5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2025, our outstanding fixed rate debt consisted of the following:
+Added: At June 30, 2025, our outstanding fixed rate debt consisted of the following:
Debt Principal
23 unchanged sentences
increases in market interest rates decrease the fair value of our fixed rate debt while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balances outstanding at March 31, 2025 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $180,112.
+Added: Based on the balances outstanding at June 30, 2025 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $171,991.
Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: As of March 31, 2025, our floating rate debt consisted of $50,000 outstanding under our $650,000 revolving credit facility and $45,000 outstanding under the VFN.
+Added: As of June 30, 2025, our floating rate debt consisted of $100,000 outstanding under our $650,000 revolving credit facility and $45,000 outstanding under the VFN.
+Added: On July 1, 2025, we borrowed $550,000 under our revolving credit facility as a precautionary measure to preserve financial flexibility.
+Added: As of August 1, 2025, our $650,000 revolving credit facility was fully drawn.
The maturity date of our revolving credit facility is June 29, 2027, and, subject to our meeting certain conditions, including our payment of an extension fee, we have an option to extend the stated maturity date of the facility by two six-month periods.
7 unchanged sentences
Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2025:
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2025:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (2)
−Removed: At March 31, 2025 6.56 % $ 95,000 $ 6,232 $ 0.04
+Added: At June 30, 2025 6.63 % $ 145,000 $ 9,614 $ 0.06
One percentage point increase 7.63 % $ 145,000 $ 11,064 $ 0.07
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of March 31, 2025.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2025.
Interest rate is weighted based on amounts outstanding.
−Removed: (2) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2025.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2025 if we were fully drawn on our revolving credit facility and the VFN:
+Added: (2) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2025.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2025 if we were fully drawn on our revolving credit facility and the VFN:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (3)
−Removed: At March 31, 2025 6.56 % $ 695,000 $ 45,592 $ 0.28
+Added: At June 30, 2025 6.63 % $ 695,000 $ 46,079 $ 0.28
One percentage point increase 7.63 % $ 695,000 $ 53,029 $ 0.32
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of March 31, 2025.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2025.
Interest rate is weighted based on amounts outstanding.
(2) Represents the maximum amount available under our revolving credit facility and the VFN.
−Removed: (3) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2025.
−Removed: The foregoing tables show the impact of an immediate change in floating interest rates as of March 31, 2025.
+Added: (3) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2025.
+Added: The foregoing tables show the impact of an immediate change in floating interest rates as of June 30, 2025.
If interest rates were to change gradually over time, the impact would be spread over time.
2 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.