REFI 最新10-Q变化
将 REFI 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-Q · 2026-08-11 与上一份 10-Q · 2026-05-07
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 管理层讨论与分析 | 文字有新增/删除 | +55 | −35 | ~29 | 74 |
| 市场风险(第3项) | 文字有新增/删除 | +4 | −6 | ~10 | 20 |
| 控制与程序 | 文字有新增/删除 | 0 | 0 | ~2 | 1 |
| 法律诉讼 | 无段落级文字变化 | 0 | 0 | 0 | 1 |
| 风险因素 | 公司称无重大变化(指向 10-K) | — | — | — | — |
| 其他信息 | 文字有新增/删除 | 0 | 0 | ~1 | 0 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
管理层讨论与分析
相对上期新增的文字 · 来源:10-Q · 2026-08-11
the timing, completion and expected benefits of our proposed merger with Chicago Atlantic BDC, Inc. (“LIEN”), and the risk that the anticipated benefits may not be realized;
our ability to obtain the required stockholder approvals of the Company and LIEN and the approvals required under Rule 17a-8 of the 1940 Act;
the risk that required regulatory approvals or non-objections relating to our proposed merger with LIEN, may not be obtained, including SEC acceptance of the Company's election to be regulated as a business development company;
movement in the Exchange Ratio between signing of the merger agreement for our proposed merger with LIEN and closing of the transaction due to changes in the net asset values of the Company and LIEN;
the incurrence of significant transaction and integration costs and the risk of litigation relating to the merger;
相对上期删除的文字 · 来源:10-Q · 2026-05-07
To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of ou…
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740 - Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be ta…
As of March 31, 2026 our loan portfolio included 29 loans held for investment, with $413.6 million in principal outstanding, and approximately $4.5 million in unfunded commitments under delayed draw term loan facilities. Our loans are generally classified as held for investment and carried at amorti…
Weighted average remaining life is calculated based on the carrying value of the loans as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026 and December 31, 2025, our loan portfolio had a weighted-average yield-to-maturity internal rate of return (“YTM IRR”) of 15.8% and 16.3%, respectively, and was substantially secured by real estate and, with respect to certain of our loans, substantially all assets of the borrow…
市场风险(第3项)
相对上期新增的文字 · 来源:10-Q · 2026-08-11
and supportable forecasts of future economic conditions. Changes in these assumptions, including adverse changes in real estate values, interest rates, occupancy levels, or macroeconomic conditions, could result in material increases in the Company’s allowance for credit losses.
As of June 30, 2026, we had 15 floating-rate loans, representing approximately 58.8% of our loan portfolio based on aggregate outstanding principal balances. The remaining 41.2% is represented by fixed rate loans. As of June 30, 2025, 59.3% and 40.7% of outstanding principal was represented by float…
In addition, our Revolving Loan is exposed to similar interest rate risk. Our Revolving Loan bears interest at the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. As of June 30, 2026, we had an outstanding balance of $91.1 million under the Revolving Loan, and an additional $…
Based on our Consolidated Statement of Operations for the period ended June 30, 2026, the following table shows the estimated annualized impact on net income resulting from hypothetical benchmark rate changes on our floating-rate portfolio (considering interest rate floors, as applicable). Managemen…
相对上期删除的文字 · 来源:10-Q · 2026-05-07
Further, an increase in short-term interest rates could also have a negative impact on the market value of our target investments. If any of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and resu…
As of March 31, 2026, we had 15 floating-rate loans, representing approximately 64.8% of our loan portfolio based on aggregate outstanding principal balances. The remaining 35.2% is represented by fixed rate loans. As of March 31, 2025, 59.3% and 40.7% of outstanding principal was represented by flo…
In addition, our Revolving Loan is exposed to similar interest rate risk. Our Revolving Loan bears interest at the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. As of March 31, 2026, we had an outstanding balance of $67.1 million under the Revolving Loan, and an additional …
Based on our Consolidated Statement of Operations for the year ended March 31, 2025, the following table shows the estimated annualized impact on net income resulting from hypothetical benchmark rate changes on our floating-rate portfolio (considering interest rate floors, as applicable).
fixed-rate interest earnings and may not be matched by a corresponding increase in floating-rate interest earnings. Any such interest rate mismatch could adversely affect our profitability, which may negatively impact distributions to our stockholders.
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议