation is a Delaware C-Corp and the parent holding company that owns and operates both The Big Lease, Inc. and Super Hot Fire, LLC. Max Dickey serves as CEO. Headquarters establishes in Palm Beach/Miami by 2028.

Mission: The End of Inflation. Inflation is, at its core, an energy problem. When energy becomes abundant, cheap, and efficiently distributed, the cost basis of the entire economy drops. Estable's goal is to become what Visa is to financial transactions — but for when energy becomes currency. TBL processes the leases. Super Hot Fire converts the energy. Together, they form the transaction layer for the energy transition.

Corporate Structure
Entity	Role	Focus
Estable Corporation	Parent (DE C-Corp)	Palm Beach/Miami HQ 2028. Energy transaction infrastructure, muni bond automation, embedded financing, wealth transfer services.
The Big Lease, Inc.	Operating Subsidiary (DE C-Corp)	Full-lifecycle leasing across 4 asset classes — terrestrial and lunar. Austin/Dallas.
Super Hot Fire, LLC	Operating Subsidiary (LLC)	Gas/flare repurposing — capturing stranded energy and converting waste to productive output.
Note Logistics, LLC	Operating Subsidiary (LLC)	Workforce development — mental frameworks and IT incentivizing growth in an automated economy.
MaxxNotes	Separate Entity	Workforce content & education. Mental frameworks, IT training, growth-oriented curricula.

The Big Lease on the Moon: Replicating TPL

Texas Pacific Land Corporation owns 882,000 surface acres and 224,000 net royalty acres in the Permian Basin. TPL doesn't drill — it collects royalties on every barrel extracted, charges easements for every pipeline, and sells water services. In 2025, TPL generated $687M in adjusted EBITDA with an asset-light model exceeding 60% net margins. TBL replicates this on the lunar surface — managing the leases for mining concessions, habitat zones, and transit corridors as Artemis matures.

Dimension	TPL (Permian)	TBL (Lunar)
Asset base	882,000 acres	Lunar surface-use agreements
Royalties	Oil & gas production	Helium-3 extraction, lunar resource output
Easements	Pipeline, power, road	Transit corridors, comms, power transmission
Surface leases	Solar, wind, data centers	Habitat modules, research stations, launch zones
Model	Asset-light land royalty	Asset-light lease management
2025 EBITDA	$687M (actual)	Phase 3+ target

Confidential

The Big Lease, Inc. · Delaware C-Corp · Austin, Texas
max@thebiglease.ai · thebiglease.ai
This document is confidential and intended solely for the named recipient. Do not distribute without written consent.