Consumer Travel & Apparel

credit / rates affecting interest expense

“March 31, 2025 Due to Change in Average Total Increase / (Decrease) Borrowing / Swap Balance Borrowing / Swap Rate Investment securities repurchase agreement and other debt interest expense $ 44 $ 172 $ (128) TBA dollar roll income - implied interest expense 8 32 (24) Interest rate swap periodic income/cost 111 (182) 293 Total change in economic interest expense $ 163 $ 22 $ 141 Our average mortgage borrowings, inclusive of TBAs, increased 27% for the three months ended March 31, 2026, consistent with the increase to our average investment portfolio.”

AGNC 10-Q

credit / rates

“In addition, we may invest in stores subject to existing loans collateralized by mortgages or similar liens, or we may refinance stores acquired on a leveraged basis.”

EXR 10-K

demand / volume

“The impact of natural disasters, public health emergencies and any government responses to such emergencies, or regulations passed in an attempt to protect consumers could lead to lower demand for storage facilities, lower rental rates, inability to raise rents, reduced late fee collection and impaired ability to hold auctions resulting in higher accounts receivable and bad debt.”

EXR 10-K