Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 38

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 38
---
 on Balance Sheet              (in thousands)  Cash and cash equivalents $ 189,841  $ 208,547  $ 143,708  Cash and cash equivalentsSecuritization escrow accounts   1,200,025    31,852    35,820  Restricted cash - current assetPayment, performance bonds, and other   6,628    6,277    6,139  Restricted cash - current assetSurety bonds and workers compensation   4,163    4,270    3,616  Other assets - noncurrentTotal cash, cash equivalents, and restricted cash $ 1,400,657  $ 250,946  $ 189,283    Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes, and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Additionally, securitization escrow accounts include $1.165 billion held as of December 31, 2024 which was utilized to repay the 2019-1C Tower Securities on January 15, 2025.Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $6.4 million and $6.1 million held in escrow as of December 31, 2024 and 2023, respectively, related to the Company’s acquisition activities. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31