As of September 30, 2026, Tri-State had $2.9 billion of long-term debt which consists of mortgage notes payable, pollution control revenue bonds and the Springerville certificates. The mortgage notes payable and pollution control revenue bonds are secured on a parity basis by a Master First Mortgage Indenture, Deed of Trust and Security Agreement (“Master Indenture”). Substantially all of Tri-State's assets, rents, revenues and margins are pledged as collateral. The Springerville certificates are secured by the assets of Springerville Unit 3. All long-term debt contains certain restrictive financial covenants, including a DSR requirement on an annual basis and an ECR requirement of at least 18 percent at the end of each fiscal year. Other than long-term debt for the Springerville certificates that has a DSR requirement of at least 1.02 on an annual basis, all other long-term debt contains a DSR requirement of at least 1.10 on an annual basis. A DSR below 1.025 under the Master Indenture would require Tri-State to transfer all cash to a special fund managed by the trustee of the Master Indenture.

Tri-State has a secured revolving credit facility with National Rural Utilities Cooperative Finance Corporation (“CFC”), as lead arranger and administrative agent, in the amount of $650 million ("2026 Credit Agreement") that expires on April 21, 2031, unless extended as provided therein, and includes swingline loan and letter of credit sublimits of $150 million each. As of September 30, 2026, Tri-State had $463 million in availability (including $145 million under the letter of credit sublimit) under the 2026 Credit Agreement.

Tri-State has a secured renewable revolving credit facility with CoBank, as lead arranger, and CFC, as administrative agent, in the amount of $250 million ("Renewable Revolving Credit Agreement") that expires on June 18, 2030. As of September 30, 2026, Tri-State had borrowed $189 million in adjusted Term SOFR rate loans and $61 million of availability remained.


	September 30, 2026		December 31, 2025
Total debt	$	2,937,156	$	3,188,697
Less debt issuance costs	(16,036)		(16,591)
Less debt discounts	(7,827)		(8,071)
Plus debt premiums	8,560		9,232
Total debt adjusted for debt issuance costs, discounts and premiums	2,921,853		3,173,268
Less current maturities	(61,879)		(80,052)
Long-term debt	$	2,859,974	$	3,093,216