Quantitative and Qualitative Disclosures About Market Risk.
+Added: Market risk refers to the risk to the Company’s financial position resulting from a change in market factors, including interest rates, foreign exchange rates, equity, and commodity prices.
The fair values of certain assets and liabilities are sensitive to changes in market interest rates.
The impact of changes in interest rates would be reduced by the fact that increases (decreases) in fair values of assets would be partially offset by corresponding changes in fair values of liabilities.
−Removed: In aggregate, the estimated impact of an immediate and sustained 100 basis points (“bps”) increase or decrease in interest rates on the fair values of our interest rate-sensitive financial instruments would not be material to our financial position.
+Added: The estimated impact of an immediate and sustained 100 basis point (“bps”) increase or decrease in interest rates on the fair values of our interest rate-sensitive financial instruments is shown below.
+Added: This change would not materially impact our operations due to the composition of our balance sheet, including largely fixed-rate loans along with the tenor and fixed-rate nature of our debt.
+Added: Our long liquidity runway and staggered debt maturities further reduce any immediate impacts of changes in market interest rates.
+Added: For further discussion on the impact of market factors, see “Risk Factors” in Part I - Item 1A.
+Added: of this report.
We derived the changes in fair values by modeling estimated cash flows of certain assets and liabilities.
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$ (518) $ 529 $ (461) $ 484
−Removed: (a) We did not adjust the estimated cash flows for any future loan originations.
+Added: (a) We did not adjust the estimated cash flows for any future credit originations.
(b) We adjusted the estimated cash flows to reflect expected prepayment and calls, but did not consider any new investment purchases or debt issuances.
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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.