9 unchanged sentences
We believe that loan credit quality is primarily determined by the borrowers’ credit profiles and loan characteristics.
−Removed: We seek to mitigate this risk by seeking to acquire assets at appropriate prices given anticipated and unanticipated losses and by deploying a value-driven approach to underwriting and diligence, consistent with our historical
−Removed: investment strategy, with a focus on projected cash flows and potential risks to cash flow.
+Added: We seek to mitigate this risk by seeking to acquire assets at appropriate prices given anticipated and unanticipated losses and by deploying a value-driven approach to underwriting and diligence, consistent with our historical investment strategy, with a focus on projected cash flows and potential risks to cash flow.
We further mitigate our risk of potential losses while managing and servicing our loans by performing various workout and loss mitigation strategies with delinquent borrowers.
1 unchanged sentence
Interest rate risk.
−Removed: Interest rate risk is highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control.
+Added: Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control.
Our operating results will depend, in part, on differences between the income from our investments and our financing costs.
4 unchanged sentences
Because non-performing LMM loans are short-term assets, the discount rates used for valuation are based on short-term market interest rates, which may not move in tandem with long-term market interest rates.
−Removed: The table below projects the impact on our interest income and expense for the twelve-month period following March 31, 2024, assuming an immediate increase or decrease of 25, 50, 75, and 100 basis points in interest rates.
+Added: The table below projects the impact on our interest income and expense for the twelve-month period following June 30, 2024, assuming an immediate increase or decrease of 25, 50, 75, and 100 basis points in interest rates.
12-month pretax net interest income sensitivity profiles
12 unchanged sentences
Securitized debt obligations
+Added: Senior secured notes and corporate debt
Total Net Impact to Net Interest Income (Expense)
53 unchanged sentences
The table below presents information with respect to any counterparty for repurchase agreements for which our Company had greater than 5% of stockholders’ equity at risk in the aggregate.
−Removed: March 31, 2024
+Added: June 30, 2024
(in thousands)
3 unchanged sentences
JPMorgan Chase Bank, N.A.
+Added: Morgan Stanley Bank, N.A.
+Added: Credit Suisse AG
In the table above,
14 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.