34th FP (Jun.'21)	35th FP (Dec.'21)
Borrowings and bonds	115,400	123,400
Leasehold and security deposits	29,767	29,456
Interest-bearing debt	145,167	152,856
LTV(Note 1)	46.4%	45.3%
Appraisal-based LTV(Note 2)	37.4%	36.7%
Long-Term debt ratio	92.4%	92.5%
Unrealized gain or loss	73,776	76,077
Average interest rate on borrowings	0.42%	0.42%
Average maturity of borrowings	4.81 years	4.92 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)