Core Scientific Inctx
For the period ended Mar 31, 2025. Filed May 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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5 — Convertible and Other Notes Payable
- CONVERTIBLE AND OTHER NOTES PAYABLE
Notes payable as of March 31, 2025 and December 31, 2024, consists of the following (in thousands):
| Stated Interest Rate · Effective Interest Rates · Maturities · March 31, 2025 · December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Convertible Notes: | |||||||
| 2031 Convertible Notes | —% | 0.4% | 2031 | 625,000 | 625,000 | ||
| 2029 Convertible Notes | 3.0% | 3.7% | 2029 | 460,000 | 460,000 | ||
| Equipment and Settlement: | |||||||
| Bremer loan | 5.5% | 5.5% | 2027 | 9,647 | 10,669 | ||
| Didado note | 5.0% | 15.0% | 2027 | 8,281 | 8,964 | ||
| HMC note | 5.0% | 15.0% | 2026 | 8,181 | 9,042 | ||
| Harper note | 5.0% | 15.0% | 2026 | 2,651 | 3,119 | ||
| Trilogy note | 5.0% | 15.0% | 2026 | 1,831 | 2,107 | ||
| Other: | |||||||
| ACM note | —% | 15.0% | 2025 | 2,443 | 3,023 | ||
| Other | 7.1% - 7.7% | 7.1% - 7.7% | 2025 | 64 | 129 | ||
| Notes payable | 1,118,098 | 1,122,053 | |||||
| Less: Unamortized discounts | 30,041 | 31,773 | |||||
| Total notes payable, net | 1,088,057 | 1,090,280 | |||||
| Less: current portion | 16,214 | 16,290 | |||||
| Convertible and other notes payable, net of current portion | $1,071,843 | $1,073,990 | |||||
Interest expense on the 2029 Convertible Notes and 2031 Convertible Notes (together “Convertible Notes”) was as follows (in thousands):
| Three Months Ended March 31, 2025 | |
|---|---|
| Coupon interest | $3,450 |
| Amortization of debt discount and issuance costs | 1,297 |
| Total | $4,747 |
Maturities on convertible and other notes payable, gross of unamortized discounts, are as follows (in thousands):
| Convertible Notes · Other Notes Payable | ||
|---|---|---|
| Remaining 2025 | $— | $13,754 |
| 2026 | — | 13,047 |
| 2027 | — | 6,297 |
| 2028 | — | — |
| 2029 | 460,000 | — |
| Thereafter | 625,000 | — |
| Total | $1,085,000 | $33,098 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.