1 unchanged sentence
We are subject to financial market risks, including changes in interest rates.
−Removed: As of June 30, 2020, 90.3% of our investments paid variable interest rates.
+Added: As of September 30, 2020, 89.1% of our investments paid variable interest rates.
A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments, especially to the extent that we hold variable rate investments, and to declines in the value of any fixed rate investments we may hold.
9 unchanged sentences
Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.
−Removed: The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the Second Amended JPM Credit Facility or the Amended UBS Facility in effect as of June 30, 2020:
+Added: The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the Second Amended JPM Credit Facility or the Amended UBS Facility in effect as of September 30, 2020:
Basis Point Change in Interest Rates (Decrease) Increase in Net Interest Income(1) Percentage Change in Net Interest Income
−Removed: No change to current base rate (0.43% as of June 30, 2020) $ — —
+Added: No change to current base rate (0.31% as of September 30, 2020) — —
Up 50 basis points (2,048) (2.4) %
4 unchanged sentences
The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments and the net asset value of our common stock in the event of sudden changes in interest rates.
−Removed: Approximately 5.5% of our investments paid fixed interest rates as of June 30, 2020.
+Added: Approximately 6.0% of our investments paid fixed interest rates as of September 30, 2020.
Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and a decline in the net asset value of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and an increase in the net asset value of our common stock.
1 unchanged sentence
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.