CONVERTIBLE AND OTHER NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2024

Notes payable as of September 30, 2024 and December 31, 2023, consist of the following (in thousands):


	Stated Interest Rate	Effective Interest Rates	Maturities	September 30, 2024		December 31, 2023
Replacement DIP Credit Agreement1	10.0%	10.0%	2024	$	—	$	4,273
Exit Credit Agreement	9.0%	9.0%	2027	—		—
Other Convertible Notes2	10.0%	10.0%	2025	—		322,396
Secured Convertible Notes2	10.0%	10.0%	2025	—		237,584
Secured Notes	12.5%	12.6%	2028	—		—
New Secured Convertible Notes	6.0% - 10.0%	10.0%	2029	—		—
2029 Convertible Notes	3.0%	3.7%	2029	460,000		—
Miner Financing:
Blockfi loan	9.7% - 13.1%	10.1% - 13.1%	2023	—		53,913
Blockfi takeback loan	3.0% - 8.0%	11.9%	2029	—		—
Liberty/Stonebriar loan	10.6%	10.6%	2024	—		6,968
Liberty/Stonebriar takeback loan	3.0% - 8.0%	11.9%	2029	6,366		—
ACM note	—%	15.0%	2025	4,137		6,519
Mass Mutual Barings loans	9.8% - 13.0%	9.8% - 13.0%	2025	—		63,844
Anchor Labs loan	12.5%	12.5%	2024	—		25,159
Trinity loan	11.0%	11.0%	2024	—		23,356
Equipment and Settlement:
Bremer loan	5.5%	5.5%	2027	11,674		18,331
HMC note	5.0%	15.0%	2026	10,764		14,208
Didado note	5.0%	15.0%	2027	10,315		13,000

Harper note	5.0%	15.0%	2026	3,587		4,678
Trilogy note	5.0%	15.0%	2026	2,379		2,927
Unsecured:
B. Riley Bridge Notes	7.0%	7.0%	2023	—		41,777
Other:
First Insurance note	7.6%	7.6%	2024	—		2,538
Stockholder loan	10.0%	20.0%	2023	—		10,000
Kentucky Note	5.0%	5.0%	2023	—		529
Other	5.0% - 7.7%	7.1% - 15.0%	2024 - 2025	326		2,453
Notes payable, prior to reclassification to Liabilities subject to compromise				509,548		854,453
Less: Notes payable in Liabilities subject to compromise3				—		41,777
Less: Unamortized discounts - post-petition				17,011		4,236
Total notes payable, net				492,537		808,440
Less: current maturities				17,941		124,358
Convertible and other notes payable, net of current portion				$	474,596	$	684,082

1 Replacement DIP Credit Agreement, see Note 3 — Chapter 11 Filing and Emergence from Bankruptcy for further information.

2 Other Convertible Notes and Secured Convertible Notes included principal balances at issuance and PIK interest.

3 In connection with the Company's Chapter 11 Cases, $41.8 million of outstanding notes payable were reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheets as of December 31, 2023, at their expected allowed amount. Up to the Petition Date, the Company continued to accrue interest expense in relation to these reclassified debt instruments. As of December 31, 2023, $0.6 million of accrued interest was classified as Liabilities subject to compromise.

On the Effective Date, pursuant to the Plan of Reorganization, the Company issued the following debt instruments, which are defined and described in further detail below (in thousands):


	Principal Balance on the Effective Date
Exit Credit Agreement	$	61,200
Secured Notes Indenture	$	150,000
New Secured Convertible Notes Indenture	$	260,000
Miner Equipment Lender Agreements	$	52,947