10 unchanged sentences
Equity Price Risk
−Removed: At December 31, 2023, our investments consisted primarily of an investment in SILP.
−Removed: Among SILP’s holdings are equity securities, the carrying values of which are based primarily on quoted market prices.
+Added: At December 31, 2024, our investments consisted primarily of an investment in Solasglas.
+Added: Among Solasglas’ holdings are equity securities, the carrying values of which are based primarily on quoted market prices.
Generally, market prices of common equity securities are subject to fluctuation, which could cause the amount to be realized upon closing a position to differ significantly from its current reported value.
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At December 31, 2024, a 10% decline in the price of each of the underlying listed equity securities and equity-based derivative instruments would result in a $14.0 million (2023:
−Removed: $8.1 million) unrealized loss in our investment in SILP.
+Added: $12.3 million) unrealized loss in our investment in Solasglas.
Commodity Price Risk
Generally, market prices of commodities are subject to fluctuation.
−Removed: SILP’s investments periodically include long or short investments in commodities or derivatives directly impacted by fluctuations in the prices of commodities.
−Removed: At December 31, 2023, SILP’s investments incorporate unhedged exposure to changes in gold, uranium, and crude oil prices.
−Removed: Link to Table of Contents
−Removed: The following table summarizes the net impact that a 10% movement in commodity prices would have on the fair value of SILP’s investment portfolio.
−Removed: The below table excludes the indirect effect that changes in commodity prices might have on equity securities in the SILP’s investment portfolio.
+Added: Solasglas’ investments periodically include long or short investments in commodities or derivatives directly impacted by fluctuations in the prices of commodities.
+Added: At December 31, 2024, Solasglas’ investments incorporate unhedged exposure to changes in gold, uranium, and crude oil prices.
+Added: The following table summarizes the net impact that a 10% movement in commodity prices would have on the fair value of Solasglas’ investment portfolio.
+Added: The below table excludes the indirect effect that changes in commodity prices might have on equity securities in the Solasglas’ investment portfolio.
10% increase in commodity prices 10% decrease in commodity prices
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Uranium 0.4 (0.4)
−Removed: Crude oil 1.6 (1.5)
Total $ 9.2 $ (7.0)
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Total $ 6.2 $ (6.1)
+Added: Return to table of contents
Foreign Currency Risk
6 unchanged sentences
Additionally, we may report foreign exchange gains or losses due to the mismatch between the currency exchange rates applied to foreign-denominated (i) monetary balances and (ii) non-monetary balances under U.S.
−Removed: See Note 2 of the accompanying consolidated financial statements for further information regarding our accounting treatment of foreign currency transactions.
+Added: See Note 2 “ Significant Accounting Policies ” of the consolidated financial statements for further information regarding our accounting treatment of foreign currency transactions.
We monitor our foreign currency-denominated assets and liabilities on an “underlying exposure” basis without distinguishing between monetary and non-monetary balances.
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$ (1,782) $ 1,782
−Removed: Link to Table of Contents
At December 31, 2023
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$ (1,685) $ 1,685
−Removed: Investment in SILP
−Removed: We may also be exposed to foreign currency risk through SILP’s underlying cash, forwards, options, and investments in securities denominated in foreign currencies.
−Removed: At December 31, 2023, most of SILP’s currency exposures resulting from foreign-denominated securities (longs and shorts) were reduced by offsetting cash balances denominated in the corresponding foreign currencies.
+Added: Investment in Solasglas
+Added: We may also be exposed to foreign currency risk through Solasglas’ underlying cash, forwards, options, and investments in securities denominated in foreign currencies.
+Added: At December 31, 2024, most of Solasglas’ currency exposures resulting from foreign-denominated securities (longs and shorts) were reduced by offsetting cash balances denominated in the corresponding foreign currencies.
At December 31, 2024 and 2023, a 10% increase or decrease in the value of the U.S.
−Removed: dollar against foreign currencies would have no meaningful impact on our investment in SILP.
+Added: dollar against foreign currencies would have no meaningful impact on our investment in Solasglas.
Interest Rate Risk
The primary market risk exposure for any debt instrument is interest rate risk, including credit spreads.
−Removed: Most of our interest rate risk relates to interest rate derivatives held in SILP, and their value may fluctuate with changes in interest rates.
−Removed: At December 31, 2023, our investment in SILP includes interest-rate sensitive securities, such as corporate and sovereign debt instruments and interest rate derivatives.
−Removed: A 100 basis points (increase or decrease) in interest rates would result in a $1.6 million gain (2022:
−Removed: $4.4 million) or a $3.5 million (2022:
−Removed: $4.9 million) loss, respectively, to our investment in SILP.
+Added: Return to table of contents
+Added: Most of our interest rate risk relates to interest rate derivatives held in Solasglas, and their value may fluctuate with changes in interest rates.
+Added: Our investment in Solasglas includes interest-rate sensitive securities, such as corporate and sovereign debt instruments and interest rate derivatives.
+Added: At December 31, 2024, a 100 basis points (increase or decrease) in interest rates would have no meaningful impact on our investment in Solasglas.
+Added: Additionally, we use interest rate swaps to hedge 50% of the interest rate risk relating to the the outstanding Term Loans.
+Added: At December 31, 2024, a 100 basis points (increase or decrease) in interest rates would have no meaningful impact on these interest rate swaps.
We, along with DME Advisors, monitor the net exposure to interest rate risk and generally do not expect changes in interest rates to have a materially adverse impact on our operations.
4 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.