TOL

We are exposed to market risk primarily due to fluctuations in interest rates. We utilize both fixed-rate and variable-rate debt. For fixed-rate debt, changes in interest rates generally affect the fair market value of the debt instrument, but not our earnings or cash flow. Conversely, for variable-rate debt, changes in interest rates generally do not impact the fair value of the debt instrument but do affect our earnings and cash flow. We generally do not have the obligation to prepay fixed-rate debt before maturity and, as a result, interest rate risk and changes in fair value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance it. The table below sets forth, at April 30, 2026, our debt obligations by scheduled maturity, weighted-average interest rates, and estimated fair value (amounts in thousands): Fixed-rate debt Variable-rate debt (a) Fiscal year of maturity Amount Weighted- average interest rate Amount Weighted- average interest rate 2026 $ 34,039 3.19% $ — 2027 519,232 4.86% 177,302 6.11% 2028 428,311 4.41% — 2029 31,618 5.06% — 2030 411,158 3.76% 101,563 4.45% Thereafter 550,224 5.55% 548,438 4.45% Discounts, premiums and deferred issuance costs - net (13,573) (4,620) Total $ 1,961,009 4.73% $ 822,683 4.83% Fair value at April 30, 2026 $ 1,961,272 $ 827,302 (a) Based upon the amount of variable-rate debt outstanding at April 30, 2026, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $8.3 million per year. 46

We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made and that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition.

There have been no material changes in our risk factors as previously disclosed in Part I, Item 1A., “Risk Factors” in our 2025 Form 10-K.