| Long-term Debt |
Long-term debt comprised the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | |
(1)See Note 12 for discussion of the Company's fair value estimates. (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. (4)Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding.
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| Schedule of Derivative Instruments |
The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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% |
(1)Effective December 31, 2026, the maximum rate of 4.50% increases to 4.75% for these interest rate caps. (2)Effective December 31, 2026, the maximum rate of 4.00% increases to 4.25% for these interest rate caps. (3)Effective December 31, 2027, the maximum rate of 4.50% increases to 4.75% for these interest rate caps. (4)Effective December 31, 2027, the maximum rate of 4.25% increases to 4.50% for these interest rate caps.
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