10 unchanged sentences
government policies worldwide;
−Removed: vaccination and in-office requirements, delays in the delivery of network equipment or optical fiber, loss of key right-of-way agreements, future economic instability in the global economy, including the risk of economic recession and bank failures and liquidity concerns at certain other banks, which could affect spending on Internet services;
+Added: in-office requirements, delays in the delivery of network equipment or optical fiber, loss of key right-of-way agreements, future economic instability in the global economy, including the risk of economic recession and bank failures and liquidity concerns at certain other banks, which could affect spending on Internet services;
the impact of changing foreign exchange rates (in particular the Euro to US dollar and Canadian dollar to US dollar exchange rates) on the translation of our non-US dollar denominated revenues, expenses, assets and liabilities into US dollars;
31 unchanged sentences
The interest rate used in determining the present value was derived considering rates on similar issued debt instruments with comparable durations, among other market factors.
−Removed: The determination of the discount rate requires some judgment.
+Added: The determination of the discount rate required some judgment.
IP Transit Services Agreement
On the Closing Date, we entered into an agreement for IP transit services (“IP Transit Services Agreement”), pursuant to which TMUSA will pay us an aggregate of $700.0 million, consisting of (i) $350.0 million in equal monthly installments of $29.2 million per month during the first year after the Closing Date and (ii) $350.0 million in equal monthly installments of $8.3 million per month over the subsequent 42 months.
−Removed: Under the IP Transit Services Agreement, TMUSA paid us $25.0 million both during the three months ended March 31, 2026 and 2025.
+Added: Under the IP Transit Services Agreement, TMUSA paid us $33.3 million during the three months ended June 30, 2026 and $58.3 million during the six months ended June 30, 2026.
+Added: The $8.3 million payment scheduled for July 2026 was paid on June 30, 2026.
+Added: Under the IP Transit Services Agreement, TMUSA paid us $25.0 million during the three months ended June 30, 2025 and $50.0 million during the six months ended June 30, 2025.
We accounted for the Transaction as a business combination under ASC Topic 805 Business Combinations (“ASC 805”).
We evaluated what elements are part of the business combination and the consideration exchanged to complete the acquisition.
−Removed: Under ASC 805, we concluded that the $700.0 million of payments to be made represent consideration received from T-Mobile to complete the acquisition of a distressed business.
+Added: Under ASC 805, we concluded that the $700.0 million of payments to be made represented consideration received from T-Mobile to complete the acquisition of a distressed business.
We also evaluated whether the IP Transit Services Agreement was in the scope of ASU No.
3 unchanged sentences
The interest rate used in determining the present value was derived considering rates on similar issued debt instruments with comparable durations, among other market factors.
−Removed: The determination of the discount rate requires some judgment.
+Added: The determination of the discount rate required some judgment.
Competitive Advantages
3 unchanged sentences
We believe that the wireline telecom industry is undergoing, and will continue to face, significant price deflation for its applications and services.
−Removed: This price deflation is a result of a variety of factors including increased competition, enhanced substitutability of certain products and services and the continued impact of Moore’s Law, which has driven down the cost of technology, particularly for fiber optic Wavelength Division Multiplexing equipment and optically interfaced routers.
+Added: This price deflation is a result of a variety of factors including increased competition, enhanced substitutability of certain products and services and increased capabilities and greater efficiency in the technology used to provide services.
Faced with the backdrop of continued price deflation in our industry, we have made a series of discrete choices around our network design, operating strategy and product offerings that are consistent with our objective of becoming the low-cost operator in our industry.
2 unchanged sentences
● One IP Network Protocol.
−Removed: Upon our founding, we selected to operate our network that provides Internet - based services (our “IP Network”) solely using Ethernet protocol.
+Added: Upon our founding, we selected Ethernet protocol to operate our network that provides Internet - based services (our “IP Network”).
We made this selection in order to take advantage of the significantly greater installed base and lower cost of Ethernet network equipment versus other protocols, the substantially lower costs associated with operating and maintaining one network protocol and the continued benefits of the rapid price performance ratio improvements of Ethernet-related equipment.
−Removed: Our single network protocol allows us to avoid many of the costs that our competitors who operate circuit-switched, time-division multiplexing (“TDM”) and hybrid fiber coaxial networks incur related to provisioning, monitoring and maintaining multiple transport protocols.
−Removed: Selecting one operating protocol has positively impacted our operating overhead and the simplicity of our organization.
−Removed: We believe the
+Added: Our single network protocol allows us to avoid many of the costs that our competitors who operate circuit-switched, time-division multiplexing (“TDM”) and hybrid fiber
Page 29 of 55
−Removed: vast majority of our competitors currently operate their networks with multiple protocols, and we believe that attempts to upgrade their networks to one protocol would be operationally challenging and costly.
+Added: coaxial networks incur related to provisioning, monitoring and maintaining multiple transport protocols.
+Added: Selecting one operating protocol has positively impacted our operating overhead and the simplicity of our organization.
+Added: We believe the vast majority of our competitors currently operate their networks with multiple protocols, and we believe that attempts to upgrade their networks to one protocol would be operationally challenging and costly.
● Our IP Network .
7 unchanged sentences
● Optical Wave Network.
−Removed: Acquiring the Sprint Network has also allowed us to construct a wavelength network (our “Optical Wave Network”) predominantly using the fiber that is owned by Cogent Fiber and leased to our operating subsidiary, Cogent Communications, LLC under a long-term IRU.
+Added: Acquiring the Sprint Network has also allowed us to construct a wavelength network predominantly using the fiber that is owned by Cogent Fiber and leased to our operating subsidiary, Cogent Communications, LLC under a long-term IRU.
This enables us to expand our product offerings to include optical wavelength and optical transport services.
We are selling these services to our existing customers, customers acquired with the Cogent Fiber Business and to new customers who require dedicated optical transport connectivity without the capital and ongoing expenses associated with owning and operating network infrastructure.
−Removed: As of March 31, 2026, we offered this service in 1,107 wave-enabled locations in the United States, Mexico and Canada.
+Added: As of June 30, 2026, we offered this service in 1,137 wave-enabled locations in the United States, Mexico and Canada.
We believe our wavelength service has the advantages of unique routes, ubiquitous service locations, faster provisioning times and lower prices.
2 unchanged sentences
The vast majority of our revenue is driven by or related to our high-capacity, bi-directional, symmetric Internet access services which can be accessed on-net in multi-tenant office buildings (“MTOBs”) and carrier neutral data centers (“CNDCs”) or off-net through other carriers’ “last mile” connections to customer facilities.
−Removed: The addition of optical wave and optical transport services, our direct, virtual private network (“VPN”) connection to cloud providers services and our decision to continue to support MPLS based VPN services for our acquired customers are consistent with this strategy.
+Added: The addition of optical wave and optical transport services, our direct, virtual private network (“VPN”) connection to cloud providers services and our decision to continue to support MPLS based VPN services for our acquired former Sprint customers are consistent with this strategy.
Consistent with this strategy, we have pared, and continue to pare, non-core services acquired with the Cogent Fiber Business.
9 unchanged sentences
This replication strategy provides us scale benefits in equipment purchases, training, and maintenance.
−Removed: Page 28 of 46
● Greater Control and Superior Delivery .
5 unchanged sentences
It also allows us to provision services more quickly and efficiently than provisioning services on a third-party carrier network.
+Added: Page 30 of 55
The vast majority of our on-net Internet and VPN services can be installed in less than two weeks, which is materially faster than the installation times for some of our incumbent competitors.
6 unchanged sentences
With respect to our optical wave services, we believe that our optical wave network offers advantages over other optical networks through its location along railroad rights of way and burial deeper than industry norms.
−Removed: We believe these two factors result in fewer cable cuts, and, as result, fewer service interruptions.
+Added: We believe these two factors result in fewer cable cuts, and, as result, fewer service interruptions and a more reliable product offering.
● Large Addressable Market.
12 unchanged sentences
Our Cogent data centers, including our Cogent Edge data centers, are directly connected to our network and operate across the United States and in Europe, and comprise 1.5 million square feet of floor space, and 155 MW of power.
−Removed: Page 29 of 46
We believe that these network points of presence strategically position our networks to attract high levels of Internet traffic and maximize our revenue opportunities and profitability.
6 unchanged sentences
● 8,957 enterprise customer connections.
+Added: Page 31 of 55
Because of the number of customers who distribute (content providers) and receive (access networks) content on our IP Network, we believe that the majority of all the traffic remains “on-net” by both originating and terminating on our IP Network.
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In conjunction with our acquisition of the Cogent Fiber Business, we acquired a number of larger enterprise customers.
−Removed: We have continued to provide our core services to enterprise customers and
−Removed: Page 30 of 46
−Removed: elected to provide MPLS based VPN as well as VPLS services, a new service for these customers, but continue to terminate unprofitable services to these customers at the end of their current term.
+Added: We have continued to provide our core services to these enterprise customers and elected to provide MPLS based VPN as well as VPLS services, a new service for these customers, but continue to terminate unprofitable services to these customers at the end of their current term.
We have also elected to terminate certain unprofitable customer locations and, in limited circumstances, ceased providing services in certain countries where we could not do so economically.
−Removed: We have not previously focused our sales efforts on larger enterprise customers.
−Removed: Since the acquisition of the Cogent Fiber Business, we have formed dedicated sales personnel who are tasked with preserving existing business with and seeking new sales from enterprise customers.
Increase our Share of the Net-Centric IP Market .
4 unchanged sentences
● High capacity and reliability – We offer 100 Mbps to 100 Gbps ports in all of the CNDCs and 400 Gbps in selected locations on our IP Network, which differentiates the capacity choices we provide our net-centric customers;
+Added: Page 32 of 55
● Balanced customer base for IP services – Our leading share of content providers and access networks increases the amount of traffic that originates and terminates on our IP Network thereby reducing latency and enhancing reliability;
17 unchanged sentences
Pursue On-net Customer Growth to Corporate and Net - Centric Customers.
−Removed: Our high- capacity networks provide us with the ability to add a significant number of customers to either network, depending on the service offering, with minimal direct incremental
−Removed: Page 31 of 46
+Added: Our high- capacity networks provide us with the ability to add a significant number of customers to either network, depending on the service offering, with minimal direct incremental costs.
We intend to increase usage of our networks and operational infrastructure by adding customers in our existing on-net buildings, as well as developing additional markets connecting more MTOBs and CNDCs to our IP Network and connecting more CNDCs to our optical wave network.
8 unchanged sentences
In addition, when consistent with their job description and responsibilities, we require all of our employees to work in the office on a full-time basis, thereby providing additional opportunities for management coaching and oversight in order to increase productivity.
+Added: Page 33 of 55
Expand our Off-net Corporate and Enterprise Internet Access and VPN Business .
4 unchanged sentences
Expand our Product Offerings to Include Wavelength and Optical Transport Services .
−Removed: In connection with our acquisition of the Cogent Fiber Business, we expanded our offerings to include optical wavelength and optical transport services over our Optical Wave Network.
+Added: In connection with our acquisition of the Cogent Fiber Business, we expanded our service offerings to include optical wavelength and optical transport services over our optical wave network.
We are selling these services to our existing customers, customers acquired with the Cogent Fiber Business and to new customers who require dedicated optical transport connectivity without the capital and ongoing expenses associated with owning and operating network infrastructure.
−Removed: As of March 31, 2026, we offered wavelength services in 1,107 wave-enabled locations in the United States, Mexico and Canada.
+Added: As of June 30, 2026, we offered wavelength services in 1,137 wave-enabled locations in the United States, Mexico and Canada.
We believe our wavelength service has the advantages of unique routes, ubiquitous service locations, faster provisioning times and lower prices.
2 unchanged sentences
We evaluated the suitability of these facilities for conversion to commercial data center space and began repurposing suitable facilities.
−Removed: Repurposing these facilities included removing unused, obsolete equipment and racks, converting many locations from DC power to AC power, and upgrading or installing new HVAC systems, uninterruptable power supplies, backup generators and fire suppression systems as well as other structural changes.
−Removed: By March 31, 2026, we had converted the former Sprint facilities into 53 Cogent data centers and 86 Cogent edge data centers.
+Added: Repurposing these facilities included removing unused, obsolete equipment and racks, converting many locations from DC power to AC power, and upgrading or installing new HVAC systems, uninterruptible power supplies, backup generators and fire suppression systems as well as other structural changes.
+Added: By June 30, 2026, we had converted the former Sprint facilities into 52 Cogent data centers and 87 Cogent edge data centers.
In connection with this conversion process, we also decommissioned certain legacy Cogent data centers.
4 unchanged sentences
We currently own approximately 38 million IPv4 addresses.
−Removed: As of March 31, 2026, we were leasing 15.2 million of our IPv4 addresses to our customers on contracts with service terms ranging from one month to five years.
+Added: As of June 30, 2026, we were leasing 15.2 million of our IPv4 addresses to our customers on contracts with service terms ranging from one month to five years.
We intend to continue to lease IPv4 addresses to our customers as well as explore alternatives for monetizing our IPv4 address inventory.
Monetize Acquired Data Center Facilities .
−Removed: We are actively marketing the sale or lease of 24 data center facilities acquired in the Transaction.
+Added: On June 29, 2026, we completed the sale of ten owned data center buildings and the associated land (the “Data Centers”) for a gross sales price of $225.0 million, paid in cash in full at closing.
+Added: The Data Centers were acquired on May 1, 2023 in connection with our acquisition of the Cogent Fiber business.
+Added: The net proceeds from the sale were $224.2 million and the net book value of the Data Centers was $93.4 on the closing date, resulting in a gain of $130.7 million.
+Added: We are actively marketing the sale or lease of the remaining 14 of 24 data center facilities originally acquired in the Transaction and identified to be sold.
Page 34 of 55
Results of Operations
−Removed: Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality and variability of our service revenue, operating results and cash flows.
−Removed: The following summary tables present a comparison of our results of operations with respect to certain key financial measures.
−Removed: The comparisons illustrated in the tables are discussed in greater detail below.
+Added: The following summary table presents a comparison of our results of operations with respect to certain key financial measures.
+Added: The comparisons illustrated in the table are discussed in greater detail below.
Three Months Ended
5 unchanged sentences
Interest income – IP Transit Services Agreement
+Added: Gains on sale of data center and other assets
+Added: Gain on debt extinguishment – 2032 Notes
+Added: Loss on debt extinguishment and redemption – 2026 Notes
Interest expense, including change in valuation of interest rate swap agreement
−Removed: Income tax benefit
−Removed: (1) Includes non-cash equity-based compensation expenses of $319 and $490 in the three months ended March 31, 2026 and 2025, respectively.
−Removed: (2) Includes non-cash equity-based compensation expenses of $7,244 and $7,523 in the three months ended March 31, 2026 and 2025, respectively.
+Added: Income tax (provision) benefit
+Added: (1) Includes non-cash equity-based compensation expenses of $97 and $506 in the three months ended June 30, 2026 and 2025, respectively.
+Added: (2) Includes non-cash equity-based compensation expenses of $7,545 and $4,158 in the three months ended June 30, 2026 and 2025, respectively.
+Added: NM – not meaningful
Service Revenue.
5 unchanged sentences
In the net-centric market, we offer comparable services in terms of capacity but typically at significantly lower prices.
−Removed: Our service revenue decreased by 3.2% from the three months ended March 31, 2025 to the three months ended March 31, 2026.
−Removed: Exchange rates positively impacted our service revenue from the three months ended March 31, 2025 to the three months ended March 31, 2026 by $3.4 million.
−Removed: Our total service revenue decreased from the cancellation of low margin and non-core customers we acquired with the Cogent Fiber Business partially offset by the growth in customers from expanding our network, increasing our wavelength service revenue, adding additional buildings to our network, increasing our penetration into the buildings connected to our network and gaining market share by offering our services at lower prices than our competitors.
+Added: Our service revenue decreased by 4.3% from the three months ended June 30, 2025 to the three months ended June 30, 2026.
+Added: The decrease was primarily driven by cancellations of low margin and non-core customers we acquired with the Cogent Fiber Business partially offset by the growth in customers from expanding our network, increasing our wavelength service revenue, adding additional buildings to our network, increasing our penetration into the buildings connected to our network and gaining market share by offering our services at lower prices than our competitors.
+Added: Exchange rates positively impacted our service revenue from the three months ended June 30, 2025 to the three months ended June 30, 2026 by $0.7 million.
+Added: Page 35 of 55
Revenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees.
We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our condensed consolidated statements of comprehensive income.
−Removed: The impact of these taxes including the Universal Service Fund resulted in a decrease to our revenues of $0.7 million from the three months ended March 31, 2025 to the three months ended March 31, 2026.
−Removed: Page 33 of 46
+Added: The impact of these taxes including the Universal Service Fund resulted in a decrease to our revenues of $1.1 million from the three months ended June 30, 2025 to the three months ended June 30, 2026.
Three Months Ended
13 unchanged sentences
Our enterprise customers generally purchase our services on a price per location basis.
−Removed: We believe that we are in a unique position to monetize the Cogent Fiber Business and its network, and we expect to achieve significant cost reduction synergies and revenue synergies from the Transaction.
+Added: We believe that we are in a unique position to monetize the Cogent Fiber Business and its network, and we have achieved significant cost reduction synergies and revenue synergies from the Transaction.
On the Closing Date, with the Cogent Fiber Business we acquired:
1 unchanged sentence
● 5,711 net-centric customer connections, and
+Added: Page 36 of 55
● 23,209 enterprise customer connections.
2 unchanged sentences
● $12.9 million of monthly recurring revenue as corporate revenue, and
−Removed: Page 34 of 46
● $6.5 million of monthly recurring revenue as net-centric revenue.
−Removed: Revenues from our corporate, net-centric and enterprise customers represented 42.3%, 44.2% and 13.5% of total service revenue, respectively, for the three months ended March 31, 2026 and represented 44.8%, 37.5% and 17.7% of total service revenue, respectively, for the three months ended March 31, 2025.
+Added: Revenues from our corporate, net-centric and enterprise customers represented 41.9%, 45.6% and 12.5% of total service revenue, respectively, for the three months ended June 30, 2026 and represented 44.3%, 39.5% and 16.2% of total service revenue, respectively, for the three months ended June 30, 2025.
Our revenue from our corporate customers decreased primarily due to cancellations of low margin and non-core corporate customers acquired with the Cogent Fiber Business.
−Removed: Our corporate customers take advantage of our superior speeds, greater aggregate throughput, service levels and installation times versus our competitors.
−Removed: During the three months ended March 31, 2026, we continued to see declining vacancy rates compared to their peak during the COVID-19 pandemic and rising office occupancy rates in certain markets in which we operate continuing a trend that began following the end of the COVID-19 pandemic.
−Removed: Other markets, particularly those in California, Washington D.C.
−Removed: and the Pacific Northwest, continue to see markedly higher vacancy rates.
−Removed: These higher vacancy rates may represent a long-term change in office attendance and occupancy rates in these markets.
−Removed: Despite this overall environment, we are seeing some positive trends in our corporate business.
−Removed: As the option to fully or partially work from home becomes permanently established at many companies, our corporate customers are integrating some of the new applications that became part of the remote work environment, which benefits our corporate business as these customers upgrade their Internet access infrastructure to higher capacity connections.
−Removed: Further, if and when companies eventually return to the buildings in which we operate, we believe it will present an opportunity for increased sales.
−Removed: However, the exact timing and path of these positive trends remains uncertain.
+Added: Our corporate customers take advantage of our superior speeds, greater aggregate throughput, service levels and installation times compared to our competitors.
+Added: Many companies have adopted a flexible work schedule permitting employees to fully or partially work from home.
+Added: While these trends have adversely impacted overall occupancy rates, the impact of these vacancies have been partially offset by our corporate customers who are integrating some of the new applications that became part of the remote work environment, which benefits our corporate business as these customers upgrade their Internet access infrastructure to higher capacity connections.
+Added: If and when companies discontinue flexible and remote work policies, they may return to the buildings in which we operate, and we believe it will present an opportunity for increased sales.
Our revenue from our net-centric customers increased, primarily due to growth in network traffic from our legacy net-centric customers partly offset by a reduction in revenue from net-centric customers acquired with the Cogent Fiber Business.
1 unchanged sentence
The net-centric market exhibits significant pricing pressure due to the continued introduction of new technology, which lowers the marginal cost of transmission and routing, and the commodity nature of the service where price is typically the only differentiating factor for these customers.
−Removed: Our average price per megabit of our installed base of customers decreased by 36.1% from the three months ended March 31, 2025 to the three months ended March 31, 2026.
+Added: Our average price per megabit of our installed base of customers decreased by 34.4% from the three months ended June 30, 2025 to the three months ended June 30, 2026.
The impact of foreign exchange rates has a more significant impact on our net-centric revenues.
Our revenue from our enterprise customers decreased primarily due to a reduction in revenue from low-margin and non-core enterprise customers acquired with the Cogent Fiber Business.
−Removed: Revenue and customer connections by network connection type.
On the Closing Date, we classified the total $39.5 million of monthly Cogent Fiber Business revenue as:
6 unchanged sentences
● 20,516 non-core customer connections.
−Removed: Revenues from our on-net, off-net, wavelength and non-core customers represented 56.7%, 37.2%, 5.7% and 0.4% of total service revenue, respectively, for the three months ended March 31, 2026 and represented 52.5%, 43.4%, 2.9% and 1.2% of total service revenue, respectively, for the three months ended March 31, 2025.
+Added: Revenues from our on-net, off-net, wavelength and non-core customers represented 57.4%, 35.9%, 6.3% and 0.4% of total service revenue, respectively, for the three months ended June 30, 2026 and represented 53.7%, 41.5%, 3.7% and 1.1% of total service revenue, respectively, for the three months ended June 30, 2025.
Page 37 of 55
−Removed: Our on-net revenues increased from the three months ended March 31, 2025 to the three months ended March 31, 2026, primarily from an increase in revenues from our legacy Cogent customers.
−Removed: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber acquisition, only 6.3% was on-net revenue.
−Removed: Our off-net revenues decreased from the three months ended March 31, 2025 to the three months ended March 31, 2026 primarily from cancellations of low-margin off-net customers and off-net customers in unlicensed markets that we acquired with the Cogent Fiber Business.
−Removed: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber acquisition, 81.7% was off-net revenue.
+Added: Our on-net revenues increased from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily from an increase in revenues from our legacy Cogent customers.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, only 6.3% was on-net revenue.
+Added: Our off-net revenues decreased from the three months ended June 30, 2025 to the three months ended June 30, 2026 primarily from cancellations of low-margin off-net customers that we acquired with the Cogent Fiber Business.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, 81.7% was off-net revenue.
In connection with our acquisition of the Cogent Fiber Business, we expanded our offerings of optical wavelength and optical transport services over our fiber network.
−Removed: Wavelength revenue was $13.6 million for the three months ended March 31, 2026 and $7.1 million for the three months ended March 31, 2025.
−Removed: Our non-core revenues decreased from the three months ended March 31, 2025 to the three months ended March 31, 2026 from the cancellation of non-core revenues acquired in the Cogent Fiber Business.
+Added: Wavelength revenue was $14.8 million for the three months ended June 30, 2026 and $9.1 million for the three months ended June 30, 2025.
+Added: Our non-core revenues decreased from the three months ended June 30, 2025 to the three months ended June 30, 2026 from the cancellation of non-core revenues acquired in the Cogent Fiber Business.
Non-core services are services, which we acquired and continue to support but do not actively sell.
−Removed: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber acquisition, we classified 11.9% as non-core revenue.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, we classified 11.9% as non-core revenue.
Network Operations Expenses.
4 unchanged sentences
Selling, General, and Administrative (“SG&A”) Expenses.
−Removed: Our SG&A expenses, including non-cash equity-based compensation expense, decreased by 2.1% from the three months ended March 31, 2025 to the three months ended March 31, 2026.
−Removed: Our decrease in SG&A operations expense was primarily attributable to our efforts to reduce SG&A costs related to our acquisition of the Cogent Fiber Business.
−Removed: These costs primarily include compensation and related costs.
+Added: Our SG&A expenses, including non-cash equity-based compensation expense, increased by 11.0% from the three months ended June 30, 2025 to the three months ended June 30, 2026.
+Added: Our increase in SG&A operations expense was primarily attributable to increases in the amortization of prepaid commissions costs, certain property related taxes and a $2.8 million increase in non-cash equity-based compensation expense.
Non-cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee’s salary and other compensation.
1 unchanged sentence
Our depreciation and amortization expense decreased by 29.7%.
−Removed: The decrease was primarily due to assets acquired with the Cogent Fiber Business becoming fully depreciated, in particular acquired network equipment assets, more than offsetting the increase in our deployed fixed assets.
+Added: The decrease was primarily due to assets acquired with the Cogent Fiber Business becoming fully depreciated, in particular acquired network equipment assets and assets sold with the sale of ten data centers, more than offsetting the increase in our deployed fixed assets.
Interest Income - IP Transit Services Agreement.
1 unchanged sentence
The IP Transit Services Agreement was recorded in connection with the Transaction at its discounted present value resulting in a discount of $79.6 million.
−Removed: The amortization of the discount resulted in interest income of $3.1 million for the three months ended March 31, 2026 and $4.7 million for the three months ended March 31, 2025.
+Added: The amortization of the discount resulted in interest income of $2.7 million for the three months ended June 30, 2026 and $4.3 million for the three months ended June 30, 2025.
+Added: Gains on Sale of Data Center and Other Assets.
+Added: On June 29, 2026, we completed the sale of ten owned data center buildings and the associated land (the “Ten Data Centers”) for net proceeds of $224.2 million, paid in cash in full at closing.
+Added: The Ten Data Centers were acquired on May 1, 2023 in connection with our acquisition of the Cogent Fiber business.
+Added: The net book value of the Ten Data Centers was $93.4 million on the closing date, resulting in a gain of $130.7 million included in the total gain of $132.0 million for the three months ended June 30, 2026.
+Added: Gain on Debt Extinguishment – 2032 Notes.
+Added: In June 2026, we paid $19.3 million to repurchase $20.4 million of our $600.0 million 6.50% Senior Secured Notes due 2032 (the “2032 Notes”) at an average price of $91.955 .
+Added: In connection with these purchases we recognized a gain of $1.6 million in the three months ended June 30, 2026.
+Added: Loss on Debt Extinguishment and Redemption – Former 2026 Notes .
+Added: On June 17, 2025 we issued our 2032 Notes.
+Added: Our 2032 Notes were issued in connection with the extinguishment of our $500.0 million aggregate principal amount of our 3.50% Senior Secured Notes due 2026 (the “Former 2026 Notes”).
+Added: The net proceeds from the 2032 Notes offering were $597.8 million after
+Added: Page 38 of 55
+Added: deducting offering expenses.
+Added: We used $507.3 million of the net proceeds from the 2032 Notes offering to redeem in full, and satisfy and discharge our obligations under the Former 2026 Notes.
+Added: The obligations under the Former 2026 Notes included the $500.0 million principal amount, a $5.0 million settlement payment and $2.2 million of accrued interest.
+Added: As a result of the redemption of the Former 2026 Notes we incurred a loss on debt extinguishment of $5.6 million in the three months ended June 30, 2025.
Interest Expense - Including Change in Valuation of Swap Agreement .
Our interest expense resulted from interest incurred on our:
−Removed: ● $500.0 million 2026 Notes issued in May 2021 until they were extinguished on June 17, 2025,
−Removed: ● $600.0 million 2032 Notes issued on June 17, 2025 in connection with the extinguishment of our 2026 Notes,
+Added: ● $500.0 million Former 2026 Notes issued in May 2021 until they were extinguished on June 17, 2025,
+Added: ● $600.0 million 2032 Notes, (reduced to $579.6 million as of June 30, 2026), issued on June 17, 2025 in connection with the extinguishment of $20.4 million of our Former 2026 Notes,
● $174.4 million of 6.646% New IPv4 Notes issued in April 2025 and our $206.0 million of 7.924% Existing IPv4 Notes issued in May 2024 (collectively the “IPv4 Notes”),
1 unchanged sentence
● $450.0 million of 7.00% Senior Unsecured Notes due 2027 issued in June 2022 (the “2027 Notes”),
−Removed: Page 36 of 46
● Our interest rate swap agreement until it expired in February 2026;
● Our finance lease obligations.
−Removed: Our interest expense increased by 28.2% from the three months ended March 31, 2025 to the three months ended March 31, 2026.
−Removed: Our interest expense increased primarily due to the April 2025 issuance of our New IPv4 Notes, the June 2025 issuance of our 2032 Notes issued for $100.0 million of additional principal amount and at a higher interest rate compared to our extinguished 2026 Notes and our final $4.1 million payment on our interest rate swap agreement in February 2026.
−Removed: Income Tax Benefit.
−Removed: Our income tax benefit was $11.4 million for the three months ended March 31, 2026 and $18.2 million for the three months ended March 31, 2025.
−Removed: The change in our income tax benefit is primarily related to projected operating results related to the Cogent Fiber Business acquisition and the reversal of deferred tax liabilities acquired with the Cogent Fiber Business.
+Added: Our interest expense increased by 10.0% from the three months ended June 30, 2025 to the three months ended June 30, 2026.
+Added: Our interest expense increased primarily due to the April 2025 issuance of our New IPv4 Notes and the June 2025 issuance of our 2032 Notes issued for $100.0 million of additional principal amount and at a higher interest rate compared to our extinguished Former 2026 Notes.
+Added: Income Tax (Provision) Benefit.
+Added: Our income tax provision was $16.5 million for the three months ended June 30, 2026.
+Added: Our income tax benefit of $16.7 million for the three months ended June 30, 2025.
+Added: The change was primarily related to projected operating results related to the Cogent Fiber Business acquisition, the reversal of deferred tax liabilities acquired with the Cogent Fiber Business and the impact of the gain on the sale of the Ten Data Centers in the three months ended June 30, 2026.
Buildings On-net.
−Removed: As of March 31, 2026 and 2025, we had a total of 3,605 and 3,500 on-net buildings connected to our network, respectively.
+Added: As of June 30, 2026 and 2025, we had a total of 3,627 and 3,529 on-net buildings connected to our network, respectively.
The increase in our on-net buildings was a result of our disciplined network expansion program.
We anticipate adding a similar number of buildings to our network for the next several years.
+Added: Page 39 of 55
+Added: Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
+Added: Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality and variability of our service revenue, operating results and cash flows.
+Added: The following summary tables present a comparison of our results of operations with respect to certain key financial measures.
+Added: The comparisons illustrated in the tables are discussed in greater detail below.
+Added: Six Months Ended
+Added: (in thousands)
+Added: Service revenue
+Added: Network operations expenses (1)
+Added: Selling, general, and administrative (“SG&A”) expenses (2)
+Added: Depreciation and amortization expenses
+Added: Interest income – IP Transit Services Agreement
+Added: Gains on sale of data center and other assets
+Added: Gain on debt extinguishment – 2032 Notes
+Added: Loss on debt extinguishment and redemption – 2026 Notes
+Added: Interest expense, including change in valuation of interest rate swap agreement
+Added: Income tax (provision) benefit
+Added: (1) Includes non-cash equity-based compensation expenses of $416 and $996 in the six months ended June 30, 2026 and 2025, respectively.
+Added: (2) Includes non-cash equity-based compensation expenses of $14,789 and $11,681 in the six months ended June 30, 2026 and 2025, respectively.
+Added: NM – not meaningful
+Added: Service Revenue.
+Added: We continually work to grow our total service revenue by increasing the number of potential customers that we can reach on our IP Network and our optical wave network.
+Added: We do this by investing capital to expand the geographic footprint of our network, increasing the number of buildings connected to our network, including CNDCs and MTOBs, and increasing our penetration rate into our existing buildings.
+Added: These efforts broaden the global reach of our network and increase the size of our potential addressable market.
+Added: We also seek to grow our service revenue by investing in our sales and marketing team.
+Added: We typically sell corporate connections at similar pricing to our competitors, but our customers benefit from our significantly faster speeds, greater aggregate throughput, enhanced service level agreements and rapid installation times.
+Added: In the net-centric market, we offer comparable services in terms of capacity but typically at significantly lower prices.
+Added: Our service revenue decreased by 3.8% from the six months ended June 30, 2025 to the six months ended June 30, 2026..
+Added: The decrease was primarily driven by the cancellation of low margin and non-core customers we acquired with the Cogent Fiber Business partially offset by the growth in customers from expanding our network, increasing our wavelength service revenue, adding additional buildings to our network, increasing our penetration into the buildings connected to our network and gaining market share by offering our services at lower prices than our competitors.
+Added: Exchange rates positively impacted our service revenue from the six months ended June 30, 2025 to the six months ended June 30, 2026 by $4.2 million
+Added: Page 40 of 55
+Added: Revenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees.
+Added: We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our condensed consolidated statements of comprehensive income.
+Added: The impact of these taxes including the Universal Service Fund resulted in a decrease to our revenues of $1.8 million from the six months ended June 30, 2025 to the six months ended June 30, 2026.
+Added: Six Months Ended
+Added: Other Operating Data
+Added: Revenue by Customer Type – (thousands)
+Added: Customer Connections by Customer Type - end of period
+Added: Revenue – by Network Connection Type – (thousands)
+Added: Customer Connections – by Network Connection Type - end of period
+Added: Average Revenue Per Unit (ARPU)
+Added: ARPU wavelength
+Added: Average Price per Megabit installed base
+Added: Revenue and customer connections by customer type.
+Added: Our corporate customers generally purchase their services on a price per connection basis.
+Added: Our net-centric customers generally purchase their IP services on a price per megabit-metered basis and purchase their optical wavelength services on a per connection basis priced by a combination of distance, connection size and contract term.
+Added: We began to serve enterprise customers in connection with our acquisition of the Cogent Fiber Business.
+Added: We define “enterprise” customers as large corporations (typically, Fortune 500 companies with greater than $5 billion in annual revenue) running Wide Area Networks (“WAN”) with several dozen to several hundred sites.
+Added: Our enterprise customers generally purchase our services on a price per location basis.
+Added: We believe that we are in a unique position to monetize the Cogent Fiber Business and its network, and we expect to achieve significant cost reduction synergies and revenue synergies from the Transaction.
+Added: On the Closing Date, with the Cogent Fiber Business we acquired:
+Added: ● 17,823 corporate customer connections,
+Added: ● 5,711 net-centric customer connections, and
+Added: ● 23,209 enterprise customer connections.
+Added: Page 41 of 55
+Added: We classified the $39.5 million of May 2023 Cogent Fiber Business monthly revenue as:
+Added: ● $20.1 million of monthly recurring revenue as enterprise revenue,
+Added: ● $12.9 million of monthly recurring revenue as corporate revenue, and
+Added: ● $6.5 million of monthly recurring revenue as net-centric revenue.
+Added: Revenues from our corporate, net-centric and enterprise customers represented 42.1%, 44.9% and 13.0% of total service revenue, respectively, for the six months ended June 30, 2026 and represented 44.5%, 38.5% and 17.0% of total service revenue, respectively, for the six months ended June 30, 2025.
+Added: Our revenue from our corporate customers decreased primarily due to cancellations of low margin and non-core corporate customers acquired with the Cogent Fiber Business.
+Added: Our corporate customers take advantage of our superior speeds, greater aggregate throughput, service levels and installation times compared to our competitors.
+Added: Many companies have adopted a flexible work schedule permitting employees to fully or partially work from home.
+Added: While these trends have adversely impacted overall occupancy rates, the impact of these vacancies have been partially offset by our corporate customers who are integrating some of the new applications that became part of the remote work environment, which benefits our corporate business as these customers upgrade their Internet access infrastructure to higher capacity connections.
+Added: If and when companies discontinue flexible and remote work policies, they may return to the buildings in which we operate, and we believe it will present an opportunity for increased sales.
+Added: Our revenue from our net-centric customers increased, primarily due to growth in network traffic from our legacy net-centric customers partly offset by a reduction in revenue from net-centric customers acquired with the Cogent Fiber Business.
+Added: Our net-centric customers purchase our IP services on a price per megabit basis and purchase their optical wavelength services on a per connection basis priced by a combination of distance, connection size and contract term.
+Added: The net-centric market exhibits significant pricing pressure due to the continued introduction of new technology, which lowers the marginal cost of transmission and routing, and the commodity nature of the service where price is typically the only differentiating factor for these customers.
+Added: Our average price per megabit of our installed base of customers decreased by 40.6% from the six months ended June 30, 2025 to the six months ended June 30, 2026.
+Added: The impact of foreign exchange rates has a more significant impact on our net-centric revenues.
+Added: Our revenue from our enterprise customers decreased primarily due to a reduction in revenue from low-margin and non-core enterprise customers acquired with the Cogent Fiber Business.
+Added: On the Closing Date, we classified the total $39.5 million of monthly Cogent Fiber Business revenue as:
+Added: ● $2.5 million of on-net revenue,
+Added: ● $32.3 million of off-net revenue, and
+Added: ● $4.7 million of non-core revenue.
+Added: Additionally, on the Closing Date, we classified the total 46,743 Cogent Fiber Business customer connections as:
+Added: ● 1,560 on-net customer connections,
+Added: ● 24,667 off-net customer connections, and
+Added: ● 20,516 non-core customer connections.
+Added: Revenues from our on-net, off-net, wavelength and non-core customers represented 57.1%, 36.5%, 6.0% and 0.4% of total service revenue, respectively, for the six months ended June 30, 2026 and represented 53.1%, 42.4%, 3.3% and 1.2% of total service revenue, respectively, for the six months ended June 30, 2025.
+Added: Our on-net revenues increased from the six months ended June 30, 2025 to the six months ended June 30, 2026, primarily from an increase in revenues from our legacy Cogent customers.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, only 6.3% was on-net revenue.
+Added: Page 42 of 55
+Added: Our off-net revenues decreased from the six months ended June 30, 2025 to the six months ended June 30, 2026 primarily from cancellations of low-margin off-net customers and off-net customers in unlicensed markets that we acquired with the Cogent Fiber Business.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, 81.7% was off-net revenue.
+Added: In connection with our acquisition of the Cogent Fiber Business, we expanded our offerings of optical wavelength and optical transport services over our fiber network.
+Added: Wavelength revenue was $28.4 million for the six months ended June 30, 2026 and $16.2 million for the six months ended June 30, 2025.
+Added: Our non-core revenues decreased from the six months ended June 30, 2025 to the six months ended June 30, 2026 from the cancellation of non-core revenues acquired in the Cogent Fiber Business.
+Added: Non-core services are services, which we acquired and continue to support but do not actively sell.
+Added: Of the $39.5 million of monthly revenue we acquired with the Cogent Fiber Business acquisition, we classified 11.9% as non-core revenue.
+Added: Network Operations Expenses.
+Added: Network operations expenses include the costs of personnel associated with service delivery, network management and customer support, network facilities costs, right-of-way fees, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis.
+Added: Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee’s salary and other compensation.
+Added: The 7.5% decrease in network operations expense was primarily attributable to our efforts to reduce the network operations costs related to our acquisition of the Cogent Fiber Business.
+Added: These costs primarily include leased circuit costs, including the reduction of the related “tail-circuit” costs for the reduction in off-net revenue and facilities costs.
+Added: Selling, General, and Administrative (“SG&A”) Expenses.
+Added: Our SG&A expenses, including non-cash equity-based compensation expense, increased by 4.1% from the six months ended June 30, 2025 to the six months ended June 30, 2026.
+Added: Our increase in SG&A operations expense was primarily attributable to increases in the amortization of prepaid commissions costs, certain property related taxes and a $3.1 million increase in non-cash equity-based compensation expense.
+Added: Non-cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee’s salary and other compensation.
+Added: Depreciation and Amortization Expenses.
+Added: Our depreciation and amortization expense decreased by 29.3%.
+Added: The decrease was primarily due to assets acquired with the Cogent Fiber Business becoming fully depreciated, in particular acquired network equipment assets and assets sold with the sale of ten data centers, more than offsetting the increase in our deployed fixed assets.
+Added: Interest Income - IP Transit Services Agreement.
+Added: Under the IP Transit Services Agreement TMUSA will pay us an aggregate of $700.0 million, consisting of (i) $350.0 million in equal monthly installments during the first year after the Closing Date and (ii) $350.0 million in equal monthly installments over the subsequent 42 months.
+Added: The IP Transit Services Agreement was recorded in connection with the Transaction at its discounted present value resulting in a discount of $79.6 million.
+Added: The amortization of the discount resulted in interest income of $5.8 million for the six months ended June 30, 2026 and $9.0 million for the six months ended June 30, 2025.
+Added: Gains on Sale of Data Center and Other Assets.
+Added: On June 29, 2026, we completed the sale of ten owned data center buildings and the associated land (the “Ten Data Centers”) for net proceeds of $224.2 million, paid in cash in full at closing.
+Added: The Ten Data Centers were acquired on May 1, 2023 in connection with our acquisition of the Cogent Fiber Business.
+Added: The net book value of the Ten Data Centers was $93.4 million on the closing date, resulting in a gain of $130.7 million included in the total gain of $132.6 million for the six months ended June 30, 2026.
+Added: Gain on Debt Extinguishment – 2032 Notes.
+Added: In June 2026, we paid $19.3 million to repurchase $20.4 million of our $600.0 million 6.50% Senior Secured Notes due 2032 (the “2032 Notes”) at an average price of $91.955 .
+Added: In connection with these purchases we recognized a gain of $1.6 million in the six months ended June 30, 2026.
+Added: Loss on Debt Extinguishment – Former 2026 Notes.
+Added: On June 17, 2025 we issued $600.0 million aggregate principal amount of our 6.50% Senior Secured Notes due 2032 (the “2032 Notes”).
+Added: Our 2032 Notes were issued in connection with the extinguishment of our $500.0 million aggregate principal amount of our Former 2026 Notes.
+Added: The net proceeds from the 2032 Notes offering were $597.8 million after deducting offering expenses.
+Added: We used $507.3 million of the net proceeds from the 2032 Notes offering to satisfy and discharge our obligations under the Former 2026 Notes.
+Added: The obligations under the Former 2026 Notes included the $500.0 million principal amount, a $5.0 million settlement payment and $2.2 million of accrued interest.
+Added: As a result of the redemption of the Former 2026 Notes we incurred a loss on debt extinguishment of $5.6 million.
+Added: Page 43 of 55
+Added: Interest Expense - Including Change in Valuation of Swap Agreement .
+Added: Our interest expense resulted from interest incurred on our:
+Added: ● $500.0 million of our Former 2026 Notes issued in May 2021 until they were extinguished on June 17, 2025,
+Added: ● $600.0 million of our 2032 Notes, (reduced to $579.6 million as of June 30, 2026), issued on June 17, 2025 in connection with the extinguishment of $500.0 million of our Former 2026 Notes,
+Added: ● $174.4 million of our 6.646% New IPv4 Notes issued in April 2025 and our $206.0 million of 7.924% Existing IPv4 Notes issued in May 2024 (collectively the “IPv4 Notes”),
+Added: ● $300.0 million of our 2027 Mirror Notes,
+Added: ● $450.0 million of our 2027 Notes,
+Added: ● Our interest rate swap agreement until it expired in February 2026, and
+Added: ● Our finance lease obligations.
+Added: Our interest expense increased by 18.5% from the six months ended June 30, 2025 to the six months ended June 30, 2026.
+Added: Our interest expense increased primarily due to the April 2025 issuance of our New IPv4 Notes, the June 2025 issuance of our 2032 Notes issued for $100.0 million of additional principal amount and at a higher interest rate compared to our extinguished Former 2026 Notes and our final $4.1 million payment on our interest rate swap agreement in February 2026.
+Added: Income Tax (Provision) Benefit.
+Added: Our income tax provision was $5.0 million for the six months ended June 30, 2026.
+Added: Our income tax benefit of $34.9 million for the six months ended June 30, 2025.
+Added: The change was primarily related to projected operating results related to the Cogent Fiber Business acquisition, the reversal of deferred tax liabilities acquired with the Cogent Fiber Business and the impact of the gain on the sale of the Ten Data Centers in the three months ended June 30, 2026.
+Added: Buildings On-net.
+Added: As of June 30, 2026 and 2025, we had a total of 3,627 and 3,529 on-net buildings connected to our network, respectively.
+Added: The increase in our on-net buildings was a result of our disciplined network expansion program.
+Added: We anticipate adding a similar number of buildings to our network for the next several years.
Liquidity and Capital Resources
−Removed: Acquisition of Cogent Fiber Business
Acquisition of Cogent Fiber Business – Cash Flow
5 unchanged sentences
Our cash flow requirements related to the acquisition of the Cogent Fiber Business will be dependent upon our ability to reduce the acquired operating costs, our success in retaining the profitable acquired customers and our ability to sell optical wavelength and optical transport services over our optical wave network.
+Added: Page 44 of 55
Under the IP Transit Services Agreement, TMUSA will pay us an aggregate of $700.0 million, consisting of (i) $350.0 million in equal monthly installments of $29.2 million per month during the first year after the Closing Date and (ii) $350.0 million in equal monthly installments of $8.3 million per month over the subsequent 42 months.
−Removed: Through March 31, 2026, we received monthly payments totaling $533.3 million under the IP Transit Services Agreement, reflected as cash flows from investing activities in our consolidated statements of cash flows.
+Added: Through June 30, 2026, we received monthly payments totaling $566.7 million under the IP Transit Services Agreement, reflected as cash flows from investing activities in our consolidated statements of cash flows.
As our business has grown as a result of an increasing customer base, the Transaction, broader geographic coverage and increased traffic on our network, we have historically produced a growing level of cash provided by operating activities.
4 unchanged sentences
In assessing our liquidity, management reviews and analyzes our current cash balances, payments under the IP Transit Services Agreement, accounts receivable, accounts payable, accrued liabilities, capital expenditure commitments, and required finance lease and debt payments and other obligations.
−Removed: We have had increasing success in raising capital by issuing notes and arranging financing and entering into leases that have had a lower cost and more flexible terms.
−Removed: The combination of our operating performance and access to capital has enhanced our financial flexibility and increased our ability to make distributions to stockholders in the form of cash dividends or through share
−Removed: Page 37 of 46
+Added: We have had success in raising capital by issuing notes and arranging financing and entering into leases that have had a lower cost and more flexible terms.
+Added: The combination of our operating performance and access to capital has enhanced our financial flexibility and increased our ability to make distributions to stockholders in the form of cash dividends or through share repurchases.
Since our initial public offering, we have returned $1.8 billion to our stockholders through share repurchases and dividends.
We will continue to assess our capital and liquidity needs and, where appropriate, return capital to our stockholders.
−Removed: Over the next several years, we have significant contractual and anticipated cash outlays including our indicative dividend payments on our common stock, our maturing debt obligations, interest payments on our debt obligations and our projected capital expenditure requirements in order to help execute our business plan including the continued integration of the Cogent Fiber Business.
+Added: Over the next several years, we have significant contractual and anticipated cash outlays including our maturing debt obligations, interest payments on our debt obligations, our indicative dividend payments on our common stock and our projected capital expenditure requirements in order to help execute our business plan including the continued integration of the Cogent Fiber Business.
Our long-term debt interest obligations and maturity dates of our long-term debt obligations are as follows:
1 unchanged sentence
● Our $300.0 million 2027 Mirror Notes mature in June 2027 and include annual interest payments of $21.0 million until maturity,
−Removed: ● Our $206.0 million Existing IPv4 Notes effectively mature in May 2029 (i.e., the interest rate will significantly increase if we do not pay them on the monthly payment date in May of 2029) and include annual interest payments of $16.3 million until such date (which amount increases if the Existing IPv4 Notes are not repaid prior to May 2029),
−Removed: ● Our $174.4 million New IPv4 Notes effectively mature in April 2030 (i.e., the interest rate will significantly increase if we do not pay them on the monthly payment date in April of 2030) and include annual interest payments of $11.6 million until such date (which amount increases if the New IPv4 Notes are not repaid prior to April 2030), and
−Removed: ● Our $600.0 million 2032 Notes mature in July 2032 and include annual interest payments of $39.0 million until maturity.
+Added: ● Our 2027 Notes and our 2027 Mirror notes mature in June 2027 and, as a result, are considered current obligations as of June 30, 2026.
+Added: ● Our $206.0 million Existing IPv4 Notes effectively mature in May 2029 (i.e., additional interest will accrue if we do not pay the Existing IPv4 Notes in full on the monthly payment date in May 2029) and include annual interest payments of $16.3 million until such date (which amount increases if the Existing IPv4 Notes are not repaid prior to May 2029),
+Added: ● Our $174.4 million New IPv4 Notes effectively mature in April 2030 (i.e., additional interest will accrue if we do not pay the New IPv4 Notes in full on the monthly payment date in April 2030) and include annual interest payments of $11.6 million until such date (which amount increases if the New IPv4 Notes are not repaid prior to April 2030), and
+Added: ● Our remaining $461.1 million of our 2032 Notes mature in July 2032.
+Added: ● We have purchased $138.8 million of our original $600.0 million 2032 Notes below par at an average price of $90.348.
+Added: This has reduced our annual interest payments on our 2032 Notes from $39.0 million to $30.0 million per year.
+Added: Page 45 of 55
We may need to, or elect to, refinance all or a portion of our indebtedness at or before maturity, and we cannot provide assurances that we will be able to refinance any such indebtedness on commercially reasonable terms or at all.
In addition, we may elect to secure additional capital in the future, at acceptable terms, to improve our liquidity or fund acquisitions or for general corporate purposes.
−Removed: In addition, in an effort to reduce future cash interest payments as well as future amounts due at maturity or to extend debt maturities, we may, from time to time, issue new debt, enter into interest rate swap agreements, enter into debt for debt, or cash transactions to purchase our outstanding debt securities in the open market or through privately negotiated transactions.
+Added: In addition, in an effort to reduce future cash interest payments as well as future amounts due at maturity or to extend debt maturities, we or our affiliates may, from time to time, issue new debt, enter into interest rate swap agreements, enter into debt for debt or debt for equity exchanges, or cash transactions to purchase our outstanding debt securities in the open market, through privately negotiated transactions or otherwise.
We will evaluate any such transactions in light of the existing market conditions.
The amounts involved in any such transaction, individually or in the aggregate, may be material.
−Removed: We or our affiliates may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.
−Removed: Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
+Added: Repurchases or exchanges, if any, of our outstanding debt securities will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
The amounts involved may be material.
−Removed: In light of the economic uncertainties associated with the global economy, including due to the impact from tariffs and trade restrictions, the cash flow requirements of the Cogent Fiber Business, the lingering impact of the COVID-19 pandemic our executive officers and Board of Directors have continued to carefully monitor our liquidity and cash requirements.
+Added: In light of the economic uncertainties associated with the global economy, including due to the impact from tariffs and trade restrictions, the cash flow requirements of the Cogent Fiber Business, and the lingering impact of the COVID-19 pandemic our executive officers and Board of Directors have continued to carefully monitor our liquidity and cash requirements.
Based on current circumstances, we decreased our quarterly dividend to $0.02 per share of common stock for the dividend that was paid in the fourth quarter of 2025.
2 unchanged sentences
As we do each year, we will continue to monitor our future sources and uses of cash, and anticipate that we will adjust our capital allocation strategies when, as and if determined by our Board of Directors.
+Added: Refinancing of 2027 Notes and 2027 Mirror Notes
+Added: We believe we are able to timely service our debt obligations.
+Added: We believe we will have access to additional capital from a variety of sources and the public capital markets for debt and equity.
+Added: We expect to refinance our 2027 Notes and 2027 Mirror Notes in the third quarter of 2026, subject to market conditions and other factors.
Cash, cash equivalents and restricted cash
−Removed: As of March 31, 2026, we had cash, cash equivalents and restricted cash of $179.3 million.
−Removed: Restricted cash as of March 31, 2026 was $39.0 million.
+Added: As of June 30, 2026, we had cash, cash equivalents and restricted cash of $369.7 million.
+Added: Restricted cash as of June 30, 2026 was $186.0 million.
+Added: Restricted cash related to the amendment to our 2032 Notes was $147.6 million as of June 30, 2026, as discussed below.
The net proceeds from our 2032 Notes, after the extinguishment and redemption of our 2026 Notes, were $92.8 million.
−Removed: The net proceeds of our $174.4 million New IPv4 Notes that we issued in April 2025 were $170.5 million of which
−Removed: Page 38 of 46
−Removed: $72.6 was restricted.
+Added: The net proceeds of our $174.4 million New IPv4 Notes that we issued in April 2025 were $170.5 million of which $72.6 million was restricted.
This restricted cash becomes available to us based upon improvements in our monthly leverage ratio and our debt service coverage ratio (as defined in the IPv4 Notes Indenture).
−Removed: During the three months ended March 31, 2026 and the year ended December 31, 2025, the restriction on $13.5 million and $26.9 million, respectively, of restricted cash was released primarily due to an improvement in our monthly leverage and debt service coverage ratios under the IPv4 Indenture.
−Removed: Under the Terms of the indenture, we have until October 2026 to satisfy the performance metrics and unlock the remaining restricted funds.
+Added: During the six months ended June 30, 2026 and the year ended December 31, 2025, the restriction on $14.2 million and $26.9 million, respectively, of restricted cash was released primarily due to an improvement in our monthly leverage and debt service coverage ratios under the IPv4 Notes Indenture.
+Added: Under the terms of the IPv4 Notes Indenture, we have until October 2026 to satisfy the performance metrics and unlock the remaining restricted funds.
Any amounts remaining on deposit in the prefunding account after October 2026 will be withdrawn and applied to prepay the April 2025 IPv4 Notes on a pro rata basis based on the initial principal amount.
−Removed: We believe we are able to timely service our debt obligations.
−Removed: We believe we will have access to additional capital from a variety of sources and the public capital markets for debt and equity.
+Added: Gains on debt extinguishment – 2032 Notes
+Added: In June 2026, we paid $19.3 million to repurchase $20.4 million of our 2032 Notes at an average price of $91.955 .
+Added: In connection with these purchases we recognized a gain of $1.6 million in the six months ended June 30, 2026.
+Added: In July 2026, we paid $106.7 million to repurchase $118.4 million of our 2032 Notes at an average price of $90.071.
+Added: In connection with these purchases, we will recognize a gain of approximately $11.8 million.
+Added: These purchases resulted in a retirement of $118.4 par value of the 2032 Notes and a cumulative retirement of $138.8 million of the total $175.0 million of repurchases contemplated by the Supplemental Indenture.
+Added: Page 46 of 55
+Added: Supplemental Indenture – 2032 Notes
+Added: In the second quarter of 2026, we began to solicit consents from the holders of our 2032 Notes to implement revisions to our 2032 Notes indenture (the “Supplemental Indenture”).
+Added: In order to be effective, approval of a majority of the holders of the outstanding par value of our 2032 Notes was required.
+Added: In June 2026, we obtained the approval from a majority of the holders of our 2032 Notes who executed the Supplemental Indenture.
+Added: We are required to pay a 12.5 basis point fee, totaling $0.5 million to the holders who executed the Supplemental Indenture.
+Added: The Supplemental Indenture to the 2032 Notes includes the following provisions:
+Added: ● Amends the “Permitted Liens” definition therein to increase the secured leverage ratio under the “ratio liens” basket from 4.00 to 1.0 to 4.75 to 1.0;
+Added: ● Requires us to contribute or otherwise provide to Group and/or one or more of our restricted subsidiaries the proceeds of certain data center sales and requires Group to use such proceeds solely to repurchase or otherwise retire existing indebtedness at a discount (with at least 50% of such proceeds being used to repurchase the 2032 Notes) (the “Debt Repurchases”);
+Added: o Debt Repurchases include the greater of a) $175.0 million or b) the “net proceeds” from the sale of the first ten former Cogent Fiber data centers (the “Data Center Proceeds”).
+Added: ● Provides that the Data Center Proceeds will not be used to increase available restricted payment capacity under the 2032 Notes Indenture;
+Added: ● Provides that Group will not make restricted payments constituting the dividend, distribution, sale, transfer or contribution of IRUs and prohibit any IRU that is owned or held by Group or any guarantor from being transferred to, assumed by or refinanced by any unrestricted subsidiary or any restricted subsidiary that is not a guarantor, subject to limited exceptions.
+Added: We sold ten data centers in June 2026 for net proceeds of $224.2 million.
+Added: The Data Center Proceeds, as determined on an after-tax basis to the seller, from the sale of the ten data centers in June 2026 were approximately $168.0 million.
+Added: ● As a result, $168.0 million of the Data Center Proceeds were considered restricted cash under the Supplemental Indenture and the remaining $57.0 million is available for general corporate purposes.
+Added: ● We purchased $20.4 million par value of our 2032 Notes in the three months ended June 30, 2026.
+Added: As a result, the balance of restricted cash related to our 2032 Notes was $147.6 million as of June 30, 2026.
+Added: o After June 30, 2026 we purchased an additional $118.4 million par value of our 2032 Notes reducing the restricted cash balance to $29.2 million.
+Added: ● We will be required to include the next $7.0 million of Data Center Proceeds as restricted cash to reach the $175.0 million requirement under the Supplemental Indenture.
+Added: Page 47 of 55
Continued Impact of Changing Office Occupancy Rates
4 unchanged sentences
The following table sets forth our consolidated cash flows:
−Removed: Three Months Ended March 31,
+Added: Six Months Ended June 30,
(in thousands)
−Removed: Net cash provided by operating activities
−Removed: Net cash used in investing activities
−Removed: Net cash used in financing activities
+Added: Net cash provided by (used in) operating activities
+Added: Net cash provided by (used in) investing activities
+Added: Net cash (used in) provided by financing activities
Effect of exchange rates changes on cash
−Removed: Net decrease in cash and cash equivalents and restricted cash
−Removed: Net Cash Provided by Operating Activities.
+Added: Net increase in cash and cash equivalents and restricted cash
+Added: Net Cash Provided by (Used in) Operating Activities.
Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services.
1 unchanged sentence
Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments.
−Removed: Interest payments on our note obligations were $28.0 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: Our Interest payments on our note obligations for the three months ended March 31, 2026 included our initial interest payment of $21.0 million on our 2032 Notes.
−Removed: Net Cash Used in Investing Activities.
+Added: Interest payments on our note obligations were $61.2 million and $48.0 million for the six months ended June 30, 2026 and 2025, respectively.
+Added: Interest payments on our note obligations for the six months ended June 30, 2026 included our initial $21.0 million interest payment on our 2032 Notes.
+Added: Net Cash Provided by (Used in) Investing Activities.
Our primary use of cash for investing activities is for purchases of property and equipment.
−Removed: Purchases of property and equipment were $46.2 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively.
+Added: Purchases of property and equipment were $84.8 million and $114.3 million for the six months ended June 30, 2026 and 2025, respectively.
The changes in purchases of property and equipment were primarily due to the timing and scope of our network expansion and reconfiguration activities including geographic expansion, purchases related to our acquisition of the Cogent Fiber Business, costs associated with providing wave services, conversion costs related to acquired data centers and adding buildings to our network.
−Removed: The reduction in purchases of property and equipment from the three months ended March 31, 2025 to the three months ended March 31, 2026 was primarily due to the completion of the conversion of the acquired data centers.
+Added: The reduction in purchases of property and equipment from the six months ended June 30, 2025 to the six, months ended June 30, 2026 was primarily due to the completion of the conversion of the acquired data centers.
On the Closing Date, we entered into the IP Transit Services Agreement pursuant to which TMUSA will pay us an aggregate of $700.0 million, consisting of (i) $350.0 million in equal monthly installments during the first year after the Closing Date and (ii) $350.0 million in equal monthly installments over the subsequent 42 months.
−Removed: During the three months ended March 31, 2026 and 2025 we were paid $25.0 million and $25.0 million under the IP Transit Services Agreement, respectively.
−Removed: Net Cash Used in Financing Activities.
−Removed: Our primary uses of cash for financing activities are for dividend payments, purchases of our common stock and principal payments under our finance lease obligations.
−Removed: Our primary sources of cash for financing activities
+Added: During the six months ended June 30, 2026 we were paid $58.3 million under the IP Transit Services Agreement.
+Added: During the six months ended June 30, 2025 we were paid $50.0 million under the IP Transit Services Agreement.
+Added: On June 29, 2026, we completed the sale of ten owned data center buildings and the associated land (the “Ten Data Centers”) for net proceeds of $224.2 million, paid in cash in full at closing.
+Added: The Ten Data Centers were acquired on May 1, 2023 in connection with our acquisition of the Cogent Fiber Business.
+Added: The net book value of the Ten Data Centers was $93.4 million on the closing date, resulting in a gain of $130.7 million included in the total gain of $132.6 million for the six months ended June 30, 2026.
Page 48 of 55
−Removed: are issuances of note obligations.
−Removed: During the three months ended March 31, 2026 and 2025 we paid $1.3 million and $49.1 million for our quarterly dividend payments, respectively.
+Added: Net Cash (Used in) Provided by Financing Activities.
+Added: Our primary uses of cash for financing activities are for dividend payments, purchases of our common stock, redemptions of our debt obligations and principal payments under our finance lease obligations.
+Added: Our primary sources of cash for financing activities are issuances of note obligations.
+Added: During the six months ended June 30, 2026 and 2025 we paid $3.6 million and $98.7 million for our quarterly dividend payments, respectively.
In the fourth quarter 2025, we reduced our quarterly dividend payment to $0.02 per share.
−Removed: Principal payments under our finance lease obligations were $13.4 million and $8.0 million for the three months ended March 31, 2026 and 2025, respectively.
+Added: Purchases of our common stock under our stock buyback program were $11.5 million for the six months ended June 30, 2025.
+Added: There were no purchases of our common stock in the six months ended June 30, 2026.
+Added: Principal payments under our finance lease obligations were $23.0 million and $16.5 million for the six, months ended June 30, 2026 and 2025, respectively.
Changes in our principal payments under our finance lease obligations were primarily due to the timing and extent of our network expansion and reconfiguration activities including geographic expansion, purchases related to our acquisition of the Cogent Fiber Business associated with providing wave services and adding buildings to our network.
+Added: In June 2026, we paid $19.3 million ($18.8 million of discounted principal and $0.6 million of accrued interest) to repurchase $20.4 million of our original par value $600.0 million 6.50% Senior Secured Notes due 2032 (the “2032 Notes”) at an average price of $91.955 .
+Added: In connection with these purchases we recognized a gain of $1.6 million in the six months ended June 30, 2026.
+Added: We completed a series of debt issuances in the six months ended June 30, 2025.
+Added: On April 11, 2025 we issued $174.4 million aggregate principal amount of 6.646% secured IPv4 address revenue notes, Series 2025-1 Class A-2 (collectively, the “New IPv4 Notes”), with an anticipated repayment date in April 2030, in an offering exempt from registration under the U.S.
+Added: Securities Act of 1933, as amended (the “Securities Act”).
+Added: The net proceeds of the New IPv4 Notes, after offering expenses were $170.5 million, of which $72.6 million was restricted cash.
+Added: Certain of the restricted cash net proceeds becomes available to us based upon improvements in our monthly leverage ratio and debt service coverage ratio (both as defined in the IPv4 Notes Indenture).
+Added: During the six months ended June 30, 2026 and the year ended December 31, 2025, the restriction on $14.2 million and $26.9 million, respectively, of restricted cash was released primarily due to an improvement in our monthly leverage and debt service coverage ratios under the IPv4 Notes Indenture.
+Added: Interest on the New IPv4 Notes is paid on a monthly basis.
+Added: From and after the monthly payment date in April of 2030, principal payments will also be required to be made on the New IPv4 Notes on a monthly basis.
+Added: No principal payments will be due on the New IPv4 Notes prior to the monthly payment date in April of 2030, unless certain rapid amortization, events of default, mandatory prepayment or acceleration triggers are activated.
+Added: On June 17, 2025 (the “2032 Notes Closing Date”), we issued $600.0 million of 2032 Notes in a private placement not registered under the Securities Act.
+Added: The net proceeds from the offering were $597.8 million after deducting offering expenses.
+Added: On the 2032 Notes Closing Date, we used $507.3 million of the net proceeds from the offering to redeem in full, and satisfy and discharge our obligations under our Former 2026 Notes.
+Added: The obligations paid under the indenture governing our Former 2026 Notes included:
+Added: ● $500.0 million principal amount,
+Added: ● $5.0 million make-whole payment, and
+Added: ● $2.2 million of accrued interest.
Cash Position and Indebtedness
−Removed: At March 31, 2026, our total indebtedness, at par, was $2.4 billion and our total cash, cash equivalents and restricted cash ($39.0 million) was $179.3 million.
−Removed: Our total indebtedness at March 31, 2026 includes $628.9 million of finance lease obligations for dark fiber under long-term IRU agreements.
+Added: At June 30, 2026, our total indebtedness, at par, was $2.3 billion and our total cash, cash equivalents and restricted cash ($186.0 million) was $369.7 million.
+Added: Our total indebtedness at June 30, 2026 includes $630.2 million of finance lease obligations for dark fiber under long-term IRU agreements.
Page 49 of 55
3 unchanged sentences
Under the Indentures, we are required to disclose certain reasonably related information of Holdings and its subsidiaries that is not attributable to Group and its subsidiaries, relating to Holdings’ assets, liabilities and operating results (“Holdings Financial Information”).
−Removed: The Holdings Financial Information as of and for the three months ended March 31, 2026 is detailed below (in thousands):
−Removed: As of March 31, 2026
+Added: The Holdings Financial Information as of and for the three and six months ended June 30, 2026 is detailed below (in thousands):
+Added: As of June 30, 2026
Cash and cash equivalents
21 unchanged sentences
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Service revenue
5 unchanged sentences
Total operating expenses
−Removed: Gain on assets disposals
−Removed: Operating loss
+Added: Gain on sale of data center assets
+Added: Operating income
Interest expense
2 unchanged sentences
Page 50 of 55
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Service revenue
+Added: Operating expenses:
+Added: Network operations
+Added: Selling, general, and administrative
+Added: Equity-based compensation expense
+Added: Depreciation and amortization
+Added: Total operating expenses
+Added: Gains on sale of data center and other assets
+Added: Operating income
+Added: Interest expense
+Added: Interest income - Purchase Agreement
+Added: Interest income and other, net
Stock Buyback Program
Our Board of Directors has approved purchases of shares of our common stock under a buyback program (the “Buyback Program”).
−Removed: There were no purchases of our common stock in the three months ended March 31, 2026 or March 31, 2025.
−Removed: As of March 31, 2026, there was a total of $105.8 million available under the Buyback Program that is authorized to continue through December 31, 2026.
+Added: There were no purchases of our common stock in the three or six months ended June 30, 2026.
+Added: In the second quarter of 2025, we purchased 229,507 shares of our common stock for $11.5 million under the Buyback Program.
+Added: As of June 30, 2026, there was a total of $105.8 million available under the Buyback Program that is authorized to continue through December 31, 2026.
Dividends on Common Stock and Return of Capital Program
−Removed: On May 1, 2026, our Board of Directors approved the payment of our quarterly dividend of $0.02 per common share.
−Removed: This estimated $1.0 million dividend payment is expected to be made on June 2, 2026.
−Removed: The payment of any future dividends and any other returns of capital, including stock buybacks, will be at the discretion of our Board of Directors and may be reduced, eliminated or increased and will be dependent upon our financial position, results of operations, available cash, cash flow, capital requirements, limitations under our debt indentures and other factors deemed relevant by our Board of Directors.
+Added: On August 5, 2026, our Board of Directors approved the payment of our quarterly dividend of $0.02 per common share.
+Added: This estimated $1.0 million dividend payment is expected to be made on September 4, 2026.
+Added: The payment of any future dividends and any other returns of capital, including stock buybacks, will be at the discretion of our Board of Directors and may be reduced, eliminated or increased and will be dependent upon our financial position, results of operations, available cash, cash flow, capital requirements, limitations under our Indentures and other factors deemed relevant by our Board of Directors.
We are a Delaware corporation and under the General Corporation Law of the State of Delaware, distributions may be restricted including a restriction that distributions, including stock purchases and dividends, do not result in an impairment of a corporation’s capital, as defined under Delaware law.
−Removed: The indentures governing our notes limit our ability to return cash to our stockholders.
+Added: The Indentures limit our ability to return cash to our stockholders.
See Note 3 of our interim condensed consolidated financial statements for additional discussion of limitations on distributions.
Future Capital Requirements
−Removed: We believe that our cash on hand and cash generated from our operating activities and cash from the IP Transit Services Agreement will be adequate to meet our working capital, capital expenditure, debt service, dividend payments and other cash requirements for the next 12 months and beyond the next 12 months if we execute our business plan.
+Added: We believe that our cash on hand and cash generated from our operating activities and cash from the IP Transit Services Agreement will be adequate to meet our working capital, capital expenditure, debt service, dividend payments and other cash requirements for the next 12 months and beyond the next 12 months if we execute our business plan, which includes the refinancing of our 2027 Notes and our 2027 Mirror Notes.
Any future acquisitions or other significant unplanned costs or cash requirements in excess of amounts we currently hold may require that we raise additional funds through the issuance of debt or equity.
Our 2027 Notes and our 2027 Mirror Notes will mature in June 2027.
−Removed: At that time or earlier, we may elect to refinance or repay these notes which may require us to issue additional indebtedness.
+Added: Subject to market conditions and other factors, we expect to refinance the 2027 Notes and 2027 Mirror Notes in the third quarter of 2026, which we expect will require us to issue additional indebtedness.
We cannot assure you that such financing will be available on terms acceptable to us or our stockholders, or at all.
1 unchanged sentence
If issuing equity securities raises additional funds, substantial dilution to existing stockholders may result.
−Removed: We may need to, or elect to, refinance all or a portion of our indebtedness at or before maturity and we cannot provide assurances that we will be able to refinance any such indebtedness on commercially reasonable terms or at all.
+Added: Page 51 of 55
+Added: We may need to, or elect to, refinance all or a portion of our other indebtedness at or before maturity and we cannot provide assurances that we will be able to refinance any such indebtedness on commercially reasonable terms or at all.
In addition, we may elect to secure additional capital in the future, at acceptable terms, to improve our liquidity or fund acquisitions or for general corporate purposes.
−Removed: In addition, in an effort to reduce future cash interest payments as well as future amounts due at maturity or to extend debt maturities, we may, from time to time, issue new debt, enter into debt for debt, or cash transactions to purchase our outstanding debt securities in the open market or through privately negotiated transactions.
+Added: In addition, in an effort to reduce future cash interest payments as well as future amounts due at maturity or to extend debt maturities, we or our affiliates may, from time to time, issue new debt, enter into debt for debt or debt for equity exchanges, or cash transactions to purchase our outstanding debt securities in the open market, through privately negotiated transactions or otherwise.
We will evaluate any such transactions in light of the existing market conditions.
4 unchanged sentences
As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in these relationships.
−Removed: Page 42 of 46
Critical Accounting Estimates
−Removed: Management believes that as of March 31, 2026, there have been no material changes to our critical accounting policies and significant estimates from those listed in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the year ended December 31, 2025.
+Added: Management believes that as of June 30, 2026, there have been no material changes to our critical accounting policies and significant estimates from those listed in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the year ended December 31, 2025.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Management believes that as of March 31, 2026, there have been no material changes to our exposures to market risk from those disclosed in Item 7A “Quantitative and Qualitative Disclosures About Market Risk” of our annual report on Form 10-K for the year ended December 31, 2025.
+Added: Management believes that as of June 30, 2026, there have been no material changes to our exposures to market risk from those disclosed in Item 7A “Quantitative and Qualitative Disclosures About Market Risk” of our annual report on Form 10-K for the year ended December 31, 2025.
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.