6 unchanged sentences
The funds provide daily liquidity and may be subject to interest rate risk and fall in value if market interest rates increase.
−Removed: We do not expect our operating results or cash flows to be affected to any significant degree by a sudden change in market interest rates.
+Added: We do not expect our operating expenses to be affected to any significant degree by a sudden change in market interest rates.
The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at September 30, 2025 and 2024:
6 unchanged sentences
Cash and cash equivalents $ 134,136 $ 134,136 1.77 % $ 150,667 $ 150,667 2.88 %
−Removed: On May 8, 2018, we issued $400 million of senior notes in a private placement to qualified institutional investors (the “2018 Senior Notes”).
−Removed: On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”).
−Removed: On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private placement to qualified institutional investors (the “2021 Senior Notes” and collectively with the 2018 Senior Notes and 2019 Senior Notes, the “Senior Notes”).
The fair value of the Senior Notes may increase or decrease due to various factors, including fluctuations in market interest rates and fluctuations in general economic conditions.
6 unchanged sentences
The 2019 Senior Notes and the 2021 Senior Notes 900,000 875,250 900,000 864,000
+Added: The 2025 Senior Notes 1,500,000 1,518,750 — —
Total $ 2,800,000 $ 2,793,500 $ 1,300,000 $ 1,263,500
−Removed: We have interest rate risk with respect to our unsecured revolving line of credit and term loans.
−Removed: Interest rates on amounts borrowed under the revolving line of credit and term loans are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month adjusted term SOFR plus 1%, plus, in each case, an applicable margin, or (ii) an adjusted term SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement).
−Removed: Adjusted term SOFR is defined as term SOFR for the relevant interest period plus a SOFR adjustment of 0.10% per annum.
+Added: We have interest rate risk with respect to our unsecured revolving line of credit.
+Added: Interest rates on amounts borrowed under the revolving line of credit are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement).
The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio.
1 unchanged sentence
A change in interest rates on this variable rate debt impacts the interest incurred and cash flows, but does not impact the fair value of the instrument.
−Removed: As of September 30, 2024, we had $210.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 6.396%, $258.8 million in outstanding balance of the $300 Million Term Loan at an interest rate of 6.344%, and $450.0 million in outstanding balance of the $450 Million Term Loan at an interest rate of 6.281%.
+Added: As of September 30, 2025, we had $275.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423%.
Foreign Currency Forward Contracts
26 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.