Long-term Debt

Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands):


	June 30, 2026		December 31, 2025
Term Loan B Facility due March 14, 2031, interest at margin above SOFR or base rate (5.64% and 5.72% at June 30, 2026 and December 31, 2025, respectively), net of unamortized discount and deferred costs of $16.3 million and $17.8 million at June 30, 2026 and December 31, 2025, respectively	$	1,518,418	$	1,524,766
Revolving Credit Facility due March 14, 2029, interest at a margin above SOFR or base rate (5.14% and 5.22% at June 30, 2026 and December 31, 2025, respectively)	345,000		155,000
6.625% Senior Notes due March 15, 2032, net of unamortized deferred issuance costs of $5.1 million and $5.5 million at June 30, 2026 and December 31, 2025, respectively	494,860		494,498
4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $3.6 million and $3.9 million at June 30, 2026 and December 31, 2025, respectively	496,384		496,095
4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $1.9 million and $2.5 million at June 30, 2026 and December 31, 2025, respectively	688,849		688,279
Other long-term debt, weighted-average interest of 5.41% and 5.50% at June 30, 2026 and December 31, 2025, respectively, net of unamortized discount and deferred issuance costs of $0.1 million at June 30, 2026 and December 31, 2025, respectively	36,345		37,110
Total long-term debt	3,579,856		3,395,748
Current portion of long-term debt	(17,247)		(17,247)
Total long-term debt, net	$	3,562,609	$	3,378,501

Credit Facility

Station LLC’s credit facility consists of the Term Loan B Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) plus 2.00% or base rate plus 1.00%. The Revolving Credit Facility bears interest at a rate per annum, at Station LLC’s option, equal to either Term SOFR plus an amount ranging from 1.50% to 1.75% or base rate plus an amount ranging from 0.50% to 0.75%, depending on Station LLC’s consolidated senior secured net leverage ratio. The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of such facility and measured as of the end of each quarter, a maximum total secured leverage ratio of 5.00 to 1.00. A breach of the financial ratio covenants shall only become an event of default if not cured and a Covenant Facility Acceleration has occurred. Management believes the Company was in compliance with all applicable covenants at June 30, 2026.

Revolving Credit Facility

At June 30, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the facility, was $707.5 million, which was net of $345.0 million in outstanding borrowings and $47.5 million in outstanding letters of credit and similar obligations.

Debt Instrument [Line Items]