QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes
−Removed: that affect market sensitive instruments.
+Added: Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market
+Added: changes that affect market sensitive instruments.
The prices of securities held by us may decline in response to certain events, including those directly involving the companies whose securities are owned by us;
−Removed: conditions affecting the general economy;
+Added: conditions affecting the general
+Added: economy, including public health emergencies, such as COVID-19;
overall market changes;
1 unchanged sentence
and interest rate fluctuations.
−Removed: The primary risk we believe
−Removed: we are exposed to is interest rate risk.
−Removed: Because we borrow 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 those funds.
−Removed: 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: The primary risk we believe we are exposed to is interest rate risk.
+Added: Because we borrow money to make investments, our net investment income is dependent upon
+Added: the difference between the rate at which we borrow funds and the rate at which we invest those funds.
+Added: 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
+Added: investment income.
We use a combination of debt and equity capital to finance our investing activities.
−Removed: interest rate risk management techniques from time to time to limit our exposure to interest rate fluctuations.
−Removed: Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.
−Removed: All of our variable-rate debt investments have rates generally associated with either the current LIBOR or prime rate.
−Removed: As of September 30, 2019, our
−Removed: portfolio of debt investments on a principal basis consisted of the following:
+Added: We may use interest rate risk management techniques from time to time to limit our exposure to interest rate fluctuations.
+Added: Such techniques may
+Added: include various interest rate hedging activities to the extent permitted by the 1940 Act.
+Added: All of our variable-rate debt investments have rates generally
+Added: associated with either the current LIBOR or prime rate.
+Added: As of September 30, 2020, our portfolio of debt investments on a principal basis consisted of the following:
Variable rates
−Removed: To illustrate the potential impact of changes in market interest rates on our net increase in net assets resulting from
−Removed: operations, we have performed the following hypothetical analysis, which assumes that our balance sheet
−Removed: and contractual interest rates remain constant as of September 30, 2019 and no further actions are taken to alter our existing interest rate sensitivity.
+Added: To illustrate the potential impact of changes in market interest rates on our net increase in net assets
+Added: resulting from operations, we have performed the following hypothetical analysis, which assumes that our balance sheet and contractual interest rates remain constant as of September 30, 2020 and no further actions are taken to alter our
+Added: existing interest rate sensitivity.
Basis Point Change
3 unchanged sentences
Interest Expense
−Removed: in Net Assets
−Removed: Resulting from
+Added: Net Increase (Decrease) in
+Added: Net Assets Resulting from
Up 100 basis points
Up 50 basis points
−Removed: Down 100 basis points
+Added: Up 25 basis points
Down 15 basis points
6 unchanged sentences
located outside the U.S.
−Removed: These risks include, but are not limited to, fluctuations in foreign currency exchange rates, imposition of foreign taxes, changes in exportation regulations and political and social instability.
+Added: These risks include fluctuations in foreign currency exchange rates, imposition of foreign taxes, changes in exportation regulations and political and social instability.
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.