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| Debt-to-Equity Ratio | $ million (September 30, 2025) |
|---|---|
| Total Carrying Value of Debt Outstanding | $5,189 |
| Stockholders Equity | $2,686 |
| Debt-to-Equity Ratio | 1.9x |
Target debt-to-equity ratio: 1.5 – 2.0x
Liquidity and Capital Resources $1.4b1
As of September 30, 2025
1. As of 9/30. Includes $250m Delayed Draw Term Loan executed in November 2025. This facility will be available to draw between March 16 of 2026 to June 15 of 2026.
2. Reflects $577m of revolving credit facility capacity reserved for stand-alone CP outstanding.
Maturity Schedule
| Year | Senior Unsecured Notes | Convertible Notes | Credit facilities, TLA and CP Program |
|---|---|---|---|
| 2025 | -- | -- | 577M |
| 2026 | 600M | -- | 119M |
| 2027 | 450M | -- | 234M |
| 2028 | -- | 403M | 295M |
| 2029 | -- | -- | -- |
| 2030 | 375M | -- | -- |
| 2031 | 600M | -- | -- |
| 2032 | -- | -- | -- |
| 2033 | -- | -- | -- |
| 2034 | 1B | -- | -- |
| 2035 | 400M | -- | -- |
As of September 30, 2025
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| Debt Category | $ million (September 30, 2025) |
|---|---|
| Unsecured: | |
| Senior Unsecured Notes | $3,425 |
| Exchangeable Notes | $403 |
| Credit Facilities | $161 |
| CarbonCount®-Based Term Loan Facilities | $238 |
| Green CarbonCount® Commercial Paper | $577 |
| Credit Enhanced Commercial Paper Note | $95 |
| Secured: | |
| Secured Term Loan | $159 |
| Non-Recourse Debt | $126 |
| Total Debt Principal Outstanding | $5,184 |
| Debt Issuance Costs, Premiums/Discounts and Accrued Interest | $6 |
| Total Carrying Value of Debt Outstanding | $5,189* |
Footnote:
*Figures might not add up due to rounding.