Self-initiated design study · 2026
Designed and built a valuation workstation for loans backed by GPUs. The evidence base for a public comment to the CFTC.
Responding · stress test
get_deal(0412)run_stress(0412, rents −40%, next-gen −3m)It breaches. Collateral falls from $21.72m to $17.79m, so loan-to-value rises from 67.8% to 82.7%, past the 75% covenant.
Debt service cover holds at 2.58× against a 1.15× floor. This is a collateral problem, not a cash-flow one.
Check next: the residual value method, 53% of the range and unchecked.
Showing data · which method to trust
get_deal(0412)get_track_record()At maturity they are 17 points apart. Against resale sales, only one has held up:
Halo weights them 60 / 28 / 12 by that record, not by habit.
Check next: why accounting still carries 12% weight.
Reading the news · counterparty risk
get_counterparty_events(0412)CoreWeave · 14 Oct 2026
Unsecured notes traded near 14.8–14.9% yields, shares fell 16%, S&P rating B+.
Source: investingLive; CoreWeave Q2 results
If 0412’s tenant were CoreWeave, value falls $1.66m and debt cover slips from 2.58× to 2.53×.
That is tenant credit, not rent. A rent futures hedge would not cover it.
Check next: tenant concentration across the book before the Q3 marks.
Ask Halo, replayed: every figure is read from Halo’s engine through its tools. Deal data is synthetic; the news event is real and cited.
GPUs now back billions of dollars of loans, and compute has rental indices and futures. But no one agrees what the chips are worth when a loan ends: straight-line accounting, a list-price haircut and resale pricing can value the same H100s at 40%, 35% and 23% of cost, and the covenant moves with whichever one is booked. Halo is a working valuation and risk workstation that shows the range, the reasons and each method’s track record instead of one number, for six roles on one engine.
Designed and built it end to end: one valuation engine behind every screen, each view led by its answer, and conventions that make hidden judgements visible. Disagreement shown, not averaged; a track record for every method; the debt a covenant can’t see.
Anchored it in cited public data, from GPU rental indices to company filings, and made it the evidence base for a public comment to the CFTC on compute derivatives, October 2026.
of a GPU lender’s value range a perfect rent hedge removes, the finding behind the CFTC comment
roles served by one engine, every figure traceable to its source
Next
Lloyds Banking Group × Spaces →Answers come from Ola’s site and CV. It can be wrong; Ola confirms anything that matters.