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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt [Abstract] |
Debt | 10.DEBT The principal balances, fair values, and carrying values of debt consist of the following:
|  |  |  | As of |  | As of
|  |  |  | September 30, 2025 |  | December 31, 2024
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
|  |  |  | (in thousands)
Revolving Credit Facility |  | Jan. 25, 2029 |  | $ | 280,000 |  | $ | 280,000 |  | $ | 280,000 |  | $ | — |  | $ | — |  | $ | —
2024 Term Loan |  | Jan. 25, 2031 |  |  | 2,265,500 |  |  | 2,273,996 |  |  | 2,245,303 |  |  | 2,282,750 |  |  | 2,282,750 |  |  | 2,260,217
2019-1C Tower Securities (1)(2) |  | Jan. 12, 2025 |  |  | — |  |  | — |  |  | — |  |  | 1,165,000 |  |  | 1,128,803 |  |  | 1,164,913
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 722,858 |  |  | 749,562 |  |  | 750,000 |  |  | 726,038 |  |  | 748,425
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 514,080 |  |  | 597,928 |  |  | 600,000 |  |  | 516,342 |  |  | 597,273
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,003,915 |  |  | 1,162,248 |  |  | 1,165,000 |  |  | 1,008,331 |  |  | 1,160,436
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 852,488 |  |  | 892,228 |  |  | 895,000 |  |  | 763,757 |  |  | 890,896
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 676,164 |  |  | 888,946 |  |  | 895,000 |  |  | 679,144 |  |  | 888,260
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 867,510 |  |  | 844,847 |  |  | 850,000 |  |  | 878,475 |  |  | 843,321
2024-1C Tower Securities (1) |  | Oct. 9, 2029 |  |  | 1,450,000 |  |  | 1,446,926 |  |  | 1,439,433 |  |  | 1,450,000 |  |  | 1,453,292 |  |  | 1,437,978
2024-2C Tower Securities (1) |  | Oct. 8, 2027 |  |  | 620,000 |  |  | 624,340 |  |  | 616,197 |  |  | 620,000 |  |  | 618,698 |  |  | 615,017
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,477,635 |  |  | 1,495,427 |  |  | 1,500,000 |  |  | 1,440,270 |  |  | 1,493,039
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,410,000 |  |  | 1,493,362 |  |  | 1,500,000 |  |  | 1,353,750 |  |  | 1,491,963
Total debt |  |  |  | $ | 12,770,500 |  | $ | 12,149,912 |  | $ | 12,705,481 |  | $ | 13,672,750 |  | $ | 12,849,650 |  | $ | 13,591,738
Less: current maturities of long-term debt |  |  |  |  |  | (772,562) |  |  |  |  |  |  |  |  | (1,187,913)
Total long-term debt, net of current maturities |  |  |  |  | $ | 11,932,919 |  |  |  |  |  |  |  | $ | 12,403,825
(1)The maturity date represents the anticipated repayment date for each issuance. (2)On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities. ‎ The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:
|  | Interest |  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | Rates as of |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | September 30, |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2025 |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands) |  | (in thousands)
Revolving Credit Facility |  | 5.235% |  | $ | 1,480 |  | $ | — |  | $ | 1,982 |  | $ | — |  | $ | 3,107 |  | $ | — |  | $ | 7,611 |  | $ | —
2018 Term Loan |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,253 |  |  | 1,867
2024 Term Loan (1) |  | 5.253% |  |  | 30,625 |  |  | 183 |  |  | 16,072 |  |  | 6,747 |  |  | 74,885 |  |  | 7,844 |  |  | 45,670 |  |  | 18,381
2014-2C Tower Securities |  | 3.869% |  |  | — |  |  | — |  |  | 6,046 |  |  | — |  |  | — |  |  | — |  |  | 18,138 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | — |  |  | — |  |  | 8,357 |  |  | — |  |  | 1,306 |  |  | — |  |  | 25,072 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 10,793 |  |  | — |  |  | 10,793 | 95 |  | —
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 |  |  | — |  |  | — |  |  | — |  |  | 52,907 |  |  | — |  |  | — |  |  | —
2024-2C Tower Securities (2) |  | 4.654% |  |  | 7,977 |  |  | — |  |  | — |  |  | — |  |  | 23,932 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 100 |  |  | 14,531 |  |  | 92 |  |  | 43,594 |  |  | 296 |  |  | 43,594 |  |  | 274
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 35,156 |  |  | — |  |  | 35,156 |  |  | —
Other |  |  |  |  | 15 |  |  | 284 |  |  | 833 |  |  | 353 |  |  | 606 |  |  | 2,008 |  |  | 2,672 |  |  | 2,193
Total |  |  |  | $ | 120,154 |  | $ | 567 |  | $ | 95,711 |  | $ | 7,192 |  | $ | 343,959 |  | $ | 10,148 |  | $ | 289,632 |  | $ | 22,715
(1)The 2024 Term Loan has a blended rate of 5.253%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.920% as of September 30, 2025. Refer to Note 17 for more information on the Company’s interest rate swaps. (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. Senior Credit Agreement As of September 30, 2025, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Revolving Credit Facility under the Senior Credit Agreement The key terms of the Revolving Credit Facility are as follows:
|  |  |  | Unused
|  | Interest Rate |  | Commitment
|  | as of |  | Fee as of
|  | September 30, 2025 (1) |  | September 30, 2025 (2)
Revolving Credit Facility |  | 5.235% |  | 0.140%
(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2024. (2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2024. ‎ The table below summarizes the Company’s Revolving Credit Facility activity during the three and nine months ended September 30, 2025 and 2024:
|  | For the three months |  | For the nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Beginning outstanding balance |  | $ | 80,000 |  | $ | 120,000 |  | $ | — |  | $ | 180,000
Borrowings |  |  | 295,000 |  |  | 175,000 |  |  | 375,000 |  |  | 370,000
Repayments |  |  | (95,000) |  |  | (135,000) |  |  | (95,000) |  |  | (390,000)
Ending outstanding balance |  | $ | 280,000 |  | $ | 160,000 |  | $ | 280,000 |  | $ | 160,000
Subsequent to September 30, 2025, the Company borrowed $165.0 million and repaid $60.0 million under the Revolving Credit Facility, and as of the date of this filing, $385.0 million was outstanding. Term Loan under the Senior Credit Agreement 2024 Term Loan During the three and nine months ended September 30, 2025, the Company repaid an aggregate of $11.5 million and $17.3 million of principal on the 2024 Term Loan, respectively. As of September 30, 2025, the 2024 Term Loan had a principal balance of $2.3 billion. Secured Tower Revenue Securities On January 15, 2025, the Company repaid the entire aggregate principal amount of the 2019-1C Tower Securities ($1,165.0 million) and the 2019-1R Tower Securities ($61.4 million). As of September 30, 2025, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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