What changed in this filing

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Item 1A. Risk Factors

2021-08-03 compared with 2021-05-05 · 27 added, 26 removed, 32 unchanged (62% of the section changed)

4 unchanged sentences

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating

Other than the risk factors set forth below, there have been no material changes during the period ended March 31, 2021 to the risk factors discussed in Risk Factors in the February 24, 2021 filing of our Annual Report

Other than the risk factors set forth below, there have been no material changes during the period ended June 30, 2021 to the risk factors discussed in Risk Factors in the February 24, 2021 filing of our Annual Report

on Form 10-K.

6 unchanged sentences

The terms of our debt investments generally include minimum interest rate floors which are calculated based on LIBOR.

On March 5, 2021, the United Kingdoms Financial Conduct Authority (the FCA), which regulates LIBOR, announced that (i)

24 LIBOR settings would cease to exist immediately after December 31, 2021 (all seven euro LIBOR settings;

On March 5, 2021, the United Kingdoms Financial Conduct Authority (the

FCA), which regulates LIBOR, announced that (i) 24 LIBOR settings would cease to exist immediately after December 31, 2021 (all seven euro LIBOR settings;

all seven Swiss franc LIBOR settings;

the Spot Next, 1-week,

2-month, and 12-month Japanese yen LIBOR settings;

the Spot Next, 1-week, 2-month, and 12-month Japanese yen LIBOR settings;

the overnight, 1-week, 2-month, and 12-month sterling LIBOR settings;

and the 1-week and 2-month US dollar LIBOR settings);

and the 1-week and 2-month US dollar LIBOR

(ii) the overnight and 12-month US LIBOR settings would cease to exist after June 30, 2023;

and (iii) the FCA would consult on whether the remaining nine LIBOR settings should continue to be published on a synthetic basis for a

certain period using the FCAs proposed new powers that the UK government is legislating to grant to them.

Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland

and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered rates.

and (iii) the FCA would consult on whether the remaining nine LIBOR settings should continue to

be published on a synthetic basis for a certain period using the FCAs proposed new powers that the UK government is legislating to grant to them.

Central banks and regulators in a number of major jurisdictions (for example, United States,

United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered rates.

To identify a successor rate for U.S.

dollar LIBOR, the Alternative Reference Rates Committee (ARRC), a

U.S.-based group convened by the Federal Reserve Board and the Federal Reserve Bank of New York, was formed.

The ARRC has identified the Secured Overnight Financing Rate (SOFR) as its preferred alternative rate for LIBOR.

measure of the cost of borrowing cash overnight, collateralized by U.S.

dollar LIBOR, the Alternative

Reference Rates Committee (ARRC), a U.S.-based group convened by the Federal Reserve Board and the Federal Reserve Bank of New York, was formed.

The ARRC has identified the Secured Overnight Financing Rate (SOFR) as its

preferred alternative rate for LIBOR.

SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S.

Treasury securities, and is based on directly observable U.S.

Treasury-backed repurchase transactions.

Although SOFR appears to be the preferred replacement rate for U.S.

LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 pandemic will have further effect on LIBOR transition plans.

The elimination of LIBOR or any

other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on

our overall financial condition or results of operations.

In addition, if LIBOR ceases to exist, we may need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the

interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations.

Following the replacement of LIBOR, some or all of these credit

agreements may bear interest a lower interest rate, which could have an adverse impact on our results of operations.

Although SOFR appears to

be the preferred replacement rate for U.S.

dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States,

United Kingdom or elsewhere or, whether the COVID-19 pandemic will have further effect on LIBOR transition plans.

The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the

market for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations.

In addition, if LIBOR ceases to exist, we may

need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an

adverse effect on our overall financial condition or results of operations.

Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on our results of

Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit facilities.

If we are unable to do so,

amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.

If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost

of our borrowings and, in turn, affect our results of operations.

We are subject to risks related to corporate social responsibility.

7 unchanged sentences

Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in unregistered sales of securities during the quarter ended March 31, 2021.

We did not engage in unregistered sales of securities during the quarter ended June 30, 2021.

Defaults Upon Senior Securities

2 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.

What changed 10-Q

Item 1A. Risk Factors