3 unchanged sentences
Such values are affected by changes in financial markets (including declines in the capital markets, fluctuations in foreign currency exchange rates, inflation rates or the yield curve, and other market factors) and, accordingly, declines in the financial markets may negatively impact our Consolidated revenue and equity method revenue.
−Removed: As of December 31, 2019 , we estimate a proportional 1% change in the value of our assets under management would have resulted in an annualized change in asset based fees in Consolidated revenue of $19.4 million for our consolidated Affiliates and in asset based fees in equity method revenue of $15.8 million for our Affiliates accounted for under the equity method.
+Added: As of December 31, 2020, we estimate a proportional 1% change in the value of our assets under management would have resulted in a $19.6 million annualized change in asset based fees in Consolidated revenue for our consolidated Affiliates and a $13.2 million annualized change in asset based fees in equity method revenue for our Affiliates accounted for under the equity method.
This proportional increase or decrease excludes assets under management on which asset based fees are charged on committed capital.
2 unchanged sentences
While a change in market interest rates would not affect the interest expense incurred on our fixed rate securities, such a change may affect the fair value of these securities.
−Removed: We estimate that a 1% change in interest rates would have resulted in a net change in the fair value of our fixed rate securities of $129.1 million as of December 31, 2019 .
−Removed: This estimate increased relative to the prior year primarily due to the issuance of our junior subordinated notes in 2019.
+Added: We estimate that a 1% change in interest rates would have resulted in a $107.3 million net change in the fair value of our fixed rate securities as of December 31, 2020.
We pay a variable rate of interest on our credit facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on our credit rating.
As of December 31, 2020, the interest rate for our outstanding borrowings under the credit facilities was LIBOR plus 0.875%.
−Removed: We estimate that a 1% change in interest rates would have changed our annual interest expense on the outstanding balances under our credit facilities by $4.5 million , as of December 31, 2019 .
+Added: In the first quarter of 2020, we entered into an interest rate swap to exchange a portion of our LIBOR-based interest payments for fixed rate interest payments, reducing our variable interest rate exposure.
+Added: We estimate that a 1% change in interest rates would have changed our annual interest expense on the outstanding balances under our credit facilities not participating in the interest rate swap by $1.0 million, as of December 31, 2020.
+Added: Currently, LIBOR is expected to be discontinued, however, there remains uncertainty as to the timing of the transition to, as well to as the nature of, any replacement rate.
+Added: See “Item 1A.
+Added: Risk Factors”.
+Added: We and our Affiliates have been monitoring these developments, and we currently do not expect to be significantly impacted by this transition.
+Added: Our term loan and our revolver both include “fallback” language allowing for the substitution of a comparable or successor rate, as further described in the respective agreements.
+Added: We will continue to monitor and evaluate our agreements and the developments with respect to LIBOR as the potential end-date for LIBOR approaches.
Foreign Currency Exchange Risk
3 unchanged sentences
In addition, the valuations of our foreign Affiliates with a non-U.S.
−Removed: dollar functional currency change based on fluctuations in foreign currency exchange rates.
−Removed: These changes are recorded as a component of stockholders’ equity.
+Added: dollar functional currency change based on fluctuations in foreign currency exchange rates, among other factors.
+Added: Changes due to fluctuations in foreign currency exchange rates are recorded as a component of stockholders’ equity.
To illustrate the effect of possible changes in foreign currency exchange rates, we estimate a 1% change in the pound sterling and Canadian dollar to U.S.
−Removed: dollar exchange rates would have resulted in changes to stockholders’ equity of $2.5 million and $2.1 million , respectively, based on the December 31, 2019 carrying value of Affiliates whose functional currency is the pound sterling or the Canadian dollar, and of our and our Affiliates’ pound sterling-denominated derivative financial instruments.
+Added: dollar exchange rates would have resulted in a $10.8 million and $2.1 million change to stockholders’ equity, respectively, based on the December 31, 2020 carrying value of Affiliates whose functional currency is the pound sterling or the Canadian dollar, and of our and our Affiliates’ pound sterling-denominated derivative financial instruments.
For the year ended December 31, 2020, we estimate a 1% change in the pound sterling and the Canadian dollar to U.S.
−Removed: dollar exchange rates would have resulted in annual changes to Income before income taxes (controlling interest) of $1.1 million and $0.3 million , respectively.
+Added: dollar exchange rates would have resulted in $1.1 million and $0.1 million in annual changes to Income before income taxes (controlling interest), respectively.
+Added: Derivative Risk
+Added: From time to time, we and our Affiliates seek to offset exposure to changes in interest rates, foreign currency exchange rates, and markets by entering into derivative financial instruments.
+Added: There can be no assurance that our or our Affiliates’ derivative financial instruments will meet their overall objective or that we or our Affiliates will be successful in entering into such instruments in the future.
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.