−Removed: In addition to the below risk factor and other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our annual report on Form 10-K for the year ended December 31, 2020, which could materially affect our business, financial condition and/or operating results.
+Added: In addition to the below risk factor and other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
19 unchanged sentences
This could have a material adverse effect on our operations, and we may not be able to make distributions to our stockholders.
−Removed: As of September 30, 2021, our total outstanding indebtedness was $384.6 million and our asset coverage was 184.2%.
+Added: As of March 31, 2022, our total outstanding indebtedness was $473.8 million and our asset coverage was 173.4%.
The amount of leverage that we employ will depend on WhiteHorse Advisers’ and our board of directors’ assessment of market and other factors at the time of any proposed borrowing.
14 unchanged sentences
Any decrease in the Company’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Company had not borrowed or had borrowed less.
−Removed: The following table illustrates the effect of leverage on returns from an investment in our common stock as of September 30, 2021, assuming that we employ leverage such that our asset coverage equals (1) our actual asset coverage as of September 30, 2021 and (2) 150%, each at various annual returns, net of expenses and as of September 30, 2021.
+Added: The following table illustrates the effect of leverage on returns from an investment in our common stock as of March 31, 2022, assuming that we employ leverage such that our asset coverage equals (1) our actual asset coverage as of March 31, 2022 and (2) 150%, each at various annual returns, net of expenses and as of March 31, 2022.
The purpose of this table is to assist investors in understanding the effects of leverage.
3 unchanged sentences
Corresponding return to common stockholder assuming 150% asset coverage (2)
−Removed: (1) Assumes $729.6 million in total assets, $384.6 million in debt outstanding and $323.7 million in net assets as of September 30, 2021, and an average cost of funds of 3.6%, which is our weighted average borrowing cost as of September 30, 2021.
−Removed: (2) Assumes $992.4 million in total assets, $647.4 million in debt outstanding and $323.7 million in net assets as of September 30, 2021, and an average cost of funds of 3.1%, which would be our weighted average borrowing cost assuming 150% asset coverage as of September 30, 2021.
−Removed: Based on our outstanding indebtedness of $384.6 million as of September 30, 2021 and an average cost of funds of 2.47%, 6.00%, 6.50%, 5.375%, 5.375% and 5.625%, which were the effective annualized interest rates of the Credit Facility, 2023 Private Notes, 2025 Public Notes, 2025 Private Notes, 2026 Private Notes and 2027 Private Notes, respectively, as of that date, our investment portfolio must experience an annual return of at least 2.0% to cover annual interest payments on our outstanding indebtedness.
−Removed: Based on our outstanding indebtedness of $647.4 million on an assumed 150% asset coverage ratio and an average cost of funds of 2.47%, 6.00%, 6.50%, 5.375%, 5.375% and 5.625%, which were the effective annualized interest rates of the Credit Facility, 2023 Private Notes, 2025 Public Notes, 2025 Private Notes, 2026 Private Notes and 2027 Private Notes, respectively, as of that date, our investment portfolio must experience an annual return of at least 2.1% to cover annual interest payments on our outstanding indebtedness.
+Added: (1) Assumes $838.8 million in total assets, $473.8 million in debt outstanding and $347.9 million in net assets as of March 31, 2022, and an average cost of funds of 3.7%, which is our weighted average borrowing cost as of March 31, 2022.
+Added: (2) Assumes $1,060.8 million in total assets, $695.8 million in debt outstanding and $347.9 million in net assets as of March 31, 2022, and an average cost of funds of 3.5%, which would be our weighted average borrowing cost assuming 150% asset coverage as of March 31, 2022.
+Added: Based on our outstanding indebtedness of $473.8 million as of March 31, 2022 and an average cost of funds of 2.980%, 6.000%, 5.375%, 5.375%, 4.000%, 5.625% and 4.250%, which were the effective annualized interest rates of the Credit Facility, 6.000% 2023 Notes, 5.375% 2025 Notes, 5.375% 2026 Notes, 4.000% 2026 Notes, 5.625% 2027 Notes and 4.250% 2028 Notes, respectively, as of that date, our investment portfolio must experience an annual return of at least 2.2% to cover annual interest payments on our outstanding indebtedness.
+Added: Based on our outstanding indebtedness of $695.8 million on an assumed 150% asset coverage ratio and an average cost of funds of 2.980%, 6.000%, 5.375%, 5.375%, 4.000%, 5.625% and 4.250%, which were the effective annualized interest rates of the Credit Facility, 6.000% 2023 Notes, 5.375% 2025 Notes, 5.375% 2026 Notes, 4.000% 2026 Notes, 5.625% 2027 Notes and 4.250% 2028 Notes, respectively, as of that date, our investment portfolio must experience an annual return of at least 2.4% to cover annual interest payments on our outstanding indebtedness.
Unregistered Sales of Equity Securities and Use of Proceeds
3 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.