Credit facility and commercial paper notes	6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]
Credit facility and commercial paper notes	Credit facility and commercial paper notes Unsecured Revolving Credit Facility We had an unsecured revolving credit facility pursuant to a revolving credit agreement with a syndicate of lenders (the “Prior Unsecured Revolving Credit Facility”) with a maximum outstanding borrowing amount of $1.825 billion as of June 30, 2026. The facility had a maturity date of April 2028. As of June 30, 2026, there were no borrowings outstanding. As of June 30, 2026, we had accrued availability fees of $1 million outstanding under the facility and approximately $6 million of remaining unamortized financing costs associated with the Prior Unsecured Revolving Credit Facility that had been capitalized and included in other assets on our balance sheet and were being amortized on a straight-line basis over the term of the Prior Unsecured Revolving Credit Facility. The Prior Unsecured Revolving Credit Facility had a commitment fee based on our current credit rating and bore interest at a rate of SOFR or prime rate plus applicable margins based on our credit rating, which could also be adjusted up to 0.10% to the extent our Portfolio achieved certain targeted levels of carbon emissions avoidance, as measured by our CarbonCount© metric. The applicable margins were 1.625% for SOFR-based loans and 0.625% for prime rate-based loans, plus an additional 0.10%, before applying any adjustments for achieved levels of carbon emissions avoidance. The Prior Unsecured Revolving Credit Facility contained terms, conditions, covenants, and representations and warranties that are customary and typical for transactions of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, stock repurchases, and dividends we could declare. The Prior Unsecured Revolving Credit Facility also included customary events of default and remedies. At our option, upon maturity of the Prior Unsecured Revolving Credit Facility, we had the ability to convert amounts borrowed into term loans for a fee equal to 1.875% of the term loan amounts. In July of 2026, we entered into a $2.250 billion unsecured revolving credit facility pursuant to a revolving credit agreement with a syndicate of lenders (the “Unsecured Credit Facility”), replacing the Prior Unsecured Credit Facility. In connection with entering into the Unsecured Credit Facility, we terminated the Prior Unsecured Credit Facility. The applicable margin of the Unsecured Credit Facility is 1.625% for SOFR-based loans and 0.625% for prime rate-based loans, before applying any adjustments for achieved levels of carbon emissions avoidance. The Unsecured Credit Facility matures in July 2031 and contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases, and dividends the Company declares. The Unsecured Credit Facility also includes customary events of default and remedies. The replacement of the Prior Unsecured Revolving Credit Facility with the Unsecured Credit Facility is treated as a modification under ASC 470. Credit-Enhanced Commercial Paper Note Program We have a Green CarbonCount Commercial Paper Note Program (the “commercial paper program”) that allows us to issue commercial paper notes at any time, with such notes supported by an irrevocable direct-pay letter of credit from Bank of America, N.A. (“Credit-Enhanced Commercial Paper Notes”). The capacity of the program allows for up to $125 million outstanding at any time, and the program was extended in the first quarter of 2026 to mature in October 2027. Bank of America provides a direct-pay letter of credit to the noteholders in the same amount of each Credit-Enhanced Commercial Paper Note. The letter of credit is automatically drawn upon at maturity of a Credit-Enhanced Commercial Paper Note and the noteholders are repaid in full. We have a five business-day grace period during which we repay Bank of America for the amount drawn or issue a new Credit-Enhanced Commercial Paper Note. Following the five business-day grace period, any amount then-outstanding is converted into a loan from Bank of America. Credit-Enhanced Commercial Paper Notes are not redeemable or subject to voluntary prepayment and cannot exceed 397 days. An amount equal to the proceeds of our Credit-Enhanced Commercial Paper Notes are allocated to either the acquisition or refinance of, in whole or in part, eligible green projects, including assets that are neutral to negative on incremental carbon emissions. As of June 30, 2026, we have no Credit-Enhanced Commercial Paper Notes outstanding under the facility. Credit-Enhanced Commercial Paper Notes will be issued at a discount based on market pricing, subject to broker fees of 0.10%. For issuance of the letter of credit, we will pay 1.325% on any drawn letter of credit amounts to Bank of America, N.A., and 0.35% on any unused letter of credit capacity. Any loans converted from drawn letter of credit amounts bear interest at a rate of Term SOFR plus 1.875%, plus an additional 0.10%. Fees paid on the drawn letters of credit may be adjusted by up to 0.10% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance as measured by our CarbonCount metric. As of June 30, 2026, we have no remaining unamortized financing costs associated with the program and associated letter of credit. The associated letter of credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases and dividends we declare. The letter of credit also includes customary events of default and remedies. Standalone Commercial Paper Program We issue unsecured short-term promissory notes pursuant to a CarbonCount Green Commercial Paper Program which are guaranteed by certain of our subsidiaries (“Standalone Commercial Paper Notes”). Standalone Commercial Paper Notes are issued at a discount based on market pricing, subject to broker fees of 0.05%. Standalone Commercial Paper Notes are not redeemable, are not subject to voluntary prepayment, and are not to exceed 397 days. Our board of directors has approved the issuance of up to $1 billion principal amount of Standalone Commercial Paper Notes at any given time. As a credit enhancement for our Standalone Commercial Paper Notes, we reserve capacity under our unsecured revolving credit facility for the principal amount of any outstanding Standalone Commercial Paper Notes. The proceeds from our Standalone Commercial Paper Notes are used to acquire or refinance, in whole or in part, eligible green projects, including assets that are neutral to negative on incremental carbon emissions. As of June 30, 2026, we had no Standalone Commercial Paper Notes outstanding.

We had an unsecured revolving credit facility pursuant to a revolving credit agreement with a syndicate of lenders (the “Prior Unsecured Revolving Credit Facility”) with a maximum outstanding borrowing amount of $1.825 billion as of June 30, 2026. The facility had a maturity date of April 2028. As of June 30, 2026, there were no borrowings outstanding. As of June 30, 2026, we had accrued availability fees of $1 million outstanding under the facility and approximately $6 million of remaining unamortized financing costs associated with the Prior Unsecured Revolving Credit Facility that had been capitalized and included in other assets on our balance sheet and were being amortized on a straight-line basis over the term of the Prior Unsecured Revolving Credit Facility.

The Prior Unsecured Revolving Credit Facility had a commitment fee based on our current credit rating and bore interest at a rate of SOFR or prime rate plus applicable margins based on our credit rating, which could also be adjusted up to 0.10% to the extent our Portfolio achieved certain targeted levels of carbon emissions avoidance, as measured by our CarbonCount© metric. The applicable margins were 1.625% for SOFR-based loans and 0.625% for prime rate-based loans, plus an additional 0.10%, before applying any adjustments for achieved levels of carbon emissions avoidance. The Prior Unsecured Revolving Credit Facility contained terms, conditions, covenants, and representations and warranties that are customary and typical for transactions of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, stock repurchases, and dividends we could declare. The Prior Unsecured Revolving Credit Facility also included customary events of default and remedies. At our option, upon maturity of the Prior Unsecured Revolving Credit Facility, we had the ability to convert amounts borrowed into term loans for a fee equal to 1.875% of the term loan amounts.

In July of 2026, we entered into a $2.250 billion unsecured revolving credit facility pursuant to a revolving credit agreement with a syndicate of lenders (the “Unsecured Credit Facility”), replacing the Prior Unsecured Credit Facility. In connection with entering into the Unsecured Credit Facility, we terminated the Prior Unsecured Credit Facility. The applicable margin of the Unsecured Credit Facility is 1.625% for SOFR-based loans and 0.625% for prime rate-based loans, before applying any adjustments for achieved levels of carbon emissions avoidance. The Unsecured Credit Facility matures in July 2031 and contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions

with affiliates, use of proceeds, stock repurchases, and dividends the Company declares. The Unsecured Credit Facility also includes customary events of default and remedies. The replacement of the Prior Unsecured Revolving Credit Facility with the Unsecured Credit Facility is treated as a modification under ASC 470.

We have a Green CarbonCount Commercial Paper Note Program (the “commercial paper program”) that allows us to issue commercial paper notes at any time, with such notes supported by an irrevocable direct-pay letter of credit from Bank of America, N.A. (“Credit-Enhanced Commercial Paper Notes”). The capacity of the program allows for up to $125 million outstanding at any time, and the program was extended in the first quarter of 2026 to mature in October 2027.

Bank of America provides a direct-pay letter of credit to the noteholders in the same amount of each Credit-Enhanced Commercial Paper Note. The letter of credit is automatically drawn upon at maturity of a Credit-Enhanced Commercial Paper Note and the noteholders are repaid in full. We have a five business-day grace period during which we repay Bank of America for the amount drawn or issue a new Credit-Enhanced Commercial Paper Note. Following the five business-day grace period, any amount then-outstanding is converted into a loan from Bank of America. Credit-Enhanced Commercial Paper Notes are not redeemable or subject to voluntary prepayment and cannot exceed 397 days. An amount equal to the proceeds of our Credit-Enhanced Commercial Paper Notes are allocated to either the acquisition or refinance of, in whole or in part, eligible green projects, including assets that are neutral to negative on incremental carbon emissions. As of June 30, 2026, we have no Credit-Enhanced Commercial Paper Notes outstanding under the facility.

Credit-Enhanced Commercial Paper Notes will be issued at a discount based on market pricing, subject to broker fees of 0.10%. For issuance of the letter of credit, we will pay 1.325% on any drawn letter of credit amounts to Bank of America, N.A., and 0.35% on any unused letter of credit capacity. Any loans converted from drawn letter of credit amounts bear interest at a rate of Term SOFR plus 1.875%, plus an additional 0.10%. Fees paid on the drawn letters of credit may be adjusted by up to 0.10% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance as measured by our CarbonCount metric. As of June 30, 2026, we have no remaining unamortized financing costs associated with the program and associated letter of credit. The associated letter of credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases and dividends we declare. The letter of credit also includes customary events of default and remedies.

We issue unsecured short-term promissory notes pursuant to a CarbonCount Green Commercial Paper Program which are guaranteed by certain of our subsidiaries (“Standalone Commercial Paper Notes”). Standalone Commercial Paper Notes are issued at a discount based on market pricing, subject to broker fees of 0.05%. Standalone Commercial Paper Notes are not redeemable, are not subject to voluntary prepayment, and are not to exceed 397 days. Our board of directors has approved the issuance of up to $1 billion principal amount of Standalone Commercial Paper Notes at any given time. As a credit enhancement for our Standalone Commercial Paper Notes, we reserve capacity under our unsecured revolving credit facility for the principal amount of any outstanding Standalone Commercial Paper Notes. The proceeds from our Standalone Commercial Paper Notes are used to acquire or refinance, in whole or in part, eligible green projects, including assets that are neutral to negative on incremental carbon emissions.