2 unchanged sentences
We believe that we have limited exposure to risks associated with changes in foreign currency exchange rates, interest rates and equity prices.
−Removed: We have not had any significant foreign operations and expect to fully exit our operational activities in China by the end of fiscal year 2025.
+Added: We have not had any significant foreign operations and have fully exited our operational activities in China as of the end of December 2025.
We do not hold or enter into derivatives or other financial instruments for trading or speculative purposes.
6 unchanged sentences
The FOMC's decision-making policies for short-term interest rates will continue to impact the amount of net interest income we earn in the future.
−Removed: In general, while increases in short-term interest rates benefit the yield we earn on our cash, certain of our BaaS partner arrangements allow for the BaaS partner to share in a significant portion of the interest earned from accountholder deposits (which are recorded as a reduction of revenue in our consolidated financial statements) and yields on our investment portfolio tend to lag interest rate increases as securities mature and proceeds are reinvested.
+Added: In general, while increases in short-term interest rates benefit the yield we earn on our cash, certain of our BaaS partner arrangements allow for the BaaS partner to share in a significant portion of the interest earned from accountholder deposits (which are recorded as a reduction of revenue in our consolidated financial statements) and fixed yields on our investment portfolio tend to lag interest rate increases as securities mature and proceeds are reinvested.
Accordingly, the net effect has had and we expect will continue to have a negative impact on our consolidated financial statements and will be dependent upon future interest rate changes enacted by the Federal Reserve.
−Removed: To address some of this dynamic, we have begun to reposition a portion of our investment securities portfolio into variable rate debt securities to improve net yields and balance the effect of our interest sharing arrangements with BaaS partners.
+Added: In an effort to mitigate these impacts, beginning in the second quarter of 2025, we started to gradually reposition a portion of our investment securities portfolio and our cash into variable rate debt securities to improve net yields, and we continue with our investment strategies to balance the effect of our interest sharing arrangements with BaaS partners.
In 2024 and 2025, we issued and sold Notes in an aggregate principal amount of $65 million.
24 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.