v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt [Abstract]  
Debt 10.DEBT

The principal balances, fair values, and carrying values of debt consist of the following:

As of

As of

March 31, 2026

December 31, 2025

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

(in thousands)

Revolving Credit Facility

Jan. 25, 2029

$

1,285,000 

$

1,285,000 

$

1,285,000 

$

475,000 

$

475,000 

$

475,000 

2024 Term Loan

Jan. 25, 2031

2,254,000 

2,259,635 

2,235,443 

2,259,750 

2,271,049 

2,240,373 

2020-1C Tower Securities (1)(2)

Jan. 9, 2026

—

—

—

750,000 

722,460 

749,945 

2020-2C Tower Securities (1)

Jan. 11, 2028

600,000 

579,240 

598,371 

600,000 

513,798 

598,149 

2021-1C Tower Securities (1)

Nov. 9, 2026

1,165,000 

1,004,929 

1,163,470 

1,165,000 

1,003,356 

1,162,858 

2021-2C Tower Securities (1)

Apr. 9, 2027

895,000 

871,999 

893,127 

895,000 

852,022 

892,677 

2021-3C Tower Securities (1)

Oct. 9, 2031

895,000 

676,889 

889,412 

895,000 

675,797 

889,178 

2022-1C Tower Securities (1)

Jan. 11, 2028

850,000 

868,445 

845,908 

850,000 

867,034 

845,373 

2024-1C Tower Securities (1)

Oct. 9, 2029

1,450,000 

1,448,260 

1,440,558 

1,450,000 

1,446,129 

1,440,007 

2024-2C Tower Securities (1)

Oct. 8, 2027

620,000 

621,922 

617,069 

620,000 

625,425 

616,636 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,486,890 

1,497,061 

1,500,000 

1,488,615 

1,496,240 

2021 Senior Notes

Feb. 1, 2029

1,500,000 

1,425,000 

1,494,312 

1,500,000 

1,434,375 

1,493,832 

Total debt

$

13,014,000 

$

12,528,209 

$

12,959,731 

$

12,959,750 

$

12,375,060 

$

12,900,268 

Less: current maturities of long-term debt

(2,683,531)

(1,935,802)

Total long-term debt, net of current maturities

$

10,276,200 

$

10,964,466 

 

         

(1)The maturity date represents the anticipated repayment date for each issuance.

(2)On January 9, 2026, the Company repaid the aggregate principal amount of the 2020-1C Tower Securities using borrowings from the Revolving Credit Facility.


‎

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

Interest

For the three months ended March 31,

Rates as of

2026

2025

March 31,

Cash

Non-cash

Cash

Non-cash

2026

Interest

Interest

Interest

Interest

(in thousands)

Revolving Credit Facility

4.755%

$

13,838 

$

—

$

704 

$

—

2024 Term Loan (1)

5.194%

29,387 

187 

13,864 

6,752 

2019-1C Tower Securities

2.836%

—

—

1,306 

—

2020-1C Tower Securities

1.884%

567 

—

3,598 

—

2020-2C Tower Securities

2.328%

3,540 

—

3,540 

—

2021-1C Tower Securities

1.631%

4,846 

—

4,846 

—

2021-2C Tower Securities

1.840%

4,196 

—

4,196 

—

2021-3C Tower Securities

2.593%

5,873 

—

5,873 

—

2022-1C Tower Securities

6.599%

14,093 

—

14,093 

—

2024-1C Tower Securities

4.831%

17,635 

—

17,635 

—

2024-2C Tower Securities (2)

4.654%

7,977 

—

7,977 

—

2020 Senior Notes

3.875%

14,531 

102 

14,531 

98 

2021 Senior Notes

3.125%

11,719 

—

11,719 

—

Other

327 

483 

266 

1,498 

Total

$

128,529 

$

772 

$

104,148 

$

8,348 

(1)The 2024 Term Loan has a blended rate of 5.194%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.420% as of March 31, 2026. Refer to Note 17 for more information on the Company’s interest rate swaps.

(2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.

Senior Credit Agreement

As of March 31, 2026, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

The key terms of the Revolving Credit Facility are as follows:

Unused

Interest Rate

Commitment

as of

Fee as of

March 31, 2026 (1)

March 31, 2026 (2)

Revolving Credit Facility

4.755%

0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2025.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2025.


‎

The table below summarizes the Company’s Revolving Credit Facility activity during the three months ended March 31, 2026 and 2025:

For the three

ended March 31,

2026

2025

(in thousands)

Beginning outstanding balance

$

475,000

$

—

Borrowings

900,000

—

Repayments

(90,000)

—

Ending outstanding balance

$

1,285,000

$

—

Subsequent to March 31, 2026, the Company repaid $205.0 million under the Revolving Credit Facility, and as of the date of this filing, $1.1 billion was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

During the three months ended March 31, 2026, the Company repaid an aggregate of $5.8 million of principal on the 2024 Term Loan. As of March 31, 2026, the 2024 Term Loan had a principal balance of $2.3 billion.

Secured Tower Revenue Securities

On January 9, 2026, the Company repaid the entire aggregate principal amount of the 2020-1C Tower Securities ($750.0 million) and on January 30, 2026, the Company repaid $39.5 million of the principal amount of the 2020-2R Tower Securities. The remaining balance of the 2020-2R Tower Securities is $31.6 million.

As of March 31, 2026, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.