Applied Digital Corp. bonds APLD
Who owns Applied Digital Corp.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. APLD stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 038169AB4 convertible | 2.75% fixed | 2030-06-01 | USD | 298.82 | — | — | 8 | $33.3M | Jul 2026 |
| 00202DAA5 | 9.25% fixed | 2030-12-15 | USD | 106.29 | 7.53% | 322 bp | 91 | $330.7M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $47K | 105.48 | 7.72% | 338 bp | 1 |
| Jul 2026 | 2 | $363.9M | 202.56 | 7.53% | 322 bp | 91 |
| Jun 2026 | 2 | $397.1M | 253.56 | 7.15% | 295 bp | 154 |
| May 2026 | 2 | $232.9M | 107.96 | 7.16% | 304 bp | 61 |
| Apr 2026 | 2 | $331.9M | 237.66 | 7.31% | 339 bp | 88 |
| Mar 2026 | 2 | $338.1M | 184.17 | 8.44% | 461 bp | 123 |
| Feb 2026 | 2 | $163.5M | 201.79 | 7.98% | 431 bp | 50 |
| Jan 2026 | 2 | $273.0M | 235.56 | 8.25% | 449 bp | 72 |
| Dec 2025 | 2 | $288.2M | 183.61 | 9.74% | 604 bp | 130 |
| Nov 2025 | 2 | $123.4M | 194.65 | 10.15% | 648 bp | 45 |
| Oct 2025 | 1 | $20.5M | 366.07 | — | — | 5 |
| Sep 2025 | 1 | $23.9M | 251.06 | — | — | 8 |
| Aug 2025 | 1 | $9.8M | 182.38 | — | — | 5 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 99 added, 68 cut, 62 new holders and 13 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $50.4M | $53.6M | $6.0M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $32.1M | $34.7M | -$220K |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $29.8M | $31.7M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $26.5M | $28.6M | new |
| Aristotle Strategic Income Fund Aristotle Fund Series Trust | 2026-06-30 | $26.5M | $28.6M | $0 |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $9.5M | $28.3M | $1.7M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $6.7M | $26.8M | $1.2M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $24.0M | $25.5M | $4.9M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $21.9M | $23.7M | $0 |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $19.8M | $21.1M | -$1.0M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $19.6M | $20.9M | -$950K |
| Franklin High Income Fund Franklin High Income Trust | 2026-06-30 | $19.1M | $20.6M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $18.3M | $19.7M | $1.3M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $17.1M | $18.4M | $2.1M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $15.2M | $16.4M | $0 |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $3.0M | $14.8M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $13.4M | $14.4M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $13.2M | $14.2M | -$714K |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $13.1M | $13.9M | $5.1M |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $12.0M | $13.0M | -$617K |
| Fidelity High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $12.1M | $12.9M | -$1.1M |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $11.6M | $12.5M | new |
| Fidelity SAI High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $11.7M | $12.4M | $185K |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $10.1M | $10.7M | $5.2M |
| Franklin High Yield Corporate ETF Franklin Templeton ETF Trust | 2026-06-30 | $9.1M | $9.8M | $3.4M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Janus Henderson Multi-Sector Income Fund ($16.2M), Fidelity Advisor Multi-Asset Income Fund ($4.9M), Janus Henderson High-Yield Fund ($3.2M), SIMT Multi-Asset Income Fund ($860K), AllianceBernstein Global High Income Fund Inc ($524K), High-Yield Fund ($431K), Fidelity Sustainable High Yield ETF ($400K), Guardian Multi-Sector Bond VIP Fund ($393K), Janus Henderson Income ETF ($364K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($314K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $50.4M | $53.6M | 0.19% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 1 | $32.1M | $34.7M | 0.22% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $9.5M | $28.3M | 0.39% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $6.7M | $26.8M | 0.43% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $19.6M | $20.9M | 0.27% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $18.3M | $19.7M | 0.27% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $17.1M | $18.4M | 0.16% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $13.2M | $14.2M | 0.29% |
| FLHY Franklin High Yield Corporate ETF | 2026-06-30 | 1 | $9.1M | $9.8M | 0.83% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $7.7M | $8.3M | 0.25% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $5.6M | $6.0M | 0.02% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $4.5M | $4.8M | 0.20% |
| GTO Invesco Total Return Bond ETF | 2026-07-31 | 1 | $3.6M | $3.9M | 0.16% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $3.5M | $3.7M | 0.15% |
| SCEC STERLING CAPITAL ENHANCED CORE BOND ETF | 2026-06-30 | 1 | $2.7M | $3.0M | 0.51% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 1.18: safer than 8% of companies (8th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-08-31.
| Equity value | $5.84B |
| Debt barrier (short-term + ½ long-term debt) | $3.24B |
| Equity volatility (1 year) | 100.8% |
| Asset value / asset volatility (solved) | $8.85B / 68.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 322 bp spread prices in about 5.4% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 1.26 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in APLD's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 59 | $33.7M | 2 | $366K | 2 | $563K | 1 |
| 2026-06-30 | 560 | $7.79B | 31 | $722.3M | 41 | $2.04B | 28 |
| 2026-03-31 | 441 | $4.22B | 28 | $424.0M | 32 | $1.17B | 24 |
| 2025-12-31 | 429 | $4.25B | 34 | $540.9M | 33 | $1.32B | 23 |
| 2025-09-30 | 361 | $3.91B | 34 | $517.3M | 31 | $827.2M | 1 |
| 2025-06-30 | 273 | $1.41B | 24 | $175.2M | 26 | $257.3M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.