3 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 results.
−Removed: Other than the risk factors set forth below, there have been no material changes during the period ended June 30, 2023 to the risk factors discussed in “Risk Factors” in the February 28, 2023 filing of our Annual Report on Form 10-K.
+Added: Other than the risk factors set forth below, there have been no material changes during the period ended September 30, 2023 to the risk factors discussed in “Risk Factors” in the February 28, 2023 filing of our Annual Report on Form 10-K.
Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance
27 unchanged sentences
In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs, including USD LIBOR, except in very limited circumstances.
−Removed: In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR.
+Added: In the United States, SOFR is the preferred alternative rate for LIBOR.
SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S.
5 unchanged sentences
Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions.
−Removed: As of the filing date of this Quarterly Report on Form 10-Q, many of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on SOFR (“CME Term SOFR”) or CME Term SOFR plus a fixed spread adjustment.
−Removed: CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values.
+Added: As of the filing date of this Quarterly Report on Form 10-Q,
+Added: many of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on SOFR (“CME Term SOFR”) or CME Term SOFR plus a fixed spread adjustment.
+Added: CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month
+Added: and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter
+Added: SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values.
CME Term SOFR and the inputs on which it is based are derived from SOFR.
9 unchanged sentences
Specifically, the anticipated yield on our loans may not be fully realized and our loans may be subject to increased pricing volatility and market risk.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: We did not engage in unregistered sales of securities during the quarter ended June 30, 2023.
+Added: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
+Added: We did not engage in unregistered sales of securities during the quarter ended September 30, 2023.
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.