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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.