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| Debt-to-Equity Ratio1 | $ million (March 31, 2026) |
|---|---|
| Total Carrying Value of Debt Outstanding (Debt for Leverage calculation) | $5,386 ($4,836) |
| Stockholders Equity (Equity for Leverage calculation) | $2,535 ($3,085) |
| Debt-to-Equity Ratio | 1.6x |
1. As measured by credit rating agencies (assuming 50% equity credit to Jr. Subordinated Notes)
Target debt-to-equity ratio: 1.5 – 2.0x
Liquidity and Capital Resources $2.3b
As of March 31, 2026
Maturity Schedule
| Year | Senior Unsecured Notes | Convertible Notes | Junior Subordinated Notes | Credit facilities, TLA and CP Program |
|---|---|---|---|---|
| 2025 | -- | -- | -- | -- |
| 2026 | 600M | -- | -- | 18M |
| 2027 | -- | -- | -- | 234M |
| 2028 | -- | 403M | -- | 134M |
| 2029 | -- | -- | -- | -- |
| 2030 | 375M | -- | -- | -- |
| 2031 | 600M | -- | -- | -- |
| 2032 | -- | -- | -- | -- |
| 2033 | -- | -- | -- | -- |
| 2034 | 1B | -- | -- | -- |
| 2035 | 400M | -- | -- | -- |
| 2036 | 400M | -- | -- | -- |
| ... | -- | -- | -- | -- |
| 2056 | -- | -- | 1.1B | -- |
As of March 31, 2026
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| Debt Category | $ million (March 31, 2026) |
|---|---|
| Unsecured: | |
| Senior Unsecured Notes | $3,375 |
| Exchangeable Notes | $403 |
| Junior Subordinated Notes | $1,100 |
| Credit Facilities | $0 |
| CarbonCount®-Based Term Loan Facilities | $231 |
| Green CarbonCount® Commercial Paper | $0 |
| Credit Enhanced Commercial Paper Note | $0 |
| Secured: | |
| Secured Term Loan | $155 |
| Non-Recourse Debt | $121 |
| Total Debt Principal Outstanding | $5,385 |
| Debt Issuance Costs, Premiums/Discounts and Accrued Interest | $(1) |
| Total Carrying Value of Debt Outstanding | $5,386* |
Footnote:
*Figures might not add up due to rounding.