1 unchanged sentence
Risk Management
−Removed: We intend for our investment mix to include high quality residential, including multi-family, condominiums and single-family communities, retail, office, hospitality, industrial, mixed use and specialty-use real estate.
+Added: We intend for our investment mix to include high quality residential, including multi-family, condominiums and single-family residential communities, retail, office, hospitality, industrial, mixed-use and specialty-use real estate.
We believe that SUNS Manager’s rigorous investment process on our behalf will enable us to make investments with potential for value creation as we seek to provide capital to strong sponsors with readily executable business plans while endeavoring to implement significant downside protections.
4 unchanged sentences
We may carry our loans at fair value or carrying value in our balance sheets.
−Removed: As of June 30, 2024 and December 31, 2023, none of our loans held for investment were carried at fair value.
−Removed: We evaluate our loans on a quarterly basis and fair value is determined by our Board through its independent Audit and Valuation Committee.
+Added: As of September 30, 2024 and December 31, 2023, none of our loans held for investment were carried at fair value.
+Added: 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.
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.
28 unchanged sentences
however, this is mitigated to the extent our loans bear interest at a floating rate.
−Removed: As of June 30, 2024, we had one floating-rate loan, representing approximately 43% of our portfolio based on aggregate outstanding principal balances.
−Removed: These floating benchmark rates included one-month SOFR subject to a floor of 4.0% and quoted at 5.3%.
+Added: As of September 30, 2024, we had five floating-rate loans, representing approximately 72% of our portfolio based on aggregate outstanding principal balances.
+Added: These floating benchmark rates included one-month SOFR subject to a weighted average floor of 4.2% and quoted at 4.8%.
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 $0.7 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result in a decrease in annual interest income of approximately $(0.4) million.
34 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.