| Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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.
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| Schedule of Cash and Non-Cash Interest Expense |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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.
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