8 unchanged sentences
Our Notes bear interest at fixed rates.
−Removed: Our Revolving Credit Facility bears interest at a variable rate based on SOFR (or an alternative base rate at our option).
−Removed: As of the date of this report, we have no borrowings outstanding under our Revolving Credit Facility, and therefore changes in interest rates would not have a material impact on interest expense.
+Added: Borrowings under our Revolving Credit Facility bear interest at a variable rate based on SOFR (or an alternative base rate at our option).
+Added: An increase or decrease in interest rates by 100 basis points is not expected to have a material impact on our interest expense.
+Added: We are also subject to interest rate risk through the investments we hold in our products.
+Added: An increase in interest rates would be expected to negatively affect the fair value of investments that accrue interest income at fixed rates and therefore negatively impact net change in unrealized gains on investments of the relevant product.
+Added: The actual impact is dependent on the average duration and the amount of such holdings.
+Added: Conversely, investments that accrue interest at variable rates would be expected to benefit from an increase in interest rates because these investments would generate higher levels of current income.
+Added: This would positively impact interest and dividend income but have an offsetting decrease in the fair value of the investments and negatively impact the net change in unrealized gains of the products.
+Added: An increase in interest rates would also be expected to result in an increase in borrowing costs in any of our products that borrow funds based on floating rates.
+Added: In the cases where our products pay management fees based on NAV or total assets (including assets purchased with leverage), we would expect our management fees (including Part I Fees) to experience a change in direction and magnitude corresponding to that experienced by the underlying product.
We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions.
−Removed: As of September 30, 2022 and December 31, 2021, we had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits.
+Added: As of March 31, 2023 and December 31, 2022, we held the majority of our cash balances with a single highly rated financial institution and such balances are in excess of Federal Deposit Insurance Corporation insured limits.
We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.
+Added: See “Item 1A.
+Added: Risk Factors — Risks Related to Macroeconomic Factors” in our Annual Report and “Item 1A.
+Added: Risk Factors — Difficult market and political conditions may reduce the value or hamper the performance of the investments made by our products or impair the ability of our products to raise or deploy capital” in this report.
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.