11 unchanged sentences
Based on December 31, 2025 debt levels (see Liquidity and Capital Resources — Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements in Part II, Item 7 of this Form 10-K), an increase or decrease of 100 basis points in the effective interest rate would cause an increase or decrease in interest expense:
−Removed: • under our Term Loan Facility of $13.7 million over the next 12 months;
• under our Floor Plan Facility of approximately $16.3 million over the next 12 months;
+Added: • under our Term Loan Facility of $13.1 million over the next 12 months;
under our Real Estate Facilities of approximately $1.6 million over the next 12 months;
• under our Other Long-Term Debt would be immaterial.
−Removed: The interest rate exposure on the Floor Plan Facility was the only significant change from the quantitative analysis performed as of December 31, 2023, since the outstanding balance of the notes payable — Floor plan, net decreased $209.4 million during the year ended December 31, 2024.
+Added: The interest rate exposure on the Floor Plan Facility was the only significant change from the quantitative analysis performed as of December 31, 2024, since the outstanding balance of the notes payable — Floor plan, net increased $441.9 million during the year ended December 31, 2025.
See “Results of Operations” and “Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements” in Part II, Item 7 of this Form 10-K for a discussion of interest expense for the year ended December 31, 2025 compared to the year ended December 31, 2024.
−Removed: We do not use derivative financial instruments for speculative or trading purposes, but this does not preclude our adoption of specific hedging strategies in the future.
+Added: We do not use derivative financial instruments for speculative or trading purposes.
+Added: We may adopt specific hedging strategies, such as interest rate hedges, in the future.
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.