{
 "as_of": "2026-11-04",
 "methodology": "v0.2.0-real",
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 "notional_mm": 28057,
 "bonds": [
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   "issuer": "Galaxy Digital",
   "ticker": "GLXY",
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   "maturity": "2031-07-15",
   "size_mm": 3507,
   "sen": "senior secured",
   "pricing": "2026-07-24",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm",
   "note": "Galaxy Helios II 9.875% Senior Secured Notes（AI 数据中心）",
   "tenor_years": 4.97,
   "ust_date": "2026-07-24",
   "ust_pct": 4.429,
   "issue_spread_bp": 544.6
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   "issuer": "Core Scientific",
   "ticker": "CORZ",
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   "maturity": "2031-05-01",
   "size_mm": 3300,
   "sen": "senior secured",
   "pricing": "2026-05-06",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm",
   "note": "2031 7.75% Senior Secured Notes（2026 年 5 月）",
   "tenor_years": 4.99,
   "ust_date": "2026-05-06",
   "ust_pct": 3.989,
   "issue_spread_bp": 376.1
  },
  {
   "issuer": "TeraWulf",
   "ticker": "WULF",
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   "maturity": "2030-11-15",
   "size_mm": 3200,
   "sen": "senior secured",
   "pricing": "2025-10-30",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm",
   "note": "2030 7.75% Senior Secured Notes",
   "tenor_years": 5.04,
   "ust_date": "2025-10-30",
   "ust_pct": 3.724,
   "issue_spread_bp": 402.6
  },
  {
   "issuer": "CoreWeave",
   "ticker": "CRWV",
   "coupon": 9.75,
   "maturity": "2031-10-01",
   "size_mm": 2750,
   "sen": "senior unsecured",
   "pricing": "2026-04-15",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
   "note": "2031 9.75% Senior Notes，2026 年 4 月发行",
   "tenor_years": 5.46,
   "ust_date": "2026-04-15",
   "ust_pct": 3.942,
   "issue_spread_bp": 580.8
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  {
   "issuer": "Applied Digital",
   "ticker": "APLD",
   "coupon": 9.25,
   "maturity": "2030-12-01",
   "size_mm": 2350,
   "sen": "senior secured",
   "pricing": "2025-11-14",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
   "note": "2030 9.25% Senior Secured Notes（ELN 项目主体）",
   "tenor_years": 5.05,
   "ust_date": "2025-11-14",
   "ust_pct": 3.744,
   "issue_spread_bp": 550.6
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  {
   "issuer": "Applied Digital",
   "ticker": "APLD",
   "coupon": 6.75,
   "maturity": "2031-03-01",
   "size_mm": 2150,
   "sen": "senior secured",
   "pricing": "2026-03-04",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
   "note": "2031 6.75% Senior Secured Notes",
   "tenor_years": 4.99,
   "ust_date": "2026-03-04",
   "ust_pct": 3.669,
   "issue_spread_bp": 308.1
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  {
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   "ticker": "CRWV",
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   "maturity": "2030-06-01",
   "size_mm": 2000,
   "sen": "senior unsecured",
   "pricing": "2025-05-19",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1769628/000162828026062362/coreweave-424b5.htm",
   "src2": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
   "note": "2030 Senior Notes，2025 年 5 月发行（票息见 424B5，规模见 10-Q）",
   "tenor_years": 5.03,
   "ust_date": "2025-05-19",
   "ust_pct": 4.073,
   "issue_spread_bp": 517.7
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   "issuer": "Cipher Mining",
   "ticker": "CIFR",
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   "maturity": "2031-03-01",
   "size_mm": 2000,
   "sen": "senior secured",
   "pricing": "2026-02-05",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm",
   "note": "Black Pearl 6.125% Senior Secured Notes",
   "tenor_years": 5.07,
   "ust_date": "2026-02-05",
   "ust_pct": 3.747,
   "issue_spread_bp": 237.8
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  {
   "issuer": "CoreWeave",
   "ticker": "CRWV",
   "coupon": 9.0,
   "maturity": "2031-02-01",
   "size_mm": 1750,
   "sen": "senior unsecured",
   "pricing": "2025-07-22",
   "prec": "day",
   "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
   "note": "2031 9.00% Senior Notes，定价日 2025-07-22，平价发行",
   "tenor_years": 5.53,
   "ust_date": "2025-07-22",
   "ust_pct": 3.936,
   "issue_spread_bp": 506.4
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  {
   "issuer": "Applied Digital",
   "ticker": "APLD",
   "coupon": 7.0,
   "maturity": "2031-06-15",
   "size_mm": 1590,
   "sen": "senior secured",
   "pricing": "2026-06-16",
   "prec": "day",
   "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm",
   "note": "2031 7.00% Senior Secured Notes（APLD ComputeCo 3）",
   "tenor_years": 5.0,
   "ust_date": "2026-06-16",
   "ust_pct": 4.16,
   "issue_spread_bp": 284.0
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  {
   "issuer": "Cipher Mining",
   "ticker": "CIFR",
   "coupon": 7.125,
   "maturity": "2030-12-01",
   "size_mm": 1400,
   "sen": "senior secured",
   "pricing": "2025-11-06",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm",
   "note": "Cipher Compute 7.125% Senior Secured Notes",
   "tenor_years": 5.07,
   "ust_date": "2025-11-06",
   "ust_pct": 3.696,
   "issue_spread_bp": 342.9
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  {
   "issuer": "CoreWeave",
   "ticker": "CRWV",
   "coupon": 9.625,
   "maturity": "2032-07-15",
   "size_mm": 1250,
   "sen": "senior unsecured",
   "pricing": "2026-06-18",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
   "note": "2032 9.625% Senior Notes，2026 年 6 月发行",
   "tenor_years": 6.08,
   "ust_date": "2026-06-18",
   "ust_pct": 4.289,
   "issue_spread_bp": 533.6
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  {
   "issuer": "Cipher Mining",
   "ticker": "CIFR",
   "coupon": 6.0,
   "maturity": "2031-06-15",
   "size_mm": 810,
   "sen": "senior secured",
   "pricing": "2026-06-09",
   "prec": "month",
   "src": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm",
   "note": "Stingray 2 6.000% Senior Secured Notes",
   "tenor_years": 5.02,
   "ust_date": "2026-06-09",
   "ust_pct": 4.261,
   "issue_spread_bp": 173.9
  }
 ],
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   "issuer": "CoreWeave",
   "ticker": "CRWV",
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   "size_mm": 7750,
   "issue_spread_bp": 540.1,
   "weight_pct": 27.6
  },
  {
   "issuer": "Applied Digital",
   "ticker": "APLD",
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   "size_mm": 6090,
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   "weight_pct": 21.7
  },
  {
   "issuer": "Cipher Mining",
   "ticker": "CIFR",
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   "size_mm": 4210,
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   "weight_pct": 15.0
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  {
   "issuer": "Galaxy Digital",
   "ticker": "GLXY",
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   "size_mm": 3507,
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   "weight_pct": 12.5
  },
  {
   "issuer": "Core Scientific",
   "ticker": "CORZ",
   "bonds": 1,
   "size_mm": 3300,
   "issue_spread_bp": 376.1,
   "weight_pct": 11.8
  },
  {
   "issuer": "TeraWulf",
   "ticker": "WULF",
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   "size_mm": 3200,
   "issue_spread_bp": 402.6,
   "weight_pct": 11.4
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 ]
}