SMC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-10

• Borrowings under New Permian Transmission Facility10,000 — 350,000 —

• Distributions and redemption of Subsidiary Series A Preferred Units— (1,628)(143,226)(3,256)

• Repurchase of shares under Share Repurchase Program(1,009)— (1,009)—

• Double E. During 2026, as part of the ongoing binding open season for Double E’s compression expansion project, Double E executed three long-term firm transportation agreements totaling 250 MMcf/d and has also entered into a firm option agreement for an additional 200 MMcf/d of capacity which may be…

• Double E’s compression expansion project would increase the pipeline’s capacity by approximately 50%, from approximately 1.6 Bcf/d to approximately 2.4 Bcf/d. We expect to reach a formal FID by the end of summer 2026. In advance of the FID, Double E has recently executed a purchase order to acquire …

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• Debt repayments - Legacy Permian Transmission Term Loan(116,998)(3,998)

• Borrowings on Amended and Restated ABL Facility78,000 90,000

• Distributions and redemption of Subsidiary Series A Preferred Units(143,226)(1,628)

• 2026 capital structure transactions. During the quarterly period ended March 31, 2026, we completed several transactions with counterparties that impacted our financial position and quarterly cash flows and will also impact future cash outflows for interest expense, dividends, and operating and fina…

• •Legacy Permian Transmission Credit Facilities Refinancing. In March 2026, we completed a $440.0 million refinancing of our Legacy Permian Transmission Credit Facilities in the form of the New Permian Transmission Facility having a maturity in March 2031, bearing interest at SOFR plus 4.00% per annu…

Text added vs the prior filing · source: 10-Q · 2026-08-10

• The following risk factor supplements and, to the extent inconsistent therewith, supersedes the risk factors previously disclosed in the Company’s 2025 Annual Report. Except as set forth below, there have been no material changes to the Company’s risk factors as previously disclosed.

• We cannot guarantee that our Share Repurchase Program will be fully completed or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our common stock and could diminish our cash reserves.

• In June 2026, the Company’s Board of Directors authorized the Share Repurchase Program to repurchase up to $35.0 million of the Company’s outstanding common stock. Under the Share Repurchase Program, repurchases of shares of the Company’s common stock may be made from time to time in the open market…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• The risk factors contained in Item 1A. Risk Factors of the 2025 Annual Report are incorporated herein by reference except to the extent they address risks arising from or relating to the failure of events described therein to occur, which events have since occurred.

Text added vs the prior filing · source: 10-Q · 2026-08-10

• During the three months ended June 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K.

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• During the three months ended March 31, 2026, the following officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted a Rule 10b5-1 trading arrangement as defined in Item 408(a) of Regulation S-K.

• James D. Johnston, the Company’s Executive Vice President, General Counsel and Chief Compliance Officer, entered into a Rule 10b5-1 trading arrangement adopted March 23, 2026 (the “Adoption Date”) providing for the sale from time to time of an aggregate of up to 10,400 shares of our common stock sub…