25 unchanged sentences
limited by the rules relating to REIT qualification.
−Removed: In order to preserve our REIT status,
−Removed: we may be forced to terminate a
+Added: In order to preserve our REIT status, we may be forced to terminate a
hedging transaction at a time when the transaction is most needed.
20 unchanged sentences
cause their durations to become extremely negative when prepayments are high, and less negative when prepayments are
−Removed: Prepayments affect the durations of IIOs similarly, but the floating
−Removed: rate nature of the coupon of IIOs (which is inversely
+Added: Prepayments affect the durations of IIOs similarly, but the float
+Added: ing rate nature of the coupon of IIOs (which is inversely
related to the level of one month LIBOR) causes
19 unchanged sentences
The following sensitivity analysis shows the estimated impact on the fair value of our interest rate-sensitive investments
−Removed: and hedge positions as of March 31, 2021 and December 31, 2020, assuming rates instantaneously fall 200 bps, fall 100
+Added: and hedge positions as of June 30, 2021 and December 31, 2020, assuming rates instantaneously fall 200 bps, fall 100
bps, fall 50 bps, rise 50 bps, rise 100 bps and rise 200 bps, adjusted to reflect the impact of convexity, which is the
3 unchanged sentences
The base interest rate scenario assumes interest rates and prepayment
−Removed: projections as of March 31, 2021 and December 31, 2020.
+Added: projections as of June 30, 2021 and December 31, 2020.
Actual results could differ materially from estimates, especially in the current market environment.
8 unchanged sentences
Change in Interest Rate
−Removed: As of March 31, 2021
+Added: As of June 30, 2021
-200 Basis Points
58 unchanged sentences
Our assets that are pledged to secure repurchase agreements are Agency RMBS and cash.
−Removed: As of March 31,
+Added: As of June 30,
2021, we had unrestricted cash and cash equivalents of $272.8 million and unpledged securities of approximately $5.7
47 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.