Fixed Income
Fixed Income Supplemental
Debt Covenants
$ In Thousands
| Debt Covenant Type | Covenant | this is just a separator cell | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Maximum Leverage Ratio | <60% | 21%-27% | 21%-27% | 25%-28% | 25%-29% | 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 | $7,266,909 | $10,221,199 | $10,144,958 | $9,643,962 | $9,334,951 | $9,227,521 | |
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.18 to 1.00 | 5.19 to 1.00 | 4.98 to 1.00 | 4.87 to 1.00 | 4.93 to 1.00 | |
| Unencumbered Leverage Ratio | <60% | 22%-29% | 23%-29% | 26%-29% | 27%-30% | 27%-31% | |
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 5.70 to 1.00 | 5.70 to 1.00 | 5.62 to 1.00 | 5.50 to 1.00 | 5.44 to 1.00 |
Balance Sheet and Liquidity
Components of Liquidity
- +$1,250M Revolving Credit Facility
- +$560M Cash on Hand
<span>$1.8B Total Liquidity</span> (as of 7/16/2025)
Well-Staggered Debt Maturities
Debt Maturity Schedule <span>$ In Millions</span>
- 3.80% weighted average interest rate
- 3.7 years weighted average maturity
Well-Staggered Debt Maturities
Show Data
| Year | Secured | Unsecured Term Loan | Unsecured Notes |
|---|---|---|---|
| 2025 | -- | -- | $100 |
| 2026 | $67 | -- | -- |
| 2027 | $19 | $300 | $700 |
| 2028 | $14 | -- | $300 |
| 2029 | -- | -- | $600 |
| 2030 | -- | $400 | $400 |
| 2031 | $1 | -- | $400 |
| 2032+ | $3 | -- | $75 |
All information as of 6/30/2025 unless otherwise noted; See Fixed Income Supplemental for more detail.