2 unchanged sentences
Our Consolidated revenue and equity method revenue are derived primarily from asset-based fees that are typically determined as a percentage of the value of a client’s assets under management.
−Removed: 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.
+Added: 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
+Added: Tab l e of Contents
+Added: curve, and other market factors) and, accordingly, declines in the financial markets may negatively impact our Consolidated revenue and equity method revenue.
As of December 31, 2022, we estimate a proportional 1% change in the value of our assets under management would have resulted in a $16.9 million annualized change in asset-based fees in Consolidated revenue for our consolidated Affiliates and a $13.5 million annualized change in asset-based fees in equity method revenue for our Affiliates accounted for under the equity method.
4 unchanged sentences
We estimate that a 1% change in interest rates would have resulted in a $112.8 million net change in the fair value of our fixed rate securities as of December 31, 2022.
−Removed: We pay a variable rate of interest on our credit
−Removed: facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on our credit rating.
−Removed: As of December 31, 2021, the interest rate for our outstanding borrowings under the credit facilities was LIBOR plus 0.85%.
+Added: We pay a variable rate of interest on our credit facilities at specified rates, based either on an applicable term-SOFR plus a SOFR adjustment of 0.10% or prime rate, plus a marginal rate determined based on our credit rating.
+Added: As of December 31, 2022, the interest rate for our outstanding borrowings under the term loan was term-SOFR plus a SOFR adjustment of 0.10%, plus the marginal rate of 0.85%.
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 $3.5 million, as of December 31, 2022.
−Removed: As of the end of 2021, LIBOR has been discontinued for certain currency settings, including all sterling and euro settings, and is expected to be discontinued for U.S.
−Removed: dollar settings by June 2023 and replaced with the Secured Overnight Financing Rate.
−Removed: There remains uncertainty as to the timing of the remaining transition, the performance of replacement rates, and the performance of LIBOR during the transition period.
−Removed: See “Item 1A.
−Removed: Risk Factors”.
−Removed: We and our Affiliates have been monitoring these developments, and we currently do not expect to be significantly impacted by this transition.
−Removed: Our credit facilities were amended in 2021 to include customary LIBOR succession provisions, as further described in the respective agreements.
−Removed: We will continue to monitor and evaluate developments with respect to LIBOR as the potential end-date for LIBOR approaches.
−Removed: Foreign Currency Exchange Risk
+Added: Foreign Currency Risk
The functional currency of most of our Affiliates is the U.S.
8 unchanged sentences
dollar exchange rates would have resulted in $1.1 million and $0.0 million in annual changes to Income before income taxes (controlling interest), respectively.
+Added: We are exposed to fluctuations in the Swedish krona as it relates to our EQT ordinary shares.
+Added: As of December 31, 2022, we estimate a 1% change in the Swedish krona to U.S dollar exchange rate would result in a $4.3 million change to Income before income taxes (controlling interest).
Derivative Risk
1 unchanged sentence
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.
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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.