# Atlanta Braves Holdings, Inc.: Form 10-Q for the period ended Mar 31, 2025

- Company: [Atlanta Braves Holdings, Inc.](/companies/batra.md) (CIK 1958140)
- Form: 10-Q
- Filed: 2025-05-12
- Accepted by EDGAR: May 12, 2025, 15:12 ET
- Period: 2025-03-31
- Accession: 0001558370-25-007293
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1958140/000155837025007293/batra-20250331x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1958140/000155837025007293/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-01-01 to 2025-03-31 | $47.2m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Selling, general and administrative | 3 months, 2025-01-01 to 2025-03-31 | $27.2m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2025-01-01 to 2025-03-31 | −$44.5m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2025-01-01 to 2025-03-31 | $10.3m | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months, 2025-01-01 to 2025-03-31 | −$12.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-01-01 to 2025-03-31 | −$41.4m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.66 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.66 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-01-01 to 2025-03-31 | 63,320,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2025-01-01 to 2025-03-31 | $95.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2025-01-01 to 2025-03-31 | $19.5m | us-gaap:PaymentsToAcquireProductiveAssets |
| Cash and equivalents | at 2025-03-31 | $244.7m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-03-31 | $321.4m | us-gaap:AssetsCurrent |
| Total assets | at 2025-03-31 | $1.68bn | us-gaap:Assets |
| Current liabilities | at 2025-03-31 | $413.9m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-03-31 | $1.18bn | us-gaap:Liabilities |
| Long-term debt | at 2025-03-31 | $595.1m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-03-31 | $104.3m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-03-31 | $486.1m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 24,280 characters.

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, product and marketing strategies; new service offerings; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. The words "believe," "estimate," "expect," "anticipate," "intend," "plan," "strategy," "continue," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:

- Atlanta Braves Holdings, Inc.’s (“Atlanta Braves Holdings,” “the Company,” “us,” “we,” or “our”) historical financial information is not necessarily representative of its future financial position, future results of operations or future cash flows;
- the Company’s ability to recognize anticipated benefits from the Split-Off (defined below);
- the incurrence of costs as a standalone public company following the Split-Off;
- the ability of the Company to successfully transition responsibilities for various matters from Liberty Media Corporation (“Liberty”) to Company or third-party personnel;
- the Company’s ownership, management and board of directors structure;
- the Company’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations;
- the Company’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry;
- the Company’s ability to realize the benefits of acquisitions or other strategic investments;
- the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by the Company;
- the outcome of pending or future litigation or investigations;
- the operational risks of the Company and its business affiliates with operations outside of the United States;
- the Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments;
- the ability of the Company and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings;
- the regulatory and competitive environment of the industries in which the Company operates;
- changes in the nature of key strategic relationships with business partners, vendors and joint venturers;
- the achievement of on-field success;
- the Company’s ability to develop, obtain and retain talented players;
- the impact of organized labor on the Company;
- the impact of the structure or an expansion of Major League Baseball (“MLB”);
- the level of broadcasting revenue that Braves Holdings, LLC (“Braves Holdings”) receives;
- the impact of data loss or breaches or disruptions of the Company’s information systems and information system security;
- the Company’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities;
- the Company’s ability to attract and retain qualified key personnel;
- the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments;
- the Company’s stock price has and may continue to fluctuate;
- the Company’s common stock and organizational structure; and
- geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to the Company and its affiliates.

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent required by law.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2024.

### Explanatory Note

On July 18, 2023, Liberty, the then current parent organization of the Company, completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of the Company (the “Split-Off”). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from the officer positions and members of the Braves Holdings executive team assumed these roles (the “Corporate Governance Transition”). The Company is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings and corporate cash.

The intergroup interests in the Liberty Braves Group held by subsidiaries of Liberty prior to the Split-Off were settled through attribution of Atlanta Braves Holdings Series C common stock and subsequently sold in the secondary market. Atlanta Braves Holdings did not receive any of the proceeds from the sale of our common stock by these subsidiaries of Liberty. Following this transaction, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership, beneficial or otherwise, in the other.

### Overview

The Company manages its business based on the following reportable segments: Baseball and Mixed-Use Development.

The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers.

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta (the “Mixed-Use Development”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

### Results of Operations –March 31, 2025 and 2024

***General.*** Provided in the tables below is information regarding the historical Condensed Consolidated Operating Results and Other Income and Expense of Atlanta Braves Holdings, as well as information regarding the contribution to those items from our reportable segments. The “corporate and other” category consists of those assets that do not qualify as a separate reportable segment.

*dollar amounts in thousands*

| ​ ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ 2024 | ​ ​ ​ |
| --- | ---: | --- | ---: | --- |
| Baseball revenue | $28,621 |  | 21,970 | ​ |
| Mixed-Use Development revenue | 18,590 |  | 15,110 | ​ |
| Total revenue | 47,211 |  | 37,080 | ​ |
| Operating costs and expenses: |  |  |  | ​ |
| Baseball operating costs | (48,763) |  | (45,207) | ​ |
| Mixed-Use Development costs | (2,408) |  | (2,253) | ​ |
| Selling, general and administrative, excluding stock-based compensation | ​ (24,589) | ​ | (23,374) | ​ |
| Stock-based compensation | ​ (2,646) | ​ | (3,719) | ​ |
| Depreciation and amortization | (13,257) |  | (14,882) | ​ |
| Operating income (loss) | (44,452) |  | (52,355) | ​ |
| Other income (expense): |  |  |  | ​ |
| Interest expense | (10,344) |  | (9,443) | ​ |
| Share of earnings (losses) of affiliates, net | 322 |  | 1,627 | ​ |
| Realized and unrealized gains (losses) on financial instruments, net | (637) |  | 2,974 | ​ |
| Other, net | 1,213 |  | 1,769 | ​ |
| Earnings (loss) before income taxes | (53,898) |  | (55,428) | ​ |
| Income tax benefit (expense) | 12,507 |  | 4,156 | ​ |
| Net earnings (loss) | $(41,391) |  | (51,272) | ​ |
| ​ | ​ ​ | ​ | ​ | ​ |
| Adjusted OIBDA(1) | ​ (28,549) | ​ | (33,754) | ​ |
| ​ | ​ ​ | ​ | ​ | ​ |
| Regular season home games | ​ — | ​ | — | ​ |

(1) Adjusted OIBDA is a non-GAAP financial measure. See “Non-GAAP Adjusted OIBDA” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation to the most comparable GAAP measure.

***Baseball revenue.*** Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue. The following table disaggregates baseball revenue by source:

*amounts in thousands*

| ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ 2024 | ​ ​ ​ ​ ​ |
| --- | ---: | --- | ---: | --- |
| Baseball event | $883 | **​** | 1,168 | ​ |
| Broadcasting | 4,291 | ​ | 2,101 | ​ |
| Retail and licensing | 6,080 | ​ | 5,653 | ​ |
| Other | 17,367 | ​ | 13,048 | ​ |
| Total Baseball | $28,621 | ​ | 21,970 | ​ |

As there were no regular season home games played in either the first quarter of 2025 or 2024, baseball event revenue was relatively flat during the three months ended March 31, 2025, as compared to the corresponding period in the prior year. Broadcasting revenue increased $2.2 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to an increase in the number of regular season games based upon the timing of the regular season start this year, as well as contractual rate increases. Retail and licensing revenue was relatively flat during the three months ended March 31, 2025, as compared to the corresponding period in the prior year. Other revenue, a component of baseball revenue, increased $4.3 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including hosting two games for the Savannah Bananas.

***Mixed-Use Development revenue.*** Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental income and to a lesser extent, parking revenue and sponsorships. For the three months ended March 31, 2025, Mixed-Use Development revenue increased $3.5 million, as compared to the corresponding period in the prior year, primarily due to a $3.1 million increase in rental income and a $0.2 million increase in both sponsorship and parking revenue, respectively. Increases in rental income for the three months ended March 31, 2025, were primarily driven by new lease commencements.

***Baseball operating costs.*** Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three months ended March 31, 2025, baseball operating expenses increased $3.6 million, as compared to the corresponding period in the prior year, primarily due to a $1.1 million increase in major league player salaries and a $0.6 million increase in MLB’s revenue sharing plan and other shared expenses. Additional increases in baseball operating costs during the three months ended March 31, 2025, were due to $1.6 million of increases in expenses for events held at Truist Park.

***Mixed-Use Development costs.*** Mixed-Use Development costs primarily include costs associated with maintaining and operating the mixed-use facilities. During the three months ended March 31, 2025, Mixed-Use Development costs were relatively flat as compared to the corresponding period in the prior year.

***Selling, general and administrative, excluding stock-based compensation.*** Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $1.2 million for the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to increased personnel costs.

***Stock-based compensation.*** Stock-based compensation decreased $1.1 million for the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to a reduction in outstanding awards.

***Depreciation and amortization.*** Depreciation and amortization decreased $1.6 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to various Baseball related assets becoming fully depreciated partially offset by various Mixed-Use Development related assets being placed in service.

***Operating income (loss).*** Operating loss decreased $7.9 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, due to the above explanations.

***Non-GAAP Adjusted OIBDA.*** To provide investors with additional information regarding the Company’s financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure. We define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Our chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. We believe this is an important indicator of the operational strength and performance of our businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows us to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by (used in) operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

*amounts in thousands*

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ ​ 2024 | ​ ​ ​ ​ ​ |
| --- | --- | ---: | ---: | --- |
| Operating income (loss) | ​ | $(44,452) | (52,355) | ​ |
| Stock-based compensation | ​ | ​ 2,646 | 3,719 | ​ |
| Depreciation and amortization | ​ | ​ 13,257 | 14,882 | ​ |
| Adjusted OIBDA |  | $(28,549) | (33,754) | ​ |

Adjusted OIBDA is summarized as follows:

*amounts in thousands*

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ ​ ​ 2024 | ​ ​ ​ ​ ​ |
| --- | --- | ---: | ---: | --- |
| Baseball |  | $(39,600) | (41,716) | ​ |
| Mixed-Use Development | ​ | ​ 12,887 | 9,933 | ​ |
| Corporate and Other | ​ | ​ (1,836) | (1,971) | ​ |
| Total |  | $(28,549) | (33,754) | ​ |

Consolidated Adjusted OIBDA increased $5.2 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year.

Baseball Adjusted OIBDA increased $2.1 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Mixed-Use Development Adjusted OIBDA increased $3.0 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to the fluctuations in Mixed-Use Development revenue and costs, as described above.

Corporate and Other Adjusted OIBDA loss decreased $0.1 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to decreased stock-based compensation expense related to the Corporate Governance Transition.

***Interest Expense.*** Interest expense was relatively flat during the three months ended March 31, 2025, as compared to the corresponding period in the prior year.

***Share of earnings (losses) of affiliates, net.*** The following table presents our share of earnings (losses) of affiliates, net:

*amounts in thousands*

| ​ ​ ​ ​ ​ | ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ ​ ​ 2024 | ​ ​ |
| --- | --- | ---: | ---: | --- |
| MLB Advanced Media, L.P. | ​ | $(411) | (787) | ​ |
| Baseball Endowment, L.P. | ​ | 717 | 1,713 | ​ |
| Other | ​ | 16 | 701 | ​ |
| Total | ​ | $322 | 1,627 | ​ |

***Realized and unrealized gains (losses) on financial instruments, net.*** Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the Company’s interest rate swaps driven by changes in interest rates.

***Other, net.*** Other, net income decreased $0.6 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, due to decreases in dividend and interest income.

***Income taxes.*** The Company’s tax provision or benefit from income taxes increased $8.5 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, as a result of the Company utilizing a discrete effective tax rate during the three months ended March 31, 2025 compared to an estimated annual effective tax rate during the three months ended March 31, 2024.

For the three months ended March 31, 2025 and 2024, our effective tax rate was affected by the unfavorable impact of certain non-deductible expenses, such as executive compensation.

***Net earnings (loss).*** The Company had net losses of $41.4 million and $51.3 million during the three months ended March 31, 2025 and 2024, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

### Liquidity and Capital Resources

As of March 31, 2025, the Company had $244.7 million of cash and cash equivalents. Substantially all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

Braves Holdings is in compliance with all financial debt covenants as of March 31, 2025.

During the three months ended March 31, 2025 and 2024, the Company’s primary uses of cash were capital expenditures and debt service, funded primarily by cash from operations and new borrowings on construction loans.

The Company’s uses of cash are expected to be payments to certain players, coaches and executives pursuant to long-term employment agreements, capital expenditures, investments in real estate ventures and debt service payments. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations and through borrowings under construction loans and revolvers. We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.

### Sources of Liquidity

The following are potential sources of liquidity: available cash balances, cash generated by Braves Holdings’ operating activities (to the extent such cash exceeds Braves Holdings’ working capital needs and is not otherwise restricted), net proceeds from asset sales, debt borrowings under the LWCF, the MLBFF and the TeamCo Revolver (each as defined below) and dividend and interest receipts.

#### League Wide Credit Facility

In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs, including the Braves Club Trust (the “Club Trust”). The maximum amount available to the Club Trust under the LWCF was $125.0 million as of March 31, 2025, which remains undrawn. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026.

#### MLB Facility Fund Revolver

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. In May 2021, Braves Facility Fund LLC established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund — revolver, is July 10, 2026. The maximum amount available to Braves Facility Fund LLC under the MLB facility fund — revolver was $38.5 million as of March 31, 2025 and was fully drawn as of March 31, 2025.

#### TeamCo Revolver

A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of March 31, 2025 was $150.0 million.

See note 5 to the accompanying condensed consolidated financial statements for a description of all indebtedness obligations.

### Critical Accounting Estimates

Our critical accounting estimates are discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our fiscal year 2024 Form 10-K under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the three months ending March 31, 2025.

## Market risk

As filed, 1,667 characters.

We are exposed to market risk in the normal course of business due to our ongoing investing and financial activities and the conduct of operations. Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks.

We are exposed to changes in interest rates primarily as a result of our borrowing activities, which include fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations. The nature and amount of our long-term and short-term debt are expected to vary as a result of future requirements, market conditions and other factors. We manage our exposure to interest rates by maintaining what we believe is an appropriate mix of fixed and variable rate debt. We believe this best protects us from interest rate risk. We have achieved this mix by (i) issuing fixed rate debt that we believe has a low stated interest rate and significant term to maturity, (ii) issuing variable rate debt with appropriate maturities and interest rates and (iii) entering into interest rate swap arrangements when we deem appropriate.

As of March 31, 2025, we had $259.9 million aggregate principal amount of floating rate debt with a weighted average interest rate of 6.2% and $442.6 million aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.4%.

## Controls and procedures

As filed, 1,193 characters.

In accordance with Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer (the "Executives"), and under the oversight of its board of directors, of the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Based on that evaluation, the Executives concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025 to provide reasonable assurance that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

There has been no change in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

## Risk factors

As filed, 430 characters.

There have been no material changes from risk factors previously disclosed in the Company’s Form 10-K under Part I, Item 1A. You should be aware that these risk factors and other information may not describe every risk facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Filed May 12, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-007293. Last ingested by Listed: Oct 24, 2026, 15:16 ET. No prices; not investment advice.