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Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt as described below.
−Removed: As of June 30, 2025, we had cash, cash equivalents and short-term investments of $40.4 million.
+Added: As of September 30, 2025, we had cash, cash equivalents and short-term investments of $35.9 million.
Cash and cash equivalents consisted of cash and highly liquid money market instruments and short-term investments consisted of U.S.
Government securities.
−Removed: We would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest on our portfolio.
−Removed: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect as of June 30, 2025, would cause the fair value of these investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
−Removed: As of June 30, 2025, and periodically throughout the year, we have maintained cash balances in various operating accounts in excess of federally insured limits.
+Added: We would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates on our portfolio.
+Added: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect as of September 30, 2025, would cause the fair value of these investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
+Added: As of September 30, 2025, and periodically throughout the year, we have maintained cash balances in various operating accounts in excess of federally insured limits.
We limit the amount of credit exposure to any financial institution by evaluating the creditworthiness of the financial institutions with which we invest and investing through more than one financial institution.
We are exposed to interest rate risk through our variable rate debt.
−Removed: As of June 30, 2025, we had $68.1 million of debt that is subject to variable interest rates that are based on the daily simple secured overnight financing rate (“SOFR”) or an alternate base rate.
+Added: As of September 30, 2025, we had $68.8 million of debt that is subject to variable interest rates that are based on the daily simple secured overnight financing rate (“SOFR”) or an alternate base rate.
Refer to Note 5 – Debt for details relating to the debt.
−Removed: If the rates were to increase by 100 basis points from the rates in effect as of June 30, 2025, our interest expense on the variable rate debt would increase by an average of $0.4 million annually.
+Added: If the rates were to increase by 100 basis points from the rates in effect as of September 30, 2025, our interest expense on the variable rate debt would increase by an average of $0.5 million annually.
There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous, while SOFR changes regularly.
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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.