8 unchanged sentences
We may carry our loans at fair value or carrying value in our balance sheets.
−Removed: As of June 30, 2025 and December 31, 2024, none of our loans held for investment were carried at fair value.
+Added: As of September 30, 2025 and December 31, 2024, none of our loans held for investment were carried at fair value.
We evaluate our loans on a quarterly basis and fair value is determined by our Board of Directors through its independent Audit and Valuation Committee.
18 unchanged sentences
The cost of our borrowings generally will be based on prevailing market interest rates.
−Removed: During a period of rising interest rates, our borrowing costs generally will increase (a) while the yields earned on our leveraged fixed-rate loan assets will remain static, and (b) at a faster pace than the yields earned on our leveraged floating-rate loan assets, which could result in a decline in our net interest spread and net interest margin.
+Added: During a period of rising interest rates, our borrowing costs generally will increase (a) while the yields earned on our leveraged fixed-rate loan assets will remain static, and (b) at a faster pace than the yields earned on our leveraged floating-rate loan assets, which could
+Added: result in a decline in our net interest spread and net interest margin.
The severity of any such decline would depend on our asset/liability composition at the time as well as the magnitude and duration of the interest rate increase.
8 unchanged sentences
however, this is mitigated to the extent our loans bear interest at a floating rate.
−Removed: As of June 30, 2025, we had 11 floating-rate loans, representing approximately 86% of our portfolio based on aggregate outstanding principal balances.
+Added: As of September 30, 2025, we had 12 floating-rate loans, representing approximately 96% of our portfolio based on aggregate outstanding principal balances.
These floating benchmark rates included one-month SOFR quoted at 4.1% and subject to a weighted average floor of 4.1% and U.S.
prime rate subject to a weighted average floor of 8.0% and quoted at 7.25% based on outstanding principal.
−Removed: We estimate that a hypothetical 100 basis points increase in the floating benchmark rate would result in an increase in annual interest income of approximately $2.2 million and a hypothetical 100 basis points decrease in the floating benchmark rate
−Removed: would result in a decrease in annual interest income of approximately $(0.4) million due to the affects of the benchmark floor.
+Added: We estimate that a hypothetical 100 basis points increase in the floating benchmark rate would result in an increase in annual interest income of approximately $2.4 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result in a decrease in annual interest income of approximately $(0.1) million due to the effects of the benchmark floor.
Interest Rate Cap Risk
24 unchanged sentences
As a result, we cannot predict the percentage of our capital that will be invested in any individual target investment at any given time.
−Removed: Our loan portfolio as of June 30, 2025 was concentrated with the top three borrowers representing approximately 40.6% of the aggregate outstanding principal balances and approximately 41.8% of the total loan commitments.
+Added: Our loan portfolio as of September 30, 2025 was concentrated with the top three borrowers representing approximately 42.0% of the aggregate outstanding principal balances and approximately 41.0% of the total loan commitments.
We made our first investment in January 2024 and expect to continue to diversify our loan portfolio as loans in our pipeline are evaluated and are originated through the deployment of our capital.
8 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.