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Bondholders and Macquarie eat first at Applied Digital's $36.2 billion table
A filings-based analysis published this week maps where Applied Digital's rent goes: $6.09 billion of campus notes and Macquarie's 12.75% preferred units rank ahead of a $5.5 billion equity holding about $41 million of reachable cash. The intended tenant of its newest site is again a company it controls.
· 3 min read





