Quantitative and Qualitative Disclosures about Market Risk
−Removed: We had no material derivative financial instruments or derivative commodity instruments as of September 30, 2025.
+Added: We had no material derivative financial instruments or derivative commodity instruments as of March 31, 2026.
We maintain our cash and cash equivalents in bank deposit accounts, money market funds, and short-term U.S.
9 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.
−Removed: To reduce our exposure to market risks from increases in interest rates on our variable rate indebtedness we have entered into hedging arrangements in the form of interest rate cap agreements.
−Removed: As further discussed in “Note 8.
−Removed: Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Quarterly Report, prior to December 31, 2024, an interest rate cap agreement provided us with interest rate protection in the event the one-month Term SOFR rate increases above 1.78%.
−Removed: In January 2025, upon the expiration of the prior agreement, we entered into a new interest rate cap agreement with a notional value of $50.0 million, which provides us with interest rate protection in the event that the Term SOFR rate exceeds 5.00%.
−Removed: This interest rate cap agreement will expire in June 2026.
+Added: For every 100 basis points increase in Term Secured Overnight Financing Rate, we would incur an incremental $900,000 in interest expense per year, excluding any impact offset from the interest rate cap agreement.
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.