6 unchanged sentences
Interest rates on our variable-rate debt are based on the market rate for the lender’s prime rate or SOFR.
−Removed: At March 31, 2025, we had $571.8 million in debt, $137.4 million of which had variable interest rates.
+Added: At June 30, 2025, we had $519.3 million in debt, $80.1 million of which had variable interest rates.
A 10% increase in interest rates would affect our interest cost by approximately $0.8 million per year.
2 unchanged sentences
Our business is sensitive to commodity price risk, particularly for ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas.
−Removed: Ethanol prices are sensitive to world crude oil supply and demand, the price of crude oil, gasoline, corn, the price of substitute fuels, refining capacity and utilization, government regulation and consumer demand for alternative fuels.
+Added: Ethanol prices are sensitive to world crude oil supply and demand, the price of crude oil, gasoline, corn, the price of substitute fuels, refining capacity and utilization, government regulation and consumer
+Added: demand for alternative fuels.
Corn prices are affected by weather conditions, yield, changes in domestic and global supply and demand, and government programs and policies.
7 unchanged sentences
Our results are impacted by a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred.
−Removed: During the three months ended March 31, 2025, revenues included net gains of $5.2 million, and cost of goods sold included net losses of $8.1 million associated with derivative financial instruments.
+Added: During the three months ended June 30, 2025, revenues included net gains of $1.5 million, while cost of goods sold included net gains of $1.0 million, and during the six months ended June 30, 2025, revenues included net gains of $6.7 million, and cost of goods sold included net losses of $7.1 million, associated with derivative financial instruments.
Ethanol Production Segment
2 unchanged sentences
Our results are impacted when there is a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred.
−Removed: Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on March 31, 2025, which is as follows (in thousands):
+Added: Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on June 30, 2025, which is as follows (in thousands):
Commodity Estimated Total Volume
18 unchanged sentences
The market value of exchange-traded futures and options used for hedging are highly correlated with the underlying market value of grain inventories and related purchase and sale contracts for grain.
−Removed: The less correlated portion of inventory
−Removed: and purchase and sale contract market values, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns.
+Added: The less correlated portion of inventory and purchase and sale contract market values, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns.
We manage this less volatile risk by constantly monitoring our position relative to the price changes in the market.
−Removed: Inventory values are affected by the month-to-month spread in the futures markets.
+Added: Inventory values are affected by the month-to-month spread in the
+Added: futures markets.
These spreads are also less volatile than overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly.
1 unchanged sentence
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.