What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-28 compared with 2026-04-28 · 95 added, 61 removed, 239 unchanged (39% of the section changed)

15 unchanged sentences

We are focused on long-term growth and appreciation.

As of March 31, 2026, all of our total owned portfolio, consisting of approximately 4.8 million square feet, was located in Dallas, Denver, Houston and Minneapolis.

As of June 30, 2026, all of our total owned portfolio, consisting of approximately 4.8 million square feet, was located in Dallas, Denver, Houston and Minneapolis.

The main factor that affects our real estate operations is the broad economic market conditions in the United States.

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We believe that our co-financial advisors bring complementary capabilities across capital markets, mergers and acquisitions, and asset level execution, positioning us to evaluate a broad range of potential transactions with the objective of maximizing shareholder value.

On July 8, 2026, we sold our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of $19.4 million at a loss of approximately $7.7 million, which had been recorded as an impairment as of June 30, 2026.

On July 8, 2026, we used approximately $8.5 million of the net proceeds from the disposition for the repayment of the Initial Term Loans (defined below in Liquidity and Capital Resources—TPG Term Loans), including interest and fees

Our review of potential strategic alternatives remains ongoing.

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We believe that the combination of an expanded and active strategic review process, disciplined execution, and continued leasing progress will provide the best path to maximizing value for our shareholders.

We have entered into an Inspection and Confidentiality Agreement with a potential owner user for our Greenwood Plaza property and are simultaneously negotiating a Purchase and Sale Agreement with that potential buyer.

Closing of the transaction would be subject to completion of due diligence by the potential buyer, the negotiation and execution of a Purchase and Sale Agreement with the potential buyer and the satisfaction of other customary closing conditions.

In March 2026, our Board of Directors determined to suspend quarterly cash dividends to, in part, redeploy that capital into leasing efforts intended to enhance the value of our portfolio.

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Real Estate Operations

As of March 31, 2026, our real estate portfolio was comprised of 14 owned properties, which we refer to as our owned properties.

Our owned properties were approximately 68.4% leased as of March 31, 2026, a decrease from 68.9% leased as of December 31, 2025.

The 0.5% decrease in leased space was primarily a result of lease expirations exceeding new executed leases during the three months ended March 31, 2026.

As of March 31, 2026, we had approximately 1,520,000 square feet of vacancy in our owned properties compared to approximately 1,497,000 square feet of vacancy at December 31, 2025.

During the three months ended March 31, 2026, we leased approximately 145,000 square feet of office space in our owned properties, of which approximately 112,000 square feet were with existing tenants, at a weighted average term of 6.2 years.

As of June 30, 2026, our real estate portfolio was comprised of 14 owned properties, which we refer to as our owned properties.

Our owned properties were approximately 67.4% leased as of June 30, 2026, a decrease from 68.9% leased as of December 31, 2025.

The 1.5% decrease in leased space was primarily a result of lease expirations exceeding new executed leases during the six months ended June 30, 2026.

As of June 30, 2026, we had approximately 1,569,000 square feet of vacancy in our owned properties compared to approximately 1,497,000 square feet of vacancy at December 31, 2025.

During the six months ended June 30, 2026, we leased approximately 170,000 square feet of office space in our owned properties, of which approximately 120,000 square feet were with existing tenants, at a weighted average term of 6.3 years.

On average, tenant improvements for such leases were $33.32 per square foot, lease commissions were $11.31 per square foot and rent concessions were approximately five months of free rent.

Average GAAP base rents under such leases were $34.34 per square foot, or 7.4% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2025.

As of March 31, 2026, leases for approximately 4.5% and 10.1% of the square footage in our owned portfolio are scheduled to expire during 2026 and 2027, respectively.

As the second quarter of 2026 begins, we believe that:

As of June 30, 2026, leases for approximately 3.0% and 11.5% of the square footage in our owned portfolio are scheduled to expire during 2026 and 2027, respectively.

As the third quarter of 2026 begins, we believe that:

• approximately half of our operating properties are stabilized with leased occupancy of 75% or more;

1 unchanged sentence

Existing vacancy is being actively marketed to numerous potential tenants.

While leasing activity at our properties has continued, we believe that the impact of geopolitical events, current economic conditions and the long-term impact of the COVID-19 pandemic may limit or delay new tenant leasing during at least the second quarter of 2026 and potentially in future periods.

While leasing activity at our properties has continued, we believe that the impact of geopolitical events, current economic conditions and the long-term impact of the COVID-19 pandemic may limit or delay new tenant leasing during at least the third quarter of 2026 and potentially in future periods.

While we cannot generally predict when an existing vacancy in our owned properties will be leased or if existing tenants with expiring leases will renew their leases or what the terms and conditions of the lease renewals will be, we expect to renew or sign new leases at then-current market rates for locations in which the buildings are located, which could be above or below the expiring rates.

3 unchanged sentences

Dispositions of Properties and Assets Held for Sale

During the three months ended June 30, 2026, the Company entered into an agreement to sell its Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment as of June 30, 2026.

The property was sold on July 8, 2026 and we used approximately $8.5 million of the net proceeds from the disposition for the repayment of the Initial Term Loans (defined below in Liquidity and Capital Resources—TPG Term Loans), including interest and fees.

On April 7, 2025, Monument Circle entered into a purchase and sale agreement with a third party to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million.

1 unchanged sentence

On June 6, 2025, the property was sold and the impairment loss was decreased by $0.4 million during the three months ended June 30, 2025 to a net loss of $12.9 million for final sale adjustments after the sale was completed.

The disposition of this property did not represent a strategic shift that has a major effect on our operations and financial results.

The disposition of these properties do not represent a strategic shift that has a major effect on our operations and financial results.

Our current strategy is to focus on the sunbelt and mountain west regions of the United States.

Accordingly, the property sold remained classified within continuing operations for all periods presented.

Accordingly, the properties sold remained classified within continuing operations for all periods presented.

Critical Accounting Estimates

12 unchanged sentences

The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective.

If the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards

Codification and will not be effective.

If the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards Codification and will not be effective.

The Company does not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements.

7 unchanged sentences

Results of Operations

The following table shows financial results for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

The following table shows financial results for the three months ended June 30, 2026 and 2025:

Three months ended June 30,

(in thousands)

9 unchanged sentences

Loss before taxes

Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025:

Total revenues decreased by $0.9 million to $26.2 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

Comparison of the three months ended June 30, 2026 to the three months ended June 30, 2025:

Total revenues decreased by $0.4 million to $26.4 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.

The decrease was primarily a result of:

● A decrease in rental revenue of approximately $0.4 million arising primarily from the sale of one property in 2025 and other losses of rental income from lease expirations during the periods presented.

These decreases were partially offset by rental income earned from leases commencing after March 31, 2025.

Our leased space in our owned properties was 68.4% as of March 31, 2026 and 69.2% as of March 31.

Total expenses decreased by $0.9 million to $34.6 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

These decreases were partially offset by rental income earned from leases commencing after June 30, 2025.

Our leased space in our owned properties was 67.4% as of June 30, 2026 and 69.1% as of June 30.

Total expenses increased by $0.2 million to $35.4 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.

The increase was primarily a result of:

● An increase in interest expense of approximately $1.6 million.

The increase was primarily due to a higher principal amount of debt outstanding and a larger amortization of deferred financing costs and original issue discount (“OID”), during the three months ended June 30, 2026 compared to the same period in 2025.

This increase was partially offset by:

● A decrease in real estate operating expenses and real estate taxes and insurance of approximately $0.3 million.

● A decrease in depreciation and amortization of approximately $0.2 million, which was primarily attributable to the property disposition noted above.

● A decrease in general and administrative expenses of $0.9 million, which was primarily attributable to lower personnel costs during the three months ended June 30, 2026.

Loss on sale of properties and impairment on an asset held for sale

During the three months ended June 30, 2026, we entered into an agreement to sell our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment.

We classified the property as an asset held for sale as of June 30, 2026.

The property was sold on July 8, 2026.

On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million.

We estimated the fair value of this property, less estimated costs to sell, based on the purchase price set forth in the letter of intent to purchase the property that Monument Circle entered into with the third party, which resulted in recording an impairment loss of $13.3 million that was decreased by $0.4 million during the three months ended June 30, 2025, for final sale adjustments after the sale was completed on June 6, 2025.

Interest income

During the three months ended June 30, 2026 and June 30, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.2 million and $0.2 million, respectively, in interest income.

Tax expense on income

Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties, which was $49,000 during the three months ended June 30, 2026, compared to $51,000 during the three months ended June 30, 2025.

Net loss for the three months ended June 30, 2026 was $16.6 million, compared to a net loss of $7.9 million for the three months ended June 30, 2025, for the reasons described above.

The following table shows financial results for the six months ended June 30, 2026 and 2025:

Six months ended June 30,

(in thousands)

Total revenues

Real estate operating expenses

Real estate taxes and insurance

Depreciation and amortization

General and administrative

Total expenses

Loss on extinguishment of debt

Loss on sale of properties and impairment of assets held for sale, net

Interest income

Loss before taxes

Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025:

Total revenues decreased by $1.2 million to $52.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

The decrease was primarily a result of:

● A decrease in real estate operating expenses and real estate taxes and insurance of approximately $1.0 million, which was primarily attributable to the property disposition noted above.

● A decrease in rental revenue of approximately $1.2 million arising primarily from the sale of one property in 2025 and other losses of rental income from lease expirations during the periods presented.

These decreases were partially offset by rental income earned from leases commencing after June 30, 2025.

Our leased space in our owned properties was 67.4% as of June 30, 2026 and 69.1% as of June 30, 2025.

Total expenses decreased by $0.6 million to $70.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

The decrease was primarily a result of:

● A decrease in real estate operating expenses and real estate taxes and insurance of approximately $1.3 million.

● A decrease in depreciation and amortization of approximately $0.4 million, which was primarily attributable to the property disposition noted above.

● A decrease in general and administrative expenses of $0.8 million, which was primarily attributable to lower personnel costs during the three months ended March 31, 2026.

● A decrease in general and administrative expenses of $1.7 million, which was primarily attributable to lower personnel costs during the six months ended June 30, 2026.

These decreases were partially offset by:

● An increase in interest expense of approximately $2.8 million.

The increase was primarily due to a higher principal amount of debt outstanding during the three months ended March 31, 2026 compared to the same period in 2025.

The increase was primarily due to a higher principal amount of debt outstanding and a larger amortization of deferred financing costs and OID during the six months ended June 30, 2026 compared to the same period in 2025.

Loss on extinguishment of debt

During the three months ended March 31, 2026 and 2025, we repaid debt and incurred losses on extinguishment of debt of approximately $1.3 million and $2,000, respectively, related to debt deal costs incurred from refinanced debt in February 2026 and unamortized deferred financing costs on the dates of debt repayments in both periods.

During the six months ended June 30, 2026 and 2025, we repaid debt and incurred losses on extinguishment of debt of approximately $1.3 million and $5,000, respectively.

The amounts during the six months ended June 30, 2026 are related to debt deal costs incurred from debt refinanced in February 2026 and the write-off of unamortized deferred financing and OID costs on the dates of debt repayments in 2026.

Loss on sale of properties and impairment on asset held for sale

During the six months ended June 30, 2026, we entered into an agreement to sell our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment.

We classified the property as an asset held for sale as of June 30, 2026.

The property was sold on July 8, 2026.

On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million.

Interest income

During the three months ended March 31, 2026 and March 31, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.2 million and $0.3 million, respectively, in interest income.

During the six months ended June 30, 2026 and June 30, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.3 million and $0.5 million, respectively, in interest income.

Tax expense on income

Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties and which was $54,000 during the three months ended March 31, 2026, compared to $52,000 during the three months ended March 31, 2025.

Net loss for the three months ended March 31, 2026 was $9.5 million, compared to a net loss of $21.4 million for the three months ended March 31, 2025, for the reasons described above.

Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties and which was $100,000 during the six months ended June 30, 2026, compared to $103,000 during the six months ended June 30, 2025.

Net loss for the six months ended June 30, 2026 was $26.1 million, compared to a net loss of $29.3 million for the six months ended June 30, 2025, for the reasons described above.

Non-GAAP Financial Measures

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The calculations of FFO are shown in the following table:

For the three months ended March 31,

Three Months Ended

Six Months Ended

(in thousands):

Loss on sale of properties and impairment of asset held for sale, net

Amortization of favorable leases

Depreciation and amortization

6 unchanged sentences

The information presented includes footnotes and the data is shown by region with properties owned and consolidated in the periods presented, which we call Same Store.

The comparative Same Store results include properties held for the periods presented and exclude acquired properties or properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees.

NOI, as defined by the Company, may not be comparable to NOI reported by other

REITs that define NOI differently.

settlements and lease termination fees.

NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently.

NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions.

2 unchanged sentences

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

(in thousands)

5 unchanged sentences

Three Months Ended

Six Months Ended

Three Months Ended

Reconciliation to Net Income (Loss)

Six Months Ended

Reconciliation to Net Loss

Add (deduct):

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*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.

The information presented below provides the weighted average GAAP rent per square foot for the three months ended March 31, 2026 for our owned properties and weighted occupancy square feet and percentages.

The information presented below provides the weighted average GAAP rent per square foot for the six months ended June 30, 2026 for our owned properties and weighted occupancy square feet and percentages.

GAAP rent includes the impact of tenant concessions and reimbursements.

17 unchanged sentences

Total Owned Properties

(a) Based on weighted occupied square feet for the three months ended March 31, 2026, including month-to-month tenants, divided by the applicable property’s net rentable square footage.

(b) Represents annualized GAAP rental revenue for the three months ended March 31, 2026, per weighted occupied square foot.

(a) Based on weighted occupied square feet for the six months ended June 30, 2026, including month-to-month tenants, divided by the applicable property’s net rentable square footage.

(b) Represents annualized GAAP rental revenue for the six months ended June 30, 2026, per weighted occupied square foot.

Liquidity and Capital Resources

Cash and cash equivalents were $23.8 million and $30.6 million as of March 31, 2026 and December 31, 2025, respectively.

The decrease of $6.8 million is attributable to $5.1 million used in operating activities, less $2.7 million used in investing activities plus $1.0 million provided by financing activities.

Cash and cash equivalents were $22.5 million and $30.6 million as of June 30, 2026 and December 31, 2025, respectively.

The decrease of $8.1 million is attributable to $2.1 million used in operating activities, less $5.8 million used in investing activities less $0.2 million used in financing activities.

Although there is no guarantee that we will be able to obtain the funds necessary for our future growth, we anticipate generating funds from continuing real estate operations, use of our Delayed Draw Term Loans (as defined below) and proceeds from property dispositions.

2 unchanged sentences

Operating Activities

Cash used in operating activities for the three months ended March 31, 2026, of $5.1 million is primarily attributable to a net loss of $9.5 million, plus the add-back of $13.1 million of non-cash expenses, less a decrease in accounts payable and accrued compensation of $6.7 million, less an increase in payment of deferred leasing commissions of $1.4 million, less an increase in lease acquisition costs of $0.1 million, less an increase in tenant receivables of $0.9 million plus an increase in prepaid expenses of $0.4 million.

Cash used in operating activities for the six months ended June 30, 2026, of $2.1 million is primarily attributable to a net loss of $26.1 million, excluding an impairment on an asset held for sale of $7.7 million plus the add-back of $26.2 million of non-cash expenses, less a decrease in accounts payable and accrued compensation of $7.2 million, less an increase in payment of deferred leasing commissions of $1.6 million, less an increase in tenant receivables of $1.0 million, less an increase in lease acquisition costs of $0.3 million plus an increase in prepaid expenses of $0.2 million.

Investing Activities

Cash used in investing activities for the three months ended March 31, 2026, of $2.7 million is primarily attributable to purchases of other real estate assets and office equipment investments.

Cash used in investing activities for the six months ended June 30, 2026, of $5.8 million is primarily attributable to purchases of other real estate assets and office equipment investments.

Financing Activities

Cash provided by financing activities for the three months ended March 31, 2026 of $1.0 million is primarily attributable to funding from our Term Loan of $258.5 million less payment of distributions to stockholders of $1.0 million, costs of extinguishment of debt of $1.0 million, the repayment of $249.0 million of our debt that was refinanced with the Term Loan and deferred financing costs of $6.5 million.

Cash used in financing activities for the six months ended June 30, 2026 of $0.2 million is primarily attributable to funding from our Term Loan of $258.5 million less payment of distributions to stockholders of $1.0 million, costs of extinguishment of debt of $1.0 million, the repayment of $249.0 million of our debt that was refinanced with the Term Loan and deferred financing costs of $7.7 million.

Liquidity beyond the next 12 months

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The BMO Term Loan would have matured on April 1, 2026.

The BMO Term Loan was subject to the terms of the Second Amended and Restated Credit Agreement dated September 27, 2018, which we refer to as the Original BMO Credit Agreement, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated February 10, 2023, which we refer to as the BMO First Amendment, and the Second Amendment to Second Amended and Restated Credit Agreement dated February 21, 2024, which we refer to as the BMO Second Amendment.

We refer to the Original BMO Credit Agreement, as amended by the BMO First Amendment and the BMO Second Amendment, as the BMO Credit Agreement.

Effective April 1, 2025, the interest rate on the BMO Term Loan increased from 8.00% per annum to 9.00% per annum.

1 unchanged sentence

The weighted average variable interest rate on all amounts outstanding under the BMO Term Loan was 9% for the period of January 1, 2026 until February 26, 2026 and was 8.75% for the year ended December 31, 2025.

The BMO Credit Agreement contained customary affirmative and negative covenants for credit facilities of this type.

The BMO Credit Agreement also contained financial covenants that required us to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage.

The BMO Credit Agreement also provided for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, certain cross defaults and a change in control (as defined in the BMO Credit Agreement).

BofA Term Loan

2 unchanged sentences

The BofA Term Loan would have matured on April 1, 2026.

The BofA Term Loan was subject to the terms of the Credit Agreement dated January 10, 2022, which we refer to as the Original BofA Credit Agreement, as amended by the First Amendment to Credit Agreement dated February 10, 2023, which we refer to as the BofA First Amendment, and the Second Amendment to Credit Agreement dated February 21, 2024, which we refer to as the BofA Second Amendment.

We refer to the Original BofA Credit Agreement, as amended by the BofA First Amendment and the BofA Second Amendment, as the BofA Credit Agreement.

Effective April 1, 2025, the interest rate on the BofA Term Loan increased from 8.00% per annum to 9.00% per annum.

1 unchanged sentence

The weighted average variable interest rate on all amounts outstanding under the BofA Term Loan was 9% for the period of January 1, 2026 until February 26, 2026 and was 8.75% for the year ended December 31, 2025.

The BofA Credit Agreement contained customary affirmative and negative covenants for credit facilities of this type.

The BofA Credit Agreement also contained financial covenants that required us to maintain a minimum tangible net

worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage.

The BofA Credit Agreement also provided for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with the provisions of the BofA Credit Agreement, certain cross defaults and a change in control (as defined in the BofA Credit Agreement).

On February 26, 2026, we repaid in its entirety our two series of senior notes in the aggregate principal amount of approximately $122.9 million, which we refer to as the Senior Notes.

1 unchanged sentence

The Senior Notes consisted of (i) Series A Senior Notes due April 1, 2026 in an aggregate principal amount of approximately $71.3 million, which we refer to as the Series A Notes, and (ii) Series B Senior Notes due April 1, 2026 in the aggregate principal amount of approximately $51.6 million, which we refer to as the Series B Notes.

The Notes were subject to the terms of the Note Purchase Agreement dated October 24, 2017, which we refer to as the Original Note Purchase Agreement, as amended by the First Amendment to Note Purchase Agreement dated February 21, 2024.

We refer to the Original Note Purchase Agreement, as amended by the NPA First Amendment, as the Note Purchase Agreement.

Effective April 1, 2025, the interest rates on both the Series A Notes and the Series B Notes permanently increased from 8.00% per annum to 9.00% per annum.

As of February 26, 2026 and December 31, 2025, the interest rate on both the Series A Notes and the Series B Notes was 9.00% per annum and 9.00% per annum, respectively.

The Note Purchase Agreement contained customary affirmative and negative covenants.

The Note Purchase Agreement also contained financial covenants that required us to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage.

Equity Offering

5 unchanged sentences

We generally pay the ordinary annual operating expenses of our owned and consolidated properties from the rental revenue generated by the properties.

For the three months ended March 31, 2026 and 2025, respectively, the rental income exceeded the expenses for each individual property, with the exception of Monument Circle’s property for the three months ended March 31, 2025.

For the three and six months ended June 30, 2026 and 2025, respectively, the rental income exceeded the expenses for each individual property, with the exception of Monument Circle’s property for the three and six months ended June 30, 2025.

Monument Circle sold its property on June 6, 2025.

Monument Circle had approximately $76,000 of rental income and $293,000 of operating expenses for the three months ended March 31, 2025.

Monument Circle had approximately $56,000 and $132,000 of rental income and $157,000 and $450,000 of operating expenses for the three and six months ended June 30, 2025, respectively.

Off-Balance Sheet Arrangements and Contractual Obligations

3 unchanged sentences

Prior to February 26, 2026 when we repaid in full our variable interest rate debt in its entirety, we had been exposed to changes in interest rates primarily from these floating rate borrowing arrangements.

As of March 31, 2026, there were no outstanding borrowings subject to variable rates.

As of June 30, 2026, there were no outstanding borrowings subject to variable rates.

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