SL GREEN OPERATING PARTNERSHIP, L.P.

Previous wording

As of June 30, 2026, we also managed four properties owned by third parties encompassing approximately 0.9 million square feet (unaudited).

Current wording

As of September 30, 2026, we also managed five properties owned by third parties encompassing approximately 1.3 million square feet (unaudited).

Previous wording

Refer to the 2025 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three and six months ended June 30, 2026, there were no material changes to these estimates.

Current wording

Refer to the 2025 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three and nine months ended September 30, 2026, there were no material changes to these estimates.

Previous wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 17 of our 32 consolidated operating buildings),

Current wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 16 of our 31 consolidated operating buildings),

Previous wording

Investment income decreased due primarily to a lower weighted average debt and preferred equity investment balance for the three months ended June 30, 2026, as compared to the same period in 2025. For the three months ended June 30, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $113.1 million and 7.5%, respectively, as compared to $319.9 million and 5.6%, respectively, for the three months ended June 30, 2026.

Current wording

Investment income decreased due primarily to a lower weighted average debt and preferred equity investment balance for the three months ended September 30, 2026, as compared to the same period in 2025. For the three months ended September 30, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $113.4 million and 7.6%, respectively, as compared to $277.3 million and 5.6%, respectively, for the three months ended September 30, 2025.

Previous wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower ($6.9 million) during the first quarter of 2026, the consolidation of 315 West 33rd Street ($3.1 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($2.6 million) during the fourth quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue ($6.3 million) at the end of the fourth quarter of 2025. The weighted average debt balance outstanding was $4.7 billion for three months ended June 30, 2026, compared to $3.8 billion for the three months ended June 30, 2025. The consolidated weighted average interest rate was 5.21% for the three months ended June 30, 2026, as compared to 5.38% for the three months ended June 30, 2025.

Current wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower ($6.9 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($2.5 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($2.1 million) during the third quarter of 2025. These increases were partially offset by the deconsolidation of 100 Park Avenue ($6.7 million) at the end of the fourth quarter of 2025, and the sale of 7 Dey Street ($3.3 million) during the second quarter of 2026. The weighted average debt balance outstanding was $4.5 billion for three months ended September 30, 2026, compared to $3.9 billion for the three months ended September 30, 2025. The consolidated weighted average interest rate was 5.11% for the three months ended September 30, 2026, as compared to 5.37% for the three months ended September 30, 2025.

Previous wording

During the three months ended June 30, 2026, we recognized $26.6 million of income related to a reduction in the negative carrying value of an unconsolidated joint venture.

Current wording

During the three months ended September 30, 2026, we recognized $30.4 million of income related to a reduction in the negative carrying value of an unconsolidated joint venture.

Previous wording

Equity in net loss on sale of interest in unconsolidated joint venture/real estate

Current wording

Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate

Previous wording

During the three months ended June 30, 2026, we did not dispose of any interests in unconsolidated joint ventures. During the three months ended June 30, 2025, we recognized a loss on the sale of our interest in 85 Fifth Avenue ($1.9 million).

Current wording

During the three months ended September 30, 2026, we did not dispose of any interests in unconsolidated joint ventures. During the three months ended September 30, 2025, we recognized a gain on the sale of a 5% interest in One Vanderbilt Avenue ($87.3 million).

Previous wording

Income from debt fund investments increased due primarily to the continued deployment of capital in the Fund, resulting in a higher average invested balance and an increase in the fair value of its investments from $41.4 million at June 30, 2025 to $379.0 million at June 30, 2026.

Current wording

Income from debt fund investments increased due to the continued deployment of capital in the Fund, resulting in a higher average invested balance.

Previous wording

(Loss) gain on sale of real estate, net

Current wording

Gain (loss) on sale of real estate, net

Previous wording

The following comparison for the six months ended June 30, 2026, or 2026, to the six months ended June 30, 2025, or 2025, makes reference to the effect of the following:

Current wording

The following comparison for the nine months ended September 30, 2026, or 2026, to the nine months ended September 30, 2025, or 2025, makes reference to the effect of the following:

Previous wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 17 of our 32 consolidated operating properties),

Current wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 16 of our 31 consolidated operating properties),

Previous wording

Rental revenues increased due primarily to the acquisition of Park Avenue Tower ($33.9 million) during the first quarter of 2026, the consolidation of 315 West 33rd Street ($18.1 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($17.5 million) during the fourth quarter of 2025. Additionally, there was an increase in rental revenue from our Same-Store Properties, excluding 100 Park Avenue, of $1.0 million due to an increase in economic occupancy. This increase is partially offset by the deconsolidation of 100 Park Avenue ($20.1 million) at the end of the fourth quarter of 2025 and the sale of 690 Madison Avenue during the first quarter of 2026 ($1.3 million).

Current wording

Rental revenues increased due primarily to the acquisition of Park Avenue Tower ($53.2 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($25.2 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($25.2 million) during the third quarter of 2025. There was also an increase in rental revenue from our Same-Store Properties, excluding 100 Park Avenue, of $2.6 million due to an increase in economic occupancy. This increase is partially offset by the deconsolidation of 100 Park Avenue ($31.4 million) at the end of the fourth quarter of 2025, the sale of 7 Dey Street during the second quarter of 2026 ($4.6 million), and the sale of 690 Madison Avenue during the first quarter of 2026 ($2.2 million).

Previous wording

Investment income decreased due primarily to one CMBS investment ($10.0 million) that was sold during the six months ended June 30, 2025. Investment income also decreased due to a lower weighted average debt and preferred equity investment balance for the six months ended June 30, 2026 as compared to the same period in 2025. For the six months ended June 30, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $111.3 million and 7.5%, respectively, as compared to $326.5 million and 6.0%, respectively, for the six months ended June 30, 2025.

Current wording

Investment income decreased due primarily to one CMBS investment that was sold during the nine months ended September 30, 2025 ($10.0 million). Investment income also decreased due to a lower weighted average debt and preferred equity investment balance for the nine months ended September 30, 2026 as compared to the same period in 2025. For the nine months ended September 30, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $112.0 million and 7.5%, respectively, as compared to $308.4 million and 5.9%, respectively, for the nine months ended September 30, 2025.

Previous wording

Fee income increased due primarily to fees received in conjunction with the partial sale of 346 Madison Avenue ($4.2 million) and the sale of 7 Dey Street ($2.1 million).

Current wording

Fee income increased due primarily to incremental fee income earned at 11 Madison Avenue ($10.0 million), fees received in conjunction with the partial sale of 346 Madison Avenue ($7.9 million), and the sale of 7 Dey Street ($2.1 million).

Previous wording

Other income decreased due primarily to lease termination income ($3.8 million) recognized during the six months ended June 30, 2025.

Current wording

Other income decreased due primarily to incremental lease termination income recognized during the nine months ended September 30, 2025 ($3.9 million), compared to the same period in 2026.

Previous wording

SUMMIT Operator expenses were higher due to increased variable expenses as a result of increased operating hours and the Ascent premium experience coming back online.

Current wording

SUMMIT Operator expenses were higher due to increased variable expenses, including percentage rent, as a result of increased operating hours and the Ascent premium experience coming back online, which generated incremental revenue.

Previous wording

Marketing, general, and administrative expenses increased due primarily to higher compensation expenses.

Current wording

Marketing, general, and administrative expenses increased due primarily to higher compensation related expenses.

Previous wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower during the first quarter of 2026 ($12.3 million), the consolidation of 315 West 33rd Street ($6.2 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($5.3 million) during the fourth quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue ($12.5 million) at the end of the fourth quarter of 2025. The weighted average consolidated debt balance outstanding was $4.7 billion for the six months ended June 30, 2026, compared to $3.8 billion for the six months ended June 30, 2025. The consolidated weighted average interest rate was 4.88% for the six months ended June 30, 2026, as compared to 5.38% for the six months ended June 30, 2025.

Current wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower during the first quarter of 2026 ($19.2 million), the consolidation of 315 West 33rd Street ($8.2 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($7.8 million) during the fourth quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue ($19.2 million) at the end of the fourth quarter of 2025, the sale of 7 Dey Street ($4.6 million) during the second quarter of 2026 and the sale of 10 East 53rd Street ($3.7 million) during the third quarter of 2026. The weighted average consolidated debt balance outstanding was $4.6 billion for the nine months ended September 30, 2026, compared to $3.8 billion for the nine months ended September 30, 2025. The consolidated weighted average interest rate was 5.17% for the nine months ended September 30, 2026, as compared to 5.37% for the nine months ended September 30, 2025.

Previous wording

Depreciation and amortization increased primarily due to the acquisition of Park Avenue Tower ($16.5 million) during the first quarter of 2026, the consolidation of 315 West 33rd Street ($6.6 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($5.8 million) during the fourth quarter of 2025. This increase is partially offset by the disposition of 7 Dey Street ($3.2 million) during the second quarter of 2026, and the deconsolidation of 100 Park Avenue ($9.6 million) at the end of the fourth quarter of 2025.

Current wording

Depreciation and amortization increased primarily due to the acquisition of Park Avenue Tower ($24.8 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($8.4 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($7.0 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($14.8 million) at the end of the fourth quarter of 2025, the sale of 7 Dey Street ($5.6 million) during the second quarter of 2026, and the sale of 10 East 53rd Street ($5.3 million).

Previous wording

Equity in net loss on sale of interest in unconsolidated joint venture/real estate

Current wording

Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate

Previous wording

During the six months ended June 30, 2026, we did not dispose of any unconsolidated joint ventures. During the six months ended June 30, 2025, we recognized a loss on the sale of our interest in 85 Fifth Avenue ($1.9 million).

Current wording

During the nine months ended September 30, 2026, we did not dispose of any unconsolidated joint ventures. During the nine months ended September 30, 2025, we recognized a gain on the sale of our interest in One Vanderbilt Avenue ($87.3 million) offset by a loss on the sale of our interest in 85 Fifth Avenue ($2.3 million).

Previous wording

Income from debt fund investments increased due primarily to the continued deployment of capital in the Fund, resulting in a higher average invested balance and an increase in the fair value of its investments from $41.4 million at June 30, 2025 to $379.0 million at June 30, 2026.

Current wording

Income from debt fund investments increased due to the continued deployment of capital in the Fund, resulting in a higher average invested balance.

Previous wording

During the six months ended June 30, 2026, we recorded a $5.0 million positive fair value adjustment related to the deconsolidation of 346 Madison Avenue, a $2.4 million positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes, and a $2.2 million positive fair value adjustment related to the previous sale of an interest in One Madison Avenue, which did not meet sale accounting under ASC 860. During the six months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of Palisades Conference Center and a $4.3 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes.

Current wording

During the nine months ended September 30, 2026, we recorded a positive fair value adjustment related to the deconsolidation of 346 Madison Avenue ($5.0 million), a positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes ($7.0 million), and a positive fair value adjustment for the secured borrowing at One Madison Avenue ($5.8 million). During the nine months ended September 30, 2025, we recorded a negative fair value adjustment related to the initial valuation of Palisades Conference Center ($13.0 million) and a negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes ($4.0 million), partially offset by a positive fair value adjustment for the secured borrowing at One Madison Avenue ($14.2 million).

Previous wording

During the six months ended June 30, 2026, we recognized a gain of $15.3 million on the sale of 690 Madison Avenue and a gain of $1.3 million on the sale of a 49% interest in 346 Madison Avenue. These gains were offset by a loss of $4.2 million on the sale of 7 Dey Street.

Current wording

During the nine months ended September 30, 2026, we recognized gains on the sales of 10 East 53rd Street ($92.3 million) and 690 Madison Avenue ($15.3 million), and on the sale of a 49.0% interest in 346 Madison Avenue ($1.3 million). These gains were offset by a loss on the sale of 7 Dey Street ($4.2 million).

Previous wording

During the six months ended June 30, 2026, we recognized depreciable real estate reserves and impairments in connection with the classification of 7 Dey Street as held for sale ($35.2 million). During the six months ended June 30, 2025, we recognized depreciable real estate reserves and impairments related to the sale of residential condominium units at 760 Madison Avenue ($8.5 million).

Current wording

During the nine months ended September 30, 2026, we recognized depreciable real estate reserves and impairments in connection with the classification of 7 Dey Street ($35.2 million) and 110 Greene Street ($2.3 million) as held for sale. During the nine months ended September 30, 2025, we recognized depreciable real estate reserves and impairments related to the sale of residential condominium units at 760 Madison Avenue ($8.5 million).

Previous wording

During the six months ended June 30, 2025 we recognized a loan loss recovery of $71.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

Current wording

During the nine months ended September 30, 2025 we recognized a loan loss recovery of $71.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

Previous wording

During the three months ended June 30, 2025, we recognized a gain on the sale of marketable securities of $10.2 million.

Current wording

During the nine months ended September 30, 2025, we recognized a gain on the sale of marketable securities of $10.2 million.

Previous wording

Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs.

Current wording

Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, operating escalations and recoveries from our tenants and the level of operating and other costs.

Previous wording

For the remainder of the year ending December 31, 2026, we estimate that we will incur $70.0 million of leasing capital expenditures and $25.2 million of recurring capital expenditures on existing consolidated properties, of which $22.0 million will be funded by construction financing facilities or loan reserves. In addition, we estimate that we will incur $41.2 million of development or redevelopment expenditures on existing consolidated properties, of which $2.4 million will be funded by construction financing facilities or loan reserves. We estimate that our share of capital expenditures at our joint venture properties will be $71.5 million, of which $24.5 million will be funded by construction financing facilities or loan reserves. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Current wording

For the remainder of the year ending December 31, 2026, we estimate that we will incur $40.8 million of leasing capital expenditures and $12.4 million of recurring capital expenditures on existing consolidated properties, of which $21.5 million will be funded by construction financing facilities or loan reserves. In addition, we estimate that we will incur $49.7 million of development or redevelopment expenditures on existing consolidated properties, of which $1.6 million will be funded by construction financing facilities or loan reserves. We estimate that our share of capital expenditures at our joint venture properties will be $38.1 million, of which $13.1 million will be funded by construction financing facilities or loan reserves. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Previous wording

As of June 30, 2026, we had liquidity of $0.6 billion, comprised of $393.0 million of availability under our revolving credit facility and $202.1 million of consolidated cash on hand, inclusive of $21.3 million of available-for-sale marketable securities. This liquidity excludes $115.7 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties, or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Current wording

As of September 30, 2026, we had liquidity of $0.5 billion, comprised of $311.8 million of availability under our revolving credit facility and $207.6 million of consolidated cash on hand, inclusive of $21.2 million of available-for-sale marketable securities. This liquidity excludes $118.0 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties, or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Previous wording

Cash, restricted cash, and cash equivalents were $381.7 million and $342.8 million as of June 30, 2026 and 2025, respectively, representing an increase of $38.9 million. The increase was a result of the following changes in cash flows (in thousands):

Current wording

Cash, restricted cash, and cash equivalents were $385.9 million and $357.0 million as of September 30, 2026 and 2025, respectively, representing an increase of $28.9 million. The increase was a result of the following changes in cash flows (in thousands):

Previous wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, we used cash primarily for the following investing activities (in thousands):

Current wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the nine months ended September 30, 2026, when compared to the nine months ended September 30, 2025, we used cash primarily for the following investing activities (in thousands):

Previous wording

Capital expenditures, which are comprised of building and tenant improvements, decreased from $136.1 million for the six months ended June 30, 2025 to $129.0 million for the six months ended June 30, 2026 due to decreased leasing related costs as portfolio occupancy increases.

Current wording

Capital expenditures, which are comprised of building and tenant improvements, increased from $183.0 million for the nine months ended September 30, 2025 to $202.0 million for the nine months ended September 30, 2026 due to increased leasing related costs as portfolio occupancy increases.

Previous wording

During the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, we used cash primarily for the following financing activities (in thousands):

Current wording

During the nine months ended September 30, 2026, when compared to the nine months ended September 30, 2025, we used cash primarily for the following financing activities (in thousands):

Previous wording

As of June 30, 2026, 36,390,839 shares have been repurchased under the program. This amount excludes the redemption of OP units. During the six months ended June 30, 2026, we repurchased 283,120 shares under the program.

Current wording

As of September 30, 2026, 36,390,839 shares have been repurchased under the program. This amount excludes the redemption of OP units. During the nine months ended September 30, 2026, we repurchased 283,120 shares under the program.

Previous wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 19.0% and 6.1% as of June 30, 2026 and December 31, 2025, respectively.

Current wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 21.0% and 6.1% as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

The variable rate debt shown above generally bears interest at an interest rate based on Term SOFR (3.65% and 3.69% as of June 30, 2026 and December 31, 2025, respectively). Our consolidated debt as of June 30, 2026 had a weighted average term to maturity of 3.13 years.

Current wording

The variable rate debt shown above generally bears interest at an interest rate based on Term SOFR (3.91% and 3.69% as of September 30, 2026 and December 31, 2025, respectively). Our consolidated debt as of September 30, 2026 had a weighted average term to maturity of 3.00 years.

Previous wording

Certain of our debt and equity investments and other investments, with carrying values of $78.5 million as of June 30, 2026 and $128.6 million as of December 31, 2025, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 19.0% and 6.1% as of June 30, 2026 and December 31, 2025, respectively.

Current wording

Certain of our debt and equity investments and other investments, with carrying values of $78.6 million as of September 30, 2026 and $128.6 million as of December 31, 2025, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 21.0% and 6.1% as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

As of June 30, 2026, the 2026 Credit Facility bore interest at a spread over Term SOFR with an interest period of one or three months, as we may elect, ranging from (i) 85 basis points to 185 basis points for loans under the revolving credit facility, (ii) 90 basis points to 170 basis points for the Term A Loans, (iii) 100 basis points to 180 basis points for the Term B Loans, and (iv) 95 basis points to 220 basis points for the Term C Loans, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. The revolving credit facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to us at a reduced interest rate. The 2026 Credit Facility provide for the ability to amend the 2026 Credit Facility to include a sustainability component whereby the revolving credit facility and Term C Loans pricing may improve by up to 3 basis points (depending on the sustainability rating achieved) upon the Company’s achievement of certain sustainability ratings, determined via an independent third-party evaluation.

Current wording

As of September 30, 2026, the 2026 Credit Facility bore interest at a spread over Term SOFR with an interest period of one or three months, as we may elect, ranging from (i) 85 basis points to 185 basis points for loans under the revolving credit facility, (ii) 90 basis points to 170 basis points for the Term A Loans, (iii) 100 basis points to 180 basis points for the Term B Loans, and (iv) 95 basis points to 220 basis points for the Term C Loans, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. The revolving credit facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to us at a reduced interest rate. The 2026 Credit Facility provides for the ability to amend the 2026 Credit Facility to include a sustainability component whereby the revolving credit facility and Term C Loans pricing may improve by up to 3 basis points (depending on the sustainability rating achieved) upon the Company’s achievement of certain sustainability ratings, determined via an independent third-party evaluation.