1 unchanged sentence
Substantially all of our long term-debt requires fixed interest payments and we have limited exposure to variable rates.
−Removed: In connection with our mortgage operations, mortgage loans held for sale and the associated mortgage warehouse lines of credit under our Master Repurchase Agreements are subject to interest rate risk;
+Added: In connection with our mortgage operations, mortgage loans held for sale and the associated mortgage warehouse lines of credit under our Master Repurchase Agreements are subject to interest rate risk;
however, such obligations reprice frequently and are short-term in duration.
2 unchanged sentences
We do not use financial instruments to hedge interest rate risk except with respect to mortgage loans.
−Removed: The following table sets forth as of October 31, 2023, our long-term debt obligations, principal cash flows by scheduled maturity, weighted-average interest rates and estimated fair value (“FV”).
+Added: The following table sets forth as of October 31, 2024 , our long-term debt obligations, principal cash flows by scheduled maturity, weighted-average interest rates and estimated fair value (“FV”).
Long-Term Debt as of October 31, 2024 by Fiscal Year of Debt Maturity
2 unchanged sentences
Weighted-average interest rate
−Removed: (1) Includes the 10% Senior Secured 1.75 Lien Notes due November 15, 2025, which were subsequently redeemed in full on November 15, 2023.
−Removed: (2) Does not include the mortgage warehouse lines of credit made under our  
−Removed: Master Repurchase Agreements.
−Removed: (3) Does not include $91.5 million of nonrecourse mortgages secured by inventory.
+Added: ( 1 ) Does not include the mortgage warehouse lines of credit made under our Master Repurchase Agreements.
+Added: ( 2 ) Does not include $ 90.7 million of nonrecourse mortgages secured by inventory.
These mortgages have various maturities spread over the next two to three years and are paid off as homes are delivered.
1 unchanged sentence
The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K.
−Removed: Hovnanian ’
−Removed: s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%.
+Added: Hovnanian ’ s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00 %) plus an applicable margin of 4.50 % or (ii) an alternate base rate (subject to a floor of 4.00 %) plus an applicable margin of 3.50 %.
In addition, K.
−Removed: Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.
+Added: Hovnanian pays an unused commitment fee on the undrawn revolving commitments at a rate of 1.00 % per annum.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
3 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.