10 unchanged sentences
Interest rates on the investments held within our portfolio of investments are typically based on floating LIBOR, with many of these investments also having a LIBOR floor.
−Removed: Additionally, our Facilities are also subject to floating interest rates and are currently paid based on floating LIBOR rates.
+Added: Additionally, the Credit Facility is also subject to floating interest rates and is currently paid based on floating LIBOR rates.
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates.
1 unchanged sentence
The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points.
−Removed: Interest income is calculated as revenue from interest generated from our settled portfolio of debt investments held as of December 31, 2019 and 2018 , excluding structured finance obligations and our investment in Credit Fund.
−Removed: These hypothetical calculations are based on a model of the settled debt investments in our portfolio, excluding structured finance obligations and our investment in Credit Fund, held as of December 31, 2019 and 2018 , and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income.
+Added: Interest income is calculated as revenue from interest generated from our settled portfolio of debt investments held as of December 31, 2020 and 2019, excluding structured finance obligations and our investments in Credit Fund and Credit Fund II.
+Added: These hypothetical calculations are based on a model of the settled debt investments in our portfolio, excluding structured finance obligations and our investments in Credit Fund and Credit Fund II, held as of December 31, 2020 and 2019, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income.
Interest expense is calculated based on outstanding secured borrowings and notes payable as of December 31, 2020 and 2019 and based on the terms of our Facilities and notes payable.
4 unchanged sentences
Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
−Removed: Based on our Consolidated Statements of Assets and Liabilities as of December 31, 2019 and 2018 , the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments), excluding our investment in Credit Fund, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:
−Removed: As of December 31, 2019
−Removed: As of December 31, 2018
−Removed: Basis Point Change
+Added: Based on our Consolidated Statements of Assets and Liabilities as of December 31, 2020 and 2019, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments), excluding our investments in Credit Fund and Credit Fund II, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:
+Added: As of December 31, 2020 As of December 31, 2019
+Added: Basis Point Change Interest
+Added: Income Interest
+Added: Income Interest
+Added: Income Interest
Up 300 basis points $ 35,024 $ (23,164) $ 11,860 $ 57,441 $ (31,167) $ 26,274
5 unchanged sentences
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.