
						As of September 30, 2026
	September 30, 2026		December 31, 2025		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A-2(2)	$	1,962,500	$	2,000,000	11/24/2030	SOFR + 1.50%		$	1,955,141
Term Loan B-2	2,351,956		1,868,559		5/9/2031	SOFR + 1.75%		$	2,343,136
Revolving line of credit(2)	80,000		—		11/24/2030	SOFR + 1.50%		$	80,000
Senior Notes:
4.625% Senior Notes	2,750,000		2,750,000		6/1/2030	4.625	%	$	2,564,375
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,327,500
6.875% Senior Notes	1,000,000		1,000,000		9/1/2032	6.875	%	$	991,250
6.75% Senior Notes	1,000,000		1,000,000		7/15/2033	6.75	%	$	980,000
Acquisition obligations and other notes payable(3)	36,176		40,904		2026-2038	5.16	%	$	36,176
Financing lease obligations(4)	151,611		185,120		2027-2039	4.26	%
Total debt principal outstanding	10,832,243		10,344,583
Discount, premium and deferred financing costs	(63,128)		(71,394)
	10,769,115		10,273,189
Less current portion	(112,491)		(109,201)
	$	10,656,624	$	10,163,988

(2)Outstanding Term Loan A-2 and revolving line of credit balances are due on November 24, 2030, unless any of the 4.625% senior notes due 2030 (the 4.625% Senior Notes) remain outstanding 91 days prior to the 4.625% Senior Notes maturity date, in which case the outstanding Term Loan A-2 and revolving line of credit balances become due at that 91 day date (March 2, 2030).

(3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of September 30, 2026.

On June 8, 2026 (the Ninth Amendment Effective Date), the Company entered into the Ninth Amendment (the Ninth Amendment) to the Credit Agreement. The Ninth Amendment modified the Credit Agreement to extend an additional incremental principal amount of $500,000 on its Term Loan B-2. The Company used the net proceeds from this transaction to repay a portion of the balance outstanding on its revolving line of credit and related accrued interest and fees. The Term Loan B-2 requires quarterly principal payments that began on June 30, 2026 of 0.25% of the aggregate principal amount of the Term Loan B-2 outstanding on the Ninth Amendment Effective Date, with the balance due on May 9, 2031. As a result of the Ninth Amendment, the Company recognized debt extinguishment and modification costs of $2,035 in the second quarter of 2026 comprised of fees incurred for this transaction.

As of September 30, 2026, the effective portion of the Company's interest rate cap agreements, as detailed in the table below, have the economic effect of capping the Company's maximum exposure to SOFR variable interest rate changes on equivalent amounts of the Company's floating rate debt, including all of Term Loan B-2 and a portion of Term Loan A-2. The remaining $814,456 outstanding principal balance of Term Loan A-2 and $80,000 balance outstanding on the revolving line of credit are subject to SOFR-based interest rate volatility. The Company's interest rate cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. The original premiums paid for the caps are amortized to debt expense on a straight-line basis over the term of each cap agreement starting from its effective date. These cap agreements do not contain credit risk-contingent features.


Year cap agreements executed	Initial notional amount		SOFR maximum rate	Approximate effective date	Maturity date	Notional amount effective through December 31
						2026		2027		2028		2029		2030
2023	$	500,000	4.50%	6/30/2024	12/31/2026	$	500,000
2023	$	750,000	4.00%	12/31/2024	12/31/2026	$	500,000
2024	$	1,750,000	4.50%(1)	12/31/2025	12/31/2027	$	1,750,000	$	1,000,000
2024	$	750,000	4.00%(2)	12/31/2025	12/31/2027	$	750,000	$	500,000
2025	$	1,000,000	4.50%(3)	12/31/2026	12/31/2028			$	1,000,000	$	750,000
2025	$	1,000,000	4.25%(4)	12/31/2026	12/31/2028			$	1,000,000	$	1,000,000
2025	$	1,750,000	4.25%	12/31/2027	12/31/2028					$	1,750,000
2025	$	1,000,000	4.50%	12/31/2028	12/31/2029							$	1,000,000
2026	$	1,500,000	4.75%	12/31/2028	12/31/2029							$	1,500,000
2026	$	500,000	5.25%	12/31/2028	12/31/2030							$	500,000	$	500,000
Total notional coverage						$	3,500,000	$	3,500,000	$	3,500,000	$	3,000,000	$	500,000
Weighted average strike rate						4.32%		4.46%		4.43%		4.75%		5.25%

See Note 10 for further details on amounts reclassified from accumulated other comprehensive loss and recorded as debt expense (offset) related to the Company’s interest rate cap agreements for the three and nine months ended September 30, 2026 and 2025. See Note 12 for discussion of the Company's fair value estimates.

As a result of the variable rate cap from the Company's 2023 interest rate cap agreements, the Company’s weighted average effective interest rate on its senior secured credit facilities at the end of the third quarter of 2026 was 6.02%, based on the current margins in effect for its senior secured credit facilities as of September 30, 2026, as detailed in the table above.

The Company’s weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, premium and deferred financing costs was 5.54% as of September 30, 2026.

As of September 30, 2026, the Company had $1,420,000 available and $80,000 drawn on its $1,500,000 revolving line of credit under its senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding under the facility, of which there were none as of September 30, 2026. The Company also had letters of credit of approximately $184,758 outstanding under a separate bilateral secured letter of credit facility as of September 30, 2026.