3 unchanged sentences
Market risk refers to the risk of loss from adverse changes in market prices and interest rates.
−Removed: As of December 31, 2024, we had $645.0 million of outstanding USD-denominated variable-rate debt and C$250.0 million of outstanding CAD-denominated variable-rate debt under the Senior Unsecured Term Loan Facility.
−Removed: This consisted of our Senior Unsecured Term Loan A Facility bearing interest at one-month Adjusted Term SOFR for the USD tranches and adjusted daily CORRA for the CAD tranche.
−Removed: These rates are also subject to contractual margins up to 0.94% and index adjustments of 0.10% on SOFR and 0.30% on CORRA.
−Removed: We have entered into interest rate swaps to effectively lock in the floating rates on all of our USD-denominated term loans at a weighted average rate of 4.20% and all of our outstanding CAD-denominated term loan at a rate of 4.53%.
−Removed: Additionally, as of December 31, 2024, we had $14.0 million , C$35.0 million, €70.5 million, A$197.0 million, and NZ$39.0 million outstanding of Senior Unsecured Revolving Credit Facility draws.
−Removed: At December 31, 2024, adjusted daily SOFR was approximately 4.41%, adjusted daily CORRA was approximately 3.61%, one-month AUD BBSW was approximately 4.37%, one-month EURIBOR was approximately 2.86%, and one-month BKBM was approximately 4.42%.
−Removed: T hese rates are also subject to contractual margins of 0.84% and an index of adjustment of 0.10% on SOFR and 0.30% on CORRA.
−Removed: The interest rate paid on borrowings can never drop below 0.0%, although the associated benchmark rate does.
+Added: As of December 31, 2025, we had $645.0 million of outstanding USD-denominated variable-rate debt and C$250.0 million of outstanding CAD-denominated variable-rate debt under the Senior Unsecured Term Loan Facility (excluding the 2025 Term Loan).
+Added: This consisted of our Senior Unsecured Term Loan A Facility bearing interest at adjusted one-month SOFR (which includes an adjustment of 0.10%) for the USD tranches and adjusted daily CORRA (which includes an adjustment of 0.30%) for the CAD tranche.
+Added: These rates are also subject to contractual margins of 0.94%.
+Added: Additionally, we have entered into interest rate swaps to effectively lock in the floating rates on the above USD-denominated term loans at a weighted average rate of 4.20% and our CAD-denominated term loan at a rate of 4.53%.
+Added: As of December 31, 2025, we had $250.0 million of outstanding USD-denominated variable-rate debt for the 2025 Term Loan.
+Added: The 2025 Term Loan is unhedged and bears interest at daily SOFR, which was approximately 3.68% at December 31, 2025, and is subject to a contractual margin of 0.95%.
+Added: Additionally, as of December 31, 2025, we had C$98.0 million, €70.5 million, A$207.5 million, and NZ$68.5 million outstanding of Senior Unsecured Revolving Credit Facility draws.
+Added: At December 31, 2025, adjusted daily CORRA (which includes an adjustment of 0.30%) (CAD) was approximately 2.60%, one-month BBSW (AUD) was approximately 3.60%, one-month EURIBOR (Euro) was approximately 1.90%, and one-month BKBM (NZD) was approximately 2.46%.
+Added: These rates are also subject to contractual margins of 0.84%.
+Added: The interest rate paid on borrowings can never drop below 0.0%.
A 100 basis point increase in market interest rates would result in an increase in annual interest expense to service our variable-rate debt of approximately $5.8 million, and a 100 basis point decrease in market interest rates would result in a $5.8 million decrease in annual interest expense.
12 unchanged sentences
dollar, would have resulted in a reduction in our total equity of approximately $36.9 million as of December 31, 2025.
−Removed: However, to manage this risk, as of December 31, 2024, the Company designated A$197.0 million and €820.5 million of debt and accrued interest as a hedge of its net investments in certain international subsidiaries.
+Added: However, to manage this risk, as of December 31, 2025, the Company designated A$207.5 million and €820.5 million of debt and accrued interest as a hedge of its net investments in certain international
+Added: subsidiaries.
Additionally, the Company periodically enters into cross-currency swap agreements, which effectively mitigate the Company’s exposure to fluctuations in cash flows due to changes in foreign exchange rates.
−Removed: As of December 31, 2024, the Company’s outstanding intercompany loan balance of A$153.5 million was
−Removed: Table of C ontents
−Removed: hedged under a cross-currency swap agreement.
Refer to Note 10 - Derivative Financial Instruments for further details.
4 unchanged sentences
As of December 31, 2025, the net monetary assets of the Argentina subsidiary were immaterial and, therefore, a 10% unfavorable change in the exchange rate would not be material.
−Removed: Additionally, the operating income of the Argentina subsidiary was 2.0% and 1.0% of our consolidated operating income for the years ended December 31, 2024 and 2023, respectively.
+Added: Additionally, the revenues of the Argentina subsidiary was 0.6% of our consolidated revenues for both of the years ended December 31, 2025 and 2024.
For the years ended December 31, 2025 and 2024, revenues from our international operations were $608.4 million and $591.4 million, respectively, which represented 23.4% and 22.2% of our consolidated revenues, respectively.
−Removed: Net assets in international operations were approximately $352.8 million and $443.2 million as of December 31, 2024 and 2023 ($1.1 billion as of December 31, 2023 excluding net intercompany liabilities), respectively.
+Added: Net assets in international operations were approximately $368.9 million and $352.8 million as of December 31, 2025 and 2024, respectively.
The effect of a change in foreign exchange rates on our net investment in foreign subsidiaries is reflected in the Accumulated other comprehensive loss component of equity of our Consolidated Financial Statements included in this Annual Report on Form 10-K.
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.