Applied Digital

Seniority

Undisclosed

Maturity

Undisclosed

Collateral

SAFEs at Cloud subsidiary

Lenders

Unnamed

Pricing

SAFEs non-interest-bearing; note rates undisclosed

Terms

Two promissory notes (~$18.5M total, entered Q2 FY2026), within the $34.762M 'Other debt' line at 5/31/26. The $12.0M of SAFE proceeds formerly in this line was paid off 6/2/26 for $13.3M (FY26 10-K subsequent events).

Source: FY26 10-K debt note + subsequent events (acc 0001144879-26-000048) · document

Borrower

Applied Digital Corporation (borrower)

Seniority

Secured (Loan and Security Agreement)

Maturity

2031-06-30

Collateral

Not itemized in the FY26 10-K

Lenders

Texas Capital Bank

Pricing

Adjusted term SOFR + applicable margin; margin not disclosed

Terms

Promissory note, stated principal $58.5M; Loan and Security Agreement 6/30/26 (collateral not itemized in the 10-K)

Source: FY26 10-K subsequent events (acc 0001144879-26-000048) · document

Borrower

APLD ComputeCo 3 LLC (issuer)

Seniority

Senior secured, project-level; parent completion guarantee

Maturity

2031-06-15

Collateral

1st liens on ComputeCo 3 + ELN-04 entities (150 MW, Polaris Forge 1)

Lenders

144A; Goldman Sachs (representative) · Wilmington Trust (trustee)

Pricing

Amortizes semi-annually Jun 15/Dec 15 per the Indenture (FY26 10-K)

Terms

Issued at 100.0 Proceeds refinanced the $300M Bridge Facility at closing 6/16/26 (FY26 10-K).

Source: 8-K 6/16/26; pricing 8-K 6/9/26 · document

Borrower

APLD Intermediate HoldCo (borrower)

Seniority

Secured revolver; Holdings (Applied Digital Corporation) and restricted-subsidiary guarantees

Maturity

2029-05-28 — The earlier of the third anniversary of closing and 91 days before the redemption date under the April 2025 Preferred Equity Purchase Agreement (as amended through the Fifth Amendment of 2026-05-29).

Collateral

Certain non-data-center project assets

Lenders

First National Bank of Omaha (admin/collateral) · GS Lending Partners (lead-left) · Mizuho · RBC · Santander · Wells Fargo

Pricing

Term SOFR + 2.25% per the 8-K description; the filed agreement redacts the margin and unused fee; 0.00% floor; default rate +2%

Terms

$430M commitments: $350M at the 2026-05-29 closing plus an $80M Incremental Assumption No. 1 (2026-06-26, identical terms other than fees), with $120M of remaining incremental capacity (per the 6/26/26 8-K and FY26 10-K) to a $550M ceiling; draws undisclosed. Letter-of-credit sublimit equals the full facility. The filed agreement redacts the margin, the unused fee and the entire financial covenant; the covenant is monthly-tested with a cure right, and the S+2.25% on this row rests on the 8-K description alone. Collateral excludes the Texas Capital Bank loan collateral and real property at or under $15M fair market value.

Source: 8-K 6/26/26, credit agreement filed as EX-10.1 (redacted) and Incremental Assumption No. 1 as EX-10.2, acc 0001493152-26-030333; PR 8-K 6/9/26 · document

Borrower

APLD ComputeCo 3 LLC (borrower)

Seniority

Senior secured; full-recourse parent guarantee

Maturity

2027-04-30

Collateral

Collateral Agency, Security and Depositary Agreement; pledge of the equity interests in APLD ComputeCo 3

Lenders

Goldman Sachs Bank USA

Pricing

Daily Simple SOFR + 2.75% or Base Rate + 1.75%

Terms

$300.0M fully drawn ($300,000K on the 5/31/26 balance sheet); proceeds funded ELN-04 construction, improvement and equipment. REFINANCED 2026-06-16 by the $1.59B 7.000% senior secured notes due 2031 (issued at par; FY26 10-K + 8-K 6/16/26).

Source: 8-K 5/5/26 (origination); FY26 10-K + 8-K 6/16/26 (refinance) · document

Borrower

APLD ComputeCo 2 LLC (issuer)

Seniority

Senior secured, project-level; parent completion guarantee

Maturity

2031-03-15

Collateral

Polaris Forge 2 (Harwood ND, 200 MW leased to Oracle); escrow release condition satisfied 6/18/26

Lenders

144A; Goldman Sachs (representative) · Wilmington Trust (trustee)

Pricing

amortizes semi-annually Mar 15/Sep 15; interest semi-annual from Sep 15, 2026 (FY26 10-K)

Terms

Issued at 98.0

Source: 8-K 3/10/26; 8-K/A 6/17/26 (escrow release) · document

Borrower

APLD DevCo LLC (borrower)

Seniority

Senior secured, subsidiary level; parent guarantee

Maturity

2027-12-18 — Earliest of acceleration, 7/18/26 (if Initial Lease Execution missed 4/18/26), or 12/18/27

Collateral

Guarantee and collateral agreement by APLD Intermediate and DevCo subsidiaries in favor of MEC

Lenders

Macquarie Equipment Capital, Inc.

Pricing

8.0% + return hurdles; post-default 8.0% + 1.50%/month

Terms

$45M First Draw (12/18/25) + $40M Second Draw (2/24/26) = $85M drawn; $15M Third Draw provided for, no draw disclosed; amended and restated 2/24/26. REPAID IN FULL 2026-05-29 incl. accrued interest and rate of return ($9.4M capitalized to CIP; FY26 10-K). Same-day as the FNBO 2026 revolver signing; no filing links the two.

Source: 8-K 12/22/25 (origination); FY26 10-K (repayment) · document

Borrower

APLD ComputeCo LLC (issuer)

Seniority

Senior secured, project-level; parent completion guarantee

Maturity

2030-12-15

Collateral

ELN-02/03 — Polaris Forge 1, Ellendale ND, CoreWeave-leased campus; Wilmington Trust collateral agent

Lenders

144A; Morgan Stanley (representative)

Pricing

Amortizes from Dec 15, 2027

Terms

Issued at 97.0

Source: Fiscal Q3 FY26 10-Q (ended 2/28/26, filed 4/8/26) · document

Borrower

Applied Digital Corporation (borrower)

Seniority

Secured revolver

Collateral

All of the Company's assets (none of its subsidiaries')

Lenders

First National Bank of Omaha

Pricing

SOFR + 2.75% per annum on the outstanding balance; unused facility fee 0.35%/yr on daily average unused amount, quarterly in arrears (FY26 10-K)

Terms

$65M aggregate principal of revolving loans and letters of credit; amounts borrowed and repaid are available for future borrowing; draws undisclosed. Modified 5/29/26 and the standby letters of credit transferred on entry into the 2026 Revolving Credit Facility.

Source: 10-K FY2026 (acc. 0001144879-26-000048), Debt note · document

Borrower

APLD FAR-01 LLC (borrower)

Seniority

Senior secured, subsidiary level; parent guarantee

Maturity

2027-09-09

Collateral

Guarantee and collateral agreement: APLD FAR-01, APLD FAR Holdings and APLD FAR-02 as grantors in favor of MEC

Lenders

Macquarie Equipment Capital, Inc.

Pricing

8.0%; PIK (capitalized) first 12 months

Terms

$50M Initial Loan drawn at the 9/9/25 closing; up to $25M Additional Loans by mutual consent (no draw disclosed). Mandatory prepayment within 90 days of the 200 MW Lease Execution (occurred 10/20/25). REPAID IN FULL 2025-11-28 incl. accrued interest and rate of return (FY26 10-K).

Source: 8-K 9/12/25 (origination); FY26 10-K (repayment) · document

Borrower

APLD HPC Holdings LLC (borrower) with subsidiary guarantors

Seniority

Senior secured, subsidiary level

Maturity

2026-08-11 — 18 months from the 2/11/25 closing

Collateral

Not itemized in cited filings

Lenders

Sumitomo Mitsui Banking Corporation (administrative agent) · lenders party thereto

Pricing

Daily simple SOFR + 3.50% (months 0-6) / +4.50% (6-12) / +5.50% thereafter; base-rate + 2.50/3.50/4.50% same steps

Terms

$375M of term loans; proceeds prepaid the Macquarie note, funded Polaris Forge 1 development and the Interest Reserve Account; FY25 average rate 7.82%. REPAID IN FULL 2025-11-20 concurrent with the $2.35B 9.250% notes closing (FY26 10-K).

Source: FY25 10-K (origination); FY26 10-K (repayment) · document

Borrower

APLD ELN-02 Holdings LLC (borrower; later APLD HPC Holdings LLC)

Seniority

Senior secured, subsidiary level; limited guarantee by APLD Holdings 2 LLC

Maturity

2026-05-27 — 18-month term; mandatory repayment if ELN-02 Project incomplete by 12/6/25

Collateral

Guarantee and collateral agreement in favor of Macquarie Equipment Capital (8-K exhibits 12/2/24)

Lenders

Macquarie Equipment Capital, Inc.

Pricing

0.25% stated coupon + minimum-return hurdle 1.11x (first four months) scaling to 1.35x over term

Terms

$150M loan; warrants for 1,035,197 shares at $9.66 as partial consideration; proceeds repaid the CIM note and the Yorkville March note. REPAID IN FULL 2025-02-11 with SMBC term loan proceeds, incl. multiple-on-invested-capital; $11.8M extinguishment loss (FY25 10-K).

Source: 8-K 12/2/24 (origination); FY25 10-K (repayment) · document

Seniority

Senior unsecured (parent)

Maturity

2030-06-01

Lenders

144A; Wilmington Trust (trustee)

Pricing

Conversion ~$9.75; capped calls + prepaid forward

Source: FY25 10-K 7/30/25; 10-Q · document

Borrower

APLD Holdings 2 LLC (borrower)

Seniority

Senior secured (subsidiary borrower) with parent guaranty

Collateral

Grantors (APLD Hosting, ELN-01, ELN-02, Holdings 1/2, ELN-02 Holdings) pledged substantially all assets ex-Excluded Assets + mortgages on certain properties

Lenders

CIM APLD Lender Holdings, LLC

Pricing

Rate and maturity not disclosed (in unfiled note exhibit)

Terms

Up to $125M; $15M drawn 6/7/24, fully drawn during FY25; warrants for 9,265,366 shares at $4.8005 as partial consideration (cashless-exercised FY25). REPAID IN FULL 2024-11-27 with Macquarie ELN-02 note proceeds; $9.4M extinguishment costs capitalized to CIP (FY25 10-K).

Source: 8-K 6/7/24 (origination); FY25 10-K (repayment) · document

Borrower

APLD GPU-01, LLC (borrower)

Seniority

Secured, subsidiary-level; guaranteed; guaranteed by the Company, APLD Hosting, and Sai Computing, LLC (FY26 10-K)

Maturity

2029-03

Collateral

Security interest in AI-cloud customer service agreements (Jamestown GPU contracts)

Offtaker

AI-cloud customer service agreements (Jamestown; counterparties unnamed)

Lenders

Cornerstone Bank

Terms

$9.910M at 5/31/26 (was $12.866M at 5/31/25) Close read 2026-10-02: mainly real-estate secured: mortgage on the Jamestown property, all personal property, the Electrical Services Agreement and GPU customer contracts (assigned on default); sized at the lesser of $16M and 50% of appraised value; Bank of North Dakota participates. Flag for John: review whether it belongs in GPU collateral.

Source: FY26 10-K debt note + subsequent events (acc 0001144879-26-000048) · document

Borrower

APLD ELN-01 LLC (borrower)

Seniority

Secured, subsidiary-level; parent-guaranteed

Maturity

2028-02

Collateral

First 100 MW Ellendale HPC assets + hosting-agreement assignment

Lenders

Starion Bank

Terms

$8.108M at 5/31/26 (was $12.283M at 5/31/25)

Source: FY26 10-K debt note + subsequent events (acc 0001144879-26-000048) · document

Borrower

APLD Hosting, LLC (borrower)

Seniority

Secured, subsidiary-level; DSCR covenant

Maturity

2027-07-25

Collateral

Jamestown hosting facility + agreements

Lenders

Starion Bank

Terms

Originally $15M; $3.900M at 5/31/26 (was $7.061M at 5/31/25)

Source: FY26 10-K debt note + subsequent events (acc 0001144879-26-000048) · document