33rd FP (Dec.'20)	34th FP (Jun.'21)
Borrowings and bonds	116,900	115,400
Leasehold and security deposits	30,232	29,767
Interest-bearing debt	147,132	145,167
LTV(Note 1)	46.7%	46.4%
Appraisal-based LTV(Note 2)	37.8%	37.4%
Long-Term debt ratio	92.9%	92.4%
Unrealized gain or loss	71,941	73,776
Average interest rate on borrowings	0.42%	0.42%
Average maturity of borrowings	5.00 years	4.81 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)