TANGER INC.

Previous wording

The discussion of our results of operations reported in the unaudited, condensed consolidated statements of operations compares the three and six months ended June 30, 2026 with the three and six months ended June 30, 2025. The results of operations discussion is combined for Tanger Inc. and Tanger Properties Limited Partnership because the results are virtually the same for both entities. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements appearing elsewhere in this report. Historical results and percentage relationships set forth in the unaudited, condensed consolidated statements of operations, including trends which might appear, are not necessarily indicative of future operations. Unless the context indicates otherwise, the term “Company” refers to Tanger Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we,” “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.

Current wording

The discussion of our results of operations reported in the unaudited, condensed consolidated statements of operations compares the three and nine months ended September 30, 2026 with the three and nine months ended September 30, 2025. The results of operations discussion is combined for Tanger Inc. and Tanger Properties Limited Partnership because the results are virtually the same for both entities. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements appearing elsewhere in this report. Historical results and percentage relationships set forth in the unaudited, condensed consolidated statements of operations, including trends which might appear, are not necessarily indicative of future operations. Unless the context indicates otherwise, the term “Company” refers to Tanger Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we,” “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.

Previous wording

Net income increased approximately $3.3 million in the 2026 period to $34.6 million as compared to net income of $31.3 million for the 2025 period. The change in net income was primarily attributable to the following:

Current wording

Net income increased approximately $1.7 million in the 2026 period to $35.0 million as compared to net income of $33.3 million for the 2025 period. The change in net income was primarily attributable to the following:

Previous wording

In the tables below, information set forth for acquired properties includes our centers in Kansas City, KS, and Toledo, OH that were acquired in September 2025, and May 2026, respectively. Properties disposed include the center in Howell, MI that was sold in April 2025 which was held for sale during the three months ended March 31, 2025.

Current wording

In the tables below, information set forth for acquired properties includes our centers in Kansas City, KS, and Toledo, OH that were acquired in September 2025, and May 2026, respectively.

Previous wording

Rental revenues increased approximately $14.8 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of rental revenues (in thousands):

Current wording

Rental revenues increased approximately $11.8 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of rental revenues (in thousands):

Previous wording

Rental revenues at existing properties were positively impacted by obtaining higher rents from new and existing tenants during the last twelve months and strengthening our tenant mix. Straight-line rent adjustment income increased due to build out periods for certain larger leases, stronger lease execution, and from the acquisition of additional properties to the portfolio. Amortization of above and below market rent adjustments increased from the acceleration of $2.2 million of below market lease values related to an acquired Saks Off 5th lease at our Phoenix center.

Current wording

Rental revenues at existing properties were positively impacted by obtaining higher rents from new and existing tenants during the last twelve months and strengthening our tenant mix.

Previous wording

Management, leasing and other service revenues increased approximately $33,000 in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of management, leasing and other service revenues (in thousands):

Current wording

Management, leasing and other service revenues decreased approximately $162,000 in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of management, leasing and other service revenues (in thousands):

Previous wording

Other revenues increased approximately $822,000 in the 2026 period as compared to the 2025 period. The following table sets forth the changes in various components of other revenues (in thousands):

Current wording

Other revenues increased approximately $843,000 in the 2026 period as compared to the 2025 period. The following table sets forth the changes in various components of other revenues (in thousands):

Previous wording

Other revenues from existing properties increased in the 2026 period due to an increase in other revenue streams, such as EV charging, paid media sponsorships and onsite signage, on a local and national level.

Current wording

Other revenues from existing properties increased in the 2026 period due to an increase in other revenue streams, such as paid media sponsorships and onsite signage, on a local and national level.

Previous wording

Property operating expenses increased approximately $5.1 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

Current wording

Property operating expenses increased approximately $2.8 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

Previous wording

General and administrative expenses increased approximately $1.5 million from $19.0 million to $20.5 million in the 2026 period compared to the 2025 period. The increase is primarily related to higher employee compensation costs, higher healthcare costs, and other professional fees.

Current wording

General and administrative expenses increased approximately $1.9 million from $18.6 million to $20.5 million in the 2026 period compared to the 2025 period. The increase is primarily related to higher employee compensation costs, higher healthcare costs, and other professional fees.

Previous wording

Depreciation and amortization costs increased approximately $5.4 million in the 2026 period compared to the 2025 period.

Current wording

Depreciation and amortization costs increased approximately $4.8 million in the 2026 period compared to the 2025 period.

Previous wording

Interest expense increased approximately $3.0 million to $19.4 million in the 2026 period compared to $16.4 million in the 2025 period. In January 2026, we issued $250.0 million aggregate principal amount of the Exchangeable Notes and also refinanced our unsecured term loans, which increased our total outstanding balance from $325.0 million to $400.0 million. In addition, during September 2025, we assumed a $115.0 million interest-only mortgage in connection with the acquisition of the Kansas City, KS center.

Current wording

Interest expense increased approximately $2.9 million to $19.3 million in the 2026 period compared to $16.4 million in the 2025 period. In January 2026, we issued $250.0 million aggregate principal amount of the Exchangeable Notes and also refinanced our unsecured term loans, which increased our total outstanding balance from $325.0 million to $400.0 million. During the nine months ended September 30, 2026, we exercised the delayed draw feature of the term loans, and had an outstanding balance of $550.0 million as of September 30, 2026. In addition, during September 2025, we assumed a $115.0 million interest-only mortgage in connection with the acquisition of the Kansas City, KS center.

Previous wording

Other income (expense) increased approximately $1.8 million to $1.7 million in the 2026 period compared to ($26,000) in the 2025 period. The financing transactions in January 2026 resulted in cash on hand that was invested and led to a $1.7 million increase in interest income in the 2026 period compared to the 2025 period.

Current wording

Other income (expense) increased approximately $1.8 million to $1.7 million in the 2026 period compared to ($116,000) in the 2025 period. The financing transactions in January 2026 resulted in cash on hand that was invested and led to a $1.7 million increase in interest income in the 2026 period compared to the 2025 period.

Previous wording

Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025

Current wording

Comparison of the nine months ended September 30, 2026 to the nine months ended September 30, 2025

Previous wording

Net income increased approximately $12.7 million in the 2026 period to $64.0 million as compared to net income of $51.3 million for the 2025 period. Significant items impacting the comparability of the two periods include the following:

Current wording

Net income increased approximately $14.4 million in the 2026 period to $99.0 million as compared to net income of $84.7 million for the 2025 period. Significant items impacting the comparability of the two periods include the following:

Previous wording

Rental revenues increased approximately $29.1 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of rental revenues (in thousands):

Current wording

Rental revenues increased approximately $40.9 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of rental revenues (in thousands):

Previous wording

Management, leasing and other service revenues decreased approximately $170,000 in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of management, leasing and other services revenues (in thousands):

Current wording

Management, leasing and other service revenues decreased approximately $332,000 in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of management, leasing and other services revenues (in thousands):

Previous wording

Other revenues increased approximately $1.8 million in the 2026 period as compared to the 2025 period. The following table sets forth the changes in various components of other revenues (in thousands):

Current wording

Other revenues increased approximately $2.7 million in the 2026 period as compared to the 2025 period. The following table sets forth the changes in various components of other revenues (in thousands):

Previous wording

Property operating expenses increased approximately $10.0 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

Current wording

Property operating expenses increased approximately $12.8 million in the 2026 period compared to the 2025 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

Previous wording

Depreciation and amortization costs increased approximately $8.6 million from $73.8 million to $82.3 million in the 2026 period compared to the 2025 period.

Current wording

Depreciation and amortization costs increased approximately $13.4 million from $110.9 million to $124.3 million in the 2026 period compared to the 2025 period.

Previous wording

Interest expense increased approximately $6.4 million to $38.6 million in the 2026 period compared to $32.2 million in the 2025 period. In January 2026, we issued $250.0 million aggregate principal amount of the Exchangeable Notes and also refinanced our unsecured term loans, which increased our total outstanding balance from $325.0 million to $400.0 million. In addition, during September 2025, we assumed a $115.0 million interest-only mortgage in connection with the acquisition of the Kansas City, KS center.

Current wording

Interest expense increased approximately $9.3 million to $57.9 million in the 2026 period compared to $48.6 million in the 2025 period. In January 2026, we issued $250.0 million aggregate principal amount of the Exchangeable Notes and also refinanced our unsecured term loans, which increased our total outstanding balance from $325.0 million to $400.0 million. During the nine months ended September 30, 2026, we exercised the delayed draw feature of the term loans and had an outstanding balance of $550.0 million at September 30, 2026. In addition, during September 2025, we assumed a $115.0 million interest-only mortgage in connection with the acquisition of the Kansas City, KS center.

Previous wording

Other income (expense) increased approximately $3.4 million from $191,000 to $3.6 million in the 2026 period compared to the 2025 period. The financing transactions in January 2026 resulted in cash on hand that was invested and led to a $3.2 million increase in interest income in the 2026 period compared to the 2025 period.

Current wording

Other income (expense) increased approximately $5.3 million from $75,000 to $5.3 million in the 2026 period compared to the 2025 period. The financing transactions in January 2026 resulted in cash on hand that was invested and led to a $5.1 million increase in interest income in the 2026 period compared to the 2025 period.

Previous wording

Equity in earnings of unconsolidated joint ventures increased approximately $1.9 million from $5.4 million to $7.3 million in the 2026 period compared to the 2025 period. The increase was due to stronger comparative operating results at certain of our joint ventures and the refinance of the Galveston joint venture mortgage during the second quarter of 2025 that resulted in a lower interest rate.

Current wording

Equity in earnings of unconsolidated joint ventures increased approximately $1.6 million from $9.7 million to $11.3 million in the 2026 period compared to the 2025 period. The increase was due to stronger comparative operating results at certain of our joint ventures and the refinance of the Galveston joint venture mortgage during the second quarter of 2025 that resulted in a lower interest rate.

Previous wording

In February 2026, the Company and the Operating Partnership filed an automatic shelf registration statement on Form S-3 (File No. 333-293804) (the “Universal Registration Statement”) with the SEC, which became effective automatically upon filing. In connection with the filing of the Universal Registration Statement, on February 26, 2026, the Company also filed a new prospectus supplement with the SEC to the base prospectus, contained in the Universal Registration Statement, which relates to the Company’s at-the-market stock offering (“ATM Offering”) program. Substantially concurrent with the Company’s and the Operating Partnership’s entry into the Sales Agreement (as defined below), the Company terminated its existing ATM Equity Offering Sales Agreement, among the Company, the Operating Partnership and the agents party thereto (the “2025 Sales Agreement”), in accordance with the terms of the 2025 Sales Agreement.

Current wording

In February 2026, the Company and the Operating Partnership filed an automatic shelf registration statement on Form S-3 (File No. 333-293804) (the “Universal Registration Statement”) with the SEC, which became effective automatically upon filing. In connection with the filing of the Universal Registration Statement, on February 26, 2026, the Company also filed a new prospectus supplement with the SEC to the base prospectus, contained in the Universal Registration Statement, which relates to the Company’s at-the-market stock offering (“ATM Offering”) program. Substantially concurrent with the Company’s and the Operating Partnership’s entry into the 2026 Sales Agreement (as defined below), the Company terminated its existing ATM Equity Offering Sales Agreement, among the Company, the Operating Partnership and the agents party thereto (the “2025 Sales Agreement”), in accordance with the terms of the 2025 Sales Agreement.

Previous wording

We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering program for working capital and general corporate expenses. As of June 30, 2026, we had approximately $375.7 million remaining available for sales of common shares under the ATM Offering program. There were no sales of our common shares under the ATM Offering program during the first six months of 2025 or first three months of 2026. See “Forward Sale Agreements” below regarding certain common shares sold under our ATM Offering program pursuant to forward sale agreements that had not settled as of June 30, 2026.

Current wording

We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering program for working capital and general corporate expenses. As of September 30, 2026, we had approximately $375.7 million remaining available for sales of common shares under the ATM Offering program. There were no sales of our common shares under the ATM Offering program during the first three quarters of 2025, or during first or third quarter of 2026. During the second quarter of 2026, certain common shares were sold under our ATM Offering program pursuant to forward sale agreements that had not settled as of September 30, 2026. For more information, see “Forward Sale Agreements” below.

Previous wording

In June 2026, we sold an aggregate of 600,000 common shares under the ATM Offering program which were subject to forward sale agreements, for an estimated gross value of $24.3 million based on the initial forward sale price of $40.50 per common share. Shares can be settled at any time during the next 15 months from the date of entry into the applicable forward sale agreement, unless otherwise extended. We did not initially receive any proceeds from the sale of these common shares, which were sold to underwriters by the forward purchasers or their respective affiliates. We did not receive any proceeds from the sale of the shares at the time we entered into each of the respective forward sale agreements and will not receive any proceeds until settlement. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Current wording

In June 2026, we sold an aggregate of 600,000 common shares under the ATM Offering program which were subject to forward sale agreements, for an estimated gross value of $24.3 million based on the initial forward sale price of $40.50 per common share. Shares can be settled at any time during the 15 months from the date of entry into the applicable forward sale agreement, unless otherwise extended. We did not initially receive any proceeds from the sale of these common shares, which were sold to underwriters by the forward purchasers or their respective affiliates. We did not receive any proceeds from the sale of the shares at the time we entered into each of the respective forward sale agreements and will not receive any proceeds until settlement. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Previous wording

The Company repurchased 589,622 common shares during the six months ended June 30, 2026. The Company did not repurchase any common shares during the three months ended June 30, 2026 or the three and six months ended June 30, 2025. The remaining amount of common shares authorized to be repurchased under the program as of June 30, 2026 was approximately $180.0 million.

Current wording

The Company repurchased 589,622 common shares during the nine months ended September 30, 2026. The Company did not repurchase any common shares during the three months ended September 30, 2026 or the three and nine months ended September 30, 2025. The remaining amount of common shares authorized to be repurchased under the program as of September 30, 2026 was approximately $180.0 million.

Previous wording

The following table details our capital expenditures for consolidated centers for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table details our capital expenditures for consolidated centers for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

(1)The increase is primarily related to increased redevelopment activity and increased outparcel developments.

Current wording

(1)The increase is primarily related to increased redevelopment activity and outparcel developments.

Previous wording

We intend to continue to grow our portfolio by developing, expanding or acquiring additional outlet and retail real estate assets. Future real estate assets may be wholly-owned by us, owned through joint ventures or partnership arrangements, or managed through management agreements. However, you should note that any developments or expansions that we, or a joint venture that we have an ownership interest in, have planned or anticipated may not be started or completed as scheduled, or may not result in accretive net income or funds from operations ("FFO"). See the section "Non-GAAP Supplemental Earnings Measures" - "Funds From Operations" below for further discussion of FFO. In addition, we regularly evaluate acquisition or disposition proposals and engage from time to time in negotiations for acquisitions or dispositions of properties. We may also enter into letters of intent for the purchase or sale of properties. Any prospective acquisition or disposition that is being evaluated or which is subject to a letter of intent may not be consummated.

Current wording

We intend to continue to grow our portfolio by developing, expanding or acquiring additional outlet and retail real estate assets. Future real estate assets may be wholly-owned by us, owned through joint ventures or partnership arrangements, or managed through management agreements. However, you should note that any developments or expansions that we, or a joint venture that we have an ownership interest in, have planned or anticipated may not be started or completed as scheduled, or may not result in accretive net income or funds from operations ("FFO"). See the section "Non-GAAP Supplemental Measures" - "Funds From Operations" below for further discussion of FFO. In addition, we regularly evaluate acquisition or disposition proposals and engage from time to time in negotiations for acquisitions or dispositions of properties. We may also enter into letters of intent for the purchase or sale of properties. Any prospective acquisition or disposition that is being evaluated or which is subject to a letter of intent may not be consummated.

Previous wording

There were no material changes in our contractual commitments during the six months ended June 30, 2026 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, other than the following updates to our contractual obligations for future debt and interest payments over the next five years and thereafter as of June 30, 2026.

Current wording

There were no material changes in our contractual commitments during the nine months ended September 30, 2026 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, other than the following updates to our contractual obligations for future debt and interest payments over the next five years and thereafter as of September 30, 2026.

Previous wording

(2)Excludes the two six-month extension options on our $620.0 million unsecured lines of credit, under which there were no outstanding borrowings at June 30, 2026 and which matures in 2028. If the extension options are exercised, the maturity dates would be extended to 2029.

Current wording

(1)Excludes the two six-month extension options on our $620.0 million unsecured lines of credit, under which $2.0 million was outstanding as of September 30, 2026. If the extension options are exercised, the maturity dates would be extended to 2029.

Previous wording

We are obligated to make periodic interest payments at fixed and variable rates, depending on the terms of the applicable debt agreements. Based on applicable interest rates and scheduled debt maturities as of June 30, 2026, these interest obligations total approximately $74.3 million over the next twelve months.

Current wording

We are obligated to make periodic interest payments at fixed and variable rates, depending on the terms of the applicable debt agreements. Based on applicable interest rates and scheduled debt maturities as of September 30, 2026, these interest obligations total approximately $73.8 million over the next twelve months.

Previous wording

The following table sets forth our changes in cash flows from June 30, 2026 and 2025 (in thousands):

Current wording

The following table sets forth our changes in cash flows from the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Net cash provided by operating activities increased period over period primarily due to changes in working capital and our acquisition of our center in Toledo, OH that was acquired in the second quarter of 2026.

Current wording

Net cash provided by operating activities increased period over period primarily due to changes in working capital and our acquisitions of our center in Toledo, OH that was acquired in the second quarter of 2026 and our center in Kansas City, KS that was acquired in the third quarter of 2025.

Previous wording

The decrease in net cash used in investing activities was primarily due to the acquisition of our center in Cleveland, OH in the first quarter of 2025 and the acquisition of our center in Toledo, OH in the second quarter of 2026, partially offset by additions to short-term investments and capital additions in the first two quarters of 2026.

Current wording

The decrease in net cash used in investing activities was primarily due to the acquisition of our center in Cleveland, OH in the first quarter of 2025 and the acquisition of our center in Kansas City, KS in the third quarter of 2025, partially offset by the acquisition of our center in Toledo, OH in the second quarter of 2026 and by capital additions in the first three quarters of 2026.

Previous wording

Net cash provided by financing activities increased period over period primarily due to higher borrowings related to the Exchangeable Notes issued in the first quarter of 2026, partially offset by our share repurchase during the first quarter of 2026 and paydowns of our line of credit and our Atlantic City mortgage during the second quarter of 2026.

Current wording

Net cash used in financing activities increased period over period primarily due to our payoff of the 2026 Senior Notes, our share repurchase during the first quarter of 2026, and net paydowns of our line of credit and our Atlantic City mortgage during the second quarter of 2026, and the expanded term loans executed in the first quarter of 2026 with additional funds drawn in the third quarter of 2026.

Previous wording

As of June 30, 2026, unsecured borrowings represented 91% of our outstanding debt and 95% of the gross book value of our real estate portfolio was unencumbered. The Company guarantees the Operating Partnership’s obligations under our unsecured lines of credit, our term loans and the Exchangeable Notes.

Current wording

As of September 30, 2026, unsecured borrowings represented 89% of our outstanding debt and 95% of the gross book value of our real estate portfolio was unencumbered. The Company guarantees the Operating Partnership’s obligations under our unsecured lines of credit, our term loans and the Exchangeable Notes.

Previous wording

In January 2026, we entered into an unsecured term loan financing to further enhance our liquidity and extend our debt maturity profile. On January 6, 2026, we closed on $550.0 million of unsecured term loans, comprised of (1) an amendment of our existing $325.0 million term loan increasing the capacity to $350.0 million and extending the maturity to December 2030 (the "2030 Term Loan") and (2) a new $200.0 million term loan due January 2033 (the "2033 Term Loan"). We drew an incremental $75.0 million at closing, for a total outstanding amount of $400.0 million, and we have a combined $150.0 million available under a delayed draw feature. In July 2026, we borrowed $50.0 million on our 2033 Term Loan bringing the loan balance to $200.0 million and the total Term Loan balance drawn to $450.0 million. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on our current credit rating.

Current wording

In January 2026, we entered into an unsecured term loan financing to further enhance our liquidity and extend our debt maturity profile. On January 6, 2026, we closed on $550.0 million of unsecured term loans, comprised of (i) an amendment of our existing $325.0 million term loan increasing the capacity to $350.0 million and extending the maturity to December 2030 (as amended, the "2030 Term Loan") and (ii) a new $200.0 million term loan due January 2033 (the "2033 Term Loan" and, together with the 2030 Term Loan, the “Term Loans”). At closing, we drew an incremental $75.0 million under the Term Loans. During the third quarter of 2026, we borrowed an additional $150.0 million under the Term Loans, bringing our total outstanding amount under the Term Loans to $550.0 million as of September 30, 2026. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on our current credit rating.

Previous wording

We anticipate that adequate cash will be available to fund our operating and administrative expenses, regular debt service obligations, and the payment of dividends in accordance with REIT requirements in both the short- and long-term. Although we receive most of our rental payments on a monthly basis, dividends and distributions to shareholders and unitholders, respectively, are typically made quarterly and interest payments on the senior, unsecured notes are made semi-annually. Amounts accumulated for such payments will be used in the interim to reduce the outstanding borrowings under our existing unsecured lines of credit or invested in short-term money market or other suitable instruments. We believe our current balance sheet position is financially sound; however, due to the economic uncertainty caused by the current macroeconomic environment, including but not limited to international trade relations and trade policy, including those related to tariffs, rising interest rates and inflation, and the inherent uncertainty and unpredictability of the capital and credit markets, we can give no assurance that affordable access to capital will exist between now and when our next significant debt matures, which is our $350.0 million senior notes due September 2026.

Current wording

We anticipate that adequate cash will be available to fund our operating and administrative expenses, regular debt service obligations, and the payment of dividends in accordance with REIT requirements in both the short- and long-term. Although we receive most of our rental payments on a monthly basis, dividends and distributions to shareholders and unitholders, respectively, are typically made quarterly and interest payments on the senior, unsecured notes are made semi-annually. Amounts accumulated for such payments will be used in the interim to reduce the outstanding borrowings under our existing unsecured lines of credit or invested in short-term money market or other suitable instruments. We believe our current balance sheet position is financially sound; however, due to the economic uncertainty caused by the current macroeconomic environment, including but not limited to international trade relations and trade policy, including those related to tariffs, rising interest rates and inflation, and the inherent uncertainty and unpredictability of the capital and credit markets, we can give no assurance that affordable access to capital will exist between now and when our next significant debt matures, which is our $300.0 million senior notes due July 2027.