39th FP (Dec. '23)	40th FP (Jun. '24)
Borrowings and bonds	130,100	127,700
Leasehold and security deposits	27,932	27,217
Interest-bearing debt	158,032	154,917
LTV(Note 1)	45.1%	44.6%
Appraisal-based LTV(Note 2)	36.3%	34.2%
Unrealized gain or loss	78,604	99,309
Average interest rate on borrowings	0.49%	0.52%
Average maturity of borrowings	4.61 years	4.45 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