20 unchanged sentences
A significant prolonged increase in metal prices could result in our consignment lines being fully utilized, and, absent securing additional consignment line capacity from precious metal consignors, could require us to purchase precious metals rather than consign them, require customers to supply their own metal, and/or force us to turn down additional business opportunities.
−Removed: we were in a significant precious metal ownership position, we might elect to use derivative financial instruments to hedge the potential price exposure.
+Added: If we were in a significant precious metal ownership position, we might elect to use derivative financial instruments to hedge the potential price exposure.
The cost to finance and potentially hedge the purchased inventory may also be higher than the consignment fee.
5 unchanged sentences
When possible, fluctuations in the purchase price of copper are passed on to customers in the form of price adders or reductions.
−Removed: While over time our price exposure to copper is generally in balance, there can be a lag between the change in our cost and the pass-through to our customers, resulting in higher or lower margins in a given period.
+Added: While over time our price exposure to copper is generally in
+Added: balance, there can be a lag between the change in our cost and the pass-through to our customers, resulting in higher or lower margins in a given period.
We consign the majority of our copper inventory requirements.
13 unchanged sentences
We may also use interest rate swaps to fix the interest rate on variable rate obligations, as we deem appropriate.
−Removed: As of December 31, 2024 the net fair value of our interest rate swaps were $4.6 million.
+Added: As of December 31, 2025 and December 31, 2024, the net fair value of our interest rate swaps were $1.2 million and $4.6 million, respectively.
In February 2023, we amended the terms of the interest rate swap to hedge the change in 1-month USD-SOFR.
−Removed: See Note R for further discussion.
+Added: See Note S to the Consolidated Financial Statements for further discussion.
Excess cash is typically invested in high quality instruments that mature in 90 days or less.
19 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.