v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt [Abstract]  
Debt


‎

10.DEBT

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

As of

As of

June 30, 2026

December 31, 2025

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

(in thousands)

Revolving Credit Facility (1)

Jan. 25, 2029

$

1,055,000 

$

1,055,000 

$

1,055,000 

$

475,000 

$

475,000 

$

475,000 

2024 Term Loan (1)

Jan. 25, 2031

2,248,250 

2,251,060 

2,230,535 

2,259,750 

2,271,049 

2,240,373 

2020-1C Tower Securities (2)(3)

Jan. 9, 2026

—

—

—

750,000 

722,460 

749,945 

2020-2C Tower Securities (2)

Jan. 11, 2028

600,000 

577,800 

598,595 

600,000 

513,798 

598,149 

2021-1C Tower Securities (2)

Nov. 9, 2026

1,165,000 

1,150,997 

1,164,086 

1,165,000 

1,003,356 

1,162,858 

2021-2C Tower Securities (2)

Apr. 9, 2027

895,000 

874,782 

893,581 

895,000 

852,022 

892,677 

2021-3C Tower Securities (2)

Oct. 9, 2031

895,000 

679,045 

889,647 

895,000 

675,797 

889,178 

2022-1C Tower Securities (2)

Jan. 11, 2028

850,000 

864,008 

846,453 

850,000 

867,034 

845,373 

2024-1C Tower Securities (2)

Oct. 9, 2029

1,450,000 

1,452,886 

1,441,128 

1,450,000 

1,446,129 

1,440,007 

2024-2C Tower Securities (2)

Oct. 8, 2027

620,000 

620,062 

617,515 

620,000 

625,425 

616,636 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,492,800 

1,497,890 

1,500,000 

1,488,615 

1,496,240 

2021 Senior Notes

Feb. 1, 2029

1,500,000 

1,436,250 

1,494,792 

1,500,000 

1,434,375 

1,493,832 

Total debt (1)

$

12,778,250 

$

12,454,690 

$

12,729,222 

$

12,959,750 

$

12,375,060 

$

12,900,268 

Less: current maturities of long-term debt

(3,578,556)

(1,935,802)

Total long-term debt, net of current maturities

$

9,150,666 

$

10,964,466 

 

         

(1)On July 23, 2026, the Company issued the 2026-1 Senior Notes, the 2026-2 Senior Notes, and the 2026-3 Senior Notes (as defined below) accruing interest at a coupon rate of 4.875%, 5.150%, and 5.450%, respectively. Net proceeds from the offering were used to repay the aggregate principal amount outstanding on the Revolving Credit Facility, the 2024 Term Loan, and for general corporate purposes.

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

(3)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 June 30,

For the six months ended June 30,

Rates as of

2026

2025

2026

2025

June 30,

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

2026

Interest

Interest

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

(in thousands)

Revolving Credit Facility (1)

5.110%

$

13,438 

$

—

$

923 

$

—

$

27,277 

$

—

$

1,627 

$

—

2024 Term Loan (1)(2)

5.191%

29,612 

192 

30,396 

909 

59,000 

380 

44,260 

7,661 

2019-1C Tower Securities

2.836%

—

—

—

—

—

—

1,306 

—

2020-1C Tower Securities

1.884%

—

—

3,598 

—

567 

—

7,195 

—

2020-2C Tower Securities

2.328%

3,540 

—

3,540 

—

7,079 

—

7,079 

—

2021-1C Tower Securities

1.631%

4,851 

—

4,851 

—

9,704 

—

9,704 

—

2021-2C Tower Securities

1.840%

4,196 

—

4,196 

—

8,391 

—

8,391 

—

2021-3C Tower Securities

2.593%

5,873 

—

5,873 

—

11,746 

—

11,746 

—

2022-1C Tower Securities

6.599%

14,094 

—

14,094 

—

28,188 

—

28,188 

—

2024-1C Tower Securities

4.831%

17,636 

—

17,636 

—

35,271 

—

35,271 

—

2024-2C Tower Securities (3)

4.654%

7,977 

—

7,977 

—

15,955 

—

15,955 

—

2020 Senior Notes

3.875%

14,531 

103 

14,531 

99 

29,063 

205 

29,063 

197 

2021 Senior Notes

3.125%

11,719 

—

11,719 

—

23,438 

—

23,438 

—

Other

287 

2,191 

324 

225 

603 

2,674 

582 

1,723 

Total

$

127,754 

$

2,486 

$

119,658 

$

1,233 

$

256,282 

$

3,259 

$

223,805 

$

9,581 

(1)On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the Revolving Credit Facility and the 2024 Term Loan.


‎

      

(2)The 2024 Term Loan had a blended rate of 5.191% as of June 30, 2026, which included the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.400% as of June 30, 2026. Refer to Note 17 for more information on the Company’s interest rate swaps.

(3)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.

Investment Grade Senior Notes and Unsecured Revolving Credit Facility

On July 23, 2026, the Company issued an aggregate $3.5 billion of unsecured senior notes (“2026 Senior Notes”) in three tranches: $1.35 billion of 4.875% senior notes due January 15, 2030 (“2026-1 Senior Notes”) were issued at 99.333% of par value, $1.35 billion of 5.150% senior notes due July 15, 2031 (“2026-2 Senior Notes”) were issued at 99.086% of par value, and $0.8 billion of 5.450% senior notes due July 15, 2033 (“2026-3 Senior Notes”) were issued at 98.924% of par value. Interest on the 2026 Senior Notes is payable semi-annually beginning January 15, 2027. The 2026 Senior Notes have a blended coupon rate of 5.113% and a weighted average maturity of 4.9 years. The Company incurred financing fees of $23.5 million in relation to this transaction, which will be amortized through the maturity of the 2026 Senior Notes. Net proceeds from this offering were used to repay the aggregate principal amount outstanding on the Revolving Credit Facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and for general corporate purposes. In connection with the repayments, the Company, subsequent to June 30, 2026, expensed $16.1 million of net deferred financing fees and $4.0 million of discount related to the Revolving Credit Facility and the 2024 Term Loan.

Concurrently with the issuance of the 2026 Senior Notes, the Company terminated its existing Senior Credit Agreement and entered into a new Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured revolving credit facility (“2026 Revolving Credit Facility”) and requiring compliance with specific financial ratios. The 2026 Revolving Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the 2026 Revolving Credit Facility accrue interest, at the Company’s election, at either (1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to 37.5 basis points, in each case based on the Company’s credit ratings. In addition, the Company is required to pay a commitment fee of between 0.08% to 0.20% per annum on the amount of unused commitments based on the Company’s credit ratings.

Based on the Company’s current credit ratings, borrowings under the 2026 Revolving Credit Facility accrue interest at Term SOFR plus 100.0 basis points and the Company is required to pay a commitment fee of 0.11% per annum on the amount of unused commitments.

Senior Credit Agreement

As of June 30, 2026, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility

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

Interest Rate

Unused Commitment

as of

Fee as of

June 30, 2026 (1)

June 30, 2026 (2)

Revolving Credit Facility

5.110%

0.190%

(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 and six months ended June 30, 2026 and 2025:

For the three months

For the six months

ended June 30,

ended June 30,

2026

2025

2026

2025

(in thousands)

Beginning outstanding balance

$

1,285,000

$

—

$

475,000

$

—

Borrowings

125,000

80,000

1,025,000

80,000

Repayments

(355,000)

—

(445,000)

—

Ending outstanding balance

$

1,055,000

$

80,000

$

1,055,000

$

80,000

On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance of the 2026 Senior Notes. As of the date of this filing, there were no amounts outstanding under the 2026 Revolving Credit Facility.

Term Loan

2024 Term Loan

During the three and six months ended June 30, 2026, the Company repaid an aggregate of $5.8 million and $11.5 million of principal on the 2024 Term Loan, respectively. As of June 30, 2026, the 2024 Term Loan had a principal balance of $2.2 billion.

On July 23, 2026, the Company repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes.

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 June 30, 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.