“Interest expense increased $3.2 million or 2% in 2025 , primarily due to a $14.4 million increase from our 5.50% senior unsecured notes issued in August 2024 (the “2034 senior notes”), a $6.7 million increase from our 6.75% junior subordinated notes issued in March 2024 (the “2064 junior subordinated notes”), and a $3.6 million increase from borrowings under our senior unsecured multicurrency revolving credit facility (the “revolver”).”
“The decrease in net gains (losses) from investment activities of $309 million was primarily driven by an impairment loss on an equity investment triggered by the initial public offering of the equity security which resulted in an observable transaction price below the Company’s carrying amount, as well as the depreciation in the Company’s investments in Global Business Travel Group, Inc.”