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As of December 31, 2025, we had outstanding variable rate debt of $765.3 million.
−Removed: At December 31, 2024, we had interest rate swap agreements with notional amounts totaling $402.5 million, expiring June 30, 2026.
−Removed: Under these swap agreements, we are required to make monthly fixed rate payments at annual rates ranging from 1.47% to 1.48% and the counterparties are obligated to make monthly floating rate payments to us based on one-month Term SOFR, each subject to a floor of 0.39%.
+Added: At December 31, 2025, we had interest rate swap agreements with notional amounts totaling $280.9 million and $119.5 million, expiring June 30, 2026 and June 26, 2029, respectively.
+Added: Please refer to Note 7 to our consolidated financial statements included within this Annual Report for more information on the interest rate swap agreements.
+Added: Under the amended October 2021 Agreements, expiring June 30, 2026, we are required to make monthly fixed rate payments at annual rates ranging from 1.47% to 1.48% and the counterparties are obligated to make monthly floating rate payments to us based on one-month Term SOFR, each subject to a floor of 0.39%.
+Added: Under the February 2025 Agreements, expiring June 26, 2029, we are required to make monthly fixed rate payments at annual rates ranging from 3.97% to 3.98% and the counterparties are required to make monthly floating rate payments to us based on one-month Term SOFR, each subject to a floor of 0.50%.
Although changes in the alternate base rate or Term SOFR would affect the cost of funds borrowed in the future, we believe the effect, if any, of reasonably possible near-term changes in interest rates on our variable rate debt on our consolidated financial position, results of operations or cash flows would not be material.
Based on the outstanding borrowings and impact of the interest rate swaps in place at December 31, 2025, a one percent change in the interest rate would result in a $3.8 million increase or decrease in our annual interest expense.
−Removed: We currently believe we have adequate liquidity to fund operations during the near term through the generation of operating cash flows, cash on hand and access to our Senior Secured Credit Facilities.
+Added: We currently believe we have adequate liquidity to fund operations during the near term through the generation of operating cash flows, cash on hand and access to our ABL Facilities.
Our ability to borrow funds under our ABL Facilities is subject to, among other things, the financial viability of the participating financial institutions.
4 unchanged sentences
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.