Debt

3 Months Ended

Mar. 31, 2025

Debt [Abstract]

Debt

10.DEBT

The principal balances, fair values, and carrying values of debt consist of the following:

		As of						As of
		March 31, 2025						December 31, 2024
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
		(in thousands)
2024 Term Loan	Jan. 25, 2031	$	2,277,000	$	2,279,846	$	2,255,225	$	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		725,048		748,802		750,000		726,038		748,425
2020-2C Tower Securities (1)	Jan. 11, 2028		600,000		515,640		597,490		600,000		516,342		597,273
2021-1C Tower Securities (1)	Nov. 9, 2026		1,165,000		1,006,956		1,161,037		1,165,000		1,008,331		1,160,436
2021-2C Tower Securities (1)	Apr. 9, 2027		895,000		762,719		891,338		895,000		763,757		890,896
2021-3C Tower Securities (1)	Oct. 9, 2031		895,000		678,222		888,487		895,000		679,144		888,260
2022-1C Tower Securities (1)	Jan. 11, 2028		850,000		870,145		843,821		850,000		878,475		843,321
2024-1C Tower Securities (1)	Oct. 9, 2029		1,450,000		1,451,305		1,438,360		1,450,000		1,453,292		1,437,978
2024-2C Tower Securities (1)	Oct. 8, 2027		620,000		618,884		615,362		620,000		618,698		615,017
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,461,420		1,493,827		1,500,000		1,440,270		1,493,039
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,370,625		1,492,425		1,500,000		1,353,750		1,491,963
Total debt		$	12,502,000	$	11,740,810	$	12,426,174	$	13,672,750	$	12,849,650	$	13,591,738
Less: current maturities of long-term debt							(771,802)						(1,187,913)
Total long-term debt, net of current maturities						$	11,654,372					$	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 March 31,
	Rates as of	2025				2024
	March 31,	Cash		Non-cash		Cash		Non-cash
	2025	Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	5.405%	$	704	$	—	$	2,469	$	—
2018 Term Loan	—		—		—		3,253		1,867
2024 Term Loan (1)	5.276%		13,864		6,752		12,979		4,947
2014-2C Tower Securities	3.869%		—		—		6,046		—
2019-1C Tower Securities	2.836%		1,306		—		8,357		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—
2021-1C Tower Securities	1.631%		4,846		—		4,846		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—
2022-1C Tower Securities	6.599%		14,093		—		14,093		—
2024-1C Tower Securities	4.831%		17,635		—		—		—
2024-2C Tower Securities (2)	4.654%		7,977		—		—		—
2020 Senior Notes	3.875%		14,531		98		14,531		95
2021 Senior Notes	3.125%		11,719		—		11,719		—
Other			266		1,498		890		1,534
Total		$	104,148	$	8,348	$	96,390	$	8,443

(1)The 2024 Term Loan has a blended rate of 5.276%, which includes the impact of the interest rate swaps. The weighted-average interest rate on the 2024 Term Loan was 2.429% for the three months ended March 31, 2025, which includes the impact of the then outstanding interest rate swap. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 6.080% as of March 31, 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. 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 March 31, 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
	March 31, 2025 (1)	March 31, 2025 (2)
Revolving Credit Facility	5.405%	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 months ended March 31, 2025 and 2024:

	For the three months
	ended March 31,
	2025		2024
	(in thousands)
Beginning outstanding balance	$	—	$	180,000
Borrowings		—		125,000
Repayments		—		(110,000)
Ending outstanding balance	$	—	$	195,000

Subsequent to March 31, 2025, the Company made no borrowings from the Revolving Credit Facility.

Term Loan under the Senior Credit Agreement

2024 Term Loan

During the three months ended March 31, 2025, the Company repaid an aggregate of $5.75 million of principal on the 2024 Term Loan. As of March 31, 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 March 31, 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.