9 unchanged sentences
We would not hold or issue these derivative contracts for trading or speculative purposes.
−Removed: As of December 31, 2021, our debt included variable-rate debt, bearing a weighted average interest rate of LIBOR plus 2.20% with a total carrying value (net of deferred financing costs) of $237.5 million.
+Added: As of December 31, 2022, our debt included variable-rate debt, bearing a weighted average interest rate of SOFR plus 2.24% with a total carrying value (net of deferred financing costs) of $379.6 million.
The follo wing table quantifies the potential changes in interest income net of interest expense should base interest rates increase or decrease by the amounts below assuming that our current consolidated statement of assets and liabilities was to remain constant and no actions were taken to alter our existing interest rate sensitivity.
5 unchanged sentences
(-) 50 Basis Points $ (1,854)
+Added: (+) 50 Basis Points $ 1,854
+Added: (+) 100 Basis Points $ 3,708
+Added: (+) 200 Basis Points $ 7,416
Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds.
1 unchanged sentence
As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
+Added: Valuation Risk
+Added: We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies.
+Added: Most of our investments will not have a readily available market price, and our Adviser, as our Valuation Designee under Rule 2a-5, values these investments at fair value as determined in good faith subject to the oversight of our Board, based on, among other things, the input of the Adviser and independent third-party valuation firms, in accordance with our valuation policy.
+Added: There is no single standard for determining fair value.
+Added: As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.
+Added: If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented.
+Added: Inflation and Supply Chain Risk
+Added: Economic activity has continued to accelerate across sectors and regions.
+Added: Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S.
+Added: and globally.
+Added: Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.
+Added: Persistent inflationary pressures could affect our portfolio companies profit margins.
CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 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.