{
  "title": "Nebius bridge and project financing comparison",
  "reviewed": "2026-10-26",
  "scope": "Hypothetical outstanding-balance paths, not disclosed borrower cash flows",
  "clock": [
    {
      "day": 0,
      "date": "2026-10-17",
      "margin_bps": 275
    },
    {
      "day": 90,
      "date": "2027-01-15",
      "margin_bps": 300
    },
    {
      "day": 180,
      "date": "2027-04-15",
      "margin_bps": 325
    },
    {
      "day": 270,
      "date": "2027-07-14",
      "margin_bps": 350
    },
    {
      "day": 364,
      "date": "2027-10-16",
      "margin_bps": null
    }
  ],
  "cases": [
    {
      "id": "full_at_signing",
      "label": "Full draw at signing",
      "horizon_days": 364,
      "base_rate_percent": 4,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 141555555.55555668,
      "margin_interest_usd": 110736111.11111104,
      "total_interest_usd": 252291666.66666773,
      "counterfactual_flat_275bp_interest_usd": 238875000.00000057,
      "step_up_increment_usd": 13416666.666667163,
      "principal_weighted_margin_bps": 312.9120879120877,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 3500000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 24062500.000000045
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 3500000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 26250000.000000026
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 36555555.5555555,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    },
    {
      "id": "full_at_day180",
      "label": "Full draw on day 180",
      "horizon_days": 364,
      "base_rate_percent": 4,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 71555555.55555551,
      "margin_interest_usd": 60423611.11111101,
      "total_interest_usd": 131979166.66666651,
      "counterfactual_flat_275bp_interest_usd": 120750000.00000007,
      "step_up_increment_usd": 11229166.66666644,
      "principal_weighted_margin_bps": 337.7717391304342,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 0,
          "margin_bps": 275,
          "benchmark_interest_usd": 0,
          "margin_interest_usd": 0
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 0,
          "margin_bps": 300,
          "benchmark_interest_usd": 0,
          "margin_interest_usd": 0
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 36555555.5555555,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    },
    {
      "id": "half_then_half",
      "label": "Half at signing, half on day 180",
      "horizon_days": 364,
      "base_rate_percent": 4,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 106555555.55555612,
      "margin_interest_usd": 85579861.11111107,
      "total_interest_usd": 192135416.6666672,
      "counterfactual_flat_275bp_interest_usd": 179812500.0000006,
      "step_up_increment_usd": 12322916.666666582,
      "principal_weighted_margin_bps": 321.2591240875911,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 1750000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 17499999.999999974,
          "margin_interest_usd": 12031250.000000022
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 1750000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 17499999.999999974,
          "margin_interest_usd": 13125000.000000013
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 36555555.5555555,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    },
    {
      "id": "takeout_day180",
      "label": "Full draw, repay on day 180",
      "horizon_days": 364,
      "base_rate_percent": 4,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 3500000000,
      "principal_at_maturity_usd": 0,
      "benchmark_interest_usd": 69999999.99999993,
      "margin_interest_usd": 50312499.99999994,
      "total_interest_usd": 120312499.99999987,
      "counterfactual_flat_275bp_interest_usd": 118125000.00000004,
      "step_up_increment_usd": 2187499.999999821,
      "principal_weighted_margin_bps": 287.49999999999966,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 3500000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 24062500.000000045
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 3500000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 26250000.000000026
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 0,
          "margin_bps": 325,
          "benchmark_interest_usd": 0,
          "margin_interest_usd": 0
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 0,
          "margin_bps": 350,
          "benchmark_interest_usd": 0,
          "margin_interest_usd": 0
        }
      ]
    }
  ],
  "full_draw_rate_sensitivity": [
    {
      "id": "full_at_signing",
      "label": "Full draw at signing",
      "horizon_days": 364,
      "base_rate_percent": 3,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 106166666.6666671,
      "margin_interest_usd": 110736111.11111104,
      "total_interest_usd": 216902777.77777815,
      "counterfactual_flat_275bp_interest_usd": 203486111.111111,
      "step_up_increment_usd": 13416666.666667163,
      "principal_weighted_margin_bps": 312.9120879120877,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 3500000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 26250000.000000026,
          "margin_interest_usd": 24062500.000000045
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 3500000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 26250000.000000026,
          "margin_interest_usd": 26250000.000000026
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 26250000.000000026,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 27416666.666666698,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    },
    {
      "id": "full_at_signing",
      "label": "Full draw at signing",
      "horizon_days": 364,
      "base_rate_percent": 4,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 141555555.55555668,
      "margin_interest_usd": 110736111.11111104,
      "total_interest_usd": 252291666.66666773,
      "counterfactual_flat_275bp_interest_usd": 238875000.00000057,
      "step_up_increment_usd": 13416666.666667163,
      "principal_weighted_margin_bps": 312.9120879120877,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 3500000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 24062500.000000045
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 3500000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 26250000.000000026
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 34999999.99999995,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 36555555.5555555,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    },
    {
      "id": "full_at_signing",
      "label": "Full draw at signing",
      "horizon_days": 364,
      "base_rate_percent": 5,
      "assumed_day_count_basis": 360,
      "total_draws_usd": 3500000000,
      "early_principal_repayments_usd": 0,
      "principal_at_maturity_usd": 3500000000,
      "benchmark_interest_usd": 176944444.44444305,
      "margin_interest_usd": 110736111.11111104,
      "total_interest_usd": 287680555.5555541,
      "counterfactual_flat_275bp_interest_usd": 274263888.8888869,
      "step_up_increment_usd": 13416666.666667163,
      "principal_weighted_margin_bps": 312.9120879120877,
      "actual_borrower_all_in_cost": null,
      "periods": [
        {
          "start_day": 0,
          "end_day": 90,
          "start_date": "2026-10-17",
          "end_date": "2027-01-15",
          "principal_usd": 3500000000,
          "margin_bps": 275,
          "benchmark_interest_usd": 43750000.00000006,
          "margin_interest_usd": 24062500.000000045
        },
        {
          "start_day": 90,
          "end_day": 180,
          "start_date": "2027-01-15",
          "end_date": "2027-04-15",
          "principal_usd": 3500000000,
          "margin_bps": 300,
          "benchmark_interest_usd": 43750000.00000006,
          "margin_interest_usd": 26250000.000000026
        },
        {
          "start_day": 180,
          "end_day": 270,
          "start_date": "2027-04-15",
          "end_date": "2027-07-14",
          "principal_usd": 3500000000,
          "margin_bps": 325,
          "benchmark_interest_usd": 43750000.00000006,
          "margin_interest_usd": 28437500.000000052
        },
        {
          "start_day": 270,
          "end_day": 364,
          "start_date": "2027-07-14",
          "end_date": "2027-10-16",
          "principal_usd": 3500000000,
          "margin_bps": 350,
          "benchmark_interest_usd": 45694444.44444451,
          "margin_interest_usd": 31986111.111111045
        }
      ]
    }
  ],
  "actual_borrower_all_in_cost": null
}