SRG — what changed in the latest 10-Q
A section-by-section comparison of SRG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-14 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +43 | −25 | ~18 | 26 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 5 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-14
On March 31, 2022, the Company announced that its Board of Trustees, with the recommendation of the Special Committee, approved a plan to terminate the Company's REIT status and become a taxable C Corporation effective January 1, 2022. As a result, the Company is no longer required to operate under …
Rental income decreased by $2.8 million for the three months ended June 30, 2026, primarily due to property sales.
Property operating expenses decreased by $2.5 million primarily due to sales. The largest decreases were in common area maintenance, utilities, and insurance.
The decrease of $1.1 million for the three months ended June 30, 2026 was primarily driven by a decrease of $0.5 million in personnel costs, $0.4 million in office and ground rent, and $0.2 million in legal fees.
During the three months ended June 30, 2026, the company sold one property for $11.0 million and recorded a gain totaling $35.2 thousand, which is included in the gain on sale of real estate within the condensed consolidated statements of operations.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
On March 31, 2022, the Company announced that its Board of Trustees, with the recommendation of the Special Committee, approved a plan to terminate the Company's REIT status and become a taxable C Corporation effective January 1, 2022. As a result, the Company is no longer required to operate under …
shareholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2022, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates and is no longer entitled to a tax deduction for dividends paid. The Company …
The decrease of $2.5 million in rental income for the three months ended March 31, 2026 was primarily due to a decrease of approximately $2.7 million related to property sales and was partially offset by a reversal of bad debt of $0.1 million.
The decrease of $1.4 million in property operating expense for the three months ended March 31, 2026 was primarily due to a decrease of $1.8 million related to property sales and was partially offset by an increase in utilities and insurance of $0.3 million related to the remaining properties.
The decrease of $10.4 million for the three months ended March 31, 2026 was primarily driven by a $9.8 million decrease in personnel expense, including $6.5 million of severance expense; a decrease of $0.4 million of office rent and ground rent, and a decrease of $0.2 million of legal fees.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice