4 unchanged sentences
This may have a significant impact on the valuation of our equity investments.
+Added: Valuation Risk
+Added: Our investments may not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy.
+Added: There is no single standard for determining fair value in good faith.
+Added: As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.
+Added: Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period.
+Added: Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.
+Added: In addition, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Interest Rate Risk
2 unchanged sentences
As of December 31, 2020, all of our debt investments and outstanding borrowings bore fixed rates of interest.
−Removed: The Credit Facility, however, which matured on May 31, 2019, was indexed to the prime rate.
−Removed: During the year ended December 31, 2019 , we had no borrowings outstanding under the Credit Facility.
−Removed: We do not expect a significant impact on our net investment income or loss due to changes in the prime rate;
−Removed: however, the table below indicates the impact on our net investment income or loss should the prime rate change.
−Removed: Based on our December 31, 2019 Consolidated Statement of Assets and Liabilities, the following table shows the various, incremental impact of changes in interest rates on our net income or loss related to the Credit Facility for the year ended December 31, 2019 , assuming no changes in our investment income and borrowing structure.
−Removed: Although we believe that this measure is indicative of our sensitivity to the below-referenced interest rate changes, it does not reflect potential changes in credit quality, size and composition of the assets on our statement of assets and liabilities and other BDCs that could affect net increase or decrease in net assets resulting from operations, or net income or loss.
−Removed: Basis Point Change (1)
−Removed: Income/(Loss)
−Removed: Up 300 Basis points
−Removed: Up 200 Basis points
−Removed: Up 100 Basis points
−Removed: Down 100 Basis points
−Removed: Down 200 Basis points
−Removed: Down 300 Basis points
−Removed: _______________________
−Removed: Assumes we have borrowed $12.0 million under the Credit Facility for the year ended December 31, 2019 .
−Removed: Our actual borrowings under the Credit Facility will vary based on our needs throughout the year.
−Removed: For the year ended December 31, 2019 , our actual average borrowings under the Credit Facility were $0 .
−Removed: The Credit Facility matured on May 31, 2019.
−Removed: Although we believe that this measure is indicative of our sensitivity to the above-referenced interest rate changes, it does not reflect potential changes in credit quality, size and composition of the assets on our statement of assets and liabilities and other BDC’s that could affect net increase or decrease in net assets resulting from operations, or net income or loss.
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.