framework-calibration

Crusoe / Stargate Abilene: RESTRUCTURE, with the concentration risk that later materialised

The Investment Layer scorecard flagged single-tenant concentration risk on the Oracle-OpenAI structure pre-close. In March 2026 that exact risk materialised. Oracle and OpenAI dropped the expansion; Microsoft stepped in to lease the dropped capacity. RESTRUCTURE, with realized-prediction validation.

23 August 2026 · 6 min read

FRAMEWORK ·Case Studies

CoreWeave $2.6bn DDTL: the amber worked example on the uncontracted-principal veto

The wired-recourse mechanic in market-tested form. High uncontracted principal at maturity, but CoreWeave's parent guarantee absorbs at Ba2/BB+ corporate credit. AMBER on the framework's 2x2, not RED. The distinction most credit coverage misses.

23 August 2026 · 6 min read

FRAMEWORK ·Case Studies

Blackstone + CPP / AirTrunk: what UNDERWRITE looks like on the framework

Walking the September 2024 Blackstone + CPP acquisition of AirTrunk through both AI infrastructure scorecards. LOW physical + LOW thesis + GREEN veto = UNDERWRITE (Premier). The calibration anchor for what a clean deal scores on the framework.

23 August 2026 · 4 min read