3 unchanged sentences
Based upon the nature of our operations, the principal market risk to which we are exposed is the risk related to interest rate fluctuations.
−Removed: As of June 30, 2026, we had total indebtedness of $200.0 million under the 2028 Term Loan, $250.0 million under the 2029 Term Loan, $175.0 million under the 2030 Term Loan A, $175.0 million under the 2030 Term Loan B, $200.0 million under the 2031 Term Loan, and $200.0 million under the 2032 Term Loan, all of which are floating rate debt with a variable interest rate.
−Removed: For the three and six months ended June 30, 2026, we had average daily outstanding borrowings on our Revolver of $56.7 million and $30.0 million, respectively.
+Added: As of September 30, 2026, we had total indebtedness of $250.0 million under the 2029 Term Loan, $175.0 million under the 2030 Term Loan A, $175.0 million under the 2030 Term Loan B, $300.0 million under the 2031 Term Loan, and $300.0 million under the 2032 Term Loan, all of which are floating rate debt with a variable interest rate.
+Added: For the three and nine months ended September 30, 2026, we had average daily outstanding borrowings on our Revolver of $237.7 million and $100.0 million, respectively.
We have entered into interest rate derivative contracts in order to hedge our market risk associated with our term loans.
−Removed: The 2028 Term Loan, 2029 Term Loan, 2030 Term Loan B, 2031 Term Loan, and 2032 Term Loan have interest rate hedges that coincide with the extended maturity dates of the loans.
+Added: The 2029 Term Loan and 2030 Term Loan B have interest rate hedges that coincide with the extended maturity dates of the loans.
The 2030 Term Loan A interest rate hedges mature on January 23, 2027.
+Added: For each the 2031 Term Loan and 2032 Term Loan, $100.0 million of the swapped notional amount matures on February 11, 2028, and the remaining $200.0 million coincide with the maturity dates of each respective loan.
The interest rate derivative contracts convert the variable rate debt on our term loans to a fixed interest rate, as further described in “Note 7 – Derivative Financial Instruments” in our condensed consolidated financial statements, included in “Item 1 – Financial Statements (unaudited)”.
−Removed: Additionally, we will occasionally fund acquisitions through the use of our Revolver which, as of June 30, 2026, bore an interest rate determined by either (i) SOFR, plus a margin ranging from 0.725% to 1.40%, based on the Company’s current credit rating and consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00% to 0.40%, based on the Company’s current credit rating and consolidated total leverage ratio.
+Added: Additionally, we will occasionally fund acquisitions through the use of our Revolver which, as of September 30, 2026, bore an interest rate determined by either (i) SOFR, plus a margin ranging from 0.675% to 1.35%, based on the Company’s current credit rating and consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00% to 0.35%, based on the Company’s current credit rating and consolidated total leverage ratio.
Many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control contribute to our interest rate risk.
−Removed: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during the six months ended June 30, 2026, which assumes a 1% adverse change in the interest rate as of June 30, 2026, the estimated market risk exposure was approximately $0.3 million.
+Added: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during the nine months ended September 30, 2026, which assumes a 1% adverse change in the interest rate as of September 30, 2026, the estimated market risk exposure was approximately $1.0 million.
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.