4 unchanged sentences
As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
−Removed: As of June 30, 2022, we had 14 investments with an aggregate principal balance of $351.1 million, net of obligations under participation agreements and secured borrowing, that provide for interest income at an annual rate of LIBOR plus a spread, 12 of which are subject to a LIBOR floor.
+Added: As of September 30, 2022, we had 11 investments with an aggregate principal balance of $308.7 million, net of obligations under participation agreements, that provide for interest income at an annual rate of LIBOR plus a spread, 10 of which are subject to a LIBOR floor.
A decrease of 100 basis points in LIBOR would decrease our annual interest income, net of interest expense on participation agreements, by approximately $3.0 million, and an increase of 100 basis points in LIBOR would increase our annual interest income, net of interest expense on participation agreements, by approximately $3.1 million.
−Removed: Additionally, we had four investments with an aggregate principal balance of $75.9 million that provide for interest income at an annual rate of SOFR plus a spread, all of which were subject to a SOFR floor.
+Added: Additionally, we had six investments with an aggregate principal balance of $131.9 million that provide for interest income at an annual rate of SOFR plus a spread, all of which were subject to a SOFR floor.
A decrease of 100 basis points in SOFR would decrease our annual interest income by $1.2 million, and an increase of 100 basis points would increase our annual interest income by $1.3 million.
−Removed: Additionally, as of June 30, 2022, we had $31.5 million of borrowings outstanding under a mortgage loan payable that bear interest at an annual rate of LIBOR plus a spread that is collateralized by an office building;
+Added: Additionally, as of September 30, 2022, we had $ 31.3 million of borrowings outstanding under a mortgage loan payable that bear interest at an annual rate of LIBOR plus a spread that is collateralized by an office building;
a revolving line of credit with an outstanding balance of $ 24.1 million that bears interest at an annual rate of LIBOR plus a spread that is collateralized by $ 61.3 million of first mortgages;
19 unchanged sentences
While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.
−Removed: For the three and six months ended June 30, 2022 and 2021, we did not engage in interest rate hedging activities.
+Added: For the three and nine months ended September 30, 2022 and 2021, we did not engage in interest rate hedging activities.
Prepayment Risks
24 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.