CONVERTIBLE AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2024

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


	Stated Interest Rate	Effective Interest Rates	Maturities	December 31, 2024		December 31, 2023
Replacement DIP Credit Agreement1	10.0%	10.0%	2024	$	—	$	4,273

Other Convertible Notes2	10.0%	10.0%	2025	—		322,396
Secured Convertible Notes2	10.0%	10.0%	2025	—		237,584


2029 Convertible Notes	3.0%	3.7%	2029	460,000		—
2031 Convertible Notes	—%	0.4%	2031	625,000		—
Miner Financing:
Blockfi loan	9.7% - 13.1%	10.1% - 13.1%	2023	—		53,913

Liberty/Stonebriar loan	10.6%	10.6%	2024	—		6,968

ACM note	—%	15.0%	2025	3,023		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	10,669		18,331
HMC note	5.0%	15.0%	2026	9,042		14,208
Didado note	5.0%	15.0%	2027	8,964		13,000

Harper note	5.0%	15.0%	2026	3,119		4,678
Trilogy note	5.0%	15.0%	2026	2,107		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	129		2,453
Notes payable, prior to reclassification to Liabilities subject to compromise				1,122,053		854,453
Less: Notes payable in Liabilities subject to compromise3				—		41,777
Less: Unamortized discounts - post-petition				31,773		4,236
Total notes payable, net				1,090,280		808,440
Less: current maturities				16,290		124,358
Convertible and other notes payable, net of current portion				$	1,073,990	$	684,082

1 Replacement DIP Credit Agreement, see Note 4 — 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

Schedule of Maturities of Long-Term Debt

Maturities on convertible and other notes payable, gross of unamortized discounts, are as follows (in thousands):


	Convertible Notes		Other Notes Payable
2025	$	—	$	17,708
2026	—		13,047
2027	—		6,297
2028	—		—
2029	460,000		—
Thereafter	625,000		—
Total	$	1,085,000	$	37,052

Schedule of Convertible Debt

The following summarizes the fair value adjustments and debt issuance costs recognized on the Convertible Notes for the year ended December 31, 2022 (in thousands):


		Year Ended December 31,
	Financial statement line item	2022
Cash interest payments	Interest expense, net	$	21,581
Payment-in-kind (PIK) interest	Interest expense, net	31,550
Instrument-specific credit risk	Other comprehensive income, net of income taxes	(83,579)
Other fair value adjustments	Fair value adjustment on convertible notes	(103,274)
Reclass to Reorganization items, net	Reorganization items, net	202,900
Total fair value adjustments		$	69,178
Debt issuance costs	Reorganization items, net	$	2,788