AI is moving from training models to running them. While training concentrates in a few massive campuses, inference—the workload that serves trained models in production—disperses and increasingly needs to sit close to the users and devices that rely on it. Energy has become a primary constraint on new AI capacity, and in many markets a new grid interconnection can take four to seven years.

Forum's first major investment in the sector is Forum Edge AI, a joint venture with Edge Node AI in which Forum holds a 51% controlling interest and serves as sole manager. The joint venture owns and operates inference compute at existing powered data centers and mobile communications tower sites, with each project held in its own vehicle and financed independently. Forum leads capital formation, equipment financing and structuring for the joint venture, where GPUs serve as standardized, serial-numbered collateral.

Over time, Forum may evaluate tokenization structures relating to these assets. The underlying economics do not depend on it.

Consumer credit markets represent trillions in global value, yet remain largely inaccessible to most investors due to high minimums, complex securitization structures, and institutional gatekeeping. Forum partners with AI-driven originators to acquire and hold these high-quality, income-generating loan portfolios directly on our balance sheet, earning interest income from day one. As the market for tokenized credit matures, these portfolios may also be structured for broader distribution and secondary liquidity — but the underlying return doesn't depend on it.