v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Instruments [Abstract]  
Debt Debt
Our debt consisted of the following ($ in thousands):

June 30,December 31,
20262025
Revolving credit facility - unsecured$438,000 $204,000 
Bank term loan - unsecured— 125,000 
2031 Senior Notes - unsecured, net of discount of $1,474 and $1,635, respectively
398,526 398,365 
2033 Senior Notes - unsecured, net of discount of $3,447 and $3,707, respectively
346,553 346,293 
Private placement note - unsecured100,000 100,000 
Unamortized debt issuance costs(8,557)(9,844)
Total debt, net$1,274,522 $1,163,814 
Debt Maturities

A summary of the aggregate principal maturities of our debt as of June 30, 2026 follows ($ in thousands):

Remainder of 2026$— 
2027100,000 
2028438,000 
2029— 
2030— 
Thereafter750,000 
Total principal amounts of debt outstanding1,288,000 
Less: Unamortized debt issuance costs and discounts(13,478)
Total debt, net$1,274,522 

Revolving Credit Facility and Bank Term Loan

We have a $700.0 million unsecured revolving credit facility (the “Credit Facility”) which matures in October 2028 and may be extended by us pursuant to (i) one or both of the six-month extension options or (ii) one 12-month extension option. We most recently amended the Credit Facility in October 2025 to remove the 0.10% credit spread adjustment applicable to the Secured Overnight Financing Rate (“SOFR”) interest rates. Borrowings under the Credit Facility bear interest, at our election, at one of the following: (a) Term SOFR plus a margin ranging from 0.725% to 1.400%; (b) Daily SOFR plus a margin ranging from 0.725% to 1.400%; or (c) the base rate plus a margin ranging from 0.000% to 0.400%. In each election, the actual margin is determined according to our credit ratings. The base rate means, for any day, a fluctuating rate per annum equal to the highest of (x) the agent’s prime rate, (y) the federal funds rate on such day plus 0.50% or (z) the adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%. In addition, the Credit Facility requires a facility fee ranging from 0.125% to 0.300% which is determined based on our credit ratings on the $700.0 million committed capacity, without regard to usage.

As of June 30, 2026, we had $262.0 million available to draw on our Credit Facility. The Credit Facility is subject to usual and customary covenants which include, among other stipulations, a requirement that we maintain certain financial ratios within limits set by our creditors. As of June 30, 2026, we were in compliance with these covenants.

In June 2026, we repaid the remaining $125.0 million outstanding on our unsecured bank term loan (the “Bank Term Loan”) upon maturity. The Bank Term Loan bore interest at a variable interest rate based on SOFR plus a margin determined based on our credit ratings.

Pinnacle Bank is a participating member of our banking group. The chairman of our board of directors is also the chief banking officer and vice chairman of the board of directors of Pinnacle Financial Partners, Inc., the holding company for Pinnacle Bank. Our corporate banking transactions are conducted primarily through Pinnacle Bank.

2031 Senior Notes

In January 2021, we issued $400.0 million in aggregate principal amount of 3.00% unsecured senior notes that mature in February 2031 (the “2031 Senior Notes”). The 2031 Senior Notes were sold at an issue price of 99.196% of face value, before the underwriters’ discount. Interest on the 2031 Senior Notes is due semi-annually. The 2031 Senior Notes are subject to affirmative and negative covenants, including financial covenants. As of June 30, 2026, we were in compliance with these covenants.
2033 Senior Notes

In September 2025, we issued $350.0 million in aggregate principal amount of 5.35% unsecured senior notes that mature in February 2033 (the “2033 Senior Notes”). The 2033 Senior Notes were sold at an issue price of 98.903% of face value, before the underwriters’ discount. Interest on the 2033 Senior Notes began accruing in February 2026 and is due semi-annually. The 2033 Senior Notes are subject to affirmative and negative covenants, including financial covenants. As of June 30, 2026, we were in compliance with these covenants.

Private Placement Note

Our private placement note has a fixed interest rate and requires interest only payments up to the maturity date. Covenants of the private placement note are generally conformed with those governing our Credit Facility, except for specific debt coverage ratios that are more restrictive. Our private placement note includes a provision that increases the fixed interest rate if any rating agency lowers the credit rating on our unsecured senior debt below investment grade and if our compliance leverage increases to 50% or more.

As of June 30, 2026, the principal amount outstanding on our private placement note was $100.0 million. The note bears interest at 4.51% and matures in January 2027.

Interest Expense

A summary of the components of interest expense follows ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Interest expense at contractual rates$14,960 $14,062 $29,146 $27,421 
Amortization of debt issuance costs and discounts854 939 1,708 1,917 
Total interest expense$15,814 $15,001 $30,854 $29,338