No positions in the markets we measure BY 07:30 ET
CCIR Compute Credit
Index Research
Credit · Tracked as filed as of 2026-07-01

HIVE Digital

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

Fixed coupons at issue
Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window Jan 2026 – Jun 2026
2.5% 5% 7.5% 10% 12.5% Jul '26 Vendor takeback mor…Dell finance lease …conv 0% '31conv 0% '31

Not plotted (no single filed coupon or no dated issue): Atlantic Term Loans 1 & 2.

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
New Brunswick subsidiary Atlantic Term Loans 1 & 2 (New Brunswick) 2 Undisclosed
HIVE Bermuda 2026 Ltd. 0% Exchangeable Senior Notes due 2031 — Tranche 2 130 0%
0% Exchangeable Senior Notes due 2031 — Tranche 1 115 0%
HIVE Digital (parent level) Vendor mortgage #2 (second property) 4.4 Undisclosed
Vendor takeback mortgage #1 (Toronto–Waterloo land) 14.5 6%
Boden (Sweden) loan payable 11 1%
BUZZ HPC Dell finance lease — 504 Nvidia B200 GPUs 29.9 9.9%

Instruments

Atlantic Term Loans 1 & 2 (New Brunswick)

Credit facility $2m Undisclosed Assumed 2021
Borrower
New Brunswick subsidiary
Seniority
Subsidiary; unlimited parent guarantee; DSCR ≥1.50
Maturity
2026-06-30 — Renewal UNVERIFIED
Collateral
NB datacenter business
Lenders
Not named
Pricing
4.39% / 5.15%

Source: 10-K Note 14 · document

0% Exchangeable Senior Notes due 2031 — Tranche 2

Convertible $130m 0% Entered 2026-06-30
Borrower
HIVE Bermuda 2026 Ltd. (issuer)
Seniority
Senior unsecured; parent guarantee
Maturity
2031-07-01 — Holder put Jul 1, 2030
Lenders
144A QIBs; U.S. Bank Trust Co. (trustee)
Pricing
Exchange ~$4.83 (27.5% premium); capped call to $8.5275

Source: 8-K 7/1/26 · document

Vendor mortgage #2 (second property)

Credit facility $4.4m Undisclosed Entered 2026-05-15
Seniority
Mortgage to seller
Maturity
Undisclosed
Collateral
Ontario real property
Lenders
Seller
Pricing
Rate/term UNVERIFIED in filings

Source: 10-K Note 31 · document

0% Exchangeable Senior Notes due 2031 — Tranche 1

Convertible $115m 0% Entered 2026-04-21
Borrower
HIVE Bermuda 2026 Ltd. (issuer)
Seniority
Senior unsecured; parent guarantee
Maturity
2031-04-15 — Holder put Apr 15, 2029
Lenders
144A QIBs; U.S. Bank (trustee)
Pricing
Exchange ~$2.57 (17.5% premium); capped call to ~$4.92

Source: 8-K 4/22/26; 10-K Note 31 · document

Dell finance lease — 504 Nvidia B200 GPUs

Lease $29.9m 9.9% Entered 2026-03
Borrower
BUZZ HPC (Manitoba)
Seniority
Finance lease
Maturity
~2029-03 — 36 months
Collateral
GPUs
Lenders
Dell Financial
Pricing
9.90% implicit
Terms
$29.9M PV ($34.2M undiscounted)

Source: 10-K Note 16 + MD&A · document

Vendor takeback mortgage #1 (Toronto–Waterloo land)

Credit facility $14.5m 6% Entered 2026-01-30
Seniority
Mortgage
Maturity
~2028-01-30
Collateral
Ontario land
Lenders
Property seller
Pricing
Quarterly interest, bullet
Terms
C$20M

Source: 10-K (FY ended 3/31/26) Notes 4/15 · document

Boden (Sweden) loan payable

Credit facility $11m 1% Entered 2021-03-31
Seniority
Contingently forgivable loan
Maturity
2035-12-31 — Contingently forgivable on favorable VAT ruling
Collateral
None stated
Lenders
Not named
Pricing
Swedish government borrowing rate + 1% (~2%)

Source: 10-K Note 13 · document

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