2 unchanged sentences
A change in SOFR rates would affect our cost of borrowing.
−Removed: Increases in interest rates, which may cause us to raise the implicit rates charged to our customers, could result in a reduction in demand for our leases.
+Added: Increases in interest rates, which may cause us to raise the rates charged to our customers, could result in a reduction in demand for our leases.
Alternatively, we may price our leases based on market rates so as to keep the fleet on-lease and suffer a decrease in our operating margin due to interest costs that we are unable to pass on to our customers.
−Removed: As of December 31, 2024, $914.9 million of our outstanding debt is variable rate debt.
+Added: As of December 31, 2025, $732.7 million of our outstanding debt was variable rate debt.
We estimate that for every 1% increase or decrease in interest rate, the annual interest expense for our variable rate debt, would increase or decrease $4.0 million, as compared to $4.9 million as of December 31, 2024.
14 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.