1 unchanged sentence
Interest Rate Risk.
−Removed: We are exposed to risks associated with market changes in interest rates.
−Removed: Our credit facility exposes us to variability in interest payments due to changes in LIBOR interest rates.
+Added: We are exposed to risks associated with market changes in interest rates through our borrowing arrangements and investments.
+Added: In particular, our Credit Facility exposes us to variability in interest payments due to changes in LIBOR interest rates.
We manage our exposure to this market risk by monitoring available financing alternatives.
4 unchanged sentences
These prepayment rights may afford us opportunities to mitigate the risk of refinancing our debts at maturity at higher rates by refinancing prior to maturity.
−Removed: As of September 30, 2020, there was no outstanding debt under our revolving credit facility.
−Removed: We have outstanding indebtedness under mortgage loans insured with Department of Housing and Urban Development (HUD) and two promissory notes to third parties of $118.7 million all of which are at fixed interest rates.
−Removed: Our cash and cash equivalents as of September 30, 2020 consisted of bank term deposits, money market funds and U.S.
+Added: As of March 31, 2021, there was no outstanding debt under our Credit Facility.
+Added: We have outstanding indebtedness under mortgage loans insured with Department of Housing and Urban Development (HUD) and one promissory note to a third party of $117.0 million all of which are at fixed interest rates.
+Added: Our cash and cash equivalents as of March 31, 2021 consisted of bank term deposits, money market funds and U.S.
Treasury bill related investments.
−Removed: In addition, as of September 30, 2020, we held debt security investments of approximately $49.3 million which were split between AA, A, and BBB rated securities.
−Removed: We believe our debt security investments that were in an unrealized loss position as of September 30, 2020 were not other-than-temporarily impaired, nor has any event occurred subsequent to that date, including the recent developments related to COVID-19, that would indicate any other-than-temporary impairment.
+Added: In addition, as of March 31, 2021, we held debt security investments of approximately $49.0 million which were split between AA, A, and BBB rated securities.
+Added: We believe our debt security investments that were in an unrealized loss position as of March 31, 2021 were not other-than-temporarily impaired, nor has any event occurred subsequent to that date that would indicate any other-than-temporary impairment.
Our market risk exposure is interest income sensitivity, which is affected by changes in the general level of U.S.
3 unchanged sentences
Accordingly, we would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates on our securities portfolio.
−Removed: The above only incorporates those exposures that exist as of September 30, 2020 and does not consider those exposures or positions which could arise after that date.
+Added: The above only incorporates those exposures that exist as of March 31, 2021 and does not consider those exposures or positions which could arise after that date.
If we diversify our investment portfolio into securities and other investment alternatives, we may face increased risk and exposures as a result of interest risk and the securities markets in general.
+Added: LIBOR Phase Out — LIBOR is expected to be phased out.
+Added: Currently, our borrowings under our Credit Facility provide us flexibility to choose floating rates, one of which is based on LIBOR.
+Added: We currently expect that the determination of interest under our credit agreement would be revised as provided under the agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR for similar types of loans.
+Added: Despite our current expectations, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreement would approximate the current calculation in accordance with LIBOR.
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.