Cipher Mining

Seniority

Secured, short-term

Maturity

Open / on demand

Collateral

BTC transferred to lender (rehypothecable)

Lenders

Coinbase Credit, Inc.

Pricing

Fed-funds-based; $25.0M outstanding at 9.5% weighted average 12/31/25; $0 outstanding 6/30/26 (Q2-26 10-Q)

Terms

$25M line; $0 drawn

Source: 10-K 2/24/26 · document

Borrower

Stingray Compute LLC (issuer)

Seniority

Senior secured, subsidiary-level; parent completion guarantee

Maturity

2031-06-15

Collateral

1st liens + equity; Stingray (70 MW IT, Andrews TX) leased to AWS

Lenders

Morgan Stanley (representative) · Wilmington Trust (trustee)

Pricing

Amortizes semi-annually Jun 15/Dec 15 based on consolidated net operating income of Stingray Compute (Q2-26 10-Q)

Terms

Issued at 99.750 $810.0M outstanding per the Q2-26 10-Q debt table (6/30/26).

Source: 8-K 6/15/26; pricing 8-K 6/9/26 · document

Seniority

Senior secured 1st-priority (pari passu with Barber Lake notes on certain collateral)

Maturity

2030-03-23 — Initial maturity 2030-03-23 (fourth anniversary); springs to 91 days before the 1.750% 2030 converts' maturity if they, or near-dated refinancing, remain outstanding then.

Collateral

Substantially all Company assets; minimum-liquidity $100M→$200M

Lenders

MS Senior Funding (lead left) · Santander · GS Lending Partners · JPMorgan · SMBC · Wells Fargo

Pricing

SOFR + 1.25-1.75% grid on consolidated total debt to market capitalization (breakpoints 0.30x and 0.60x); initial 1.75% holds until the Q3 2026 compliance certificate; 0.00% floor; 0.50% commitment fee; default rate +2%

Terms

$200M commitments plus a $50M accordion (with prepayment reload); $0 revolving borrowings and $33.1M letters of credit outstanding 6/30/26; borrowings limited to $50M pre-completion (Pre-Completion Availability Cap; Q2-26 10-Q); $50M letter-of-credit sublimit inside the facility. Liquidity covenant in three steps keyed to project commencement: $100M until the first of the Barber Lake and Black Pearl facilities commences, $150M after the first, $200M after the second; quarterly-tested with an equity cure, and undrawn revolver capacity counts toward liquidity. Borrower is Cipher Digital Inc.; guarantors are the borrower and its restricted-subsidiary loan parties. Pari passu with the Barber Lake notes (7.125% due 2030, capped at $1,733M) on shared collateral via the indenture-form intercreditor.

Source: 8-K 3/25/26, credit agreement filed as EX-10.1, acc 0000950103-26-004609 · document

Borrower

Black Pearl Compute LLC (issuer)

Seniority

Senior secured, subsidiary-level; parent completion guarantee

Maturity

2031-02-15

Collateral

1st liens + equity; Black Pearl (300 MW, Wink TX) under 15-yr Amazon Data Services lease

Lenders

Morgan Stanley (representative) · Wilmington Trust (trustee)

Pricing

7.00%/yr amortization post-completion

Source: 8-K 2/11/26 · document

Borrower

Cipher Compute LLC (issuer)

Seniority

Senior secured, subsidiary-level; parent completion guarantee

Maturity

2030-11-15

Collateral

1st liens + equity + Fluidstack lockbox; Google warrant pledge; Barber Lake (Colorado City TX) 10-yr Fluidstack lease with Google backstop; follow-on 10-yr lease commitment from an unnamed AI lab (8-K 9/24/26)

Lenders

Morgan Stanley (representative, 144A) · Wilmington Trust (trustee)

Pricing

Post-completion amortization + 50% excess-cash-flow offers

Terms

$1,400M + $333M add-on; outstanding in full at 6/30/26, with $94.5M classified short-term (scheduled principal due within one year; Q2-26 10-Q). Collateral context (8-K 9/24/26): the Barber Lake lease with Fluidstack was amended. Data halls are now due between Q4 2026 and Q1 2027, with first rent expected in Q4 2026. Cipher bears the first $359.3M of costs above the initial budget. The tenant reimburses 50% of any costs above that amount over the twenty-year term. A leading AI lab, unnamed in the filing, made a binding commitment to a follow-on ten-year lease. That takes the contracted term to twenty years and adds about $5.2B of contracted revenue.

Source: 8-K 11/13/25; add-on 8-K 11/24/25; Q2-26 10-Q (acc 0001819989-26-000041); lease amendment 8-K 9/24/26 (filed 9/25/26), acc 0001819989-26-000043 · document

Seniority

Senior unsecured

Maturity

2031-10-01

Lenders

144A; U.S. Bank Trust Co. (trustee)

Pricing

Effective 6.89%; conversion ~$16.03; capped calls to $23.32

Source: 8-K 10/1/25; Q2-26 10-Q (6/30/26 balance), acc 0001819989-26-000041 · document

Seniority

Senior unsecured

Maturity

2030-05-15

Lenders

Registered; Morgan Stanley (representative)

Pricing

Conversion ~$4.45

Source: 8-K 5/22/25; Q2-26 10-Q (6/30/26 balance), acc 0001819989-26-000041 · document

Seniority

Secured

Maturity

Undisclosed

Collateral

Company BTC in triparty account

Lenders

Two Prime Lending Limited

Terms

$100.0M secured credit facility with Two Prime Lending Limited, never drawn and nothing outstanding at 2026-03-31. VERIFIED against the Q1-26 10-Q, which carries a dedicated "Two Prime Lending Facility" note; an earlier suspicion that this row was unsupported or a Hut 8 misattribution was wrong, and Hut 8's separate $200M Two Prime revolver is a different facility. DISCLOSURE GAP: the Q2-26 10-Q (quarter ended 2026-06-30, filed 2026-08-04) does not mention Two Prime anywhere. No terminating statement has been located, so the facility's status after 2026-03-31 is unknown and is not asserted here.

Source: 10-K; Q1-26 10-Q, "Two Prime Lending Facility" note (acc. 0001819989-26-000028). Absent from the Q2-26 10-Q, acc. 0001819989-26-000041. · document

Borrower

Cipher Mining Inc.

Seniority

Unsecured (no security disclosed)

Maturity

2025-03-18 — 95-day daily repayment schedule from 12/13/24

Collateral

Not disclosed

Lenders

Luxor Technology Corporation

Pricing

No stated rate; ~1.81 BTC excess repayment over 95 days is the implied cost; fair-value option elected

Terms

Bitcoin-denominated: 98.57 BTC borrowed 12/13/24, repayable ~1.06 BTC/day over 95 days (~100.38 BTC total); carried at fair value in Short-term borrowings (80.3 BTC = $7.3M at 12/31/24). REPAID IN KIND on the daily schedule (~complete 3/18/25); no ongoing Luxor transactions at 6/30/25 (Q2-25 10-Q) and none outstanding at 12/31/25.

Source: FY24 10-K (origination); Q2-25 10-Q (resolution) · document