2 unchanged sentences
As of December 31, 2025, the Company had $3.0 billion in total debt principal outstanding.
+Added: None of the Company’s total debt outstanding as of December 31, 2025 was based on a floating base rate of interest.
Note 6 — Debt in the Notes to Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
−Removed: Approximately $274.0 million of the Company’s total debt outstanding as of December 31, 2024 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
−Removed: However, we reduce our overall exposure to interest rate increases through our interest rate swap contract, which effectively converts the floating base interest rates on all of our variable rate borrowings to fixed rates.
FOREIGN CURRENCY RISK
16 unchanged sentences
We typically enter into foreign currency forward exchange contracts to mitigate the effects of some of this foreign currency transaction risk.
−Removed: Our outstanding foreign currency forward exchange contracts as of December 31, 2024 had an immaterial net unrealized loss.
+Added: Our outstanding foreign currency forward exchange contracts as of December 31, 2025 had an immaterial net unrealized gain.
Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts.
5 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.