
			July 4, 2026								December 31, 2025
($ Amounts in thousands)	Effective Interest Rate		Principal Outstanding		Unamortized Fair Value Adjustment (1)		Unamortized Discount and Issuance Costs		Carrying Amount		Principal Outstanding		Unamortized Fair Value Adjustment(1)		Unamortized Discount and Issuance Costs		Carrying Amount
Term loan facility, due April 2028	8.57	%	$	2,463,500	$	(133,009)	$	—	$	2,330,491	$	2,476,500	$	(166,962)	$	—	$	2,309,538
Term loan facility, due August 2028	9.69	%	289,500		—		(9,237)		280,263		291,000		—		(11,201)		279,799
Term loan facility, due May 2031	10.05	%	491,250		—		(4,128)		487,122		493,750		—		(4,460)		489,290
6.125% Senior Notes, due January 2029	13.51	%	318,699		(50,845)		—		267,854		318,699		(58,909)		—		259,790
8.750% Senior Secured Notes, due August 2028	10.61	%	710,000		—		(21,262)		688,738		710,000		—		(26,465)		683,535
9.500% Senior Secured Notes, due August 2029	9.88	%	500,000		—		(4,907)		495,093		500,000		—		(5,565)		494,435
Total long-term debt			$	4,772,949	$	(183,854)	$	(39,534)	$	4,549,561	$	4,789,949	$	(225,871)	$	(47,691)	$	4,516,387
Reflected as:
Current liabilities - Current portion of long-term debt									$	34,000							$	34,000
Non-current liabilities - Long-term debt									4,515,561								4,482,387
Total long-term debt									$	4,549,561							$	4,516,387
Fair value - Senior notes - Level 1									$	795,647							$	1,084,438
Fair value - Term loans - Level 2									1,922,383								2,536,083
Total fair value									$	2,718,030							$	3,620,521

(1) As a result of pushdown accounting in connection with the merger in July 2022, pursuant to which Cornerstone Building Brands became a privately-held company (the “Merger”), the carrying values of the term loan facility due April 2028 and the 6.125% senior notes were adjusted to fair value.


	July 4, 2026						December 31, 2025
(Amounts in thousands)	Authorized		Borrowings		Letters of Credit and Priority Payables		Authorized		Borrowings		Letters of Credit and Priority Payables
Asset-based lending facility, due May 2029(1)	$	850,000	$	605,000	$	75,398	$	850,000	$	390,000	$	67,450
Cash flow revolver(2)	92,000		32,000		—		92,000		—		—
First-in-last-out tranche asset-based lending facility, due May 2029(1)	95,000		95,000		—		95,000		95,000		—
Total	$	1,037,000	$	732,000	$	75,398	$	1,037,000	$	485,000	$	67,450

(1) The borrowing base under the Company’s asset-based lending facility (the “ABL Facility”) and the first-in-last out tranche asset-based lending facility (collectively, the "ABL Facilities”) is determined by a monthly borrowing base collateral calculation that is based on specified percentages of the previous month’s value of eligible inventory and accounts receivable, less certain allowances and subject to certain other adjustments.

Our main liquidity and capital resource needs are payments to service our debt, ongoing operations and working capital requirements, and capital expenditures. Our available sources of liquidity include cash generated from our operations, borrowings under our existing credit facilities, and potential alternative financing sources as permitted under our existing credit agreements. We believe that funds provided by our existing and committed sources and our access to financing alternatives, including available financing arrangements, provide us with sufficient liquidity to meet our liquidity and capital needs for at least the next twelve months. Management continues to evaluate our capital structure and may pursue additional financing arrangements to further strengthen our liquidity position and support our long-term strategic objectives.

The Company’s asset-based lending credit agreement (“ABL Credit Agreement”) includes a springing maintenance covenant set at a minimum fixed charge coverage ratio of 1.00:1.00, which is tested only when specified availability is less than 10.0% of the lesser of (x) the then applicable borrowing base and (y) the then aggregate effective commitments under the ABL Facility, and continuing until such time as specified availability has been in excess of such threshold for a period of 20 consecutive calendar days. The fixed charge coverage ratio as of the most recent four quarter period is the ratio of consolidated adjusted EBITDA less certain capital expenditures to the sum of certain debt service charges, net cash taxes, certain mandatory debt payments and certain dividends. As of July 4, 2026, the Company’s outstanding balance under the ABL facilities was $700.0 million and had a cushion of $178.5 million without triggering the compliance of a Fixed Charge Covenant.

The Company’s cash flow-based credit agreement (“Cash Flow Credit Agreement”) includes a springing financial covenant set at a maximum secured leverage ratio of 7.75:1.00, which will apply if the outstanding amount of loans and drawings under letters of credit which have not then been reimbursed exceeds 35% of the authorized borrowing amount under the Company’s cash flow-based revolving credit facility (“Cash Flow Revolver”) at the end of any fiscal quarter. The secured leverage ratio is the ratio of consolidated total secured indebtedness to consolidated adjusted EBITDA. As of July 4, 2026, the Company had a $32.0 million outstanding balance under the Cash Flow Revolver and could have borrowed up to an additional $0.2 million without triggering the leverage ratios set by the covenants.

The Company’s debt agreements contain a number of covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries, subject to important exceptions to incur additional indebtedness; make dividends and other restricted payments; incur additional liens; consolidate, merge, sell or otherwise dispose of all or substantially all assets; make investments; transfer or sell assets; enter into restrictive agreements; change the nature of the business; and enter into certain transactions with affiliates. The Company is in compliance with all of its covenants as of July 4, 2026.

(1)Interest rate swaps are based on cash flow hedge contracts that have fixed rate structures and are measured against market based Secured Overnight Financing Rate (“SOFR”) yield curves. These interest rate swaps are classified within Level 2 of the fair value hierarchy because they are valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates.