−Removed: Quantitative and Qualitative Disclosures About Market Risk ( dollars in thousands, except per share data )
+Added: Quantitative and Qualitative Disclosures About Market Risk ( dollars in thousands )
We are exposed to risks associated with market changes in interest rates.
1 unchanged sentence
Other than as described below, we do not currently expect any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future.
−Removed: Floating Rate Debt
−Removed: As of March 31, 2026, our outstanding floating rate debt consisted of the following:
−Removed: Annual Annual Interest
−Removed: Principal Interest Interest Maturity Payments
−Removed: Debt Balance Rate (1)
−Removed: Mountain Floating Rate Loan
−Removed: $ 1,400,000 6.06% $ 86,018 03/09/2027 Monthly
−Removed: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by the related interest rate cap.
−Removed: The Mountain Floating Rate Loan requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.77%.
−Removed: We are vulnerable to changes in the U.S.
−Removed: dollar based on short term interest rates, specifically SOFR.
−Removed: In conjunction with this borrowing, to hedge our exposure to risks related to changes in SOFR and as required under the loan agreement, our consolidated joint venture purchased an interest rate cap with a current SOFR strike rate equal to 3.29% for the Mountain Floating Rate Loan.
−Removed: In addition, upon refinancing of the Mountain Floating Rate Loan, we are vulnerable to increases in interest rate premiums due to market conditions and our perceived credit risk.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2026, including the impact of our interest rate cap:
−Removed: Impact of an Increase in Interest Rates
−Removed: Total Interest Annual
−Removed: Annual Outstanding Expense Earnings Per
−Removed: Interest Rate
−Removed: Debt Per Year Share Impact (1)
−Removed: At March 31, 2026
−Removed: 6.06 % $ 1,400,000 $ 86,018 $ (1.30)
−Removed: One percentage point increase (2)
−Removed: 6.06 % $ 1,400,000 $ 86,018 $ (1.30)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2026.
−Removed: (2) A one percentage point increase in interest rates would not have an impact on annual total interest expense for our floating rate debt because current interest rates exceed the strike rate of the related interest rate cap.
−Removed: However, a one percentage point increase in our annual interest rate of the Mountain Floating Rate Loan debt to 7.06% at March 31, 2026 would result in total floating rate interest expense per year of $100,213 and a decrease in annual earnings per share of $1.51.
−Removed: The foregoing table shows the impact of an immediate one percentage point change in floating interest rates, including the impact of our interest rate caps.
−Removed: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts of any floating rate debt we may incur and the impact, if any, of interest rate caps we may purchase.
−Removed: Generally, if interest rates were to change gradually over time, the impact would be spread over time.
Fixed Rate Debt
−Removed: As of March 31, 2026, our outstanding fixed rate debt consisted of the following:
+Added: As of June 30, 2026, our outstanding fixed rate debt consisted of the following:
Number of Annual
6 unchanged sentences
Mountain JV 4 91,000 6.25% 5,688 06/10/2030 Monthly
−Removed: Mountain JV (2)
−Removed: 1 8,248 3.67% 303 05/01/2031 Monthly
−Removed: Mountain JV (2)
−Removed: 1 9,960 4.14% 412 07/01/2032 Monthly
−Removed: Mountain JV (2)
−Removed: 1 23,032 4.02% 926 10/01/2033 Monthly
−Removed: Mountain JV (2)
−Removed: 1 32,318 4.13% 1,335 11/01/2033 Monthly
−Removed: Mountain JV (2)
−Removed: 1 20,311 3.10% 630 06/01/2035 Monthly
−Removed: Mountain JV (2)
−Removed: 1 33,094 2.95% 976 01/01/2036 Monthly
−Removed: Mountain JV (2)
−Removed: 1 38,399 4.27% 1,640 11/01/2037 Monthly
−Removed: Mountain JV (2)
−Removed: 1 42,867 3.25% 1,393 01/01/2038 Monthly
+Added: Mountain JV 90 1,620,000 5.71% 92,502 05/11/2031 Monthly
Total / weighted average $ 4,221,000 5.48% $ 231,385
(1) The annual interest rate is the rate stated in the applicable contract.
−Removed: (2) In April 2026, our consolidated joint venture priced a $1,620,000 five year, fixed rate, interest only mortgage loan at 5.71%.
−Removed: This mortgage loan is expected to close on or about May 8, 2026 and expects to use the net proceeds to repay these loans in full.
−Removed: Our $650,000, $1,160,000, $700,000 and $91,000 mortgage notes require interest only payments until maturity.
−Removed: The remaining fixed rate mortgage notes require amortizing payment of principal and interest until maturity.
+Added: All of our $4,221,000 mortgage notes require interest only payments until maturity.
Because our mortgage notes require interest to be paid at a fixed rate, changes in market interest rates during the terms of these mortgage notes will not affect our interest obligations.
−Removed: If these mortgage notes are refinanced at an interest rate which is one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $27,955.
+Added: If these mortgage notes are refinanced at an interest rate that is one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $42,136.
Changes in market interest rates would affect the fair value of our fixed rate debt obligations.
3 unchanged sentences
There are uncertainties surrounding interest rates and they may remain at current levels, decrease or increase.
−Removed: Based on the balances outstanding at March 31, 2026 and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a hypothetical immediate one percentage point change in the interest rates would change the fair value of these obligations by approximately $108,298.
+Added: As our debt obligations bear interest at fixed rates, decreases in market interest rates may result in our contractual interest payments exceeding those that would be required at prevailing market rates, and we would not benefit from any such decrease in market interest rates.
+Added: Based on the balances outstanding at June 30, 2026 and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in the interest rates would change the fair value of these obligations by approximately $163,036.
+Added: Floating Rate Debt
+Added: In May 2026, our consolidated joint venture repaid in full the Mountain Floating Rate Loan with the proceeds of a new $1,620,000 fixed rate mortgage loan and sold the related interest rate cap.
+Added: As a result, as of June 30, 2026, we no longer have any floating rate debt outstanding or interest rate caps, and we are no longer exposed to interest rate risk associated with changes in SOFR on floating rate borrowings.
+Added: As of December 31, 2025, we had $1,400,000 of floating rate debt outstanding.
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.