What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-05 · 55 added, 90 removed, 89 unchanged (62% of the section changed)

9 unchanged sentences

The Trust holds Ether and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Ether.

On July 22, 2024, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 on July 18, 2024 and the effectiveness of the registration statement on Form S-1, as amended (File No.

333-278878), the Sponsor authorized the commencement of a redemption program.

Shares of the Trust began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Trust’s registration statement on Form S-1, as amended.

Shares of the Trust began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Trust’s registration statement on Form S-1.

The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain Authorized Participants from time to time.

1 unchanged sentence

Through its redemption program, the Trust redeems Shares from Authorized Participants on an ongoing basis.

As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of the Ether held by the Trust, determined by reference to the Index Price, less the Trust’s expenses and other liabilities.

As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of the Ether held by the Trust, including Ether earned as Staking Consideration, determined by reference to the Index Price, less the Trust’s expenses and other liabilities.

While an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Ether.

1 unchanged sentence

The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

On January 1, 2025, GSI consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the Sponsor of the Trust prior to the Reorganization, merged with and into GSO, a Delaware limited liability company and a consolidated subsidiary of DCG, with GSO continuing as the surviving company (the “Merger”).

As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act.

The Reorganization has not had any material impact on the operations of the Trust.

In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust (such contracts, the “Sponsor Contracts”) to GSIS, a Delaware limited liability company and a wholly owned direct subsidiary of GSO, whereby GSIS assumed all of the rights and obligations of GSO under the Sponsor Contracts.

Other than the assumption of the Sponsor Contracts by GSIS, the Reorganization does not alter the rights or obligations under any of the Sponsor Contracts.

In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO and GSIS executed a Certificate of Admission, pursuant to which GSIS was admitted as an additional Sponsor of the Trust under the Trust Agreement, by and among GSO (as successor in interest to GSI), the Trustee, and the shareholders from time to time thereunder, as amended from time to time.

GSIS shall be subject to the rights and obligations of a Sponsor under the Trust Agreement.

On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS became the sole remaining Sponsor of the Trust.

Prior to April 1, 2026, the Trust valued the Ether held by the Trust for operational purposes by reference to the CoinDesk Ether Price Index (ETX).

As of April 1, 2026, the Index is the CoinDesk Ether Benchmark Rate which is used to calculate the NAV and NAV per Share.

Prior to April 1, 2026, references to the “Index” in the Trust’s filings with the SEC, including this Quarterly Report on Form 10-Q, refer to the CoinDesk Ether Price Index (ETX).

From and after April 1, 2026, references to the “Index” in the Trust’s filings with the SEC are to the CoinDesk Ether Benchmark Rate.

On October 6, 2025, the Trust began staking its Ether pursuant to staking arrangements with the Custodian and certain third-party staking providers and earns staking rewards in the form of additional Ether (“Staking Consideration”).

The amount of Staking Consideration received by the Trust is influenced by factors including Ethereum Network conditions, protocol-level reward rates, the amount of Ether held by the Trust and the portion of the Trust’s Ether that is staked, and the Trust does not expect Staking Consideration to be earned at a consistent rate.

Staking also introduces operational and liquidity considerations, including that staked Ether may be inaccessible for a period of time required to un-stake and withdraw Ether under Ethereum Network protocols and the Trust’s dependence on third-party staking providers for the execution of staking activities.

Pursuant to the Trust’s staking arrangements and the Trust Agreement, a portion of gross Staking Consideration is allocated among the Custodian, the applicable staking providers and the Sponsor (the “Sponsor’s Staking Fee”), with the remainder retained by the Trust.

Staking Consideration retained by the Trust increases the Trust’s Ether holdings, while distributions or sales of Ether reduce the Trust’s Ether holdings.

The Trust may distribute Staking Consideration (in Ether or cash from the sale of Ether) to shareholders at the Sponsor’s discretion and subject to the Trust Agreement.

Critical Accounting Policies and Estimates

22 unchanged sentences

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market.

The cost basis of the Ether received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Ether at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Investment Company Considerations

6 unchanged sentences

Review of Financial Results (unaudited)

Financial Highlights for the Three and Nine Months Ended September 30, 2025 and the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024

(All amounts in the following table and the subsequent paragraphs, except Share, per Share, Ether and price of Ether amounts, are in thousands)

Three Months Ended September 30, 2025

For the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024

Nine Months Ended September 30, 2025

For the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024

Net realized and unrealized gain (loss) on investment in Ether

Net increase (decrease) in net assets resulting from operations

Financial Highlights for the Three Months Ended March 31, 2026 and 2025

(All amounts in the following table and the subsequent paragraphs, except Share, Ether and price of Ether amounts, are in thousands)

Three Months Ended

Net realized and unrealized loss on investment in Ether

Net decrease in net assets resulting from operations

Net assets (1)

(1) Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S.

(1) Net assets is calculated in accordance with U.S.

GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

Net realized and unrealized gain on investment in Ether for the three months ended September 30, 2025 was $932,923, which includes a realized gain of $152 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $66,728 on the sale of Ether to meet redemptions, and net change in unrealized appreciation on investment in Ether of $866,043.

Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $2,516.23 per Ether as of June 30, 2025, to $4,161.61 per Ether as of September 30, 2025.

Net increase in net assets resulting from operations was $931,931 for the three months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $992.

Net assets increased to $3,001,975 at September 30, 2025, a 126% increase for the three-month period.

The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 285,004 Ether with a value of $1,115,426 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 92,076 Ether with a value of $375,638 from the Trust, and the withdrawal of approximately 249 Ether to pay the foregoing Sponsor’s Fee.

Net realized and unrealized loss on investment in Ether for the period from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 was ($289,749), which includes a realized loss of ($3,536) on the sale of Ether to meet redemptions and net change in unrealized depreciation on investment in Ether of ($286,213).

Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,458.99 per Ether as of July 23, 2024 (the commencement of the Trust’s operations), to $2,594.43 per Ether as of September 30, 2024.

Net decrease in net assets resulting from operations was ($289,749) for the period from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024, which consisted of the net realized and unrealized loss on investment in Ether.

Net assets increased to $1,015,027 at September 30, 2024.

The increase in net assets resulted from the contribution of approximately 105,001 Ether with a value of $310,876 to the Trust in connection with Share creations during the period and the contribution of approximately 292,263 Ether with a value of $1,010,935 to the Trust in connection with the Initial Distribution from Grayscale Ethereum Trust ETF, partially offset by the aforementioned Ether price depreciation and the redemption of approximately 6,031 Ether, with a value of $17,035 from the Trust.

Net realized and unrealized gain on investment in Ether for the nine months ended September 30, 2025 was $544,923, which includes a realized loss of ($158) on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $25,468 on the sale of Ether to meet redemptions, and net change in unrealized appreciation on investment in Ether of $519,613.

Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $3,340.40 per Ether as of December 31, 2024, to $4,161.61 per Ether as of September 30, 2025.

Net increase in net assets resulting from operations was $543,202 for the nine months ended September 30, 2025, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $1,721.

Net assets increased to $3,001,975 at September 30, 2025, a 91% increase for the nine-month period.

The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 391,068 Ether with a value of $1,380,889 to the Trust in connection with Share creations during the period, partially offset by the redemption of approximately 140,031 Ether, with a value of$495,030 from the Trust and the withdrawal of approximately 564 Ether to pay the foregoing Sponsor’s Fee.

Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2026 was ($688,510), which includes a realized loss of ($276) on the transfer of Ether to pay expenses, a realized loss of ($83,340) on the sale of Ether to meet redemptions, a realized loss on investment in Ether sold to pay the Sponsor’s Staking Fee of ($115), net change in unrealized appreciation/depreciation on investment in Ether of ($604,760) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable in Ether of ($19).

Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,971.94 per Ether as of December 31, 2025, to $2,095.22 per Ether as of March 31, 2026.

Net decrease in net assets resulting from operations was ($681,101) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment income of $7,409.

Net assets decreased to $1,804,771 at March 31, 2026, a 17% decrease for the three-month period.

The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 94,195 Ether with a value of $232,953 from the Trust, the withdrawal of approximately 297 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 184 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 1 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 218,564 Ether with a value of $537,670 to the Trust in connection with Share creations during the period and the contribution of approximately 3,496 Ether with a value of $8,375 in connection with Staking Rewards.

Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2025 was ($716,962), which includes a realized loss of ($122) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($35,193) on the sale of Ether to meet redemptions and net change in unrealized appreciation/depreciation on investment in Ether of ($681,647).

Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $1,827.33 per Ether as of March 31, 2025.

Net decrease in net assets resulting from operations was ($717,285) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $323.

Net assets decreased to $834,039 at March 31, 2025, a 47% decrease for the three-month period.

The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 132 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 41,456 Ether with a value of $104,416 from the Trust, partially offset by the contribution of approximately 27,137 Ether with a value of $82,826 to the Trust in connection with Share creations during the period.

Cash Resources and Liquidity

The Trust only receives and holds cash in order to facilitate creations and redemptions pursuant to Cash Orders, and has not otherwise had or maintained a cash balance at any time since the completion of the Initial Distribution.

When selling Ether in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of Ether needed to pay expenses in order to minimize the Trust’s holdings of assets other than Ether.

8 unchanged sentences

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the periods covered by this Quarterly Report was the Sponsor’s Fee.

As a result, the only ordinary expenses of the Trust during the periods covered by this Quarterly Report were the Sponsor’s Fee and Sponsor’s Staking Fee.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee of the Trust in its discretion for stated periods of time.

Effective July 23, 2024, the Sponsor determined to waive a portion of the Sponsor’s Fee for the first six months of the Trust’s operation, so that the fee was 0% of the NAV of the Trust for the first $2.0 billion of the Trust’s assets.

If the Trust’s assets exceeded $2.0 billion prior to the end of the six-month period, the Sponsor’s Fee charged on assets over $2.0 billion would have become 0.15%.

Following the expiration date of the six-month waiver period on January 23, 2025 (the “Sponsor’s Fee Waiver Expiration Date”), the Sponsor’s Fee is 0.15%.

For the period from the Sponsor’s Fee Waiver Expiration Date through September 30, 2025, the Trust incurred Sponsor’s Fees of $1,720,471.

Following the expiration date of the six-month waiver period on January 23, 2025 (the “Sponsor’s Fee Waiver Expiration Date”), the Sponsor’s Fee is now 0.15%.

For the period from the Sponsor’s Fee Waiver Expiration Date through December 31, 2025, the Trust incurred Sponsor’s Fees of $2,659,142.

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

Selected Operating Data

Three Months Ended September 30, 2025

For the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024

Nine Months Ended September 30, 2025

For the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 2024

(All Ether balances are rounded to the nearest whole Ether)

Opening balance

Creation from Initial Distribution (1)

Sponsor’s Fee, related party

Closing balance

Accrued but unpaid Sponsor’s Fee, related party

Net closing balance

Number of Shares:

Opening balance

Creation from Initial Distribution (1)

Closing balance

As of September 30,

As of March 31,

Price of Ether on principal market

Principal Market NAV per Share (1)

Index Price (5)

Principal Market NAV (1)

1,804,771,432

NAV per Share (2)

(1) Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $1,010.9 million from Grayscale Ethereum Trust ETF, completed on July 23, 2024, as discussed in Note 4 of the notes to the financial statements.

(2) Share and per Share amounts have been retroactively adjusted to reflect the 1-for-10 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024.

(3) The Trust performed an assessment of the principal market at September 30, 2025, and identified the principal market as Crypto.com.

The Trust performed an assessment of the principal market at September 30, 2024 and identified the principal market as Coinbase.

(4) As of September 30, 2025, the Principal Market NAV per Share was calculated using the fair value of Ether based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

As of September 30, 2024, the Principal Market NAV per Share was calculated using the fair value of Ether based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

(5) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.

1,805,098,755

(1) The Principal Market NAV and Principal Market NAV per Share are calculated using the fair value of Ether based on the price provided by the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date, in accordance with U.S.

(2) The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.

The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.

The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026 were Coinbase, Kraken, Crypto.com, LMAX Digital, Bullish, and Bitstamp by Robinhood.

The Digital Asset Trading Platforms included in the Index as of March 31, 2025 were Coinbase, Kraken, Bullish, and Crypto.com.

The Digital Asset Trading Platforms included in the Index as of May 4, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX.

Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

On September 21, 2025, the Index Provider added Gemini to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and removed Bullish due to the trading platform failing to meet the Index Provider’s minimum liquidity requirement, as part of its scheduled quarterly review.

The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of September 30, 2025, were Coinbase, Kraken, Crypto.com, LMAX Digital, and Gemini.

The Digital Asset Trading Platforms included in the Index as of September 30, 2024, were Coinbase, Kraken, LMAX Digital and Crypto.com.

Business—Valuation of Ether and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.

The Trust reflects creations and redemptions and the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the business day following the receipt of a notification of a creation or redemption order by an Authorized Participant.

The Trust reflects creations and redemptions and the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the trade date, which is the business day an accepted creation or redemption order is placed by an Authorized Participant.

Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Ether are delivered or removed from the Trust for settlement.

As of September 30, 2025, the Trust had a net closing balance of 721,349.34169850 Ether with a value of $3,002,234,320, based on the Index Price of $4,161.97 on September 30, 2025 (non-GAAP methodology).

As of September 30, 2025, the total market value of the Trust’s Ether was $3,001,974,634, based on the price of one Ether in the principal market (Crypto.com) of $4,161.61 on September 30, 2025.

As of September 30, 2024, the Trust had a net closing balance of 391,232.97302030 Ether with a value of $1,014,361,466, based on the Index Price of $2,592.73 on September 30, 2024 (non-GAAP methodology).

As of September 30, 2024, the total market value of the Trust’s Ether was $1,015,026,562, based on the price of one Ether in the principal market (Coinbase) of $2,594.43 on September 30, 2024.

Historical NAV and Ether Prices

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Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.

The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025.

For more information on the determination of the Trust’s NAV, see “Item 1.

Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report.

The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025.

During such period, the Index Price has ranged from $1,465.07 to $4,832.59, with the straight average being $2,922.05 through September 30, 2025.

The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of September 30, 2025, individually or as a group.

The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.

The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of March 31, 2026, individually or as a group.

End of period

Last business day

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024

Twelve months ended September 30, 2025

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025

The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025.

During such period, the price of Ether has ranged from $1,465.40 to $4,833.89, with the straight average being $2,922.05 through September 30, 2025.

July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025

Twelve months ended March 31, 2026

July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026

Digital Asset Market Price

2 unchanged sentences

Last business day

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024

Twelve months ended September 30, 2025

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025

The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025 and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025.

July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025

Twelve months ended March 31, 2026

July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026

The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.

ETH Premium/(Discount):

1 unchanged sentence

NAV per Share (Non-GAAP) ($)

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025 divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2025.

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.

ETH Premium/(Discount):

2 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis