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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2022-08-10 compared with 2022-05-10 · 28 added, 31 removed, 5 unchanged (92% of the section changed)

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK.

the three months ended March 31, 2022, our cash and cash equivalents were deposited in accounts at well capitalized financial

institutions.

The fair value of our cash and cash equivalents at March 31, 2022 approximated its carrying value.

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

the six months ended June 30, 2022, our cash and cash equivalents were deposited in accounts at well capitalized financial institutions.

The fair value of our cash and cash equivalents at June 30, 2022 approximated its carrying value.

and Interest Rate Risk

are subject to financial market risks, including changes in interest rates.

Interest rate risk is defined as the sensitivity of

our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing

intervals between our assets and liabilities and the effect that interest rates may have on our cash flow.

we seek to provide capital to a broad range of life science companies, institutions and investors with the majority of our finance

receivables portfolio paying interest based on floating interest rates with a LIBOR floor, our net investment income is dependent,

in part, upon the difference between the rate at which we earn on our cash and cash equivalents and the rate at which we lend

those funds to third parties.

Interest rate risk is defined as the sensitivity of our current

and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between

our assets and liabilities and the effect that interest rates may have on our cash flow.

we seek to provide capital to a broad range of life science companies, institutions and investors with the majority of our finance receivables

portfolio paying interest based on floating interest rates with a LIBOR floor, our net investment income is dependent, in part, upon

the difference between the rate at which we earn on our cash and cash equivalents and the rate at which we lend those funds to third

As a result, we are subject to risks relating to changes in market interest rates.

We may use interest

rate risk management techniques in an effort to limit our exposure to interest rate fluctuations by providing capital at variable

interest rates.

We do not currently engage in any interest rate hedging activities.

We constantly monitor our portfolio and position

our portfolio to respond appropriately to a reduction in credit rating of any of our investments.

2018, we entered into a revolving credit facility.

As we borrow funds to make additional investments, our income will depend,

in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds.

we are subject to risks relating to changes in market interest rates.

We may use interest rate risk management

techniques in an effort to limit our exposure to interest rate fluctuations by providing capital at variable interest rates.

currently engage in any interest rate hedging activities.

We constantly monitor our portfolio and position our portfolio to respond appropriately

to a reduction in credit rating of any of our investments.

have entered into a revolving credit facility.

As we borrow funds to make additional investments, our income will depend, in part,

upon the difference between the rate at which we borrow funds and the rate at which we invest those funds.

As a result, we are

subject to risks relating to changes in market interest rates.

In periods of rising interest rates when we have debt outstanding,

our cost of funds would increase, which could reduce our income, especially to the extent we continue to hold fixed rate investments.

We generally seek to mitigate this risk by pricing our debt investments with floating interest rates to maintain the spread of

our portfolio over the cost of leverage.

If deemed prudent, we may use interest rate risk management techniques in an effort to

minimize our exposure to interest rate fluctuations, which we have not done.

Adverse developments resulting from changes in interest

rates or hedging transactions could have a materially adverse effect on our business, financial condition and results of operations.

Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect

on our investment income, net of borrowing expenses.

our cost of funds would increase, which could reduce our income, especially to the extent we continue to hold fixed rate

We generally seek to mitigate this risk by pricing our debt investments with floating interest rates to maintain the

spread of our portfolio over the cost of leverage.

If deemed prudent, we may use interest rate risk management techniques in an

effort to minimize our exposure to interest rate fluctuations, which we have not done.

Adverse developments resulting from changes

in interest rates or hedging transactions could have a materially adverse effect on our business, financial condition and results of

Accordingly, there can be no assurance that a significant change in market interest rates will not have a material

adverse effect on our investment income, net of borrowing expenses.

do not believe that inflation has had a significant impact on our revenues or operations.

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.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk