Private credit
verified 2026-09-27How these figures are built →
Who lends where no one announces it?
Loans to tracked borrowers that only their lenders disclose: private-credit funds, in their own reports.
Loans read in the lenders' own reports
17
what 2 lenders report against the 17 borrowers we ask about
how it is counted
one position in a lender's own list of its holdings: some lending funds must publish, position by position, what they hold, so the loan nobody announces is on the public record. the date the lender published its report. A list of holdings is a snapshot, and two lenders' snapshots of the same loan rarely align. Not covered: lenders that publish no list of their holdings (banks, insurers, private funds with no registered vehicle), the amount of each loan when the lender states it only inside the table body, and any borrower we do not ask about — we never sweep these reports, we look only for the borrowers we already track.
- Lendersby loans reported: Trinity Capital Inc. 12 · Great Elm Capital Corp. 5
how it is counted
the fund whose list of holdings the row comes from — the only party the row does not name, and the one an analyst most wants
- 2
- Borrowersof the 17 we ask about: Applied Digital, CleanSpark, Core Scientific, Hut 8, CoreWeave
- 5
- Loans with a stated ratefloating with a spread, or fixed, in the lender's words
how it is counted
as stated: "SOFR + 8.0%" is floating with a spread, "13% fixed" is fixed. A rate given as a range keeps its words and states no number, because picking an end of a range would state something the lender does not
- 9
- Lender reports that name thema borrower's name among a lender's holdings, counted per borrower; the newest are read
- 1,726
When the loans mature
One dot per loan, at the maturity its lender states; hover a row for the borrower as written, the lender, the instrument and the rate.
- Core Scientific2024-10-01
- Core Scientific2024-12-01
- Core Scientific2025-01-01
- Hut 82025-01-01
- Core Scientific2025-03-01
- CleanSpark2025-05-01
- Applied Digital2025-10-01
- Applied Digital2026-03-01
- Applied Digital2026-04-01
- Applied Digital2026-05-01
- CoreWeave2028-07-31
- CoreWeave2030-05-16
- CoreWeave2032-07-15
2024202520262027202820292030203120322033
No maturity stated: Coreweave Compute Acquisition Co. II, LLC (Great Elm Capital Corp.) · CoreWeave Financing DDTL V, LLC (Great Elm Capital Corp.) · Applied Digital Corporation (Trinity Capital Inc.) · Applied Digital Corporation (Trinity Capital Inc.).
Every loan the lenders report
17 rows
A loan from a private-credit fund is announced by nobody. But many of the funds that lend must publish, position by position, what they hold — so the loan is on the public record in the lender's own report, with its rank, its rate and its maturity. The amount is not always captured; the rate is, and nobody else publishes it. Below each borrower, the line as the lender wrote it.
| 2026-08-05 | Coreweave Compute Acquisition Co. IV, LLC “Coreweave Compute Acquisition Co. IV, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00% (9.68%) Initial Acquisition Date 5/29/2024 Maturity 5/16/2030” | CoreWeave | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 6.00% (9.68%) floating on SOFR | 2030-05-16 |
| 2026-08-05 | Coreweave Compute Acquisition Co. II, LLC “BM 2025-12-31 0001675033 Coreweave Compute Acquisition Co. II, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62% (13.29%) Initial Acquisition Date 8/21/2023” | CoreWeave | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 9.62% (13.29%) floating on SOFR | — |
| 2026-08-05 | CoreWeave Financing DDTL V, LLC “InvestmentAffiliatedIssuerControlledMember 2025-12-31 0001675033 CoreWeave Financing DDTL V, LLC Industry Technology Security 1st Lien, Delayed Draw Term Loan Interest Rate 1M SOFR + 4.50% (8.12%) Initial Acquisition Date 5/6/2026” | CoreWeave | Great Elm Capital Corp. | 1st Lien, Delayed Draw Term Loan | 1M SOFR + 4.50% (8.12%) floating on SOFR | — |
| 2026-08-05 | CoreWeave Inc. “BusinessServicesMember 2025-12-31 0001675033 CoreWeave Inc. Industry Technology Security Unsecured Bond Interest Rate 9.63% Initial Acquisition Date 6/11/2026 Maturity 7/15/2032” | CoreWeave | Great Elm Capital Corp. | Unsecured Bond | 9.63% fixed | 2032-07-15 |
| 2026-08-05 | Coreweave Compute Acquisition Co. II, LLC “FinancialServicesSectorMember 2025-12-31 0001675033 Coreweave Compute Acquisition Co. II, LLC Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62% (13.41%) Initial Acquisition Date 08/21/2023 Maturity 07/31/2028” | CoreWeave | Great Elm Capital Corp. | 1st Lien, Secured Loan | 3M SOFR + 9.62% (13.41%) floating on SOFR | 2028-07-31 |
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date June 21, 2024 Maturity Date April 1, 2026” | Applied Digital | Trinity Capital Inc. | Equipment Financing | — | 2026-04-01 |
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date May 28, 2024 Maturity Date May 1, 2026” | Applied Digital | Trinity Capital Inc. | Equipment Financing | — | 2026-05-01 |
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 25, 2024 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%” | Applied Digital | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 19.0%; EOT 0.0% fixed | 2026-03-01 |
| 2026-02-25 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024 Maturity Date October 1, 2025” | Applied Digital | Trinity Capital Inc. | Equipment Financing | — | 2025-10-01 |
| 2026-02-25 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Invest” | Applied Digital | Trinity Capital Inc. | Equipment Financing Invest | — | — |
| 2025-11-05 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024” | Applied Digital | Trinity Capital Inc. | Equipment Financing | — | — |
| 2025-05-07 | Cleanspark, Inc. “United States Digital Assets Technology and Services Cleanspark, Inc. Type of Investment Equipment Financing Investment Date April 22, 2022 Maturity Date May 1, 2025 Interest Rate Fixed interest rate 10.3%; EOT 5.0%” | CleanSpark | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.3%; EOT 5.0% fixed | 2025-05-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date August 31, 2021 Maturity Date October 1, 2024” | Core Scientific | Trinity Capital Inc. | Equipment Financing | — | 2024-10-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date November 19, 2021 Maturity Date December 1, 2024 Interest Rate Fixed interest rate 10.7%; EOT 5.0%” | Core Scientific | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.7%; EOT 5.0% fixed | 2024-12-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date December 13, 2021 Maturity Date January 1, 2025 Interest Rate Fixed interest rate 10.5%; EOT 5.0%” | Core Scientific | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.5%; EOT 5.0% fixed | 2025-01-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date February 9, 2022 Maturity Date March 1, 2025” | Core Scientific | Trinity Capital Inc. | Equipment Financing | — | 2025-03-01 |
| 2024-03-06 | Hut 8 Holdings, Inc. “Digital Assets Technology and Services Hut 8 Holdings, Inc. Type of Investment Equipment Financing Investment Date December 30, 2021 Maturity Date January 1, 2025” | Hut 8 | Trinity Capital Inc. | Equipment Financing | — | 2025-01-01 |
Definitions — private credit
- loan
- one position in a lender's own list of its holdings: some lending funds must publish, position by position, what they hold, so the loan nobody announces is on the public record
- lender
- the fund whose list of holdings the row comes from — the only party the row does not name, and the one an analyst most wants
- instrument
- the rank of the loan in the lender's own words ("First lien senior secured term loan", "Delayed draw term loan", "Unitranche"); never inferred
- rate
- as stated: "SOFR + 8.0%" is floating with a spread, "13% fixed" is fixed. A rate given as a range keeps its words and states no number, because picking an end of a range would state something the lender does not
- asOf
- the date the lender published its report. A list of holdings is a snapshot, and two lenders' snapshots of the same loan rarely align
- notCovered
- lenders that publish no list of their holdings (banks, insurers, private funds with no registered vehicle), the amount of each loan when the lender states it only inside the table body, and any borrower we do not ask about — we never sweep these reports, we look only for the borrowers we already track