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 September 30, 2025, we had $355.4 million in debt, $45.0 million of which had variable interest rates.
+Added: At March 31, 2026, we had $492.2 million in debt, $34.0 million of which had variable interest rates.
A 10% increase in interest rates would affect our interest cost by approximately $0.3 million per year.
1 unchanged sentence
Commodity Price Risk
−Removed: Our business is sensitive to commodity price risk, particularly for ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas.
+Added: Our business is highly sensitive to commodity price risk, particularly for ethanol, corn, distillers grains (including Ultra-High Protein), renewable corn oil and natural gas.
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.
Corn prices are affected by weather conditions, yield, changes in domestic and global supply and demand, and government programs and policies.
−Removed: Distillers grains prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production.
+Added: Distillers grains and Ultra-High Protein prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production.
+Added: Renewable corn oil prices are impacted by prices for renewable diesel fuel, diesel fuel and competing feedstocks.
Natural gas prices are influenced by severe weather in the summer and winter and hurricanes in the spring, summer and fall.
5 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 September 30, 2025, revenues included net losses of $14.5 million, while cost of goods sold included net losses of $0.8 million, and during the nine months ended September 30, 2025, revenues included net losses of $7.8 million, and cost of goods sold included net losses of $7.9 million, associated with derivative financial instruments.
+Added: During the three months ended March 31, 2026, revenues included net losses of $9.4 million, and cost of goods sold included net losses of $2.8 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 September 30, 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
+Added: 10% change in price for the next 12 months starting on March 31, 2026, which is as follows (in thousands):
Commodity Estimated Total Volume
14 unchanged sentences
Agribusiness and Energy Services Segment
−Removed: In the agribusiness and energy services segment, our inventories, physical purchase and sale contracts and derivatives are marked to market.
+Added: In the agribusiness and energy services segment, our physical purchase and sale contracts and derivatives are marked to market.
Our inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories.
4 unchanged sentences
Inventory values are affected by the month-to-month spread in the futures markets.
−Removed: These spreads are also less volatile than overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly.
+Added: These spreads are also less volatile than the overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly.
Our accounting policy for futures and options, as well as the underlying inventory held for sale and purchase and sale contracts, is to reflect their current market values and include gains and losses in the consolidated statement of operations.
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.