5 unchanged sentences
We are subject to interest rate risk in connection with most of our assets and liabilities.
−Removed: For some securities in our portfolio, the coupon interest rates on, and therefore also the values of, such securities are highly sensitive to interest rate movements, such as inverse floating rate RMBS,
−Removed: which benefit from falling interest rates.
−Removed: Our repurchase agreements generally have maturities of up to 180 days and carry interest rates that are determined by reference to LIBOR or similar short-term benchmark rates for those same periods.
+Added: For some securities in our portfolio, the coupon interest rates on, and therefore also the values of, such securities are highly sensitive to interest rate movements, such as inverse floating rate RMBS, which benefit from falling interest rates.
+Added: Our repurchase agreements generally have maturities of up to 364 days and carry interest rates that are determined by reference to a benchmark rate such as LIBOR or SOFR for those same periods.
Whenever one of our fixed-rate repo borrowings matures, it will generally be replaced with a new fixed-rate repo borrowing based on market interest rates prevailing at such time.
9 unchanged sentences
Agency RMBS, excluding TBAs $ 19,736 12.80 % $ 34,020 22.06 % $ (25,187) (16.33) % $ (55,825) (36.20) %
−Removed: TBAs (682) (0.41) % (4,339) (2.61) % (2,291) (1.38) % (7,556) (4.54) %
+Added: Long TBAs 3,906 2.53 % 6,472 4.20 % (5,246) (3.40) % (11,832) (7.67) %
+Added: Short TBAs (3,574) (2.32) % (5,802) (3.76) % 4,920 3.19 % 11,186 7.25 %
Non-Agency RMBS (612) (0.40) % (1,285) (0.84) % 551 0.36 % 1,040 0.68 %
Treasury Securities, Interest Rate Swaps, and Futures (21,938) (14.22) % (44,724) (29.00) % 21,089 13.67 % 41,331 26.80 %
−Removed: Corporate Securities and Derivatives on Corporate Securities (1) — % (3) — % — — % — — %
Repurchase and Reverse Repurchase Agreements (600) (0.39) % (588) (0.38) % 1,708 1.11 % 3,416 2.21 %
19 unchanged sentences
We are subject to credit risk in connection with certain of our assets, especially our non-Agency RMBS.
−Removed: Credit losses on real estate loans underlying our non-Agency RMBS can occur for many reasons, including, but not limited to, poor origination practices, fraud, faulty appraisals, documentation errors, poor underwriting, legal errors, poor servicing practices, weak economic conditions, decline in the value of homes, special hazards, earthquakes and other natural events, over-leveraging of the borrower on the property, reduction in market rents and occupancies and poor property management services in the case of rented homes, changes in legal protections for lenders, reduction in personal income, job loss, and personal events such as divorce or health problems.
+Added: Credit losses on real estate loans underlying our non-Agency RMBS can occur for many reasons, including, but not limited to, poor origination practices, fraud, faulty appraisals, documentation errors, poor underwriting, legal errors, poor servicing practices, weak economic conditions, decline in the value of homes, special hazards, earthquakes and other natural events, over-leveraging of the borrower on the property, reduction in market rents and occupancy rates and poor property management services in the case of rented homes, changes in legal protections for lenders, reduction in personal income, job loss, and personal events such as divorce or health problems.
Property values are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional, and local economic conditions (which may be adversely affected by industry slowdowns and other factors), local real estate conditions (such as an oversupply of housing), changes or continued weakness in specific industry segments, construction quality, age and design, demographic factors, and retroactive changes to building or similar codes.
10 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.