11 unchanged sentences
Newmark had no amounts outstanding under its Credit Facility as of December 31, 2022.
−Removed: The interest rate on the Credit Facility is based upon LIBOR.
+Added: The interest rate on the Credit Facility is currently based upon SOFR.
Berkeley Point is an intermediary that originates loans which are generally pre-sold prior to loan closing.
Therefore, for loans held for sale to the GSEs and HUD, we are not currently exposed to unhedged interest rate risk.
−Removed: Prior to closing on loans with borrowers, we enter into agreements to sell the loans to investors, and originated loans are typically sold within 45 days of funding.
+Added: Prior to closing on
+Added: loans with borrowers, we enter into agreements to sell the loans to investors, and originated loans are typically sold within 45 days of funding.
The coupon rate for each loan is set concurrently with the establishment of the interest rate with the investor.
1 unchanged sentence
Earnings from escrows are generally based on LIBOR or SOFR.
−Removed: 30-day LIBOR as of December 31, 2021 and 2020 was 10 basis points and 14 basis points, respectively.
−Removed: A 100-basis point increase in the 30-day LIBOR would increase our annual earnings by $22.9 million based on our escrow balance as of December 31, 2021 compared to $13.3 million based on our escrow balance as of December 31, 2020.
−Removed: A decrease in 30-day LIBOR to zero would decrease our annual earnings by $2.3 million based on the escrow balances as of December 31, 2021 and by $1.9 million based on our escrow balances as of December 31, 2020.
+Added: 30-day SOFR as of December 31, 2022 was 406 basis points and 30-day LIBOR was 108 basis points at December 31, 2021.
+Added: A 100-basis point increase in the 30-day SOFR would increase our annual earnings by $10.4 million based on our escrow balances as of December 31, 2022.
+Added: A 100-basis point increase to the 30-day LIBOR would increase our annual earnings by $22.9 million based on our escrow balances as of December 31, 2021.
+Added: A 100-basis point decrease in the 30-day SOFR would decrease our annual earnings by $10.4 million based on our escrow balances as of December 31, 2022.
+Added: A decrease in 30-day LIBOR to zero would decrease our annual earnings by $2.3 million based on the escrow balances as of December 31, 2021.
We use warehouse facilities and a repurchase agreement to fund loans we originate under our various lending programs.
−Removed: The borrowing costs of our warehouse facilities and the repurchase agreement is based on LIBOR.
−Removed: A 100-basis point increase in 30-day LIBOR would decrease our annual earnings by $10.6 million based on our outstanding balances as of December 31, 2021 compared to $10.6 million based on our outstanding balances as of December 31, 2020.
−Removed: A decrease in 30-day LIBOR to zero would increase our annual earnings by approximately $1.1 million based on our outstanding warehouse balance as of December 31, 2021 and by $1.5 million as of December 31, 2020.
−Removed: We have investments in marketable equity securities, which are publicly-traded, and which had a fair value of $524.6 million and $33.3 million as of December 31, 2021 and December 31, 2020, respectively.
−Removed: These include shares of common stock of Nasdaq.
−Removed: As of February 25, 2022, Newmark held approximately 1.1 million shares of Nasdaq worth approximately $187.2 million
−Removed: Investments in marketable securities carry a degree of risk, as there can be no assurance that the marketable securities will not lose value and, in general, securities markets can be volatile and unpredictable.
−Removed: As a result of these different market risks, our holdings of marketable securities could be materially and adversely affected.
−Removed: We may seek to minimize the effect of price changes on a portion of our investments in marketable securities through the use of derivative contracts.
−Removed: However, there can be no assurance that our hedging activities will be adequate to protect us against price risks associated with our investments in marketable securities.
−Removed: See Note 7 — “Marketable Securities” and Note 11 — “Derivatives” to our accompanying consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for further information regarding these investments and related hedging activities.
−Removed: Each $1 change in the price of Nasdaq, will impact the value of shares held by $2.5 million based on the number of shares held as of December 31, 2021.
−Removed: Additionally the 2.5 million shares of Nasdaq equity we held as of December 31, 2021 are more than an average trading days volume and therefore there is additional market risk that we will not be able to liquidate this position in an orderly manner if the market for Nasdaq equity shares is under pressure.
+Added: The borrowing costs of our warehouse facilities and the repurchase agreement is based on LIBOR or SOFR.
+Added: A 100-basis point increase in 30-day SOFR would decrease our annual earnings by $1.4 million based on our outstanding balances as of December 31, 2022.
+Added: A 100-basis point increase in 30-day LIBOR would decrease our annual earnings by $10.5 million based on our outstanding balances as of December 31, 2021.
+Added: A 100 basis-point decrease in 30-day SOFR would increase our annual earnings by approximately $1.4 million based on our outstanding warehouse balance as of December 31, 2022.
+Added: A decrease in 30-day LIBOR to zero would increase our annual earnings by approximately $1.1 million based on our outstanding warehouse balance as of December 31, 2021.
Foreign Currency Risk
14 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.