1 unchanged sentence
We are subject to financial market risks, including changes in interest rates.
−Removed: For the year ended December 31, 2019 and 2018, 93% and 91% of the loans in our portfolio bore interest at floating rates, respectively.
+Added: and global capital markets and credit markets have experienced a higher level of stress due to the COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets.
+Added: Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased.
+Added: In a prolonged low interest rate environment, including a reduction of LIBOR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results.
+Added: For both years ended December 31, 2020 and 2019, 93% of the loans in our portfolio bore interest at floating rates.
These floating rate loans typically bear interest in reference to LIBOR, which are indexed to 30-day or 90-day LIBOR rates, subject to an interest rate floor.
3 unchanged sentences
Change in Basis Points
−Removed: Interest Income
−Removed: Interest Expense
−Removed: Net Interest Income (1)
Up 200 basis points
3 unchanged sentences
Down 25 basis points
−Removed: Down 100 basis points
−Removed: Down 150 basis points
−Removed: Down 200 basis points
Excludes the impact of incentive fees based on pre-incentive fee net investment income.
7 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.