Fixed Income
Fixed Income Supplemental
Debt Covenants
| Debt Covenant Type | Covenant | this is just a separator cell | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|
| Maximum Leverage Ratio | <60% | 21%-27% | 21%-27% | 21%-27% | 25%-28% | 25%-29% | |
| Maximum Secured Leverage Ratio | <40/45% | 1% | 1% | 1% | 1% | 1% | |
| Maximum Secured Recourse Debt | <15% | 0% | 0% | 0% | 0% | 0% | |
| Minimum Tangible Net Worth ($ in millions) | $7,267 | $10,125 | $10,221 | $10,145 | $9,644 | $9,335 | |
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.35 to 1.00 | 5.18 to 1.00 | 5.19 to 1.00 | 4.98 to 1.00 | 4.87 to 1.00 | |
| Unencumbered Leverage Ratio | <60% | 22%-29% | 22%-29% | 23%-29% | 26%-29% | 27%-30% | |
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 6.00 to 1.00 | 5.70 to 1.00 | 5.70 to 1.00 | 5.62 to 1.00 | 5.50 to 1.00 |
Balance Sheet and Liquidity
Components of Liquidity
- +$1,250M Revolving Credit Facility
- +$315M Cash on Hand
<span>$1.565B Total Liquidity</span> (as of 9/30/2025)
Well-Staggered Debt Maturities
Debt Maturity Schedule <span>$ In Millions</span>
- 3.70% weighted average interest rate
- 3.5 years weighted average maturity
Well-Staggered Debt Maturities
Show Data
| Year | Secured | Unsecured Term Loan | Unsecured Notes |
|---|---|---|---|
| 2025 | -- | -- | -- |
| 2026 | $67 | -- | -- |
| 2027 | $19 | $300 | $700 |
| 2028 | $14 | -- | $300 |
| 2029 | -- | -- | $600 |
| 2030 | -- | $400 | $400 |
| 2031 | $1 | -- | $400 |
| 2032+ | $3 | -- | $75 |
All information as of 9/30/2025 unless otherwise noted; See Fixed Income Supplemental for more detail.