No positions in the markets we measure BY 07:30 ET
CCIR Compute Credit
Index Research
Credit · Tracked as filed as of 2026-04-17

Soluna

CCIR tracks 7 instruments issued by Soluna (SLNH): credit facility. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Floating spreads at signing
Filed spread over SOFR, by signing date · window Sep 2025 – Apr 2026
+2.5 +5 +7.5 +10 +12.5 2026 Generate Credit Agr… Generate Tranche C
Fixed coupons at issue
Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window May 2024 – Apr 2026
5% 10% 15% 20% 20252026 Equipment Loan Agre…"Green Cloud" secur…Galaxy LoanLand Purchase LoanYorkville promissor…

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

BorrowerInstrumentSize $mRate
Soluna Wind Holding Yorkville promissory note — post-Q1 12 5%
Briscoe Wind Farm LLC Generate Tranche C (Briscoe wind farm) — post-Q1 12.5 S+8.00%
Kati Phase 2 Land Purchase Loan (Kati Phase 2) 1.08 0%
Dorothy 1A / Dorothy 2 / Kati project entities Generate Credit Agreement — Tranches A-1/A-3 15.8 S+10.00%
Soluna SW LLC Galaxy Loan (Project Sophie) 4.5 15%
Soluna Cloud "Green Cloud" secured note (HPE AI-cloud deal) 7.32 9%
Soluna (parent level) Equipment Loan Agreement (Spring Lane) 4 15%

Instruments

Yorkville promissory note — post-Q1

Credit facility $12m 5% Entered 2026-04-15
Borrower
Soluna Wind Holding (guarantee)
Seniority
Parent-level unsecured
Maturity
2027-05-15
Lenders
YA II PN, LTD. (Yorkville)
Pricing
5% (18% default); +2.4M warrants @ $1.06
Terms
Up to $12.0M; amortizing $1.2M/mo + 5% premium (July balance UNVERIFIED)

Source: 8-K 4/17/26 · document

Generate Tranche C (Briscoe wind farm) — post-Q1

Credit facility $12.5m S+8.00% Entered 2026-04-01
Borrower
Briscoe Wind Farm LLC (guarantor)
Seniority
Senior secured
Maturity
2030-09-12
Collateral
Briscoe 149.85 MW wind project (TX); warrants to Generate
Lenders
Generate entities
Pricing
Term SOFR + 8.0% / ABR + 7.0%
Terms
$12.5M commitment; draw at close UNVERIFIED until Q2 10-Q

Source: 8-K 4/3/26; 10-Q Note 16 · document

Land Purchase Loan (Kati Phase 2)

Credit facility $1.08m 0% Entered 2025-10-01
Borrower
Kati Phase 2
Seniority
Related-party project loan
Maturity
2027-05-16
Collateral
Kati Phase 2 land
Lenders
Soluna2 Kati Project Holdco (Spring Lane)
Pricing
0% (1.00x MOIC)

Source: Q1-26 10-Q Note 8 · document

Generate Credit Agreement — Tranches A-1/A-3

Credit facility $15.8m S+10.00% Entered 2025-09-12
Borrower
Dorothy 1A / Dorothy 2 / Kati project entities
Seniority
Senior secured, project-level; non-recourse to parent
Maturity
2030-09-12
Collateral
1st liens, equity pledges, mortgages — Dorothy 1A / Dorothy 2 / Kati
Lenders
Generate Lending LLC (agent)
Pricing
Term SOFR + 10.0% (3.50% floor; +2% default) — 14.24% at 3/31/26
Terms
$15.80M outstanding; commitments A-1 $5.5M / A-3 $11.5M / B $6.0M + $64.5M uncommitted accordion

Source: Q1-26 10-Q Note 8 · document

Galaxy Loan (Project Sophie)

Credit facility $4.5m 15% Entered 2025-03-12
Borrower
Soluna SW LLC (Project Sophie)
Seniority
Project-level secured, limited recourse; DSCR covenants
Maturity
2030-03-12
Collateral
Soluna SW LLC (Project Sophie) assets
Lenders
Galaxy Digital LLC
Pricing
15% (20% default)
Terms
$4.50M outstanding (originally $5.0M)

Source: Q1-26 10-Q Note 8; FY25 10-K · document

"Green Cloud" secured note (HPE AI-cloud deal)

Credit facility $7.32m 9% Entered 2024-06-20
Borrower
Soluna Cloud
Seniority
Secured; parent co-obligor since Mar 2025
Maturity
2027-06-20
Collateral
Substantially all Soluna Cloud Services assets
Lenders
Unnamed "accredited investor" (undisclosed in all filings)
Pricing
Convertible to 2.5M shares @ $5.00
Terms
$7.32M outstanding (originally $12.5M)

Source: Q1-26 10-Q Note 8 · document

Equipment Loan Agreement (Spring Lane)

Credit facility $4m 15% Entered 2024-05-16
Seniority
Related-party
Maturity
2027-05-16
Collateral
Dorothy 2 / Kati equipment
Lenders
Soluna2 SLC Fund II Project Holdco
Pricing
15% + 3.0x MOIC provision
Terms
Up to $4.0M; $0 drawn

Source: Q1-26 10-Q Note 8 · document

Collateral classes on this page: out, operator_campus, gpu. The full ledger, with every issuer and the derived credit series, is on Compute Credit.