| Notes, Loans and Finance Leases Payable, net |
. Notes, Loans and Finance Leases Payable, net Long Term Debt Long term debt was as follows:
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Fiscal Year 2026 Interest Rates |
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Maturities |
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Weighted Avg Interest Rates (c) |
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September 30, 2025 |
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March 31,
2025 |
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(Unaudited) |
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(In thousands) |
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Real estate loans (amortizing term) (a) |
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4.30 |
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% |
- |
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5.76 |
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% |
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2027 |
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- |
2037 |
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5.18 |
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% |
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$ |
259,947 |
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$ |
265,887 |
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Senior mortgages |
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2.70 |
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% |
- |
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6.05 |
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% |
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2026 |
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- |
2042 |
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4.57 |
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% |
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2,742,397 |
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2,437,769 |
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Real estate loans (revolving credit) |
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— |
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% |
- |
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— |
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% |
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— |
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- |
2027 |
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- |
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% |
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— |
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— |
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Fleet loans (amortizing term) |
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1.61 |
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% |
- |
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6.02 |
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% |
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2025 |
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- |
2031 |
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5.38 |
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% |
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109,779 |
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125,839 |
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Fleet loans (revolving credit) (b) |
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5.17 |
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% |
- |
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5.67 |
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% |
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2028 |
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- |
2030 |
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5.54 |
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% |
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635,000 |
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625,000 |
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Finance leases (rental equipment) |
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2.89 |
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% |
- |
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5.01 |
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% |
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2025 |
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- |
2026 |
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4.34 |
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% |
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19,645 |
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44,338 |
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Finance liability (rental equipment) |
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1.60 |
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% |
- |
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6.80 |
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% |
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2025 |
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- |
2033 |
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5.17 |
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% |
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2,201,380 |
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1,963,644 |
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Private placements |
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2.43 |
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% |
- |
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6.00 |
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% |
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2029 |
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- |
2035 |
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3.62 |
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% |
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1,700,000 |
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1,700,000 |
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Other obligations |
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1.50 |
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% |
- |
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8.00 |
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% |
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2025 |
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- |
2049 |
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6.41 |
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% |
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64,357 |
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66,864 |
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Notes, loans and finance leases payable |
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7,732,505 |
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7,229,341 |
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Less: Debt issuance costs |
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(37,865 |
) |
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(35,484 |
) |
Total notes, loans and finance leases payable, net |
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$ |
7,694,640 |
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$ |
7,193,857 |
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(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate. |
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(b) A certain loan has an interest rate swap fixing the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for this loan was 5.54% using the swap adjusted interest rate. |
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(c) Weighted average rates as of September 30, 2025. |
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Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of September 30, 2025 for the next five years and thereafter are as follows:
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Years Ended September 30, |
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2026 |
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2027 |
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2028 |
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2029 |
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2030 |
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Thereafter |
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Total |
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(Unaudited) |
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(In thousands) |
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Notes, loans and finance leases payable |
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$ |
883,790 |
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$ |
1,054,945 |
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$ |
791,194 |
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$ |
900,366 |
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$ |
1,020,030 |
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$ |
3,082,180 |
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$ |
7,732,505 |
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Interest on Borrowings Interest Expense Components of interest expense included the following:
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Quarter ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands) |
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Interest expense |
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$ |
89,854 |
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$ |
74,241 |
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Capitalized interest |
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(558 |
) |
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(2,567 |
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Amortization of transaction costs |
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1,571 |
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1,330 |
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Interest expense resulting from cash flow hedges |
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(562 |
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(1,506 |
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Total interest expense |
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$ |
90,305 |
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$ |
71,498 |
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Six months ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands) |
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Interest expense |
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$ |
176,473 |
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$ |
145,388 |
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Capitalized interest |
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(5,852 |
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(6,580 |
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Amortization of transaction costs |
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3,103 |
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2,839 |
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Interest expense resulting from cash flow hedges |
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(1,089 |
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(2,931 |
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Total interest expense |
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$ |
172,635 |
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$ |
138,716 |
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Interest Rates Interest rates and Company borrowings related to our revolving credit facilities were as follows:
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Revolving Credit Activity |
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Quarter ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands, except interest rates) |
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Weighted average interest rate during the quarter |
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5.62 |
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% |
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6.60 |
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% |
Interest rate at the end of the quarter |
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5.60 |
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% |
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6.55 |
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% |
Maximum amount outstanding during the quarter |
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$ |
635,000 |
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$ |
585,000 |
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Average amount outstanding during the quarter |
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$ |
635,000 |
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$ |
585,000 |
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Facility fees |
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$ |
297 |
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$ |
316 |
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Revolving Credit Activity |
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Six months ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands, except interest rates) |
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Weighted average interest rate during the period |
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5.62 |
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% |
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6.62 |
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% |
Interest rate at the end of the period |
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5.60 |
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% |
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6.55 |
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% |
Maximum amount outstanding during the period |
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$ |
785,000 |
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$ |
735,000 |
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Average amount outstanding during the period |
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$ |
682,541 |
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$ |
625,209 |
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Facility fees |
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$ |
531 |
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$ |
579 |
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