22 unchanged sentences
We measure our net interest rate sensitivity by determining how the fair value of our net interest rate sensitive assets would change as a result of a 100 basis point (“bps”) adverse shift across the entire yield curve.
−Removed: Based on this analysis, as of June 30, 2020 , we would incur a loss of $3,186 if the yield curve rises 100 bps across all maturities and a gain of $3,176 if the yield curve falls 100 bps across all maturities.
+Added: Based on this analysis, as of September 30, 2020 , we would incur a loss of $3,032 if the yield curve rises 100 bps across all maturities and a gain of $3,023 if the yield curve falls 100 bps across all maturities.
Equity Securities :
5 unchanged sentences
We measure our net equity price sensitivity and foreign currency sensitivity by determining how the net fair value of our equity price sensitive and foreign exchange sensitive assets would change as a result of a 10% adverse change in equity prices or foreign exchange rates.
−Removed: Based on this analysis, as of June 30, 2020 , our equity price sensitivity was $829 and our foreign exchange currency sensitivity was $0 .
+Added: Based on this analysis, as of September 30, 2020 , our equity price sensitivity was $1,506 and our foreign exchange currency sensitivity was $0 .
Other Securities:
4 unchanged sentences
We have debt that accrues interest at either variable rates or fixed rates.
−Removed: As of June 30, 2020 , a 100 bps change in the three month LIBOR would result in a change in our annual cash paid for interest in the amount of $656 .
−Removed: A 100 bps adverse change in the market yield to maturity would result in an increase in the fair value of the debt in the amount of $2,820 as of June 30, 2020 .
+Added: As of September 30, 2020 , a 100 bps change in the three month LIBOR would result in a change in our annual cash paid for interest in the amount of $656 .
+Added: A 100 bps adverse change in the market yield to maturity would result in an increase in the fair value of the debt in the amount of $3,232 as of September 30, 2020 .
Counterparty Risk and Settlement Risk
11 unchanged sentences
We seek to manage our market risk by utilizing our underwriting and credit analysis processes that are performed in advance of acquiring any investment.
−Removed: In addition, we continually monitor our investments-trading and our trading securities sold, not yet purchased on a daily basis and our other investments on a monthly basis.
+Added: In addition, we continually monitor our investments-trading and our trading securities sold, not yet purchased and our other investments on a daily basis.
We perform an in-depth monthly analysis on all our investments and our risk committee meets on a monthly basis to review specific issues within our portfolio and to make recommendations for dealing with these issues.
−Removed: In addition, each of our broker-dealers has an assigned chief risk officer that reviews the firm’s positions and trading activities on a daily basis.
+Added: In addition, our broker-dealer has an assigned chief risk officer that reviews the firm’s positions and trading activities on a daily basis.
Counterparty Risk
33 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.