Uniti Group is an independent REIT that owns and leases fiber optic and related communications infrastructure across the U.S., with roughly 145,000 fiber network route miles and 231,000 route miles of copper cable across 44 states. Uniti operates two segments. Uniti Leasing (~75% of revenue) owns telecom network assets and leases them to communications providers under long-term triple-net leases, generating near-100% EBITDA margins since tenants bear operating costs. The vast majority of Uniti Leasing revenue comes from leasing fiber and copper networks to Windstream, Uniti's former parent and a broadband/telecom provider that accounts for roughly 68% of Uniti's total revenue. Uniti also funds incremental fiber builds for Windstream under a Growth Capital Initiative program at an 8% initial yield with annual escalators. Uniti Fiber (~25% of revenue) provides dark fiber, wavelengths, backhaul, and small cells to wireless carriers, enterprises, and hyperscalers, primarily in Tier 2 and Tier 3 markets in the Southeast U.S. Uniti Fiber uses an anchor-plus-lease-up strategy, securing an anchor customer on a new route and then selling additional capacity on that same route to improve yields over time. Hyperscalers have become a growing demand source, representing roughly 20% of FY24 bookings. Uniti has agreed to merge with Windstream, expected to close in the second half of 2025, which would convert Uniti from a REIT to a C-corp and reorganize operations into three segments: Kinetic (fiber-to-the-home), Fiber Infrastructure (wholesale/enterprise fiber), and Managed Services (enterprise cloud and data).