8 unchanged sentences
We have historically not experienced any losses in such accounts.
−Removed: We believe we are not exposed to any significant credit risk on cash and cash equivalents.
+Added: believe we are not exposed to any significant credit risk on cash and cash equivalents.
Due to the short-term duration of our investment portfolio, the low yield on the portfolio, and the low risk profile of our investments, a 10% increase or decrease in interest rates would not have a material impact on the fair value of our portfolio.
4 unchanged sentences
In the normal course of business, we employ established policies and procedures to manage our exposure to changes in interest rates.
−Removed: For every 100 basis points increase in Term SOFR, we would incur an incremental $1.0 million in interest expense per year, excluding any impact offset from the interest rate cap agreement.
+Added: For every 100 basis points increase in Term SOFR, we would incur an incremental $964,000 in interest expense per year, excluding any impact offset from the interest rate cap agreement.
To reduce our exposure to market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
The interest rate cap agreement, as further discussed in “Note 8.
−Removed: Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Annual Report, provided us with interest rate protection in the event the one-month Term SOFR rate increases above 1.78% and expired on December 31, 2024.
+Added: Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Annual Report, provided us with interest rate protection in the event that the one-month Term SOFR rate increases above 1.78% and expired on December 31, 2024.
In January 2025, we entered into a new interest rate cap agreement, with a notional value of $50.0 million, which will expire in June 2026.
1 unchanged sentence
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.