Maturity wall
Measures · Source · Limitations
Measures: facility principal bucketed by maturity year from the hand-curated registry, split bullet vs amortizing/installment. Hatched = amortizing facilities with no disclosed schedule (full principal shown at maturity until two registry snapshots allow a paydown estimate). Diamonds = the company’s own filed aggregate principal-payment schedule, which allocates amortization to the years it is actually paid (suppressed when the filer’s schedule is fiscal-basis and would mislabel calendar buckets).
Source: the entity’s latest periodic filing + post-quarter event filings; per-facility citations live in the registry (data/facilities/).
Limitations: registry buckets show contractual maturities, not paydown timing; EUR notes excluded from USD totals until a company-reported USD figure exists; NBIS accreting converts show accreted-at-maturity amounts.
Capital stack
Measures · Source · Limitations (table view below)
Measures: outstanding principal per facility, ordered senior-secured → convertible
(→ preferred/mezzanine where present), with book equity appended. Market cap renders only when an
operator-entered <ticker>_market_cap manual series exists (no live feeds).
Source: registry (each entity’s debt footnote) + events (8-K/6-K). Dashed-border bars are secondary-sourced stubs.
Limitations: book equity is not a recovery estimate; contractual spreads not restated in the 10-Q are shown as effective rates.
Fixed / floating & hedge
Measures · Source · Limitations
Measures: principal by rate type; interest-rate swap notional designated as accounting hedges (derivatives footnote) shown against floating+mixed exposure.
Source: the entity’s debt and derivatives footnotes (registry rate_type + overrides swaps).
Limitations: facilities with undisclosed drawn fixed/floating splits sit in “mixed” (e.g. CRWV DDTL 4.0). Hedge share compares swap notional to floating+mixed principal, not to drawn floating alone.
Leverage & coverage house definitions
Measures · Source · Limitations
Measures: house EBITDA = GAAP operating income + D&A. Cash interest per the entity’s verified tag basis (gross vs net-of-capitalized is a per-entity determination recorded in the tag map). Leverage on LTM and annualized-latest-quarter EBITDA — annualized flatters hypergrowth and is flagged; annual-cadence FPIs show FY figures instead. Leverage and coverage render “—” when EBITDA is not positive.
Source: SEC XBRL companyfacts (point-in-time snapshot) + registry.
Limitations: company-adjusted EBITDA is not used anywhere; NBIS gross debt sums accreted-at-maturity convert principal (its Note-12 convention), which reads high next to face-value registries.
Liquidity runway
Measures · Source · Limitations
Measures: cash & equivalents plus undrawn revolver capacity vs the company-filed principal payments due (remaining year and next; fiscal-basis where the filer’s schedule is fiscal).
Source: the entity’s balance sheet, filed maturity schedule, and MD&A undrawn availability.
Limitations: excludes future operating cash flow and undrawn DDTL capacity (conditions-based); committed capex shown as context only. Pro-forma cash effects of post-quarter issuances are not estimated — only debt balances fold forward.
Contract coverage & lease-inclusive view
Measures · Source · Limitations
Measures: gross debt / contracted revenue (backing per dollar of debt; numerator definition labeled per entity inline); funded debt shown next to lease obligations — never merged into one number.
Source: XBRL contracted-revenue tag per the entity’s tag map; lease footnotes; hand-entered leases-not-yet-commenced (narrative-only in filings, primary quality).
Limitations: not-yet-commenced leases are undiscounted future payments while balance-sheet lease liabilities are present values; contracted-revenue definitions are NOT comparable across entities — each tile labels its own numerator inline (from the entity’s tag map).
Off-balance-sheet & pre-debt watch
Measures · Source · Limitations
Measures: (1) pre-debt pipeline — liabilities for property & equipment additions (incl. OEM-financed) that typically get reclassified into debt once vendor financing is papered; a growing balance is debt the Note-10 table doesn’t show yet (watch flag: >25% growth and >$250M). (2) unconsolidated JV/VIE obligations — commitments to entities whose project debt is off the balance sheet. (3) financing obligations outside the debt table — e.g. failed-derecognition asset sales sitting in other liabilities.
Source: XBRL cash-flow supplement (automated) + hand-curated entries from the VIE, related-party and DCSP footnotes; all primary quality.
Limitations: the pre-debt comparative is the period the filer discloses (CRWV: year-ago quarter, not sequential). JV exposure components are maximums, not expected values, and exclude the JV’s own third-party debt, which is undisclosed. None of these amounts are added into gross debt or leverage — they are rendered alongside, per the no-blending rule.
Counterparty matrix disclosed contract values & concentration — all entities
Measures · Source · Limitations
Measures: disclosed customer exposure per entity × counterparty: contract values (TCV, $) shaded by magnitude; revenue / receivables concentration (%), lease tenancy (MW), equity stakes, and aggregate-RPO cells (counterparties unnamed — a disclosure-gap marker) shown unshaded — mixed units are never blended onto one color scale. ◌ marks secondary-sourced cells.
Source: customer-concentration footnotes and disclosed contract values only — CRWV Q1-2026 10-Q, APLD FQ3-2026 10-Q, NBIS FY2025 20-F + March-2026 6-Ks, IREN FQ3-2026 10-Q + May-2026 8-Ks. Each cell carries its own as-of date.
Limitations: "up to" TCVs are ceilings, not bookings, and definitions differ per contract (some TCVs have nil in RPO until tranches are delivered and accepted; conditional backstop capacity is excluded from firm figures — each cell’s hover note states its own basis). Filers rarely name their top customers — unnamed concentration sits in "Other". CoreWeave appears as both a row (issuer) and a column (APLD’s tenant): the same AI-demand bet held at two points in the chain.