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Our current securities portfolio, as well as our future investments in securities, primarily consists of equity and debt securities issued by smaller U.S.
−Removed: companies that primarily own commercial real
−Removed: estate that are either illiquid or not listed on any exchange, and our investments in these securities are considered speculative in nature.
−Removed: Our investments often include securities that are subject to legal or contractual restrictions on resale
−Removed: that adversely affect the liquidity and marketability of such securities.
−Removed: As a result, we are subject to risk of loss which may prevent our stockholders from achieving price appreciation, dividend distributions and a return of their capital.
−Removed: However, now that we are no longer a BDC, most of our investments will be investments in real estate or interests in real estate that are not subject to the same market risks, but are instead subject to market risk associated with changes in
−Removed: interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt and for acquisitions.
−Removed: At December 31, 2020, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented 60% of our total assets as of that date.
+Added: companies that primarily own commercial
+Added: real estate that are either illiquid or not listed on any exchange, and our investments in these securities are considered speculative in nature.
+Added: Our investments often include securities that are subject to legal or contractual restrictions on
+Added: resale that adversely affect the liquidity and marketability of such securities.
+Added: As a result, we are subject to risk of loss which may prevent our stockholders from achieving price appreciation, dividend distributions and a return of their
+Added: However, now that we are no longer a BDC, most of our investments will be investments in real estate or interests in real estate that are not subject to the same market risks, but are instead subject to market risk associated with changes
+Added: in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt and for acquisitions.
+Added: At March 31, 2021, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented 54% of our total assets as of that date.
As discussed in Note 4 to our financial statements (“Investments”), these investments primarily consist of securities in companies with no readily determinable market values and as such are valued in accordance with our fair value policies and
6 unchanged sentences
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.