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Additionally, as a large percentage of our carried interest allocation revenues are paid to employees as carried interest-related compensation, the overall net impact to our income would be mitigated by lower compensation payments.
−Removed: As of March 31, 2021, the maximum amount of carried interest allocation subject to contingent repayment was an estimated $105.1 million, net of tax, assuming the fair value of all investments was zero, a possibility that we view as remote.
+Added: As of March 31, 2022, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) subject to contingent repayment was an estimated $204.8 million, net of tax, assuming the fair value of all investments was zero, a possibility that we view as remote.
• Investment income changes in relation to realized and unrealized gains and losses of the underlying investments in our funds in which we have a general partner commitment.
−Removed: Based on investments held as of March 31, 2021, we estimate that a 10% decline in fair value of the investments would result in a $7.4 million decrease in the amount of income.
+Added: Based on investments (excluding legacy Greenspring investments in funds) held as of March 31, 2022, we estimate that a 10% decline in fair value of the investments would result in a $10.7 million decrease in the amount of income.
Exchange Rate Risk
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dollar and foreign currencies, which could affect investment performance.
−Removed: The currency exposure related to investments in foreign currency assets is limited to our general partner interest, which is typically no more than one percent of total capital commitments.
+Added: The currency exposure related to investments in foreign currency assets is limited to our general partner interest, which is typically no more than 1% of total capital commitments.
Changes in exchange rates are not expected to materially affect our consolidated financial statements.
Interest Rate Risk
−Removed: During the quarter ended September 30, 2020, we used a portion of the net proceeds from the IPO to repay in full the indebtedness outstanding on the Term Loan B in the amount of $146.6 million and accrued interest of $0.6 million.
−Removed: As of March 31, 2021, there were no debt obligations outstanding.
−Removed: Of the $183.9 million of cash, cash equivalents and restricted cash as of March 31, 2021, we estimate that interest income would increase by $1.8 million on an annualized basis as a result of a 100 basis point increase in interest rates.
+Added: As of March 31, 2022, we had $65.0 million in borrowings outstanding under our Revolver.
+Added: The Revolver accrues interest at a variable rate.
+Added: As of March 31, 2022, we estimate that interest expense would increase by $0.7 million on an annualized basis as a result of a 100 basis point increase in interest rates.
+Added: Based on the $117.4 million of cash, cash equivalents and restricted cash as of March 31, 2022, we estimate that interest income would increase by $1.2 million on an annualized basis as a result of a 100 basis point increase in interest rates.
We are party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements.
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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.