Interest Rate Risk We are exposed to risks associated with changes in interest rates relating to our unhedged variable–rate borrowings, according to which we pay interest at a rate of SOFR or term SOFR plus a margin; as such increases in interest rates could affect our results of operations and ability to service our debt. As of December 31, 2025, we had aggregate variable-rate borrowings, of $294 million. We have not entered into any hedging contracts to protect against interest rate fluctuations. The following table sets forth the sensitivity of our existing loans as of December 31, 2025, assuming no changes to our borrowings after December 31, 2025, as to a 100-basis point increase in Term SOFR and reflects the additional interest expense. Year Amount 2026 $2.8 million 2027 $2.4 million 2028 $1.9 million 2029 $1.5 million 2030 $0.7 million 2031 $0.3 million 2032 $0.2 million Total $9.8 million Foreign Currency Exchange Rate Risk We generate all of our revenue in U.S. dollars. The minority of our operating expenses (approximately 8% in 2025) and about two thirds of our general and administration expenses (approximately 64% in 2025) are in currencies other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. We do not consider the risk from exchange rate fluctuations to be material for our results of operations, as during 2025, these non-US dollar expenses represented 13% of our revenues. However, the portion of our business conducted in other currencies could increase in the future, which could expand our exposure to losses arising from exchange rate fluctuations. We have not hedged currency exchange risks associated with our expenses as of December 31, 2025.