FPS — what changed in the latest 10-Q
A section-by-section comparison of FPS'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 · 2026-05-14 vs the prior 10-Q · 2026-03-16
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +11 | −12 | ~43 | 42 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
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 · 2026-05-14
On March 30, 2026, the Company completed a follow-on offering (the “Follow-On Offering”) consisting of 10,783,205 shares of Class A common stock offered by the Company and 23,716,795 shares of Class A common stock offered by the Selling Stockholders, including the exercise in full of the underwriter…
From the Follow-On Offering, the Company received $308.6 million in proceeds, net of underwriting discounts and commissions, which was used to indirectly purchase 10,783,205 Opco LLC Interests, and Opco utilized the net proceeds it received from the sale of Opco LLC Interests to the Company to redee…
Interest expense for the three months ended March 31, 2026 was $10.8 million as compared to $13.2 million for the three months ended March 31, 2025. The decrease in interest expense was primarily driven by lower interest rates in the current year.
As a result of the factors discussed above, net income for the three months ended March 31, 2026 was $24.5 million compared to $8.4 million for the three months ended March 31, 2025.
(1)Represents fees and expense reimbursements paid to our Sponsor.
Text removed vs the prior filing · source: 10-Q · 2026-03-16
Interest expense for the three months ended December 31, 2025 was $21.0 million as compared to $13.7 million for the three months ended December 31, 2024. The increase in interest expense was driven by the write-off of approximately $10 million of deferred financing costs related to refinancing our …
As a result of the factors discussed above, net loss was $(0.1) million and net income was $6.4 million for the three months ended December 31, 2025 and 2024, respectively. The net loss for the three months ended December 31, 2025 was driven primarily by the write-off of approximately $10 million of…
Three Months Ended December 31,Six Months Ended December 31,
(1)Represents fees and expense reimbursements paid to Neos Partners, our Sponsor.
(2)Represents non-recurring professional services fees we incurred in connection with readying the Company for our initial public offering and statutory SEC reporting, as well as certain non-recurring recruiting costs.
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