morning for I this first many and is Good a you thank you, our call. time for know quarter people. difficult earnings Thank joining Larry.
your hope you, and friends healthy staying foremost, and first and So safe. are families, your all I
saying and our unprecedented by disruption. investment this fully and are operational companies to business our portfolio social of business engaged I would economic with and teams begin during that like time
technology with contact seamless have assess our regular their continuity and operations. impact been on and have our and a frequent finances teams remotely the BlackRock's to plans portfolio We in manner. in platform of business companies work strength to allowed The
provide then and strategy. over key Pungello, to to of it opening update to of call will our providing overview results remarks I will before first discuss and the the turn our Interim in Mike progress financial I an some more detail the questions. closing CFO, quarter
XXXX. We XXX%, are XXX% asset company's that report pleased to with from provides additional This operating significant flexibility. minimum X, effective company approved the ratio which a to in requirement stockholders the became May reduction on coverage
range note increasing leverage of any COVID-related desired our X.XXx, our we long-term uncertain our Although development remain a is that environment. this in natural And shareholder seek approval about to strategy. X.XXx was decision to evolution proceeded and leverage cautious
stream strategy portfolio focused of our our are with non-core companies stable Consistent a to equity second to income reshaping the on XX reducing income-producing with beginning companies, increasing XXXX, provide our of portfolio position number total new secured have limited or volatility, redeploying the capital priorities and the portfolio and loans XX. Since investments. first made to into senior we of lien of current
compared We XX% period, of total non-core of the that and from market beginning secured value with investments XXXX. increased lien fair by the at from to market XX% declined to Over XX% exposure XX% to investments XX% first XX%. increased this have fair accomplished value as
with lending Tennenbaum strategy, now middle Partners, working market XX Following the risk our direct the and has professionals Capital of other professionals over sourcing BlackRock. management, to dedicated within integration investment U.S. adviser
capabilities. bring slowdown, will more income-oriented of the result despite unfold. with remain returns. remains through believe We the in We of the sector equity company continue the a strategy shareholder driving and this sourcing The earnings stable invest advisors while improved turning power enhanced on economic that that pandemic-related value creating pension book in additional to strategy underwriting to our shareholder confident and line return
to the other was deployed share, which per investment portfolio repayments NII investment first offset previous unchanged $XX no from the quarter. resulting the quarter We for income $X.XX due in million from $XX of quarter, nearly Turning the results. quarter by million in Net during to was the exits, activity. and change
total quarter, included the a which new portfolio, second one first and we five four the lien added to names During of lien.
Partners, from capital of joint return million $XX.X received Loan venture. our BCIC also We Senior
Our to joint repayments release. secured venture our The in and senior, investment redeploy press are all into deployments detailed time is in reduce the goal investments. capital earnings the the equity and
last The market in weighted fair decline as down was basis XX.X% March average yield quarter, at LIBOR since XX primarily points by of value rate. income-producing driven of XX, securities
Quarter methods. per comparable of from credit the $X.XX to and end value X.Xx for widening spreads prior economic asset March Net per as leverage declining the share share X.XXx, quarter. up $X.XX pandemic-related from XX, driven decreased by stress, last quarter was of
X% of U.S. Sur at preferred second, second book, AGY portfolio is on and The equity; XX% holdings; fair investments of lien by fair lien, equities debt under preferred stock, end, fair income-producing Red Apple and three and second Advantage at including lien, primarily at of, first X% Well performing value securities non-earning being value quarter by XX% with market Table by by first MBS lien. legacy Advanced the value Lighting at value, Insurance Stores non-core fair and stock first and the largest which third, first, La represents comprised lien non-accrual AGY consisting
investments, fair value, April as paid Except the La their on interest and Sur was closures QX the new preferred for portfolio quarter all stock first as during retailer the XX. non-accrual total time in significantly. X.X% at subsequently Table debt only impacted of non-accrual totaled companies have and which mall nationwide of
company's made was As value investments BlackRock. of of of XX% investment portfolio fair the by March comprised XX, by market
stock. dividends uncertainty, step of reducing Given of pandemic-driven a a and the took paying and dividend portion we conservative our
the are adequate Our unfunded and available to remains liquidity small relative commitments liquidity.
driven dividend not or from our was a lenders. requirement request Our portion by to election our any pay and stock of
We and operating providing the future. build cash dividend broader to in in to flexibility due cushion the the assets of in market stock, and have sufficient liquidity insurance event additional the portion and in weakness a net of marks dividend pay cash on pressures the additional
prices first pandemic impacted coming in expect be quarter, full market performance felt the in the we company's the Although, on impact to financial quarters.
the financial all However, pandemic-related the an ease as level. eventually and transition dividend uncertainties to will be dividend goal stabilize, to markets grow cash and our
are framework coverage into reset and levels borrowing financial incorporate we our lenders adopted newly working bank our Secondly, asset ratio base our with to XXX% covenant the calculation.
management were in the base earnings rates as lowered Additionally, on May fee incentive X, disclosed release. our and
call the Mike turn like in of such the certain the sectors adversely as diversity I has exposure to portfolio increase U.S. Pungello, and retail, leisure many energy, limited Before remain impacted uncertain, restaurant, impact while to to the over businesses with or new continued company on to hotel. its I'd emphasize no that shutdowns
historically operated have We the levels the to company leverage modest relative sector. at
work management remains positioned Our We crisis. risk our to company the strong weather are defensively believe [indiscernible]. protocols and economic this
Over to you, Mike.
