2 unchanged sentences
Our exposure to market risk for changes in interest rates relates primarily to refinancing long-term fixed rate obligations, the opportunity cost of fixed rate obligations in a falling interest rate environment and our variable rate line of credit.
−Removed: The table below presents principal, interest and related weighted average interest rates by year of maturity, with respect to debt outstanding on September 30, 2024 (in thousands):
+Added: The table below presents principal, interest and related weighted average interest rates by year of maturity, with respect to debt outstanding on March 31, 2025 (in thousands):
2025 2026 2027 2028 2029 Thereafter Total Fair Value
8 unchanged sentences
______________________________
−Removed: (1) Represents a $125.0 million term loan with a floating interest rate.
−Removed: A $100.0 million portion of the term loan was previously effectively fixed by an interest rate swap that expired on July 21, 2023.
−Removed: The full amount of the term loan is effectively fixed by two interest rate swaps that became effective on July 21, 2023 and expire on the loan’s maturity date of January 10, 2025.
+Added: (1) Represents the 2023 Term Loan with a floating interest rate.
+Added: The full amount of the 2023 Term Loan was effectively fixed by two interest rate swaps that became effective on July 21, 2023 and expired on the loan’s initial maturity date of January 10, 2025.
+Added: In the fourth quarter of 2024, we exercised one of two one-year extension options on the 2023 Term Loan to extend the maturity of the loan to January 10, 2026.
+Added: The full amount of the 2023 Term Loan is effectively fixed by two interest rate swaps that became effective on January 10, 2025 and expire on the loan maturity date of January 10, 2026.
We enter into interest rate swap arrangements designated and qualifying as cash flow hedges to reduce our exposure to the variability in future cash flows attributable to changes in interest rates.
2 unchanged sentences
As part of our ongoing control procedures, we monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration.
−Removed: The following table sets forth information pertaining to interest rate swap contracts in place as of September 30, 2024 and December 31, 2023 and their respective fair values (in thousands):
+Added: The following table sets forth information pertaining to interest rate swap contracts in place as of March 31, 2025 and December 31, 2024 and their respective fair values (in thousands):
Notional Amount Floating Index Rate Fair Value as of:
−Removed: Fixed Rate Effective Date Expiration Date September 30, 2024 December 31, 2023
+Added: Fixed Rate Effective Date Expiration Date March 31, 2025 December 31, 2024
$ 75,000 3.677% USD-SOFR 7/21/2023 1/10/2025 $ — $ 14
7 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.