14 unchanged sentences
that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.
−Removed: As of March 31,
−Removed: 2021 and December 31, 2020, 22 and 22 portfolio companys debt investments, respectively, bore interest at a variable rate, which represented $219.7 million and $230.9 million of our portfolio on a fair value basis, respectively,
−Removed: and the remainder of our debt portfolio was comprised entirely of fixed rate investments.
+Added: As of June 30,
+Added: 2021 and December 31, 2020, 28 and 22 portfolio companys debt investments, respectively, bore interest at a variable rate, which represented $296.2 million and $230.9 million of our portfolio on a fair value basis,
+Added: FIDUS INVESTMENT CORPORATION
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: (in thousands, except shares and per share data)
+Added: respectively, and the remainder of our debt portfolio was comprised entirely of fixed rate investments.
Our pooled SBA debentures and our Notes bear interest at fixed rates.
−Removed: Our Credit Facility bears interest, at our election, at a rate per annum equal to
−Removed: (a) 3.00% (or 2.75% if certain conditions are satisfied, including if (x) no equity interests are included in the borrowing base, (y) the contribution to the borrowing base of eligible portfolio investments that are performing first
−Removed: lien bank loans is greater than or equal to 35%, and (z) the contribution to the borrowing base of eligible portfolio investments that are performing first lien bank loans, performing last out loans, or performing second lien loans is greater
−Removed: than or equal to 60%) plus the one, two, three or six month LIBOR rate, as applicable, or (b) 2.00% (or 1.75% if the above conditions are satisfied) plus the highest of (A) a prime rate, (B) the Federal Funds rate plus 0.5%,
−Removed: (C) three month LIBOR plus 1.0%, and (D) zero.
−Removed: Because we currently borrow, and plan to borrow in the future, money to make
−Removed: investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed.
−Removed: Accordingly, there can be no assurance that a significant change in market interest
−Removed: rates will not have a material adverse effect on our net investment income.
−Removed: In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest
−Removed: income generated by our investment portfolio.
−Removed: The following table shows the approximate annualized increase or decrease in the components
−Removed: of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of March 31, 2021 (dollars in millions):
+Added: Our Credit Facility
+Added: bears interest, at our election, at a rate per annum equal to (a) 3.00% (or 2.75% if certain conditions are satisfied, including if (x) no equity interests are included in the borrowing base, (y) the contribution to the borrowing base
+Added: of eligible portfolio investments that are performing first lien bank loans is greater than or equal to 35%, and (z) the contribution to the borrowing base of eligible portfolio investments that are performing first lien bank loans, performing
+Added: last out loans, or performing second lien loans is greater than or equal to 60%) plus the one, two, three or six month LIBOR rate, as applicable, or (b) 2.00% (or 1.75% if the above conditions are satisfied) plus the highest of (A) a prime
+Added: rate, (B) the Federal Funds rate plus 0.5%, (C) three month LIBOR plus 1.0%, and (D) zero.
+Added: Because we currently borrow,
+Added: and plan to borrow in the future, money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed.
+Added: Accordingly, there can be no
+Added: assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
+Added: In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if
+Added: there is not a corresponding increase in interest income generated by our investment portfolio.
+Added: The following table shows the approximate
+Added: annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of June 30, 2021 (dollars in millions):
+Added: Basis Point Increase (Decrease)
Interest Income
+Added: (Decrease) (1) (2)
Interest Expense
−Removed: Net Investment
−Removed: Basis Point Increase (Decrease)
(Decrease) (4)
1 unchanged sentence
decreases in interest rates.
−Removed: Interest income calculated assuming three-month LIBOR rate as of March 31, 2021.
−Removed: Includes the impact of income incentive fee at 20.0% on net increase (decrease) in net
+Added: Interest income calculated assuming three-month LIBOR rate as of June 30, 2021.
+Added: Includes the impact of income incentive fee at 20.0% on net increase (decrease) in net interest.
+Added: As of June 30, 2021, we did not have any borrowings outstanding under our Credit Facility.
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.