What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk

2025-08-13 compared with 2025-05-15 · 1 added, 1 removed, 9 unchanged (18% of the section changed)

4 unchanged sentences

We are exposed to risk associated with changes in interest rates.

As of March 31, 2025, $19.7 million of our outstanding debt was subject to floating interest rate risk.

As of June 30, 2025, $8.6 million of our outstanding debt was subject to floating interest rate risk.

While our senior secured term loan is subject to increases in interest rates, we do not believe that a short-term change in interest rates would have a material impact on our net income, given revenue generated by our share of the interest earned in our clients’ cash balances held at our clearing brokers, which is generally subject to the same, but offsetting interest rate risk.

3 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.