{
 "schema_version": 2,
 "as_of": "2026-10-25",
 "note": "Neocloud financing ledger: one row per debt instrument for the levered AI-infrastructure cohort of neocloud-capacity.json. Money in USD millions. Rows dated after the issuer's balance_date are pro forma; drawn_bd_m carries the balance-date principal when it differs. Undisclosed draws are null (counted as zero outstanding and reported as undisclosed commitments). Leases, preferred equity, operating liabilities and trading-book loans carry a category and stay out of debt totals. Canonical source for neocloud-financing-ledger.{md,html}; derived views are computed at render time, not stored. Seed build: an internal research run. Research, not P&L.",
 "basis": {
  "maturity_wall": "outstanding financial-debt principal by year due: an issuer's filed principal ladder where it files one, else the row's own schedule, else its final maturity; 'demand' for on-demand loans",
  "available": "disclosed or derived undrawn availability (available_m); repaid principal is not availability; commitments with undisclosed draws are reported separately",
  "moneyness": "status from tracker px vs maturity break-even (conversion price × maturity cash ratio); near = within 20% below",
  "net_debt": "Σ drawn (nd_include rows) − cash per the issuer's convention; pro forma adds post-quarter rows and pro_forma_cash (borrowing proceeds in, disclosed uses and repayments out); compared with the figure named by tracker_compare; disagree beyond max($150M, 3%)"
 },
 "cohort": [
  "NBIS",
  "CRWV",
  "APLD",
  "CORZ",
  "IREN",
  "WULF",
  "CIFR",
  "GLXY",
  "HUT",
  "BTDR",
  "WYFI",
  "KEEL",
  "RIOT",
  "MARA",
  "BTBT"
 ],
 "companies": [
  {
   "t": "NBIS",
   "n": "Nebius Group",
   "role": "neocloud",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "6-K",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
   },
   "cash_m": 8042.1,
   "restricted_cash_m": 1056.0,
   "finance_leases_m": null,
   "total_debt_face_m": 8525.8,
   "fmp_total_debt_m": 10056.1,
   "reconciliation_note": "Q2 6-K Note 12: six convert series carried at $8,499.0M (at-maturity principal $10,041.8M less unamortized accretion $1,424.8M and costs $118.0M) + debt, current $46.7M = $8,545.7M carrying. Original principal ≈ $8,479.1M (June-2025 series derived at $489.6M/$490.0M) + $46.7M = $8,525.8M face. FMP totalDebt $10,056.1M adds $1,510.4M non-current operating leases.",
   "nd_convention": "Financial debt at original principal less cash; operating leases and $1.06B restricted cash excluded (tracker: $8.546B carrying − $8.042B cash = $0.50B at 6/30)",
   "tracker_compare": "balance",
   "pro_forma_cash": [
    {
     "date": "2026-08-24",
     "amount_m": 5680.0,
     "note": "Net proceeds of the August converts (gross $5.75B)"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07-17",
     "event": "$775M asset-backed term facility signed (SOFR + 250bp, matures Oct 2030); draw undisclosed",
     "url": "https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout",
     "provenance": "company_release"
    },
    {
     "date": "2026-08-20",
     "event": "$800M of the 2029/2031 notes exchanged for ~15.8M Class A shares",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926098924/tm2623617d1_ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-24",
     "event": "$5.75B converts closed: $3.45B 0.50% due 2030 (conv $313.46) + $2.3B 4.50% due 2034 (conv $324.65)",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-17",
     "event": "$3.5B Citi 364-day secured bridge signed; matures 2027-10-16; min-liquidity covenant; draw undisclosed",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm",
     "provenance": "filing"
    }
   ],
   "sources": [
    {
     "form": "6-K",
     "date": "2026-08-12",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
    },
    {
     "form": "6-K",
     "date": "2026-08-20",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926098924/tm2623617d1_ex99-1.htm"
    },
    {
     "form": "6-K",
     "date": "2026-08-24",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm"
    },
    {
     "form": "6-K",
     "date": "2026-10-22",
     "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm"
    },
    {
     "form": "press release",
     "date": "2026-07-17",
     "url": "https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout"
    }
   ]
  },
  {
   "t": "CRWV",
   "n": "CoreWeave, Inc.",
   "role": "neocloud",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "cash_m": 5539.0,
   "restricted_cash_m": 1380.0,
   "finance_leases_m": 221.0,
   "total_debt_face_m": 35550.5,
   "fmp_total_debt_m": 51608.0,
   "reconciliation_note": "Sum of drawn principal across the balance-date rows (ex finance leases) = 35,550.5 (2031 convert carried at its exact $2,587.5M face) vs the 10-Q future-principal-payments total ($35,551M) and the risk-factor 'total indebtedness $35.6B'. Carrying value 31,405 recourse + 3,663 non-recourse = 35,068 = 35,551 less 483 unamortized discount/issuance costs (427 recourse + 56 non-recourse). FMP totalDebt 51,608 = shortTermDebt 8,104 + longTermDebt 27,560 (35,664, i.e. carrying debt plus finance leases and ~375 of other classification) + capitalLeaseObligations 15,949, which is the operating-lease liability (10-Q: $16.3B operating lease liabilities) - FMP's figure is therefore ~15.9B above filed debt. FMP cashAndCashEquivalents 6,397 = 5,524 unrestricted + 873 current restricted; cash_m here is 5,524 cash + 15 marketable securities, restricted 873 current + 507 non-current. Convertible promissory notes (168 at 12/31/25) converted to equity Apr 2026 and are zero at 6/30. Undrawn commitments at 6/30: 10-Q says $10.0B across revolver ($2.0B), DDTL 3.0 (~385), DDTL 4.0 (~5,663), DDTL 5.0 (~1,999); the register's 10,014 is within rounding of that sum (10,047; LC usage / repaid-commitment effects explain the gap). Post-quarter rows (DDTL 5.5, 2033 converts) are excluded from total_debt_face_m.",
   "nd_convention": "Tracker convention (lease-inclusive): face financial debt incl. non-recourse and vendor financing + finance leases + operating leases − unrestricted cash and marketable securities ($46.552B at 6/30); restricted cash $1.38B excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [
    {
     "date": "2026-08-11",
     "amount_m": 2400.0,
     "note": "Aug 2026 draws: $1.2B DDTL 5.5 + $1.2B revolver (10-Q Note 16); proceeds before H2 capex"
    },
    {
     "date": "2026-09-22",
     "amount_m": 3570.8,
     "note": "Sept 2026 2.875% convert: $4,137.0M net proceeds less $566.2M capped calls"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-08-07",
     "event": "DDTL 5.5: $2.6B delayed-draw term loan (CoreWeave Financing DDTL V-V), Term SOFR + 5.50%, matures 2031-09-01, draws through Dec 2026, parent-guaranteed; not drawn at signing. Ratings Ba2 / BB+ per company release.",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-11",
     "event": "10-Q Note 16: $1.2B drawn under DDTL 5.5 subsequent to closing, and $1.2B drawn on the Revolving Credit Facility in Aug 2026 (revolver was $0 at 6/30).",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-17",
     "event": "Equity, not debt: Equity Distribution Agreement (ATM) for up to 35,000,000 Class A shares, incl. collared forward sale option, up to 2.0% commission; 30-day no-sale agreement with the convert initial purchasers. Same 8-K announced the $3.0B convert launch (upsized to $4.2B).",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000429/crwv-20260917.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-17",
     "event": "424B5 prospectus supplement for the 35M-share ATM (equity).",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000162828026062362/coreweave-424b5.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-22",
     "event": "$4.2B 2.875% Convertible Senior Notes due Apr 1, 2033 closed (incl. $500M greenshoe); conversion price ~$97.85; capped calls cap $199.70, cost ~$566.2M; net proceeds $4,137.0M before expenses; remainder for general corporate purposes.",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-25",
     "event": "No 8-K adding or repaying debt between 2026-09-23 and 2026-10-25: the EDGAR submissions feed and FMP secFilings search-by-symbol show only Forms 4 and 144 in that window (latest 8-K is 2026-09-22).",
     "url": "https://data.sec.gov/submissions/CIK0001769628.json",
     "provenance": "filing"
    }
   ],
   "sources": [],
   "filed_ladder": {
    "basis": "10-Q future principal payments at June 30, 2026 (H2 2026 shown as 2026); total $35,551M = balance-date financial debt excluding leases",
    "source": {
     "form": "10-Q",
     "date": "2026-08-12",
     "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
    },
    "years": {
     "2026": 4413.0,
     "2027": 6184.0,
     "2028": 4416.0,
     "2029": 2421.0,
     "2030": 3221.0
    },
    "after": {
     "from": 2031,
     "amount_m": 14896.0
    }
   }
  },
  {
   "t": "APLD",
   "n": "Applied Digital Corporation",
   "role": "landlord",
   "balance_date": "2026-08-31",
   "filing": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "cash_m": 2949.9,
   "restricted_cash_m": 728.0,
   "finance_leases_m": 45.9,
   "total_debt_face_m": 6721.6,
   "fmp_total_debt_m": 6483.4,
   "reconciliation_note": "Filing Note 9 principal: 2,350.0 + 2,150.0 + 1,590.0 + 450.0 + 82.39 + 99.215 = 6,721.6 (ties to the filing's remaining-principal schedule total of $6,721,605k). Balance-sheet carrying debt = 6,721.6 - 345.0 deferred financing costs = 6,376.6 (current 112.6 + long-term 6,263.9), which matches FMP short+long-term debt exactly. FMP totalDebt 6,483.4 = 6,376.6 + 106.8 'capital leases'; the filing shows finance lease liabilities of only 45.9 (43.5 current + 2.5 long-term), so FMP's lease add-on appears to include operating-lease or other items (gap 60.9). Restricted cash 728.0 = 313.4 current + 414.6 in other assets (debt service reserves for the senior secured notes + cash-secured LCs; of which $511.0M sits inside TopCo 2). MAM/Macquarie preferred units ($1,825M face, carrying $2,010.9M) are redeemable NCI (temporary equity), not debt; FMP minorityInterest 2,016.6 ~ that line. Series G preferred $124.9M + Series E-1 $56.4M also temporary equity, excluded.",
   "nd_convention": "Ledger nets all $728M restricted cash (current $313M + non-current $415M) against face principal ($3.04B). The tracker now uses the 8/31 10-Q on carrying debt and nets only current restricted cash ($6.377B − $2.950B − $0.313B = $3.11B; ≈$3.46B on principal). The +$345M carrying discount and the −$415M non-current restricted cash nearly offset, so the match is partly coincidental — align the restricted-cash basis at the next refresh. The Macquarie TopCo 2 preferred ($1.825B, 12.75% PIK) is excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-09-30",
     "event": "ChronoScale completed sale of legacy Ekso business (two transactions); proceeds not disclosed in 10-Q",
     "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-01",
     "event": "Second 75 MW phase of Building 2 at Polaris Forge 1 reached Ready for Service (250 MW live at campus); starts the clock on lease-commencement-linked amortization of the 9.250% 2030 notes",
     "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000057/apldq127earningsrelease.htm",
     "provenance": "company_release"
    },
    {
     "date": "2026-10-04",
     "event": "Power Purchase Agreement with Base Electron for ~1,200 MW gas-fired generation in North Dakota for Polaris Forge 3 expansion (future capex/financing need, not debt)",
     "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10",
     "event": "Remaining 128,750 Series G preferred shares ($124.9M carrying) converted into ~5.2M common shares after quarter end; Series G PEPA commitment was raised to $2.0B on 2026-06-26 and can be re-drawn",
     "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
     "provenance": "filing"
    }
   ],
   "sources": [],
   "nd_cash_includes_restricted": true
  },
  {
   "t": "CORZ",
   "n": "Core Scientific, Inc.",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-07-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm"
   },
   "cash_m": 1769.7,
   "restricted_cash_m": 781.7,
   "finance_leases_m": 0.9,
   "total_debt_face_m": 4385.0,
   "fmp_total_debt_m": 4298.0,
   "reconciliation_note": "Filing Note 7 principal: 3,300.0 + 460.0 + 625.0 = 4,385.0; less $87.0M unamortized discounts/issuance costs = carrying long-term debt 4,297.967, which is exactly FMP totalDebt (FMP reports carrying value, excludes the $0.9M non-current finance lease). No current portion of debt is presented. FMP netDebt 2,528.2 = 4,298.0 - 1,769.7 (unrestricted cash only; restricted cash 781.7 = 165.7 current + 615.9 non-current, comprising the $344.8M notes debt service reserve, the Polaris DS acquisition escrow and construction/development escrows). Bitcoin held: 848 BTC (~$50M) at 6/30/26, not in cash.",
   "nd_convention": "Tracker convention: all debt principal (7.75% project notes consolidated) less unrestricted cash; restricted cash $782M excluded; the tracker's 3.0 is pro forma for the Polaris cash close",
   "tracker_compare": "pro_forma",
   "pro_forma_cash": [
    {
     "date": "2026-08-13",
     "amount_m": -324.3,
     "note": "Polaris DS closed for ~$444.3M cash; $120M was already in restricted escrow at 6/30 (10-Q), so ~$324.3M came from unrestricted cash"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07-27",
     "event": "15-year leases signed with AMD (377 MW at Pecos, Muskogee, Hunt County) and a Neocloud (152 MW at Auburn, Dalton Ph3) with AMD credit support; AMD reservation right for a further 1,925 MW through 2028-12-28; warrant to AMD for 30M shares at $23.47 (vests 12,222 sh/MW; ~6.5M vested)",
     "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-13",
     "event": "Closed all-cash acquisition of Polaris DS LLC (Muskogee substation/440 MW ESA) for ~$444.3M, subject to post-closing adjustments, plus up to $40M contingent if a further 40 MW firms up by 2026-12-31; funding source not stated (escrowed restricted cash applied at closing)",
     "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000018/core-20260813.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-25",
     "event": "New senior secured credit agreement (JPMorgan Chase Bank, N.A. as agent): $100.0M revolving credit facility + $500.0M letter-of-credit facility; undrawn at closing",
     "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000021/core-20260825.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-10",
     "event": "ERCOT Batch Zero power-status update for Denton (297 MW existing + 74 MW), Pecos (300 MW existing + 300 MW studied) and Hunt (431 MW); collateral posted — operational, no new debt",
     "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000023/core-20260910.htm",
     "provenance": "filing"
    }
   ],
   "sources": []
  },
  {
   "t": "IREN",
   "n": "IREN Limited",
   "role": "operator",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "cash_m": 5895.6,
   "restricted_cash_m": 1723.9,
   "finance_leases_m": 243.8,
   "total_debt_face_m": 7705.6,
   "fmp_total_debt_m": 7839.6,
   "reconciliation_note": "Note 23 total principal $7,705.6M (recourse converts $6,745.7M + other debt $21.95M + non-recourse DDTL $413.0M + USPP $525.0M) less $112.7M unamortized issuance costs = $7,592.9M carrying (debt current $169.4M + non-current $7,423.6M; ties to FMP shortTermDebt/longTermDebt). FMP totalDebt $7,839.6M = $7,592.9M carrying + $243.8M finance-lease liabilities (Note 22 PV; undiscounted $270.4M) + ~$2.9M operating-lease liabilities. FMP netDebt $1,944.0M = 7,839.6 - 5,895.6 and ignores the $1,723.9M restricted cash (Note 10: reserve/collection accounts under secured debt financing; $1,670.3M current, $53.7M non-current). Sum of instrument drawn_m below = 7,705.6 (ties exactly). Customer prepayments sit in deferred revenue, not debt: $1,842.5M total (Note 20: $1,623.5M deferred operating-lease revenue + $219.1M contracts with customers); this is the 'customer prepayments $1.84B' the notebook carries. Notebook correction: the 2031 series is 0.00% (not 2.25%); there are six convert series totaling $6,745.7M face outstanding, plus $21.95M 'other debt' = $6,767.6M total recourse.",
   "nd_convention": "Tracker convention: all principal incl. the non-recourse IE US Hardware DDTL/USPP less unrestricted cash; $1.72B restricted cash, $244M finance leases and $1.84B customer prepayments excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-08-03",
     "event": "Mirantis acquisition closed; ~$544M consideration (12.6M ordinary shares + ~$40M cash/RSUs); no debt assumed disclosed.",
     "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-25",
     "event": "IE Mackenzie Compute Ltd. signed August 2026 Financing Agreements: up to $2.4B = ~$1.2B master financing and security agreement (Blue Owl Capital Corporation as agent/lender) + ~$1.2B senior notes under a note purchase agreement (PIMCO as adviser to purchasers); 9.0% fixed; each draw matures 30 months after its funding date and amortizes; funding pro rata on equipment acceptance during an availability period ending 2026-12-31; finances GPU servers at Mackenzie, BC. Amount drawn to date not disclosed.",
     "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-27",
     "event": "FY26 release: '$2.8bn GPU financings' for non-IG deployments, of which $2.4B is Mackenzie (Blue Owl/PIMCO). The remaining ~$0.4B is not itemised in the 10-K or release.",
     "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000051/irenreportsfy26results.htm",
     "provenance": "company_release"
    }
   ],
   "sources": []
  },
  {
   "t": "WULF",
   "n": "TeraWulf Inc.",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "cash_m": 2619.2,
   "restricted_cash_m": 409.4,
   "finance_leases_m": 0.3,
   "total_debt_face_m": 5725.0,
   "fmp_total_debt_m": 5236.7,
   "reconciliation_note": "Note 10 principal maturities total $5,725.0M = WULF Compute 7.75% 2030 secured notes $3,200.0M + 2.75% 2030 converts $500.0M + 1.00% 2031 converts $1,000.0M + 0.00% 2032 converts $1,025.0M (sum of instrument drawn_m below, excluding the Muskie deferred-consideration row, ties exactly). Carrying: secured notes $3,110.1M ($90.7M current) + short-term converts $1,102.0M (2030 and 2031 series both currently convertible, hence FMP shortTermDebt $1,192.7M = 1,102.0 + 90.7) + 2032 converts $1,001.1M = $5,213.1M; FMP totalDebt $5,236.7M adds ~$23.3M operating-lease and $0.3M finance-lease liabilities. The large convert discount ($389.0M on the 2031s) reflects the bifurcated conversion feature at issuance, so face exceeds carrying by ~$512M. Restricted cash $409.4M = $142.9M current + $266.5M non-current (2030 Secured Notes reserve/collateral accounts per 10-K; the 10-Q does not itemise); the separate $20.6M 'restricted trust investments' is an employee-trust asset, not a debt reserve. FMP longTermInvestments $711.1M is not restricted cash alone: likely non-current restricted cash $266.5M + trust $20.6M + the ~$424M equity-method investment in the Abernathy JV (inferred; the 10-Q does not give that split). Notebook check: Q2 deck 'cash + restricted ~$3.0B' is confirmed ($3,028.6M on the cash-flow statement); '$2.5B converts' is $2,525M face; implied net debt (face) ~$2.7B is arithmetic, not a filing figure.",
   "nd_convention": "Tracker convention (Q2 deck): converts + WULF Compute secured notes less cash AND restricted cash ($3.0B); the Abernathy $530M is a sale receivable and the Muskie $50M deferred consideration is not a borrowing; no Hawesville project loan filed through 10/25",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-07-06",
     "event": "Sale of the 50.1% Abernathy JV interest (FS CS I LLC) to Fluidstack CS I Inc. and other purchasers for ~$530M cash: $250M within 14 days of 7/6, $150M by 2026-12-31, ~$130M (subject to adjustment) by 2027-04-30. Classification: deferred sale consideration = receivable (asset), no seller note; the Flash Compute 7.25% 2030 notes ($1.3B) leave WULF's orbit entirely. Receipt of the $250M is not confirmed in any filing to date (Q3 10-Q due ~Nov 6).",
     "url": "https://www.sec.gov/Archives/edgar/data/1083301/000110465926080583/tm2619468d1_8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07",
     "event": "20-year Anthropic HPC lease for ~401 MW at the Justified Data Campus (Hawesville, KY); phased delivery 2H27 to early 2028; payment obligations 'expected to be supported by an investment-grade credit'. No project financing for Justified has been filed; management (Q2 call) said it will return to the debt markets to finance Hawesville with an amortizing bond or term loan.",
     "url": "https://www.sec.gov/Archives/edgar/data/1083301/000110465926080583/tm2619468d1_8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07",
     "event": "Letters of credit of $360.7M posted in July 2026: $74.0M under the Morgan Stanley revolver and $286.7M under a separate LC facility cash-collateralised at 103% ($295.3M deposit) - increases restricted cash/collateral post-quarter (10-Q Note 4/12 cross-reference).",
     "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-05",
     "event": "8-K: Muskie contracted power raised 500 MW to 1 GW (Kentucky Power); 'Financing Strategy Update' - intends to upsize the revolver and seek additional senior secured debt to support utility letter-of-credit needs; no amounts.",
     "url": "https://www.sec.gov/Archives/edgar/data/1083301/000162828026064757/wulf-20261001.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-23",
     "event": "Amendment No. 1 to the Revolving Credit Agreement: commitments increased from $250M to ~$400M, uncommitted accordion ~$150M, $150M LC sublimit eliminated, collateral-release mechanics added; pricing/maturity unchanged in the 8-K (full agreement to be filed with Q3 10-Q).",
     "url": "https://www.sec.gov/Archives/edgar/data/1083301/000162828026067100/wulf-20261023.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-23 to 2026-10-25",
     "event": "No 8-K reporting a Hawesville/Justified project loan (the notebook's ~$3.5B figure) has been filed; the only Hawesville-linked debt to date was the $500M 364-day bridge (drawn $100M, repaid 2026-04-16, terminated).",
     "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001083301&type=8-K",
     "provenance": "derived"
    }
   ],
   "sources": [],
   "nd_cash_includes_restricted": true
  },
  {
   "t": "CIFR",
   "n": "Cipher Digital Inc. (formerly Cipher Mining Inc.)",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "cash_m": 4020.3,
   "restricted_cash_m": 3728.0,
   "finance_leases_m": 5.3,
   "total_debt_face_m": 6015.5,
   "fmp_total_debt_m": 5586.8,
   "reconciliation_note": "Note 14 outstanding principal $6,015.5M = 1.75% 2030 converts $172.5M + 0.00% 2031 converts $1,300.0M + Cipher Compute 7.125% 2030 $1,733.0M + Black Pearl Compute 6.125% 2031 $2,000.0M + Stingray Compute 6.000% 2031 $810.0M (sum of instrument drawn_m below ties exactly; revolver and Coinbase facility undrawn). Less $474.2M unamortized discounts/issuance costs ($398.5M of it the bifurcated-conversion discount on the 2031 converts) = $5,541.4M carrying, split $94.5M current (first Cipher Compute amortization, = FMP shortTermDebt) and $5,446.9M long-term (= FMP longTermDebt). FMP totalDebt $5,586.8M = $5,541.4M + $5.3M finance leases (Luminant Odessa land/substation) + ~$40M operating-lease liabilities. Restricted cash $3,728.0M = $3,188.5M current (senior secured notes proceeds restricted to Barber Lake / Black Pearl / Stingray construction) + $539.5M non-current (notes debt-service accounts plus Luminant/Vistra power-contract collateral); FMP longTermInvestments $542.8M is essentially the non-current restricted cash. Gross debt $6,015.5M vs cash $4,020.3M = $1,995M face net debt excluding restricted cash; including the $3,728M restricted cash the company is net cash by ~$1.7B, which is why 'net debt' is definitional here - report gross and restricted separately. Notebook corrections: Cipher Compute (Barber Lake) notes are $1,733M at 7.125% (not $1.7B unspecified); the 2030 convert coupon is 1.75% (not 3.00%); the Amazon (AWS) 15-year lease is at Black Pearl (Wink, TX), not Stingray; the 2031 convert face is $1,300M.",
   "nd_convention": "Tracker convention: FMP total debt (carrying, $5.587B) less cash incl. current restricted construction cash ($4.02B). This ledger uses face ($6.016B; +$398.5M bifurcated discount on the 2031 converts), so a ~$0.4B basis gap is expected; $540M noncurrent restricted cash excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [
    {
     "date": "2026-10-16",
     "amount_m": 739.0,
     "note": "$850.0M 0% 2032 convert less the $89.7M capped call (8-K) and an estimated ~$21M (2.5%) purchaser discount and expenses; the 2030 exchange was all-stock"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07-23",
     "event": "Option agreement to acquire a 900 MW site in Texas (10-Q Note 21).",
     "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-24",
     "event": "Black Pearl HPC lease amended; first capacity delivery accelerated to 2026-07-31 / early August (10-Q Note 21 / MD&A).",
     "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-24",
     "event": "Barber Lake lease amended with Fluidstack and a binding commitment for a follow-on 10-year lease with an unnamed 'leading AI lab' (aggregate contracted term 20 years; ~$5.2B incremental revenue); tenant change orders; Cipher bears the first $359.3M of costs above initial budget, tenant reimburses 50% above that as additional rent at a contracted return. No new debt or guarantee disclosed; the Oct-2026 convert proceeds are earmarked partly for 'additional equity investment in the Barber Lake project'.",
     "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/cifr-20260924.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-16",
     "event": "$850.0M 0.00% convertible senior notes due 2032-11-01 issued (13-day option for +$150M; exercise not yet disclosed); initial conversion price ~$15.31 (65.3211 sh/$1,000); capped calls cap $28.35 (cost ~$89.7M); holder put at par 2030-11-01; issuer call from 2029-11-05 at 130% trigger; senior unsecured, structurally junior to subsidiary secured notes and effectively junior to the $200M revolver. Net proceeds ~$835.1M.",
     "url": "https://www.sec.gov/Archives/edgar/data/1819989/000119312526424297/d313847d8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-16",
     "event": "Concurrent exchange of ~$165.9M of the 1.75% 2030 converts for ~40.7M common shares (incl. accrued interest); ~$6.6M of 2030 notes remain. Default settlement method for 2030 and 2031 converts changed to physical (share) settlement.",
     "url": "https://www.sec.gov/Archives/edgar/data/1819989/000119312526424297/d313847d8k.htm",
     "provenance": "filing"
    }
   ],
   "sources": []
  },
  {
   "t": "GLXY",
   "n": "Galaxy Digital Inc. (debt issued by Galaxy Digital Holdings LP and project subsidiaries)",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "cash_m": 895.7,
   "restricted_cash_m": null,
   "finance_leases_m": null,
   "total_debt_face_m": 3415.8,
   "fmp_total_debt_m": 3262.8,
   "reconciliation_note": "Filing Note 16 notes-payable principal schedule: 445.0 (2026 exch) + 402.5 (2029 exch) + 1,300.0 (2031 exch) + 1,268.257 (Helios I term loan, shown as 2028) = 3,415.757. Balance-sheet Notes payable carrying 3,262.758 (436.985 current + 2,825.773 non-current) = FMP totalDebt exactly; the 153.0 gap to face is $34.7M unamortized exchangeable-note issuance costs plus ~$118.3M (derived) unamortized term-loan costs/discount. FMP's 437.0 'shortTermDebt' is the current 2026 exchangeable notes, NOT the trading loans. EXCLUDED from FMP total debt and from total_debt_face_m but genuinely borrowed money: Loans payable $286.7M (fiat borrowings for trading/lending, callable on demand, collateralized; MD&A balance-sheet summary shows $427.4M for the same line — unexplained difference, possibly margin loans grouped in). Crypto-denominated liabilities also excluded: Digital assets borrowed $1,486.9M current + $27.6M non-current and Collateral payable $1,933.1M (customer/counterparty collateral). FMP 'ST investments' 658.0 = balance-sheet current 'Investments' $657.95M (venture/treasury positions at fair value), not cash equivalents, so cash_m uses unrestricted cash only. No restricted cash or finance lease lines are presented; operating lease liabilities $14.1M. Digital assets subject to lock-ups $31.9M.",
   "nd_convention": "Tracker convention: notes payable (exchangeables + Helios I term loan) less cash; trading-book fiat loans payable ($287M), digital assets borrowed and collateral payable are outside both FMP total debt and net debt. The tracker flags its own basis as unreconciled; the Helios II $3.507B notes (7/28) land in restricted project accounts, so no pro-forma cash credit is taken",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-07-28",
     "event": "Galaxy Helios Data Centers II LLC closed $3,507M 9.875% Senior Secured Notes due 2031-08-01 (priced 2026-07-23) to fund two data center buildings at Helios; GDH LP uncapped completion guarantee; adds ~$3.5B of project debt to the Q2 stack",
     "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000079/closing8-kxex41indenture.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-15",
     "event": "Holders of the $445M 3.00% 2026 Exchangeable Notes gained the unconditional right to exchange (exchange price ~$33.34) ahead of the 2026-12-15 maturity; issuer may also redeem at par if the stock trades >= 130% of exchange price",
     "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-12-15",
     "event": "UPCOMING: $445M 3.00% 2026 Exchangeable Notes mature (cash or shares at issuer election)",
     "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm",
     "provenance": "filing"
    }
   ],
   "sources": []
  },
  {
   "t": "HUT",
   "n": "Hut 8 Corp.",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "cash_m": 233.6,
   "restricted_cash_m": 6787.1,
   "finance_leases_m": null,
   "total_debt_face_m": 7735.1,
   "fmp_total_debt_m": 7668.8,
   "reconciliation_note": "10-Q Note 9: principal of loans/notes $7,735.1M + $3.3M SAFE liability (ASC 480, not debt) = $7,738.4M total; less $100.0M unamortized discount/issuance costs = carrying $7,638.4M (current $234.7M + long-term $7,403.7M). FMP totalDebt $7,668.8M exceeds carrying by ~$30.4M, consistent with lease liabilities being folded in (FMP shortTermDebt $239.3M vs filing current debt $234.7M, +$4.6M). FMP cash $7,020.7M = $233.6M unrestricted cash + $6,787.1M restricted cash (project accounts for River Bend/Beacon Point construction and debt-service reserves). Ex-SPV principal = FalconX $200.0M + TZRC $35.1M = $235.1M vs unrestricted cash $233.6M, so the notebook's ~$235M/~$234M read holds; both ex-SPV instruments are limited-recourse (BTC collateral; TZRC membership interest), so parent-level recourse debt at 6/30 is nil. Not included in total_debt_face_m: $371.7M Bitmain miner purchase liability (ABTC-pledged BTC repurchase obligation, listed below as a vendor row) and the $3.3M SAFE.",
   "nd_convention": "Tracker convention: parent-level recourse debt (FalconX BTC-backed loan, TZRC note) less unrestricted cash; the $7.5B non-recourse SPV notes and $6.79B restricted project cash are excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-07-20",
     "event": "Beacon Point Phase 2 lease signed: second 15-year triple-net lease, 352 MW critical IT, ~$9.8B base contract value, same high-investment-grade tenant; delivery from Q2 2028. Campus now 704 MW contracted (~$19.6B).",
     "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926084862/tm2620835d1_8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-24",
     "event": "Hut 8 Corp. (parent) entered a $1,070.0M senior secured revolving credit facility with JPMorgan Chase as agent; 4-year tenor; undrawn at closing; min-liquidity covenant from Q1 2027.",
     "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-19",
     "event": "Beacon Point Phase 2 project financing had not been announced as of this date (sell-side note citing company). Secondary source; no 8-K through 2026-09-30 in the FMP filing list.",
     "url": "https://finance.yahoo.com/markets/stocks/articles/maxim-reiterates-hut-8-buy-151037981.html",
     "provenance": "secondary"
    }
   ],
   "sources": []
  },
  {
   "t": "BTDR",
   "n": "Bitdeer Technologies Group (foreign private issuer; 20-F / 6-K)",
   "role": "operator",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "cash_m": 456.8,
   "restricted_cash_m": 39.5,
   "finance_leases_m": null,
   "total_debt_face_m": 1902.3,
   "fmp_total_debt_m": 1952.3,
   "reconciliation_note": "Balance-sheet borrowings at 6/30/26 = 1,841.7 (short-term bank 26.0 + current LT bank 0.1 + current related-party 491.0 + LT borrowings 1,182.5 + noncurrent related-party 142.1), i.e. the ~$1.8B the Q2 release cites. FMP totalDebt 1,952.3 = 1,841.7 + operating lease liabilities (13.1 current + 97.5 noncurrent); FMP's 'finance leases 97.5' is the noncurrent OPERATING lease liability - Bitdeer reports no finance leases. FMP shortTermDebt 530.2 = 26.0+0.1+491.0+13.1 current op lease; longTermDebt 1,324.5 = 1,182.5+142.1. Face sum 1,902.3 exceeds carrying by ~60.6: unamortized discounts/issuance costs on the four converts (1,215.0 face vs 1,181.5 carrying = 33.5) and the BIT Bitcoin Loan carried at fair value 117.5 vs principal 144.6 (27.1 embedded derivative asset). Cash 456.8 excludes short-term investments 4.0 and restricted cash 39.5 (33.2 current + 6.2 noncurrent); the release's 'US$496.3M cash, cash equivalents and restricted cash' = 456.8+39.5. Digital assets 34.8 + digital-asset receivables from related party 162.2 (the latter pledged to BIT Group).",
   "nd_convention": "Tracker convention: borrowings incl. related-party BIT Group loans less cash + ST investments; operating leases and BTC excluded; tracker 1.46 is pro forma for the ~$100M Rockdale land purchase",
   "tracker_compare": "pro_forma",
   "pro_forma_cash": [
    {
     "date": "2026-09-01",
     "amount_m": -100.0,
     "note": "~$100M cash purchase of 200 acres near Rockdale (6-K)"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07",
     "event": "$26.0M unsecured Singapore bank facility (10.31%) repaid at maturity and immediately redrawn for $26.0M at 10.31%, maturing December 2026.",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-05",
     "event": "$4.7B, 16-year colocation lease + services agreement with Volta Tydal AS for 121 IT MW at Tydal, Norway. Tenant obligations 'anticipated to be backed by Letters of Credit' of ~$1.3B - this is tenant credit support in Bitdeer's favour, NOT Bitdeer debt (confirmed). Remaining Tydal capex ~$500M; no equity or warrants issued. Same 6-K registers a new up-to-$1.0B ATM.",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026087067/ea0301286-6k_bitdeer.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08",
     "event": "Additional $45.0M BIT Assets Collateralized Loan facility (BIT Group, related party) at 9.0% + reference rate, one-week tenor, fully drawn in August. Aggregate outstanding under the BIT Assets Collateralized Loan facilities ~$423.3M as of 2026-09-29 (vs 515.6 principal at 6/30).",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08",
     "event": "BIT Bitcoin Loan amended to a revolving facility capped at 6,000 BTC outstanding. 7/1-9/29/26: drew ~3,900 BTC, repaid ~2,185 BTC; ~3,669 BTC outstanding at 2026-09-29 (vs 1,953.84 BTC at 6/30). USD value not disclosed.",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08",
     "event": "Completed acquisition of ~200 acres greenfield land in Milam County, Texas (near Rockdale) for ~$100M, paid in cash (announced 2026-09-01).",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026096425/ea0304021-6k_bitdeer.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-01 to 2026-09-29",
     "event": "Issued 4,367,199 Class A shares (ATM) for $58.0M net proceeds.",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-08",
     "event": "New $100M share repurchase program authorized (through 2027-10-07); prior $40M program fully used.",
     "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026107955/ea0307821-6k_bitdeer.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-25",
     "event": "No project-finance, new convertible, or Tydal construction-debt filing between 2026-08-10 and 2026-10-25 (EDGAR submissions feed checked; all 6-Ks reviewed).",
     "url": "https://data.sec.gov/submissions/CIK0001899123.json",
     "provenance": "derived"
    }
   ],
   "sources": []
  },
  {
   "t": "WYFI",
   "n": "WhiteFiber, Inc. (~70%-owned subsidiary of Bit Digital at 6/30/26; consolidated by BTBT)",
   "role": "operator",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "cash_m": 56.1,
   "restricted_cash_m": 4.3,
   "finance_leases_m": null,
   "total_debt_face_m": 315.3,
   "fmp_total_debt_m": 43.8,
   "reconciliation_note": "Face at 6/30/26: 2031 convert 230.0 + Iceland 18.0 + RBC amended facility 17.339 + Bit Digital DDTL 30.0 + B. Riley note 20.0 = 315.3. Balance sheet carrying: convertible note payable, net 222.6 (noncurrent) + third-party ST debt 28.4 + third-party LT debt 25.5 + related-party ST debt 29.3 = 305.8. FMP totalDebt 43.8 omits the $230M convert entirely (carried in its own line; FMP's 387.5 'otherNonCurrentLiabilities' likely holds it) and its ST 33.6 / LT 10.2 split does not match any 10-Q line (10-Q: ST 57.7 incl. related party; LT 25.5). Treat FMP debt for WYFI as unusable. Restricted cash 4.3 supports a third-party letter of credit. No finance leases at 6/30/26 (the MTL-3 finance lease, 12.9 at 12/31/25, was extinguished by purchasing the building 2026-05-08).",
   "nd_convention": "Tracker convention: consolidated WYFI debt incl. related-party and SPV rows less cash; tracker 0.18 is pro forma for the Aug 21 convert and exchange; NC-1 project financing still not announced",
   "tracker_compare": "pro_forma",
   "pro_forma_cash": [
    {
     "date": "2026-08-21",
     "amount_m": 218.9,
     "note": "$298.5M convert net proceeds − $118.5M cash paid in the 4.50% exchange + $26.2M syndicated RBC draw − $17.3M RBC repayment + $30M DDTL draws"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07-06",
     "event": "Enovum Data Center Corp. (Canadian sub) signed syndicated RBC credit facility: up to CAD 115M (~$80.8M) + CAD 25M accordion, 3-year term, 15-yr amortization, secured on MTL-2/MTL-3.",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-15",
     "event": "Drew CAD 36.8M (~$26.2M) under the syndicated RBC facility; repaid the amended RBC facility (17.3) in full. LC/guarantee revolver (CAD 8M) remains.",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-27 / 2026-07-31",
     "event": "Drew additional $20M and $10M under the Bit Digital DDTL (180-day maturities). Cumulative draws $80M (of which $20M held by B. Riley). Whether the May-26 90-day draws ($50M, due ~Aug-24-26, extendable 30 days) were repaid or extended is not disclosed in any filing through 10/25.",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-16",
     "event": "PSA to buy two Unifi Manufacturing industrial properties in Yadkin County, NC for $60.0M cash (min 60 MW combined, up to 198 MW); $2.25M deposit; inspection period to 2026-09-15; closing ~45 days after. No financing announced.",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026090492/ea0302334-8k_whitefiber.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-21",
     "event": "Closed upsized $310.0M 5.00% convertible senior notes due 2032 (conv ~$33.84); net proceeds ~$298.5M. Concurrently exchanged $198.15M of the 4.50% notes due 2031 for ~$118.5M cash (incl. accrued interest) + ~6.3M ordinary shares, leaving ~$31.85M of 2031 notes outstanding.",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/ea0302925-8k_white.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-25",
     "event": "No NC-1 project / construction financing 8-K through 2026-10-25 (EDGAR submissions feed checked: only the 9/14 investor-deck 8-K and proxy filings after 8/26). Notebook's '9/23 still not announced' still holds.",
     "url": "https://data.sec.gov/submissions/CIK0002042022.json",
     "provenance": "derived"
    }
   ],
   "sources": []
  },
  {
   "t": "KEEL",
   "n": "Keel Infrastructure Corp. (formerly Bitfarms Ltd.; FMP still lists 'Bitfarms Ltd.'; redomiciled to US 2026-04-01)",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm"
   },
   "cash_m": 715.5,
   "restricted_cash_m": 53.4,
   "finance_leases_m": 1.9,
   "total_debt_face_m": 1049.7,
   "fmp_total_debt_m": 1038.4,
   "reconciliation_note": "Filing long-term debt (net) 1,025.8 = 2025 converts 593.6 (588.0 principal + accrued/PIK-style interest recognized in the debt balance) - 16.3 discount + 2026 converts 458.3 - 13.5 discount + building 1.7 + equipment 2.1. Face sum 1,049.7 (588 + 458 + 1.7 + 2.1). FMP totalDebt 1,038.4 = 1,025.8 carrying + 12.5 that FMP labels 'finance leases'; the 10-Q shows finance lease liabilities of only 1.9 (0.3 current + 1.6 noncurrent), so FMP's 12.5 is probably the operating-lease liability - unverified. FMP longTermDebt 1,019.1 and shortTermDebt 6.8 tie exactly to the 10-Q split. Restricted cash 53.4 is LC collateral for Panther Creek / Sharon utility agreements (not a debt covenant - the Macquarie covenant cash was released in Feb-2026). Digital assets 132.4 (2,261 BTC, none restricted) = FMP longTermInvestments 132.2 - this is the 'BTC treasury', excluded from debt and cash here (notebook's $121M figure was a different date/price).",
   "nd_convention": "Tracker convention: debt principal less cash; $132M BTC and $53M LC collateral excluded",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-10-25",
     "event": "No 8-K or other debt-related filing after the 2026-08-10 10-Q through 2026-10-25 (EDGAR submissions feed: only Form 4s). 10-Q has no subsequent-events note.",
     "url": "https://data.sec.gov/submissions/CIK0001812477.json",
     "provenance": "derived"
    },
    {
     "date": "2027-01-31 (contingent)",
     "event": "Must post an additional $60.8M letter of credit to the Panther Creek utility by 2027-01-31 (contingent on utility transmission upgrades) and ~$82.9M total credit support before construction under the June-2026 electric service agreement - cash will likely become restricted.",
     "url": "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm",
     "provenance": "filing"
    }
   ],
   "sources": []
  },
  {
   "t": "RIOT",
   "n": "Riot Platforms, Inc.",
   "role": "landlord",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "cash_m": 471.4,
   "restricted_cash_m": 77.5,
   "finance_leases_m": null,
   "total_debt_face_m": 853.7,
   "fmp_total_debt_m": 279.2,
   "reconciliation_note": "Principal at 6/30/2026: 2030 Notes $594.4M + Coinbase $200M facility $200.0M + $50M revolver $34.3M + $20M revolver $20.0M + CPACE note payable $5.0M = $853.7M (matches the 10-K's 12/31/2025 'total outstanding principal' $853.7M, unchanged). Carrying: current debt $254.6M (= 200.0 + 34.3 + 20.0 + 0.3 NP current) + 'Debt, less current portion' $588.4M (= 2030 Notes net $583.7M + NP $4.7M) = $843.0M. FMP totalDebt $279.2M = shortTermDebt $254.6M + longTermDebt $24.6M; the $24.6M equals the non-current operating lease liability, and FMP's otherNonCurrentLiabilities $588.6M is the 2030 convert plus note payable. FMP therefore understates RIOT debt by ~$588M. FMP longTermInvestments $736.2M is not BTC: balance sheet bitcoin is $325.4M unrestricted + $340.7M restricted (5,821 BTC pledged to Coinbase) = $666.0M for 11,380 BTC. No finance leases disclosed (operating leases $10.1M current / $24.6M non-current).",
   "nd_convention": "Tracker convention: all principal less unrestricted cash (BTC excluded); the tracker's 0.9 assumes the $573M Riot DC Logistics interim facility fully drawn — the draw is undisclosed, so the ledger counts it as zero",
   "tracker_compare": "pro_forma",
   "pro_forma_cash": [
    {
     "date": "2026-09-21",
     "amount_m": -200.0,
     "note": "$200M Coinbase loan repaid; assumed from cash (the cash vs released-collateral split is undisclosed)"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-08",
     "event": "Tenant Lease: 191 MW critical IT at Rockdale, 20-year initial term from full deployment (June 2028), ~$9.1B base rent; 96 MW in Dec 2027.",
     "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-10",
     "event": "Riot DC Logistics LLC entered $573.0M senior secured delayed-draw interim credit facility (Morgan Stanley Senior Funding agent), SOFR+2.75%, non-recourse to Riot, to fund long-lead equipment for the Rockdale lease.",
     "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926097330/riot-20260810x8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-09-21",
     "event": "Full voluntary prepayment and termination of the $200M Coinbase Credit secured term loan facility; no early termination fee; BTC/USDC/cash collateral released.",
     "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926111003/riot-20260921x8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-01",
     "event": "2030 Notes became convertible at holder option for Q3 2026 (stock > 130% of $14.86 conversion price for 20 of 30 trading days to 6/30). Company states intent to settle in shares; conversion activity, if any, will show in the Q3 10-Q (earnings call 2026-11-04).",
     "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm",
     "provenance": "filing"
    }
   ],
   "sources": []
  },
  {
   "t": "MARA",
   "n": "MARA Holdings, Inc.",
   "role": "exploratory",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "cash_m": 421.3,
   "restricted_cash_m": 12.0,
   "finance_leases_m": 4.1,
   "total_debt_face_m": 2447.2,
   "fmp_total_debt_m": 2466.0,
   "reconciliation_note": "10-Q Note 13: total principal $2,447.2M (Dec 2026 Notes $48.1M + Sep 2031 Notes $300.0M + Mar 2030 Notes $632.5M + Jun 2031 Notes $291.6M + Aug 2032 Notes $1,025.0M + Line of Credit $150.0M), less $29.5M unamortized OID/issuance costs = carrying $2,417.7M (current $485.4M + long-term $1,932.4M). FMP totalDebt $2,466.0M = carrying $2,417.7M + $48.2M; that $48.2M is all lease liabilities (finance leases $0.2M current + $3.9M non-current = $4.1M, plus operating leases $3.3M + $40.8M = $44.1M), so FMP's 'finance leases 48.2' mostly comprises operating leases. FMP shortTermDebt $485.4M matches the filing's current portion (Dec 2026 Notes + $150M LOC + June 2031 Notes classified current because the holder put becomes exercisable 2027-06-04). FMP netDebt $2,044.7M = $2,466.0M - $421.3M cash. Notebook's 'Q2 principal debt $2.447B' confirmed. BTC: 35,577 total (26,307 held $1,540.6M FV + 9,270 receivable/lent-or-pledged $540.9M net); 4,528 BTC pledged (4,253 for LOC); 4,742 lent. Restricted cash $12.0M supports letters of credit.",
   "nd_convention": "Tracker convention: principal less cash, BTC excluded; the tracker adds the Aug 2026 BTC-backed borrowings without crediting their proceeds as cash, while this ledger credits them (see pro-forma cash)",
   "tracker_compare": "pro_forma",
   "pro_forma_cash": [
    {
     "date": "2026-08-04",
     "amount_m": 600.0,
     "note": "Net new BTC-backed borrowing ($450M Coinbase + $300M Two Prime − $150M line refinanced); funded status inferred from the 10-Q subsequent-events note"
    }
   ],
   "post_quarter": [
    {
     "date": "2026-07-02",
     "event": "Acquired MAT 1177 LLC (Matagorda County, TX powered-land project, 2,000 MW utility LOA) from HIF USA LLC; price is milestone-based, up to $600.0M; closed at signing; no debt assumed. Amended 2026-09-21: regulatory-approval payments split into two installments, reconveyance clause replaced by a third-party sale process; $100.0M security deposit posted with the utility.",
     "url": "https://www.sec.gov/Archives/edgar/data/1507605/000095014226002607/eh260835247_8k.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-04",
     "event": "Two BTC-backed term loan facilities: Coinbase Credit ($450M total: refinances/consolidates the $150M 2026 Line of Credit + $300M new; floating fed-funds-midpoint + 3.875%; matures 2028-08-04 with automatic 1-yr extension) and Two Prime ($300M, 7.65% fixed, matures 2028-08-03). $600M incremental borrowing capacity; 18,750 BTC (~$1.2B) pledged at closing. Proceeds for general corporate purposes incl. Long Ridge cash consideration.",
     "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-21",
     "event": "Long Ridge Energy & Power acquisition (~$1.5B EV, up to ~$900M assumed debt incl. $600M 8.750% senior secured notes due 2032; Barclays $785M 364-day bridge commitment) had NOT closed; FERC approval pending, management expects closing before year-end 2026. No 8-K reporting a closing appears in the FMP filing list through 2026-10-21. Status is secondary-sourced.",
     "url": "https://www.trefis.com/stock/mara/articles/619689/is-now-the-right-time-for-mara-stock/2026-10-21",
     "provenance": "secondary"
    }
   ],
   "sources": []
  },
  {
   "t": "BTBT",
   "n": "Bit Digital, Inc. (Cayman; consolidates WhiteFiber, Inc. ~70% at 6/30/26)",
   "role": "operator",
   "balance_date": "2026-06-30",
   "filing": {
    "form": "10-Q",
    "date": "2026-08-13",
    "url": "https://www.sec.gov/Archives/edgar/data/1710350/000121390026088709/ea0300693-10q_bitdigital.htm"
   },
   "cash_m": 83.6,
   "restricted_cash_m": 4.3,
   "finance_leases_m": null,
   "total_debt_face_m": 485.3,
   "fmp_total_debt_m": 430.3,
   "reconciliation_note": "BTBT-level instruments: 4.00% converts due 2030 150.0 + Galaxy LsETH-collateralized borrowing 50.0 = 200.0 face. Consolidated WYFI instruments (see WYFI entry; marked below): 4.50% converts due 2031 230.0 + Iceland 18.0 + RBC amended 17.339 + B. Riley 20.0 = 285.3. Total consolidated face 485.3. The $30M WYFI DDTL owed to Bit Digital Capital is intercompany and eliminates (BTBT term-debt table shows Galaxy 50 in place of WYFI's DDTL 30). Balance-sheet carrying: convertible notes, net 336.2 (150 + 230 - 43.8 discount/costs, of which 30.2 is the bifurcated 2030 conversion derivative) + ST debt 78.4 + LT debt 25.5 = 440.1. FMP totalDebt 430.3 (ST 83.9 / LT 346.4) is ~9.8 below the filing's 440.1 and its ST/LT split does not tie to any 10-Q line - FMP appears to include the 2030 notes' derivative liability (24.0) differently; treat as approximate. Cash 83.6 (of which WYFI's 56.1); restricted 4.3 is WYFI's LC collateral. Digital assets 120.1 plus 105.6 'digital asset collateral receivable' (LsETH pledged to Galaxy). No finance leases at 6/30/26.",
   "nd_convention": "Parent-level only (4.00% 2030 convert + Galaxy LsETH loan); WYFI's instruments are listed under WYFI. The tracker's net debt consolidates WYFI, so the figures differ by construction",
   "tracker_compare": "balance",
   "pro_forma_cash": [],
   "post_quarter": [
    {
     "date": "2026-07 to 2026-08-13",
     "event": "ATM: sold 7,211,736 ordinary shares for ~$12.5M gross / $12.3M net (H.C. Wainwright).",
     "url": "https://www.sec.gov/Archives/edgar/data/1710350/000121390026088709/ea0300693-10q_bitdigital.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-07-27 / 2026-07-31",
     "event": "Bit Digital Capital advanced a further $20M + $10M to WhiteFiber's NC-1 sub under the DDTL (intercompany; eliminates on consolidation but is a BTBT cash use).",
     "url": "https://www.sec.gov/Archives/edgar/data/1710350/000121390026088709/ea0300693-10q_bitdigital.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-08-21",
     "event": "WhiteFiber (consolidated) issued $310M 5.00% converts due 2032 and exchanged $198.15M of 4.50% 2031 notes for ~$118.5M cash + ~6.3M WYFI shares; the share issuance dilutes BTBT's ~70% stake (13D/A filed 2026-08-24/25; new percentage not pulled).",
     "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/ea0302925-8k_white.htm",
     "provenance": "filing"
    },
    {
     "date": "2026-10-25",
     "event": "No BTBT-level debt 8-K after the 8/13 10-Q through 2026-10-25 (EDGAR: 9/2 RW registration withdrawal, 9/9 investor deck only). 4.00% 2030 notes remain outstanding at $150M - no repurchase/conversion disclosed.",
     "url": "https://data.sec.gov/submissions/CIK0001710350.json",
     "provenance": "derived"
    }
   ],
   "sources": [],
   "tracker_basis": "consolidated"
  }
 ],
 "instruments": [
  {
   "t": "NBIS",
   "name": "Current debt (balance-sheet classification)",
   "type": "other",
   "face_m": 46.7,
   "drawn_m": 46.7,
   "committed_m": 46.7,
   "coupon": "Not disclosed",
   "coupon_pct": null,
   "floating": null,
   "issued": null,
   "maturity": "2027-06",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": null,
   "recourse": "parent",
   "collateral": "Not disclosed",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Due within 12 months of the June 30 balance date"
  },
  {
   "t": "NBIS",
   "name": "1.00% convertible senior notes due 2030 (accrete to 115%)",
   "type": "convert",
   "face_m": 1581.25,
   "drawn_m": 1581.25,
   "committed_m": 1581.25,
   "coupon": "1.0% fixed",
   "coupon_pct": 1.0,
   "floating": false,
   "issued": "2025-09-15",
   "maturity": "2030-09-15",
   "conv_price": 138.75,
   "maturity_cash_ratio": 1.15,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (Sept 2025 convert pricing, Ex. 99.2)",
    "date": "2025-09-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000141057825002149/tm2525503d8_ex99-2.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": ""
  },
  {
   "t": "NBIS",
   "name": "1.25% convertible senior notes due 2031 (accrete to 120%)",
   "type": "convert",
   "face_m": 2587.5,
   "drawn_m": 2587.5,
   "committed_m": 2587.5,
   "coupon": "1.25% fixed",
   "coupon_pct": 1.25,
   "floating": false,
   "issued": "2026-03-20",
   "maturity": "2031-03",
   "conv_price": 183.22,
   "maturity_cash_ratio": 1.2,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (Q2 2026 financial statements, Ex. 99.2, Note 12)",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": ""
  },
  {
   "t": "NBIS",
   "name": "2.75% convertible senior notes due 2032 (accrete to 115%)",
   "type": "convert",
   "face_m": 1581.25,
   "drawn_m": 1581.25,
   "committed_m": 1581.25,
   "coupon": "2.75% fixed",
   "coupon_pct": 2.75,
   "floating": false,
   "issued": "2025-09-15",
   "maturity": "2032-09-15",
   "conv_price": 138.75,
   "maturity_cash_ratio": 1.15,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (Sept 2025 convert pricing, Ex. 99.2)",
    "date": "2025-09-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000141057825002149/tm2525503d8_ex99-2.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": ""
  },
  {
   "t": "NBIS",
   "name": "2.625% convertible senior notes due 2033 (accrete to 120%)",
   "type": "convert",
   "face_m": 1750.0,
   "drawn_m": 1750.0,
   "committed_m": 1750.0,
   "coupon": "2.625% fixed",
   "coupon_pct": 2.625,
   "floating": false,
   "issued": "2026-03-20",
   "maturity": "2033-03",
   "conv_price": 180.31,
   "maturity_cash_ratio": 1.2,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (Q2 2026 financial statements, Ex. 99.2, Note 12)",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": ""
  },
  {
   "t": "NBIS",
   "name": "Operating lease liabilities (co-location)",
   "type": "lease",
   "face_m": 1625.3,
   "drawn_m": 1625.3,
   "committed_m": 1625.3,
   "coupon": "6.3% weighted discount rate",
   "coupon_pct": 6.3,
   "floating": false,
   "issued": null,
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Leased co-location space",
   "restrictions": "$12.05B undiscounted of leases signed but not yet commenced",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "8.7-year weighted term from the June 30 balance (maturity shown as the weighted end-date); excluded from the tracker's net-debt convention for NBIS 8.7-year weighted remaining term at 6/30."
  },
  {
   "t": "NBIS",
   "name": "$775M asset-backed term facility (GPU + contracted cash flows)",
   "type": "gpu_financing",
   "face_m": 775.0,
   "drawn_m": null,
   "committed_m": 775.0,
   "coupon": "1-month SOFR + 2.50%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-07-17",
   "maturity": "2030-10-31",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Deployed GPUs and contracted cash flows from one investment-grade customer",
   "restrictions": "Draw balance undisclosed; each further asset-backed raise encumbers the contract book supporting the unsecured stack",
   "as_of": "2026-07-17",
   "source": {
    "form": "press release",
    "date": "2026-07-17",
    "url": "https://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout"
   },
   "provenance": "company_release",
   "nd_include": true,
   "notes": "Terms confirmed in the Q3 disclosure cycle per the company note; no facility agreement filed"
  },
  {
   "t": "NBIS",
   "name": "2.00% convertible notes due June 2029 (post-exchange remainder; 120% at maturity)",
   "type": "convert",
   "face_m": 500.0,
   "drawn_m": 89.6,
   "drawn_bd_m": 489.6,
   "committed_m": 89.6,
   "coupon": "2.0% fixed",
   "coupon_pct": 2.0,
   "floating": false,
   "issued": "2025-06-05",
   "maturity": "2029-06-05",
   "conv_price": 51.45,
   "maturity_cash_ratio": 1.2,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-08-20",
   "source": {
    "form": "424B7 (June 2025 notes resale prospectus)",
    "date": "2025-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465925065768/tm2519765-1_424b7.htm"
   },
   "provenance": "derived",
   "nd_include": true,
   "notes": "Q2 6-K Note 12 shows $587.5M principal payable at maturity at 6/30; ÷ 1.20 accretion (June 2025 prospectus) = $489.6M original principal outstanding (small 2025 conversions, 2025 20-F). $400M of the series was exchanged for shares on 2026-08-20 (pricing 6-K), leaving $89.6M; exchange settlement not separately confirmed."
  },
  {
   "t": "NBIS",
   "name": "3.00% convertible notes due June 2031 (post-exchange remainder; 125% at maturity)",
   "type": "convert",
   "face_m": 500.0,
   "drawn_m": 90.0,
   "drawn_bd_m": 490.0,
   "committed_m": 90.0,
   "coupon": "3.0% fixed",
   "coupon_pct": 3.0,
   "floating": false,
   "issued": "2025-06-05",
   "maturity": "2031-06-05",
   "conv_price": 51.45,
   "maturity_cash_ratio": 1.25,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-08-20",
   "source": {
    "form": "424B7 (June 2025 notes resale prospectus)",
    "date": "2025-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465925065768/tm2519765-1_424b7.htm"
   },
   "provenance": "derived",
   "nd_include": true,
   "notes": "Q2 6-K Note 12 shows $612.5M principal payable at maturity at 6/30; ÷ 1.25 accretion (June 2025 prospectus) = $490.0M original principal outstanding (small 2025 conversions, 2025 20-F). $400M of the series was exchanged for shares on 2026-08-20 (pricing 6-K), leaving $90.0M; exchange settlement not separately confirmed."
  },
  {
   "t": "NBIS",
   "name": "0.50% convertible senior notes due 2030 (accrete to 110%)",
   "type": "convert",
   "face_m": 3450.0,
   "drawn_m": 3450.0,
   "committed_m": 3450.0,
   "coupon": "0.5% fixed",
   "coupon_pct": 0.5,
   "floating": false,
   "issued": "2026-08-24",
   "maturity": "2030-02-15",
   "conv_price": 313.46,
   "maturity_cash_ratio": 1.1,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-08-24",
   "source": {
    "form": "6-K",
    "date": "2026-08-24",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "August 2026 offering; $5.75B gross across the two series, net ≈$5.68B"
  },
  {
   "t": "NBIS",
   "name": "4.50% convertible senior notes due 2034 (accrete to 125%)",
   "type": "convert",
   "face_m": 2300.0,
   "drawn_m": 2300.0,
   "committed_m": 2300.0,
   "coupon": "4.5% fixed",
   "coupon_pct": 4.5,
   "floating": false,
   "issued": "2026-08-24",
   "maturity": "2034-02-15",
   "conv_price": 324.65,
   "maturity_cash_ratio": 1.25,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; ranks behind $4.275B of secured debt (ABF + Citi bridge) since Oct 2026",
   "restrictions": "Fundamental-change put at 100% of accreted principal; settlement in cash, shares or both at the company's election",
   "as_of": "2026-08-24",
   "source": {
    "form": "6-K",
    "date": "2026-08-24",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": ""
  },
  {
   "t": "NBIS",
   "name": "Citi 364-day secured bridge facility",
   "type": "bridge",
   "face_m": 3500.0,
   "drawn_m": null,
   "committed_m": 3500.0,
   "coupon": "Term SOFR + 2.75%, stepping +25bp per 90 days to 3.50%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-10-17",
   "maturity": "2027-10-16",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of Nebius Group N.V., Nebius Inc. and Nebius B.V., including subsidiary shares",
   "restrictions": "Minimum-liquidity covenant (level undisclosed); prepayable without premium; facility agreement not filed",
   "as_of": "2026-10-17",
   "source": {
    "form": "6-K",
    "date": "2026-10-22",
    "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Draw at signing undisclosed — counted as zero outstanding here; the Oct 25 debt-capacity read assumes it fully drawn"
  },
  {
   "t": "CRWV",
   "name": "DDTL 1.0 Facility (CoreWeave Compute Acquisition Co. II)",
   "type": "ddtl",
   "face_m": 1300.0,
   "drawn_m": 1300.0,
   "committed_m": 2300.0,
   "available_m": 0.0,
   "coupon": "SOFR + undisclosed margin (10-Q effective rate 15%)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2023-07",
   "maturity": "2028-03-28",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority pledge of borrower equity and substantially all SPV assets (GPU infrastructure + customer contracts)",
   "restrictions": "Secured SPV facility, parent-guaranteed (recourse). Covenants restrict incremental debt, distributions, investments, liens, asset sales, affiliate transactions and mergers; borrowings sized to depreciable cost of financed GPU servers; mandatory prepayment on default, change of control, certain asset sales / debt incurrence; interest-rate hedging requirement. In covenant compliance at 2026-06-30 (10-Q Note 10). Quarterly amortization.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 1,300 and Mar 2028 maturity verified in 10-Q debt table; $2.3B original commitment and Mar 28, 2028 final payment from 10-K Note 10. Draw period over; balance amortizing (1,553 at 12/31/25). SOFR margin not disclosed in 10-K/10-Q. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "Magnetar Loan (MagAI Capacity Agreement refundable deposit)",
   "type": "other",
   "face_m": 189.0,
   "drawn_m": 189.0,
   "committed_m": 189.0,
   "coupon": "Imputed; effective 12% per 10-Q table (accruing redemption premiums)",
   "coupon_pct": null,
   "floating": false,
   "issued": "2024",
   "maturity": "2029-01",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Unsecured capacity-agreement deposit obligation",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Verified in 10-Q table and Note 10: $100M paid to MagAI Ventures in Jun 2026; remaining $189M = unused refundable deposit plus accrued redemption premiums (273 at 12/31/25)."
  },
  {
   "t": "CRWV",
   "name": "9.250% Senior Notes due 2030",
   "type": "unsecured_notes",
   "face_m": 2000.0,
   "drawn_m": 2000.0,
   "committed_m": 2000.0,
   "coupon": "9.25% fixed",
   "coupon_pct": 9.25,
   "floating": false,
   "issued": "2025-05",
   "maturity": "2030-06",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "HY-style incurrence covenants (debt, restricted payments, liens, asset sales, affiliate transactions, mergers); 101% change-of-control put",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Principal and Jun 2030 maturity verified in 10-Q table / 10-K; exact day not re-pulled (May 2025 8-K not opened this run)."
  },
  {
   "t": "CRWV",
   "name": "DDTL 2.0 Facility (CoreWeave Compute Acquisition Co. IV)",
   "type": "ddtl",
   "face_m": 3190.0,
   "drawn_m": 3190.0,
   "committed_m": 7600.0,
   "available_m": 0.0,
   "coupon": "SOFR + undisclosed margin (10-Q effective rate 11%)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2024-05",
   "maturity": "2030-08",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority pledge of borrower equity and substantially all SPV assets",
   "restrictions": "Secured SPV facility, parent-guaranteed (recourse). Covenants restrict incremental debt, distributions, investments, liens, asset sales, affiliate transactions and mergers; borrowings sized to depreciable cost of financed GPU servers; mandatory prepayment on default, change of control, certain asset sales / debt incurrence; interest-rate hedging requirement. In covenant compliance at 2026-06-30 (10-Q Note 10). Quarterly amortization from Jan 2026; each loan due five years after funding.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 3,190 (down from 5,037 at 12/31/25) and Aug 2030 maturity verified in 10-Q table; up-to-$7.6B commitment from 10-K. Whether the $3.0B DDTL 2.1 tranche sits inside or on top of the $7.6B is not explicit in the filings. SOFR margin not disclosed. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "DDTL 3.0 Facility (CoreWeave Compute Acquisition Co. V / VII)",
   "type": "ddtl",
   "face_m": 2215.0,
   "drawn_m": 2215.0,
   "committed_m": 2600.0,
   "available_m": 385.0,
   "coupon": "SOFR + 4.00%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2025-07-28",
   "maturity": "2030-08",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority pledge of borrower equity and substantially all SPV assets",
   "restrictions": "Secured SPV facility, parent-guaranteed (recourse). Covenants restrict incremental debt, distributions, investments, liens, asset sales, affiliate transactions and mergers; borrowings sized to depreciable cost of financed GPU servers; mandatory prepayment on default, change of control, certain asset sales / debt incurrence; interest-rate hedging requirement. In covenant compliance at 2026-06-30 (10-Q Note 10). Monthly amortization from Apr 2026, final Aug 2030; draws through Jul 2026. Dec 31, 2025 First Amendment (8-K filed 2026-01-02): minimum-liquidity covenant cut to $100M for Mar-Apr 2026 payment dates, DSCR first test deferred to Oct 31, 2027, contract-realization-ratio first test deferred to Feb 28, 2026, unlimited equity cures before Oct 28, 2026 then max 3 of 4 consecutive months. Interest-rate swaps on >=75% of anticipated floating borrowings.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 2,215 and Aug 2030 verified in 10-Q table; $2.6B commitment and SOFR + 4.00% from 10-K; amendment terms from 8-K filed 2026-01-02 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000003/crwv-20251231.htm). ~385 undrawn at 6/30 within the $10.0B undrawn total. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "9.000% Senior Notes due 2031",
   "type": "unsecured_notes",
   "face_m": 1750.0,
   "drawn_m": 1750.0,
   "committed_m": 1750.0,
   "coupon": "9.00% fixed",
   "coupon_pct": 9.0,
   "floating": false,
   "issued": "2025-07",
   "maturity": "2031-02",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "HY-style incurrence covenants (debt, restricted payments, liens, asset sales, affiliate transactions, mergers); 101% change-of-control put",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Principal and Feb 2031 maturity verified in 10-Q table / 10-K; exact day not re-pulled."
  },
  {
   "t": "CRWV",
   "name": "DDTL 2.1 Facility (tranche under amended DDTL 2.0 credit agreement)",
   "type": "ddtl",
   "face_m": 3000.0,
   "drawn_m": 3000.0,
   "committed_m": 3000.0,
   "available_m": 0.0,
   "coupon": "SOFR + 4.25%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2025-09",
   "maturity": "2031-03",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Same collateral package as DDTL 2.0 (borrower equity + SPV assets)",
   "restrictions": "Secured SPV facility, parent-guaranteed (recourse). Covenants restrict incremental debt, distributions, investments, liens, asset sales, affiliate transactions and mergers; borrowings sized to depreciable cost of financed GPU servers; mandatory prepayment on default, change of control, certain asset sales / debt incurrence; interest-rate hedging requirement. In covenant compliance at 2026-06-30 (10-Q Note 10). Quarterly amortization from Jul 2026; each loan due five years after funding (draw period ran to Mar 2026, hence Mar 2031).",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 3,000 = full commitment, verified in 10-Q table (2,741 at 12/31/25). SOFR + 4.25% and $3.0B capacity from 10-K 2025 issuance table. 10-K table showed Dec 2030 maturity; 10-Q now shows Mar 2031 after final draws in Mar 2026. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "9.750% Senior Notes due 2031",
   "type": "unsecured_notes",
   "face_m": 2750.0,
   "drawn_m": 2750.0,
   "committed_m": 2750.0,
   "coupon": "9.75% fixed",
   "coupon_pct": 9.75,
   "floating": false,
   "issued": "2026-04-14",
   "maturity": "2031-10-01",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "HY-style incurrence covenants (debt, restricted payments, liens, asset sales, affiliate transactions, mergers); 101% change-of-control put",
   "as_of": "2026-06-30",
   "source": {
    "form": "8-K",
    "date": "2026-04-21",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000183/crwv-20260416.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "$1,750M issued Apr 14, 2026 plus $1,000M add-on Apr 21, 2026 under a First Supplemental Indenture = $2,750M single class. Semi-annual Apr 1 / Oct 1 from Oct 1, 2026. Make-whole before Oct 1, 2028; 40% equity claw before Oct 1, 2028; 101% CoC put. Verified in 8-Ks filed 2026-04-14 and 2026-04-21 and the 10-Q table."
  },
  {
   "t": "CRWV",
   "name": "DDTL 5.0 Facility (CoreWeave Financing DDTL V)",
   "type": "ddtl",
   "face_m": 1101.0,
   "drawn_m": 1101.0,
   "committed_m": 3100.0,
   "available_m": 1999.0,
   "coupon": "Daily compounded SOFR + 4.50% (0% floor); ABR + 3.50%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-05-15",
   "maturity": "2031-11-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority pledge of borrower-subsidiary equity and substantially all their assets (GPU servers / customer contracts)",
   "restrictions": "Secured SPV facility, parent-guaranteed (recourse). Covenants restrict incremental debt, distributions, investments, liens, asset sales, affiliate transactions and mergers; borrowings sized to depreciable cost of financed GPU servers; mandatory prepayment on default, change of control, certain asset sales / debt incurrence; interest-rate hedging requirement. In covenant compliance at 2026-06-30 (10-Q Note 10). DSCR >= 1.35x from the first full month after the earlier of commitments-to-zero and Sep 30, 2026. Draws through Sep 30, 2026; 0.50% undrawn fee; monthly amortization from Nov 2026 with expected final payment May 2031 (legal maturity Nov 15, 2031). Swaps on >= 95% of anticipated floating loans.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 1,101 and Nov 2031 verified in 10-Q table; $3.1B commitment, SOFR + 4.50%, Nov 15, 2031 maturity, 1.35x DSCR verified in 8-K filed 2026-05-18 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/crwv-20260515.htm). 10-Q narrative: expected final payment May 2031. ~1,999 undrawn at 6/30. $25M capitalized issuance costs. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "1.75% Convertible Senior Notes due 2031",
   "type": "convert",
   "face_m": 2587.5,
   "drawn_m": 2587.5,
   "committed_m": 2587.5,
   "coupon": "1.75% fixed",
   "coupon_pct": 1.75,
   "floating": false,
   "issued": "2025-12-11",
   "maturity": "2031-12-01",
   "conv_price": 107.8,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "Conditional conversion (130% price / 98% trading-price triggers) until the free-convert window; fundamental-change put at par; no sinking fund; no maintenance covenants",
   "as_of": "2026-06-30",
   "source": {
    "form": "8-K",
    "date": "2025-12-11",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962825000105/crwv-20251208.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Face $2,587.5M (incl. $337.5M greenshoe), shown as 2,588 in the 10-Q table. Initial conversion rate 9.2764 sh/$1,000 = conversion price ~$107.80 (25% premium to $86.24 on Dec 8, 2025). Capped calls: strike $107.80, cap $215.60, cost ~$340.0M. Net proceeds ~$2,542.2M before expenses. Provisional redemption on/after Dec 5, 2028 at 130% trigger; free convert from Sep 1, 2031. Guaranteed by the senior-note guarantors. Verified in 8-K filed 2025-12-11; drawn verified in 10-Q table."
  },
  {
   "t": "CRWV",
   "name": "DDTL 4.0 Facility (CoreWeave Compute Acquisition Co. VIII) - non-recourse",
   "type": "ddtl",
   "face_m": 2837.0,
   "drawn_m": 2837.0,
   "committed_m": 8500.0,
   "available_m": 5663.0,
   "coupon": "Floating tranche: daily compounded SOFR + 2.25% (0% floor; ABR + 1.25%); fixed tranche: UST blended rate + 2.00%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-03-30",
   "maturity": "2032-03-31",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "First-priority pledge of CCAC VIII equity and substantially all CCAC VIII assets ($3.3B non-current assets, $155M current assets incl. restricted cash at 6/30/26)",
   "restrictions": "Non-recourse except customary bad-boy carve-outs. DSCR >= 1.15x tested monthly from the first full month after the earlier of commitments-to-zero and Jun 30, 2027. Restricted-cash reserve = forward 3-month coverage of scheduled interest, principal, swap settlements and opex (max projected 3-month amounts after commitment termination). Hedge >= 95% of anticipated floating borrowings post-commitment termination; power-cost hedging requirement. 0.50% undrawn fee. Monthly amortization from the earliest of commitment termination (Jun 30, 2027), delayed-site amortization dates, or top-up draw dates; remainder at maturity. Mandatory prepayment on default / change of control / certain asset sales or debt incurrence.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn 2,837 at 6/30 (1.4B floating + 1.5B fixed per Note 10; 2,837 principal less 56 unamortized costs = 2,781 carrying) and Mar 2032 verified in 10-Q; $8.5B commitment, Mar 31, 2032 maturity, margins and 1.15x DSCR verified in 8-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/crwv-20260330.htm). Register's IG rating (A3/A-low) NOT verified in filings this run - from press/company release only. ~5,663 undrawn at 6/30. Availability derived: DDTL 3.0 $385M + DDTL 4.0 $5,663M + DDTL 5.0 $1,999M + revolver $1,967M (after $533M LCs) = the 10-Q's $10,014M of unused facilities at 6/30; DDTL 1.0/2.0/2.1 draw periods are closed, so their committed − drawn is repaid principal, not availability."
  },
  {
   "t": "CRWV",
   "name": "9.625% Senior Notes due 2032",
   "type": "unsecured_notes",
   "face_m": 1250.0,
   "drawn_m": 1250.0,
   "committed_m": 1250.0,
   "coupon": "9.625% fixed",
   "coupon_pct": 9.625,
   "floating": false,
   "issued": "2026-06-18",
   "maturity": "2032-07-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "HY-style incurrence covenants (debt, restricted payments, liens, asset sales, affiliate transactions, mergers); 101% change-of-control put",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Principal and Jul 15, 2032 maturity verified in 10-Q Note 10 (indenture dated Jun 18, 2026; the 2026-06-18 8-K was not re-opened)."
  },
  {
   "t": "CRWV",
   "name": "8.500% Senior Notes due 2032 (EUR 2.0B)",
   "type": "unsecured_notes",
   "face_m": 2279.0,
   "drawn_m": 2279.0,
   "committed_m": 2279.0,
   "coupon": "8.50% fixed (EUR)",
   "coupon_pct": 8.5,
   "floating": false,
   "issued": "2026-06-18",
   "maturity": "2032-07-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "HY-style incurrence covenants (debt, restricted payments, liens, asset sales, affiliate transactions, mergers); 101% change-of-control put",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "EUR 2,000M principal; USD 2,279M is the 10-Q balance-sheet translation at 6/30/26 (implied ~1.14 USD/EUR). EUR 2.0B cross-currency interest-rate swap designated as a fair-value hedge (Jun 2026). Verified in 10-Q Note 10."
  },
  {
   "t": "CRWV",
   "name": "1.75% Convertible Senior Notes due 2032",
   "type": "convert",
   "face_m": 4000.0,
   "drawn_m": 4000.0,
   "committed_m": 4000.0,
   "coupon": "1.75% fixed",
   "coupon_pct": 1.75,
   "floating": false,
   "issued": "2026-04-14",
   "maturity": "2032-10-01",
   "conv_price": 119.6,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "Conditional conversion (130% price / 98% trading-price triggers) until the free-convert window; fundamental-change put at par; no sinking fund; no maintenance covenants",
   "as_of": "2026-06-30",
   "source": {
    "form": "8-K",
    "date": "2026-04-14",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000164/crwv-20260409.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Face $4,000M incl. $500M greenshoe. Initial conversion rate 8.3612 sh/$1,000 = conversion price ~$119.60. Capped calls: strike $119.60, cap $230.00 (150% premium to $92.00 on Apr 9, 2026), cost $492.0M. Net proceeds $3,940.0M before expenses. Free convert from Jul 1, 2032. Verified in 8-K filed 2026-04-14 and 10-Q Note 10 (conversion price, cap, cost all match)."
  },
  {
   "t": "CRWV",
   "name": "Finance lease liabilities",
   "type": "lease",
   "face_m": 221.0,
   "drawn_m": 221.0,
   "committed_m": 221.0,
   "coupon": "Weighted-average discount rate 10%; DCSP data-center finance lease imputed 13%",
   "coupon_pct": null,
   "floating": false,
   "issued": "various",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Leased equipment / data-center infrastructure",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "7 current + 214 non-current = 221 (254 at 12/31/25), verified in 10-Q Note 9. Excluded from total_debt_face_m and from the filing's $35.6B total indebtedness. DCSP financing obligation + finance lease ($230M) is presented net against the $302M DCSP note receivable (right of setoff)."
  },
  {
   "t": "CRWV",
   "name": "Operating lease liabilities (data-center and office leases)",
   "type": "lease",
   "face_m": 16319.0,
   "drawn_m": 16319.0,
   "committed_m": 16319.0,
   "coupon": "Incremental borrowing rate (10-Q Note 8)",
   "coupon_pct": null,
   "floating": false,
   "issued": null,
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Leased data-center capacity",
   "restrictions": "$35.5B of signed-not-commenced lease commitments outside this balance",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Included because the capacity tracker's CRWV net debt is lease-inclusive ($46.552B); the after-rent valuation uses the $30.233B financial bridge instead"
  },
  {
   "t": "CRWV",
   "name": "OEM and Software License Financing Arrangements - non-recourse",
   "type": "vendor",
   "face_m": 882.0,
   "drawn_m": 882.0,
   "committed_m": 882.0,
   "coupon": "Mixed; effective 9% per 10-Q table",
   "coupon_pct": null,
   "floating": false,
   "issued": "various",
   "maturity": "amortizing 2026-08 to 2028-08",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "Financed equipment held in subsidiaries; recourse limited to subsidiary assets with customary carve-out guarantees",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Verified in 10-Q table (647 at 12/31/25)."
  },
  {
   "t": "CRWV",
   "name": "OEM and Software License Financing Arrangements - recourse",
   "type": "vendor",
   "face_m": 4220.0,
   "drawn_m": 4220.0,
   "committed_m": 4220.0,
   "coupon": "Mixed; effective 11% per 10-Q table (weighted-average 9% on short-term OEM tranches)",
   "coupon_pct": null,
   "floating": false,
   "issued": "various",
   "maturity": "amortizing 2026-12 to 2030-07",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Financed equipment / software licenses (vendor financing)",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Verified in 10-Q table. Total OEM financing outstanding $4.8B + software license financing $347M = $5.1B across recourse (4,220) and non-recourse (882) lines."
  },
  {
   "t": "CRWV",
   "name": "Senior secured Revolving Credit Facility",
   "type": "revolver",
   "face_m": 2500.0,
   "drawn_m": 1200.0,
   "drawn_bd_m": 0.0,
   "committed_m": 2500.0,
   "available_m": 767.0,
   "coupon": "Floating; margin not disclosed in 10-K/10-Q (effective rate 7% in 10-Q table)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2024",
   "maturity": "2029-11",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Pledges of certain assets; guaranteed by the domestic restricted subsidiaries that also guarantee the senior notes",
   "restrictions": "Covenant metrics modified in the Nov 2025 amendment (details not disclosed in 10-Q); 0.25% undrawn fee; $533M letters of credit outstanding at 6/30/26 reduce availability",
   "as_of": "2026-08-11",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Zero drawn at 6/30/26 ($1.0B drawn at 12/31/25 was repaid Apr 2026); $2.0B remaining capacity after $533M LCs. Capacity raised to $2.5B and maturity extended to Nov 2029 in Nov 2025 (10-K). 10-Q Note 16: $1.2B drawn in Aug 2026 (post-quarter). Omitted from the notebook register - added here. $1.2B drawn in Aug 2026 (10-Q Note 16); $0 at 6/30. Availability derived: $2.5B − $1.2B − $533M LCs outstanding at 6/30 (later LC balance undisclosed)."
  },
  {
   "t": "CRWV",
   "name": "DDTL 5.5 Facility (CoreWeave Financing DDTL V-V) - post-quarter",
   "type": "ddtl",
   "face_m": 2600.0,
   "drawn_m": 1200.0,
   "committed_m": 2600.0,
   "available_m": 1400.0,
   "coupon": "Term SOFR + 5.50% (0% floor); base rate + 4.50%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-08-07",
   "maturity": "2031-09-01",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of borrower and subsidiaries plus 100% pledge of borrower equity held by CW Financing DDTL V-V Holdco; parent guarantee and pledge agreement",
   "restrictions": "Parent-guaranteed (recourse). DSCR >= 1.35x (trailing 3 months, monthly) from the first full month after the earlier of commitments-to-zero and Dec 31, 2026; projected DSCR >= 1.35x also governs contract renewals/re-leases. Liquidity Requirement (cash in Liquidity Account or standby L/C): $112.5M through month 6, then greater of 10% of outstanding principal or $112.5M; drops to next-2-months' scheduled P&I in the final 12 months; 15-business-day equity-cure window. Monthly waterfall funds a Liquidity Account and Distribution Reserve Account; distributions only after the Commitment Termination Date and only if Distribution Conditions are met. Cash Trap Event (e.g. unwaived material MSA breach giving the counterparty a termination right) diverts residual cash to a Cash Trap Account; three consecutive monthly trap dates = Cash Sweep Event requiring 100% of collateral-account cash to prepay loans until Projected Contract Value Ratio > 2.40x. 0.50% undrawn fee; draws through Dec 2026; cross-default and material-contract adverse-event EoDs.",
   "as_of": "2026-08-11",
   "source": {
    "form": "8-K",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Facility size, rate, Sep 1, 2031 maturity, DSCR and security verified in 8-K filed 2026-08-10 (Items 1.01/2.03) and Credit Agreement Ex. 10.1 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm). Not drawn at signing per 8-K; 10-Q Note 16 (filed 2026-08-12) says $1.2B drawn subsequent to closing - drawn_m is as of ~2026-08-11, not 6/30. Underlying customer contracts average ~3 years vs ~5-year facility (renewal/re-lease risk underwritten); ratings Ba2 (Moody's) / BB+ (Fitch) per company press release Ex. 99.1 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex991pr.htm) - company_release provenance for the ratings only. face_m 0 at balance date; committed 2,600. Draws available through Dec 2026 per the 8-K."
  },
  {
   "t": "CRWV",
   "name": "2.875% Convertible Senior Notes due 2033 - post-quarter",
   "type": "convert",
   "face_m": 4200.0,
   "drawn_m": 4200.0,
   "committed_m": 4200.0,
   "coupon": "2.875% fixed",
   "coupon_pct": 2.875,
   "floating": false,
   "issued": "2026-09-22",
   "maturity": "2033-04-01",
   "conv_price": 97.85,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured; guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Revolving Credit Facility",
   "restrictions": "Conditional conversion (130% price / 98% trading-price triggers) until the free-convert window; fundamental-change put at par; no sinking fund; no maintenance covenants",
   "as_of": "2026-09-22",
   "source": {
    "form": "8-K",
    "date": "2026-09-22",
    "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued Sep 22, 2026 (upsized from $3.0B launch; incl. $500M greenshoe). Initial conversion rate 10.2194 sh/$1,000 = conversion price ~$97.85 (22.5% premium to $79.88 on Sep 17, 2026); max conversion rate 12.5187 (52,578,540-share cap). Capped calls: cap $199.70 (150% premium), cost ~$566.2M. Net proceeds $4,137.0M before expenses. Provisional redemption on/after Apr 5, 2030 at 130% trigger; cleanup redemption below $100M outstanding; free convert from Jan 3, 2033; semi-annual Apr 1 / Oct 1 from Apr 1, 2027. Cross-default threshold greater of $200M or 5% of LTM EBITDA. drawn_m is as of 2026-09-22, not 6/30 (zero at balance date). Verified in 8-K filed 2026-09-22."
  },
  {
   "t": "APLD",
   "name": "Starion Term Loan (APLD Hosting, LLC)",
   "type": "term_loan",
   "face_m": 3.9,
   "drawn_m": 3.9,
   "committed_m": 3.9,
   "coupon": "6.50% fixed",
   "coupon_pct": 6.5,
   "floating": false,
   "issued": "2022",
   "maturity": "2027-07",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of APLD Hosting and its interests in master hosting and electric services agreements (Jamestown); guaranteed by the Company",
   "restrictions": "Debt service coverage ratio covenant (in compliance 5/31/26)",
   "as_of": "2026-05-31",
   "source": {
    "form": "10-K",
    "date": "2026-07-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Balance $3,900k at 5/31/26; see aggregate note on Starion Ellendale row. Issue date approximate."
  },
  {
   "t": "APLD",
   "name": "Starion Ellendale Loan (APLD ELN-01 LLC)",
   "type": "term_loan",
   "face_m": 8.1,
   "drawn_m": 8.1,
   "committed_m": 8.1,
   "coupon": "7.48% fixed",
   "coupon_pct": 7.48,
   "floating": false,
   "issued": "2023",
   "maturity": "2028-02",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of APLD ELN-01 LLC; guaranteed by the Company",
   "restrictions": "Debt service coverage ratio covenant (in compliance 5/31/26)",
   "as_of": "2026-05-31",
   "source": {
    "form": "10-K",
    "date": "2026-07-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Balance $8,108k at 5/31/26. The 10-Q gives only the aggregate of the three legacy secured term loans at 8/31/26 ($19.2M vs $21.9M at 5/31/26); per-loan 8/31 balances not disclosed. Issue date approximate."
  },
  {
   "t": "APLD",
   "name": "Cornerstone Bank Loan (APLD GPU-01, LLC)",
   "type": "term_loan",
   "face_m": 9.9,
   "drawn_m": 9.9,
   "committed_m": 9.9,
   "coupon": "8.59% fixed",
   "coupon_pct": 8.59,
   "floating": false,
   "issued": "2024",
   "maturity": "2029-03",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of APLD GPU-01 incl. electrical services agreements and HPC terms-of-service agreements at Jamestown; guaranteed by the Company, APLD Hosting and Sai Computing",
   "restrictions": "none disclosed beyond customary covenants",
   "as_of": "2026-05-31",
   "source": {
    "form": "10-K",
    "date": "2026-07-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Balance $9,910k at 5/31/26; see aggregate note on Starion Ellendale row. Issue date approximate."
  },
  {
   "t": "APLD",
   "name": "2026 Revolving Credit Facility (APLD Intermediate HoldCo LLC)",
   "type": "revolver",
   "face_m": 430.0,
   "drawn_m": 82.39,
   "committed_m": 430.0,
   "available_m": 106.61,
   "coupon": "Term SOFR + 2.25% (or ABR + 1.25%); 0.25% unused fee",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-05",
   "maturity": "2029-05-29",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of the loan parties (subject to exclusions); guaranteed by Applied Digital Corp, Applied Talent Resources, James River Housing, APLD Holdings 1/2, APLD HPC TopCo LLC, APLD HPC Holdings LLC",
   "restrictions": "Matures earlier of 2029-05-29 or 91 days before a specified date under the Series G Preferred Equity Purchase Agreement. $241.0M standby letters of credit outstanding at 8/31/26 reduce availability (available ~ $106.6M). Commitments upsized $350M -> $430M on 2026-06-26 with $120M accordion remaining.",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn $82.39M at 8/31/26 (none at 5/31/26). Issue month inferred from maturity date (5/29/2026 + 3y); the original credit agreement 8-K was not opened. Availability derived: $430M − $82.4M drawn − $241M LCs (10-Q)."
  },
  {
   "t": "APLD",
   "name": "2.75% Convertible Senior Notes due 2030",
   "type": "convert",
   "face_m": 450.0,
   "drawn_m": 450.0,
   "committed_m": 450.0,
   "coupon": "2.75% fixed",
   "coupon_pct": 2.75,
   "floating": false,
   "issued": "2024-11-04",
   "maturity": "2030-06-01",
   "conv_price": 9.75,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Applied Digital Corporation",
   "restrictions": "none disclosed (standard convert indenture; convertible before 2030-03-01 only on triggers, freely from 2030-03-01)",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Corrects the notebook: issued 2024-11-04 (not Nov 2025), $450M incl. $75M greenshoe, at 100%. Initial conversion rate 102.5431 sh/$1,000 (~$9.75); max rate 135.8695. Capped calls cost $51.8M, cap price $14.72 (8-K 2024-11-04: https://www.sec.gov/Archives/edgar/data/1144879/000149315224043604/form8-k.htm). Interest June 1 / Dec 1. Net carrying $276.6M at 8/31/26 with $173.4M unamortized deferred financing costs (includes prepaid-forward/structure costs); fair value $399.1M (Level 3). Deep in the money at current prices; dilution capped by capped call up to $14.72."
  },
  {
   "t": "APLD",
   "name": "9.250% Senior Secured Notes due 2030 (APLD ComputeCo LLC / Polaris Forge 1 ELN-02/03)",
   "type": "secured_notes",
   "face_m": 2350.0,
   "drawn_m": 2350.0,
   "committed_m": 2350.0,
   "coupon": "9.250% fixed",
   "coupon_pct": 9.25,
   "floating": false,
   "issued": "2025-11-20",
   "maturity": "2030-12-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "project",
   "collateral": "Equity interests of issuer APLD ComputeCo LLC and guarantors (APLD ELN-02/ELN-03 HoldCo, LLC and LandCo entities, majority-owned), the Project Accounts and substantially all assets of issuer and guarantors",
   "restrictions": "Indenture limits on debt, restricted payments, liens, asset sales, affiliate transactions, mergers; debt service reserve account funded from proceeds (included in restricted cash); semi-annual amortization after lease commencement per indenture",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued at 97.000% of par (10-K FY26). Interest payable June 15 / Dec 15 from 2026-06-15. Fair value ~$2.5B (Level 2) at 8/31/26. Issuer sits under APLD HPC TopCo 2, where Macquarie (MIP HPC Holdings) holds $1,825M of 12.75% PIK preferred units; parent recourse beyond completion support not confirmed for this series (10-K: https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)."
  },
  {
   "t": "APLD",
   "name": "6.750% Senior Secured Notes due 2031 (APLD ComputeCo 2 LLC / Polaris Forge 2 FAR-01/02)",
   "type": "secured_notes",
   "face_m": 2150.0,
   "drawn_m": 2150.0,
   "committed_m": 2150.0,
   "coupon": "6.750% fixed",
   "coupon_pct": 6.75,
   "floating": false,
   "issued": "2026-03-10",
   "maturity": "2031-03-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "project",
   "collateral": "Equity interests of issuer and guarantors (APLD FAR-01/FAR-02 HoldCo, LLC and LandCo entities, majority-owned), the Project Accounts and substantially all assets of issuer and guarantors",
   "restrictions": "Customary high-yield project covenants; proceeds held in escrow until escrow release condition satisfied 2026-06-18; semi-annual amortization begins after final commencement date of the Projects, amounts per indenture",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued at 98.000% of par; interest March 15 / Sept 15 beginning 2026-09-15 (10-K FY26 https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm). Fair value ~$2.0B at 8/31/26 vs ~$2.2B at 5/31/26."
  },
  {
   "t": "APLD",
   "name": "7.000% Senior Secured Notes due 2031 (APLD ComputeCo 3 LLC / Polaris Forge 1 ELN-04)",
   "type": "secured_notes",
   "face_m": 1590.0,
   "drawn_m": 1590.0,
   "committed_m": 1590.0,
   "coupon": "7.000% fixed",
   "coupon_pct": 7.0,
   "floating": false,
   "issued": "2026-06-16",
   "maturity": "2031-06-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "project",
   "collateral": "First-priority liens on substantially all assets of APLD ComputeCo 3 and subsidiary guarantors (APLD ELN-04 HoldCo LLC, APLD ELN-04 LLC, APLD ELN-04 LandCo LLC) incl. project accounts, plus pledge of ComputeCo 3 equity by its direct parent",
   "restrictions": "Limits on debt, restricted payments, investments, liens, asset sales, sale-leasebacks, non-permitted businesses, affiliate transactions, mergers. Amortization: semi-annual after final lease commencement, initial 2.70% p.a. of original principal, +0.50% each anniversary. Debt service reserves and interest-during-construction funded from proceeds. Lease termination fees must be applied to redeem at par. Change of control put at 101%.",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued at 100% (Goldman Sachs lead, 144A/Reg S). Proceeds funded ELN-04 construction, repaid the $300M Bridge Facility in full, funded DSRA. Parent provides a completion guarantee only; 'Other than the completion guarantee, the Company is not a guarantor'. Redemption: make-whole before 2028-06-15; 40% equity claw and 10%/yr at par-plus before 2028-06-15; callable at indenture prices from 2028-06-15. Unamortized issuance costs $28.7M. Fair value ~$1.5B. Corrects the notebook: coupon is 7.000% (not refinancing of the 6.75%s); the bridge it refinanced was $300M."
  },
  {
   "t": "APLD",
   "name": "Texas Capital Bank Loan and Security Agreement note",
   "type": "term_loan",
   "face_m": 58.5,
   "drawn_m": 58.5,
   "committed_m": 58.5,
   "coupon": "1-month Term SOFR + 2.75%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-06-30",
   "maturity": "2031-06-30",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Certain corporate assets",
   "restrictions": "Market capitalization must remain above $2.0B at the close of any trading day; liquidity covenant tied in part to market cap; customary covenants and cross-default",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Included in 'Other debt' ($99.2M) in Note 9. Market-cap covenant is the only parent-level price-linked trigger in the stack."
  },
  {
   "t": "APLD",
   "name": "APLD HPC TopCo 2 preferred units held by MIP HPC Holdings (Macquarie Asset Management) — NOT DEBT",
   "type": "other",
   "category": "preferred_equity",
   "face_m": 1825.0,
   "drawn_m": 1825.0,
   "committed_m": 1825.0,
   "coupon": "12.75% PIK, compounding semi-annually; steps up 87.5 bp on 2030-10-07 and 2031-10-07, +200 bp on 2035-10-07 and annually thereafter to a 16.75% cap; further increases if weighted all-in rate on certain debt exceeds 8.75% or on trigger events",
   "coupon_pct": 12.75,
   "floating": false,
   "issued": "2025-10-06",
   "maturity": "2032-10-06",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "project",
   "collateral": "Preferred equity in APLD HPC TopCo 2 LLC (owner of the Polaris Forge 1 project entities); structurally junior to the 9.250% and 7.000% project notes, senior to APLD's common equity in TopCo 2",
   "restrictions": "Redemption features (investor put on a Sale, APLD Holdings call, Distribution Redemptions) and Contingent Dividend Rate Increase bifurcated as derivatives; 'expected maturity' used in valuation 2032-10-06. MIP also holds 13.5% of TopCo 2 fully diluted common units and 2.4M APLD warrants at $8.29.",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Four closings Oct 2025 - May 29, 2026 totalling $1,825M preferred ($112.5M, $450M, $337.5M, $925M). Carrying value of redeemable NCI $2,010.9M at 8/31/26 (incl. $60.1M PIK in the quarter). Included here because it is debt-like project capital the notebook tracks; EXCLUDED from total_debt_face_m. Rate terms from 10-K FY26 Note 16: https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm Preferred equity at the project HoldCo (FMP minorityInterest): senior to common, not debt."
  },
  {
   "t": "APLD",
   "name": "Two promissory notes (entered Q2 FY26)",
   "type": "other",
   "face_m": 18.5,
   "drawn_m": 18.5,
   "committed_m": 18.5,
   "coupon": "undisclosed",
   "coupon_pct": null,
   "floating": false,
   "issued": "2025-11",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "undisclosed",
   "restrictions": "none disclosed",
   "as_of": "2026-08-31",
   "source": {
    "form": "10-Q",
    "date": "2026-10-07",
    "url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Disclosed only as 'two promissory notes ... for a total of approximately $18.5 million' within Other debt. 10-Q fair-value text refers to a 'Promissory Note' accreting from a business-combination acquisition date (likely ChronoScale/Ekso related). Other debt $99.2M = 58.5 + 19.2 + 18.5 = 96.2; residual ~$3.0M unexplained (accretion/other). $12.0M of SAFE liabilities in the 5/31 balance were repaid 2026-06-02 for $13.3M."
  },
  {
   "t": "CORZ",
   "name": "3.00% Convertible Senior Notes due 2029",
   "type": "convert",
   "face_m": 460.0,
   "drawn_m": 460.0,
   "committed_m": 460.0,
   "coupon": "3.00% fixed (3.7% effective)",
   "coupon_pct": 3.0,
   "floating": false,
   "issued": "2024-08-19",
   "maturity": "2029-09-01",
   "conv_price": 11.0,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Core Scientific, Inc.",
   "restrictions": "none disclosed (standard convert indenture; 130% stock-price trigger ~$14.30)",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-07-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Conversion condition satisfied Q4'25, Q1'26, Q2'26, so convertible at holder option through Q3'26; no conversions in 1H26. No capped call disclosed (none found in the FY25 10-K). Fair value $1,108.3M at 6/30/26 (2.4x face) — effectively equity-like; treat maturity_cash_ratio as 1.0 only if settled in cash."
  },
  {
   "t": "CORZ",
   "name": "7.75% Senior Secured Notes due 2031 (Core Scientific Finance I LLC)",
   "type": "secured_notes",
   "face_m": 3300.0,
   "drawn_m": 3300.0,
   "committed_m": 3300.0,
   "coupon": "7.75% fixed (8.3% effective)",
   "coupon_pct": 7.75,
   "floating": false,
   "issued": "2026-05-06",
   "maturity": "2031-05-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "project",
   "collateral": "First-priority liens on substantially all assets of Core Scientific Finance and Subsidiary Guarantors (Core Scientific Austin, Denton, Dalton, Marble, Muskogee LLCs), equity of Core Scientific Finance held by its direct parent, and ringfenced assets/rights not yet transferred",
   "restrictions": "Covenants on debt, restricted payments, investments, liens, asset sales, sale-leasebacks, unrelated operations, affiliate transactions, mergers (apply to issuer/guarantors only). Debt service reserve account $344.8M at 6/30/26 (restricted cash). Amortization: semi-annual installments from the First Installment Payment Date (first payment date >= 15 days after later of rent commencement and abatement of revenue credits under the datacenter leases) at 11.50% p.a. of original principal; filing's maturity table assumes 2029-11-15 (2029: 189.75; 2030: 379.5; thereafter 2,730.75). Make-whole before 2028-05-15; CoC put at 101%. Parent gave an UNCAPPED completion guarantee for the specified projects.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-07-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Single series (corrects the notebook's 'identify each series' — the 2026 secured issuance is one $3.3B tranche). Issued at 99.25% ($24.8M OID + $42.0M issuance costs). Interest May 15 / Nov 15 from 2026-11-15. Proceeds funded the DSRA and a distribution to parent used to repay the $1.0B Term Loan Facility. Fair value $3,349.1M. Indenture: https://www.sec.gov/Archives/edgar/data/1839341/000119312526208905/d47435dex41.htm (maturity May 15, 2031 per form of note)."
  },
  {
   "t": "CORZ",
   "name": "0.00% Convertible Senior Notes due 2031",
   "type": "convert",
   "face_m": 625.0,
   "drawn_m": 625.0,
   "committed_m": 625.0,
   "coupon": "0.00% (0.4% effective)",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2024-12-05",
   "maturity": "2031-06-15",
   "conv_price": 22.49,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Core Scientific, Inc.",
   "restrictions": "none disclosed (standard convert indenture; 130% stock-price trigger ~$29.24, not met through 6/30/26)",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-07-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Fair value $868.4M at 6/30/26. No capped call disclosed."
  },
  {
   "t": "CORZ",
   "name": "Revolving Credit Facility (JPMorgan Chase Bank, N.A., agent) — post-quarter",
   "type": "revolver",
   "face_m": 100.0,
   "drawn_m": 0.0,
   "committed_m": 100.0,
   "available_m": 100.0,
   "coupon": "Adjusted Term SOFR (0% floor) + 1.750% or ABR + 0.75%; 0.25% commitment fee",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-08-25",
   "maturity": "2029-08-25",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority lien on substantially all assets of Core Scientific, Inc. and wholly owned material domestic subsidiary guarantors (outside the ringfenced notes collateral)",
   "restrictions": "Liquidity (unrestricted cash + undrawn revolver) >= $150.0M at each quarter-end; each revolver borrowing requires market cap >= $3,000.0M at prior close; customary negative covenants. Maturity third anniversary of closing, extendable to fourth at company election.",
   "as_of": "2026-08-25",
   "source": {
    "form": "8-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000021/core-20260825.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Corrects the notebook: agent/lender is JPMorgan Chase, not Morgan Stanley. Undrawn at closing. The 8-K says nothing about releasing ~$300M of restricted cash; that claim remains secondary/unverified. Excluded from total_debt_face_m (post-quarter, undrawn). Undrawn at closing (8-K)."
  },
  {
   "t": "IREN",
   "name": "Other debt (unspecified)",
   "type": "other",
   "face_m": 21.95,
   "drawn_m": 21.95,
   "committed_m": 21.95,
   "coupon": "Various",
   "coupon_pct": null,
   "floating": null,
   "issued": null,
   "maturity": "2027 to 2029",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": null,
   "recourse": "parent",
   "collateral": "Not disclosed",
   "restrictions": "Not disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Note 23 line item 'Other debt, maturities 2027-2029, various rates, $21,950K' within recourse debt; composition not described (possibly equipment loans or debt acquired with Nostrum Group, acquired 2026-06-12). Open item."
  },
  {
   "t": "IREN",
   "name": "3.50% convertible senior notes due 2029",
   "type": "convert",
   "face_m": 550.0,
   "drawn_m": 233.4,
   "committed_m": 233.4,
   "coupon": "3.50% fixed",
   "coupon_pct": 3.5,
   "floating": false,
   "issued": "2025-06-13",
   "maturity": "2029-12-15",
   "conv_price": 13.64,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2028-06-20. Conversion trigger met at 2026-06-30.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Original $550.0M; $316.6M repurchased Dec-2025 (see 2030 row). Capped call: long strike $13.64, cap $20.98 (Note 17). Effective rate 4.22%; carrying $228.3M."
  },
  {
   "t": "IREN",
   "name": "3.25% convertible senior notes due 2030",
   "type": "convert",
   "face_m": 440.0,
   "drawn_m": 212.3,
   "committed_m": 212.3,
   "coupon": "3.25% fixed",
   "coupon_pct": 3.25,
   "floating": false,
   "issued": "2024-12-06",
   "maturity": "2030-06-15",
   "conv_price": 16.81,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2027-12-20. Share-price conversion trigger was met at 2026-06-30.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Original $440.0M; $227.7M repurchased in the Dec-2025 induced conversion (combined 2030/2029 repurchase $544.3M face for $1,632.4M incl. $8.9M interest, 39.7M shares issued). Capped call: long strike $16.81, cap $25.86 (Note 17). Prepaid forward transactions also in place. Effective rate 3.87%; carrying $207.6M."
  },
  {
   "t": "IREN",
   "name": "0.00% convertible senior notes due 2031",
   "type": "convert",
   "face_m": 1000.0,
   "drawn_m": 1000.0,
   "committed_m": 1000.0,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2025-10-14",
   "maturity": "2031-07-01",
   "conv_price": 85.63,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2029-01-08.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "$875M base + $125M option. Capped call cap price $120.18 (8-K 2025-10-14, https://www.sec.gov/Archives/edgar/data/1878848/000114036125038083/ef20056955_8k.htm). Effective rate 0.37%; carrying $981.8M. Notebook carried '2.25%/0% 2031' - coupon is 0.00%."
  },
  {
   "t": "IREN",
   "name": "Senior secured delayed draw term loan (DDTL Facility) - IE US Hardware 3, LLC",
   "type": "ddtl",
   "face_m": 1545.0,
   "drawn_m": 413.0,
   "committed_m": 1545.0,
   "available_m": 1132.0,
   "coupon": "1-month Term SOFR + 2.25%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-05-29",
   "maturity": "2031-12-31",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-lien security package over the Financing SPV's GPUs and related infrastructure and the Microsoft contract cash flows (Common Terms Agreement shared with USPP notes)",
   "restrictions": "Non-recourse project-finance style: minimum DSCR, limits on additional debt and on distributions from the SPV, maintenance/insurance, mandatory prepayment triggers, required interest-rate and power hedges, restricted cash reserve accounts. Parent guarantees limited to: pre-closing hedge obligations (interim), a remarketing-right guarantee if Microsoft terminates a funded tranche and no replacement customer is found (debt allocated to that tranche net of GPU sale proceeds), and a managed-services performance guarantee. In compliance at 2026-06-30.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Part of the $3,645M investment-grade-rated GPU financing (May 2026) supporting the ~$9.7B Microsoft Agreement; drawn in four tranches aligned to Microsoft delivery milestones; $1,132M unfunded at 2026-06-30. Monthly amortization; effective rate 7.12%. ~$394M of the $413M hedged via pay-fixed swaps (total notional ~$1.5B, weighted fixed ~3.80%, maturities through Oct-2031). Commercial-bank syndicate (secondary reports name Goldman Sachs and JPMorgan as arrangers - not confirmed in filing). Availability derived as commitment less drawn (10-K Note 23 describes delayed-draw commitments)."
  },
  {
   "t": "IREN",
   "name": "5.96% senior secured notes (USPP Senior Notes) - IE US Hardware 3, LLC",
   "type": "secured_notes",
   "face_m": 2100.0,
   "drawn_m": 525.0,
   "committed_m": 2100.0,
   "available_m": 1575.0,
   "coupon": "5.96% fixed",
   "coupon_pct": 5.96,
   "floating": false,
   "issued": "2026-05-29",
   "maturity": "2031-12-31",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "Same common security package as the DDTL Facility (SPV GPUs, infrastructure, Microsoft contract cash flows)",
   "restrictions": "Same Common Terms Agreement covenants as DDTL (min DSCR, distribution lock, additional-debt limits, hedging, reserve accounts); limited parent guarantees as described for the DDTL.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Up to $2,100M in up to four tranches under a Note Purchase Agreement with institutional investors; $525M issued and $1,575M committed/unfunded at 2026-06-30. Proceeds of each tranche are funded into a restricted escrow account and released on satisfaction of release conditions - a driver of the $1,723.9M restricted cash. Monthly amortization; effective rate 7.05%. First tranche issued 2026-06-11 per Note 23 table. Availability derived as commitment less drawn (10-K Note 23 describes delayed-draw commitments)."
  },
  {
   "t": "IREN",
   "name": "0.25% convertible senior notes due 2032",
   "type": "convert",
   "face_m": 1150.0,
   "drawn_m": 1150.0,
   "committed_m": 1150.0,
   "coupon": "0.25% fixed",
   "coupon_pct": 0.25,
   "floating": false,
   "issued": "2025-12-08",
   "maturity": "2032-06-01",
   "conv_price": 51.4,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2028-12-06.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued concurrently with the 2033 (Jun) series and the Dec-2025 induced-conversion repurchase. Capped call cap price $82.24 (8-K 2025-12-08, https://www.sec.gov/Archives/edgar/data/1878848/000114036125044888/ef20060782_8k.htm). Effective rate 0.45%; carrying $1,136.4M."
  },
  {
   "t": "IREN",
   "name": "1.00% convertible senior notes due 2033 (June)",
   "type": "convert",
   "face_m": 1150.0,
   "drawn_m": 1150.0,
   "committed_m": 1150.0,
   "coupon": "1.00% fixed",
   "coupon_pct": 1.0,
   "floating": false,
   "issued": "2025-12-08",
   "maturity": "2033-06-01",
   "conv_price": 51.4,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2029-12-06.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Capped call cap price $82.24 (8-K 2025-12-08). Effective rate 1.18%; carrying $1,136.2M."
  },
  {
   "t": "IREN",
   "name": "1.00% convertible senior notes due 2033 (December)",
   "type": "convert",
   "face_m": 3000.0,
   "drawn_m": 3000.0,
   "committed_m": 3000.0,
   "coupon": "1.00% fixed",
   "coupon_pct": 1.0,
   "floating": false,
   "issued": "2026-05-14",
   "maturity": "2033-12-01",
   "conv_price": 73.07,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Senior unsecured; indenture: 130%-of-conversion-price issuer call after first redemption date, fundamental-change put at par, cross-default to other indebtedness; settlement in cash, shares or combination at issuer election. First redemption date 2030-06-06.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Priced 2026-05-12 at $2.6B + $400M option, fully exercised to $3.0B. Capped call cap price $110.30 (8-K 2026-05-14, https://www.sec.gov/Archives/edgar/data/1878848/000114036126021285/ef20073507_8k.htm); ~$201.3M of proceeds used for capped calls. Effective rate 1.18%; carrying $2,962.4M."
  },
  {
   "t": "IREN",
   "name": "Finance leases (GPU/equipment leases, parent-guaranteed)",
   "type": "lease",
   "face_m": 270.4,
   "drawn_m": 243.8,
   "committed_m": 243.8,
   "coupon": "Implicit (weighted-average discount rate 9.9%)",
   "coupon_pct": null,
   "floating": null,
   "issued": "FY2026",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Leased GPUs/equipment (lessor-owned); lease payments guaranteed by IREN Limited",
   "restrictions": "Equipment leases entered through wholly owned SPV lessees; payments guaranteed by the Company (risk factors).",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Liability $243.8M ($125.3M current, $118.5M non-current); undiscounted $270.4M; ROU asset $273.7M; weighted-average remaining term 1.9 years. Excluded from total_debt_face_m; included in FMP totalDebt. Not identified in the filing which lessor(s). Face shows undiscounted payments ($270.4M); drawn is the present-value liability."
  },
  {
   "t": "IREN",
   "name": "August 2026 Financing Agreements - IE Mackenzie Compute Ltd. (MFSA ~$1.2B + senior notes ~$1.2B)",
   "type": "gpu_financing",
   "face_m": 2400.0,
   "drawn_m": null,
   "committed_m": 2400.0,
   "coupon": "9.0% fixed",
   "coupon_pct": 9.0,
   "floating": false,
   "issued": "2026-08-25",
   "maturity": "2029-06",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "GPU servers and ancillary equipment at the Mackenzie, BC data center (master financing and security agreement; notes share collateral via intercreditor agreement)",
   "restrictions": "Draws made pro rata between MFSA and notes on equipment acceptance; availability period to 2026-12-31; amortizing schedules. Risk factors state equipment loans/leases entered via SPVs are guaranteed by the Company.",
   "as_of": "2026-08-25",
   "source": {
    "form": "10-K",
    "date": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Blue Owl Capital Corporation is administrative, collateral, intercreditor and note agent and a lender; PIMCO is adviser to the note purchasers. Press release: funds ~90% of associated GPU capex for the Mackenzie air-cooled expansion. drawn_m left null: no filing since 2026-08-27 discloses funding to date. Final maturity shown as 30 months after the 12/31/26 availability end; draws undisclosed."
  },
  {
   "t": "WULF",
   "name": "Muskie Data Campus deferred cash consideration",
   "type": "other",
   "category": "operating_liability",
   "face_m": 50.0,
   "drawn_m": 50.0,
   "committed_m": 50.0,
   "coupon": "Imputed 6.7% (present value $47.1M)",
   "coupon_pct": null,
   "floating": null,
   "issued": "2026-05-22",
   "maturity": "2027-05-22",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Unsecured deferred purchase price",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Deferred acquisition consideration due one year after the 2026-05-22 Muskie closing; recorded in other current liabilities at $47.1M. Not debt in Note 10 - excluded from total_debt_face_m and from the 5,725 reconciliation; shown because it is a fixed cash obligation. Deferred acquisition consideration (imputed interest), not a borrowing."
  },
  {
   "t": "WULF",
   "name": "2.75% convertible senior notes due 2030",
   "type": "convert",
   "face_m": 500.0,
   "drawn_m": 500.0,
   "committed_m": 500.0,
   "coupon": "2.75% fixed",
   "coupon_pct": 2.75,
   "floating": false,
   "issued": "2024-10",
   "maturity": "2030-02-01",
   "conv_price": 8.48,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Issuer call for cash on/after 2027-11-06 if stock >130% of conversion price; fundamental-change put at par; 25% holders can accelerate on default. Conversion settles in cash or cash+shares at issuer election.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Convertible at holder option since Oct-2025 (sale-price trigger) - classified short-term. Capped call: strike $8.48, cap $12.80, terminates 2030-02-01. Effective rate 3.3%; carrying $490.9M. Revolver has a springing maturity 91 days before this series' maturity."
  },
  {
   "t": "WULF",
   "name": "WULF Compute LLC 7.75% senior secured notes due 2030",
   "type": "secured_notes",
   "face_m": 3200.0,
   "drawn_m": 3200.0,
   "committed_m": 3200.0,
   "coupon": "7.75% fixed",
   "coupon_pct": 7.75,
   "floating": false,
   "issued": "2025-10-22",
   "maturity": "2030-10-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-priority liens on substantially all assets of Wulf Compute and guarantors (La Lupa Data LLC, Akela Data Holdings LLC, Akela Data LLC), all equity of Wulf Compute held by its parent Brookings, a designated Fluidstack lockbox account, and Google's pledge of the Google Warrants (released on Fluidstack lease commencement or repayment)",
   "restrictions": "Semi-annual amortization (Apr 15/Oct 15) starting after completion of the initial Lake Mariner HPC phase; mandatory excess-cash-flow repurchase offers each semi-annual date; customary negative covenants (debt, liens, asset sales, distributions); mandatory prepayment events; call at make-whole before 2027-10-15, at set prices after; 40% equity claw. Parent provides a completion guarantee for the Lake Mariner HPC buildout (not a guarantee of the notes). A Google affiliate agreed with the collateral agent to pay the Fluidstack lease Termination Fee per the Google Recognition Agreements.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Finances the Fluidstack-leased (Google-backstopped) HPC buildout at Lake Mariner; current portion $90.7M at 2026-06-30; issuance costs $105.4M; effective rate 8.7%; carrying $3,110.1M. Sole bookrunner Morgan Stanley (secondary). Q2 call: project pro forma ~32% equity / 68% debt after ~$150M additional WULF equity for tenant change orders."
  },
  {
   "t": "WULF",
   "name": "1.00% convertible senior notes due 2031",
   "type": "convert",
   "face_m": 1000.0,
   "drawn_m": 1000.0,
   "committed_m": 1000.0,
   "coupon": "1.00% fixed",
   "coupon_pct": 1.0,
   "floating": false,
   "issued": "2025-08",
   "maturity": "2031-09-01",
   "conv_price": 12.43,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Issuer call on/after 2028-09-06 if stock >130% of conversion price; fundamental-change put at par. Settles in cash or cash+shares at issuer election.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "$850M base + $150M option. Convertible at holder option since Apr-2026 - classified short-term. Capped call: strike $12.43, cap $18.76 (cost $100.6M). Conversion feature was bifurcated at issuance ($410.6M derivative, reclassified to APIC 2025-09-30), leaving a $389.0M unamortized discount; effective rate 10.9%; carrying $611.0M."
  },
  {
   "t": "WULF",
   "name": "0.00% convertible senior notes due 2032",
   "type": "convert",
   "face_m": 1025.0,
   "drawn_m": 1025.0,
   "committed_m": 1025.0,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2025-10",
   "maturity": "2032-05-01",
   "conv_price": 19.94,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Issuer call for cash on/after 2027-11-06 if stock >130% of conversion price; fundamental-change put at par. Settles in cash or cash+shares at issuer election.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "$900M base + $125M option; net proceeds ~$998.4M. Effective rate 0.4%; carrying $1,001.1M. Capped-call cap price for this series not located in the 10-Q/10-K text (open item)."
  },
  {
   "t": "WULF",
   "name": "Senior secured revolving credit facility (Morgan Stanley Senior Funding, agent)",
   "type": "revolver",
   "face_m": 400.0,
   "drawn_m": 0.0,
   "drawn_bd_m": 0.0,
   "committed_m": 400.0,
   "available_m": 326.0,
   "coupon": "Term SOFR + 1.75% (grid 1.25%-1.75% after first Fluidstack commencement) or ABR + 0.75%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-05-07",
   "maturity": "2030-05-07",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Substantially all assets of TeraWulf Inc. and certain subsidiary assets, guaranteed by certain subsidiaries (excluded assets carve-outs)",
   "restrictions": "Minimum liquidity covenant; customary restrictive covenants; borrowings and LCs capped at $75M until the first Fluidstack CB-4/CB-5 commencement date; 0.50% unused fee. In compliance at 2026-06-30.",
   "as_of": "2026-10-23",
   "source": {
    "form": "10-Q",
    "date": "2026-08-05",
    "url": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "No borrowings; $0.2M LC outstanding at 2026-06-30 ($74.0M LC issued in July 2026). Upsized 2026-10-23 to ~$400M with ~$150M accordion and LC sublimit removed (see post_quarter_events). Original $150M LC sublimit. Commitments raised from $250M to ~$400M by Amendment No. 1 (8-K 2026-10-23); availability derived after $74.0M of LCs posted in July."
  },
  {
   "t": "CIFR",
   "name": "Senior secured revolving credit facility (Morgan Stanley Senior Funding, agent)",
   "type": "revolver",
   "face_m": 200.0,
   "drawn_m": 0.0,
   "committed_m": 200.0,
   "available_m": 166.9,
   "coupon": "Adjusted Term SOFR + 1.75% (grid 1.25%-1.75% on total debt/market cap after Q3-26) or ABR + 0.75%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-03-23",
   "maturity": "2030-03-23 (springing to 91 days before the 2030 converts' maturity if they remain outstanding)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority security interest in substantially all assets of the borrower and guarantors, including pledged equity of material subsidiaries",
   "restrictions": "Pre-completion availability cap $50M until Barber Lake or Black Pearl commences; $50M LC sublimit (within commitment); minimum liquidity covenant $100M / $150M / $200M as facilities commence (equity cure available); each borrowing conditioned on a minimum market capitalisation; 0.50% unused fee. In compliance at 2026-06-30.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "No borrowings; $33.1M letters of credit outstanding at 2026-06-30. $50M accordion. The Oct-2026 convert 8-K still cites a $200.0M facility. Availability derived after $33.1M of LCs (10-Q)."
  },
  {
   "t": "CIFR",
   "name": "Cipher Compute LLC 7.125% senior secured notes due 2030 (Barber Lake)",
   "type": "secured_notes",
   "face_m": 1733.0,
   "drawn_m": 1733.0,
   "committed_m": 1733.0,
   "coupon": "7.125% fixed",
   "coupon_pct": 7.125,
   "floating": false,
   "issued": "2025-11-13",
   "maturity": "2030-11-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "Senior secured obligations of Cipher Compute LLC, guaranteed by Cipher Barber Lake LLC (wholly owned sub of the issuer); collateral is the Barber Lake HPC facility assets/equity (indenture Ex. 4.1); Cipher provides a completion guarantee (not a guarantee of the notes)",
   "restrictions": "Semi-annual amortization (May 15/Nov 15) per indenture schedules, none before Barber Lake completion; make-whole before 2027-11-15, set prices after; 40% equity claw; covenants limit debt, liens, distributions, investments, asset sales, affiliate transactions and non-Barber-Lake activities; 101% change-of-control put; debt-service reserve accounts (non-current restricted cash).",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "$1,400.0M issued 2025-11-13 plus $333.0M additional notes 2025-11-24 (8-Ks https://www.sec.gov/Archives/edgar/data/1819989/000095010325014692/dp237330_8k.htm and .../000095010325015181/dp237816_8k.htm). Current portion $94.5M at 2026-06-30 (first amortization). Carrying $1,614.3M net of $24.2M costs. Supports the Fluidstack Barber Lake lease backstopped by Google (Google warrants 24,178,576 sh @ $0.01; $544.5M backstop asset; warrant liability $632.1M at 6/30)."
  },
  {
   "t": "CIFR",
   "name": "Black Pearl Compute LLC 6.125% senior secured notes due 2031 (Black Pearl / AWS)",
   "type": "secured_notes",
   "face_m": 2000.0,
   "drawn_m": 2000.0,
   "committed_m": 2000.0,
   "coupon": "6.125% fixed",
   "coupon_pct": 6.125,
   "floating": false,
   "issued": "2026-02-11",
   "maturity": "2031-02-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "Senior secured obligations of Black Pearl Compute LLC, guaranteed by Cipher Black Pearl LLC and 11786 Wink LLC; Black Pearl facility (Wink, TX) assets; Cipher completion guarantee (not a guarantee of the notes)",
   "restrictions": "Semi-annual amortization (Feb 15/Aug 15) at an initial 7.00% p.a. of issue-date principal, none before completion of all Black Pearl construction phases; make-whole before 2028-02-15; 40% equity claw; standard project covenants; debt-service reserves funded from proceeds; ~$232.5M of proceeds reimbursed Cipher's prior equity.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued at 100%. Carrying $1,966.8M net of $33.2M costs. Tenant: 15-year lease with Amazon Web Services for ~300 MW (10-K); first capacity delivered ~Aug 2026 after the July lease amendment. 8-K: https://www.sec.gov/Archives/edgar/data/1819989/000095010326001966/dp241421_8k.htm."
  },
  {
   "t": "CIFR",
   "name": "Stingray Compute LLC 6.000% senior secured notes due 2031 (Stingray, Andrews TX)",
   "type": "secured_notes",
   "face_m": 810.0,
   "drawn_m": 810.0,
   "committed_m": 810.0,
   "coupon": "6.000% fixed",
   "coupon_pct": 6.0,
   "floating": false,
   "issued": "2026-06-15",
   "maturity": "2031-06-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "Senior secured obligations of Stingray Compute LLC, guaranteed by Cipher Stingray LLC; Stingray HPC facility assets; Cipher completion guarantee (not a guarantee of the notes)",
   "restrictions": "Semi-annual amortization (Jun 15/Dec 15) after the Final Commencement Date sized to a Target Project DSCR; make-whole before 2028-06-15; 40% equity claw; 101% change-of-control put; covenants limit debt, liens, distributions, investments, asset sales, non-Stingray activities; debt-service reserves funded from proceeds; ~$61.5M reimbursed Cipher's prior equity.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Issued at 99.750% (OID). Carrying $796.1M net of $13.9M. The notebook's 'Amazon-parent-guaranteed lease' attribution to Stingray is not supported by the filings reviewed - the AWS lease is Black Pearl; the Stingray tenant/credit support is not named in the 10-Q or the 8-K (open item). 8-K: https://www.sec.gov/Archives/edgar/data/1819989/000095010326008994/dp248453_8k.htm."
  },
  {
   "t": "CIFR",
   "name": "0.00% convertible senior notes due 2031",
   "type": "convert",
   "face_m": 1300.0,
   "drawn_m": 1300.0,
   "committed_m": 1300.0,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2025-09-30",
   "maturity": "2031-10-01",
   "conv_price": 16.03,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Issuer call on/after 2028-10-05 at 130% trigger plus liquidity conditions (min $100M must remain if partial); fundamental-change put at par; settles in cash, shares or combination (default now physical).",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "62.3733 shares per $1,000. Capped call cap price $23.32 (8-K 2025-10-01, https://www.sec.gov/Archives/edgar/data/1819989/000119312525225645/d52925d8k.htm). Conversion feature bifurcated at issuance pending authorized-share increase, leaving a $398.5M unamortized discount; effective rate 6.89%; carrying $901.5M."
  },
  {
   "t": "CIFR",
   "name": "Finance leases (Combined Luminant Lease - Odessa land and substation)",
   "type": "lease",
   "face_m": 5.3,
   "drawn_m": 5.3,
   "committed_m": 5.3,
   "coupon": "Implicit",
   "coupon_pct": null,
   "floating": null,
   "issued": "2021",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Odessa Facility land and substation financed by Luminant affiliates",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Liability $4.5M current + $0.8M non-current. Excluded from total_debt_face_m; included in FMP totalDebt."
  },
  {
   "t": "CIFR",
   "name": "Coinbase overnight credit facility (Master Loan Agreement)",
   "type": "btc_backed",
   "face_m": 25.0,
   "drawn_m": 0.0,
   "committed_m": 25.0,
   "available_m": 25.0,
   "coupon": "Federal Funds Target Rate (upper bound) + 2.5%",
   "coupon_pct": null,
   "floating": true,
   "issued": "pre-2025",
   "maturity": "on demand (overnight facility)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Bitcoin transferred to Coinbase (rehypothecable; recorded as a receivable at fair value when drawn)",
   "restrictions": "Subject to credit review; no commitment fee.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Undrawn at 2026-06-30; $25.0M drawn at 9.5% at 2025-12-31."
  },
  {
   "t": "CIFR",
   "name": "1.75% convertible senior notes due 2030",
   "type": "convert",
   "face_m": 172.5,
   "drawn_m": 6.6,
   "drawn_bd_m": 172.5,
   "committed_m": 6.6,
   "coupon": "1.75% fixed",
   "coupon_pct": 1.75,
   "floating": false,
   "issued": "2025-05-22",
   "maturity": "2030-05-15",
   "conv_price": 4.45,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Issuer call on/after 2028-05-22 at 130% trigger (min $50M must remain if partial); fundamental-change put at par; conversion settles in cash, shares or combination at issuer election (default now physical).",
   "as_of": "2026-10-16",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "224.9213 shares per $1,000. Effective rate 2.43%; carrying $168.2M. Post-quarter: $165.9M exchanged for ~40.7M shares on 2026-10-16, leaving ~$6.6M outstanding. Capped-call cap price for this series not found in the 10-Q/10-K/8-K text reviewed (open item). Revolver has a springing maturity 91 days before this series' maturity. ~$165.9M exchanged for ~40.7M shares on 2026-10-16 (8-K); ~$6.6M remains."
  },
  {
   "t": "CIFR",
   "name": "0.00% convertible senior notes due 2032 (October 2026)",
   "type": "convert",
   "face_m": 850.0,
   "drawn_m": 850.0,
   "committed_m": 850.0,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2026-10-16",
   "maturity": "2032-11-01",
   "conv_price": 15.31,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Redeemable from 2029-11-05 above 130% of conversion; capped call cap $28.35 (cost $89.7M); $150M initial-purchaser option exercise not yet disclosed",
   "as_of": "2026-10-16",
   "source": {
    "form": "8-K (Item 1.01, indenture)",
    "date": "2026-10-16",
    "url": "https://www.sec.gov/Archives/edgar/data/1819989/000119312526424297/d313847d8k.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Post-quarter issue; the concurrent 2030-note exchange was all-stock"
  },
  {
   "t": "GLXY",
   "name": "3.00% Exchangeable Senior Notes due 2026 (GDH LP)",
   "type": "convert",
   "face_m": 500.0,
   "drawn_m": 445.0,
   "committed_m": 445.0,
   "coupon": "3.00% fixed (7.0% effective)",
   "coupon_pct": 3.0,
   "floating": false,
   "issued": "2021-12-09",
   "maturity": "2026-12-15",
   "conv_price": 33.34,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Galaxy Digital Holdings LP; exchangeable into GLXY Class A common stock (cash, shares or combination at issuer election)",
   "restrictions": "none disclosed (indentures do not restrict additional indebtedness). Freely exchangeable from 2026-09-15; issuer may redeem at par from 2024-12-15 if stock >= 130% of exchange price for 20 of 30 trading days.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "The notebook omitted this series. $445M outstanding of $500M original (reduction predates this review; no exchanges in 1H26). Initial exchange rate 7,498.2210 sh per $250,000 = ~$33.34. Interest June 15 / Dec 15. Maturity date and redemption terms from the 2026-05-21 424B3 (investor.galaxy.com mirror of the SEC filing) and the 2021-12-09 closing release; the 10-Q itself states only '2026'. Shown as Notes payable, current ($436.985M carrying)."
  },
  {
   "t": "GLXY",
   "name": "Helios I senior secured term loan facility (Galaxy Helios I LLC; Deutsche Bank AG)",
   "type": "project_finance",
   "face_m": 1400.0,
   "drawn_m": 1268.257,
   "committed_m": 1400.0,
   "available_m": null,
   "coupon": "SOFR + 4.75%, SOFR floor 2.5% (hedged with interest-rate caps)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2025-08-15",
   "maturity": "2028-08-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "project",
   "collateral": "Senior secured on the Helios I (Dickens County, TX) data center project assets of Galaxy Helios I LLC (wholly owned by GDH LP)",
   "restrictions": "Minimum DSCR 1.40x from first full quarter after Stabilization; max loan-to-cost 80% at closing and each quarter until Stabilization; limits on debt, liens, investments, affiliate transactions, fundamental changes; prepayment premium. Parent-level: GDH LP must maintain tangible net worth >= Loan Amount and liquidity >= 10% of outstanding Loan Amount (5% on conditions). Cross-default and change-of-control EoDs.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn $1,268.257M per the repayment schedule (text rounds to '$1.3 billion'); $131.7M undrawn. Interest cost $49.5M 1H26 of which $42.1M capitalized. Credit agreement filed as 8-K/A exhibit 2025-10-20 (https://www.sec.gov/Archives/edgar/data/1859392/000185939225000066/glxy-20250815.htm). Notebook's '36-month, ~80% LTC' is consistent. Remaining draw availability after the construction period is not disclosed."
  },
  {
   "t": "GLXY",
   "name": "2.500% Exchangeable Senior Notes due 2029 (GDH LP)",
   "type": "convert",
   "face_m": 402.5,
   "drawn_m": 402.5,
   "committed_m": 402.5,
   "coupon": "2.500% fixed (9.2% effective)",
   "coupon_pct": 2.5,
   "floating": false,
   "issued": "2024-11-25",
   "maturity": "2029-12-01",
   "conv_price": 23.81,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Galaxy Digital Holdings LP; exchangeable into GLXY Class A common stock",
   "restrictions": "none disclosed. Not redeemable by issuer before 2027-12-06; freely exchangeable from 2029-09-01, otherwise only on triggers.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Corrects the notebook: face is $402.5M at 2.500% (not ~$460M). Initial exchange rate 10,497.5856 sh per $250,000 = ~$23.81; max ~23.2M shares. Interest June 1 / Dec 1. Exact maturity date from 424B3 2026-05-21 (10-Q gives year only). No capped call disclosed; historical $94.0M embedded-derivative discount reclassified to equity at the May 2025 reorganization."
  },
  {
   "t": "GLXY",
   "name": "0.50% Exchangeable Senior Notes due 2031 (GDH LP)",
   "type": "convert",
   "face_m": 1300.0,
   "drawn_m": 1300.0,
   "committed_m": 1300.0,
   "coupon": "0.50% fixed (0.9% effective)",
   "coupon_pct": 0.5,
   "floating": false,
   "issued": "2025-10-30",
   "maturity": "2031-05-01",
   "conv_price": 55.76,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured obligation of Galaxy Digital Holdings LP, pari passu with the 2026/2029 exchangeables; structurally subordinated to subsidiary debt (incl. Helios project debt)",
   "restrictions": "none disclosed. Exchangeable before 2031-02-01 only on triggers (incl. 130% price test), freely thereafter.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Corrects the notebook: $1.30B at 0.50% due 2031 (not ~$1.15B, not Sept 2025); includes $150M greenshoe. Initial exchange rate 17.9352 sh/$1,000 = ~$55.76; max rate 24.6609. Interest May 1 / Nov 1 from 2026-05-01. Terms per 8-K 2025-10-30: https://www.sec.gov/Archives/edgar/data/1859392/000095010325013949/dp236467_8k.htm. $26.7M issuance costs."
  },
  {
   "t": "GLXY",
   "name": "Loans payable — fiat trading/lending borrowings (callable on demand)",
   "type": "other",
   "category": "trading_book",
   "face_m": 286.715,
   "drawn_m": 286.715,
   "committed_m": 286.715,
   "coupon": "undisclosed (interest expense $0.7M 1H26)",
   "coupon_pct": null,
   "floating": true,
   "issued": "revolving",
   "maturity": "on demand",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Cash, investment securities and digital assets in trading accounts at counterparties; digital assets posted as collateral $12.6M net",
   "restrictions": "Callable on demand by counterparties; three lenders each >5% of current liabilities (5.3%, 5.2%, 5.2%). No set repayment term; prepayable without penalty.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Operating-business borrowing for the trading desk, NOT in FMP totalDebt and NOT in total_debt_face_m (which equals 3,415.8; with this line 3,702.5). Up from $52.6M at 12/31/25. Crypto-denominated borrowings (Digital assets borrowed $1,514.5M incl. non-current; Collateral payable $1,933.1M) are also outside term debt and are not listed as instruments."
  },
  {
   "t": "GLXY",
   "name": "9.875% Senior Secured Notes due 2031 (Galaxy Helios Data Centers II LLC) — post-quarter",
   "type": "secured_notes",
   "face_m": 3507.0,
   "drawn_m": 3507.0,
   "committed_m": 3507.0,
   "coupon": "9.875% fixed",
   "coupon_pct": 9.875,
   "floating": false,
   "issued": "2026-07-28",
   "maturity": "2031-08-01",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "project",
   "collateral": "First-priority liens on substantially all assets of the issuer and guarantor Galaxy Helios II LLC (excluding excluded property), the Project Accounts, and all issuer equity pledged by HoldCo (Galaxy Helios II Qualified Opportunity Zone Business, LLC); mortgages and account control agreements",
   "restrictions": "Debt Service Reserve Account required amount during construction starts at $285,052,395 (interest-during-construction less expected NOI), then next interest + installment; falls to 50% if rated investment grade. Covenants: limitation on debt, restricted payments, liens, asset sales/casualty, affiliate transactions, SPE, HoldCo negative covenant, no modification of the CoreWeave Data Center Lease (dated 2025-08-08, amended 2026-01-21 and 2026-06-03), project accounts and cash waterfall. Amortization semi-annual Feb 1 / Aug 1 from the first payment date >= 10 months after rent first paid under the lease. Change of Control Trigger requires CoC + ratings decline.",
   "as_of": "2026-07-28",
   "source": {
    "form": "8-K",
    "date": "2026-07-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000079/closing8-kxex41indenture.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Interest Feb 1 / Aug 1 from 2027-02-01. Redemption: before 2028-08-01 at par + make-whole (Applicable Premium: greater of 1% and PV at T+50bp of the 2028-08-01 redemption price); equity claw up to 40% at 109.875% within 180 days of an equity offering. GDH LP uncapped completion guarantee dated 2026-07-28; otherwise non-recourse to Galaxy Digital Inc. Issue price not confirmed (not in the portion of the indenture read). Excluded from total_debt_face_m (post balance date); pro forma term debt ~ $6.92B."
  },
  {
   "t": "HUT",
   "name": "TZRC Secured Promissory Note",
   "type": "other",
   "face_m": 95.1,
   "drawn_m": 35.1,
   "committed_m": 95.1,
   "available_m": 0.0,
   "coupon": "lesser of WSJ prime + 12.00%, 15.25% cap, or legal max; PIK elected",
   "coupon_pct": 15.25,
   "floating": true,
   "issued": "2022-12-06",
   "maturity": "2027-04-08",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "First-priority security interest in the Company's membership interest in TZRC (King Mountain JV)",
   "restrictions": "Post-default interest +2%; principal and PIK due earliest of 2027-04-08, TZRC dissolution, or specified TZRC events; prepayment option",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Assumed in 2022 at ~$95.1M fair value (face_m uses that assumed amount; original carryover basis ~$96.8M). $35.1M principal + PIK outstanding at 6/30/2026 excl. $0.3M discount; $17.7M principal paid in H1 2026; rate 15.25% at 6/30. Company is not guarantor; no recourse to Hut 8. Committed is the original note size; the balance above drawn has been repaid."
  },
  {
   "t": "HUT",
   "name": "FalconX Term Loan (Bitcoin-collateralized)",
   "type": "btc_backed",
   "face_m": 200.0,
   "drawn_m": 200.0,
   "committed_m": 200.0,
   "coupon": "7.00% fixed",
   "coupon_pct": 7.0,
   "floating": false,
   "issued": "2026-05-01",
   "maturity": "2027-04-30",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "Bitcoin pledged in segregated third-party custody account; lender recourse limited to pledged BTC",
   "restrictions": "Initial collateral ratio 143%; margin call at 130%, liquidation at 105%; excess collateral returnable above 163%. Prepayable without penalty after 6 months; earlier prepayment fee 0.125%-0.25%.",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Lender FalconX Charlie, Inc. Proceeds repaid in full and terminated the Coinbase facility (9.0%) in May 2026. Unamortized costs $0.1M; carrying $199.9M. This is the BTC-backed facility the notebook attributed to Anchorage; Anchorage appears in the 10-Q only as a custodian."
  },
  {
   "t": "HUT",
   "name": "6.192% senior secured notes due 2042 (River Bend Notes) - Hut 8 DC LLC",
   "type": "project_finance",
   "face_m": 3250.0,
   "drawn_m": 3250.0,
   "committed_m": 3250.0,
   "coupon": "6.192% fixed",
   "coupon_pct": 6.192,
   "floating": false,
   "issued": "2026-04-30",
   "maturity": "2042-11-15",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-priority liens on substantially all assets of Hut 8 DC LLC (incl. project accounts) plus pledge of equity interests in Hut 8 DC LLC",
   "restrictions": "Indenture restrictive covenants; must maintain project accounts incl. debt service reserve account (balances sit in restricted cash); change-of-control repurchase offer; make-whole redemption before par call 2042-05-15, par thereafter",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Issued at par in private offering; fully amortizing, scheduled principal payments semi-annual from 2028-05-15; interest May 15/Nov 15 from 2026-11-15. Obligations solely of Hut 8 DC, not guaranteed by Hut 8 Corp., tenant (Fluidstack USA IV) or lease guarantor (Google LLC financial backstop on rent). Issuance costs $54.0M; unamortized $53.4M; carrying $3.20B; EIR 6.41%; est. FV $3.30B (Level 2). Proceeds fund 245 MW River Bend (St. Francisville, LA) build, ~$184M return of prior parent equity, DSRA, fees. Rated BBB- (S&P, positive outlook) / BBB- (Fitch, stable) per company closing release 2026-04-30 (company_release, hosted at https://finance.yahoo.com/markets/crypto/articles/hut-8-closes-3-25-213000769.html)."
  },
  {
   "t": "HUT",
   "name": "6.129% senior secured notes due 2042 (Beacon Point Notes) - Beacon Point DC LLC",
   "type": "project_finance",
   "face_m": 4250.0,
   "drawn_m": 4250.0,
   "committed_m": 4250.0,
   "coupon": "6.129% fixed",
   "coupon_pct": 6.129,
   "floating": false,
   "issued": "2026-06-09",
   "maturity": "2042-11-30",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-priority liens on substantially all assets of Beacon Point DC LLC (incl. project accounts) plus pledge of equity interests held by Beacon Point Holding LLC",
   "restrictions": "Indenture restrictive covenants; project accounts incl. debt service reserve account (restricted cash); change-of-control repurchase offer; make-whole before par call 2042-05-30, par thereafter",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Issued at par; fully amortizing, principal payments semi-annual from 2030-05-30; interest May 30/Nov 30 from 2026-11-30. Rated Baa2 (Moody's) per 10-Q MD&A; priced T+165bp, 20bp inside River Bend (company release https://www.hut8.com/news-insights/press-releases/hut-8-closes-usd4-25-billion-of-investment-grade-senior-secured-notes-for-beacon-point-data). Non-recourse to Hut 8; not guaranteed by parent or tenant. Issuance costs $46.4M; unamortized $46.2M; carrying $4.20B; EIR 6.27%; est. FV $4.30B. Funds 352 MW Beacon Point Phase 1 (Nueces County, TX), DSRA, fees; tenant is a high-investment-grade company under triple-net lease."
  },
  {
   "t": "HUT",
   "name": "Two Prime Credit Facility (revolver)",
   "type": "revolver",
   "face_m": 200.0,
   "drawn_m": 0.0,
   "committed_m": 200.0,
   "available_m": 200.0,
   "coupon": "7.99% fixed",
   "coupon_pct": 7.99,
   "floating": false,
   "issued": "2025-08-25",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": null,
   "recourse": "non-recourse",
   "collateral": "Not described in 10-Q Note 9 (Two Prime is a BTC-backed lender; see 8-K 2025-08-29 for collateral terms)",
   "restrictions": "Prepayable without premium; amounts may be reborrowed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Borrower is a wholly owned subsidiary. Undrawn at 6/30/2026 and 12/31/2025. Collateral and recourse not stated in the 10-Q excerpt; recourse field is a placeholder pending the 8-K exhibit (open item)."
  },
  {
   "t": "HUT",
   "name": "Bitmain miner purchase liability (American Bitcoin BTC-pledge repurchase obligation)",
   "type": "vendor",
   "category": "operating_liability",
   "face_m": 371.7,
   "drawn_m": 371.7,
   "committed_m": 371.7,
   "coupon": "n/a",
   "coupon_pct": null,
   "floating": false,
   "issued": "2025",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "3,090 BTC pledged to Bitmain by American Bitcoin (FV $184.9M at 6/30), shown as Digital assets - pledged for miner purchase",
   "restrictions": "Obligation to redeem pledged BTC for cash or apply it to ASIC purchases at end of each redemption period",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Not financial debt and excluded from total_debt_face_m; balance sheet shows $371.7M non-current (12/31/2025: $100.9M current + $332.2M non-current). Accounted as repurchase agreement under ASC 606/610-20."
  },
  {
   "t": "HUT",
   "name": "Senior secured revolving credit facility (JPMorgan agent) - parent",
   "type": "revolver",
   "face_m": 1070.0,
   "drawn_m": 0.0,
   "committed_m": 1070.0,
   "available_m": 1070.0,
   "coupon": "Term SOFR + 1.50%-2.00% (initial 1.75%) or ABR + 0.50%-1.00%, grid on Consolidated Total Debt / Market Cap",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-09-24",
   "maturity": "2030-09-24",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-priority lien on substantially all assets of Hut 8 Corp. and guarantor restricted subsidiaries (with exclusions)",
   "restrictions": "Limits on indebtedness, liens, fundamental changes, affiliate transactions, asset sales; minimum liquidity tested quarterly from Q1 2027 at 40% of commitments pre-'Stabilization Date', 25% after, with equity cure",
   "as_of": "2026-09-24",
   "source": {
    "form": "8-K",
    "date": "2026-09-28",
    "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "POST-QUARTER. $1,070.0M LC sublimit. Undrawn at closing. First parent-level recourse facility; SPV notes remain outside it. Undrawn at closing (8-K)."
  },
  {
   "t": "BTDR",
   "name": "Unsecured bank facility - Singapore financial institution",
   "type": "revolver",
   "face_m": 26.0,
   "drawn_m": 26.0,
   "committed_m": 26.0,
   "coupon": "10.31% fixed",
   "coupon_pct": 10.31,
   "floating": false,
   "issued": "2025-09",
   "maturity": "2026-12 (renewed July 2026; prior draw matured 2026-07)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": false,
   "recourse": "parent",
   "collateral": "Unsecured; proceeds finance supplier payments",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Presented as short-term borrowings 26.0 at both 6/30/26 and 12/31/25. Repaid and redrawn July 2026 at same rate, new maturity Dec 2026."
  },
  {
   "t": "BTDR",
   "name": "BIT Bitcoin Loan (BIT Group - related party, BTC-denominated)",
   "type": "btc_backed",
   "face_m": 144.6,
   "drawn_m": 144.6,
   "committed_m": 144.6,
   "coupon": "3.00% fixed (payable weekly)",
   "coupon_pct": 3.0,
   "floating": false,
   "issued": "2026-02 (amended/restated 2026-03 to 6,000 BTC max)",
   "maturity": "2027-06 (all due within 12 months of 2026-06-30)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Receivables denominated in digital assets / stablecoins / fiat ($162.2M digital-asset receivables from related party pledged at 6/30/26); LTV maintenance",
   "restrictions": "LTV maintenance; facility cap 6,000 BTC (revolving after Aug-2026 amendment)",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Facility denominated in BTC (committed_m null: 6,000 BTC cap). 1,953.84 BTC outstanding at 6/30/26 = principal US$144.6M; carried at fair value US$117.5M (short-term borrowings from related party) net of a $27.1M embedded derivative asset. Post-quarter ~3,669 BTC outstanding at 2026-09-29 (USD not disclosed). Repayments are made in digital assets."
  },
  {
   "t": "BTDR",
   "name": "BIT Assets Collateralized Loan (BIT Group / Matrixport - related party)",
   "type": "gpu_financing",
   "face_m": 760.0,
   "drawn_m": 515.6,
   "committed_m": 760.0,
   "available_m": null,
   "coupon": "9.0% + market-based reference rate (EIR 13.0% H1-26)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2025-04 (series of contracts through 2026-05)",
   "maturity": "2028-06 (each draw repaid in 24 monthly instalments)",
   "schedule": [
    [
     "2027-06",
     373.5
    ],
    [
     "2028-06",
     142.1
    ]
   ],
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Mining rigs, inventories, datacenter assets and other agreed collateral; agreed loan-to-value maintenance",
   "restrictions": "LTV maintenance covenant; related-party lender (controlling shareholder Jihan Wu is co-founder/chairman of BIT Group)",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Committed = sum of facility maximums disclosed: Contract 1 (Apr-25, amended Jul-25 to 400) + 100 (Oct-25) + 50 (Dec-25) + 50 (Jan-26) + 50 (Feb-26) + 50 (Mar-26) + 60 (May-26) = 760; 2026 facilities fully drawn at 6/30. Principal outstanding 515.6 at 6/30/26 (balance sheet: current RP borrowings 373.5 + noncurrent 142.1). Interest expense H1-26 $32.7M. Post-quarter: +$45M one-week facility drawn Aug-26; aggregate outstanding ~$423.3M at 2026-09-29. This is the notebook's 'equipment/GPU financing' - it is a related-party asset-backed loan, not third-party vendor financing. Schedule: $373.5M due within 12 months of 6/30 (bucketed at the window end) and $142.1M thereafter. Revolving related-party facility; availability undisclosed."
  },
  {
   "t": "BTDR",
   "name": "5.25% convertible senior notes due 2029 (November 2024 notes)",
   "type": "convert",
   "face_m": 400.0,
   "drawn_m": 65.0,
   "committed_m": 65.0,
   "coupon": "5.25% fixed",
   "coupon_pct": 5.25,
   "floating": false,
   "issued": "2024-11",
   "maturity": "2029-12-01",
   "conv_price": 15.95,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Original $400.0M. $200.0M repurchased Nov-2025 ($119.3M cash + 10,661,140 shares); $135.0M repurchased H1-2026 for $94.5M cash (loss on extinguishment $5.4M). $65.0M principal outstanding at 6/30/26 (carrying 63.4; maturity table shows 65.0 due 2029). Conversion rate 62.7126 sh/$1,000 (= $15.95). Holder put at par on 2027-12-06. Company-side zero-strike call option with Barclays: 14,298,480 shares for ~$160.0M (expires after 2029-12-01). Equity-classified conversion feature, amortized cost."
  },
  {
   "t": "BTDR",
   "name": "4.875% convertible senior notes due 2031 (June 2025 notes)",
   "type": "convert",
   "face_m": 375.0,
   "drawn_m": 375.0,
   "committed_m": 375.0,
   "coupon": "4.875% fixed",
   "coupon_pct": 4.875,
   "floating": false,
   "issued": "2025-06",
   "maturity": "2031-07-01",
   "conv_price": 15.875,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Conversion rate 62.9921 sh/$1,000 (= $15.875). Holder put at par on 2029-07-06. Zero-strike call option with Barclays: 10,205,300 shares for ~$129.6M. Carrying 364.9 at 6/30/26. Notebook's '4.875% due 2029 or 2031?' resolves to 2031."
  },
  {
   "t": "BTDR",
   "name": "4.00% convertible senior notes due 2031 (November 2025 notes)",
   "type": "convert",
   "face_m": 400.0,
   "drawn_m": 400.0,
   "committed_m": 400.0,
   "coupon": "4.0% fixed",
   "coupon_pct": 4.0,
   "floating": false,
   "issued": "2025-11-12",
   "maturity": "2031-11-15",
   "conv_price": 17.77,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Conversion rate 56.2635 sh/$1,000 (= $17.77). Holder put at par on 2029-11-20. Capped calls: strike $17.77, cap $27.88 (20-F), premium $35.4M. Carrying 389.0 at 6/30/26."
  },
  {
   "t": "BTDR",
   "name": "5.00% convertible senior notes due 2032 (February 2026 notes)",
   "type": "convert",
   "face_m": 375.0,
   "drawn_m": 375.0,
   "committed_m": 375.0,
   "coupon": "5.0% fixed",
   "coupon_pct": 5.0,
   "floating": false,
   "issued": "2026-02",
   "maturity": "2032-03-01",
   "conv_price": 9.925,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Conversion rate 100.7557 sh/$1,000 (= $9.925). Capped calls: cap $15.88 (pricing term sheet 2026-02-20), premium $33.7M. Proceeds (with concurrent 5,503,030-share registered direct at $7.94) funded the $135M Nov-2024 note repurchase. No specified-date holder put disclosed in the interim note (fundamental-change put only). Carrying 364.1 at 6/30/26. Not in the notebook's list - '2025-26 series' = this and the Nov-2025 notes."
  },
  {
   "t": "BTDR",
   "name": "BIT BTC Collateralized Loan (BIT Group - related party)",
   "type": "btc_backed",
   "face_m": 400.0,
   "drawn_m": 0.0,
   "committed_m": 400.0,
   "available_m": 400.0,
   "coupon": "8.35% fixed (monthly)",
   "coupon_pct": 8.35,
   "floating": false,
   "issued": "2025-09",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Bitcoin, LTV-maintained",
   "restrictions": "LTV maintenance",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "US$67.2M outstanding at 12/31/25 fully repaid in digital assets Jan-Feb 2026; zero drawn at 6/30/26. Listed because the $400M commitment remains available. Undrawn related-party facility."
  },
  {
   "t": "BTDR",
   "name": "Other bank loans (long-term, small)",
   "type": "other",
   "face_m": 1.07,
   "drawn_m": 1.07,
   "committed_m": 1.07,
   "coupon": "undisclosed",
   "coupon_pct": null,
   "floating": null,
   "issued": null,
   "maturity": "amortizing 2026-2028",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": null,
   "recourse": "parent",
   "collateral": "undisclosed",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "6-K (H1-2026 interim financial statements, Ex. 99.1)",
    "date": "2026-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-1.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Current portion 0.099 + noncurrent 0.971 in the borrowings table; terms not described."
  },
  {
   "t": "WYFI",
   "name": "B. Riley Facility ($20M DDTL note assigned from Bit Digital)",
   "type": "bridge",
   "face_m": 20.0,
   "drawn_m": 20.0,
   "committed_m": 20.0,
   "coupon": "9.5% fixed + MOIC to 1.1x + 3% OID (same as DDTL)",
   "coupon_pct": 9.5,
   "floating": false,
   "issued": "2026-05-26",
   "maturity": "2026-08-24",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "Same NC-1 Topco equity pledge / WhiteFiber OP guarantee as the DDTL",
   "restrictions": "MOIC; EIR 50.6% annualized at 6/30/26",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Third-party holder (B. Riley Securities, Inc.) of a $20M note issued under the Bit Digital DDTL agreement. Carrying 19.4 (short-term, third parties). Repayment/extension after 6/30 not disclosed."
  },
  {
   "t": "WYFI",
   "name": "Iceland secured term loan facility - Landsbankinn hf (WhiteFiber Iceland ehf.)",
   "type": "term_loan",
   "face_m": 18.0,
   "drawn_m": 18.0,
   "committed_m": 20.0,
   "available_m": 0.0,
   "coupon": "3M Term SOFR + 4.25% (0% floor); stated 7.92% at 6/30/26, EIR 10.64%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-03-25 (drawn 2026-04-24)",
   "maturity": "2028-03-25 (2-yr initial; extendable up to 4 yrs to 2030-03); quarterly amortization from 3 months after first draw",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "First-ranking security over 100% of WhiteFiber Iceland ehf. shares and designated GPU/CPU servers, IB switches and accessories; after-acquired material assets within 60 days",
   "restrictions": "Leverage, equity and loan-to-value maintenance covenants (in compliance at 6/30/26); mandatory prepayment on asset disposals / insurance proceeds; prepayment fees",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Guaranteed by WhiteFiber, Inc. and WhiteFiber AI, Inc. (hence recourse 'parent'). Up to two draws, $5M minimum; undrawn commitment cancelled at end of availability period (so effective committed = 18.0 unless second draw occurred). 9.0 current + 9.0 noncurrent (8.6 net) at 6/30/26. Notebook's '$18M Iceland secured term loan' confirmed. Fully drawn, then amortizing quarterly."
  },
  {
   "t": "WYFI",
   "name": "Syndicated RBC Credit Facility (Enovum Data Center Corp.) - POST-QUARTER",
   "type": "term_loan",
   "face_m": 80.8,
   "drawn_m": 26.2,
   "committed_m": 80.8,
   "available_m": 54.6,
   "coupon": "CORRA + 2.45% + CSA (29.5bp 1M / 32.1bp 3M) or RBC Prime + 1.00%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-07-06 (first draw 2026-07-15: CAD 36.8M ~ $26.2M)",
   "maturity": "2029-07",
   "amortizing": true,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-ranking security over substantially all present and future assets of the borrower and guarantors; first mortgages on MTL-2 and MTL-3 real estate, improvements and equipment",
   "restrictions": "Minimum DSCR; maximum net funded debt / EBITDA; non-revolving (repaid amounts cannot be reborrowed); interest-only until first full quarter after draw",
   "as_of": "2026-07-15",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "CAD 115M (~$80.8M) + CAD 25M (~$17.7M) accordion. Guarantors not named in the 10-Q (recourse marked 'spv' - whether WhiteFiber, Inc. guarantees is unverified). Drawn amount is as of 2026-07-15 per the 10-Q subsequent-events note; later draws unknown. Availability derived as commitment less the July draw."
  },
  {
   "t": "WYFI",
   "name": "Royal Bank of Canada Amended Credit Agreement (Enovum, Montreal MTL-3) - REFINANCED 2026-07-15",
   "type": "term_loan",
   "face_m": 17.339,
   "drawn_m": 0.0,
   "drawn_bd_m": 17.339,
   "committed_m": 0.0,
   "available_m": 0.0,
   "coupon": "Daily Simple CORRA + 2.75% or RBC Prime + 1.00% (prime default)",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-04-27 (drawn 2026-05-08: CAD 24.7M ~ $17.3M)",
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "MTL-3 real estate (financed the MTL-3 acquisition); original June-2025 agreement was non-recourse to the parent",
   "restrictions": "Minimum DSCR and maximum net funded debt / EBITDA (in compliance at 6/30/26)",
   "as_of": "2026-07-15",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Facility CAD 28M (~$20M) plus CAD 8M (~$5.8M) LC/guarantee revolver (remains in place after refinancing). Carrying 16.8 (long-term) at 6/30/26. USD figures at the 10-Q's rates. Replaced by the syndicated RBC facility below. Repaid in full 2026-07-15 from the syndicated RBC facility."
  },
  {
   "t": "WYFI",
   "name": "Delayed Draw Term Loan Facility - Bit Digital Capital, Inc. (related party; Enovum NC-1 Venture, LLC borrower)",
   "type": "ddtl",
   "face_m": 100.0,
   "drawn_m": 60.0,
   "drawn_bd_m": 30.0,
   "committed_m": 100.0,
   "available_m": 40.0,
   "coupon": "9.5% fixed (step-down after NC-1 40 MW phase substantially complete and >=80% leased) + MOIC to 1.1x + 3% OID",
   "coupon_pct": 9.5,
   "floating": false,
   "issued": "2026-05-20 (first draws 2026-05-26)",
   "maturity": "2027-01 (latest 180-day draws)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "spv",
   "collateral": "First-ranking pledge of 100% of Enovum NC-1 Topco, Inc. equity; guaranteed by WhiteFiber Operating Partnership, LP; collateral released upon NC-1 institutional/permanent financing",
   "restrictions": "Commitment fee; mandatory prepayment on specified events; MOIC minimum return (EIR 50.6% annualized at 6/30/26 given short tenor)",
   "as_of": "2026-07-31",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Upsizable to $150M. $50M drawn 2026-05-26 ($20M + $30M); the $20M note was immediately assigned to B. Riley Securities (separate row), leaving $30M due to Bit Digital at 6/30/26 (29.3 net, 'short-term debt, related parties'). Post-quarter +$20M (7/27) and +$10M (7/31) -> $60M due to Bit Digital if nothing repaid. CORRECTION to the notebook: this is NOT an 'ETH-backed' loan - it is secured by NC-1 Topco equity. The ETH/LsETH-backed borrowing is Bit Digital's own $50M Galaxy facility (see BTBT); whether Galaxy proceeds funded this DDTL is inferred from timing (Galaxy draw 5/20, DDTL draws 5/26), not stated in either filing. Eliminates in BTBT consolidation. +$20M and +$10M drawn 2026-07-27/31 (180-day maturities); repayment of the May 90-day draws undisclosed."
  },
  {
   "t": "WYFI",
   "name": "4.50% convertible senior notes due 2031 (2031 Notes)",
   "type": "convert",
   "face_m": 230.0,
   "drawn_m": 31.85,
   "drawn_bd_m": 230.0,
   "committed_m": 31.85,
   "coupon": "4.5% fixed",
   "coupon_pct": 4.5,
   "floating": false,
   "issued": "2026-01-26",
   "maturity": "2031-02-01",
   "conv_price": 25.91,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-08-21",
   "source": {
    "form": "10-Q",
    "date": "2026-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Includes $20M greenshoe. Conversion rate 38.5981 per $1,000 = $25.91 (27.5% premium to $20.32). Holder put at par on 2029-02-06 and on fundamental change; company call on/after 2029-02-06 at 130% trigger; $75M minimum-outstanding partial-redemption rule. Zero-strike call option (NOT a capped call): ~$120.0M premium for 5,905,511 shares, physically settled, equity-classified. Carrying 222.6 at 6/30/26 (7.4 unamortized costs); accrued interest 4.4; fair value 407.3. POST-QUARTER: $198.15M exchanged 2026-08-21 for ~$118.5M cash + ~6.3M shares -> ~$31.85M principal remains outstanding (as of 2026-08-21). $198.15M exchanged on 2026-08-21 for ~$118.5M cash + ~6.3M shares; ~$31.85M remains."
  },
  {
   "t": "WYFI",
   "name": "5.00% convertible senior notes due 2032",
   "type": "convert",
   "face_m": 310.0,
   "drawn_m": 310.0,
   "committed_m": 310.0,
   "coupon": "5.0% fixed",
   "coupon_pct": 5.0,
   "floating": false,
   "issued": "2026-08-21",
   "maturity": "2032-09-01",
   "conv_price": 33.84,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-08-21",
   "source": {
    "form": "8-K (indenture, 5.00% notes due 2032; note exchange)",
    "date": "2026-08-21",
    "url": "https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/ea0302925-8k_white.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "POST-QUARTER instrument (drawn_m is at 2026-08-21, not balance date). Includes $40M option. Conversion rate 29.5530 per $1,000 = ~$33.84 (25% premium to 8/18 close); max conversion rate 36.9413 (11,451,803 shares). Interest from 2027-03-01. Holder put at par on 2030-09-06 and on fundamental change; company call on/after 2030-09-06 at 130% trigger; $75M partial-redemption floor. Cross-default to >$20M indebtedness of Company/Significant Subsidiaries. Net proceeds ~$298.5M; ~$118.5M used for the 2031-note exchange; remainder for data-center expansion / GPUs / working capital. No capped call or zero-strike call disclosed in the 8-K."
  },
  {
   "t": "KEEL",
   "name": "1.375% convertible senior notes due 2031 (2025 Convertible Notes; issuer Bitfarms Ltd., Keel co-obligor)",
   "type": "convert",
   "face_m": 588.0,
   "drawn_m": 588.0,
   "committed_m": 588.0,
   "coupon": "1.375% fixed",
   "coupon_pct": 1.375,
   "floating": false,
   "issued": "2025-10-01",
   "maturity": "2031-01-15",
   "conv_price": 6.86,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Includes full $88M greenshoe. Conversion rate 145.6876 sh/$1 principal... as stated, i.e. per $1,000 = $6.86 (30% premium to $5.28 on 2025-10-16). Not redeemable before 2028-10-20; thereafter at par if stock >=130% of conv price 20/30 days. Fundamental-change put at par. Capped calls (Oct-2025): cap $11.88 (125% premium), accounted as a derivative asset (78.8 at 6/30/26). Supplemental indenture 2026-04-01 made Keel co-obligor; reference property now Keel common stock; no economic change. Carrying 593.6 gross less 16.3 unamortized discount = 577.3. NOT in the notebook - the notebook only knew the June-2026 series."
  },
  {
   "t": "KEEL",
   "name": "1.250% convertible senior notes due 2032 (2026 Convertible Notes)",
   "type": "convert",
   "face_m": 458.0,
   "drawn_m": 458.0,
   "committed_m": 458.0,
   "coupon": "1.25% fixed",
   "coupon_pct": 1.25,
   "floating": false,
   "issued": "2026-06-09",
   "maturity": "2032-01-15",
   "conv_price": 7.41,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "8-K (indenture, 1.250% notes due 2032)",
    "date": "2026-06-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/ea0294115-8k_keelinfra.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Includes full $58M option. Conversion rate 134.9073 per $1,000 = $7.4125 (25% premium to $5.93 on 2026-06-04); max conversion rate 168.6340. Senior unsecured, fully and unconditionally guaranteed by Bitfarms Ltd. Not redeemable before 2029-07-20; thereafter at par if stock >=130% 20/30 days. Fundamental-change put at par. Capped calls: strike $7.4125, cap $11.86 (100% premium), equity-classified. Transaction costs 13.5; net proceeds 444.5. Carrying 444.8 at 6/30/26. Notebook's '~$458M closed 2026-06-09' confirmed; coupon 1.25%, maturity 2032-01-15, conversion ~$7.41."
  },
  {
   "t": "KEEL",
   "name": "Building financing",
   "type": "other",
   "face_m": 1.679,
   "drawn_m": 1.679,
   "committed_m": 1.679,
   "coupon": "undisclosed in 10-Q",
   "coupon_pct": null,
   "floating": null,
   "issued": null,
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Building (presumed; not described in 10-Q)",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Carrying 1.679 at 6/30/26 (1.704 at 12/31/25). Terms would be in the FY2025 10-K debt note."
  },
  {
   "t": "KEEL",
   "name": "Equipment financing",
   "type": "vendor",
   "face_m": 2.058,
   "drawn_m": 2.058,
   "committed_m": 2.058,
   "coupon": "undisclosed in 10-Q",
   "coupon_pct": null,
   "floating": null,
   "issued": null,
   "maturity": null,
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Equipment (presumed; not described in 10-Q)",
   "restrictions": "none disclosed",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Carrying 2.058 at 6/30/26 (1.642 at 12/31/25)."
  },
  {
   "t": "RIOT",
   "name": "$20 Million Revolving Credit Facility (cash-collateralized)",
   "type": "revolver",
   "face_m": 20.0,
   "drawn_m": 20.0,
   "committed_m": 20.0,
   "coupon": "SOFR + 1.60% (5.3% at 6/30/2026); LC fee 1.5%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2024-08",
   "maturity": "2026-08",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "$20.0M cash in lender control account (restricted cash)",
   "restrictions": "None disclosed beyond collateral",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Two-year facility from Aug 2024; 10-Q does not disclose an extension, so maturity shown as original 2026-08 (open item: confirm renewal/repayment in Q3 10-Q). Fully drawn; no LCs."
  },
  {
   "t": "RIOT",
   "name": "$50 Million Revolving Credit Facility (cash-collateralized)",
   "type": "revolver",
   "face_m": 50.0,
   "drawn_m": 34.3,
   "committed_m": 50.0,
   "available_m": 15.7,
   "coupon": "SOFR + 1.25% (4.9% at 6/30/2026); LC fee 1.25%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2024-07",
   "maturity": "2027-07-15",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "$50.0M cash in lender control account (restricted cash); LCs require 105% cash collateral",
   "restrictions": "None disclosed beyond collateral",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Borrowings $34.272M + LCs $15.171M; available capacity $0.557M. Extended June 2026 to 2027-07-15. Economically defeased by restricted cash."
  },
  {
   "t": "RIOT",
   "name": "0.75% convertible senior notes due 2030",
   "type": "convert",
   "face_m": 594.4,
   "drawn_m": 594.4,
   "committed_m": 594.4,
   "coupon": "0.75% fixed, semi-annual Jan 15/Jul 15",
   "coupon_pct": 0.75,
   "floating": false,
   "issued": "2024-12",
   "maturity": "2030-01-15",
   "conv_price": 14.86,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Not redeemable before 2028-01-20 (then only on certain conditions); conversion settlement in cash, shares or combination at company election; holder conversion before 2029-07-15 only on triggers",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Initial conversion rate 67.2767 shares per $1,000 (= ~$14.86) per 10-K debt note (https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm). Carrying $583.7M = $594.4M less $10.6M unamortized costs; est. FV ~$1.2B (Level 1) at 6/30/2026, i.e. deep in the money. Convertible at holder option during Q3 2026; classified long-term because company intends share settlement. Notebook's ~$594M principal confirmed."
  },
  {
   "t": "RIOT",
   "name": "CPACE note payable (8.81%)",
   "type": "other",
   "face_m": 5.0,
   "drawn_m": 5.0,
   "committed_m": 5.0,
   "coupon": "8.81% fixed",
   "coupon_pct": 8.81,
   "floating": false,
   "issued": "2023",
   "maturity": "2035-12",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": null,
   "recourse": "parent",
   "collateral": "Not described in 10-Q (C-PACE financing is typically a property assessment lien)",
   "restrictions": "Annual principal + interest payments from 2024-12-31",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Remaining principal $5.009M; est. FV $4.9M (Level 3). Labelled 'CPACE Note Payable' in the 10-K debt table."
  },
  {
   "t": "RIOT",
   "name": "$573 Million Credit Facility - Riot DC Logistics LLC (interim/delayed-draw term loan, Morgan Stanley agent)",
   "type": "bridge",
   "face_m": 573.0,
   "drawn_m": null,
   "committed_m": 573.0,
   "coupon": "Adjusted Term SOFR + 2.75% or Base Rate + 1.75%; undrawn fee",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-08-10",
   "maturity": "2026-12-31",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "non-recourse",
   "collateral": "Lien on substantially all assets of the Credit Parties (Borrower, its subsidiaries, and affiliate RPI AUS01-0H DC LLC) related to the 191 MW Rockdale project",
   "restrictions": "Limits on indebtedness, liens, restricted payments, investments, affiliate transactions and business changes; customary EoDs; non-recourse to Riot Platforms, Inc. with fraud/misappropriation carve-outs",
   "as_of": "2026-08-10",
   "source": {
    "form": "8-K",
    "date": "2026-08-14",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926097330/riot-20260810x8k.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "POST-QUARTER. Maturity conflict: the 10-Q (filed 2026-08-10) says 'matures on October 15, 2026, subject to extension' tied to refinancing; the 8-K (filed 2026-08-14, Item 2.03) says December 31, 2026. 8-K date used; confirm in Q3 10-Q, where the credit agreement will be filed as an exhibit. Drawn amount not disclosed in either document. Use of proceeds: long-lead equipment and development costs for the Rockdale Tenant Lease. Expected to be refinanced by permanent project financing. Maturity per the 8-K; the 10-Q says Oct 15, 2026 with extension."
  },
  {
   "t": "RIOT",
   "name": "$200 Million Credit Facility - Coinbase Credit (BTC-backed term loan)",
   "type": "btc_backed",
   "face_m": 200.0,
   "drawn_m": 0.0,
   "drawn_bd_m": 200.0,
   "committed_m": 0.0,
   "available_m": 0.0,
   "coupon": "6.15% fixed from 2026-04-21 (previously max(fed funds, 3.25%) + 4.50%)",
   "coupon_pct": 6.15,
   "floating": false,
   "issued": "2025-04-22",
   "maturity": "2027-04-20",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "5,821 BTC pledged at 6/30/2026 (shown as Restricted bitcoin $340.7M); per 8-K also USDC/cash at Coinbase Custody",
   "restrictions": "Pledged collateral may not be rehypothecated by lender; collateral maintenance",
   "as_of": "2026-09-21",
   "source": {
    "form": "10-Q",
    "date": "2026-08-10",
    "url": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Entered 2025-04-22 at $100M, upsized to $200M 2025-05-20, fully drawn; Second A&R 2026-04-21 extended maturity to 2027-04-20 and fixed rate at 6.15%. H1 2026 interest $8.1M fully capitalized to CIP. POST-QUARTER: fully prepaid and terminated 2026-09-21 (8-K 2026-09-25), so $0 outstanding today. Notebook's 'Coinbase $200M' confirmed for 6/30 but now retired. Fully prepaid and terminated 2026-09-21 (8-K)."
  },
  {
   "t": "MARA",
   "name": "1.00% convertible senior notes due 2026 (December 2026 Notes)",
   "type": "convert",
   "face_m": 747.5,
   "drawn_m": 48.1,
   "committed_m": 48.1,
   "coupon": "1.00% fixed, Jun 1/Dec 1",
   "coupon_pct": 1.0,
   "floating": false,
   "issued": "2021-11",
   "maturity": "2026-12-01",
   "conv_price": 76.17,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "No holder put; standard indenture",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Stub of $48.077M remains after prior repurchases/exchanges; due in cash at maturity 2026-12-01 (classified current). Initial conversion rate 13.1277 (deep out of the money). Corrects notebook: not fully repurchased."
  },
  {
   "t": "MARA",
   "name": "0.00% convertible senior notes due 2030 (March 2030 Notes)",
   "type": "convert",
   "face_m": 1000.0,
   "drawn_m": 632.5,
   "committed_m": 632.5,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2024-11",
   "maturity": "2030-03-01",
   "conv_price": 25.91,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Holder put at 100% of principal on 2027-12-01",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "~$367.5M repurchased in privately negotiated transactions 2026-03-30/31 (part of $70.6M total extinguishment gain with June 2031 Notes); $632.54M remains. Initial conversion rate 38.5902/$1,000. Corrects notebook '~$1.0B'."
  },
  {
   "t": "MARA",
   "name": "0.00% convertible senior notes due 2031 (June 2031 Notes)",
   "type": "convert",
   "face_m": 925.0,
   "drawn_m": 291.6,
   "committed_m": 291.6,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2024-12",
   "maturity": "2031-06-01",
   "conv_price": 34.58,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Holder puts at 100% of principal on 2027-06-04 and 2029-06-04",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "~$633.4M repurchased 2026-03-30/31; $291.584M remains and is classified CURRENT because the first put (2027-06-04) is within 12 months. Initial conversion rate 28.9159/$1,000. Corrects notebook '~$1.0B 2031'."
  },
  {
   "t": "MARA",
   "name": "2.125% convertible senior notes due 2031 (September 2031 Notes)",
   "type": "convert",
   "face_m": 300.0,
   "drawn_m": 300.0,
   "committed_m": 300.0,
   "coupon": "2.125% fixed, Mar 1/Sep 1",
   "coupon_pct": 2.125,
   "floating": false,
   "issued": "2024-08",
   "maturity": "2031-09-01",
   "conv_price": 18.89,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Holder put at 100% of principal on 2029-03-01",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Initial conversion rate 52.9451/$1,000; net proceeds $291.6M; EIR 2.6%."
  },
  {
   "t": "MARA",
   "name": "Barclays 364-day senior secured bridge term loan commitment (Long Ridge)",
   "type": "bridge",
   "face_m": 785.0,
   "drawn_m": 0.0,
   "committed_m": 0.0,
   "coupon": "not disclosed",
   "coupon_pct": null,
   "floating": null,
   "issued": "2026-04-29",
   "maturity": "2032",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Senior secured (collateral package not disclosed)",
   "restrictions": "Commitment letter subject to customary conditions",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "Backstop financing for a portion of Long Ridge's assumed indebtedness 'to the extent needed'; undrawn and contingent on the acquisition closing. Not on the 6/30 balance sheet. Contingent on the Long Ridge closing (not closed as of 2026-10-21, secondary); not MARA debt yet."
  },
  {
   "t": "MARA",
   "name": "Long Ridge Energy LLC 8.750% senior secured notes due 2032 (to be assumed on Long Ridge closing)",
   "type": "secured_notes",
   "face_m": 600.0,
   "drawn_m": 0.0,
   "committed_m": 0.0,
   "coupon": "8.750% fixed",
   "coupon_pct": 8.75,
   "floating": false,
   "issued": "pre-acquisition (Long Ridge issuance)",
   "maturity": "2032",
   "conv_price": null,
   "maturity_cash_ratio": 1.0,
   "secured": true,
   "recourse": "spv",
   "collateral": "Long Ridge project-level security (indenture not reviewed)",
   "restrictions": "Consent solicitation completed May 2026 so the MARA acquisition is not a change of control (avoids 101% put); amendments operative at closing",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": false,
   "notes": "NOT YET ASSUMED: acquisition had not closed at 6/30/2026 nor, per secondary reports, as of 2026-10-21 (FERC approval pending). Total Long Ridge indebtedness to be assumed is 'up to approximately $900.0M', so ~$300M of additional Long Ridge debt is unidentified (open item). drawn_m = 0 reflects MARA's balance sheet, not Long Ridge's. Contingent on the Long Ridge closing (not closed as of 2026-10-21, secondary); not MARA debt yet."
  },
  {
   "t": "MARA",
   "name": "0.00% convertible senior notes due 2032 (August 2032 Notes)",
   "type": "convert",
   "face_m": 1025.0,
   "drawn_m": 1025.0,
   "committed_m": 1025.0,
   "coupon": "0.00%",
   "coupon_pct": 0.0,
   "floating": false,
   "issued": "2025-07",
   "maturity": "2032-08-01",
   "conv_price": 20.26,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "Holder put at 100% of principal on 2030-01-04",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Initial conversion rate 49.3619/$1,000; net proceeds $1,014.0M. Corrects notebook '~$950M': principal is $1.025B. Capped calls not mentioned in 10-Q Note 13 (open item)."
  },
  {
   "t": "MARA",
   "name": "2026 Line of Credit - Coinbase Credit (BTC-backed)",
   "type": "btc_backed",
   "face_m": 150.0,
   "drawn_m": 0.0,
   "drawn_bd_m": 150.0,
   "committed_m": 0.0,
   "available_m": 0.0,
   "coupon": "7.00% fixed",
   "coupon_pct": 7.0,
   "floating": false,
   "issued": "2026-01",
   "maturity": "2027-01",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "4,253 BTC pledged at 6/30/2026 (3,250 BTC at inception, FV $334.6M at transfer)",
   "restrictions": "Collateral rebalancing: must post additional BTC if value falls below threshold; may withdraw excess above threshold; pledged BTC unavailable for other uses",
   "as_of": "2026-08-04",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Drawn in H1 2026 and used with BTC sales to repay the $350M Previous Line of Credit. POST-QUARTER: refinanced and consolidated into the 2026-08-04 Coinbase term loan facility, so this row is superseded. Refinanced into the $450M Coinbase term loan on 2026-08-04."
  },
  {
   "t": "MARA",
   "name": "Two Prime Lending BTC-backed term loan facility (Aug 2026)",
   "type": "btc_backed",
   "face_m": 300.0,
   "drawn_m": 300.0,
   "committed_m": 300.0,
   "coupon": "7.65% fixed",
   "coupon_pct": 7.65,
   "floating": false,
   "issued": "2026-08-04",
   "maturity": "2028-08-03",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Share of 18,750 BTC (~$1.2B) pledged across the Coinbase and Two Prime facilities at closing",
   "restrictions": "Collateral maintenance (agreement not yet filed)",
   "as_of": "2026-08-04",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "POST-QUARTER. Funded status inferred as above; confirm in Q3 10-Q."
  },
  {
   "t": "MARA",
   "name": "Coinbase Credit BTC-backed term loan facility (Aug 2026)",
   "type": "btc_backed",
   "face_m": 450.0,
   "drawn_m": 450.0,
   "committed_m": 450.0,
   "coupon": "floating: midpoint of fed funds target range + 3.875%",
   "coupon_pct": null,
   "floating": true,
   "issued": "2026-08-04",
   "maturity": "2028-08-04",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Share of 18,750 BTC (~$1.2B) pledged across the Coinbase and Two Prime facilities at closing",
   "restrictions": "Automatic one-year extension unless timely cancelled by either party; collateral maintenance (terms in agreement, not yet filed)",
   "as_of": "2026-08-04",
   "source": {
    "form": "10-Q",
    "date": "2026-08-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "POST-QUARTER. Refinances/consolidates the $150M 2026 Line of Credit and adds $300M. Drawn amount inferred as fully funded at closing from the 10-Q's 'borrowings' language and collateral pledged on the closing date; confirm in Q3 10-Q (open item). Together with Two Prime: $750M total, $600M incremental vs 6/30."
  },
  {
   "t": "BTBT",
   "name": "4.00% convertible senior notes due 2030 (2030 Notes) - BTBT-level",
   "type": "convert",
   "face_m": 150.0,
   "drawn_m": 150.0,
   "committed_m": 150.0,
   "coupon": "4.0% fixed",
   "coupon_pct": 4.0,
   "floating": false,
   "issued": "2025-10-02",
   "maturity": "2030-10-01",
   "conv_price": 4.16,
   "maturity_cash_ratio": 1.0,
   "secured": false,
   "recourse": "parent",
   "collateral": "Senior unsecured",
   "restrictions": "none disclosed beyond customary indenture covenants / events of default",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-13",
    "url": "https://www.sec.gov/Archives/edgar/data/1710350/000121390026088709/ea0300693-10q_bitdigital.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Includes $15M over-allotment; net proceeds ~$143.7M. Conversion rate 240.3846 per $1,000 = $4.16 (30% premium to $3.20 on 2025-09-29). One-time holder put at par on 2028-10-01; fundamental-change put. Interest make-whole conversion adjustment available for conversions from 6 months post-issue until 2028-09-15. Company call on/after 2028-10-06 at 130% trigger. Conversion feature bifurcated as a derivative liability (24.0 at 6/30/26); EIR 11.7%. Fair value 143.6. Still outstanding at $150M principal - notebook's 'verify' resolved."
  },
  {
   "t": "BTBT",
   "name": "Galaxy Digital LLC collateralized borrowing (LsETH-backed) - BTBT-level",
   "type": "other",
   "face_m": 50.0,
   "drawn_m": 50.0,
   "committed_m": 50.0,
   "coupon": "5.5% fixed (per Loan Term Sheet)",
   "coupon_pct": 5.5,
   "floating": false,
   "issued": "2026-03-27 (master agreement); drawn 2026-05-20",
   "maturity": "on demand (recallable on 7 days' notice)",
   "conv_price": null,
   "maturity_cash_ratio": null,
   "secured": true,
   "recourse": "parent",
   "collateral": "Liquid staked ETH (LsETH) pledged to Galaxy ($105.6M 'digital asset collateral receivable' at 6/30/26); margin call if collateral falls below maintenance threshold",
   "restrictions": "Collateral maintenance / top-up; lender recall right -> classified current",
   "as_of": "2026-06-30",
   "source": {
    "form": "10-Q",
    "date": "2026-08-13",
    "url": "https://www.sec.gov/Archives/edgar/data/1710350/000121390026088709/ea0300693-10q_bitdigital.htm"
   },
   "provenance": "filing",
   "nd_include": true,
   "notes": "Facility has no fixed commitment (loan-by-loan term sheets; committed_m null). Only known draw is $50.0M on 2026-05-20. This is the 'ETH-backed facility' the notebook attributes to the WYFI loan; the filing does not state that its proceeds funded the WYFI DDTL (inferred from timing only)."
  }
 ],
 "open_items": [
  "NBIS: Citi bridge draw at signing, minimum-liquidity level and any term-out mechanism are undisclosed (facility agreement not filed)",
  "NBIS: ABF draw balance undisclosed",
  "NBIS: Exchange settlement of the $800M old notes and post-close share register unconfirmed",
  "NBIS: the June 2025 notes' original principal outstanding is derived from the filed at-maturity principal and the prospectus accretion (120%/125%); a 2029-series figure of $489.6M is not round, so confirm the conversion history and the August exchange settlement at the Q3 6-K.",
  "CRWV: DDTL 1.0 and DDTL 2.0 SOFR margins are not disclosed in the FY2025 10-K or Q2 2026 10-Q (only 2.1 = SOFR+4.25%, 3.0 = SOFR+4.00%, 4.0 = SOFR+2.25%/UST+2.00%, 5.0 = SOFR+4.50%, 5.5 = SOFR+5.50%). The 2025 S-1 or the original credit agreements (8-K exhibits, 2023/2024) would confirm them.",
  "CRWV: Revolving Credit Facility interest margin and the Nov 2025 covenant changes are not described in the 10-K/10-Q beyond 'modified certain covenant metrics'; the Nov 2025 amendment exhibit would confirm.",
  "CRWV: Whether the $3.0B DDTL 2.1 tranche is inside or incremental to the $7.6B DDTL 2.0 commitment is ambiguous in the filings; the Sep 2025 amendment (8-K exhibit) would settle it. committed_m for 2.0 is shown as 7,600 and 2.1 as 3,000 without netting.",
  "CRWV: DDTL 4.0 investment-grade ratings (register: A3 / A-low) were not verified from a filing this run - the 8-K body does not mention ratings; the Mar 30, 2026 press release exhibit would be the company-release source.",
  "CRWV: DDTL 5.5 drawn balance of $1.2B is as of the 10-Q filing (~2026-08-11); no later disclosure of further draws through Dec 2026 exists before the Q3 10-Q. The current revolver balance after the Aug 2026 $1.2B draw and the Sep 2026 convert proceeds is likewise unknown until the Q3 10-Q.",
  "CRWV: Exact maturity days for the 9.25% 2030 notes (Jun 2030) and 9.00% 2031 notes (Feb 2031) were taken from the 10-Q/10-K month-level tables; the May 2025 and Jul 2025 8-K indentures were not re-opened.",
  "CRWV: FMP shortTermDebt + longTermDebt (35,664) exceeds filed carrying debt + finance leases (35,289) by ~375; the classification difference (possibly the DCSP financing obligation or accrued interest) was not traced.",
  "CRWV: Extra field 'verified_this_run' was added to every instrument row at the caller's request; all 20 rows were re-checked against a filing this run.",
  "APLD: per-loan 8/31/26 balances of the three legacy secured term loans (Starion Ellendale, Cornerstone, Starion Term) are not disclosed — only the $19.2M aggregate; rows carry 5/31/26 balances. Verify with next 10-Q or the FY26 10-K schedule.",
  "APLD: terms (rate, maturity, collateral) of the two ~$18.5M promissory notes in 'Other debt' are undisclosed; ~$3.0M residual in Other debt unexplained. Verify in a future 10-K debt note.",
  "APLD: whether Applied Digital Corp provides a completion guarantee on the 9.250% 2030 and 6.750% 2031 project notes (explicit only for the 7.000% 2031 notes). Verify in the 2030/2031 indentures (8-K ex4.1 2025-11-20 and 2026-03-10).",
  "APLD: FMP 'capital leases' 106.8 vs filing finance leases 45.9 — FMP tagging unverified; FMP totalDebt (6,483.4) therefore overstates filing debt + finance leases (6,422.5) by ~60.9.",
  "APLD: 2026 Revolving Credit Facility origination date and original credit agreement not opened (maturity 2029-05-29 implies May 2026 closing); amortization schedules of the 2030/2031 6.75% notes beyond 'per indenture' not pulled.",
  "CORZ: breakdown of the $165.7M current restricted cash (Polaris escrow vs construction escrow) is not quantified in the 10-Q text; the ~$300M restricted-cash release attributed to the JPMorgan facilities is not in the 8-K and remains unverified/secondary.",
  "CORZ: funding source for the ~$444.3M Polaris cash consideration (escrow + cash on hand presumed) and the post-closing adjusted price; verify in Q3 10-Q (due ~late Oct/early Nov 2026).",
  "CORZ: whether capped calls exist on either convert — none disclosed in the FY25 10-K or Q2 10-Q; treated as none.",
  "GLXY: exact maturity dates of the 2026 (Dec 15, 2026) and 2029 (Dec 1, 2029) exchangeables come from the 424B3 prospectus (investor.galaxy.com mirror of the SEC filing) and 2021 closing release; the 10-Q states only the year.",
  "GLXY: issue price and detailed amortization percentages of the Helios II 9.875% notes not read (indenture text truncated at 100k chars); the DSRA requirement $285.05M is confirmed.",
  "GLXY: MD&A summary shows Loans payable $427.4M vs balance sheet $286.7M at 6/30/26 — classification difference (margin loans?) unexplained.",
  "GLXY: any Q3 2026 changes (2026 exchangeable exchanges/redemptions, Helios I draws, trading loans) will only be visible in the Q3 10-Q (~early Nov 2026); no financing 8-Ks were filed between 2026-07-28 and 2026-10-25.",
  "IREN: composition of the $21.95M 'Other debt' (maturities 2027-2029) is not described in Note 23 - likely equipment loans or Nostrum-acquired debt; confirm in the Q1 FY27 10-Q (due ~Nov 2026).",
  "IREN: amount drawn to date under the $2.4B Mackenzie August 2026 Financing Agreements (availability to 2026-12-31) and the identity/terms of the remaining ~$0.4B of the '$2.8bn GPU financings' cited in the FY26 release - not in any filing since 2026-08-27; Q1 FY27 10-Q would verify.",
  "IREN: lessor(s) and pricing of the GPU finance leases ($243.8M liability / $270.4M undiscounted) are not named; ARS/10-K exhibits or Q1 10-Q notes would verify. Arrangers of the DDTL (Goldman Sachs/JPMorgan per secondary press) are not named in the 10-K.",
  "IREN: the '$13.8B capital commitments at 6/30/26' seen in secondary coverage was not pulled from the 10-K commitments note in this pass; verify in Note 28/29 before use.",
  "WULF: cap price of the 2032 convertible notes' capped calls - not found in the 10-Q or 10-K text searched; the Oct-2025 pricing 8-K (press release exhibit) would verify.",
  "WULF: itemisation of the $409.4M restricted cash (which reserve accounts under the 7.75% notes vs. LC collateral) and whether the $250M first Abernathy installment was received (due ~2026-07-20) - the Q3 10-Q (earnings call scheduled 2026-11-06) would verify. FMP longTermInvestments $711.1M split (restricted cash vs. JV equity-method investment vs. trust) is inferred, not disclosed.",
  "WULF: no filing supports a ~$3.5B Hawesville/Justified project loan as of 2026-10-25; management guidance (Q2 call) is that project debt will be raised for Hawesville and later Muskie. Monitor 8-K Items 1.01/2.03.",
  "WULF: pricing/maturity of the upsized ~$400M revolver (Amendment No. 1, 2026-10-23) - full agreement to be filed with the Q3 10-Q.",
  "CIFR: cap price of the 1.75% 2030 converts' capped calls - not found in the May-2025 8-K body or the 10-Q/10-K text (likely in the press-release exhibit); of limited relevance after the Oct-2026 exchange left ~$6.6M outstanding.",
  "CIFR: whether the $150M initial-purchaser option on the $850M 0.00% 2032 converts was exercised (13-day window from 2026-10-16) - watch for an 8-K/press release or the Q3 10-Q.",
  "CIFR: tenant and credit support for the Stingray facility (Andrews, TX) are not named in the 10-Q or the Stingray 8-K; the notebook's 'Amazon-parent-guaranteed lease' should be re-sourced (the AWS lease is Black Pearl). The dollar size of the Google backstop (~$1.73B in the notebook) is not stated in the 10-Q/10-K - only the 24,178,576 warrants and the $544.5M backstop asset are; the backstop amount would need the Google Recognition Agreement / lease exhibits.",
  "CIFR: FMP shortTermInvestments $37.8M at 2026-06-30 was not tied to a 10-Q line in this pass (possibly bitcoin or investments) - cash_m uses cash and cash equivalents only.",
  "IREN/WULF/CIFR: All three: FMP totalDebt includes operating-lease liabilities (IREN ~$2.9M, WULF ~$23.3M, CIFR ~$40M) - inferred from the residual after carrying debt + finance leases; confirm against each balance sheet's operating-lease lines if precision matters.",
  "HUT: Two Prime $200M revolver collateral/recourse terms not described in 10-Q Note 9; the 2025-08-29 8-K (tm2524762d1_8k.htm) exhibit would confirm. Undrawn at 6/30 so no balance impact.",
  "HUT: finance lease balance not broken out in the 10-Q debt note; FMP totalDebt - carrying debt = ~$30.4M presumed lease liabilities. Note 11 (Leases) would confirm.",
  "HUT: River Bend ratings (BBB-/BBB-) are from the company's closing release, not a filing; Beacon Point Baa2 is in the 10-Q MD&A. Beacon Point Phase 2 financing status is secondary-sourced (not announced as of 2026-10-19).",
  "HUT: any Q3 draws on the new $1,070M JPM revolver, and any Q3 change in FalconX/TZRC balances, await the Q3 10-Q.",
  "RIOT: $573M Riot DC Logistics facility maturity conflicts between 10-Q (2026-10-15 with extension) and 8-K (2026-12-31); drawn amount undisclosed. Q3 10-Q (credit agreement exhibit) resolves both.",
  "RIOT: $20M revolver's original two-year term ended ~Aug 2026; renewal or repayment not disclosed in the 10-Q.",
  "RIOT: 2030 Notes were convertible at holder option during Q3 2026 with FV ~2x par; whether any conversions occurred (and settlement form) is unknown until the Q3 10-Q (call 2026-11-04).",
  "RIOT: CPACE note security not described in the 10-Q.",
  "MARA: funded status of the Aug 4, 2026 Coinbase ($450M) and Two Prime ($300M) facilities is inferred from the 10-Q subsequent-events wording; the 8-K/Q3 10-Q with the agreements would confirm drawn amounts and collateral mechanics.",
  "MARA: Long Ridge closing status is secondary-sourced (not closed as of ~2026-10-21, FERC pending); the composition of 'up to ~$900M' assumed debt beyond the $600M 8.750% notes is unidentified; Barclays bridge pricing undisclosed.",
  "MARA: capped-call hedges on the converts are not mentioned in 10-Q Note 13; the 10-K (2026-03-02) would confirm whether any exist.",
  "HUT/RIOT/MARA: FMP latest balance sheets were used as given (not re-pulled); Q3 2026 10-Qs (Nov 2026) will supersede every 6/30 balance here.",
  "BTDR: USD value of the BIT Bitcoin Loan after the Aug-2026 revolving amendment (3,669 BTC at 9/29/26) - needs a BTC price; the 6-K gives only BTC units. Also no disclosure of how much of the $423.3M BIT Assets Collateralized Loan balance at 9/29 is the one-week $45M tranche.",
  "BTDR: Feb-2026 5.00% notes due 2032 - the interim note does not mention a specified-date holder put (the other three series have one); the indenture/424B5 would confirm. Cap price $15.88 taken from the 2026-02-20 pricing term sheet.",
  "BTDR: 'Other bank loans' (~$1.07M) terms not described in the interim note; immaterial.",
  "KEEL: FMP's 12.5 'finance leases' does not match the 10-Q's 1.9 finance-lease liability - likely operating-lease liability; would be confirmed by the 10-Q lease note. Building (1.7) and equipment (2.1) financing terms are only in the FY2025 10-K debt note (not pulled).",
  "KEEL: the 2025 convert line (593.6) exceeds the 588.0 principal because the company accretes interest into the debt balance; confirm cash coupon payable vs. accrued in the 10-K.",
  "WYFI: whether the $50M of 90-day DDTL/B. Riley draws from 2026-05-26 (due ~2026-08-24) were repaid, extended, or rolled - no filing through 2026-10-25 says. Whether the $310M convert proceeds repaid any DDTL is also undisclosed. Expect the Q3 10-Q (~mid-Nov 2026).",
  "WYFI: syndicated RBC facility guarantors (and hence whether WhiteFiber, Inc. is recourse) are not named in the 10-Q; the credit agreement exhibit would confirm. Draws after the 2026-07-15 CAD 36.8M are unknown.",
  "WYFI: Yadkin County NC $60M purchase - whether it closed (inspection period ended 2026-09-15; closing ~45 days later ~ 2026-10-30) and how it is being funded; no 8-K yet.",
  "BTBT: post-exchange ownership of WYFI (~6.3M WYFI shares issued 8/21/26 dilute BTBT's ~70%); 13D/A filed 2026-08-24/25 not opened. BTBT does not guarantee any WYFI debt per the 10-Qs (inferred from absence of disclosure; not an explicit statement).",
  "BTBT: whether Galaxy proceeds ($50M, 5/20/26) funded the WYFI DDTL draws ($50M, 5/26/26) is inferred from timing; neither 10-Q states it. Galaxy facility has no stated maximum.",
  "BTDR/KEEL/WYFI/BTBT: FMP totalDebt fields are unreliable for these names (includes operating leases for BTDR; omits the WYFI convert; ~10 off for BTBT) - use filing figures above."
 ],
 "tracker": {
  "source": null,
  "as_of": "2026-10-26",
  "quote_as_of": "2026-10-26",
  "rows": {
   "CRWV": {
    "px": 55.19,
    "cap": 30.44,
    "nd": 46.552,
    "capital_as_of": "2026-06-30",
    "ndflag": "June 30 face financial debt $35.551B + finance leases $0.221B + operating leases $16.319B − unrestricted cash/marketable securities $5.539B = $46.552B. Restricted cash $1.380B excluded. The after-rent valuation uses $30.233B financial net claims; do not add operating leases there again. Sept 22: +$4.2B 2.875% 2033 converts closed (net ≈$3.57B after the $566M capped call) → pro forma ≈$47.2B; 35M-share ATM (incl. collared forwards) established 9/17, usage n/d; ATM usage still n/d at 10/25 (first visible in Q3 10-Q)"
   },
   "NBIS": {
    "px": 153.27,
    "cap": 36.78,
    "nd": 0.5,
    "capital_as_of": "2026-06-30",
    "ndflag": "Filed 6/30/26: debt $8.546B less cash $8.042B = $0.50B. Post-quarter: $775M asset-backed facility (7/17, draws n/d); $5.75B converts closed 8/24 (net ≈$5.68B, debt and cash rise together); $800M of 2029/2031 notes exchanged for ~15.8M shares (8/20) → pro forma ≈ −$0.2B before facility draws and Q3 capex. FY26 capex $20–25B; >$9B customer prepayments expected in 2026; 10/22 6-K: $3.5B Citi senior secured term loan for GPU buildout (matures 10/16/27; draws n/d); $775M facility draws still n/d"
   },
   "APLD": {
    "px": 17.83,
    "cap": 5.39,
    "nd": 3.11,
    "capital_as_of": "2026-08-31",
    "ndflag": "8/31/26 10-Q: carrying debt $6.377B (principal $6.722B: 2030 9.25% $2.35B, 2031 6.75% $2.15B, 2031 7.0% $1.59B, 2.75% 2030 converts $0.45B, revolver $0.082B, other $0.099B) − cash $2.950B − current restricted $0.313B = $3.11B (≈$3.46B on principal). Excludes non-current restricted $0.415B, finance leases ~$46M, preferred $0.181B and redeemable NCI $2.011B. Restricted construction cash fell from $2.38B as FQ1 capex was $2.07B"
   },
   "CORZ": {
    "px": 13.51,
    "cap": 4.34,
    "nd": 3,
    "capital_as_of": "2026-08-25",
    "ndflag": "Q2 filed net debt $2.53B ($4.298B debt less $1.770B unrestricted cash); tracker carries ~$3.0B pro forma after the ~$444M all-cash Polaris DS acquisition closed 8/14. Excludes $465M restricted cash. 8/25: $100M revolver + $500M L/C facility (undrawn) expected to free ~$300M restricted cash → nd ≈$2.7B once released; confirm at Q3 10-Q"
   },
   "GLXY": {
    "px": 15.68,
    "cap": 5.2,
    "nd": 3.9,
    "capital_as_of": "2026-06-30",
    "ndflag": "nd 3.9 held on the 6/30 tracker basis. Re-derived from the Q2 10-Q (10/25): recourse-only ≈$1.07B (exchangeable notes ~$1.96B carrying less $0.90B cash); including the DB $1.3B Helios I facility and the $3.507B 9.875% Helios II notes (issued 7/28/26; secured on project assets, uncapped GDH LP completion guarantee) ≈$5.9B if Helios II proceeds are restricted, ≈$2.4B if not. ⚠ Basis decision open: CORZ includes its guaranteed project notes, HUT excludes SPV notes — re-pull and re-derive at the Q3 10-Q (print 10/27)"
   },
   "WULF": {
    "px": 11.98,
    "cap": 5.98,
    "nd": 2.7,
    "capital_as_of": "2026-06-30",
    "ndflag": "nd $2.7B per Q2 deck ($2.5B converts + $3.2B WULF Compute secured notes less $3.0B cash+restricted) · Hawesville ~$3.5B loan still NOT closed as of 10/25 · Abernathy $250M received Jul; $150M due 12/31/26, ~$130M due 4/30/27 · 10/23 8-K: revolver upsized $250M → ~$400M (+~$150M uncommitted accordion; draw n/d)"
   },
   "HUT": {
    "px": 62.97,
    "cap": 7.76,
    "nd": 0,
    "capital_as_of": "2026-06-30",
    "ndflag": "10-Q 6/30: ex-SPV debt ~$235M vs unrestricted cash ~$234M → ~0; $7.5B non-recourse SPV notes (River Bend + Beacon Point, 2042) and ~$6.79B restricted project cash excluded per convention; BP Ph 2 financing still being evaluated; 9/24: $1.07B 4-yr senior secured parent revolver (JPM; undrawn at close, full LC availability)"
   },
   "CIFR": {
    "px": 7.71,
    "cap": 3.2,
    "nd": 1.57,
    "capital_as_of": null,
    "ndflag": "Q2 filed net debt ~$1.57B: $5.587B total debt less $4.020B cash/current restricted cash. Excludes $540M noncurrent restricted cash and $38M short-term investments; all three contracted projects are funded; 10/16: +$850M 0% 2032 converts, ~$165.9M 2030 notes exchanged for shares, $89.7M capped call → PF nd ≈$1.51B before ~$750M Barber Lake equity spend; re-pull at Q3 10-Q (11/2)"
   },
   "IREN": {
    "px": 25.43,
    "cap": 10.29,
    "nd": 1.81,
    "capital_as_of": "2026-06-30",
    "ndflag": "FY26 10-K (6/30/26): debt principal $7.706B (converts $6.746B + DDTL $0.413B + USPP $0.525B + other) less $5.896B unrestricted cash ≈ $1.81B. Excludes $1.724B restricted cash, $0.244B finance leases and $1.84B customer prepayments. Post-period: $2.4B Mackenzie GPU financing (signed 8/25) draws through 12/31/26 and only $0.94B of the $3.65B IG GPU facility was drawn at 6/30 — gross debt rises as GPUs land"
   },
   "KEEL": {
    "px": 2.18,
    "cap": 1.32,
    "nd": 0.32,
    "capital_as_of": null,
    "ndflag": "Q2 filed net debt ~$0.32B: $1.038B debt less $716M cash. Excludes $121M BTC treasury"
   },
   "RIOT": {
    "px": 12.59,
    "cap": 4.72,
    "nd": 0.9,
    "capital_as_of": null,
    "ndflag": "Q2 filed net debt ~$0.30B including restricted cash; tracker uses ~$0.9B provisional full-draw pro forma for the August $573M interim facility. Actual draw is not disclosed; 11,380 BTC held and excluded from cash; Coinbase up-to-$200M facility prepaid in full and terminated 9/21 (8-K; amount n/d); $573M facility maturity conflicts (8-K 12/31/26 vs 10-Q 10/15/26 subject to extension) — confirm at Q3 10-Q (11/4)"
   },
   "BTDR": {
    "px": 7.085,
    "cap": 1.61,
    "nd": 1.46,
    "capital_as_of": "2026-06-30",
    "ndflag": "Q2 filed net debt ~$1.36B ($1.855B borrowings less $494M cash + ST investments; excludes ~$98M leases); ~$1.46B provisional after ~$100M cash Rockdale land purchase (9/1). BTC held fell 257 → 61 (excluded). Tydal $1.3B LCs are tenant support, not Bitdeer debt"
   },
   "WYFI": {
    "px": 9.52,
    "cap": 0.43,
    "nd": 0.18,
    "capital_as_of": "2026-10-21",
    "ndflag": "Q2 filed net debt ~$0.25B including converts and restricted cash. Pro forma for the 8/21 $310M new converts and $198.15M old-note exchange is ~$0.18B before fees; pending NC-1 financing and site-acquisition closing keep this provisional. NC-1 project financing still not announced (9/23); NC-2/3 $60M cash close Q4'26 adds ~$0.06B; Bit Digital term loan $80M drawn, $50M repaid (8/24, 9/23), $30M outstanding per 10/21 proxy; NC-1 permanent financing still not announced 10/25"
   },
   "BTBT": {
    "px": 0.8389,
    "cap": 0.3,
    "nd": 0.28,
    "capital_as_of": "2026-08-25",
    "ndflag": "6/30 10-Q consolidated net debt $0.35B ($430M debt less $84M cash); ~$0.28B provisional pro forma for the WYFI 8/21 convert refinancing. Excludes ~163.7K ETH/lsETH (9/30) treasury and the Galaxy ETH-backed facility funding the intercompany WYFI loan. Not additive — excluded from de-duped analytics"
   },
   "MARA": {
    "px": 6.84,
    "cap": 2.64,
    "nd": 2.63,
    "capital_as_of": null,
    "ndflag": "Q2 principal debt $2.447B less $421M cash, plus $600M of August BTC-backed borrowings, gives ~$2.63B pro-forma net debt. Excludes BTC holdings; Long Ridge debt not assumed because the acquisition had not closed; $100M Matagorda utility security deposit posted 9/21 (withdrawable)"
   }
  }
 }
}