11 unchanged sentences
We utilize external investment managers who adhere to the guidelines of our investment policy.
−Removed: Based on investment positions as of December 31, 2024, a hypothetical 100 basis point increase in interest rates would result in $26.5 million incremental decline in the fair market value of our portfolio.
+Added: A hypothetical 100 basis point increase in interest rates would not be material to the fair market value of our portfolio as of December 31, 2025.
Equity Price Risk
−Removed: We hold equity securities of Aston Martin Lagonda Global Holdings plc (together with its subsidiaries, “Aston Martin”).
+Added: We hold equity securities of Aston Martin.
The fair value of these equity securities was $24.3 million as of December 31, 2025.
Changes in fair value of these equity securities are impacted by the volatility of the stock market and changes in general economic conditions, among other factors.
−Removed: A hypothetical 10% decrease in the stock price of these equity securities would decrease the fair value as of December 31, 2024 by $3.8 million.
−Removed: We are dependent on our suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to us, or its inability to efficiently manage these components, could have a material adverse effect on our results of operations and financial condition.
+Added: A hypothetical 10% decrease in the stock price of these equity securities would not be material as of December 31, 2025.
+Added: We are dependent on our suppliers, the majority of which are single-source suppliers.
+Added: The inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to us, whether due to changes or uncertainties in trade policies, the imposition or proposed imposition of tariffs, threat of a trade war or otherwise, or its inability to efficiently manage these components, or the unavailability of stable domestic suppliers, could have a material adverse effect on our results of operations and financial condition.
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.