11 unchanged sentences
reduced certain interest rates and LIBOR has decreased.
−Removed: 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
−Removed: expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results.
−Removed: During the fiscal year ended December 31, 2020, certain of the investments in our
−Removed: comprehensive investment portfolio had floating interest rates.
−Removed: These floating rate investments were primarily based on floating LIBOR and typically have durations of one to three months after which they reset to current market interest rates.
+Added: In a prolonged low interest rate environment, including a reduction of LIBOR to zero, the difference between the total
+Added: 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
+Added: adversely affecting our operating results.
+Added: Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net investment income.
+Added: During the fiscal year ended December 31, 2021, certain of
+Added: the investments in our comprehensive investment portfolio had floating interest rates.
+Added: These floating rate investments were primarily based on floating LIBOR and typically have durations of one to three months after which they reset to current
+Added: market interest rates.
Additionally, some of these investments have LIBOR floors.
The Company also has revolving credit facilities that are generally based on floating LIBOR.
−Removed: Assuming no changes to our balance sheet as of December 31, 2020 and no new defaults by
−Removed: portfolio companies, a hypothetical one percent decrease in LIBOR on our comprehensive floating rate assets and liabilities would increase our net investment income by two cents per average share over the next twelve months.
−Removed: Assuming no changes to
−Removed: our balance sheet as of December 31, 2020 and no new defaults by portfolio companies, a hypothetical one percent increase in LIBOR on our comprehensive floating rate assets and liabilities would decrease our net investment income by
−Removed: approximately five cents per average share over the next twelve months.
−Removed: However, we may hedge against interest rate fluctuations from time-to-time by using standard
−Removed: hedging instruments such as futures, options, swaps and forward contracts subject to the requirements of the 1940 Act.
−Removed: While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate
−Removed: in any benefits of certain changes in interest rates with respect to our portfolio of investments.
+Added: Assuming no changes to our balance sheet as of December 31, 2021 and
+Added: no new defaults by portfolio companies, a hypothetical one percent decrease in LIBOR on our comprehensive floating rate assets and liabilities would increase our net investment income by two cents per average share over the next twelve months.
+Added: Assuming no changes to our balance sheet as of December 31, 2021 and no new defaults by portfolio companies, a hypothetical one percent increase in LIBOR on our comprehensive floating rate assets and liabilities would decrease our net
+Added: investment income by approximately six cents per average share over the next twelve months.
+Added: However, we may hedge against interest rate fluctuations from time-to-time by
+Added: using standard hedging instruments such as futures, options, swaps and forward contracts subject to the requirements of the 1940 Act.
+Added: While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability
+Added: to participate in any benefits of certain changes in interest rates with respect to our portfolio of investments.
At December 31, 2021, we have no interest rate hedging instruments outstanding on our balance sheet.
Increase (Decrease) in LIBOR
−Removed: Increase in Net Investment Income Per Share Per Year
+Added: Increase (Decrease) in Net Investment Income Per Share Per Year
We may also have exposure to foreign currencies through various investments.
3 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.