10 unchanged sentences
The Investment Funds hold investments that are reported at fair value as of the reporting date, which include securities owned, securities sold, not yet purchased and derivatives as reported in our consolidated balance sheets.
−Removed: on their respective balances as of December 31, 2024, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives, based on the price impact on notional value, would decrease by approximately $227 million, $137 million and $409 million, respectively.
+Added: Based on their respective balances as of December 31, 2025, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives, based on the price impact on notional value, would decrease by approximately $215 million, $138 million and $423 million, respectively.
However, as of December 31, 2025, we estimate that the impact to our share of the net gain (loss) from investment activities reported in our consolidated statements of operations would be less than the change in fair value since we have an investment of approximately 75% in the Investment Funds, and the non-controlling interests in income would correspondingly offset approximately 25% of the change in fair value.
5 unchanged sentences
Our Energy segment’s petroleum business uses a crude oil purchasing intermediary to purchase the majority of its non-gathered crude oil inventory for the refineries, which allows it to take title to and price its crude oil at locations in close proximity to the refineries, as opposed to the crude oil origination point, reducing its risk associated with volatile commodity prices by shortening the commodity conversion cycle time.
−Removed: The commodity conversion cycle time refers to the time elapsed between raw material acquisition and the sale of finished goods.
+Added: The commodity conversion cycle time refers to
+Added: the time elapsed between raw material acquisition and the sale of finished goods.
In addition, the petroleum business seeks to reduce the variability of commodity price exposure by engaging in hedging strategies and transactions that will serve to protect gross margins as forecasted in the annual operating plan.
18 unchanged sentences
Fluctuations in foreign currency exchange rates can therefore create volatility in the results of operations and may adversely affect Viskase’s financial condition.
−Removed: Viskase recorded a translation loss of $7 million and a gain of $5 million in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023, respectively, and recorded translation losses in earnings of $9 million and $3 million for the years ended December 31, 2024 and 2023, respectively.
+Added: Viskase recorded a translation loss of $7 million in accumulated other comprehensive loss for each of the years ended December 31, 2025 and 2024, and recorded a translation gain in earnings of $3 million and a translation loss of $9 million for the years ended December 31, 2025 and 2024, respectively.
We and the Investment Funds are subject to certain inherent risks through our investments.
11 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.