2 unchanged sentences
Additional risks not presently known, or that we currently deem immaterial, also may have a material adverse effect on our business, financial condition and results of operations.
−Removed: The global COVID-19 pandemic has adversely affected, and will likely continue to adversely affect, the U.S.
+Added: The COVID-19 pandemic has adversely affected, and will likely continue to adversely affect, the U.S.
economy, the mortgage REIT industry and our business.
40 unchanged sentences
In these situations, we could be forced to sell assets at significantly depressed prices to meet such margin calls or increased haircuts and to maintain adequate liquidity, which could cause significant losses.
−Removed: As a result of the ongoing COVID-19 pandemic, during the first quarter of 2020, we observed a mark-down of a portion of our mortgage assets by the counterparties to our financing arrangements, resulting in us having to post cash or securities to satisfy higher than historical levels of margin calls.
+Added: As a result of the ongoing COVID-19 pandemic, during the six months ended June 30, 2020, we observed a mark-down of a portion of our mortgage assets by the counterparties to our financing arrangements, resulting in us having to post cash or securities to satisfy higher than historical levels of margin calls.
Significant margin calls had and could have in the future a material adverse effect on our results of operations, financial condition, business, liquidity and ability to make distributions to our stockholders, and caused and could cause in the future the value of our common stock to decline.
−Removed: We may be forced to sell assets at significantly depressed prices to meet such margin calls and to maintain adequate liquidity.
+Added: We may be and have been forced to sell assets at significantly depressed prices to meet such margin calls and to maintain adequate liquidity.
If these trends continue, it will continue to have a negative adverse impact on our liquidity.
6 unchanged sentences
As a result, common stockholders may be required to pay income taxes with respect to such dividends in excess of cash received.
−Removed: stockholder sells the common stock that it receives as a dividend in order to pay this tax, the sale proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our common stock at the time of the sale.
+Added: stockholder sells the common stock that it receives as a dividend in order to pay this tax, the sale proceeds may be less than the
+Added: amount included in income with respect to the dividend, depending on the market price of our common stock at the time of the sale.
Furthermore, with respect to certain non-U.S.
3 unchanged sentences
We have experienced, and may continue to experience, significant changes in our portfolio during times of severe market disruption in the mortgage, real estate or related sectors, such as those being experienced now as a result of the COVID-19 pandemic.
−Removed: Consistent with current market conditions related to the COVID-19 pandemic and our intention to enhance our liquidity and strengthen our cash position, during the first quarter of 2020 we have reduced leverage and taken other steps to manage our portfolio through unprecedented market volatility and preserve long-term stockholder value, including completing various transactions to reposition our portfolio.
+Added: Consistent with current market conditions related to the COVID-19 pandemic and our intention to enhance our liquidity and strengthen our cash position, during the six months ended June 30, 2020, we have reduced leverage and taken other steps to manage our portfolio through unprecedented market volatility and preserve long-term stockholder value, including completing various transactions to reposition our portfolio.
Stockholders may not agree with, nor are required to consent to, significant changes to our portfolio.
7 unchanged sentences
With respect to our hedging activities, we terminated all of our remaining interest rate swaps in March 2020 as we repositioned our portfolio in response to unprecedented market conditions associated with the COVID-19 pandemic and reduced our exposure to interest rate risk.
−Removed: However, we anticipate utilizing hedges in future quarters.
+Added: However, we returned to utilizing hedges in July 2020.
Market disruptions caused by the COVID-19 pandemic have made it more difficult for us to determine the fair value of our investments.
7 unchanged sentences
We have experienced, and may experience in the future, a decline in the fair value of our investments as a result of the COVID-19 pandemic, which could materially and adversely affect us.
−Removed: During the quarter ended March 31, 2020, we experienced a significant amount of realized and unrealized losses on our assets.
−Removed: A future decline in the fair value of our investments as a result of the COVID-19 pandemic may require us to recognize
−Removed: an impairment under U.S.
−Removed: GAAP if we were to determine that, with respect to any assets in unrealized loss positions, we do not have the ability and intent to hold such assets to maturity or for a period of time sufficient to allow for recovery to the original acquisition cost of such assets.
+Added: During the six months ended June 30, 2020, w e experienced a significant amount of realized and unrealized losses on our assets.
+Added: A future decline in the fair value of our investments as a result of the COVID-19 pandemic may require us to recognize an impairment under U.S.
+Added: GAAP if we were to determine that, with respect to any assets in unrealized loss positions, we do not
+Added: have the ability and intent to hold such assets to maturity or for a period of time sufficient to allow for recovery to the original acquisition cost of such assets.
If such a determination were to be made, we would recognize unrealized losses through earnings and write down the amortized cost of such assets to a new cost basis, based on the fair value of such assets on the date they are considered to be impaired.
8 unchanged sentences
The occurrence of unforeseen or catastrophic events, including the emergence of a pandemic, such as COVID-19, or other widespread health emergency (or concerns over the possibility of such an emergency), terrorist attacks or natural disasters, could create economic and financial disruptions, and could lead to material adverse declines in the market values of our assets, illiquidity in our investment and financing markets and negatively impact our ability to effectively conduct our business.
+Added: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
+Added: During the three months ended June 30, 2020, we did not repurchase any shares of our common stock.
+Added: DEFAULTS UPON SENIOR SECURITIES.
+Added: MINE SAFETY DISCLOSURES.
+Added: Not applicable.
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.