11 unchanged sentences
We do not enter into derivative or interest rate transactions for speculative purposes.
−Removed: As of March 31, 2025, we had $3.6 billion principal amount of fixed-rate debt outstanding and $0.8 billion principal amount of floating-rate debt outstanding.
+Added: As of June 30, 2025, we had $3.6 billion principal amount of fixed-rate debt outstanding and $0.9 billion principal amount of floating-rate debt outstanding.
The following table quantifies the potential changes in annual net income should interest rates decrease or increase by 10, 50 and 100 basis points, assuming no change in our interest earning assets, interest bearing liabilities, derivative contracts or the shape of the yield curve (i.e., relative interest rates).
11 unchanged sentences
+100 Basis Points
−Removed: (1) The table above includes the effect of interest rate swaps and our share of the impact of floating-rate loans in our Leasehold Loan Fund.
+Added: (1) The table above includes the effect of our floating-rate debt obligations, interest rate swaps, floating-rate loans and our share of the impact of floating-rate loans in our Leasehold Loan Fund.
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.