4 unchanged sentences
Floating Rate Debt
−Removed: As of June 30, 2025, our outstanding floating rate debt consisted of the following:
+Added: As of September 30, 2025, our outstanding floating rate debt consisted of the following:
Debt Principal Balance Annual Interest Rate (1)
4 unchanged sentences
$ 140,000 $ 9,411
−Removed: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by our interest rate cap.
+Added: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by our interest rate cap, if applicable.
Our $140,000 floating rate mortgage loan is subject to two one-year extension options and requires that interest be paid at an annual rate of SOFR plus a premium of 2.50%.
2 unchanged sentences
In connection with this mortgage loan, to hedge our exposure to risks related to changes in SOFR and pursuant to the terms of the applicable loan agreement, we have purchased an interest rate cap with a SOFR strike rate equal to 4.50%.
−Removed: At June 30, 2025, we had no amounts outstanding under our revolving credit facility.
+Added: At September 30, 2025, we had no amounts outstanding under our revolving credit facility.
No principal repayments are required under our revolving credit facility prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty.
4 unchanged sentences
In addition, upon renewal or refinancing of these obligations, we are vulnerable to increases in interest rate premiums, including increases in the cost of replacement interest rate caps, due to market conditions and our perceived credit risk.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2025, including the impact of our interest rate cap:
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2025, including the impact of our interest rate cap:
Impact of an Increase in Interest Rates
2 unchanged sentences
Outstanding Debt Expense Per Year Per Share Impact (2)
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
6.63% $ 140,000 $ 9,411 $ (0.04)
1 unchanged sentence
7.00% $ 140,000 $ 9,936 $ (0.04)
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our $140,000 floating rate mortgage loan, as of June 30, 2025.
−Removed: (2) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2025.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our $140,000 floating rate mortgage loan, as of September 30, 2025.
+Added: (2) Based on the diluted weighted average common shares outstanding for the nine months ended September 30, 2025.
(3) A one percentage point increase in interest rates would be capped at 7.00% for our $140,000 floating rate mortgage loan as a result of our 4.50% interest rate cap purchased for this debt.
−Removed: However, a one percentage point increase in the interest rate of our floating rate debt to 7.82% at June 30, 2025 would result in total floating rate interest expense per year of $11,100 and a decrease in annual earnings per share of $0.05.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2025 if we were fully drawn on our revolving credit facility:
+Added: However, a one percentage point increase in the interest rate of our floating rate debt to 7.63% at September 30, 2025 would result in total floating rate interest expense per year of $10,829 and a decrease in annual earnings per share of $0.05.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2025 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
3 unchanged sentences
Expense Per Year Per Share Impact (3)
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
6.74% $ 290,000 $ 19,817 $ (0.08)
1 unchanged sentence
7.46% $ 290,000 $ 21,934 $ (0.09)
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for both our revolving credit facility and our $140,000 floating rate mortgage loan, as of June 30, 2025.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum for both our revolving credit facility and our $140,000 floating rate mortgage loan, as of September 30, 2025.
Interest rate is weighted based on amounts outstanding.
(2) Represents the maximum amount available under our revolving credit facility and our $140,000 floating rate mortgage loan.
−Removed: (3) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2025.
+Added: (3) Based on the diluted weighted average common shares outstanding for the nine months ended September 30, 2025.
(4) A one percentage point increase in interest rates would be capped at 7.00% for our $140,000 floating rate mortgage loan as a result of our 4.50% interest rate cap purchased for this debt.
−Removed: However, a one percentage point increase in the interest rate of our floating rate debt to 7.94% at June 30, 2025 would result in total floating rate interest expense per year of $23,346 and a decrease in annual earnings per share of $0.10.
+Added: However, a one percentage point increase in the interest rate of our floating rate debt to 7.74% at September 30, 2025 would result in total floating rate interest expense per year of $22,757 and a decrease in annual earnings per share of $0.09.
The foregoing table shows the impact of an immediate one percentage point change in floating interest rates, including the impact of our interest rate cap.
2 unchanged sentences
Fixed Rate Debt
−Removed: As of June 30, 2025, our outstanding fixed rate debt consisted of the following:
+Added: As of September 30, 2025, our outstanding fixed rate debt consisted of the following:
Principal Balance Annual Interest
Annual Interest Expense Maturity Date Interest Payments Due
−Removed: Senior secured notes (2)
−Removed: $ 641,376 0.000 % $ — 1/15/2026 At Maturity
+Added: Senior secured notes $ 375,000 7.250 % $ 27,188 10/15/2030 Semiannually
Senior unsecured notes 500,000 4.750 % 23,750 2/15/2028 Semiannually
9 unchanged sentences
(1) The annual interest rate is the rate stated in the applicable contract.
−Removed: (2) These notes require no cash interest to accrue prior to maturity and will accrete at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value will equal the principal amount at maturity.
−Removed: We have a one-time option to extend the maturity date of these notes by one year, to January 15, 2027, subject to satisfaction of certain conditions and payment of an extension fee.
No principal repayments are due under our senior notes until maturity.
2 unchanged sentences
Because these debts require interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
−Removed: If these debts were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $19,344, which amount excludes $641,376 of our senior secured notes due 2026 as no interest is due until maturity.
+Added: If these debts were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $23,042, which amount excludes $334,370 of our senior secured notes due 2026.
+Added: Our $334,370 senior secured notes due 2026 require no cash interest to accrue prior to maturity and will accrete at a rate of 11.25% per annum compounded semi-annually on January 15 and July 15 of each year, such that the accreted value will equal the principal amount at maturity.
Changes in market interest rates would affect the fair value of our fixed rate debt obligations.
8 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.