Indeed, a comment above linked to Matt Levine's newsletter on the off-books debt that is showing up instead as things like JVs, and here's another Bloomberg Rep

Indeed, a comment above linked to Matt Levine's newsletter on the off-books debt that is showing up instead as things like JVs, and here's another Bloomberg Reporter, Carmen Arroyo, covering it from a more journalistic angle: https://www.bloomberg.com/news/articles/2025-10-31/meta-xai-starting-trend-for-billions-in-off-balance-sheet-debt https://www.bloomberg.com/news/articles/2025-10-31/meta-xai-...