{"schema_version":"secwatch.filing_event.v1","accession":"0001144879-24-000053","form_type":"8-K","ticker":"APLD","cik":"0001144879","company_name":"Applied Digital Corp.","filed_at":"2024-03-05T23:59:59+00:00","discovered_at":"2026-05-14T18:03:23.514588+00:00","generated_at":"2026-06-05T03:24:49.006844+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Applied Digital closes $16M loan for Jamestown HPC data center campus","bullets":["$16M loan from Cornerstone Bank and Bank of North Dakota; 5-year term to March 1, 2029.","Interest rate 8.590% per annum; secured by personal property and GPU contracts.","Loan guaranteed by Applied Digital and subsidiaries SAI Computing and APLD Hosting.","Proceeds to finance improvements to 10MW Jamestown HPC data center for GPU/AI workloads.","Starion Bank subordinated its mortgage on the Jamestown Facility to Cornerstone Bank."],"urls":{"canonical":"https://secwatch.observer/filing/0001144879-24-000053","json":"https://secwatch.observer/filing/0001144879-24-000053.json","markdown":"https://secwatch.observer/filing/0001144879-24-000053.md","text":"https://secwatch.observer/filing/0001144879-24-000053.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/0001144879-24-000053-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/apld-20240228.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T03:24:49.006844+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"c941e2fda5a859f8a1a9a8bdf8ff16f06708e450","claim":"Applied Digital Corp. incurred loan of $16,000,000 with Cornerstone Bank at 8.590% per annum maturing March 1, 2029.","evidence_excerpt":"the Lender loaned the principal amount of $16,000,000 to the Borrower with a maturity date of March 1, 2029","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/0001144879-24-000053-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$16,000,000"},{"label":"Counterparty","value":"Cornerstone Bank"},{"label":"Rate","value":"8.590% per annum"},{"label":"Maturity","value":"March 1, 2029"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"e7ecf67bc8567d253650f8f806679587b56b9552","claim":"Applied Digital Corp. entered into Loan Agreement with Cornerstone Bank valued at $16,000,000 (effective 2024-02-28).","evidence_excerpt":"On February 28, 2024, APLD GPU-01, LLC (the “Borrower”), a wholly-owned subsidiary of Applied Digital Corporation (the “Company”), entered into a Loan Agreement with Cornerstone Bank, a North Dakota state chartered bank (the “Lender”) (the “Loan Agreement”) pursuant to which the Lender loaned the principal amount of $16,000,000 to the Borrower with a maturity date of March 1, 2029 (the “Loan”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/0001144879-24-000053-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Cornerstone Bank"},{"label":"Value","value":"$16,000,000"},{"label":"Effective","value":"2024-02-28"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}