3 unchanged sentences
Our primary market risk results from our indebtedness, which bears interest at both fixed and variable rates.
−Removed: As of September 30, 2021 , our indebtedness was approximately $127.7 million , consisting of approximately $94.5 million of variable-rate debt and approximately $33.2 million of fixed-rate debt.
+Added: As of March 31, 2022 , our indebtedness was approximately $123.1 million , consisting of approximately $90.0 million of variable-rate debt and approximately $33.1 million of fixed-rate debt.
Of the $90.0 million variable-rate debt, $50.0 million relates to the 2021 Term Loan against which we have applied the 2021 Interest Rate Swap.
−Removed: When factoring in the 2021 Term Loan as fixed-rate debt through the Interest Rate Swap, as of September 30, 2021, approximately $44.5 million of our indebtedness was variable-rate debt and approximately $83.2 million was fixed-rate debt.
+Added: When factoring in the 2021 Term Loan as fixed-rate debt through the 2021 Interest Rate Swap, as of March 31, 2022, approximately $40.0 million of our indebtedness was variable-rate debt and approximately $83.1 million was fixed-rate debt.
+Added: On May 11, 2022, we also entered into the 2022 Interest Rate Swaps, which applied to the $50.0 million amount outstanding under the 2022 Term Loan.
Assuming no increase in the amount of our outstanding variable-rate indebtedness, if the one-month U.S.
Dollar LIBOR were to increase or decrease by 0.50%, our cash flows would decrease or increase by approximately $0.2 million on an annualized basis.
−Removed: Subject to maintaining our status as a REIT for federal income tax purposes, we manage our market risk on variable rate debt through the use of interest rate swaps that fix the rate on all or a portion of our variable rate debt for varying periods up to maturity, such as the Interest Rate Swap.
+Added: Subject to maintaining our status as a REIT for federal income tax purposes, we manage our market risk on variable rate debt through the use of interest rate swaps that fix the rate on all or a portion of our variable rate debt for varying periods up to maturity, such as the 2021 Interest Rate Swap and the 2022 Interest Rate Swaps.
In the future, we may use other derivative instruments such as interest cap agreements to, in effect, cap the interest rate on all or a portion of the debt for varying periods up to maturity.
2 unchanged sentences
However, we provide no assurance that our efforts to manage interest rate volatility will successfully mitigate the risks of such volatility in our portfolio and we do not intend to enter into hedging arrangements for speculative purposes.
−Removed: We may utilize swap arrangements in the future.
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.