8 unchanged sentences
As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
−Removed: Assuming that the consolidated statement of assets and liabilities as of March 31, 2022 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands).
+Added: Assuming that the consolidated statement of assets and liabilities as of June 30, 2022 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands).
Increase (Decrease)
3 unchanged sentences
in Interest Expense
−Removed: As of March 31, 2022, nearly all of the performing floating rate investments in our portfolio had interest rate floors.
+Added: As of June 30, 2022, nearly all of the performing floating rate investments in our portfolio had interest rate floors.
Variable-rate investments subject to a floor generally reset periodically to the applicable floor and, in the case of investments in our portfolio, quarterly to a floor based on LIBOR or SOFR, only if the floor exceeds the index.
9 unchanged sentences
We currently utilize forward foreign currency exchange contracts to protect ourselves against fluctuations in exchange rates.
−Removed: During the three months ended March 31, 2022 and 2021, we recognized unrealized losses of $4,000, and $1,000 respectively, in the statement of operations relating to forward currency exchange contracts held during the year.
+Added: During the three and six months ended June 30, 2022, we recognized unrealized gains of $4,000 and zero respectively, in the consolidated statements of operations relating to forward currency exchange contracts.
+Added: During the three and six months ended June 30, 2021, we recognized an unrealized gain of $1,000 and zero, respectively, in the consolidated statements of operations relating to forward currency exchange contracts.
+Added: During both the three and six months ended June 30, 2022 we recognized realized losses of $8,000 in the consolidated statements of operations relating to forward currency exchange contracts.
+Added: During both the three and six months ended June 30, 2021 we recognized realized losses of $4,000 in the consolidated statements of operations relating to forward currency exchange contracts.
See Note 3 to our consolidated financial statements.
−Removed: In addition, the COVID-19 pandemic has resulted in a decrease in LIBOR and a general reduction of certain interest rates by the U.S.
−Removed: Federal Reserve and other central banks.
−Removed: A continued decline in interest rates, including LIBOR has resulted in, and could continue to result in a reduction of our gross investment income.
−Removed: In addition, our net investment income could also decline if such decreases in LIBOR are not offset by, among other things, a corresponding increase in the spread over LIBOR in our portfolio investments, a decrease in our operating expenses or a decrease in the interest rates of our liabilities that are tied to LIBOR.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations—COVID-19 Developments.”
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.