Summit Hotel Properties, Inc.

$50m committed across 1 active facility, next covenant test Sep 30, 2026. INN · INN-PE · INN-PF

Real Estate Investment Trusts

Recent changes

  1. Jun 30, 2026Summit Hotel Properties, Inc. signs $50m SECOND AMENDED AND RESTATED CREDIT AGREEMENTSEC ↗

Total leverage: when the limit steps, and which way the company's ratio has been moving.

7.40x6.74x6.08x
Tested quarterly14.1%ratio 6.23x, estimated, vs 7.25x limit in force at Jun 30, 20267.25x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor, a Leverage Ratio of not greater than 7.25 to 1.00.
Read the filing on sec.gov ↗
Tested quarterly33.0%ratio 2.66x, estimated, vs 2.00x limit in force at Jun 30, 20262.00x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor a ratio of Unencumbered Adjusted NOI to Assumed Unsecured Interest Expense ... equal to or greater than 2.00 to 1.00.
Read the filing on sec.gov ↗
Tested otherHeadroom not yet measured$1.67bn
Maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (A) $1,672,460,755, plus (B) an amount equal to 75% of the net cash proceeds of all issuances or sales of Equity Interests of the Parent Guarantor or any of its Subsidiaries consummated after March 31, 2026.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor, a Consolidated Fixed Charge Coverage Ratio of not less than 1.50 to 1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.45x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor, a ratio of Secured Indebtedness to Total Asset Value equal to not more than 45%.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.10x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor, a ratio of Secured Recourse Indebtedness to Total Asset Value equal to not more than 10%.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.60x
Maintain as of the last day of each fiscal quarter of the Parent Guarantor a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value ... less than or equal to 60%.
Read the filing on sec.gov ↗
Tested otherHeadroom not yet measured20.00
Maintain at all times at least twenty (20) Unencumbered Assets in the Unencumbered Asset Pool.
Read the filing on sec.gov ↗

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SECOND AMENDED AND RESTATED CREDIT AGREEMENT

Signed Jun 29, 2026

Committed
$50m
Matures
n/a
Agent
BANK OF AMERICA, N.A.
TrancheSizeMaturesMargin
Revolving Credit Facilityn/an/a140–230 bps
Term Loan Facilityn/an/a135–225 bps
Delayed Draw Term Loan Facility$50mn/a135–225 bps

Priced over Term SOFR (Revolving credit facility).

LevelConditionMarginUnused fee
Level I< 3.0:1.0140 bpsn/a
Level II≥ 3.0:1.0, but < 4.0:1.0145 bpsn/a
Level III≥ 4.0:1.0, but < 4.5:1.0150 bpsn/a
Level IV≥ 4.5:1.0, but < 5.0:1.0155 bpsn/a
Level V≥ 5.0:1.0, but < 5.5:1.0165 bpsn/a
Level VI≥ 5.5:1.0, but < 6.0:1.0180 bpsn/a
Level VII≥ 6.0:1.0, but < 6.5:1.0195 bpsn/a
Level VIII≥ 6.5:1.0230 bpsn/a
Level Unused Fee Tier 1> 50% Unused Revolving Credit Commitmentsn/a25 bps
Level Unused Fee Tier 2≤ 50% Unused Revolving Credit Commitmentsn/a20 bps

Priced over Term SOFR (Term Loan A, Delayed draw term loan).

LevelConditionMarginUnused fee
Level I< 3.0:1.0135 bpsn/a
Level II≥ 3.0:1.0, but < 4.0:1.0140 bpsn/a
Level III≥ 4.0:1.0, but < 4.5:1.0145 bpsn/a
Level IV≥ 4.5:1.0, but < 5.0:1.0150 bpsn/a
Level V≥ 5.0:1.0, but < 5.5:1.0160 bpsn/a
Level VI≥ 5.5:1.0, but < 6.0:1.0175 bpsn/a
Level VII≥ 6.0:1.0, but < 6.5:1.0190 bpsn/a
Level VIII≥ 6.5:1.0225 bpsn/a

Priced over Other (Delayed draw term loan).

§2.08(c)

Lenders: BOFA SECURITIES, INC., WELLS FARGO SECURITIES LLC, JPMORGAN CHASE BANK, N.A., REGIONS CAPITAL MARKETS, U.S. BANK NATIONAL ASSOCIATION, CAPITAL ONE, NATIONAL ASSOCIATION, THE HUNTINGTON NATIONAL BANK, TRUIST BANK, MANUFACTURERS & TRADERS TRUST COMPANY, BANK OF NOVA SCOTIA

No amendments on file yet.

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