18 unchanged sentences
The interest rates on a significant portion of the Company's term debt are fixed.
−Removed: As of December 31, 2024, of our total principal debt of $3,451 million, a total of $593 million of secured borrowings carried variable interest rates, of which $523 million Term Loan B (TLB) has a variable interest rate based on SOFR plus a spread, and the remaining $70 million, related to our securitizations, has a variable interest rate based on the financial institution's cost of funds plus a spread.
+Added: As of December 31, 2025, of our total principal debt of $4,344 million, a total of $706 million of secured borrowings carried variable interest rates, of which $706 million Term Loan B (TLB) has a variable interest rate based on SOFR plus a spread.
The fair market values of our fixed-rate financial instruments are sensitive to changes in interest rates.
2 unchanged sentences
These variable rate secured borrowings have fixed interest rate caps and swaps with notional amounts of $175 million.
−Removed: As of December 31, 2024, $300 million include derivatives which were designated as cash flow hedges.
−Removed: Our securitizations, which have a notional amount of $77 million, have associated interest rate caps that were dedesignated as cash flow hedges during 2024.
+Added: As of December 31, 2025, $175 million include derivatives which were de-designated as cash flow hedges.
A 10% change in the yield curve, representing approximately 50 basis points, will increase the derivative mark-to-market by approximately $2 million.
1 unchanged sentence
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.