3 unchanged sentences
The Company's interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows.
−Removed: As of December 31, 2024, the Company's debt included outstanding variable-rate debt of $400.0 million, all of which has been swapped to a fixed rate.
+Added: As of December 31, 2025, the Company's debt included outstanding variable-rate debt of $400.0 million, all of which has been swapped to a fixed rate through the maturity dates.
We maintain risk management control systems to monitor interest rate cash flow risk attributable to both outstanding or forecasted debt obligations as well as our potential offsetting hedge positions.
11 unchanged sentences
Market risk is the adverse effect on the value of a financial instrument resulting from a change in interest rates.
−Removed: On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%.
−Removed: As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans were swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement.
−Removed: The following table summarizes the Company's interest rate swaps as of December 31, 2024 and 2023:
+Added: As of December 31, 2025, the Company's interest rate risk was limited to $55.0 million on its revolving credit facility.
+Added: If market rates of interest on all variable-rate debt as of December 31, 2025 permanently increased or decreased by 1%, the annual increase or decrease in interest expense, future earnings, and future cash flows would be approximately $0.6 million.
+Added: As of December 31, 2025 and 2024, the Company was party to five effective interest rate swap agreements which, together with the four forward-starting interest rate swaps described below, achieved fixed interest rates through the maturity dates of the Amended Term Loan Agreement.
+Added: The following table summarizes the Company's effective interest rate swaps as of December 31, 2025 and 2024:
Interest Rate Swaps Effective
3 unchanged sentences
Fixed Rate of Fixed Rate
−Removed: Achieved Notional
−Removed: Amount Fair Value as of Dec.
−Removed: 5.5 Year Term Loan 12/2/19 6/21/24 1-Month SOFR N/A N/A $ — $ — $ 855
−Removed: 5.5 Year Term Loan 12/2/19 6/21/24 1-Month SOFR N/A N/A — — 857
−Removed: 5.5 Year Term Loan 4/3/23 3/22/27 1-Month SOFR
−Removed: 3.69% 4.99% 100,000 656 (122)
−Removed: 5 Year Term Loan 12/21/23 9/22/26 1-Month SOFR
−Removed: 1.51% 2.81% 100,000 4,212 5,820
−Removed: 5 Year Term Loan 12/21/23 9/22/26 1-Month SOFR
−Removed: 1.51% 2.81% 100,000 4,226 5,845
−Removed: 5.5 Year Term Loan 6/21/24 3/22/27 1-Month SOFR
−Removed: 1.54% 2.84% 50,000 2,698 2,451
−Removed: 5.5 Year Term Loan 6/21/24 3/22/27 1-Month SOFR
+Added: Achieved (a) Notional
+Added: Amount Fair Value as of
+Added: 31, 2025 Dec.
+Added: 5.5 year Term Loan
+Added: 4/3/23 3/22/27 1-Month SOFR 3.69% 4.84% $ 100,000 $ (435) $ 656
+Added: 5 year Term Loan
+Added: 12/21/23 9/22/26 1-Month SOFR 1.51% 2.66% 100,000 1,413 4,212
+Added: 5 year Term Loan
+Added: 12/21/23 9/22/26 1-Month SOFR 1.51% 2.66% 100,000 1,418 4,226
+Added: 5.5 year Term Loan
+Added: 6/21/24 3/22/27 1-Month SOFR 1.54% 2.69% 50,000 1,082 2,634
+Added: 5.5 year Term Loan
+Added: 6/21/24 3/22/27 1-Month SOFR 1.48% 2.63% 50,000 1,118 2,698
$ 400,000 $ 4,596 $ 14,426
+Added: (a) Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025.
+Added: The following table summarizes the Company's four forward-starting interest rate swaps as of December 31, 2025, which address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement:
+Added: Forward-Starting
+Added: Interest Rate Swaps Effective
+Added: Date Termination
+Added: Date InvenTrust
+Added: Receives InvenTrust Pays
+Added: Fixed Rate of Fixed Rate
+Added: Achieved (a) Notional
+Added: Amount Fair Value as of
+Added: 5 year Term Loan
+Added: 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% $ 100,000 $ 28
+Added: 5 year Term Loan
+Added: 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% 100,000 36
+Added: 5.5 year Term Loan
+Added: 3/22/27 2/24/31 Daily SOFR 3.42% 4.57% 100,000 56
+Added: 5.5 year Term Loan
+Added: 3/22/27 2/24/31 Daily SOFR 3.43% 4.58% 100,000 45
$ 400,000 $ 165
+Added: (a) Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025.
Gains or losses resulting from marking-to-market derivatives each reporting period are recognized as an increase or decrease in comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss).
7 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.