2 unchanged sentences
We are exposed to market risk for changes in interest rates applicable to our borrowings and investments in money market funds.
−Removed: The Loan under the Credit Agreement accrues interest from and including the date the applicable advance is made but excluding the repayment date at a rate of the SOFR, plus 2.0% subject to a SOFR floor of 0.0%.
−Removed: Additionally, we had cash, cash equivalents, and restricted cash totaling $841.3 million as of December 31, 2024.
−Removed: Cash equivalents were invested in money market funds.
−Removed: The primary objectives of our investment activities are to preserve principal and achieve liquidity requirements.
−Removed: We do not enter into investments for trading or speculative purposes.
−Removed: A hypothetical 100 basis point change in interest rates applicable to the Loan under the Credit Agreement or with respect to our investment portfolio would not have had a material impact on the fair value of our portfolio for the periods presented and our future interest income and expense.
+Added: The Synovus Loan accrues interest from and including the date the applicable advance is made but excluding the repayment date at a rate of the SOFR, plus 2.0% subject to a SOFR floor of 0.0%.
+Added: As of December 31, 2025, we held cash, cash equivalents, and short-term investments totaling $1,964.7 million, primarily in money market funds, U.S.
+Added: treasuries and corporate bonds.
+Added: Our investment objectives are to preserve principal and maintain liquidity;
+Added: we do not invest for trading or speculative purposes.
+Added: A hypothetical 100 basis point change in interest rates applicable to the Synovus bank loan or with respect to our investment portfolio would not have had a material impact on the fair value of our portfolio for the periods presented and our future interest income and expense.
+Added: Financial instruments, which subject us to concentrations of credit risk, consist primarily of cash, cash equivalents and short-term investments.
+Added: Our cash, cash equivalents and short-term investments are held at several long-standing financial institutions located in the United States.
+Added: At times, cash account balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits ($250 thousand per depositor per institution).
+Added: We have not experienced any losses due to these excess deposits and believe this risk is not significant.
+Added: We have established guidelines regarding diversification of our investments and their maturities that are designed to preserve principal and achieve liquidity requirements.
+Added: We review these guidelines and modify them as necessary based on updated liquidity needs and changes in our operations and financial position.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.