6 unchanged sentences
however, this is mitigated to the extent our loans bear interest at a floating rate.
−Removed: As of March 31, 2023 , a decrease of 50 bps or increase of 50 bps of the market yield would have resulted in a change in unrealized gain (loss) of approximately $0.5 million and $(0.5) million, respectively.
−Removed: As of March 31, 2023 , we had six floating-rate loans, representing approximately 56% of our portfolio based on aggregate outstanding principal balances.
+Added: As of June 30, 2023 , a decrease of 50 bps or increase of 50 bps of the market yield would have resulted in a change in unrealized gain (loss) of approximately $0.5 million and $(0.5) million, respectively.
+Added: As of June 30, 2023 , we had six floating-rate loans, representing approximately 56% of our portfolio based on aggregate outstanding principal balances.
These floating benchmark rates included one-month LIBOR subject to a weighted average floor of 1.0% and quoted at 5.2%, one-month SOFR subject to a weighted average floor of 1.0% and quoted at 5.1% and U.S.
2 unchanged sentences
Potential Impact of LIBOR Transition
−Removed: As of March 31, 2023 , six of our loans, representing approximately 56% of our portfolio based on aggregate outstanding principal balances, paid interest at a variable rate tied to either LIBOR, SOFR, or U.S.
+Added: As of June 30, 2023 , six of our loans, representing approximately 56% of our portfolio based on aggregate outstanding principal balances, paid interest at a variable rate tied to either LIBOR, SOFR, or U.S.
If one of these floating benchmarks are no longer available, our applicable loan documents generally include fallback provisions that allow us to choose a new index based upon comparable information.
2 unchanged sentences
In addition, the elimination of LIBOR and/or changes to another index could result in mismatches with the interest rate of loans that we are financing.
−Removed: As of March 31, 2023, only two of our loans paid interest at a variable rate tied to LIBOR.
−Removed: Subsequent to March 31, 2023, one loan transitioned from LIBOR to SOFR.
−Removed: The remaining loan we plan to transition to an alternative benchmark rate either through modification or replacement in accordance with the fallback provisions in the loan documents by June 30, 2023.
+Added: As of June 30, 2023 , only one of our loans paid interest at a variable rate tied to LIBOR, which was transitioned to one-month SOFR in July 2023 in accordance with the loan documents.
We continue to monitor the transition guidance provided by the ARRC, the FASB and other relevant regulators, agencies and industry working groups, and we continue to engage with clients, lenders, market participants and other industry leaders as the transition from LIBOR progresses.
3 unchanged sentences
We may carry our loans at fair value or carrying value in our consolidated balance sheet.
−Removed: As of March 31, 2023 and December 31, 2022 , three of our loans held for investment were carried at fair value within loans held at fair value in our consolidated balance sheets, with changes in fair value recorded through earnings.
+Added: As of June 30, 2023 and December 31, 2022 , three of our loans held for investment were carried at fair value within loans held at fair value in our consolidated balance sheets, with changes in fair value recorded through earnings.
We evaluate our loans on a quarterly basis and fair value is determined by our Board through its independent Audit and Valuation Committee.
48 unchanged sentences
As a result, we cannot predict the percentage of our capital that will be invested in any individual target investment at any given time.
−Removed: Our loan portfolio as of March 31, 2023 was concentrated with the top four borrowers representing approximately 73.5% of the aggregate outstanding principal balances and approximately 73.9% of the total loan commitments.
+Added: Our loan portfolio as of June 30, 2023 was concentrated with the top four borrowers representing approximately 74.9% of the aggregate outstanding principal balances and approximately 73.3% of the total loan commitments.
Additionally, the industry is experiencing significant consolidation, which we expect to increase, among cannabis operations and certain of our borrowers may combine, increasing the concentration of our borrower portfolio with those consolidated operators.
−Removed: Our largest credit facility represented approximately 19.2% of the aggregate outstanding principal balances of our portfolio and approximately 21.4% of our total loan commitments as of March 31, 2023.
+Added: Our largest credit facility represented approximately 21.2% of the aggregate outstanding principal balances of our portfolio and approximately 20.6% of our total loan commitments as of June 30, 2023.
The borrower under this credit facility is a Subsidiary of Public Company H, a multi-state operator with real estate assets in several states, certain of which have been included as collateral in connection with the senior term loan.
−Removed: Our portion of the senior term loan provided to such borrower had a principal amount of $75.0 million outstanding as of March 31, 2023 and $15.0 million unfunded.
+Added: Our portion of the senior term loan provided to such borrower has a principal amount of $84.0 million outstanding as of June 30, 2023, which is fully funded.
This senior term loan accrues interest at a variable rate of U.S.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.