secwatch / observer

TERAWULF INC. — fact timeline

Source-grounded facts extracted from TERAWULF INC.'s SEC 8-K filings across all families, newest first. Each cites a verbatim SEC excerpt.

WULF TERAWULF INC. JSON
Shareholder Votes

TERAWULF INC. shareholders approved Ratification of Deloitte & Touche LLP as independent registered public accounting firm for 2026 at the 2026-06-09 meeting.

“The voting results were as follows: For Against Abstain Broker Non-Votes 346,591,072 610,441 1,144,008 0”
Shareholder Votes

TERAWULF INC. shareholders approved Non-binding advisory vote on executive compensation at the 2026-06-09 meeting.

“The voting results were as follows: For Against Abstain Broker Non-Votes 179,761,319 92,319,915 1,258,505 75,005,782”
Shareholder Votes

TERAWULF INC. shareholders approved Election of nine directors at the 2026-06-09 meeting.

“The voting results for each of the nominees were as follows: For Withhold Broker Non-Votes Paul Prager 269,921,879 3,417,860 75,005,782 Nazar Khan 270,937,776 2,401,963 75,005,782 Kerri Langlais 269,529,468 3,810,271 75,005,782 Michael Bucella 264,094,637 9,245,102 75,005,782 Walter Carter 270,382,268 2,957,471 75,005,782 Amanda Fabiano 271,969,893 1,369,846 75,005,782 Catherine Motz 259,703,960 13,635,779 75,005,782 Steven Pincus 251,989,771 21,349,968 75,005,782 Lisa Prager 257,630,363 15,709,376 75,005,782”
Earnings Releases

TERAWULF INC. reported the first quarter ended March 31, 2026 results: revenue $34.0 million.

“Generated Q1 2026 revenue of $34.0 million, including $21.0 million of HPC lease revenue.”
Material Agreements

TERAWULF INC. entered into Underwriting Agreement with Morgan Stanley & Co. LLC valued at 47,400,000 shares of Common Stock at $19.00 per share; net proceeds approx. $1,004.3 million (effective 2026-04-14).

“On April 14 , 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC, as representative of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to sell 47,400,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at a public offering price of $ 19.00 per share (the “Offering”).”
Earnings Releases

TERAWULF INC. reported preliminary financial results for first quarter ended March 31, 2026.

“On April 14, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) issued a press release announcing its preliminary financial results for the first quarter ended March 31, 2026.”
Debt Financings

TERAWULF INC. incurred credit facility of $500 million with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent at Term SOFR plus 2.75% per annum maturing 364-day.

“On March 13, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) entered into that certain Delayed-Draw Bridge Credit Agreement (with any and all amendments, restatements, supplements and/or other modifications thereto, the “Bridge Credit Agreement”), by and among Raylan Finance LLC, a Delaware limited liability company and a subsidiary of TeraWulf (“Holdings”), Raylan Data LLC, a Delaware limited liability company and a direct subsidiary of Holdings (the “Borrower”), Justified DataPower LLC, a Delaware limited liability company, a subsidiary of TeraWulf and an affiliate of the Borrower (the “Real Estate Guarantor”), Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and each lender party thereto from time to time. The Bridge Credit Agreement will provide TeraWulf with financing under a 364-day $500 million delayed draw senior secured bridge facility (the “Facility”), the proceeds of which may be used to finance the construction and development of the Comp”
Material Agreements

TERAWULF INC. entered into Bridge Credit Agreement with Morgan Stanley Senior Funding, Inc. valued at $500 million (effective 2026-03-13).

“On March 13, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) entered into that certain Delayed-Draw Bridge Credit Agreement (with any and all amendments, restatements, supplements and/or other modifications thereto, the “Bridge Credit Agreement”), by and among Raylan Finance LLC, a Delaware limited liability company and a subsidiary of TeraWulf (“Holdings”), Raylan Data LLC, a Delaware limited liability company and a direct subsidiary of Holdings (the “Borrower”), Justified DataPower LLC, a Delaware limited liability company, a subsidiary of TeraWulf and an affiliate of the Borrower (the “Real Estate Guarantor”), Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and each lender party thereto from time to time.”
Material Agreements

TERAWULF INC. entered into purchase agreement with Morgan Stanley & Co. LLC valued at $1.3 billion (effective 2025-12-18).

“The notes were sold under a purchase agreement, dated as of December 18, 2025, entered into by and among Flash Compute, Abernathy Data LLC (the “Guarantor”), and Morgan Stanley & Co. LLC, as representative of the initial purchasers thereto (the “Initial Purchasers"), for resale to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act") or, outside the United States, to persons other than “U.S. persons" in compliance with Regulation S under the Securities Act.”
Material Agreements

TERAWULF INC. entered into Indenture with Wilmington Trust, National Association valued at $1.3 billion (effective 2025-12-29).

“On December 29, 2025, JV Partners Holdco, Flash Compute and the Guarantor entered into an indenture (the “Indenture”) with respect to the notes with Wilmington Trust, National Association, as trustee (the “Trustee”).”
Debt Financings

TERAWULF INC. incurred senior notes of $1.3 billion with Flash Compute LLC at 7.250% per year maturing December 31, 2030.

“nnounced the completion of the previously announced private offering by Flash Compute LLC (“Flash Compute”) of 7.250% Senior Secured Notes due 2030 (the “notes”).”
Equity Issuances

TERAWULF INC. issued convertible note to initial purchasers (Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co., as representatives) for $1.025 billion aggregate principal amount.

“institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1.025 billion, which includes $125.0 million aggregate principal amount of notes issued pursuant to an option to purchase additional notes granted to the Initial Purchasers under the purchase”
Debt Financings

TERAWULF INC. incurred convertible notes of $1.025 billion with Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co., as representatives of the several initial purchasers at 0.00% maturing May 1, 2032.

“institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1.025 billion, which includes $125.0 million aggregate principal amount of notes issued pursuant to an option to purchase additional notes granted to the Initial Purchasers under the purchase”
Debt Financings

TERAWULF INC. incurred senior notes of $3.2 billion with Morgan Stanley & Co. LLC at 7.750% per year maturing October 15, 2030.

“institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $3.2 billion. The notes were issued at a price equal to 100% of their principal amount. WULF Compute intends to use the net proceeds from the offering to finance a portion of its data center”
Debt Financings

TERAWULF INC. incurred convertible notes of $150 million aggregate principal amount with initial purchasers at 1.00% maturing 2031.

“the initial purchasers of 1.00% Convertible Senior Notes due 2031 (the “Convertible Notes”) have fully exercised their option to purchase an additional $150 million aggregate principal amount of notes. The option was exercised on August 21, 2025, and the purchase was completed on August 22, 2025.”
Debt Financings

TERAWULF INC. incurred convertible notes of $850 million with Morgan Stanley & Co. LLC at 1.00% maturing September 1, 2031.

“institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $850 million. The Company also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes were first”

William Tanimoto was appointed as Chief Accounting Officer at TERAWULF INC..

“On May 29, 2025, the Board of Directors of TeraWulf Inc. (“TeraWulf” or the “Company”) appointed William Tanimoto as Chief Accounting Officer of the Company, effective June 20, 2025.”

Kenneth Deane resigned as Chief Accounting Officer at TERAWULF INC..

“On May 23, 2025, Kenneth Deane, the Company’s Chief Accounting Officer, resigned from his role effective June 20, 2025 to focus on new professional opportunities.”

Nazar Khan resigned as Chief Operating Officer at TERAWULF INC..

“Nazar Khan, the Company’s Chief Technology Officer and Chief Operating Officer, resigned from his role as Chief Operating Officer to focus exclusively on his responsibilities as Chief Technology Officer.”

Sean Farrell was appointed as Chief Operating Officer at TERAWULF INC..

“On November 19, 2024, the Board of Directors of TeraWulf Inc. (“TeraWulf” or the “Company”) appointed Sean Farrell as Chief Operating Officer of the Company.”
Earnings Releases

TERAWULF INC. reported first quarter ended March 30, 2024 results: revenue $42.4 million.

“2024 Financial Results Self-mined 1,057 bitcoin in Q1 2024, an 8.9% increase over Q4 2023, on a total installed hashrate of 8.0 EH/s. Q1 2024 revenue grows 82.2% over Q4 2023 to $42.4 million. Q1 2024 Non-GAAP Adjusted EBITDA increases 95.4% over Q4 2023 to $32.0 million. Paid down approximately $63.6 million of debt so far in 2024, demonstrating the power of”
Shareholder Votes

TERAWULF INC. shareholders approved Approval of Amendment to the Amended and Restated Certificate of Incorporation to Increase Authorized Shares from 400,000,000 to 600,000,000 at the 2024-04-16 meeting.

“Proposal 4 - Approval of Amendment to the Amended and Restated Certificate of Incorporation of the Company to Increase the Maximum Number of Authorized Shares of Common Stock, with a par value of $0.001 per share (the “Common Stock”), from 400,000,000 to 600,000,000: Our shareholders approved the amendment to our Amended and Restated Certificate of Incorporation to increase the maximum number of authorized shares of Common Stock from 400,000,000 to 600,000,000. The voting results were as follows: For Against Abstain Broker Non-Votes 190,373,876 10,211,481 490,808 0”
Shareholder Votes

TERAWULF INC. shareholders approved Ratification of appointment of RSM US LLP as TeraWulf’s Independent Registered Public Accounting Firm for 2024 at the 2024-04-16 meeting.

“Proposal 3 - Ratification of appointment of RSM US LLP (“RSM”) as TeraWulf’s Independent Registered Public Accounting Firm for 2024: Our shareholders ratified the selection of RSM as our independent registered public accounting firm for 2024. The voting results were as follows: For Against Abstain Broker Non-Votes 199,260,156 1,037,480 778,529 0”
Shareholder Votes

TERAWULF INC. shareholders approved Non-binding, Advisory Vote on Executive Compensation at the 2024-04-16 meeting.

“Proposal 2 - Non-binding, Advisory Vote on Executive Compensation: Our shareholders approved the 2023 compensation of TeraWulf’s named executives. The voting results were as follows: For Against Abstain Broker Non-Votes 109,013,829 5,348,246 25,416,071 61,298,019”
Shareholder Votes

TERAWULF INC. shareholders approved Election of Directors at the 2024-04-16 meeting.

“Proposal 1 - Election of Directors: Our shareholders elected the following ten directors to serve until the 2025 Annual Meeting or until a successor is duly elected and qualified. The voting results for each of the nominees were as follows: For Withhold Broker Non-Votes Paul Prager 134,994,472 4,783,674 61,298,019 Nazar Khan 137,486,020 2,292,126 61,298,019 Kerri Langlais 133,227,604 6,550,542 61,298,019 Michael Bucella 139,067,465 710,681 61,298,019 Walter Carter 139,046,310 731,836 61,298,019 Amanda Fabiano 139,146,733 631,413 61,298,019 Christopher Jarvis 139,519,425 258,721 61,298,019 Catherine Motz 132,386,705 7,391,441 61,298,019 Steven Pincus 139,025,048 753,098 61,298,019 Lisa Prager 130,134,795 9,643,351 61,298,019”
Earnings Releases

TERAWULF INC. reported the year ended December 31, 2023 results: revenue $69.2 million.

“Revenue for the year ended December 31, 2023 increased 360% to $69.2 million”
Material Agreements

TERAWULF INC. terminated Supplemental Agreement with Bitmain Technologies Delaware Limited (effective 2024-01-08).

“The Supplemental Agreement II supersedes and entirely replaces the prior Supplemental Agreement between TeraWulf and Bitmain, dated as of December 26, 2023”
Material Agreements

TERAWULF INC. entered into Supplemental Agreement II with Bitmain Technologies Delaware Limited (effective 2024-01-08).

“On January 8, 2024, TeraLease LLC (“ TeraLease ”), a subsidiary of TeraWulf Inc. (“ TeraWulf ” or the “ Company ”) entered into a supplemental agreement II (the “ Supplemental Agreement II ”) with Bitmain Technologies Delaware Limited (“ Bitmain ”).”

Amanda Fabiano was appointed as Director at TERAWULF INC..

“Christopher Allen Jarvis and Amanda Fabiano were appointed to TeraWulf’s board of directors (the “ Board ”), effective immediately.”

Christopher Allen Jarvis was appointed as Director at TERAWULF INC..

“Christopher Allen Jarvis and Amanda Fabiano were appointed to TeraWulf’s board of directors (the “ Board ”), effective immediately.”
Material Agreements

TERAWULF INC. amended Supplemental Agreement with Bitmain Technologies Delaware Limited (effective 2023-12-26).

“On December 26, 2023, TeraLease LLC (“ TeraLease ”), a subsidiary of TeraWulf Inc. (“ TeraWulf ” or the “ Company ”) entered into a supplemental agreement (the “ Supplemental Agreement ”) with Bitmain Technologies Delaware Limited (“ Bitmain ”).”

Jason G. New resigned as director at TERAWULF INC..

“On December 29, 2023, Mr. Jason G. New notified TeraWulf of his resignation from his position as a member of the Company’s board of directors and all of its committees, effective December 31, 2023.”
Auditor Changes

TERAWULF INC. reported that prior financial statements should not be relied upon.

“concluded that the Company’s previously issued unaudited interim financial statements in the quarterly reports for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (the “ Relevant Periods ”) should no longer be relied upon”
Earnings Releases

TERAWULF INC. reported the fiscal quarter ended September 30, 2023 results: revenue $19.0 million.

“or otherwise subject to the liabilities of that section. --- EX-99.1 (EX-99.1) --- wulfq323earningsprfinal1 TeraWulf Reports Third Quarter 2023 Financial Results Revenue of $19.0 million in Q3 2023, an increase of 22.6% over Q2 2023, on a total installed hashrate of 5.5 EH/s. Self-mined 994 Bitcoin in Q3 2023, a 9.5% increase over Q2 2023. Non-GAAP Adjusted”
Earnings Releases

TERAWULF INC. reported second quarter of fiscal year 2023 results: revenue $15.5 million.

“results for the second quarter of fiscal year 2023 and provided an operational update. Second Quarter 2023 GAAP Operational and Financial Highlights ● Revenue increased to $15.5 million in 2Q23 compared to $11.5 million in 1Q23. ● Gross profit increased to $10.3 million in 2Q23 compared to $6.5 million in 1Q23, and gross profit margin expanded by 18% from 57% in”
Material Agreements

TERAWULF INC. entered into Future Sales and Purchase Agreement with Bitmain Technologies Delaware Limited valued at $75.4 million (effective 2023-07-14).

“On July 14, 2023, TeraLease LLC (“ TeraLease ”), a subsidiary of TeraWulf Inc. (the “ Company ”) entered into a future sales and purchase agreement (the “ Agreement ”) with Bitmain Technologies Delaware Limited (“ Bitmain ”). The Agreement provides that TeraLease will receive 15,138 S19j XP miners from Bitmain, with an option to receive an additional 3,362 miners if the Company meets its payment obligations under the Agreement, for delivery in Q4 2023 for a total purchase price of $75.4 million”
Shareholder Votes

TERAWULF INC. shareholders approved Ratification of RSM US LLP as independent registered public accounting firm for 2023 at the 2023-06-21 meeting.

“Proposal 3 - Ratification of the selection of RSM US LLP (“RSM”) as TeraWulf’s independent registered public accounting firm for 2023: Our shareholders ratified the selection of RSM as our independent registered public accounting firm for 2023. The voting results were as follows: ​ For Against Abstain Broker Non- Votes 157,290,041 ​ 283,092 ​ 237,135 ​ 0”
Shareholder Votes

TERAWULF INC. shareholders approved Non-binding advisory vote to approve executive compensation at the 2023-06-21 meeting.

“Proposal 2 - Non-binding Advisory Vote to Approve Executive Compensation: Our shareholders approved the 2022 compensation of TeraWulf’s named executives. The voting results were as follows: ​ For Against Abstain Broker Non- Votes 97,965,502 ​ 4,024,261 ​ 306,836 ​ 55,513,669”
Shareholder Votes

TERAWULF INC. shareholders approved Election of nine directors to serve until the 2024 Annual Meeting or until a successor is duly elected and qualified at the 2023-06-21 meeting.

“Proposal 1 - Election of Directors: Our shareholders elected the following nine directors to serve until the 2024 Annual Meeting or until a successor is duly elected and qualified. The voting results for each of the nominees were as follows: ​ ​ ​ For Withhold Broker Non- Votes Paul B. Prager ​ 98,844,192 ​ 3,452,407 ​ 55,513,669 Nazar M. Khan ​ 98,657,231 ​ 3,639,368 ​ 55,513,669 Kerri M. Langlais ​ 98,098,626 ​ 4,197,973 ​ 55,513,669 Michael C. Bucella ​ 102,034,527 ​ 262,072 ​ 55,513,669 Walter E. Carter ​ 99,083,560 ​ 3,213,039 ​ 55,513,669 Catherine J. Motz ​ 102,012,307 ​ 284,292 ​ 55,513,669 Jason G. New ​ 101,996,301 ​ 300,298 ​ 55,513,669 Steven T. Pincus ​ 97,187,890 ​ 5,108,709 ​ 55,513,669 Lisa A. Prager ​ 97,559,830 ​ 4,736,769 ​ 55,513,669”
Earnings Releases

TERAWULF INC. reported the fiscal quarter ended March 31, 2023 results: revenue $11.5 million.

“Revenue in the first quarter of 2023 increased 20% to $11.5 million compared to $9.6 million in the fourth quarter of 2022.”
Earnings Releases

TERAWULF INC. reported the full year 2022 results: revenue $15.0 million.

“Generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022”
Earnings Releases

TERAWULF INC. reported the fourth quarter of 2022 results: revenue $9.6 million.

“Revenue in the fourth quarter of 2022 increased 146% to $9.6 million compared to $3.9 million in the third quarter of 2022”
Earnings Releases

TERAWULF INC. reported the fourth quarter and year ended December 31, 2022 results: revenue $15.0 million.

“for the fourth quarter and year ended December 31, 2022 and provided an operational update. Full Year 2022 and Recent Operational and Financial Highlights Generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022. Commenced mining at the Company’s wholly owned Lake Mariner facility in March 2022, with operational capacity of 60 MW and a fleet of 18,000”
Material Agreements

TERAWULF INC. amended Second A&R Talen Joint Venture Agreement with Cumulus Coin LLC (effective 2023-02-01).

“On March 23, 2023, TeraWulf (Thales) LLC (“ TeraWulf Member ”) entered into a second amended and restated limited liability company agreement (the “ Second A&R Talen Joint Venture Agreement ”) with Cumulus Coin LLC (“ Cumulus Member ” and, together with TeraWulf Member, each a “ Member ” and collectively the “ Members ”), an affiliate of Talen Energy Corporation, pursuant to which the parties agreed to modify their existing arrangement regarding the operation of Nautilus Cryptomine LLC (“ Nautilus ”) and the Nautilus Cryptomine facility effective February 1, 2023.”
Listing & Compliance Notices

TERAWULF INC. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

“March 17, 2023, TeraWulf Inc. (the “Company”) received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the closing bid price of the Company’s common stock, par value $0.001 per share, (the “Common Stock”) for the last 30 consecutive business days, the Common Stock did not meet the minimum bid price of $1.00 per share required by Nasdaq Listing Rule 5550(a)(2), initiating an automatic 180 calendar-day grace period for the Company to regain compliance. ​ The notice has no immediate effect on the li”
Material Agreements

TERAWULF INC. entered into Registration Rights Agreement with the Company and the Lenders (effective 2023-03-01).

“In connection with the issuance of the warrants pursuant to the Warrant Agreement, the Company and the Lenders entered into a Registration Rights Agreement, dated as of March 1, 2023, pursuant to which the Company has agreed to provide customary shelf and piggyback registration rights to the Lenders with respect to the common stock issuable upon exercise of the warrants described above.”
Material Agreements

TERAWULF INC. entered into Warrant Agreement with the lenders (effective 2023-03-01).

“On March 1, 2023, in connection with the execution of the Fifth Amendment, the Company entered into a Warrant Agreement (the “Warrant Agreement”) to issue the following warrants to the lenders: (i) 26,666,669 warrants to purchase an aggregate number of shares of the Company’s common stock equal to 10.0% of the fully diluted equity of the Company as of the Fifth Amendment Effective Date with an exercise price of $0.01 per share of the Company’s common stock (the “Penny Warrants”) and (ii) 13,333,333 warrants to purchase an aggregate number of shares of the Company’s common stock equal to 5.0% of the fully diluted equity of the Company as of the Fifth Amendment Effective Date with an exercise price of $1.00 per share of the Company’s common stock (the “Dollar Warrants”).”
Material Agreements

TERAWULF INC. amended Fifth Amendment with certain subsidiaries of the Company party thereto, the lenders party thereto and Wilmington Trust, National Association (effective 2023-03-01).

“On March 1, 2023 (the “Fifth Amendment Effective Date”), TeraWulf Inc. (the “Company”) entered into an amendment (the “Fifth Amendment”) to its Loan, Guaranty and Security Agreement, dated as of December 1, 2021 (as amended, modified or supplemented from time to time, the “Loan Agreement”), by and among the Company, certain subsidiaries of the Company party thereto, the lenders party thereto (the “Lenders”) and Wilmington Trust, National Association, as administrative agent and collateral agent.”
Shareholder Votes

TERAWULF INC. shareholders approved Written Consent Amendment to remove restriction on stockholder action by written consent at the 2023-02-23 meeting.

“Proposal 2 – Written Consent Amendment to the Amended and Restated Certificate of Incorporation of the Company: TeraWulf’s shareholders adopted a charter amendment (the “Written Consent Amendment”) to remove the restriction on stockholder action by written consent. The voting results for the Written Consent Amendment were as follows: ​ ​ ​ ​ ​ ​ For ​ Against ​ Abstain ​ Broker Non-Vote 90,492,449 ​ 4,940,567 ​ 26,024 ​ 0”
Shareholder Votes

TERAWULF INC. shareholders approved Share Increase Amendment to increase authorized shares of common stock from 200,000,000 to 400,000,000 and preferred stock from 25,000,000 to 100,000,000 at the 2023-02-23 meeting.

“The results of the matters submitted to a stockholder vote at the Special Meeting were as follows: ​ Proposal 1 – Share Increase Amendment to the Amended and Restated Certificate of Incorporation of the Company: TeraWulf’s shareholders adopted a charter amendment (the “Share Increase Amendment”) to increase the number of authorized shares of the Company’s common stock, par value $0.001 per share, from 200,000,000 to 400,000,000 and increase the number of the Company’s preferred stock, par value $0.001 per share, from 25,000,000 to 100,000,000. The voting results for the Share Increase Amendment were as follows: ​ ​ ​ ​ ​ For ​ Against ​ Abstain ​ Broker Non-Vote 89,477,898 ​ 5,966,386 ​ 14,756 ​ 0”

Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.