5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2026, our outstanding fixed rate debt consisted of the following:
−Removed: Debt Principal
−Removed: Balance Annual
−Removed: Interest Rate Annual
−Removed: Interest Expense Maturity Interest
−Removed: Senior unsecured notes (1)
−Removed: $ 100,000 4.950 % $ 4,950 2027 Semi-Annually
+Added: At June 30, 2026, our outstanding fixed rate debt consisted of the following:
+Added: Debt Principal Balance Annual Interest Rate Annual Interest Expense Maturity Interest Payments Due
Senior secured notes $ 580,155 — % $ — 2027 At Maturity
−Removed: Senior guaranteed unsecured notes (2)
−Removed: 450,000 5.500 % 24,750 2027 Semi-Annually
Senior unsecured notes 400,000 3.950 % 15,800 2028 Semi-Annually
7 unchanged sentences
$ 4,653,321 $ 263,141
−Removed: (1) In May 2026, we redeemed the remaining $100,000 of 4.95% senior unsecured notes due 2027.
−Removed: (2) In April 2026, we redeemed the $450,000 of 5.50% senior guaranteed unsecured notes due 2027.
No principal repayments are due under our unsecured or secured senior notes until maturity.
5 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, 2026 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 $146,696, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity.
+Added: Based on the balances outstanding at June 30, 2026 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 $131,973, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity.
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, 2026, we had no amounts outstanding under our revolving credit facility and $45,000 outstanding under the VFN.
+Added: As of June 30, 2026, we had $25,000 outstanding under our revolving credit facility and $45,000 outstanding under the VFN.
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, 2026:
+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, 2026:
Impact of Increase in Interest Rates
−Removed: Interest Rate
−Removed: Debt Total Interest
−Removed: Expense Per Year Annual Per
−Removed: Share Impact (2)
−Removed: At March 31, 2026 5.43 % $ 45,000 2,444 $ 0.01
+Added: Interest Rate Per Year (1)
+Added: Outstanding Debt Total Interest Expense Per Year Annual Per Share Impact (2)
+Added: At June 30, 2026 5.82 % $ 70,000 $ 4,074 $ 0.05
One percentage point increase 6.82 % $ 70,000 $ 4,774 $ 0.06
−Removed: (1) Based on SOFR plus a premium, which was 175 basis points per annum for the VFN, as of March 31, 2026.
−Removed: (2) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2026.
−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, 2026 if we were fully drawn on our revolving credit facility and the VFN:
+Added: (1) Based on SOFR plus a premium, which was 275 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2026.
+Added: Interest rate is weighted based on amounts outstanding.
+Added: (2) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2026.
+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, 2026 if we were fully drawn on our revolving credit facility and the VFN:
Impact of Increase in Interest Rates
−Removed: Interest Rate
−Removed: Total Interest
−Removed: Expense Per Year Annual Per
−Removed: Share Impact (3)
−Removed: At March 31, 2026 6.37 % $ 695,000 $ 44,272 $ 0.27
+Added: Interest Rate Per Year (1)
+Added: Outstanding Debt (2)
+Added: Total Interest Expense Per Year Annual Per Share Impact (3)
+Added: At June 30, 2026 6.37 % $ 695,000 $ 44,272 $ 0.55
One percentage point increase 7.37 % $ 695,000 $ 51,222 $ 0.63
−Removed: (1) Based on SOFR plus a premium, which was 275 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of March 31, 2026.
+Added: (1) Based on SOFR plus a premium, which was 275 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2026.
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, 2026.
−Removed: The foregoing tables show the impact of an immediate change in floating interest rates as of March 31, 2026.
+Added: (3) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2026.
+Added: The foregoing tables show the impact of an immediate change in floating interest rates as of June 30, 2026.
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.