2 unchanged sentences
As overall housing demand is adversely affected by increases in interest rates, a significant increase in mortgage interest rates may negatively affect the ability of homebuyers to secure adequate financing.
−Removed: Higher interest rates could adversely affect our revenues, gross margin and net income.
+Added: Higher interest rates could adversely affect our revenues, homebuilding gross margin and net income.
Quantitative and Qualitative Disclosures About Interest Rate Risk
4 unchanged sentences
We are exposed to market risks related to fluctuations in interest rates on our outstanding variable rate indebtedness.
−Removed: As of March 31, 2026, we had $578.9 million of variable rate indebtedness outstanding under the Credit Agreement.
+Added: As of June 30, 2026, we had $449.0 million of variable rate indebtedness outstanding under the Credit Agreement.
All of the outstanding borrowings under the Credit Agreement are at variable rates based on SOFR.
−Removed: The interest rate for our variable rate indebtedness as of March 31, 2026 was SOFR plus 1.85%.
−Removed: At March 31, 2026, SOFR was 3.67%, subject to the 0.50% SOFR floor as included in the Credit Agreement.
+Added: The interest rate for our variable rate indebtedness as of June 30, 2026 was SOFR plus 1.85%.
+Added: At June 30, 2026, SOFR was 3.64%, subject to the 0.50% SOFR floor as included in the Credit Agreement.
A hypothetical 100 basis point increase in the average interest rate above the SOFR floor on our variable rate indebtedness would increase our annual interest cost by approximately $4.5 million.
1 unchanged sentence
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.