3 unchanged sentences
changes in interest rates.
−Removed: As of September 30, 2020, 65.3% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 8.6% were debt investments paying fixed interest rates while 16.0%
+Added: As of March 31, 2021, 60.1% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 8.7% were debt investments paying fixed interest rates while 17.5%
were other income producing investments, 10.1% consisted of non-income producing investments, and the remaining 3.6% consisted of investments on non-accrual status.
5 unchanged sentences
investment income and to the amount of incentive fees payable to the Advisor with respect to our increased pre-incentive fee net investment income.
−Removed: Earlier this year, the U.S.
−Removed: Federal Reserve and other central
−Removed: banks have reduced certain interest rates in response to the COVID-19 pandemic and market conditions.
+Added: In 2020, the U.S.
+Added: Federal Reserve and other central banks
+Added: have reduced certain interest rates in response to the COVID-19 pandemic and market conditions.
A prolonged reduction in interest rates may reduce our net investment income.
−Removed: Pursuant to the terms of the CCT Tokyo Funding Credit Facility, Locust Street Funding Credit Facility, Senior Secured Revolving Credit
−Removed: Facility and the 2019-1 Notes, we borrow at a floating rate based on a benchmark interest rate.
−Removed: Under the indentures governing the 4.750% notes, the 5.000% notes, the 4.625% notes, the 4.125% notes and the
+Added: Pursuant to the terms of the CCT Tokyo Funding Credit Facility, Senior Secured Revolving Credit Facility and the CLO-1 Notes, we borrow at a floating rate based on a benchmark interest rate.
+Added: Under the indentures governing the 4.750% notes, the 5.000% notes, the 4.625% notes, the 4.125% notes, the 8.625% notes and the 3.400%
notes, we pay interest to the holders of such notes at a fixed rate.
−Removed: To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest
−Removed: rate, we will be subject to risks relating to changes in market interest rates.
−Removed: In periods of rising interest rates when we or our subsidiaries have such debt outstanding, or financing arrangements in effect, our interest expense would increase,
−Removed: which could reduce our net investment income, especially to the extent we hold fixed rate investments.
−Removed: The following table
−Removed: shows the effect over a twelve month period of changes in interest rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our
−Removed: investments, and our financing arrangements in effect as of September 30, 2020 (dollar amounts are presented in millions):
+Added: To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we
+Added: will be subject to risks relating to changes in market interest rates.
+Added: In periods of rising interest rates when we or our subsidiaries have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could
+Added: reduce our net investment income, especially to the extent we hold fixed rate investments.
+Added: The following table shows the effect over a twelve month period of changes in interest
+Added: rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of
+Added: March 31, 2021 (dollar amounts are presented in millions):
Basis Point Change in Interest Rates
−Removed: (Decrease) in
−Removed: Change in Net
Interest Income
10 unchanged sentences
interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.
−Removed: During the nine months ended September 30, 2020 and 2019, we did not engage in interest rate hedging
+Added: During the three months ended March 31, 2021 and 2020, we did not engage in interest rate hedging
Foreign Currency Risk
5 unchanged sentences
dollar) would have on the fair value of our investments
−Removed: denominated in foreign currencies as of September 30, 2020, by foreign currency, all other valuation assumptions remaining constant.
−Removed: In addition, the table below presents the par value of our investments denominated in foreign currencies and
−Removed: the notional amount of foreign currency forward contracts in local currency in place as of September 30, 2020 to hedge against foreign currency risks.
+Added: denominated in foreign currencies as of March 31, 2021, by foreign currency, all other valuation assumptions remaining constant.
+Added: In addition, the table below presents the par value of our investments denominated in foreign currencies and the
+Added: notional amount of foreign currency forward contracts in local currency in place as of March 31, 2021 to hedge against foreign currency risks.
Investments Denominated in Foreign Currencies
−Removed: As of September 30, 2020
+Added: As of March 31, 2021
Economic Hedging
−Removed: As of September 30, 2020
+Added: As of March 31,
Reduction in Fair
−Removed: September 30, 2020
+Added: March 31, 2021
Change in Exchange
17 unchanged sentences
dollar and are adversely affected by a stronger U.S.
−Removed: As of September 30, 2020, the net contractual amount of our foreign currency forward contracts totaled $54.2, all of which related to
−Removed: hedging of our foreign currency denominated debt investments.
−Removed: As of September 30, 2020, we had outstanding borrowings denominated in foreign currencies of 167, CAD $74, £125 and A$6 under our Senior Secured Revolving Credit
+Added: As of March 31, 2021, the net contractual amount of our foreign currency forward
+Added: contracts totaled $64.8, all of which related to hedging of our foreign currency denominated debt investments.
+Added: As of March 31, 2021, we had outstanding borrowings denominated in foreign currencies of 159, CAD92, £110 and AUD6 under
+Added: our Senior Secured Revolving Credit Facility.
In addition, we may have risk regarding portfolio valuation.
−Removed: Managements Discussion and
−Removed: Analysis of Financial Condition and Results of OperationsCritical Accounting PoliciesValuation of Portfolio Investments.
+Added: Managements Discussion and Analysis of Financial Condition and Results of OperationsCritical Accounting PoliciesValuation of Portfolio Investments.
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.