40th FP (Jun. '24)	41st FP (Dec. '24)
Borrowings and bonds	127,700	127,700
Leasehold and security deposits	27,217	26,765
Interest-bearing debt	154,917	154,465
LTV(Note 1)	44.6%	44.6%
Appraisal-based LTV(Note 2)	34.2%	33.9%
Unrealized gain or loss	99,309	102,298
Average interest rate on borrowings	0.52%	0.56%
Average maturity of borrowings	4.45 years	4.48 years

• Loan-to-value ratio = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits *) /
  (Balance of total assets - Unrestricted cash and deposits)
  * Unrestricted cash and deposits = Cash and cash equivalents at the end of the period - distributions for the period
• Appraisal-based LTV = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits) /
  (Balance of total assets + Unrealized gain - Unrestricted cash and deposits)
• Appraisal-based LTV = (Borrowings and bonds + Leasehold and security deposits – Unrestricted cash and deposits) / (Balance of total assets + Unrealized gain Unrestricted cash and deposits)
• Unrestricted cash and deposits = Cash and cash equivalents at the end of the period – distributions for the period