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The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market interest rates.
−Removed: At December 31, 2024, our total indebtedness of approximately $1.2 billion included approximately $1.1 billion of variable-rate debt.
−Removed: The impact on the results of operations of a 25-basis point change in the interest rate on the outstanding balance of variable-rate debt at December 31, 2024, would be approximately $2.8 million per year.
+Added: As of December 31, 2025, our total indebtedness of approximately $1.1 billion included approximately $1.0 billion of variable-rate debt.
+Added: The impact on the results of operations of a 25-basis point change in the interest rate on the outstanding balance of variable-rate debt as of December 31, 2025, would be approximately $2.6 million per year.
Interest rate changes have no impact on the remaining $86.3 million of fixed-rate debt.
The above amounts were determined based on the impact of hypothetical interest rates on our borrowings and assume no changes in our capital structure.
−Removed: The information presented above includes those exposures that existed at December 31, 2024, but it does not consider exposures or positions that could arise after that date.
+Added: The information presented above includes those exposures that existed as of December 31, 2025, but it does not consider exposures or positions that could arise after that date.
Accordingly, the information presented herein has limited predictive value.
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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.