Advance rates in equipment-backed compute facilities: a survey of nine 2024–25 vintages

We collected terms on nine equipment-backed facilities originated between early 2024 and mid 2025 and rebuilt each one's residual assumption from secondary marks. Advance rates cluster tightly; the collateral behind them does not. The note sets out the dispersion, names where the attachment points are thinnest, and gives the marks each conclusion rests on.

Research for institutional subscribers. Not investment advice, not an offer or solicitation. We do not trade the securities we cover.