{ "schema_version": "1.0.0", "dataset_id": "ai-credit-claim-map-2026-10-14", "reviewed_on": "2026-10-14", "scope": "Three chart-transcribed bond spread observations and two unquoted facility controls. Identity, recourse and cash transmission are separate fields.", "chart": { "source_post_url": "https://x.com/zerohedge/status/2110022749318217932", "source_kind": "image_supplied_for_research_attributed_to_public_post", "post_date_reported_by_distribution_team": "2026-10-13", "post_independently_retrieved": false, "metric": "Bloomberg Bid G Spread", "unit": "basis_points", "side": "bid", "quote_as_of": null, "separate_right_axes": true, "full_history_available": false, "raw_image_redistributed": false }, "sources": [ { "id": "CRWV_Q2", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm", "kind": "issuer_filing", "period_end": "2026-06-30", "locator": "Note 10; recourse definitions; DDTL 4.0 and 5.0; 2032 9.625% senior notes" }, { "id": "ORCL_NOTE", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526037840/d23732dex41.htm", "kind": "filed_note_form", "document_date": "2026-02-04", "locator": "Exhibit H" }, { "id": "ORCL_PROSPECTUS", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526035603/d33906d424b2.htm", "kind": "issuer_prospectus", "locator": "Summary: Ranking; Use of Proceeds; Optional Redemption" }, { "id": "VELLIV_HOLDINGS", "url": "https://media.velliv.dk/media/qzkpy0kr/obligationsliste.pdf", "kind": "institutional_holdings_disclosure", "as_of": "2026-06-30", "locator": "Page 8; header on page 1", "snapshot_sha256": "887E4B4366744A7882122ADD8FBF3A93DCFF812D6CC0348E9BC0991CF5BFE09A", "identity_row_visually_checked": true, "used_as_current_quote": false }, { "id": "SP_BEIGNET", "url": "https://www.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101653176", "kind": "rating_agency_transaction_analysis", "published_on": "2025-10-23", "full_public_article_reviewed_in_browser": true, "locator": "Issuer structure; JV distributions; rent support; security package", "rating_as_of_today_verified": false }, { "id": "META_Q2", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm", "kind": "issuer_filing", "period_end": "2026-06-30", "locator": "Note 5: Louisiana Venture, leases and residual value guarantees" } ], "instruments": [ { "id": "crwv_2032", "observation_class": "chart_transcription", "chart_label": "CRWV 9 5/8 07/15/32", "issuer": "CoreWeave, Inc.", "coupon_percent": 9.625, "maturity": "2032-07-15", "claim_type": "senior_unsecured_corporate_note", "displayed_bid_g_spread_bp": 998.514, "quote_as_of": null, "verified_current_quote": false, "spread_change_bp": null, "repayment_analysis": "Corporate cash and financing resources; not a first-priority GPU collateral claim.", "parent_support": "Direct obligation of CoreWeave; no subsidiary-guarantee inventory is inferred here.", "source_ids": [ "CRWV_Q2" ] }, { "id": "beignet_2049", "observation_class": "chart_transcription", "chart_label": "RPLDCI 6.581 05/30/49", "issuer": "Beignet Investor LLC", "coupon_percent": 6.581, "maturity": "2049-05-30", "claim_type": "amortizing_holding_company_notes", "displayed_bid_g_spread_bp": 217.313, "quote_as_of": null, "verified_current_quote": false, "spread_change_bp": null, "repayment_analysis": "S&P's 2025 analysis describes debt service dependent on JV distributions, supported by lease cash flows and defined Meta obligations.", "parent_support": "Meta-related rent and residual-value obligations are distinct from a general guarantee of every note payment.", "collateral_scope": "S&P flags the absence of direct security over assets and contracts at JVCo and Landlord level; executed security documents not reviewed.", "source_ids": [ "VELLIV_HOLDINGS", "SP_BEIGNET", "META_Q2" ] }, { "id": "orcl_2066", "observation_class": "chart_transcription", "chart_label": "ORCL 6.85 02/04/66", "issuer": "Oracle Corporation", "coupon_percent": 6.85, "maturity": "2066-02-04", "cusip": "68389XEC5", "isin": "US68389XEC56", "claim_type": "senior_unsecured_corporate_note", "displayed_bid_g_spread_bp": 300.604, "quote_as_of": null, "verified_current_quote": false, "spread_change_bp": null, "repayment_analysis": "Corporate cash and financing resources; proceeds are for general corporate purposes, not a traced individual campus.", "parent_support": "Oracle is the direct issuer; subsidiary liabilities are structurally senior as described in the prospectus.", "source_ids": [ "ORCL_NOTE", "ORCL_PROSPECTUS" ] }, { "id": "crwv_ddtl4", "observation_class": "unquoted_structural_control", "name": "CoreWeave DDTL 4.0", "borrower": "CoreWeave Compute Acquisition Co. VIII, LLC", "terms_as_of": "2026-06-30", "claim_type": "secured_project_facility", "displayed_bid_g_spread_bp": null, "quote_as_of": null, "verified_current_quote": false, "spread_change_bp": null, "repayment_analysis": "Financed subsidiary assets and customer-contract cash, subject to the facility's controls and conditions.", "parent_support": "Limited customary non-recourse carve-outs, not an ordinary debt-service guarantee.", "source_ids": [ "CRWV_Q2" ] }, { "id": "crwv_ddtl5", "observation_class": "unquoted_structural_control", "name": "CoreWeave DDTL 5.0", "borrower": "CoreWeave Financing DDTL V, LLC", "terms_as_of": "2026-06-30", "claim_type": "secured_parent_guaranteed_facility", "displayed_bid_g_spread_bp": null, "quote_as_of": null, "verified_current_quote": false, "spread_change_bp": null, "repayment_analysis": "Secured subsidiary financing with an unconditional CoreWeave guarantee.", "parent_support": "All obligations unconditionally guaranteed by CoreWeave under the cited filing.", "source_ids": [ "CRWV_Q2" ] } ], "interpretation": { "ddtl_price_series_in_chart": false, "cds_price_series_in_chart": false, "all_time_record_verified": false, "current_credit_ratings_verified": false, "causal_credit_vs_liquidity_vs_collateral_split": null, "maturity_is_duration": false, "secondary_spread_automatically_resets_fixed_coupon": false }, "transmission": [ { "channel": "existing_fixed_rate_debt", "immediate_effect": "Holder valuation and trading conditions; contractual coupon is not reset merely by a secondary spread quote.", "next_evidence": "Debt-service terms and any actual contractual triggers." }, { "channel": "existing_floating_or_undrawn_facility", "immediate_effect": "Benchmark, contractual margin, hedges and draw conditions govern cash effects.", "next_evidence": "Relevant rate terms, hedge coverage, remaining commitments and draw eligibility." }, { "channel": "new_debt_or_refinancing", "immediate_effect": "Market conditions may change funding price, proceeds, required support or availability.", "next_evidence": "Actual new terms, underwriting decisions, executed commitments and funding." } ] }