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In addition, such depreciation could cause our clients to withdraw their assets in favor of other investment alternatives that they perceive to offer higher returns or lower risk, which could cause our revenues and net income to decline further.
−Removed: The value of our AUM was approximately $160 billion at September 30, 2021.
−Removed: A 10% increase or decrease in the value of our AUM, if proportionately distributed over all of our strategies, products and client relationships, would cause an annualized increase or decrease in our revenues of approximately $88.0 million at our weighted-average fee rate of 55 basis points for the quarter ended September 30, 2021.
+Added: The value of our AUM was approximately $178 billion at March 31, 2022.
+Added: A 10% increase or decrease in the value of our AUM, if proportionately distributed over all of our strategies, products and client relationships, would cause an annualized increase or decrease in our revenues of approximately $94.3 million at our weighted-average fee rate of 53 basis points for the quarter ended March 31, 2022.
Because of declining fee rates from larger relationships and differences in our fee rates across investment strategies, a change in the composition of our AUM, in particular, an increase in the proportion of our total AUM attributable to strategies, clients or relationships with lower effective fee rates, could have a material negative impact on our overall weighted-average fee rate.
−Removed: The same 10% increase or decrease in the value of our total AUM, if attributed entirely to a proportionate increase or decrease in the AUM of the Victory Funds and USAA Funds, to which we provide a range of services in addition to those provided to institutional separate accounts, would cause an annualized increase or decrease in our revenues of approximately $99.2 million at the Victory Funds’ and USAA Funds’ aggregate weighted-average fee rate of 62 basis points for the quarter ended September 30, 2021.
−Removed: If the same 10% increase or decrease in the value of our total AUM was attributable entirely to a proportionate increase or decrease in the assets of our institutional separate accounts, it would cause an annualized increase or decrease in our revenues of approximately $49.6 million at the weighted-average fee rate across all of our institutional separate accounts of 31 basis points for the quarter ended September 30, 2021.
+Added: The same 10% increase or decrease in the value of our total AUM, if attributed entirely to a proportionate increase or decrease in the AUM of the Victory Funds and USAA Funds, to which we provide a range of services in addition to those provided to institutional separate accounts, would cause an annualized increase or decrease in our revenues of approximately $108.6 million at the Victory Funds’ and USAA Funds’ aggregate weighted-average fee rate of 61 basis points for the quarter ended March 31, 2022.
+Added: If the same 10% increase or decrease in the value of our total AUM was attributable entirely to a proportionate increase or decrease in the assets of our institutional separate accounts, it would cause an annualized increase or decrease in our revenues of approximately $58.7 million at the weighted-average fee rate across all of our institutional separate accounts of 33 basis points for the quarter ended March 31, 2022.
As is customary in the investment management industry, clients invest in particular strategies to gain exposure to certain asset classes, which exposes their investment to the benefits and risks of those asset classes.
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dollar and excluding the impact of any hedging arrangement, a 10% increase or decrease in the value of the U.S.
−Removed: dollar would decrease or increase the fair value of our AUM by approximately $1.6 billion, which would cause an annualized increase or decrease in revenues of approximately $8.8 million at our weighted-average fee rate for the business of 55 basis points for the quarter ended September 30, 2021.
+Added: dollar would decrease or increase the fair value of our AUM by approximately $1.8 billion, which would cause an annualized increase or decrease in revenues of approximately $9.5 million at our weighted-average fee rate for the business of 53 basis points for the quarter ended March 31, 2022.
We operate in several foreign countries and incur operating expenses associated with these operations.
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Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
−Removed: On March 27, 2020, the Company executed the Swap, a floating-to-fixed interest rate swap transaction, to effectively fix the interest rate at 3.465% on $450 million of its outstanding Term Loan through the Term Loan maturity date of July 2026.
−Removed: On February 18, 2021, pursuant to the Second Amendment, the Company lowered the spread on the Term Loan by 0.25% resulting in a new fixed rate of 3.215% on the $450 million of Term Loan subject to the Swap.
+Added: On March 27, 2020, the Company executed the Swap, a floating-to-fixed interest rate swap transaction, to effectively fix the interest rate at 3.465% on $450 million of its outstanding Original Term Loan through the Original Term Loan maturity date of July 2026.
+Added: On February 18, 2021, pursuant to the Second Amendment, the Company lowered the spread on the Original Term Loan by 0.25% resulting in a new fixed rate of 3.215% on the $450 million of Original Term Loan subject to the Swap.
Refer to Note 14, Derivatives, for further information on the Swap.
−Removed: At September 30, 2021, we were exposed to interest rate risk as a result of the unhedged amounts
−Removed: outstanding under the 2019 Credit Agreement.
+Added: At March 31, 2022, we were exposed to interest rate risk as a result of the unhedged amounts outstanding under the 2019 Credit Agreement, as amended.
Refer to Note 9, Debt, for a description of the amounts outstanding as of such date and the applicable interest rate .
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.