We have exposure to fluctuations in market interest rates. Market interest rates are sensitive to many factors that are beyond our control. Our exposure to a change in interest rates on our consolidated and non-consolidated debt (all of which arises out of non-trading activity) is as follows: (Amounts in thousands, except per share and per unit amounts) As of June 30, 2026 Balance Weighted Average Interest Rate(1) Effect of 1% Change in Base Rates(2) Consolidated debt: Fixed rate(3) $ 5,515,000 4.70% $ — Variable rate(4) 1,972,543 5.30% 14,032 $ 7,487,543 4.86% $ 14,032 Pro rata share of debt of non-consolidated entities: Fixed rate(3) $ 2,346,213 5.41% $ — Variable rate(5) 384,808 6.47% 2,986 $ 2,731,021 5.56% $ 2,986 Noncontrolling interests' share of consolidated subsidiaries (4,127) Total change in annual net income attributable to the Operating Partnership 12,891 Noncontrolling interests’ share of the Operating Partnership (1,053) Total change in annual net income attributable to Vornado $ 11,838 Total change in annual net income attributable to the Operating Partnership per diluted Class A unit $ 0.06 Total change in annual net income attributable to Vornado per diluted share $ 0.06 ______________________ (1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. (2)The impact of the interest rate cap arrangements discussed on the following page is reflected in our calculation of the effect of 1% change in base rates. (3)Includes variable rate debt with interest rates fixed by interest rate swap arrangements. (4)Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $1,285,000, of which $645,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.22% and a weighted average remaining term of seven months. (5)Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $211,818 at our pro rata share. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.22% and a weighted average remaining term of six months. Fair Value of Debt The estimated fair value of our consolidated debt is calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt. As of June 30, 2026, the estimated fair value of our consolidated debt was $7,263,000,000. 65 Item 3. Quantitative and Qualitative Disclosures About Market Risk - continued Derivatives and Hedging We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2026. Swap/Cap Expiration Date (Amounts in thousands) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Interest rate swaps: 555 California Street mortgage loan $ 1,200,000 S+230 (1) $ 840,000 (2) 5.56% 05/28 1290 Avenue of the Americas mortgage loan 950,000 S+162 (3) 200,000 (4) 4.58% 09/27 Unsecured revolving credit facility 918,000 S+101 575,000 3.74% 08/27 Unsecured term loan: 850,000 S+115 In-place swap through 10/26 750,000 4.12% 10/26 In-place swap through 7/27 250,000 3.89% 07/27 In-place swap through 8/27 50,000 3.89% 08/27 One Park Avenue mortgage loan 525,000 S+178 500,000 (5) 4.52% 07/27 100 West 33rd Street mortgage loan 480,000 S+185 480,000 5.26% 06/27 Index Strike Rate Interest rate cap: 150 West 34th Street mortgage loan 75,000 S+215 75,000 5.00% 02/27 435 Seventh Avenue mortgage loan 75,000 S+210 75,000 4.00% 04/27 ______________________ (1)The variable rate spread will increase by 25 basis points in May 2027. (2)Represents our 70.0% share of the $1.2 billion mortgage loan. (3)The variable rate spread will increase by 25 basis points in November 2026. (4)The remaining $750,000 mortgage loan balance has a 4.00% SOFR strike rate cap in place. (5)The remaining $25,000 mortgage loan balance has a 5.20% SOFR strike rate cap in place. The following table summarizes our hedging instruments of our unconsolidated subsidiaries (shown at our pro rata ownership interest) as of June 30, 2026. Swap/Cap Expiration Date (Amounts in thousands and at share) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Interest rate swap: 280 Park Avenue (50.0% interest) $ 537,500 S+178 $ 537,500 5.84% 09/28 Index Strike Rate Interest rate caps: Sunset Pier 94 Studios (49.9% interest) 82,507 S+480 82,507 4.00% 09/26 61 Ninth Avenue (45.1% interest) 72,611 S+300 72,611 4.25% 06/27 Rego Park II (32.4% interest) 56,700 S+200 56,700 4.50% 12/26 66