BFS — what changed in the latest 10-Q
A section-by-section comparison of BFS'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 · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +43 | −54 | ~60 | 22 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~1 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 0 |
| 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.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
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 · 2026-05-07
Net income for the 2026 Quarter decreased to $12.0 million from $12.8 million for the 2025 Quarter. The primary reason for the decline was the $4.8 million adverse impact of the initial operations of Hampden House. Exclusive of Hampden House, net income increased by $4.0 million primarily due to (a)…
Depreciation and amortization of deferred leasing costs15,916 14,523 1,393 9.6 %
Total expenses increased $7.2 million, or 12.2%, in the 2026 Quarter compared to the 2025 Quarter, as described below. The increase in total expenses is primarily due to the initial operations of Hampden House, which generated $6.1 million of expenses during the 2026 Quarter.
Property operating expenses. Property operating expenses increased $2.0 million, or 14.5%, in the 2026 Quarter compared to the 2025 Quarter primarily due to (a) the initial operations of Hampden House of $1.0 million, (b) higher insurance costs across the portfolio, exclusive of Hampden House, of $0…
Real estate tax expense. Real estate tax expense increased $0.5 million, or 6.0%, in the 2026 Quarter compared to the 2025 Quarter primarily due to the initial operations of Hampden House of $0.6 million.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Net income for the 2025 Quarter decreased to $14.0 million from $19.6 million for the 2024 Quarter. The primary reason for the decline in net income was the $4.7 million adverse impact of the initial operations of Twinbrook Quarter Phase I. Significant changes in revenue and expenses are discussed b…
Credit losses on operating lease receivables, net. The $0.4 million increase in credit losses on operating lease receivables in the 2025 Quarter compared to the 2024 Quarter is primarily attributable to higher reserves across the portfolio.
Other revenue. The $0.4 million decrease in other revenue in the 2025 Quarter compared to the 2024 Quarter is primarily attributable to lower lease termination fees.
Depreciation and amortization of deferred leasing costs14,106 12,072 2,034 16.8 %
Total expenses increased 21.6% in the 2025 Quarter compared to the 2024 Quarter, as described below. The increase in total expenses is primarily attributable to the initial operations of Twinbrook Quarter Phase I, which generated $8.6 million of expenses during the 2025 Quarter.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
The Company is exposed to interest rate fluctuations that will affect the amount of interest expense of its variable-rate debt and the fair value of its fixed-rate debt. As of March 31, 2026, the Company had unhedged variable rate indebtedness totaling $182.0 million. If the interest rates on the Co…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
The Company is exposed to interest rate fluctuations that will affect the amount of interest expense of its variable-rate debt and the fair value of its fixed-rate debt. As of September 30, 2025, the Company had unhedged variable rate indebtedness totaling $230.0 million. If the interest rates on th…
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