A data center ABS one-pager is not a mortgage note, here's what it actually is

You're a bondholder, not a lender to anybody you can call. The trust owns or has a claim on the facilities, tenants pay rent into it, the rent pays your coupon, and if it stops paying an indenture trustee acts for all the holders. Nobody hands you a 32MW building.

The part I'd chase on that sheet is the lease term against your 5 year paper. If the average remaining lease is 8 years and your bond matures in 5, you're not getting paid out of rent, you're getting paid out of somebody's willingness to refinance the trust in year 5. That's a different risk than "investment grade tenant."

Also check the minimum. Most of what I've seen priced this way trades in 100k blocks or larger, so it may not be a thing you can buy in retail size at all.

One correction on the distinction, because it trips up a lot of people. An ABS like this is a claim on a ring fenced pool of specific facilities and their leases. A corporate bond from a data center REIT is a claim on the whole company. People say secured by leases about both and they are not the same thing at all, and the ABS is usually the one where the actual asset list can be seen. Which is why the asset list is worth reading before the coupon. What matters facility by facility is whether the power is energized and contracted or still sitting in an interconnection queue, because the whole sector's bottleneck right now is power delivery timelines, not tenant demand. A stabilized leased box with power in the ground is a genuinely scarce thing. A powered shell waiting on a substation is a hope. Rating agency presale reports usually spell that out asset by asset, and they are free to read. Worth doing before deciding whether mid 5s is generous or thin.