82 unchanged sentences
(iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties;
−Removed: and (iv) primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members.
+Added: and (iv) primary role in
+Added: interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members.
Generally, at the end of each quarter, 100.0% of the fees for such services are non-contractually, unconditionally and irrevocably credited against the base management fee that we would otherwise be required to pay to the Adviser;
4 unchanged sentences
(5) The Adviser services, administers and collects on the loans held by Business Loan in return for which the Adviser receives a 1.5% annual loan servicing fee payable monthly by Business Loan based on the monthly aggregate balance of loans held by Business Loan in accordance with the Credit Facility.
−Removed: For the three months ended September 30, 2022, the total loan servicing fee was $1.7 million.
+Added: For the quarter ended September 30, 2023, the total loan servicing fee was $2.2 million.
The entire loan servicing fee paid to the Adviser by Business Loan is generally non-contractually, unconditionally and irrevocably credited against the base management fee otherwise payable to the Adviser since Business Loan is a consolidated subsidiary of the Company, and overall, the base management fee (including any loan servicing fee) cannot exceed 1.75% of total assets (including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings) during any given fiscal year pursuant to the Advisory Agreement.
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There can be no guarantee that the Adviser will continue to credit any portion of the fees under the Advisory Agreement in the future.
−Removed: Examples of how the incentive fee would be calculated (during the period from April 1, 2022 through March 31, 2023) are as follows:
+Added: Examples of how the incentive fee would be calculated are as follows:
• Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%.
32 unchanged sentences
Additionally, we have assumed that the entire amount of such 5% annual return would constitute ordinary income as we have not historically realized positive capital gains (computed net of all realized capital losses) on our investments.
−Removed: Because the assumed 5% annual return is significantly below the hurdle rate of 7% (annualized, 8% annualized during the period from April 1, 2020 through March 31, 2023) that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
+Added: Because the assumed 5% annual return is significantly below the hurdle rate of 7% that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
(2) While the example assumes reinvestment of all dividends and distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the average cost of shares of our common stock purchased in the open market in the period beginning on or before the payment date of the distribution and ending when the plan agent has expended for such purchases all of the cash that would have been otherwise payable to participants.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
−Removed: Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan.
(3) For purposes of this example, we have assumed that the entire amount of such 5% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation exist that would have to be overcome first before a capital gains based incentive fee is payable.
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September 30, 2016 $ 61,000,000 $ 2,495 $ 25.00 $ 25.55
−Removed: Series 2021 Term Preferred Stock (6)
September 30, 2015 61,000,000 1,993 25.00 25.02
September 30, 2014 61,000,000 3,054 25.00 24.45
−Removed: September 30, 2014 61,000,000 3,054 25.00 24.45
Series 2024 Term Preferred Stock (6)
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September 30, 2017 51,750,000 2,496 25.00 25.09
+Added: 6.25% Series A Cumulative Redeemable Preferred Stock
+Added: September 30, 2023 $ — $ 2,311 $ 25.00 N/A
6.125% Notes due 2023 (7)
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September 30, 2022 150,000,000 1,904 $ — N/A
+Added: September 30, 2021 150,000,000 2,307 $ — N/A
3.75% Notes due 2027
September 30, 2023 $ 50,000,000 $ 2,311 $ — N/A
+Added: September 30, 2022 50,000,000 1,904 $ — N/A
+Added: 7.75% Notes due 2028
+Added: September 30, 2023 $ 57,000,000 $ 2,311 $ 25.00 $ 25.06
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
−Removed: (2) Asset coverage ratio for a class of our “senior securities representing indebtedness” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” and asset coverage ratio for a class of our “senior securities that are stock” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” plus the aggregate involuntary liquidation preference of a class of “senior security that is stock.” Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.
+Added: (2) Asset coverage ratio for a class of our “senior securities representing indebtedness” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior
+Added: securities representing indebtedness” and asset coverage ratio for a class of our “senior securities that are stock” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” plus the aggregate involuntary liquidation preference of a class of “senior security that is stock.” Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
−Removed: (4) Only applicable to our Term Preferred Stock, 6.125% notes due 2023 (the “2023 Notes”) and 5.375% notes due 2024 (“the 2024 Notes”) because the other senior securities are not registered for public trading.
+Added: (4) Only applicable to our Term Preferred Stock, 6.125% notes due 2023 (the “2023 Notes”), 5.375% notes due 2024 (“the 2024 Notes”), and 7.75% notes due 2028 (the “2028 Notes”) because the other senior securities are not registered for public trading.
Average market value per unit is the average of the closing prices of the securities on the Nasdaq during the last 10 trading days of the period.
Average market value per unit for our Series 2024 Term Preferred Stock for September 30, 2017 is the average of the closing prices of the shares on the Nasdaq during the last seven trading days of the period as the stock began trading on September 21, 2017.
−Removed: (5) In November 2011, we issued 1,539,882 shares of 7.125% Series 2016 Term Preferred Stock (the “Series 2016 Term Preferred Stock”) through a public offering and subsequent exercise of an overallotment option.
−Removed: In May 2014, we voluntarily redeemed all outstanding shares of our Series 2016 Term Preferred Stock and therefore had no Series 2016 Term Preferred Stock outstanding at September 30, 2015.
(5) In May 2014, we issued 2,440,000 shares of 6.75% Series 2021 Term Preferred Stock (the “Series 2021 Term Preferred Stock”) through a public offering and subsequent exercise of an overallotment option.
7 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.