6 unchanged sentences
Our primary interest rate exposures relate to our floating rate debt obligations.
−Removed: Rent payments under our aircraft lease agreements typically do not vary during the term of the lease according to changes in interest rates.
+Added: Rent payments under our aircraft lease agreements typically do not vary
+Added: during the term of the lease according to changes in interest rates.
However, our borrowing agreements generally require payments based on a variable interest rate index, such as SOFR or an alternative reference rate.
−Removed: Therefore, to the extent our borrowing costs are not fixed, increases in interest rates may reduce our net income by increasing the cost of our debt without any corresponding increase in rents or cash flow from our securities.
+Added: Therefore, to the extent our borrowing costs are not fixed, increases in interest rates may reduce our net income by increasing the cost of our debt without any corresponding increase in rents or other lease payments.
Sensitivity Analysis
9 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.