Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Other than the 2025 Term Loan, we do not have any financial instruments that are exposed to significant market risk. We maintain our cash and cash equivalents in bank deposits and short-term, highly liquid money market investments. A hypothetical 100-basis point increase or decrease in market interest rates would not have a material impact on the fair value of our cash equivalents securities, or our earnings on such cash equivalents, but would have a $4.0 million annual effect on the interest paid on borrowings under the 2025 Term Loan. As of May 1, 2026, the Company had $398.0 million outstanding on its 2025 Term Loan Facility, and there were no outstanding borrowings under its 2025 Revolving Credit Facility.
Fluctuations in interest rates affect consumer demand for new mortgages, the level of refinancing activity and other loan products which, in turn, affects lender demand for leads.
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