8 unchanged sentences
We may carry our loans at fair value or carrying value in our balance sheets.
−Removed: As of September 30, 2025 and December 31, 2024, none of our loans held for investment were carried at fair value.
+Added: As of March 31, 2026 and December 31, 2025, 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.
−Removed: We use an independent third-party valuation firm to provide input in the valuation of all of our unquoted investments, which we consider along with other various subjective and objective factors in making our evaluations.
+Added: We use an independent third-party valuation firm to provide input in the valuation of all
+Added: of our unquoted investments, which we consider along with other various subjective and objective factors in making our evaluations.
Our loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers.
16 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
−Removed: 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 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 September 30, 2025, we had 12 floating-rate loans, representing approximately 96% of our portfolio based on aggregate outstanding principal balances.
+Added: As of March 31, 2026, we had 15 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 3.7% and subject to a weighted average floor of 3.9%, and U.S.
−Removed: prime rate subject to a weighted average floor of 8.0% and quoted at 7.25% based on outstanding principal.
+Added: prime rate quoted at 6.75% and subject to a weighted average floor of 8.0% based on outstanding principal.
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 $2.9 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result in a decrease in annual interest income of approximately $0.7 million due to the effects of the benchmark floor.
2 unchanged sentences
These are assets in which the loans may be subject to periodic and lifetime interest rate caps and floors, which limit the amount by which the asset’s interest yield may change during any given period.
−Removed: However, our future borrowing costs pursuant to our potential financing agreements may not be subject to similar restrictions.
+Added: However, our future borrowing costs pursuant to our potential financing agreements may not be subject to similar
+Added: restrictions.
Therefore, in a period of increasing interest rates, interest rate costs on our borrowings could increase without limitation by caps, while the interest-rate yields on our floating-rate assets would effectively be limited.
20 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 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.
+Added: Our loan portfolio as of March 31, 2026 was concentrated with the top three borrowers representing approximately 43.8% of the aggregate outstanding principal balances and approximately 35.3% 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.