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 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.
+Added: Based on this analysis, as of March 31, 2021 , we would incur a loss of $3,051 if the yield curve rises 100 bps across all maturities and a gain of $3,042 if the yield curve falls 100 bps across all maturities.
Equity Securities :
4 unchanged sentences
However, since we generally make investments in our investment funds and permanent capital vehicles in order to facilitate third party capital raising (and hence increase our AUM and asset management fees), we may be unwilling to sell these positions as compared to investments in unaffiliated third parties.
+Added: Also, with our SPAC franchise, we have a large amount of restricted shares on our balance sheet.
+Added: These investments are subject to equity price risk and we cannot sell them while they are restricted.
+Added: Furthermore, there is limited ability for us to hedge this risk on a cost-effective basis.
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 September 30, 2020 , our equity price sensitivity was $1,506 and our foreign exchange currency sensitivity was $0 .
+Added: Based on this analysis, as of March 31, 2021 , our equity price sensitivity was $10,184 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 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 .
−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 $3,232 as of September 30, 2020 .
+Added: As of March 31, 2021 , 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 $481 .
+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 $3,012 as of March 31, 2021 .
Counterparty Risk and Settlement Risk
49 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.