4 unchanged sentences
Interest Expense and Restricted Cash
−Removed: Our cash flow exposure due to changes in interest rates related to our IPv4 Notes, 2027 Mirror Notes and 2027 Notes is limited as these notes have fixed interest rates.
−Removed: Beginning in August 2021, we used a swap agreement to manage our interest rate risk on our 2026 Notes.
−Removed: Our Swap Agreement has the economic effect of modifying our fixed-interest rate obligation associated with our 2026 Notes to a variable interest rate obligation based on SOFR.
+Added: Our cash flow exposure due to changes in interest rates related to our 2032 Notes, IPv4 Notes, 2027 Mirror Notes and 2027 Notes is limited as these notes have fixed interest rates.
+Added: Beginning in August 2021, we used a swap agreement to manage our interest rate
+Added: Page 53 of 104
+Added: risk on our 2026 Notes.
+Added: Our Swap Agreement has the economic effect of modifying our fixed-interest rate obligation associated with our now extinguished 2026 Notes to a variable interest rate obligation based on SOFR.
The Swap Agreement is recorded at its fair value at each reporting period and we incur gains and losses due to changes in market interest rates.
−Removed: The values that we report for the Swap Agreement as of each reporting date are recognized as an additional non-cash interest expense or a reduction to interest expense with the corresponding amount included in liabilities or assets, respectively, in our consolidated balance sheets.
+Added: The values that we report for the Swap Agreement as of each reporting date are recognized as an additional interest expense or a reduction to interest expense with the corresponding amount included in liabilities or assets, respectively, in our consolidated balance sheets.
By entering into this Swap Agreement, we have assumed the risk associated with variable interest rates based upon SOFR related to our 2026 Notes.
−Removed: We have not entered into hedge agreements related to our IPv4 Notes, 2027 Mirror Notes or 2027 Notes, and we do not use derivative financial instruments for trading purposes.
+Added: We have not entered into hedge agreements related to our 2032 Notes, IPv4 Notes, 2027 Mirror Notes or 2027 Notes, and we do not use derivative financial instruments for trading purposes.
We have a $4.4 million interest-bearing deposit with the counterparty to our Swap Agreement.
−Removed: If the fair value of the Swap Agreement exceeds a net liability of $23.4 million, we will be required to deposit additional funds with the counterparty equal to the net liability that is in excess of the deposit.
As of December 31, 2025, the fair value of the Swap Agreement was a liability of $4.1 million, and as a result, $4.1 million of the deposit was restricted and $0.3 million was unrestricted.
−Removed: A 1.0% change in interest rates as of December 31, 2024 would impact the change in the valuation of our Swap Agreement by approximately $6.2 million.
+Added: A 1.0% change in interest rates as of December 31, 2025 would not materially impact the valuation of our Swap Agreement since it expired in February 2026.
Interest Income
13 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.