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In addition, in a prolonged low interest rate environment, including a reduction of LIBOR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results.
−Removed: During the six months ended June 30, 2021, certain of the loans held in our portfolio had floating interest rates.
−Removed: As of June 30, 2021, approximately 90.68% of investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a LIBOR floor (includes investments bearing prime interest rate contracts) and approximately 9.32% of investments at fair value represent fixed-rate investments.
+Added: During the nine months ended September 30, 2021, certain of the loans held in our portfolio had floating interest rates.
+Added: As of September 30, 2021, approximately 88.21% of investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a LIBOR floor (includes investments bearing prime interest rate contracts) and approximately 11.79% of investments at fair value represent fixed-rate investments.
Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating LIBOR rates.
The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points.
−Removed: Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2021.
+Added: Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2021.
Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes.
−Removed: For our floating rate credit facilities, we use the outstanding balance as of June 30, 2021.
−Removed: Interest expense on our floating rate credit facilities is calculated using the interest rate as of June 30, 2021, adjusted for the hypothetical changes in rates, as shown below.
−Removed: The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, 2021.
−Removed: These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2021, and are only adjusted for assumed changes in the underlying base interest rates.
+Added: For our floating rate credit facilities, we use the outstanding balance as of September 30, 2021.
+Added: Interest expense on our floating rate credit facilities is calculated using the interest rate as of September 30, 2021, adjusted for the hypothetical changes in rates, as shown below.
+Added: The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2021.
+Added: These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2021, and are only adjusted for assumed changes in the underlying base interest rates.
Actual results could differ significantly from those estimated in the table.
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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.