Follow the promise. Find the limit.
Trace the customer payments, limited guarantees and collateral that sit between a contract and a lender.
IREN / Hut 8 · selected financing structures
SELECT A PATH TO FOLLOW THE EVIDENCE
Keep the basis in view.
IREN’s disclosure identifies Microsoft contract cash flows, asset security and limited parent guarantees. River Bend’s disclosure separates Google’s support for specified lease obligations from the noteholders’ project security.
These are selected disclosed relationships, not complete legal structures or payment waterfalls. IREN’s temporary hedge guarantees and other provisions are outside this map. River Bend’s notes are not guaranteed by the parent, tenant or lease guarantor. No recovery value or current rating is inferred.
