Fixed Income
Fixed Income Supplemental
Debt Covenants
| Debt Covenant Type | Covenant | this is just a separator cell | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|
| Maximum Leverage Ratio | <60% | 19%-25% | 24%-28% | 24%-28% | 23%-27% | 22%-27% | |
| Maximum Secured Leverage Ratio | <40/45% | 0% | 1% | 1% | 1% | 1% | |
| Maximum Secured Recourse Debt | <15% | 0% | 0% | 0% | 0% | 0% | |
| Minimum Tangible Net Worth ($ in millions) | $7,267 | $8,714 | $9,137 | $9,829 | $9,975 | $10,125 | |
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.34 to 1.00 | 5.38 to 1.00 | 5.30 to 1.00 | 5.09 to 1.00 | 5.35 to 1.00 | |
| Unencumbered Leverage Ratio | <60% | 20%-28% | 25%-29% | 25%-29% | 24%-29% | 23%-29% | |
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 6.15 to 1.00 | 5.95 to 1.00 | 5.97 to 1.00 | 6.03 to 1.00 | 6.03 to 1.00 |
Balance Sheet and Liquidity
Components of Liquidity
- +$1,250M Revolving Credit Facility
- +$424M Cash on Hand
<span>$1.6B Total Liquidity</span> (as of 9/30/2026)
Well-Staggered Debt Maturities
Debt Maturity Schedule <span>$ In Millions</span>
- 3.70% weighted average interest rate
- 2.9 years weighted average maturity
Well-Staggered Debt Maturities
Show Data
| Year | Secured | Revolver | Unsecured Term Loan | Unsecured Notes |
|---|---|---|---|---|
| 2026 | -- | -- | -- | -- |
| 2027 | $19 | -- | -- | $575 |
| 2028 | $14 | -- | -- | $300 |
| 2029 | -- | -- | -- | $600 |
| 2030 | -- | -- | $400 | $400 |
| 2031 | $1 | -- | -- | $400 |
| 2032 | -- | -- | -- | -- |
| 2033 | -- | -- | -- | -- |
| 2034 | -- | -- | -- | $75 |
| 2035+ | $3 | -- | -- | -- |
All information as of 9/30/2026 unless otherwise noted; See Fixed Income Supplemental for more detail.