Soluna

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 - PAID OFF within 3 months of issuance ($0 in the 6/30/26 debt table; ~$2.0M extinguishment loss; Q2-26 10-Q)

Source: 8-K 4/17/26 · document

Borrower

Soluna Digital, Inc. (purchaser)

Seniority

Unsecured deferred consideration

Maturity

2026-07-01

Collateral

Not disclosed

Lenders

Soluna SLC Fund I Projects Holdco LLC (Spring Lane Capital affiliate, seller)

Pricing

No interest disclosed

Terms

Deferred portion of $16.5M consideration ($6.0M cash at the 4/15/26 closing) for 85.4% of the Class B interests in Soluna DVSL JVCo (Dorothy 1A), taking ownership to 100%. Deferred M&A consideration, tracked as debt-like. PAID as of 6/30/26, ahead of/at the 7/1/26 due date (Q2-26 10-Q).

Source: Q2-26 10-Q (Dorothy 1A purchase) · document

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 funded at close (net proceeds ~$11.5M after ~$977K issuance costs; warrants at $1.6M fair value recorded as discount) per the Q2-26 10-Q

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

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)

Terms

REPAID IN FULL 2026-06-10 (~$1.1M; Q2-26 10-Q)

Source: Q1-26 10-Q Note 8 · document

Borrower

Soluna DVSL ComputeCo LLC + DVSL II (Dorothy 1A = Tranche A-1, Dorothy 2 = Tranche A-3); Kati = Tranche B

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

At 6/30/26 the entire $27.5M gross principal under the Amended Credit Agreement was classified current (net of $4.4M unamortized costs); A-1/A-3 portion $13.5M net; Tranche B commitment cut $18.5M to $6.0M by Amendment No. 1 (eff. 4/1/26). PREPAID IN FULL 2026-08-10: Tranche A-1 + A-3 prepaid ~$19.1M incl. accrued interest and $3.9M prepayment premium on $15.2M principal; Amendment No. 3 (8/7/26) waived 6/30 DSCR tests conditioned on the prepayment; liens not released until Credit Agreement termination (Q2-26 10-Q).

Source: Q1-26 10-Q Note 8 · document

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

$3.960M at 6/30/26 ($0.944M current + $3.016M long-term; originally $5.0M); covenants in compliance (Q2-26 10-Q)

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

Borrower

Soluna CloudCo (issuer, with Soluna Cloud and the Company as note parties)

Seniority

Secured

Maturity

2027-06-20 — Same terms as the Green Cloud Secured Note

Collateral

Same terms and conditions as the June SPA financing

Lenders

Additional accredited investors (undisclosed)

Pricing

9.0%, default-adjustable (June SPA terms)

Terms

$1.25M Additional Notes issued 7/12/24 on the June SPA terms (same as the $12.5M Green Cloud note); Cloud Additional Warrants as incentive. EXTINGUISHED 2026-03-14... sic 2025: obligations fulfilled 3/14/25 at 60% of face ($750K via principal, 50% interest payments and 20% SEPA funds); ~$551K extinguishment gain (FY25 10-K).

Source: FY25 10-K (June SPA First Amendment / Additional Notes) · document

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

$6.014M carrying 6/30/26, all current (originally $12.5M; Q2-26 10-Q)

Source: Q1-26 10-Q Note 8 · document

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; still $0 drawn at 6/30/26 (Q2-26 10-Q)

Source: Q1-26 10-Q Note 8 · document

Borrower

Soluna DVCC (Dorothy 1B project entity, borrower)

Seniority

Not detailed

Maturity

2025-05-09

Collateral

Not disclosed

Lenders

Navitas West Texas Investments SPV, LLC

Pricing

15% per the FY25 10-K debt table

Terms

$2,050,000 two-year loan (5/9/23) from the Dorothy 1B partner. REPAID at maturity: final ~$137K paid; $0 at 12/31/25, obligation fulfilled (FY25 10-K).

Source: FY25 10-K (Navitas term loan) · document

Borrower

Soluna MC Borrowing 2021-1 LLC (borrower); guaranty by Soluna MC LLC only

Seniority

Secured, SPV-level, limited recourse

Collateral

Miners and assets of Soluna MC Borrowing 2021-1 LLC; guaranty by Soluna MC LLC

Lenders

NYDIG ABL LLC (lender, servicer, collateral agent)

Pricing

14% on the initial drawdown per FY25 10-K

Terms

MEFA 12/30/21, up to ~$14.4M; drawdowns $4.6M (1/14/22) + $9.8M (1/26/22), 24-month schedules. Accelerated 12/20/22 (Notice of Acceleration and Repossession); Agreed Judgment ~$9.2M + interest 2/23/24; $9.183M carried at 12/31/24. SETTLED 2025-09-29: settlement fully satisfied and paid (amount undisclosed); $0 at 12/31/25 (FY25 10-K). Ring-fenced: no parent guaranty.

Source: FY25 10-K (settlement + debt table) · document

Borrower

Soluna Holdings, Inc.

Seniority

Secured

Collateral

Secured under the October SPA (detail in 10/25/21 8-K exhibits)

Lenders

Certain accredited investors (undisclosed)

Pricing

Coupon not restated in the FY25 10-K; OID structure

Terms

$16.3M aggregate principal for $15M purchase price (OID); initially convertible into 1,776,073 shares at $9.18; Class A/B/C warrants alongside. Restructured by 7/19/22 Addendum + 9/13/22 amendment (treated as extinguishment; thereafter at fair value). FULLY CONVERTED to equity by Q4 2024; no convertible notes outstanding at 12/31/24 (FY25 10-K).

Source: FY25 10-K (convertible notes) · document