LTV, LTC & reserves
Compare selected descriptions without treating a cost cap, value test and cash reserve as one ratio.
3 of 5 selected cases report a leverage level. Each measures debt against a different base, so they are not one ratio.
5 library-reported cases · denominators differ
Selected library-reported descriptions. Bars use each case’s own stated base; they are not one comparable ratio.
3 of 5 selected cases report a leverage level; the other 2 report none in the comparison sheet. Each bar shows debt as a share of its own base.
The base matters. Against cost (LTC): IREN 65%. Against value (LTV): CyrusOne ABS 70%. A cost cap is fixed when assets are bought; a value test moves as appraised value changes, so the two are not one ratio.
The hatched part is the cushion: how far the measured base sits above the debt at the stated level. IREN 35%, CyrusOne ABS 30%, Aligned ABS 30%.
Reserves add a cash buffer on top: IREN: DSRA, operating-expense and cash-trap reserves; CoreWeave 5.0: Liquidity account; Aligned ABS: US$36.9m liquidity reserve. Most sizes are not disclosed.
Aligned’s 70% is a Class A maximum whose base needs source review. These are library-reported descriptions; they have not been normalised or independently rechecked.
Different buffers. Different denominators.
LTV compares debt with value. LTC compares debt with cost. A reserve may be sized in cash, months of service or another formula. These descriptions have not been normalised.
Selected excerpts from the supplied financing document library’s Deal Comparison sheet. Linked sources are discovery references; their presence does not verify the reported covenant. Amounts, definitions, test dates, permitted adjustments and cure rights require document review. An unreported term is unknown.
| Selected case | Reported LTV / LTC description | Reported reserves | Basis | Indexed source |
|---|---|---|---|---|
| IREN / Microsoft package | 65% LTC prepayment trigger | DSRA, operating-expense and cash-trap reserves | Supplied library · Deal Comparison, row 9 | IREN Microsoft GPU financing Form 8-K ↗ |
| CoreWeave DDTL 5.0 | Not reported in the comparison sheet | Liquidity account | Supplied library · Deal Comparison, row 7 | CoreWeave DDTL5 Form 8-K ↗ |
| Nscale Europe GPU DDTL | Not reported in the comparison sheet | Not reported in the comparison sheet | Supplied library · Deal Comparison, row 23 | Nscale GPU credit agreement — initial commitment and margin ↗ |
| CyrusOne ABS 2025-1 | 70% LTV | Not reported in the comparison sheet | Supplied library · Deal Comparison, row 28 | CyrusOne Data Centers Issuer I 2025-1 ↗ |
| Aligned ABS 2026-1 | Class A maximum 70%; denominator needs source review | US$36.9m liquidity reserve | Supplied library · Deal Comparison, row 33 | Aligned Data Centers Completes $1.18 Billion Securitisation Financing ↗ |
Use this to ask better questions.
Identify the valuation date and eligible assets; determine whether a cap applies to initial debt, additional debt or a sweep. For reserves, establish required funding, permitted investments, release conditions and whether cash can actually service this loan.
Open selected deal comparison →