2 unchanged sentences
We do not utilize hedging contracts or similar instruments.
−Removed: We are exposed to certain market risks relating primarily to interest rate risk on our cash and cash equivalents and risks relating to the financial viability of the institutions which hold our capital and through which we have invested our funds.
+Added: We are exposed to certain market risks relating primarily to interest rate risk on our cash and cash equivalents and risks relating to the financial viability of the institutions which holds our capital and through which we have invested our funds.
We manage such risks by investing in short-term, liquid, highly rated instruments.
−Removed: As of September 30, 2025, our cash equivalents only included cash deposits and a high-grade money market fund at our bank.
+Added: As of March 31, 2026, our cash equivalents only included cash deposits and a high-grade money market fund at our bank.
From time to time, we do have cash investments in short-term money market or U.S.
2 unchanged sentences
Declines in interest rates would reduce our investment income but would not have a material effect on our financial condition or results of operations.
−Removed: We do not currently have exposure to foreign currency risk.
+Added: We have limited exposure to foreign currency risk.
+Added: We are subject to interest rate risk in connection with our variable rate credit agreement.
+Added: Our principal interest rate exposure relates to our credit agreement, which bears interest rates that are indexed against SOFR plus 6.75%.
+Added: As of March 31, 2026, we had outstanding borrowings under our credit agreement totaling $30.0 million, excluding unamortized debt issuance costs and accrued exit fees.
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.