Quantitative and Qualitative Disclosures About Market Risk
−Removed: are exposed to market risk related to changes in interest rates on our cash and cash equivalents.
−Removed: The 2030 Notes issued in September
−Removed: 2025 are at a fixed coupon of 8.625% and do not expose us to interest rate risk.
−Removed: We do not utilize derivative financial instruments or
−Removed: other market risk-sensitive instruments to manage our exposure to interest rate changes.
−Removed: Borrowings made through the 5/3 Revolver, which
−Removed: is based on the SOFR plus an interest rate spread, will be exposed to interest rate risk;
−Removed: however, we currently have no borrowings against
−Removed: believe our interest rate risk related to our cash and cash equivalents is not material as our risk is that interest rates fall.
−Removed: on the current interest rates, we do not have a significant downside risk of a drop in interest rates.
+Added: risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates.
+Added: Our exposure to market risk
+Added: is limited and relates primarily to interest rate risk on our cash and cash equivalents and the fair value of our outstanding fixed-rate
+Added: indebtedness.
+Added: of March 31, 2026, all of our outstanding indebtedness bears interest at fixed rates.
+Added: Accordingly, changes in market interest rates do
+Added: not affect our contractual cash interest obligations or debt service requirements.
+Added: However, changes in interest rates may affect the
+Added: fair value of our fixed-rate debt.
+Added: Based on our outstanding fixed-rate indebtedness as of March 31, 2026, a hypothetical 100 basis point
+Added: movement in market interest rates would change the estimated fair value of such debt by approximately $3.0 million.
+Added: These estimated changes
+Added: would not impact our condensed consolidated statements of operations or cash flows unless the debt is refinanced, repurchased, or otherwise
+Added: settled prior to maturity.
+Added: cash and cash equivalents consist primarily of demand deposits and other highly liquid instruments with short-term maturities.
+Added: interest income earned on these balances may fluctuate with changes in short-term interest rates.
+Added: We do not believe that reasonably likely
+Added: changes in interest rates would have a material effect on our consolidated financial position, results of operations, or cash flows.
+Added: do not use derivative financial instruments, including interest rate swaps, to manage interest rate risk.
+Added: Currency and Other Market Risks
+Added: do not have material exposure to foreign currency exchange rate risk, commodity price risk, or other market risks.
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.