Thanks Howard.
current today I well. the First, environment, My everyone is Howard's healthy and investment focus our and hope will and future doing I want remarks of for four review to a echo our topics; market activity. our on comments portfolio, outlook activity,
Uncertainty The loan through industries. the they the Starting crisis of segment. broadly financial across to over of massive that enact sent swath with pandemic to ample ride market disruption resources has an activity broad unprecedented a ensure that storm. measures led triggered many shockwaves the the the companies syndicated has duration the in out volatility environment, leveraged will to by have led COVID-XX business
Activity on other price facilities surrounding shutdown. companies drawing economic end, on struggle middle due financing enhance market and the risk to to capacity as continue slow credit of resulting securing the pandemic sponsors available low and how been duration that liquidity. the to To to the to remains their have evaluate lenders in visibility or
for lending across companies first totaled corporate were new $XXX quarter backdrop, this of XXX% the debt Against commitments lien loans. commitments rate the new XX million floating
dislocation. commitments prior market new these were made of to the All
$XX million, Net of fundings were $X for net funding. million revolver including the quarter
during mentioned, increase an revolver see As did that in but request period, is we the draw Howard off. leveled since
to oil gas I our were a and net minutes few the review during aviation investments which wanted significant the period. loss to take and contributors to
a the Our of end X% net $X decline The recorded portfolio a due of $XX the decline due $XXX at during million at and oil the quarter, in December and the million primarily oil from fair end gas exposure price loss to million $XX the million or of value at repayment. X.X% of March. to or to decreased was the
to combination shock is and supplies oversupply production The due the from significant were oil to demand market experiencing a slow a adjust pandemic a excess of producers
through Our largest exploration operating March, had oil middle of our production end portfolio, at and production oil gas Spotted year. $XX.X representing the the the exposure, of X.X% significantly this XX% Spotted and Hawk million with exposure. a is total of or fair in gas of hedged value and Basin which total Hawk an of the company Bakken
The adjust and company curtailed items has lower environment. temporarily maintenance expenses necessary commodity to to and price reduced expenditures production the capital
in the Hawk positions Spotted quarter. was placed non-accrual our of on One status during
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and our debt its the quarter, status. first to placed second lien the debt During non-accrual on AINV $X position lien remaining company repaid million we
about of let the $XXX.X our represented end million of total exposure make aviation, and of the had March. Before me discussing value comment X% which fair briefly portfolio total shipping at
that significant oil oversupply experiencing into the market mentioned, storage, is storage. I is of which is up driving various for put As being types The prices oversupply.
up As a increase increase consequently, And is our tankers seen tankers have simply rates result, rates. modest to there's which oil a demand driving tanker charter product for we significant for store in in
be aviation, the economy. infrastructure implications to had as are of adverse with considered the critical direct has the for global to Moving impact aviation coronavirus a global of part aware, the economy significant Aviation sector. on is the you
dialogue to with and globally. airline maintain Our situation aircraft its clients leasing closely the continues company, proactively portfolio monitor Aviation Merx
North PK various which has aviation Asia AirFinance, Across aviation, platform's located XX throughout aviation and solely support -- Global, the Apollo to providing which dedicated was strategies. to the and professional recently in-house by was recently Merx acquired Europe, Apollo's expert America, platform acquired
to aviation The skillfully stress requisite period the this capabilities market mitigate the potential navigate and team outcomes. to of has experience adverse
opportunistically will the and uncertainty, in to Apollo platform face market the deploy seek aviation disruption. In widespread, the capital of addition,
is and seeking portfolio Be existing new investment not opportunities. focused clear Merx is on its
the in growth will as aviation However, platform Fund. the for exclusive [ph] benefit owned by to Merx other aircraft of the emerge overall Apollo servicer Apollo
finances specific Increased insolvency. pressure to airline rent airline from requests has ranging outcomes deferral in on resulted
As or into rates certain airlines dissolve an return, will and residual gradually lease values the make market. their way aircraft updated
given possible continue where assistance witness of regional to providing avoid situation. to We governments insolvencies nature this the
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lessors with March, XX We XX narrowbody. consisted lead terms XX aircraft the in major of its lessees believe other XX aircraft of countries. At maturity, XX the that end and age, asset, lessee aircraft, Merx of --and are geography, portfolio types, compares diversification. favorably portfolio of in
for To-date of received Merx aircraft. deferral most Like of lessees. its deferral its Merx from XX lessees rent lessors, XX for XX has most requests XX requests rent has out received from its of
We are on request case-by-case basis. a evaluating each
flexibility First these necessary the to in is its times. all customers with cases, during unprecedented working aircraft provide Merx
the demand more aircraft reflects widely skewed is portfolio Merx's which Second, Merx from types our Merx's should underlying investment resilient. be most used means towards fleet collateral. aircraft the in of somewhat
years, of over few generates lastly, as leasing. has beyond other revenue its income aircraft diversified Merx capital. from prior best-in-class platform, Merx managed mentioned has calls servicing on Apollo-affiliated we've And on a the behalf which built aircraft last
address shutdown. financial sponsors overall ongoing coronavirus-related with as portfolio our how companies we mentioned, impact to and portfolio, to the from the regarding back their our having are Howard Shifting discussions
performing some to our they about generally make good in were level high meaning decision. like corporate period onset well, portfolio of the relatively I'd pandemic, this portfolio. Prior to observations entered our the lending companies
impact expect a financial some months. to companies, better Although of our much we data coming the received we have idea get in the from
economic the most portfolio believe corporate of shutdown. been during We lending has the resilient relatively
travel, Our invested and industries, such less and restaurants, corporate healthcare pharmaceuticals, in as services, business generally dental, retail. hospitality, the more impacted as lending portfolio and and under high is such weighed industries, is to tech industries cyclical
across positions Glacier quarter Hawk, Solarplicity, new investment a six in investments in second and first position in Garden Oil first as companies Spotted status rows our in Gas, Fresh. status small tranche, a & ZPower, five non-accrual the were lien non-accrual our investment lien during on first in Investments lien lien our placed first lien on including and
up end In represented X.X% status at million status. positions and on At the in or of X% from the of total, at X.X% of fair million cost from $XXX March, X.X% December eight $XX or of March, the at end non-accrual XX end on companies the were non-accrual March, value different the at end December. of at of up the at investments end portfolio
quarterly quarter $X.XX For non-accrual reference, the on basis. share contribute the during status new investments March on placed approximately a per
things and amendments pick, payments. our to our We tighten needed converting in the our in like see waiving expect we provide to equity operate documentation, in increase portfolio capital. this to flexibility secure economic the amendments restructurings downturn reprice such and ahead, can companies loan in the covenant, covenants, use Looking amortization and of and may additional interest these cash believe risk, will number delay with to significant include We portfolio. amendments add
now who Greg, call that, discuss the will to With quarter. over will the financial performance turn I the for
