{
  "schema_version": "1.0.0",
  "dataset_id": "ares-page-7-financing-map-reconciliation-2026-10-10",
  "title": "Ares page 7 financing-matrix reconciliation",
  "reviewed_on": "2026-10-10",
  "source_perspective": {
    "as_of_month": "2026-09",
    "basis": "The document disclaimer dates the Ares Alternative Credit Team's views to September 2026.",
    "rolling_window_label": "last twelve months",
    "exact_window_start": null,
    "exact_window_end": null
  },
  "source": {
    "publisher": "Ares Alternative Credit Team",
    "document_title": "In the Gaps",
    "edition": "Fall 2026",
    "url": "https://www.ares.com/content/dam/aresmgmt/Documents/In-the-Gaps/Ares_InTheGaps_Newsletter_Fall-2026.pdf",
    "matrix_page": 7,
    "context_pages": [5, 6, 8, 31],
    "downloaded_document_sha256": "FF3CBEE0F5ACD9FCEBE02492D7783014EB18F48D23CABCC64CEC2955281BEF42",
    "pdf_copied_into_public_downloads": false
  },
  "scope": {
    "purpose": "Reconcile the 26 rows and arithmetic printed in the source matrix.",
    "primary_contract_audit_complete": false,
    "transaction_state_refreshed_after_source": false,
    "new_transaction_state_claimed": false,
    "cash_drawn_or_received_inferred": false,
    "row_overlap_or_refinancing_excluded": false,
    "offline_checks_verify_transaction_truth": false,
    "notes": [
      "This is a source-matrix reconciliation, not an all-26 primary-contract audit.",
      "Displayed financing amounts, relationship-cell amounts, funded cash and legal exposure are separate fields of meaning.",
      "All actual funded-cash values remain null because the matrix does not establish them.",
      "A zero arithmetic contribution for a not-disclosed row is not evidence of zero financing.",
      "No transaction status is updated beyond the September 2026 source perspective."
    ]
  },
  "source_matrix_summary": {
    "source_row_count": 26,
    "source_column_count": 8,
    "source_headline_approx_usd_billions": 573,
    "first_24_rows_sum_usd_millions": 547700,
    "all_rows_arithmetic_sum_usd_millions": 572700,
    "all_rows_sum_rounded_to_nearest_usd_billion": 573,
    "arithmetic_unit": "USD millions",
    "unknown_size_row_number": 25,
    "unknown_row_arithmetic_contribution_usd_millions": 0,
    "unknown_row_zero_is_actual_financing_zero": false,
    "bottom_share_sum_percent": 158,
    "bottom_shares_overlap_by_design": true
  },
  "matrix_column_header_note": {
    "column_id": "google_broadcom_source_column",
    "visual_raster_review": "The page 7 raster makes 'Broadcom' legible; text immediately above it is clipped or obscured by the blue headline bar.",
    "pdf_text_layer_extraction": "Google · Broadcom",
    "page_7_narrative_treatment": "The narrative couples Google and Broadcom when discussing the 32 percent column.",
    "public_data_treatment": "Retain one combined source-column identifier and do not infer a count of distinct legal entities from the eight displayed columns.",
    "distinct_legal_entity_count_inferred": null
  },
  "matrix_columns": [
    {"id": "meta", "source_label": "Meta", "bottom_share_percent": 22},
    {"id": "oracle", "source_label": "Oracle", "bottom_share_percent": 22},
    {"id": "microsoft", "source_label": "Microsoft", "bottom_share_percent": 9},
    {"id": "amazon", "source_label": "Amazon", "bottom_share_percent": 14},
    {"id": "openai", "source_label": "OpenAI", "bottom_share_percent": 16},
    {"id": "anthropic", "source_label": "Anthropic", "bottom_share_percent": 22},
    {"id": "google_broadcom_source_column", "source_label": "Google · Broadcom (text layer; raster partly clipped)", "bottom_share_percent": 32},
    {"id": "nvidia", "source_label": "Nvidia", "bottom_share_percent": 21}
  ],
  "rows": [
    {
      "row_number": 1,
      "id": "meta-corporate-bonds",
      "label": "Meta corporate-bond issuance aggregate",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$55B", "arithmetic_contribution_usd_millions": 55000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "meta", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OWN DEBT", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 2,
      "id": "oracle-corporate-bonds",
      "label": "Oracle corporate-bond issuance aggregate",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$43B", "arithmetic_contribution_usd_millions": 43000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "oracle", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OWN DEBT", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "material_link", "source_cell_label": "$300B RPO", "cell_amount": {"displayed": "$300B", "usd_millions": 300000, "approximate": false, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 3,
      "id": "amazon-corporate-bonds",
      "label": "Amazon corporate-bond issuance aggregate",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$77B", "arithmetic_contribution_usd_millions": 77000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "amazon", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OWN DEBT", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 4,
      "id": "alphabet-corporate-bonds",
      "label": "Alphabet corporate-bond issuance aggregate",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$62B", "arithmetic_contribution_usd_millions": 62000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "google_broadcom_source_column", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OWN DEBT", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 5,
      "id": "nvidia-senior-notes",
      "label": "Nvidia senior-note issuance aggregate",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$25B", "arithmetic_contribution_usd_millions": 25000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "nvidia", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OWN DEBT", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 6,
      "id": "qts-fayetteville-notes",
      "label": "QTS Fayetteville note financing",
      "source_page": 7,
      "source_rating_or_status": "IG",
      "gross_source_row_amount": {"displayed": "$4.6B", "arithmetic_contribution_usd_millions": 4600, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASE", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 7,
      "id": "sopaipilla-project-bond",
      "label": "Sopaipilla project-bond financing",
      "source_page": 7,
      "source_rating_or_status": "A+",
      "gross_source_row_amount": {"displayed": "$12.55B", "arithmetic_contribution_usd_millions": 12550, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "meta", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASE+RVG", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 8,
      "id": "stargate-michigan-abilene",
      "label": "Combined Stargate Michigan and Abilene financing",
      "source_page": 7,
      "source_rating_or_status": "BBB",
      "gross_source_row_amount": {"displayed": "$25.6B", "arithmetic_contribution_usd_millions": 25600, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "oracle", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASES", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "$300B RPO", "cell_amount": {"displayed": "$300B", "usd_millions": 300000, "approximate": false, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 9,
      "id": "project-miner-stack-new-mexico",
      "label": "STACK New Mexico private-IG Project Miner financing",
      "source_page": 7,
      "source_rating_or_status": "priv. IG",
      "gross_source_row_amount": {"displayed": "$18B", "arithmetic_contribution_usd_millions": 18000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "oracle", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASE", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "material_link", "source_cell_label": "demand", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 10,
      "id": "project-jacquard-vantage",
      "label": "Vantage private-IG Project Jacquard financing",
      "source_page": 7,
      "source_rating_or_status": "priv. IG",
      "gross_source_row_amount": {"displayed": "$38B", "arithmetic_contribution_usd_millions": 38000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "oracle", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASES", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "material_link", "source_cell_label": "demand", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 11,
      "id": "anthropic-texas-campus",
      "label": "Anthropic Texas campus financing",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "~$16B", "arithmetic_contribution_usd_millions": 16000, "approximate": true, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "approximate_displayed_amount_used_at_point_value"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "anthropic", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OFFTAKE", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "google_broadcom_source_column", "legend_category": "backstop_or_guarantee", "source_cell_label": "AID (rep.)", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 12,
      "id": "beignet-hyperion-144a",
      "label": "Hyperion/Beignet 144A financing",
      "source_page": 7,
      "source_rating_or_status": "A+",
      "gross_source_row_amount": {"displayed": "$27.3B", "arithmetic_contribution_usd_millions": 27300, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "meta", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "LEASE+RVG", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 13,
      "id": "iren-private-placement",
      "label": "IREN private-placement financing",
      "source_page": 7,
      "source_rating_or_status": "A",
      "gross_source_row_amount": {"displayed": "$3.65B", "arithmetic_contribution_usd_millions": 3650, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "OFFTAKE", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 14,
      "id": "hut-8-two-campuses",
      "label": "Hut 8 two-campus financing aggregate",
      "source_page": 7,
      "source_rating_or_status": "BBB-/Baa2",
      "gross_source_row_amount": {"displayed": "$7.5B", "arithmetic_contribution_usd_millions": 7500, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "anthropic", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "END USER", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "google_broadcom_source_column", "legend_category": "backstop_or_guarantee", "source_cell_label": "FULL BSTP", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "TENANT·BP", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 15,
      "id": "cipher-144a",
      "label": "Cipher 144A high-yield financing",
      "source_page": 7,
      "source_rating_or_status": "HY",
      "gross_source_row_amount": {"displayed": "$2B", "arithmetic_contribution_usd_millions": 2000, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "amazon", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "$5.5B LEASE", "cell_amount": {"displayed": "$5.5B", "usd_millions": 5500, "approximate": false, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false},
        {"column_id": "google_broadcom_source_column", "legend_category": "backstop_or_guarantee", "source_cell_label": "$1.4B BSTP", "cell_amount": {"displayed": "$1.4B", "usd_millions": 1400, "approximate": false, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 16,
      "id": "fleet-data-centers",
      "label": "Fleet Data Centers financing",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "$4.6B", "arithmetic_contribution_usd_millions": 4600, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "material_link", "source_cell_label": "rep. tenant", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 17,
      "id": "apld-galaxy-notes",
      "label": "Applied Digital/Galaxy note financing",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "$5.1B", "arithmetic_contribution_usd_millions": 5100, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "material_link", "source_cell_label": "look-thru", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "material_link", "source_cell_label": "look-thru", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 18,
      "id": "coreweave-ddtl-4",
      "label": "CoreWeave DDTL 4.0 financing",
      "source_page": 7,
      "source_rating_or_status": "A3",
      "gross_source_row_amount": {"displayed": "$8.5B", "arithmetic_contribution_usd_millions": 8500, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "meta", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "FIXED-PAY", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "backstop_or_guarantee", "source_cell_label": "$6.3B BSTP", "cell_amount": {"displayed": "$6.3B", "usd_millions": 6300, "approximate": false, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 19,
      "id": "coreweave-ddtl-5-0-5-5",
      "label": "CoreWeave DDTL 5.0 and 5.5 aggregate",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "$5.7B", "arithmetic_contribution_usd_millions": 5700, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "anthropic", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "CONTRACT", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 20,
      "id": "lambda-nebius-nscale",
      "label": "Lambda, Nebius and NScale financing aggregate",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "$3.1B", "arithmetic_contribution_usd_millions": 3100, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "CONTRACTS", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "backstop_or_guarantee", "source_cell_label": "LEASE-BACK", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 21,
      "id": "coreweave-high-yield-bonds",
      "label": "CoreWeave high-yield bond aggregate",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "~$5.3B", "arithmetic_contribution_usd_millions": 5300, "approximate": true, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "approximate_displayed_amount_used_at_point_value"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "microsoft", "legend_category": "material_link", "source_cell_label": "look-thru", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "openai", "legend_category": "material_link", "source_cell_label": "look-thru", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 22,
      "id": "terawulf-secured-notes",
      "label": "TeraWulf secured-note financing",
      "source_page": 7,
      "source_rating_or_status": null,
      "gross_source_row_amount": {"displayed": "$3.2B", "arithmetic_contribution_usd_millions": 3200, "approximate": false, "plus_sign": false, "not_disclosed": false, "arithmetic_treatment": "displayed_amount_converted"},
      "actual_funded_cash_usd_millions": null,
      "relationships": [
        {"column_id": "anthropic", "legend_category": "primary_obligation_or_own_debt", "source_cell_label": "END USER", "cell_amount": null, "included_in_row_arithmetic": false},
        {"column_id": "google_broadcom_source_column", "legend_category": "backstop_or_guarantee", "source_cell_label": "~$3.2B BSTP", "cell_amount": {"displayed": "~$3.2B", "usd_millions": 3200, "approximate": true, "plus_sign": false, "amount_role": "relationship_cell_only"}, "included_in_row_arithmetic": false},
        {"column_id": "nvidia", "legend_category": "material_link", "source_cell_label": "chips", "cell_amount": null, "included_in_row_arithmetic": false}
      ]
    },
    {
      "row_number": 23,
      "id": "anthropic-ai-xpv",
      "label": "Anthropic AI XPV senior-IG financing",
      "source_page": 7,
      "source_rating_or_status": "snr IG",
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