U3 Capital Network

U3 CAPITAL NETWORK

Private Markets Glossary

A consolidated terminology layer for the U3 Capital Network. Use the contextual glossaries for audience-specific explanations or browse all 279 master terms below.

BROWSE BY SECTION

Contextual glossaries

MASTER INDEX

All terms

Abandonment Liability

Expected or actual obligations associated with plugging, abandonment, reclamation or decommissioning, subject to applicable law and agreements.

Accounts Receivable (A/R)

Amounts owed to a business by customers for goods or services already delivered.

Accredited Investor

A person or entity meeting applicable legal criteria for accredited-investor status; the definition depends on the governing securities law.

Acquisition

The purchase of a business, business unit or asset by another party.

Acquisition Finance

Capital used to finance the purchase of a business, business unit or asset.

Acreage

Land or leasehold area associated with exploration, development or production rights.

Add-On Acquisition

A business acquired to complement or expand an existing operating company or investment platform.

Adjusted EBITDA

EBITDA adjusted for identified items intended to better represent normalized operating performance; the appropriateness of adjustments depends on the facts and transaction.

Advance Rate

The percentage of eligible collateral value a lender is willing to finance under a facility, subject to its credit policy.

Alternative Assets

Investments outside traditional publicly traded stocks and bonds, potentially including private companies, real estate, private credit and other private-market assets.

Amortization

Scheduled repayment of principal over time or the accounting allocation of certain costs, depending on context.

Annual Contract Value (ACV)

The annualized value of contracted recurring revenue under a stated methodology.

Annual Recurring Revenue (ARR)

The annualized value of recurring subscription revenue, commonly used to describe the scale of a subscription software business.

Anti-Money Laundering (AML)

Laws, controls and procedures intended to detect and prevent money laundering and related financial crime.

Appraisal

A formal opinion of value prepared under an applicable professional standard. U3CN illustrative market tools are not appraisals.

Asset Allocation

The distribution of investment capital among different asset classes, strategies or risk categories.

Asset-Based Lending (ABL)

Financing primarily supported by eligible business assets such as receivables, inventory or equipment.

Asset Purchase

A transaction in which a buyer acquires specified assets and may assume specified liabilities rather than purchasing the ownership interests of an entity.

Asset Sale

A transaction in which selected business assets and agreed liabilities are transferred rather than ownership interests in the company itself.

Balloon Payment

A relatively large payment due at or near the end of a financing term after smaller scheduled payments.

Battery Energy Storage System (BESS)

A system that stores electrical energy in batteries for later use.

Behind-the-Meter

Generation or storage located on the customer side of the utility meter and primarily serving on-site needs or related applications.

Benchmark

A reference point used for comparison, such as a market metric, transaction observation, operating statistic or pricing indicator.

Beneficial Owner

The natural person or persons who ultimately own or control an entity, as determined under applicable rules.

Biogas

Gas produced from the breakdown of organic material, commonly containing methane and carbon dioxide.

Blue Hydrogen

Hydrogen commonly produced from fossil feedstocks with associated carbon capture; definitions and emissions thresholds vary by market and policy.

Borrowing Base

A calculation used to determine how much financing may be available based on eligible collateral.

Bridge Financing

Short-duration financing intended to address a temporary capital need until a longer-term event or financing occurs.

Bridge Loan

Short-term financing intended to bridge a timing or capital gap until a planned event, refinancing, sale or longer-term financing.

Burn Rate

The rate at which a company consumes cash over a stated period.

Business Funding Glossary

36 contextual terms.

Buy Box

The criteria an acquirer uses to describe businesses or assets it is actively interested in acquiring, such as industry, geography, size and transaction type.

Buyer & Acquisition Glossary

34 contextual terms.

Capacity Factor

Actual energy output over a period divided by the output that would have occurred at continuous full nameplate capacity over the same period.

Capital Provider

An organization or investor that provides debt, structured capital or other financing.

Capital Provider Glossary

34 contextual terms.

Capital Stack

The combination and priority of equity, debt and other capital used to finance a company, asset or project.

Carbon Capture and Storage (CCS)

Capture and long-term storage of carbon dioxide intended to prevent its release to the atmosphere.

Carbon Capture, Utilization and Storage (CCUS)

Capture of carbon dioxide followed by utilization, long-term storage or both.

Case Study

An example used to explain a situation, transaction characteristic or market consideration. U3CN distinguishes illustrative cases, public-market cases and actual U3CN cases.

Churn

The loss of customers or recurring revenue over a period of time.

Closing

The point at which agreed transaction documents become effective and required transfers or payments are completed.

Co-Investment

An investment made alongside another investor or sponsor in a specific transaction.

Commercial Operation Date (COD)

The date a project is considered to have entered commercial operation under the applicable project agreements.

Commercial Real Estate Finance

Financing associated with income-producing or business-use real estate.

Committed Annual Recurring Revenue (CARR)

An annualized recurring-revenue measure that may include contracted recurring revenue not yet fully reflected in current ARR; definitions vary by company.

Commodity Mix

The relative contribution of oil, natural gas, natural gas liquids or other commodities to production or revenue.

Commodity Price Differential

The difference between a benchmark commodity price and the price realized for a specific production stream because of quality, location, transportation or other factors.

Comparable Company

A company selected for comparison because relevant business, financial, market or operating characteristics may be similar; comparability is a matter of judgment.

Comparable Transaction

A prior transaction used as market context because relevant characteristics may be similar to the opportunity being considered.

Compression

Equipment and processes used to increase gas pressure for production, gathering, processing, transportation or storage.

Confidentiality

The controlled handling of non-public information about a business, owner or potential transaction.

Construction Finance

Financing used to fund eligible development and construction costs for a project or property.

Control Investment

An investment that gives the investor controlling ownership or decision-making rights.

Country Risk

A broad assessment of economic, political, legal, currency and operating risks associated with a country.

Covenant

A contractual promise or restriction in a financing agreement requiring or limiting specified actions or financial conditions.

Credit Box

The criteria a capital provider uses to determine which financing opportunities fit its mandate.

Cross-Border Transaction

A transaction involving counterparties, assets, operations or capital in more than one country.

Currency Risk

The possibility that exchange-rate changes affect transaction value, payments, returns or costs.

Customer Acquisition Cost (CAC)

The cost associated with acquiring a new customer, calculated according to the company's chosen methodology.

Customer Concentration

The degree to which revenue or cash flow depends on a relatively small number of customers.

Data Room

A controlled repository used to organize and share confidential diligence materials with authorized parties.

Deal Sourcing

The process of identifying potential acquisition or investment opportunities.

Debt Service

Required principal and interest payments on borrowed capital.

Debt Service Coverage Ratio (DSCR)

A ratio comparing cash flow available for debt service with required principal and interest payments under a stated methodology.

Decimal Interest

The decimal share used to calculate an owner’s portion of production proceeds or other economic interest, subject to the applicable ownership records and agreements.

Decline Curve

An analytical representation of how production from a well or group of wells changes over time.

Decline Rate

The rate at which production or another operating measure decreases over time under a stated methodology.

Decommissioning

The process and obligations associated with retiring, dismantling or remediating an asset or project at or after the end of operations.

Development Capital

Capital required to advance a project through development activities before or in addition to construction and operations.

Development Stage

The point a project has reached from concept and site control through permitting, financing, construction and operation.

Direct Investment

An investment made directly into a company, asset or transaction rather than solely through a pooled fund.

Discount Rate

A rate used to convert expected future cash flows into a present-value amount, reflecting time and risk assumptions.

Division Order

A document used in oil and gas administration to identify ownership and payment decimal interests for production proceeds, subject to applicable law and agreements.

Drilling Prospect

A defined potential drilling opportunity supported by technical work.

Dry Powder

Committed investment capital that has not yet been deployed.

Due Diligence

The review of a company, asset, counterparty and transaction before a final commitment.

Earnout

A portion of transaction consideration that may be paid later if agreed future conditions or performance targets are met.

Effective Date

The date as of which a report, reserve evaluation, valuation input or other analysis applies.

Eligible Receivable

An account receivable that satisfies specified criteria for inclusion in a borrowing base or financing calculation.

Energy & Natural Resources Glossary

98 contextual terms.

Energy Transition

Changes in energy production, infrastructure and consumption that can include lower-carbon generation, electrification, storage, efficiency, carbon management and new fuels.

Engineering, Procurement and Construction (EPC)

A project-delivery arrangement covering engineering, procurement and construction responsibilities under a contract.

Engineering Report

A report prepared by qualified technical professionals addressing specified engineering information, assumptions and conclusions.

Enterprise Value

A commonly used measure of the value of an operating business before considering financing and certain balance-sheet items.

Environmental Attribute

A certificate, credit or other recognized attribute associated with specified environmental characteristics, subject to the governing program.

Equipment Finance

Financing or leasing used to acquire business equipment and other eligible productive assets.

Equipment Lease

An agreement granting use of equipment for stated payments and terms without necessarily transferring ownership at inception.

Equity Capital

Capital contributed in exchange for an ownership interest or equity-like economic participation.

Equity Purchase

A transaction in which a buyer acquires shares, membership interests or other ownership interests in an entity.

Escrow

Money or other consideration held by a third party subject to agreed release conditions.

Exclusivity

A negotiated period during which a party agrees to limit discussions or transactions with other potential counterparties.

Facility

An agreed financing arrangement under which funds may be advanced subject to its terms.

Factoring

A financing arrangement involving the sale or assignment of eligible accounts receivable to obtain cash sooner.

Fairness Opinion

A professional opinion addressing the financial fairness of transaction consideration from a specified perspective. An illustrative U3CN range is not a fairness opinion.

Family Office

An organization that manages financial and other affairs for one or more wealthy families.

Feedstock

The raw material consumed by an industrial, bioenergy, hydrogen or other conversion process.

Financial Buyer

An investor or investment group acquiring a business primarily as an investment.

First Lien

A security interest with first priority against specified collateral, subject to applicable law and documentation.

Foreign Direct Investment (FDI)

An investment by a person or entity from one country into a business or operating asset in another country.

Foreign Exchange (FX) Risk

The risk that changes in currency exchange rates affect transaction value, cash flow, financing or returns.

Founder Liquidity

Cash proceeds received by a founder or shareholder from selling part or all of an ownership interest.

Founder Liquidity & Recapitalization

Cash proceeds received by a founder or shareholder from selling part or all of an ownership interest.

Founder-Owned

A business in which a founder or founding family retains meaningful ownership.

Front-of-the-Meter

Generation or storage connected on the grid side of a customer meter and generally participating directly in wholesale, utility or grid-service markets.

Gathering System

Pipelines and related facilities used to collect produced oil or gas from wells.

General Partner (GP)

The party responsible for managing a limited partnership or investment fund, subject to its governing agreements.

Geothermal Energy

Energy derived from heat within the earth.

Grant

Funding awarded under a public, nonprofit or other program subject to eligibility, application and compliance requirements and generally not structured as a conventional loan.

Green Hydrogen

Hydrogen produced using renewable electricity through electrolysis, subject to the definition and certification rules applicable in the relevant market.

Gross Margin

Revenue remaining after specified direct costs, expressed as an amount or percentage under the company’s accounting methodology.

Gross Retention

The percentage of recurring revenue retained from an existing customer base before expansion revenue, according to the company's measurement method.

Gross Revenue Retention (GRR)

The percentage of recurring revenue retained from an existing customer cohort before expansion revenue, under the stated methodology.

Gross Royalty

An interest that receives a share of production or revenue under governing agreements.

Growth Capital

Capital intended to support expansion rather than solely provide shareholder liquidity.

Hedge

A financial or commercial arrangement intended to reduce exposure to changes in prices, rates, currencies or other market variables.

Holdback

A portion of transaction consideration retained for a period to address specified obligations, adjustments or claims.

Hydroelectric Power

Electricity generated using the movement or storage of water.

Hydrogen

An energy carrier that can be produced through different processes and used in industrial, storage, transportation or power applications.

Illustrative Market Range

A non-binding range generated from stated information, benchmarks and assumptions for preliminary discussion; it is not an offer, appraisal or formal valuation.

Incentive

A financial, tax, regulatory or other benefit intended to encourage specified investment, development or activity, subject to program rules.

Independent Sponsor

An acquisition sponsor that typically identifies and structures a transaction before assembling committed equity capital for that specific opportunity.

Indication of Interest (IOI)

A preliminary expression of acquisition interest that may include a valuation range and proposed structure.

Institutional Investor

An organization that invests capital on behalf of itself or others, such as certain funds, insurers, pensions, endowments or financial institutions.

Interconnection

The technical and contractual process of connecting a generation or storage project to an electrical grid.

Interconnection Agreement

An agreement governing the conditions under which a project connects to and operates with an electrical system.

Interconnection Queue

The process or queue through which generation or storage projects seek study and approval to connect to a power system.

Interest Coverage Ratio

A ratio comparing an earnings or cash-flow measure with interest expense under a stated methodology.

Internal Rate of Return (IRR)

A return measure expressed as the discount rate at which modeled cash inflows and outflows have a net present value of zero.

International & Cross-Border Glossary

26 contextual terms.

Investment Mandate

The criteria defining the opportunities an investor is prepared to consider.

Investment Tax Credit (ITC)

A tax credit tied to qualifying investment under applicable tax law; eligibility and value depend on jurisdiction and project facts.

Investment Thesis

The reasoning and criteria supporting why an investor believes a particular type of opportunity may be attractive.

Investor Glossary

28 contextual terms.

Invoice Factoring

A financing arrangement involving the purchase of eligible accounts receivable, subject to the factor agreement.

Jurisdiction

The country, state, province or other legal territory whose laws or regulatory authority may apply.

Know Your Customer (KYC)

Identity and related verification procedures used by regulated or risk-sensitive organizations to understand counterparties.

Leasehold Interest

Rights held under an oil, gas, mineral or other energy lease, subject to its terms.

Lease Operating Expense (LOE)

Costs associated with operating and maintaining producing oil and gas properties, under the stated accounting methodology.

Letter of Intent (LOI)

A document outlining principal proposed transaction terms before definitive agreements.

Levelized Cost of Energy (LCOE)

A modeled average cost of generating energy over an asset’s life based on stated capital, operating, production and financing assumptions.

Levelized Cost of Storage (LCOS)

A modeled average cost of storing and delivering energy over a storage asset’s life under stated assumptions.

Leverage

The use or amount of debt in a company's capital structure.

Lifetime Value (LTV)

An estimate of the economic value generated by a customer over the customer relationship; calculation methods vary.

Limited Partner (LP)

An investor in a limited partnership or similar fund structure whose rights and obligations are governed by the applicable agreements.

Line of Credit

A credit facility that permits borrowing up to an approved amount, subject to its terms and availability.

Loan-to-Value (LTV)

A ratio comparing the amount financed with the value of the collateral or asset used in the calculation.

Local Counsel

Legal counsel qualified in a relevant jurisdiction who advises on local law and transaction requirements.

Logo Churn

The percentage of customers or accounts lost during a period, distinct from revenue churn.

Market Value Explorer

A U3CN engagement tool that uses supplied information and stated assumptions to generate an illustrative scenario or market range for preliminary discussion.

Maturity

The date on which a financing obligation becomes due under its governing agreement.

MCA / Revenue-Based Finance

Financing structures in which repayment is commonly tied to business revenue or receivables; structures and legal treatment vary.

Megawatt-Hour (MWh)

A unit of energy equal to one megawatt of power delivered for one hour.

Megawatt (MW)

A unit of power equal to one million watts.

Merchant Cash Advance (MCA)

A commercial financing arrangement commonly structured as the purchase of a portion of future business receivables or revenue rather than a conventional term loan.

Merchant Exposure

Exposure to market prices rather than fully contracted pricing for some or all of a project’s output.

Mezzanine Capital

Capital positioned between senior debt and common equity in risk and priority, with terms varying by transaction.

Midstream

The energy value-chain segment commonly involving gathering, processing, transportation, compression, terminals and storage.

Mineral Interest

An ownership interest in subsurface minerals that may carry leasing, bonus, royalty or development rights depending on the interest and jurisdiction.

Monthly Recurring Revenue (MRR)

Recurring subscription revenue expressed on a monthly basis.

Mortgage Note

A debt obligation secured by real property under the applicable loan and security documents.

Multiple on Invested Capital (MOIC)

A return measure comparing value received or expected with the amount of invested capital, without directly accounting for time.

Nameplate Capacity

The stated maximum rated output of a generation, storage or industrial facility under specified conditions.

Netback

A measure of revenue remaining per unit after specified costs, differentials or deductions, with methodology varying by context.

Net Dollar Retention (NDR)

A recurring-revenue retention measure closely related to net revenue retention, reflecting expansion, contraction and churn within an existing customer cohort.

Net Mineral Acre

A mineral ownership measure reflecting gross acres multiplied by the owner’s fractional mineral interest.

Net Revenue Interest (NRI)

The share of production revenue attributable to an ownership interest after specified burdens.

Net Revenue Retention (NRR)

A measure of recurring revenue retained from an existing customer cohort after contractions, churn and expansions, according to the company's measurement method.

Net Royalty Acre

A normalized measure used in some mineral markets to express royalty ownership; calculation conventions can vary and should be stated.

Non-Dilutive Capital

Capital structured without issuing additional common equity ownership, although terms may include fees, warrants or other economics.

Non-Operated Interest

An ownership or participation interest for which another party acts as operator.

Non-Producing Mineral Interest

A mineral interest not currently generating production payments, which may still have leasing, development or other potential.

Non-Recourse Factoring

Factoring in which the factor assumes specified credit risk, subject to exclusions and the governing agreement.

Normalized Earnings

Earnings adjusted for identified non-recurring, owner-specific or unusual items to support analysis of ongoing operating performance.

Notice to Proceed (NTP)

A contractual authorization allowing specified project work to begin under agreed conditions.

Offtake Agreement

A contract under which a buyer agrees to purchase some or all output from a project under specified terms.

Offtaker

The purchaser or contracted recipient of a project’s output under an offtake agreement.

Operated Interest

An ownership or participation interest in an oil and gas property for which the interest holder or its designated party serves as operator under the governing agreements.

Operations and Maintenance (O&M)

Activities and contractual services required to operate and maintain a project or asset.

Operator

The party responsible for conducting operations for a well, property or project under the governing agreements.

Overriding Royalty Interest (ORRI)

A royalty carved from a working or leasehold interest, subject to its creating instrument.

Owner & Seller Glossary

39 contextual terms.

Payment Month

The month in which royalty or production proceeds are paid, which may lag the underlying production month.

PDNP

Proved Developed Non-Producing reserves, subject to the applicable reserve-reporting standard.

PDP

Proved Developed Producing reserves, subject to the applicable reserve-reporting standard.

Permanent Capital

Capital with a long or potentially indefinite investment horizon rather than a conventional fixed fund life.

Permitting

The process of obtaining governmental or regulatory approvals required to develop, construct, own or operate an asset or project.

Personal Guarantee

A contractual commitment by an individual to be responsible for specified obligations of another borrower or entity.

Platform Company

A core operating company used as a base for organic growth and, often, additional acquisitions.

Plugging and Abandonment (P&A)

Activities and obligations associated with permanently closing a well and addressing the wellsite under applicable requirements.

Political Risk

Risk arising from government, regulatory, legal or political changes that can affect an investment, asset or transaction.

Power Purchase Agreement (PPA)

A contract under which a buyer purchases electricity or related attributes from a generation project under specified terms.

Present Value

The current value of expected future cash flows after applying a stated discount rate and timing assumptions.

Private Credit

Privately originated or negotiated debt investments outside conventional public bond markets.

Private Equity

Investment capital used to acquire or invest in privately held businesses, often with active ownership involvement.

Private Markets

Investments and transactions that are not primarily conducted through public securities markets.

Producing Mineral Interest

A mineral interest associated with wells currently generating production and, typically, payment history.

Producing Property

An oil or gas property with wells or interests currently producing hydrocarbons.

Production Month

The month in which oil or gas was produced, which can differ from the month in which the owner receives payment.

Production Tax Credit (PTC)

A tax credit tied to qualifying production under applicable tax law; eligibility and value depend on jurisdiction and project facts.

Project Finance

Financing structured around a specific project and its assets, contracts, cash flows or sponsors.

Proof of Funds

Evidence intended to demonstrate that a prospective buyer, investor or capital provider has access to funds relevant to a proposed transaction.

Proprietary Opportunity

An opportunity sourced through direct relationships or private outreach rather than a broadly marketed sale process.

Proved Developed Non-Producing (PDNP)

Proved developed reserves that are not currently producing under the applicable reserve-reporting standard.

Proved Developed Producing (PDP)

Proved developed reserves associated with currently producing completions under the applicable reserve-reporting standard.

Proved Developed Reserves

Proved reserves expected to be recovered from existing wells and facilities under the applicable reserve-reporting standard.

Proved Reserves

Petroleum quantities classified as proved under the applicable reserve-reporting standard and supported by the required geoscience and engineering evidence. U3CN does not independently create or certify reserve classifications.

Proved Undeveloped (PUD)

Proved reserves expected from future development activity under the applicable reserve-reporting standard.

Proved Undeveloped Reserves

Proved reserves expected to be recovered from future wells or significant future investment, subject to the applicable reserve-reporting standard.

PUD

Proved Undeveloped reserves, subject to the applicable reserve-reporting standard.

Purchase Order Finance

Financing intended to help fulfill qualifying customer purchase orders, typically based on the transaction, supplier and customer characteristics.

Purchase Price

The stated consideration to be paid in a transaction, subject to the agreed structure, adjustments and terms.

Quality of Earnings (QoE)

Financial due diligence focused on the composition, sustainability and normalization of earnings and related financial information.

Real Assets

Physical or asset-backed investments such as real estate, infrastructure, land, energy or natural-resource interests.

Realized Price

The actual price received for a commodity after applicable pricing terms, differentials or hedging effects under the stated methodology.

Recapitalization

A change to a company's ownership or capital structure that can provide new capital or shareholder liquidity without necessarily requiring a full sale.

Recourse Factoring

Factoring in which specified credit or payment risk can be returned to or remain with the seller under the agreement.

Recurring Revenue

Revenue that repeats under subscriptions, contracts, maintenance relationships or other continuing arrangements.

Refinancing

Replacing an existing financing obligation with new financing.

Regulatory Approval

Authorization or clearance required from a governmental or regulatory authority before certain transactions can proceed.

Remaining Capex

Capital expenditures still expected to be required to complete, expand or maintain a project or asset under the stated plan.

Renewable Energy Certificate (REC)

A certificate representing specified environmental attributes associated with renewable electricity generation, subject to the applicable program.

Renewable Natural Gas (RNG)

Biogas processed to meet specified quality requirements for pipeline, transportation or other end uses.

Reserve Report

An engineering or technical report estimating recoverable petroleum quantities and related economics under stated assumptions.

Revenue-Based & MCA Financing

A commercial financing arrangement commonly structured as the purchase of a portion of future business receivables or revenue rather than a conventional term loan.

Revenue Churn

The percentage of recurring revenue lost during a period before or after specified expansion effects, depending on the methodology.

Revolver

A revolving credit facility that allows eligible amounts to be borrowed, repaid and borrowed again during its term.

Risk-Adjusted Return

An evaluation of potential return in relation to the risks required to pursue it.

Rollover Equity

Ownership value retained or reinvested by a seller or management team into the post-transaction company.

Round-Trip Efficiency

The percentage of energy recovered from a storage system relative to the energy used to charge it, under stated test conditions.

Royalty Burden

Royalty and similar interests that reduce the revenue attributable to a working interest.

Royalty Interest

An interest that receives a share of production or revenue under governing agreements.

Royalty Payment History

Documented payments received over time from operators, purchasers or other payors for a mineral or royalty interest; U3CN uses documented payment history rather than owner estimates as the primary engagement input for royalty/mineral scenarios.

Royalty Statement

A statement from an operator, purchaser or payor showing production, sales, deductions, ownership and payment information associated with a royalty or mineral interest.

Rule of 40

A SaaS heuristic that commonly compares growth rate plus a profitability or cash-flow margin, with methodology varying by analyst.

Runway

The estimated time a company can continue operating before available cash is exhausted under stated assumptions.

SaaS

Software as a Service: software delivered as an ongoing service, commonly through subscription or recurring contracts.

SaaS & Software Glossary

37 contextual terms.

Sale-Leaseback

A transaction in which an owner sells an asset and leases it back for continued use under agreed terms.

Sanctions Screening

Review of parties and transactions against applicable sanctions requirements and restricted-party lists.

Search Fund

An investment structure formed to identify, acquire and operate a business, often centered on an entrepreneur or small acquisition team.

Seller Note

Financing provided by the seller to the buyer for a portion of the purchase price.

Senior Debt

Debt that ranks ahead of subordinated obligations for repayment, subject to the transaction documents.

Sensitivity Analysis

A comparison showing how an output changes when one or more assumptions are changed.

Shut-In Well

A well that is not currently producing but has not necessarily been permanently abandoned.

Site Control

Documented rights to use or acquire a project site, commonly through ownership, lease, option or other enforceable arrangement.

Solar Photovoltaic (PV)

Technology that converts sunlight directly into electricity using photovoltaic cells.

Source of Funds

Information describing where transaction or investment funds originate.

Sovereign Risk

Risk associated with the actions, creditworthiness or stability of a national government or jurisdiction.

Special Situations

Investments arising from unusual, complex, transitional or event-driven circumstances.

Storage Duration

The length of time an energy-storage system can discharge at a stated power level.

Strategic Acquisition

An acquisition pursued to add capabilities, customers, products, geography, talent or other strategic value.

Strategic Alternatives

Potential paths considered by a company or its shareholders, which can include raising capital, recapitalizing, partnering, acquiring, selling part of the company or pursuing a full exit.

Strategic Buyer

An operating company considering an acquisition for strategic value such as technology, customers, talent, market position or products.

Structured Capital

Capital designed with customized combinations of debt, equity-like features, collateral, payment priorities or other negotiated terms.

Subordinated Debt

Debt that ranks behind senior obligations in payment priority.

Succession

The process of transitioning ownership, leadership or both from an existing owner to a successor.

Tipping Fee

A fee paid for accepting waste or other material for processing or disposal, which can be a revenue source for certain waste-to-energy projects.

Total Contract Value (TCV)

The total contracted value expected over the stated term of a customer agreement, subject to its terms.

Trailing Twelve Months (TTM)

The most recent twelve-month period used to summarize revenue, earnings, payments or another operating measure.

Transaction Currency

The currency in which transaction consideration, financing or another obligation is denominated.

Transaction Structure

The combination of consideration and terms used to complete a transaction, potentially including cash, debt, retained equity, seller financing or contingent payments.

Ultimate Beneficial Owner (UBO)

The natural person or persons who ultimately own or control an entity under the applicable legal or compliance definition.

Underwriting

The process of evaluating an opportunity, borrower, investment, asset or transaction against specified criteria and risks.

Unitranche

A financing structure combining multiple debt risk layers into a single facility or tranche for the borrower.

Usage-Based Pricing

A pricing model in which customer charges vary with measured product or service usage.

Use of Funds

What the business intends to accomplish with the requested capital.

Valuation

The process of estimating value using specified information, methods and assumptions. A U3CN illustrative market range is not a formal valuation.

Valuation Methodology

The analytical approach and assumptions used to develop an indication or estimate of value.

Valuation Multiple

A ratio used to relate an observed or assumed value to a financial or operating metric such as revenue or EBITDA.

Vertical SaaS

Software designed primarily for the workflows or needs of a specific industry or market vertical.

Waste-to-Energy

Processes that convert waste materials into usable energy.

Wellsite

The physical location and associated surface area, facilities or equipment used in connection with a well.

Wind Energy

Energy captured from moving air and converted into electricity.

Withholding Tax

Tax required to be withheld from specified payments under applicable law, often relevant to cross-border transactions.

Working Capital

Capital available to support day-to-day business operations and short-term operating needs.

Working Capital Adjustment

A purchase-price adjustment mechanism that compares delivered working capital with an agreed target or methodology at closing.

Working Interest (WI)

An ownership interest that generally bears its share of drilling, completion and operating costs and receives its corresponding share of production.