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v3.25.3

Debt, Net | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instruments [Abstract] |
Debt, Net | Debt, Net Our debt consisted of the following ($ in thousands):
| September 30, |  | December 31,
| 2025 |  | 2024
Revolving credit facility - unsecured | $ | 100,000 |  |  | $ | 331,200 |
Bank term loan - unsecured | 125,000 |  |  | 200,000 |
2031 Senior Notes - unsecured, net of discount of $1,715 and $1,956, respectively | 398,285 |  |  | 398,044 |
2033 Senior Notes - unsecured, net of discount of $3,838 | 346,162 |  |  | — |
Private placement notes - unsecured | 150,000 |  |  | 150,000 |
Fannie Mae term loans - secured, non-recourse | — |  |  | 75,815 |
Unamortized debt issuance costs | (10,382) |  |  | (9,018) |
Total debt, net | $ | 1,109,065 |  |  | $ | 1,146,041 |
A summary of the aggregate principal maturities of our outstanding debt as of September 30, 2025 follows ($ in thousands):
Remainder of 2025 | $ | 175,000 |
2026 | — |
2027 | 100,000 |
2028 | 100,000 |
2029 | — |
2030 | — |
Thereafter | 750,000 |
Total principal amounts of debt outstanding | 1,125,000 |
Less: Unamortized debt issuance costs and discounts | (15,935) |
Total debt, net | $ | 1,109,065 |
Revolving Credit Facility and Bank Term Loan We have a $700.0 million unsecured revolving credit facility (the “Credit Facility”), which matures in October 2028, and may be extended by us pursuant to (i) one or both of the two six-month extension options or (ii) one 12-month extension option. On October 31, 2025, we amended the Credit Facility to remove the 0.10% credit spread adjustment applicable to the Secured Overnight Financing Rate (“SOFR”) interest rates, which will result in an effective decrease of 0.10% in the applicable interest rates with respect to the Credit Facility. Borrowings under the Credit Facility bear interest, at our election, at one of the following (a) Term SOFR plus a margin ranging from 0.725% to 1.40%, (b) Daily SOFR plus a margin ranging from 0.725% to 1.40% or (c) the base rate plus a margin ranging from 0.00% to 0.40%. In each election, the actual margin is determined according to our credit ratings. The base rate means, for any day, a fluctuating rate per annum equal to the highest of (x) the agent’s prime rate, (y) the federal funds rate on such day plus 0.50% or (z) the adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%. In addition, the Credit Facility requires a facility fee equal to 0.125% to 0.300%, based on our credit rating on the $700.0 million committed capacity without regard to usage. As of September 30, 2025, we had $600.0 million available to draw on the Credit Facility, subject to usual and customary covenants. Among other stipulations, our credit agreement requires that we maintain certain financial ratios within limits set by our creditors. As of September 30, 2025, we were in compliance with these covenants. We have an unsecured bank term loan (the “Bank Term Loan”) that bears interest at a variable rate which is SOFR-based with a margin determined according to our credit ratings. Concurrently with the amendment of the Credit Facility on October 31, 2025, we also amended the Bank Term Loan to remove the 0.10% credit spread adjustment applicable to the SOFR interest rates. In April 2025, we exercised the first of two six-month options to extend the maturity date to December 2025. In September 2025, we repaid $75.0 million on the Bank Term Loan. In October 2025, we exercised the remaining six-month option to extend the maturity date on the Bank Term Loan to June 2026. Pinnacle Bank is a participating member of our banking group. A member of our board of directors, who became the chairman of our board of directors effective in January 2025, is also the chairman of the board of directors of Pinnacle Financial Partners, Inc., the holding company for Pinnacle Bank. Our corporate banking transactions are conducted primarily through Pinnacle Bank. 2031 Senior Notes In January 2021, we issued $400.0 million in aggregate principal amount of 3.00% unsecured senior notes that mature in February 2031 (the “2031 Senior Notes”) and require semi-annual interest payments. The 2031 Senior Notes were sold at an issue price of 99.196% of face value before the underwriters’ discount. The 2031 Senior Notes are subject to affirmative and negative covenants, including financial covenants. As of September 30, 2025, we were in compliance with these covenants. 2033 Senior Notes On September 22, 2025, we issued $350.0 million in aggregate principal amount of 5.35% unsecured senior notes that mature in February 2033 (the “2033 Senior Notes”). The 2033 Senior Notes were sold at an issue price of 98.903% of face value, before the underwriters’ discount. Our net proceeds from the 2033 Senior Notes offering, after deducting underwriting discounts and expenses, were $342.5 million. We used the net proceeds to repay existing indebtedness. Interest on the 2033 Senior Notes is due semi-annually beginning in February 2026. The 2033 Senior Notes are subject to affirmative and negative covenants, including financial covenants. As of September 30, 2025, we were in compliance with these covenants. Private Placement Notes A summary of the principal amounts outstanding on our unsecured private placement notes as of September 30, 2025 follows ($ in thousands):
|  |  |  |  |  | Principal
|  |  |  | Interest |  | Amounts
Origination |  | Maturities |  | Rate |  | Outstanding
November 2015 |  | November 2025 |  | 4.33% |  | $ | 50,000 |
January 2015 |  | January 2027 |  | 4.51% |  | 100,000 |
Total private placement notes |  |  |  |  |  | $ | 150,000 |
The private placement notes have a fixed interest rate and require interest only payments up to the respective maturity dates. Covenants pertaining to the private placement notes are generally conformed with those governing our Credit Facility, except for specific debt coverage ratios that are more restrictive. Our private placement notes include a provision that increases the fixed annual interest rate if any rating agency lowers the credit rating on our unsecured senior debt below investment grade and our compliance leverage increases to 50.0% or more. On November 3, 2025, we repaid $50.0 million of the private placement notes upon maturity. Fannie Mae Term Loans In the second quarter of 2025, we repaid all of the Fannie Mae term loans, including accrued interest, which totaled $75.7 million. Interest Expense A summary of the components of interest expense follows ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense at contractual rates | $ | 13,108 |  |  | $ | 14,131 |  |  | $ | 40,529 |  |  | $ | 42,247 |
Capitalized interest | — |  |  | (65) |  |  | — |  |  | (152) |
Amortization of debt issuance costs and discounts |  |  |  |  |  |  |
and other | 658 |  |  | 873 |  |  | 2,575 |  |  | 2,568 |
Total interest expense | $ | 13,766 |  |  | $ | 14,939 |  |  | $ | 43,104 |  |  | $ | 44,663 |

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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