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In general, we seek to match the interest rate characteristics of our investments with the interest rate characteristics of any related financing obligations such as repurchase agreements, bank credit facilities, term loans, revolving facilities and securitizations.
−Removed: As of March 31, 2025, we had an aggregate of $2.4 billion of variable rate debt, excluding any debt subject to interest rate swap agreements and interest rate cap agreements, if any, and therefore, we are exposed to interest rate changes in SOFR.
−Removed: As of March 31, 2025, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $12.0 million per year.
−Removed: As the information presented above includes only those exposures that existed as of March 31, 2025, it does not consider exposures or positions arising after that date.
+Added: As of June 30, 2025, we had an aggregate of $2.3 billion of variable rate debt, excluding any debt subject to interest rate swap agreements and interest rate cap agreements, if any, and therefore, we are exposed to interest rate changes in SOFR.
+Added: As of June 30, 2025, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $11.4 million per year.
+Added: As the information presented above includes only those exposures that existed as of June 30, 2025, it does not consider exposures or positions arising after that date.
The information presented herein has limited predictive value.
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and industry specific credit considerations.
−Removed: We believe that the credit risk of our portfolio is reduced by the high quality of our existing tenant base,
−Removed: reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of our portfolio to identify potential problem tenants and mitigation options.
+Added: We believe that the credit risk of our portfolio is reduced by the high quality of our existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of our portfolio to identify potential problem tenants and mitigation options.
Our loans and investments are also subject to credit risk.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.