IREN

Borrower

IE Mackenzie Compute Ltd. (borrower; BC subsidiary)

Seniority

Senior secured, subsidiary-level; unconditional IREN Limited payment guaranty (payment only; no financial maintenance covenants; no parent security granted)

Collateral

First-priority security interest in the financed equipment (Mackenzie GPUs and ancillary equipment) and associated rights, BC law

Offtaker

Non-IG customer deployments (issuer statement, program level; counterparty unnamed)

Lenders

Blue Owl Capital Corporation (OBDC) — admin/collateral/intercreditor agent, lender · Blue Owl-managed funds

Pricing

9.0% fixed per IREN FY26 results release (package-level rate)

Terms

$2.4B package signed 2026-08-25 = ~$1.2B MFSA (master financing and security agreement) + ~$1.2B senior secured notes. Pro-rata draws on equipment acceptance; funds air-cooled NVIDIA compute incl. Blackwell Ultra for Mackenzie (BC). IREN FY26 results: 9.0% fixed on the package; funds 90% of associated GPU capex; part of $2.8B GPU financings supporting non-IG customer deployments.

Source: FY26 10-K subsequent events (filed 8/27/26); Blue Owl + IREN releases 8/27-28 · document

Borrower

IE Mackenzie Compute Ltd. (borrower; BC subsidiary)

Seniority

Senior secured, subsidiary-level; unconditional IREN Limited payment guaranty (payment only; no financial maintenance covenants; no parent security granted)

Collateral

First-priority security interest in the financed equipment (Mackenzie GPUs and ancillary equipment) and associated rights, BC law

Offtaker

Non-IG customer deployments (issuer statement, program level; counterparty unnamed)

Lenders

Institutional purchasers (PIMCO as adviser to certain purchasers) · Blue Owl Capital Corporation (OBDC) — note agent

Pricing

9.0% fixed per IREN FY26 results release (package-level rate)

Terms

$2.4B package signed 2026-08-25 = ~$1.2B MFSA + ~$1.2B senior secured notes under a Note Purchase Agreement; intercreditor agreement across both legs. Same draw mechanics and rate as the MFSA leg.

Source: FY26 10-K subsequent events (filed 8/27/26); Blue Owl + IREN releases 8/27-28 · document

Borrower

IE US Hardware 3 LLC (borrower)

Seniority

Senior secured, subsidiary-level; limited parent guarantee

Maturity

2031-12-31 — Or earlier on final Microsoft fee

Collateral

GPUs servicing the Microsoft contract, 100% Hardware 3 equity pledge, Microsoft contract cash flows; 65% loan-to-cost on capex less six-year straight-line depreciation, tested monthly, cured by sweep; parent residual value guarantee (Remarketing Right) applies only if Microsoft rejects a tranche before acceptance, net of GPU sale proceeds (EX-10.38).

Offtaker

Microsoft take-or-pay

Lenders

Goldman Sachs Bank · JPMorgan Chase · CSC Delaware Trust (admin/collateral)

Pricing

Term SOFR plus a ratings grid (EX-10.35): 2.50% unrated; 2.375% at BBB (DBRS), Baa3 (Moody's) or BBB- (Fitch); 2.25% at A (low) (DBRS), A- (Fitch) or A3 (Moody's). Value shows the 2.25% tier, which matches the Fitch A and DBRS A (low) ratings below. Payable monthly in arrears; 0.40% undrawn fee; hedged with JPM + J. Aron/GS. FY26 10-K effective rate 7.12%; the 10-K debt table dates issuance 6/30/26. Close read 2026-10-02: 0.00% floor, +2.00% default rate, 1.00% premium before the first anniversary of the first draw.

Terms

$1,545M commitment (Credit Agreement, EX-10.35). As at 6/30/26 (FY26 10-K): $413M funded, $1,132M unfunded commitment remaining subject to conditions precedent. Drawn in four tranches aligned to delivery milestones under the Microsoft Agreement; principal repayable monthly per the amortization schedule in the Credit Agreement. Size shown is the commitment, not the drawn balance. RATED (2026-06-01 close release): Fitch A / DBRS A (low) on the $3.65B package (USPP + DDTL, Microsoft offtake); company claims highest publicly rated GPU financing and first GPU financing in the US private placement market; blended cost of debt 6.00%. Non-recourse to the general credit of the Group except limited IREN Limited guarantees. Parent guarantees the SPV's pre-closing interest-rate and power hedge obligations tranche-by-tranche as drawn, callable only after demand on the SPV and expiry of the cure period, stepping down as each tranche transfers into the secured structure (Tranche 1 transferred; balance expected by end of calendar 2026). If Microsoft validly terminates a funded tranche and no replacement qualified customer is secured in the remarketing period, the Parent guarantees the debt and notes allocated to that tranche net of GPU disposition proceeds applied to prepayment, payable within five business days of demand, plus any upfront termination amount owed to Microsoft.

Source: FY26 10-K (year ended 6/30/26), filed 8/27/26, Note 23 Debt; Credit Agreement EX-10.35, Note Purchase Agreement EX-10.36, Common Terms Agreement EX-10.37, Limited Parent Guarantees EX-10.38 and EX-10.54 (acc 0001878848-26-000052) · document

Borrower

IE US Hardware 3 LLC (issuer)

Seniority

Senior secured; pari passu with Hardware 3 DDTL under Common Terms Agreement

Maturity

2031-12-31

Collateral

Same collateral as Hardware 3 DDTL (Microsoft-contract GPUs + contract cash flows)

Offtaker

Microsoft take-or-pay

Lenders

Institutional purchasers · CSC Delaware Trust (admin/collateral)

Pricing

Fixed 5.96% per annum, payable monthly in arrears. FY26 10-K effective rate 7.05%; the 10-K debt table dates issuance 6/11/26.

Terms

$2.1B commitment. As at 6/30/26 (FY26 10-K): $525M of USPP Senior Notes issued, $1,575M unfunded commitment remaining subject to conditions precedent. Issued in up to four tranches; proceeds fund into a restricted escrow account on each tranche closing and release to the Financing SPV on satisfaction of the release conditions. Principal repayable monthly per the amortization schedule in the Note Purchase Agreement. Size shown is the commitment, not the amount issued. RATED (2026-06-01 close release): Fitch A / DBRS A (low) on the $3.65B package (USPP + DDTL, Microsoft offtake); company claims highest publicly rated GPU financing and first GPU financing in the US private placement market; blended cost of debt 6.00%. Non-recourse to the general credit of the Group except limited IREN Limited guarantees. Parent guarantees the SPV's pre-closing interest-rate and power hedge obligations tranche-by-tranche as drawn, callable only after demand on the SPV and expiry of the cure period, stepping down as each tranche transfers into the secured structure (Tranche 1 transferred; balance expected by end of calendar 2026). If Microsoft validly terminates a funded tranche and no replacement qualified customer is secured in the remarketing period, the Parent guarantees the debt and notes allocated to that tranche net of GPU disposition proceeds applied to prepayment, payable within five business days of demand, plus any upfront termination amount owed to Microsoft. Close read 2026-10-02: shares the Hardware 3 security, 65% loan-to-cost test and pre-acceptance parent residual value guarantee; make-whole at Treasury + 0.50% before Sep 30, 2031.

Source: FY26 10-K (year ended 6/30/26), filed 8/27/26, Note 23 Debt; Credit Agreement EX-10.35, Note Purchase Agreement EX-10.36, Common Terms Agreement EX-10.37, Limited Parent Guarantees EX-10.38 and EX-10.54 (acc 0001878848-26-000052) · document

Seniority

Senior unsecured; structurally subordinated to subsidiary debt

Maturity

2033-12-01

Lenders

144A; U.S. Bank (trustee)

Pricing

Effective 1.18% (FY26 10-K); Conversion $73.07; capped calls to $110.30 ($201.3M — Santander, BMO, Citi, CACIB, Mizuho, Scotia, UBS)

Source: 8-K 5/14/26; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Seniority

Senior unsecured

Maturity

2032-06-01

Lenders

144A; U.S. Bank (trustee)

Pricing

Effective 0.45%; conversion $51.40; capped call to $82.24

Source: 8-K 12/8/25; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Seniority

Senior unsecured

Maturity

2033-06-01

Lenders

144A; U.S. Bank (trustee)

Pricing

Effective 1.18%; conversion $51.40

Source: 8-K 12/8/25; Q2 FY26 10-Q; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Seniority

Senior unsecured

Maturity

2031-07-01

Lenders

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

Pricing

Effective 0.37%; conversion $85.63; capped call to $120.18

Source: 8-K 10/14/25; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Seniority

Lease obligations; parent guarantee

Maturity

FY2027 to FY2029

Collateral

Leased GPUs. Aug-2025 lease: 36 months for 100% of the purchase price; IREN may buy the GPUs at the lower of fair market value and 18% of initial cost (FY25 10-K). Aug-28 2025 24-month GB300 lease and Nov-2025 Dell Financial lease (Prince George, BC): $1 purchase options

Lenders

Dell Financial Services · Aug-2025 lessor unnamed

Pricing

9.9% is the weighted-average discount rate on IREN finance leases at 6/30/26 (FY26 10-K), not a stated lease rate.

Terms

$243.8M PV of finance lease liabilities at 6/30/26 (FY26 10-K Note 22), down from $274.3M at 3/31/26 ($101.8M B200/B300 + $199.8M Dell facility at that date). Weighted-average remaining term 1.9 years.

Source: FY26 10-K Note 22, filed 8/27/26; FY25 10-K; Q2+Q3 FY26 10-Qs · document

Seniority

Senior unsecured

Maturity

2029-12-15

Lenders

144A QIBs

Pricing

Effective 4.22%; conversion $13.64; capped call to $20.98

Terms

$550M issued; $233.4M outstanding after Dec 2025 repurchases

Source: Q3 FY26 10-Q Note 16; FY25 10-K 8/28/25; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Seniority

Senior unsecured

Maturity

2030-06-15

Lenders

144A QIBs

Pricing

Effective 3.87%; conversion $16.81; capped call to $25.86

Terms

$440M issued; $212.3M outstanding after Dec 2025 repurchases

Source: Q3 FY26 10-Q Note 16; FY25 10-K 8/28/25; FY26 10-K Note 23 (6/30/26 balance), acc 0001878848-26-000052 · document

Borrower

Three non-recourse SPVs incl. IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (borrowers)

Seniority

Limited recourse, SPV-level; non-recourse to IREN Limited; no parent guarantee

Collateral

~3.6 EH/s of miners and other SPV assets

Lenders

NYDIG ABL LLC (formerly Arctos Credit, LLC)

Pricing

12% (SPVs 1-2); 11% (SPV 3); default rates 18%/15% + 5% late fee

Terms

SPV 1 $4.2M (12%), SPV 2 $49.7M (12%), SPV 3 $71.2M (11%); miner-secured (~3.6 EH/s on the defaulted facilities). SPV 1 repaid Dec 2022; SPVs 2-3 defaulted Nov 2022 ($35.0M + $77.2M outstanding at 12/31/22; lender claimed $107.8M). SETTLED 2025-08-12: $20M settlement (of which $18.2M above prior accruals), paid in the quarter ended 9/30/25; Australian and Canadian proceedings terminated (FY25 10-K; Q1 FY26 10-Q).

Source: FY23 20-F (facilities); FY25 10-K + Q1 FY26 10-Q (settlement) · document