1 unchanged sentence
Our portfolio primarily consists of equity and debt investments in smaller U.S.
−Removed: companies that primarily own commercial real estate that are either illiquid or not listed on any
−Removed: exchange, and our investments are considered speculative in nature.
+Added: companies that primarily own commercial real estate that are either illiquid or not listed on any exchange, and our
+Added: investments are considered speculative in nature.
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: June 30, 2022, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented approximately 32% of our total assets as of that date.
−Removed: As discussed in Note 4 –
−Removed: Investments, to our consolidated financial statements, 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
−Removed: Our investment portfolio also includes shares of publicly traded REITs, which are valued at recently quoted trading prices.
+Added: 2023, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented approximately 10% of our total assets as of that date.
+Added: As discussed in Note 4 – Investments,
+Added: to our consolidated financial statements, 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 procedures.
+Added: investment portfolio sometimes also includes shares of publicly traded REITs, which are valued at recently quoted trading prices.
Our investment strategy represents a high degree of business and financial risk due primarily to the
1 unchanged sentence
We may make short-term investments in cash equivalents, U.S.
−Removed: government securities and other high-quality investments that mature in one year or less, pending investments in portfolio companies made
−Removed: according to our principal investment strategy.
+Added: government securities and other high-quality investments that mature in one year or less, pending investments in portfolio companies
+Added: made according to our principal investment strategy.
+Added: In addition, we are exposed to interest rate risk with respect to our variable-rate indebtedness, generally an increase in interest rates would directly result in higher interest expense.
+Added: manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financing, and through interest rate hedging agreements to fix or cap our variable rate debt.
+Added: As of June 30, 2023, the outstanding principal
+Added: balance of our variable rate indebtedness was $17.5 million, which is the mortgage debt on Hollywood Property.
+Added: The debt is indexed to Secured Overnight Financing Rate (“SOFR”).
+Added: In order to mitigate the raising interest rate risk, we
+Added: have executed an interest rate cap.
+Added: For the year ended June 30, 2023, a 10% increase in SOFR would have resulted in no change in interest expense, net of the impact of our interest rate cap.
CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: Our consolidated financial statements and notes to the consolidated financial statements are set forth beginning on page F-1 in this Annual Report on Form
−Removed: 10-K and are incorporated herein by reference.
+Added: Our consolidated financial statements and notes to the consolidated financial statements are set forth beginning on page F-1 in this Annual Report on Form 10-K and are incorporated herein by reference.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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.