4 unchanged sentences
The net effect of these fair value changes impacts the net gains from investment activities in our condensed consolidated statements of operations.
−Removed: The Investment Funds’ risk is regularly evaluated and is managed on a position basis as well as on a portfolio basis.
+Added: The Investment Funds’ risk is regularly evaluated and
+Added: is managed on a position basis as well as on a portfolio basis.
Senior members of our investment team meet on a regular basis to assess and review certain risks, including concentration risk, correlation risk and credit risk for significant positions.
1 unchanged sentence
The Investment Funds hold investments that are reported at fair value as of the reporting date, which include securities owned, securities sold, not yet purchased and derivatives as reported on our condensed consolidated balance sheets.
−Removed: Based on their respective balances as of March 31, 2026, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives would be negatively impacted by approximately $153 million, $75 million and $429 million, respectively.
−Removed: However, as of March 31, 2026, we estimate that the impact to our share of the net gain (loss) from investment activities reported in our condensed consolidated statement of operations would be less than the change in fair value since we have an interest of approximately 77% in the Investment Funds.
+Added: Based on their respective balances as of June 30, 2026, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives would be negatively impacted by approximately $139 million, $100 million and $285 million, respectively.
+Added: However, as of June 30, 2026, we estimate that the impact to our share of the net gain (loss) from investment activities reported in our condensed consolidated statement of operations would be less than the change in fair value since we have an interest of approximately 77% in the Investment Funds.
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.