Jane Street's Lease Guaranty Adds $289m a Year. Moody's 30% Trigger Never Names It.

A fifteen-year absolute triple net lease behind $2.25bn of Zenith Arc notes, guaranteed by the parent, sitting outside the one ratio Moody's says would downgrade it.

The $14.6bn refinancing everyone priced in August was not Jane Street’s largest new fixed charge of 2026. A fifteen year absolute triple net lease on an Oklahoma data centre, signed the next day and parent-guaranteed, commits it to $289m to $311m a year against roughly $175m of incremental interest on the notes. The notes are counted, rated and public. The lease is none of those.

Below the paid line: the committed charge arithmetic, 149MW at the EIA’s June 2026 Oklahoma tariff of 7.37c/kWh, to a fifteen year undiscounted $4.34bn to $4.66bn. Moody’s 30% trigger worked line by line at 26.5% and 30.6%, and the 8x-rent method that lands it at 29.5% instead. Then the full 2026 obligation stack, the capacity table, the ICE BofA control, and five confounds I cannot rule out.