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 exchange,
−Removed: 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
+Added: our 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: At December 31, 2025, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented approximately 1.39% of our
−Removed: total assets as of that date.
−Removed: As discussed in Note 4 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
−Removed: with our fair value policies and procedures.
+Added: At March 31, 2026, financial instruments that subjected us to concentrations of market risk consisted principally of equity investments, which represented approximately 2.49% of our total assets
+Added: as of that date.
+Added: As discussed in Note 4 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
+Added: value policies and procedures.
Our investment portfolio sometimes also includes shares of publicly traded REITs, which are valued at recently quoted trading prices.
−Removed: Our investment strategy represents a high degree of business
−Removed: and financial risk due primarily to the general illiquidity of our investments.
+Added: Our investment strategy represents a high degree of business and financial
+Added: risk due primarily to the general illiquidity of our investments.
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
−Removed: investments in portfolio companies made according to our principal investment strategy.
+Added: government securities and other high-quality investments that mature in one year or less, pending investments in
+Added: portfolio companies made according to our principal investment strategy.
In addition, we are exposed to interest rate risk with respect to our variable-rate indebtedness;
−Removed: generally, an increase in interest rates would directly result in higher interest
−Removed: We seek to 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.
−Removed: As of December 31, 2025, $17.65
−Removed: million, $25.96 million and $15.13 million of our total outstanding loan balance was under variable-rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), Prime rate, and U.S.
+Added: generally, an increase in interest rates would directly result in higher interest expense.
+Added: seek to 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 March 31, 2026, $17.65 million, $26.31 million
+Added: and $15.13 million of our total outstanding loan balance was under variable-rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), Prime rate, and U.S.
Treasury yield, respectively.
−Removed: For the Prime rate, a
−Removed: hypothetical increase or decrease of 100 basis points would result in a corresponding increase or decrease in our annual interest expense of approximately $0.26 million.
−Removed: As of December 31, 2025, the applicable variable rates were 6.75% to
−Removed: 7.25% for the Prime rate, 3.58% for SOFR, and 3.48% for the U.S.
+Added: For the Prime rate, a hypothetical increase or
+Added: decrease of 100 basis points would result in a corresponding increase or decrease in our annual interest expense of approximately $0.26 million.
+Added: As of March 31, 2026, the applicable variable rates were 6.75% to 7.25% for the Prime rate, 3.70%
+Added: for SOFR, and 3.68% for the U.S.
Treasury yield.
−Removed: Variable interest under the SOFR and U.S.
−Removed: Treasury–indexed loans are not yet applicable as of December 31, 2025.
+Added: Variable interest under the U.S.
+Added: Treasury-indexed and SOFR loans are not yet applicable as of March 31, 2026.
These payments are scheduled to commence on May 1, 2026, and May 1, 2027,
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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.