---
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"
generated_at: "2026-06-05T03:24:49.006844+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Applied Digital closes $16M loan for Jamestown HPC data center campus

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-24-000053
- JSON: https://secwatch.observer/filing/0001144879-24-000053.json
- Plain text: https://secwatch.observer/filing/0001144879-24-000053.txt

## Key facts
- Debt Financings
  Applied Digital Corp. incurred loan of $16,000,000 with Cornerstone Bank at 8.590% per annum maturing March 1, 2029.
  - Instrument: loan
  - Principal: $16,000,000
  - Counterparty: Cornerstone Bank
  - Rate: 8.590% per annum
  - Maturity: March 1, 2029
  - Event: incurrence
  source text: the Lender loaned the principal amount of $16,000,000 to the Borrower with a maturity date of March 1, 2029
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/0001144879-24-000053-index.htm
- Material Agreements
  Applied Digital Corp. entered into Loan Agreement with Cornerstone Bank valued at $16,000,000 (effective 2024-02-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Cornerstone Bank
  - Value: $16,000,000
  - Effective: 2024-02-28
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000053/0001144879-24-000053-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.