Credit Reference Series
The derived layer of the credit record. The instrument tracker reproduces each facility as filed; this page computes from it — and from the schedules of investments of SEC-reporting funds that hold the same paper. Three series: the spread each GPU-collateralized facility signed at, how long facilities actually stay outstanding, and the fair-value marks different lenders file on identical instruments. Every number here is either reproduced from a primary document or is arithmetic on two filed figures — a ratio, a month count, a max−min. Nothing on this page is a CCIR valuation.
01 Spread at Signing
Disclosed spreads on GPU-collateralized instruments, ordered by signing date — the primary-market series. Of the 66 instruments in the tracker's issuance scope, 13 disclose a floating spread and a signing date; the rest are fixed-coupon (see the coupon section of the tracker) or file the rate as undisclosed, and undisclosed stays undisclosed. series CSV ↓
Spreads as disclosed in each signing document; grid-priced facilities show their disclosed range. Hover a dot for the instrument. Window: the tracker's full GPU-collateralized record, July 2023 – June 2026.
| Signed | Issuer | Instrument | Spread (pp over SOFR) | Size ($M) | Status | Source |
|---|---|---|---|---|---|---|
| 2023-07-30 | CoreWeave, Inc. | DDTL 1.0 | +9.62 | 1,438 | confirmed | doc ↗ |
| 2024-05-16 | CoreWeave, Inc. | DDTL 2.0 | +6.00–6.50 | 4,425 | confirmed | doc ↗ |
| 2025-07-28 | CoreWeave, Inc. | DDTL 3.0 | +4.00 | 1,700 | confirmed | doc ↗ |
| 2025-09-29 | CoreWeave, Inc. | DDTL 2.1 ($3.0B incremental tranche) | +4.25 | 3,000 | confirmed | doc ↗ |
| 2026-02-12 | Nscale | GPU-backed delayed-draw term loan (DDTL) | +5.00 | 1,400 | confirmed | doc ↗ |
| 2026-03-23 | Cipher Mining Inc. (renamed Cipher Digital Inc.) | Revolving Credit Facility (parent) | +1.75 | 200 | confirmed | doc ↗ |
| 2026-03-25 | Bit Digital, Inc. | Landsbankinn term facility | +4.25 | 18 | confirmed | doc ↗ |
| 2026-03-30 | CoreWeave, Inc. | DDTL 4.0 | +2.25 | 8,500 | confirmed | doc ↗ |
| 2026-04-01 | Soluna Holdings, Inc. | Generate Tranche C (Briscoe wind farm) — post-Q1 | +8.00 | 12.5 | confirmed | doc ↗ |
| 2026-05-07 | TeraWulf Inc. | Senior Secured Revolving Credit Facility | +1.75 | 250 | confirmed | doc ↗ |
| 2026-05-15 | CoreWeave, Inc. | DDTL 5.0 | +4.50 | 3,100 | confirmed | doc ↗ |
| 2026-05-29 | Applied Digital Corporation | Revolving Credit Facility | +2.25 | 430 | confirmed | doc ↗ |
| 2026-05-29 | IREN Limited | Hardware 3 DDTL (Microsoft-contract financing) | +2.25 | 1,500 | confirmed | doc ↗ |
Spreads are at signing, as disclosed — this series does not restate, interpolate, or update a spread after the signing document. Amendments that reprice a facility appear as their own disclosed events.
Cite as: Compute Credit Index Research (CCIR), “Spread at Signing — GPU-Collateralized Facilities,” as of 2026-07-12. ccir.io/credit/series#spreads · method · every row links its source document.
02 Refi Velocity
How long compute-sector facilities actually stay outstanding. Each row is a resolved facility where both the signing date and the resolution date are documented in primary sources; months outstanding is the count between the two. Borrower-side resolutions only — a fund selling its position is not a resolution. Bridges are reported but carry their design tenor, so the headline median excludes them.
| Facility | Issuer | Size ($M) | Signed | Resolved | Months | Resolution | Taken out by | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 Term Loan Facility (JPMorgan admin; $229M secured + $771M unsecured tranches) | CoreWeave, Inc. | 1,000 | 2024-12-16 | 2025-04-11 | 3 | repaid at ipo | IPO primary proceeds (~$1.0B of net proceeds) | doc ↗ |
| Convertible promissory notes issued as Monolith AI acquisition consideration | CoreWeave, Inc. | 172 | 2025-11-05 | 2026-04 | 5 | matured | Class A common stock — settled in full at $106.61/share conversion price at scheduled maturity | doc ↗ |
| 2021 Convertible Senior Secured Notes due 2025 (Magnetar; up to $50M + $5M PIK) | CoreWeave, Inc. | 55 | 2021-10 | 2024-09-17 | 35 | equitized | 24,543,980 common shares ($1.1B settlement-date fair value) + $2M cash for accrued interest/fractional shares; holder-elected conversion under original terms | doc ↗ |
| Raylan Data delayed-draw senior secured bridge (Morgan Stanley Senior Funding; Hawesville KY data-center project) | TeraWulf Inc. | 500 | 2026-03-13 | 2026-04-16 | 1 | bridge takeout | Common equity — underwritten offering of 54,510,000 shares at $19.00 (~$1,004.3M net, Morgan Stanley lead), closed 4/16/26 | doc ↗ |
| Delayed-Draw Bridge Credit Agreement (MSSF agent; JPM incremental lender via Amendment No. 1) | Core Scientific, Inc. | 1,000 | 2026-03-04 | 2026-05-06 | 2 | bridge takeout | $3.3B 7.750% Senior Secured Notes due 2031 (Core Scientific Finance I LLC), priced 99.250, closed 5/6/26 | doc ↗ |
| CIM Group promissory note (CIM APLD Lender Holdings; Ellendale HPC buildout) | Applied Digital Corporation | 125 | 2024-06-07 | 2024-11-27 | 5 | refinanced | Macquarie ELN-02 $150M promissory note (proceeds used 'to prepay in full and terminate' the CIM Note) | doc ↗ |
| Macquarie ELN-02 promissory note (Macquarie Equipment Capital; Ellendale/Polaris Forge 1) | Applied Digital Corporation | 150 | 2024-11-27 | 2025-02-11 | 2 | refinanced | SMBC $375M Credit and Guaranty Agreement (proceeds used 'to prepay in full and terminate' the Macquarie note, incl. MOIC) | doc ↗ |
| SMBC $375M Credit and Guaranty Agreement (APLD HPC Holdings; Polaris Forge 1 interim financing) | Applied Digital Corporation | 375 | 2025-02-11 | 2025-11-20 | 9 | refinanced | 9.250% Senior Secured Notes due 2030 ($2.35B, APLD ComputeCo LLC) — repaid concurrently with notes closing | doc ↗ |
| Macquarie FAR-01 promissory note (APLD FAR-01 LLC; Polaris Forge 2, Harwood ND) | Applied Digital Corporation | 50 | 2025-09-09 | 2025-11-28 | 2 | prepaid | Not disclosed — no filing names the funding source (mandatory prepay was triggered by the 10/20/25 200MW Polaris Forge 2 lease execution; the 9.25% notes were ring-fenced to Polaris Forge 1 and the 6.75% notes closed later, 3/10/26, into escrow) | doc ↗ |
| Coinbase Credit BTC-collateralized credit facility (Hut 8 Holdings/Hut 8 Mining Corp. borrower) | Hut 8 Corp. | 200 | 2023-06-26 | 2026-05 | 35 | refinanced | FalconX Charlie, Inc. $200M BTC-collateralized term loan, 7.00% fixed, maturing April 2027 (Master Lending Agreement dated 5/1/26) — 'used to simultaneously pay off the loan with Coinbase' | doc ↗ |
| Anchorage Lending Refinanced Loan Agreement (USBTC; Loan, Guaranty and Security Agreement of 2/3/23) | Hut 8 Corp. | 49 | 2023-02-03 | 2024-09-27 | 19 | equitized | 2,313,435 Hut 8 common shares at $16.395/share in satisfaction of $37,928,768.53 principal + accrued interest and all other obligations (Debt Repayment Agreement) | doc ↗ |
| Bitmain Future Sales and Purchase Agreement — deferred miner-payment obligations | Cipher Mining Inc. (renamed Cipher Digital Inc.) | 120.2 | 2023-12-16 | 2025-05 | 17 | prepaid | Lump-sum prepayment of $108,192,217.75 (10% reduction from $120,213,575.28 due), funded in connection with the $172.5M 1.75% Convertible Senior Notes due 2030 (issued 5/22/25; use-of-proceeds: 'purchasing at a discount the remaining balance of mining rigs') | doc ↗ |
| 3.25% Convertible Senior Notes due 2030 — PARTIAL repurchase ($227.7M of $440M) | IREN Limited | 227.7 | 2024-12-06 | 2025-12-08 | 12 | refinanced | Cash repurchase (~$608.2M incl. accrued interest) funded by concurrent 0.25% converts due 2032 / 1.00% converts due 2033 issuance (net ~$2,270.0M) + registered direct placement of 39,699,102 shares at $41.12 | doc ↗ |
| 3.50% Convertible Senior Notes due 2029 — PARTIAL repurchase ($316.6M of $550M) | IREN Limited | 316.6 | 2025-06-13 | 2025-12-08 | 5 | refinanced | Cash repurchase (~$1,024.2M incl. accrued interest) funded by concurrent new converts (2032/2033) + registered direct equity placement | doc ↗ |
| Trinity Capital equipment financing to Crusoe Energy (holdings-side observation from lender SOI) | Crusoe Energy Systems | 8.1 | 2024-03-01 | 2025 | prepaid | Not disclosed | doc ↗ |
7 additional resolved facilities are excluded because one of the two dates cannot yet be documented; they are listed in the method note rather than estimated.
Cite as: Compute Credit Index Research (CCIR), “Refi Velocity — Compute-Sector Facilities,” as of 2026-07-12. ccir.io/credit/series#refi-velocity · method · every row links its resolving document.
03 Filed Marks
Fair-value marks filed by SEC-reporting funds on compute-credit facilities, reproduced from each holder's schedule of investments (period 2026-03-31; 13 holders). Where two or more unaffiliated advisers hold the same facility, the panel shows the max−min spread of their filed marks. The mark column is the ratio of two filed numbers — fair value over principal — and nothing more. Marks are each fund's own, determined by its valuation designee under its own policies; conflicting filed terms across holders are reproduced, not reconciled.
Each dot is one holder's filed mark; the line spans the lowest to highest mark on the same facility at the same date. The par line is drawn at 100. Hover a dot for the holder. Right margin: max−min in points of par.
In yield terms: translated at a common facility maturity — quarterly discounting of the contractual payments, bullet repayment at par, floating coupons held at the filed all-in rate — the widest panel at 3/31/2026 (99.0 / 100.0 / 102.0 / 103.1) implies yields to maturity of 9.96, 9.66, 9.12, and 8.86 percent: roughly 110 basis points of dispersion in required return on identical paper, about 27 basis points per point of par. The translation is arithmetic on filed numbers under the stated convention, not a valuation; every implied yield falls within its own holder's filed Level 3 unobservable-input range for the corresponding asset class.
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Carlyle Credit Solutions, Inc. | 10-Q · 2026-03-31 | 1,267 | 1,255 | 1,280 | 101.03 | level 3 | 10-Q ↗ |
| Carlyle Secured Lending, Inc. | 10-Q · 2026-03-31 | 2,027 | 2,023 | 2,047 | 100.99 | level 3 | 10-Q ↗ |
| Great Elm Capital Corp. | 10-Q · 2026-03-31 | 10,938 | 10,912 | 11,157 | 102.00 | level 3 | 10-Q ↗ |
- First lien; rate floor 0.50-1.00% (fn 3)
- First lien
- Filed maturity 7/31/2028 vs Carlyle's 7/30/2028 (as filed, not reconciled)
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Carlyle Credit Solutions, Inc. | 10-Q · 2026-03-31 | 17,468 | 17,280 | 17,294 | 99.00 | level 3 | 10-Q ↗ |
| Carlyle Secured Lending, Inc. | 10-Q · 2026-03-31 | 23,289 | 23,048 | 23,058 | 99.01 | level 3 | 10-Q ↗ |
| Great Elm Capital Corp. | 10-Q · 2026-03-31 | 2,911 | 2,878 | 2,969 | 102.00 | level 3 | 10-Q ↗ |
| PIMCO Capital Solutions BDC Corp. | 10-Q · 2026-03-31 | 2,911 | 2,911 | 3,000 | 103.06 | level 3 | 10-Q ↗ |
| MSD Investment Corp. | 10-Q · 2026-03-31 | 30,742 | 30,403 | 30,742 | 100.00 | level 3 | 10-Q ↗ |
- First lien; par amortized from 19,885 at 12/31/2025
- First lien; par amortized from 26,511 at 12/31/2025
- FILED-MATURITY CONFLICT: GECC files 5/16/2030; PIMCO files 5/16/2029; Carlyle files 5/22/2029 — same facility per entity+spread. Reproduced as filed.
- Same par as GECC's Co. IV row (2,911) — likely identical participation, marked 103.06 vs GECC 102.00
- Blended rate across multiple contracts (fn 6). Mapped to DDTL 2.0 on documentary basis: entity (CCAC IV LLC per commitment table), spread (grid low S+6.00), and maturity 2030-08-26 matching the ledger facility final (2030-08); Carlyle/GECC/PIMCO file per-draw maturities on the same facility.
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| MSD Investment Corp. | 10-Q · 2026-03-31 | 117,802 | 116,212 | 116,212 | 98.65 | level 3 | 10-Q ↗ |
- FV = cost. Spread 4.25 + maturity 2030-09-29 (= ledger issue date 2025-09-29 + 5y) matches DDTL 2.1. ~$10.2M drawn during Q1 (12/31 unfunded commitment 10,168 expired 3/31/2026)
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Monroe Capital Income Plus Corporation | 10-Q · 2026-03-31 | 2,535 | 2,582 | 2,569 | 101.34 | level 3 transacted | 10-Q ↗ |
| LAGO Evergreen Credit | 10-Q · 2026-03-31 | 4,227.2 | 4,296.5 | 4,296.5 | 101.64 | level 3 | 10-Q ↗ |
- Position reduced ~83% during Q1-2026 (27.0M -> 4.6M principal across both tranches); acquisition date 11/13/2025. No matching ledger row — candidate NEW instrument
- FV = amortized cost exactly, both quarters (cost-anchored)
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Monroe Capital Income Plus Corporation | 10-Q · 2026-03-31 | 2,088 | 2,123 | 2,054 | 98.37 | level 3 transacted | 10-Q ↗ |
| LAGO Evergreen Credit | 10-Q · 2026-03-31 | 3,482.5 | 3,570.2 | 3,570.2 | 102.52 | level 3 | 10-Q ↗ |
- Marked below par and below cost after Q1 sale; was 102.0 at 12/31/2025. Seller-vs-holder gap vs LAGO: 4.15 pts
- FV = amortized cost exactly, both quarters (cost-anchored)
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Trinity Capital Inc. | 10-Q · 2026-03-31 | 260 | 260 | 264 | 101.54 | level 3 | 10-Q ↗ |
| Trinity Capital Inc. | 10-Q · 2026-03-31 | 422 | 422 | 428 | 101.42 | level 3 | 10-Q ↗ |
| Eagle Point Trinity Senior Secured Lending Co | 10-Q · 2026-03-31 | 54 | 54 | 55 | 101.85 | level 3 | 10-Q ↗ |
| Eagle Point Trinity Senior Secured Lending Co | 10-Q · 2026-03-31 | 88 | 88 | 90 | 102.27 | level 3 | 10-Q ↗ |
- EPT owns an additional portion (fn 19); amortizing out Apr/May-2026
- Participation in TRIN-originated financing
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Trinity Capital Inc. | 10-Q · 2026-03-31 | 215 | 215 | 218 | 101.40 | level 3 | 10-Q ↗ |
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Blackstone Secured Lending Fund | 10-Q · 2026-03-31 | 0 | — | 0 | — | level 3 unfunded | 10-Q ↗ |
- Wholly unfunded at 3/31/2026; FV of commitment $0; new in Q1-2026 (absent from FY2025 10-K). Candidate mapping: firmus-southgate-blackstone slice — unverified. First funded mark would print in Q2-2026 10-Q
| Holder | Filing | Principal ($k) | Cost ($k) | Fair value ($k) | Mark (% of par) | Flags | Source |
|---|---|---|---|---|---|---|---|
| Blue Owl Capital Corp | 10-Q · 2026-03-31 | 1,656 | 1,056 | 1,056 | 63.77 | level 3 part-drawn | 10-Q ↗ |
| Blue Owl Credit Income Corp. | 10-Q · 2026-03-31 | 6,623 | 4,223 | 4,223 | 63.76 | level 3 part-drawn | 10-Q ↗ |
| Blue Owl Technology Finance Corp. | 10-Q · 2026-03-31 | 8,278 | 5,278 | 5,278 | 63.76 | level 3 part-drawn | 10-Q ↗ |
- mark_pct is NOT a credit markdown: FV = 100% of cost; commitment-level OID/fees netted against small funded balance. Mapping to nscale-ddtl ($1.4B Feb-2026 facility) pending verification. New in Q1-2026
- Same OID/fee-netting caveat as OBDC row; FV = 100% of cost
- Largest Blue Owl BDC piece; same OID/fee-netting caveat; FV = 100% of cost
Coverage is holders that file schedules of investments with the SEC (business development companies and registered funds); bank and private lenders do not publish marks. Marks refresh with each quarterly filing cycle. For a cross-sector comparison of same-facility marks, see the dated note Same Facility, Different Marks.
Cite as: Compute Credit Index Research (CCIR), “Filed Marks — Compute Credit,” period 2026-03-31. ccir.io/credit/series#filed-marks · method · marks reproduced as filed; each row links its filing.
Sources & method
Derivation boundary. Every value on this page is either reproduced verbatim from a primary document (an SEC filing or an issuer/lender release, linked on the row) or is arithmetic on two such values: mark = fair value ÷ principal; months outstanding = resolution date − signing date; dispersion = maximum − minimum of filed marks. CCIR does not estimate, interpolate, model, or opine on value. Where holders file conflicting terms for the same facility, both are reproduced and the conflict is noted.
Spread at signing. Instruments from the tracker's issuance scope (GPU-collateralized, disclosed size) whose signing documents state a floating spread. Spreads are not updated after signing; repricings enter as new disclosed events.
Refi velocity. A facility enters only when both its signing and resolution dates are documented; facilities missing one date are counted and named but not estimated. Resolution types are taken from the resolving document. Bridge facilities are shown but excluded from the headline median, since their tenor is by design.
Filed marks. Rows are reproduced from schedules of investments in holder 10-Qs/10-Ks, at each filing's stated period end and units. One row per holder per tranche; positions held through joint-venture vehicles are flagged, as their marks may not be independent of the venture partners. Marks on facilities with large undrawn commitments can embed netted fees and original-issue discount in a small funded balance — those rows are flagged rather than adjusted. Fund-level exits (a holder selling its position) appear as transacted flags here and do not enter refi velocity.
Cadence. The marks panel refreshes with the quarterly BDC/registered-fund filing cycle; spread and refi series update as signing or resolving documents are filed. This page carries reference-series governance: series definitions do not change without a dated method note.