6 unchanged sentences
We do not intend to hold or issue these derivative contracts for trading or speculative purposes.
−Removed: We do not have any foreign operations and thus we are not exposed to foreign currency fluctuations.
+Added: We do not have any material foreign operations and thus we do not expect to be exposed to foreign currency fluctuations.
Interest Rate Risk
2 unchanged sentences
In general, we seek to match the interest rate characteristics of our investments with the interest rate characteristics of any related financing obligations such as repurchase agreements, bank credit facilities, term loans, revolving facilities and securitizations.
−Removed: As of March 31, 2026, we had an aggregate of $2.0 billion of variable rate debt, excluding any debt subject to interest rate swap agreements and interest rate cap agreements, if any, and therefore, we are exposed to interest rate changes in SOFR.
−Removed: As of March 31, 2026, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $9.9 million per year.
−Removed: As the information presented above includes only those exposures that existed as of March 31, 2026, it does not consider exposures or positions arising after that date.
+Added: As of June 30, 2026, we had an aggregate of $1.9 billion of variable rate debt, excluding any debt subject to interest rate swap agreements and interest rate cap agreements, if any, and therefore, we are exposed to interest rate changes in SOFR.
+Added: As of June 30, 2026, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $9.7 million per year.
+Added: As the information presented above includes only those exposures that existed as of June 30, 2026, it does not consider exposures or positions arising after that date.
The information presented herein has limited predictive value.
15 unchanged sentences
The performance and value of our loans and investments depend upon the owners’ ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us.
−Removed: To monitor this risk, our manager reviews our investment portfolios and in certain instances is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.
+Added: To monitor this risk, we review our portfolios and in certain instances are in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.
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.