Leverage & Liquidity

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Debt-to-Equity Ratio $ Million (March 31, 2025)
Total Carrying Value of Debt Outstanding $4,722
Stockholders Equity $2,471
Debt-to-Equity Ratio 1.9x

Target debt-to-equity ratio: 1.5 – 2.0x

Liquidity and Capital Resources $1.3B1

As of March 31, 2025

1 Not updated for the repayment of the 0.00% $200M Exchangeable Senior Notes due 2025 in April 2025 ($221m including accreted interest)

2. Reflects $431m 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
2025¹ -- -- $448M
2026 $1B -- $24M
2027 $750M -- $234M
2028² -- $403M $134M
2029 -- -- --
2030 $375M -- --
2031 -- -- --
2032 -- -- --
2033 -- -- --
2034 $1B -- --

As of March 31, 2025

1. Pro forma for the repayment of the 0.00% $200M Exchangeable Senior Notes due 2025 in April 2025
2. Not updated for amounts drawn down for the repayment of the 0.00% $200M Exchangeable Senior Notes due 2025 in April 2025

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Debt Category $ Million (March 31, 2025)
Unsecured:
Senior Unsecured Notes $3,125
Exchangeable Notes $603
Credit Facilities $0
CarbonCount®-Based Term Loan Facilities $244
Green CarbonCount® Commercial Paper $431
Secured:
Secured Term Loan $165
Non-Recourse Debt $129
Total Debt Principal Outstanding $4,697
Debt Issuance Costs, Premiums/Discounts and Accrued Interest $25
Total Carrying Value of Debt Outstanding $4,722