As of March 31, 2026, Tri-State had $2.9 billion of long-term debt which consists of mortgage notes payable, pollution control revenue bonds and the Springerville certificates. The mortgage notes payable and pollution control revenue bonds are secured on a parity basis by a Master First Mortgage Indenture, Deed of Trust and Security Agreement (“Master Indenture”). Substantially all of Tri-State's assets, rents, revenues and margins are pledged as collateral. The Springerville certificates are secured by the assets of Springerville Unit 3. All long-term debt contains certain restrictive financial covenants, including a debt service ratio ("DSR") requirement on an annual basis and an equity to capitalization ratio ("ECR") requirement of at least 18 percent at the end of each fiscal year. Other than long-term debt for the Springerville certificates that has a DSR requirement of at least 1.02 on an annual basis, all other long-term debt contains a DSR requirement of at least 1.10 on an annual basis. A DSR below 1.025 under the Master Indenture would require Tri-State to transfer all cash to a special fund managed by the trustee of the Master Indenture.

As of March 31, 2026, Tri-State had a secured revolving credit facility with National Rural Utilities Cooperative Finance Corporation (“CFC”), as lead arranger and administrative agent, in the amount of $520 million (“2022 Revolving Credit Agreement”) that would have expired on April 25, 2027 and included a swingline loan sublimit of $125 million, a letter of credit sublimit of $75 million, and a commercial paper sublimit of $500 million. As of March 31, 2026, Tri-State had $308 million in availability (including $68 million under the letter of credit sublimit and $296 million under the commercial paper back-up sublimit) under the 2022 Revolving Credit Agreement.

On April 21, 2026, Tri-State entered into a secured revolving credit facility with CFC, as lead arranger and administrative agent, in the amount of $650 million ("2026 Credit Agreement") that amended and restated the 2022 Revolving Credit Agreement. The 2026 Credit Agreement expires on April 31, 2031, unless extended as provided therein, and includes swingline loan and letter of credit sublimits of $150 million each.

Tri-State has a renewable secured renewable revolving credit facility with CoBank, as lead arranger, and CFC, as administrative agent, in the amount of $250 million ("Renewable Revolving Credit Agreement") that expires on June 18, 2030. As of March 31, 2026, Tri-State had borrowed $189 million in adjusted Term SOFR rate loans and $61 million of availability remained.


	March 31, 2026		December 31, 2025
Total debt	$	3,026,567	$	3,188,697
Less debt issuance costs	(16,035)		(16,591)
Less debt discounts	(7,991)		(8,071)
Plus debt premiums	9,012		9,232
Total debt adjusted for debt issuance costs, discounts and premiums	3,011,553		3,173,268
Less current maturities	(80,471)		(80,052)
Long-term debt	$	2,931,082	$	3,093,216