Core Scientific, Inc./tx
For the period ended Sep 30, 2025. Filed Oct 24, 2025.
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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.
Sep 30, 2025 · Filed Oct 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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6 — Convertible and Other Notes Payable
- CONVERTIBLE AND OTHER NOTES PAYABLE
Notes payable as of September 30, 2025 and December 31, 2024, consists of the following (in thousands):
| Stated Interest Rate · Effective Interest Rates · Maturities · September 30, 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 | — | 10,669 | ||
| Didado note | 5.0% | 15.0% | 2027 | — | 8,964 | ||
| HMC note | 5.0% | 15.0% | 2026 | — | 9,042 | ||
| Harper note | 5.0% | 15.0% | 2026 | — | 3,119 | ||
| Trilogy note | 5.0% | 15.0% | 2026 | — | 2,107 | ||
| Other: | |||||||
| ACM note | —% | 15.0% | 2025 | 621 | 3,023 | ||
| Other | 7.1% - 7.7% | 7.1% - 7.7% | 2025 | — | 129 | ||
| Notes payable | 1,085,621 | 1,122,053 | |||||
| Less: Unamortized discounts | 25,993 | 31,773 | |||||
| Total notes payable, net | 1,059,628 | 1,090,280 | |||||
| Less: current portion1 | 621 | 16,290 | |||||
| Convertible and other notes payable, net of current portion | $1,059,007 | $1,073,990 | |||||
1 The current portion is included in Customer funding receivable and other current assets on the consolidated balance sheet.
During the nine months ended September 30, 2025, the Company fully repaid five higher-interest debt facilities, including the Bremer loan, Didado note, HMC note, Harper note, and Trilogy note, totaling approximately $26.6 million in principal. The repayment resulted in an aggregate of $1.4 million loss on debt extinguishment.
Interest expense on the 2029 Convertible Notes and 2031 Convertible Notes (together “Convertible Notes”) was as follows (in thousands):
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |
|---|---|---|
| Coupon interest | $3,450 | $10,350 |
| Amortization of debt discount and issuance costs | 1,311 | 3,912 |
| Total | $4,761 | $14,262 |
Maturities on convertible and other notes payable, gross of unamortized discounts, are as follows (in thousands):
| Convertible Notes · Other Notes Payable | ||
|---|---|---|
| Remaining 2025 | $— | $621 |
| 2026 | — | — |
| 2027 | — | — |
| 2028 | — | — |
| 2029 | 460,000 | — |
| Thereafter | 625,000 | — |
| Total | $1,085,000 | $621 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.