| Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | As of | | | | | September 30, 2026 | | December 31, 2025 | | | Maturity Date | | Principal
Balance | | Fair Value | | Carrying
Value | | Principal
Balance | | Fair Value | | Carrying
Value | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Revolving Credit Facility (1) | | Jul. 23, 2031 | | $ | — | | $ | — | | $ | — | | $ | 475,000 | | $ | 475,000 | | $ | 475,000 | 2024 Term Loan (1) | | Jan. 25, 2031 | | | — | | | — | | | — | | | 2,259,750 | | | 2,271,049 | | | 2,240,373 | 2020-1C Tower Securities (2)(3) | | Jan. 9, 2026 | | | — | | | — | | | — | | | 750,000 | | | 722,460 | | | 749,945 | 2020-2C Tower Securities (2) | | Jan. 11, 2028 | | | 600,000 | | | 579,390 | | | 598,820 | | | 600,000 | | | 513,798 | | | 598,149 | 2021-1C Tower Securities (2)(4) | | Nov. 9, 2026 | | | 1,165,000 | | | 1,160,224 | | | 1,164,704 | | | 1,165,000 | | | 1,003,356 | | | 1,162,858 | 2021-2C Tower Securities (2) | | Apr. 9, 2027 | | | 895,000 | | | 878,863 | | | 894,036 | | | 895,000 | | | 852,022 | | | 892,677 | 2021-3C Tower Securities (2) | | Oct. 9, 2031 | | | 895,000 | | | 680,925 | | | 889,884 | | | 895,000 | | | 675,797 | | | 889,178 | 2022-1C Tower Securities (2) | | Jan. 11, 2028 | | | 850,000 | | | 866,388 | | | 847,007 | | | 850,000 | | | 867,034 | | | 845,373 | 2024-1C Tower Securities (2) | | Oct. 9, 2029 | | | 1,450,000 | | | 1,456,888 | | | 1,441,737 | | | 1,450,000 | | | 1,446,129 | | | 1,440,007 | 2024-2C Tower Securities (2) | | Oct. 8, 2027 | | | 620,000 | | | 618,946 | | | 617,984 | | | 620,000 | | | 625,425 | | | 616,636 | 2020 Senior Notes | | Feb. 15, 2027 | | | 1,500,000 | | | 1,490,850 | | | 1,498,727 | | | 1,500,000 | | | 1,488,615 | | | 1,496,240 | 2021 Senior Notes | | Feb. 1, 2029 | | | 1,500,000 | | | 1,410,000 | | | 1,495,277 | | | 1,500,000 | | | 1,434,375 | | | 1,493,832 | 2026-1 Senior Notes (1) | | Jan. 15, 2030 | | | 1,350,000 | | | 1,307,610 | | | 1,334,622 | | | — | | | — | | | — | 2026-2 Senior Notes (1) | | Jul. 15, 2031 | | | 1,350,000 | | | 1,292,895 | | | 1,327,869 | | | — | | | — | | | — | 2026-3 Senior Notes (1) | | Jul. 15, 2033 | | | 800,000 | | | 759,680 | | | 785,274 | | | — | | | — | | | — | Total debt | | | | $ | 12,975,000 | | $ | 12,502,659 | | $ | 12,895,941 | | $ | 12,959,750 | | $ | 12,375,060 | | $ | 12,900,268 | Less: current maturities of long-term debt | | | | | | (3,557,467) | | | | | | | | | (1,935,802) | Total long-term debt, net of current maturities | | | | | $ | 9,338,474 | | | | | | | | $ | 10,964,466 |
(1)On July 23, 2026, the Company issued the 2026-1 Senior Notes, the 2026-2 Senior Notes, and the 2026-3 Senior Notes (as defined below) accruing interest at a coupon rate of 4.875%, 5.150%, and 5.450%, respectively and entered into a new unsecured senior credit agreement with SBAC as the borrower (the “Senior Credit Agreement”) which provides for a $2.5 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”). Net proceeds from the offering were used to repay the aggregate principal amount outstanding on the then existing revolving credit facility, the 2024 Term Loan, and for general corporate purposes. The maturity date of the Revolving Credit Facility reflects the new Senior Credit Agreement entered into on July 23, 2026. Refer to the discussion below for more information on the Company’s Revolving Credit Facility. (2)The maturity date represents the anticipated repayment date for each issuance. (3)On January 9, 2026, the Company repaid the aggregate principal amount of the 2020-1C Tower Securities using borrowings from the then existing revolving credit facility. (4)The Company anticipates refinancing the 2021-1C Tower Securities prior to their maturity.
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| Schedule of Cash and Non-Cash Interest Expense |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest | | For the three months ended September 30, | | For the nine months ended September 30, | | | Rates as of | | 2026 | | 2025 | | 2026 | | 2025 | | | September 30, | | Cash | | Non-cash | | Cash | | Non-cash | | Cash | | Non-cash | | Cash | | Non-cash | | | 2026 | | Interest | | Interest | | Interest | | Interest | | Interest | | Interest | | Interest | | Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | (in thousands) | Revolving Credit Facility (1) | | 4.913% | | $ | 3,844 | | $ | — | | $ | 1,480 | | $ | — | | $ | 31,121 | | $ | — | | $ | 3,107 | | $ | — | 2024 Term Loan (1) | | — | | | 6,704 | | | 47 | | | 30,625 | | | 183 | | | 65,704 | | | 427 | | | 74,885 | | | 7,844 | 2019-1C Tower Securities | | 2.836% | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,306 | 3 | | — | 2020-1C Tower Securities | | 1.884% | | | — | | | — | | | 3,598 | | | — | | | 570 | | | — | | | 10,793 | | | — | 2020-2C Tower Securities | | 2.328% | | | 3,540 | | | — | | | 3,540 | | | — | | | 10,619 | | | — | | | 10,619 | | | — | 2021-1C Tower Securities | | 1.631% | | | 4,870 | | | — | | | 4,870 | | | — | | | 14,567 | | | — | | | 14,567 | | | — | 2021-2C Tower Securities | | 1.840% | | | 4,196 | | | — | | | 4,196 | | | — | | | 12,587 | | | — | | | 12,587 | | | — | 2021-3C Tower Securities | | 2.593% | | | 5,873 | | | — | | | 5,873 | | | — | | | 17,619 | | | — | | | 17,619 | | | — | 2022-1C Tower Securities | | 6.599% | | | 14,094 | | | — | | | 14,094 | | | — | | | 42,281 | | | — | | | 42,281 | | | — | 2024-1C Tower Securities | | 4.831% | | | 17,636 | | | — | | | 17,636 | | | — | | | 52,907 | | | — | | | 52,907 | | | — | 2024-2C Tower Securities (2) | | 4.654% | | | 7,293 | | | — | | | 7,293 | | | — | | | 21,880 | | | — | | | 21,880 | | | — | 2020 Senior Notes | | 3.875% | | | 14,531 | | | 104 | | | 14,531 | | | 100 | | | 43,594 | | | 308 | | | 43,594 | | | 296 | 2021 Senior Notes | | 3.125% | | | 11,719 | | | — | | | 11,719 | | | — | | | 35,156 | | | — | | | 35,156 | | | — | 2026-1 Senior Notes | | 4.875% | | | 12,431 | | | 449 | | | — | | | — | | | 12,431 | | | 449 | | | — | | | — | 2026-2 Senior Notes | | 5.150% | | | 13,133 | | | 411 | | | — | | | — | | | 13,133 | | | 411 | | | — | | | — | 2026-3 Senior Notes | | 5.450% | | | 8,236 | | | 191 | | | — | | | — | | | 8,236 | | | 191 | | | — | | | — | Other (3) | | | | | (1,260) | | | (17,647) | | | 699 | | | 284 | | | 717 | | | (14,973) | | | 2,658 | | | 2,008 | Total | | | | $ | 126,840 | | $ | (16,445) | | $ | 120,154 | | $ | 567 | | $ | 383,122 | | $ | (13,187) | | $ | 343,959 | | $ | 10,148 |
(1)On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the then existing revolving credit facility and the 2024 Term Loan. The interest rate shown reflects the interest rate that would be paid on borrowings under the new Revolving Credit Facility entered into on July 23, 2026. (2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement. (3)Other Cash interest expense for the three and nine months ended September 30, 2026 include $2.3 million of net cash receipts related to the Company’s interest rate swap agreements. Non-cash interest expense for the three and nine months ended September 30, 2026 include a $19.0 million gain related to the de-designation of the Company’s interest rate swaps. Refer to Note 17 for more information on the Company’s interest rate swaps.
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