{
  "schema_version":"1.0.0",
  "reviewed_on":"2026-10-11",
  "scope":"Dated price quotations with different definitions; not a current executable loan-price ranking",
  "sources":[
    {"id":"IREN_ANNUAL","url":"https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm","published_on":"2026-08-27","period_end":"2026-06-30","type":"issuer_filing","location":"Notes 17 and 23; financing discussion"},
    {"id":"IREN_RELEASE","url":"https://iren.gcs-web.com/news-releases/news-release-details/iren-closes-365bn-investment-grade-gpu-financing","published_on":"2026-06-01","type":"issuer_announcement","location":"Assumptions and Notes 1 through 3"},
    {"id":"LAMBDA_FLOAT","url":"https://lambda.ai/blog/lambda-closes-926-million-senior-secured-term-loan-b-facility","published_on":"2026-08-27","type":"issuer_closing_announcement"},
    {"id":"LAMBDA_FIXED","url":"https://lambda.ai/blog/lambda-closes-1-billion-senior-secured-fixed-rate-financing","published_on":"2026-10-01","type":"issuer_closing_announcement"},
    {"id":"VOLTA_MARKETING","url":"https://finance.yahoo.com/technology/ai/articles/volta-launches-5b-leveraged-loan-142910544.html","published_on":"2026-10-09","type":"PitchBook_original_reporting_syndicated_by_Yahoo","provenance":"Retained from the October 11 full-text review and dated Volta terms record; repeat fetch in this pass returned HTTP 429, no bypass","prior_record":"/downloads/volta-utility/volta-terms-update-2026-10-11.json"}
  ],
  "records":[
    {"id":"iren_uspp","name":"IREN USPP senior notes","source_ids":["IREN_ANNUAL"],"status":"filed_instrument_terms","metric_type":"fixed_annual_coupon","coupon_percent":5.96,"payment_frequency":"monthly_in_arrears","principal_profile":"monthly amortization through 2031","issue_price_pct":null,"all_fees_usd":null,"dated_cashflow_schedule_in_this_dataset":null,"verified_borrower_all_in_rate":null},
    {"id":"iren_ddtl","name":"IREN DDTL","source_ids":["IREN_ANNUAL"],"status":"filed_instrument_terms","metric_type":"floating_spread","reference":"one_month_Term_SOFR","spread_bp":225,"payment_frequency":"monthly_in_arrears","principal_profile":"monthly amortization; staged draws","future_benchmark_path":null,"hedge_cashflows_reconstructed":false,"verified_borrower_all_in_rate":null},
    {"id":"lambda_tlb","name":"Lambda August term loan B","source_ids":["LAMBDA_FLOAT"],"status":"issuer_announced_closed_facility","metric_type":"floating_spread_and_issue_price","reference":"SOFR","spread_bp":300,"issue_price_pct":99.5,"principal_profile":"fully amortizing","final_maturity":"2030-12-31","future_benchmark_path":null,"dated_amortization_schedule":null,"all_fees_usd":null,"verified_borrower_all_in_rate":null},
    {"id":"lambda_fixed","name":"Lambda October delayed-draw facility","source_ids":["LAMBDA_FIXED"],"status":"issuer_announced_closed_facility","metric_type":"fixed_coupon","coupon_percent":6.78,"payment_frequency":"semiannual","principal_profile":"fully amortizing; delayed draws","final_maturity":"2033-05-30","issue_price_pct":null,"dated_amortization_schedule":null,"all_fees_usd":null,"verified_borrower_all_in_rate":null},
    {"id":"volta","name":"Volta Tydal marketed strip","source_ids":["VOLTA_MARKETING"],"status":"reported_marketing_not_verified_final_or_drawn","metric_type":"indicated_investor_yield_to_maturity","ytm_percent_range":[11.21,11.75],"spread_bp_range":[625,650],"benchmark_label_as_reported":"S","benchmark_tenor_and_definition":null,"reference_floor_percent":0,"issue_price_pct_range":[97,98],"nominal_years":6,"weighted_average_life_years":3.1,"full_amortization_years_after_funding":5.5,"ticking_fee_fraction_of_drawn_spread":0.45,"ticking_holiday_days":60,"ticking_payer_base_and_conventions":null,"oid_economic_bearer":null,"dated_amortization_schedule":null,"final_pricing":null,"verified_borrower_all_in_rate":null}
  ],
  "separate_iren_issuer_metrics":{
    "source":"IREN_RELEASE",
    "blended_interest_rate_percent_excluding_fees":6,
    "customer_prepayment_inclusive_metric_percent_excluding_fees":3.31,
    "prepayment_usd_billions":1.94,
    "prepayment_assumed_rate_percent_in_issuer_metric":0,
    "denominator":"Combined weighted-average outstanding debt and the customer prepayment treated as a zero-rate funding source",
    "customer_capital_economic_cost_proven_zero":false
  },
  "comparison_rules":[
    "Coupon, floating spread, investor YTM and borrower cash-flow cost are different metrics.",
    "Do not reconstruct actual issuer cash-flow rates without dated draws, payments, discount allocation, fees and relevant hedges.",
    "Weighted average life is not maturity or duration and does not specify an amortization schedule.",
    "Do not infer the causal value of credit support from uncontrolled cross-deal price differences.",
    "The separate model uses explicit hypothetical inputs and does not fill unknown issuer terms."
  ]
}