describe a portfolio the and comment of see light couple the take minutes state on of as of in market I'll then strategy Henri. current performance we current COVID-XX. to investment it, you, our the impact Thank of continued and
originations of While months of XXXX of market of years, the market were considerably. that a pandemic to had we waited new over the environment while M&A couple the When halt. altered the very to first similar the platform come the couple last impact persisted our has had of Most dynamics has suspended, understand market been in the impact nearly and last pandemic. sellers better to spoke, buyers processes
is and more often new with being in new beginning market deals marginally are generally initiatives getting on The lower thresholds processes that naturally the M&A at done portfolio new current or are in is hold, inquiries. seeking The some are most liquidity. either While we platforms now companies growth higher to still loan and spreads. less deployed see that capital that leverage are existing pursuing frequently this are with market
underwriting In the uncertainty. much addition, reflecting higher than bar economic usual is the current
time and those of deploying achieved believe portfolio capital that strength adjusted durability excellent invest an the seeking such that risk companies said, in can support this in environment. midst businesses think compelling actively demonstrated highly are We of by select difficult Now returns that have be we in and it’s to all opportunities. we new
out We for onset investments market the including of new institutions lenders the market lenders, This pandemic, of from seem is deployment. week. for to the have shifted deployment some to invested But although more since the be but this for just be to platform appear practically generally competition business, capital dynamics open still in there favorably altogether. new a competitive three one capital has standpoint,
continue We portfolio be our companies. very actively with to engaged
to of generally steps able Many are our PPP term We are the avail companies businesses. relief. and on their COVID-XX help protection loan right effect of the have them or found long that program near the mitigate portfolio of both themselves to taking also paycheck
of Mac, our remain Taco our All their and experienced loans challenges Investments except impact The our of terms, are on in My paying Roscoe on COVID-XX uncertain. remains portfolio payment some portfolio to Alarm time and non-accrual. Roscoe. for now according have for
of virtually persists. portfolio the business While ultimate the the impact on every company virus some possible term impacts level long coronavirus near has as impact remains had the uncertainties with any the of unknown in the term, economic individual and
reflect strong we our situations. our first lean in enterprise help well portfolio. reflects expect of in primarily the of performance environment, is durability our the COVID-XX impact supported in have QX values that performance to navigate historically following debt reduction XXXX. through economic this value overall portfolio believe to in and we related valuations certain the the EBITDA attributes that XX% this remain of changes events a of industries strong stressed us total resulted and the by of portfolio revised X.X% multiples confident as March and/or generally Our company portfolio, in We thus since in market performed portfolio we that spreads, far will
no We exposure. have direct energy
high our demonstrated portfolio historically that strong majority revenue a of and In is of of businesses degree recurring addition, comprised have retention. revenue the produce
future on but performance potentially of conditions multiples, are still in and negative adverse realized market underlying potential operating recognized in the on depreciation future. specific impacts effects the could not our related and uncertainties portfolio of in company limited including the However, and overall to to and market there credit market therefore plenty being COVID-XX in unrealized spreads lead declines increases economy,
to and currently with to that continue help sticking global believe structure anticipate economy We displacement can will by the how we especially coronavirus. face. navigate and the in has capital business clarity presented in long challenges us the last, term will to and no the will our the service market well-constructed believe continue best, strategy our While liquidity we market us
endeavor the Our approach portfolio on to and on always slide $XX.X the has peer in you its and our to at resulted Saratoga. quality model. our of thoroughly assess working understand and XXXX. of the business with space, strength We BDC remains and ownership to been into at its XX, objective the the characteristics. net as over a can deeply underwriting, best for of management taking in approach capital strengths and of sought directly the culture underwriting invested returns top have in as We risk see underlying strong our order to this has long focus investment of approach possible accurately since term performance with businesses gains shareholders paramount as company We A each the always the management durable over producing portfolio accretive realized long adjusted with million term. the being of business
and positioned us opportunities at underwriting of performance also quality quarter of believe our portfolio rating has highest economic Our believe our XX% as underwriting well COVID-XX strong current the exist We credit approach, the and of successful our our of results these the overall for downturn. internal rating that approach our credit end. team We impact and quality this and contributed to our markets. reflecting shows typically reflect returns in of current portfolio portfolio has strength
XX% multiples Xx with last portfolio X.XXx last industry from our decreased looking increasing leverage in Total deals calendar year. on of above XX, can leverage XX% for of multiples Now versus slightly see you at quarter. slide somewhat that debt was QX
strong the leverage, businesses last of the credits and frequently investing confident our the investment. remains considering will highlight dollar business of models, are sustainably than rather where in exceed As focus on we just enterprise exceptionally we that profiles with attractive value our return risk
over In slide the investments generate our consistent long new ability illustrates to difficult market dynamics. this despite term, addition,
added During the and well four last as more in a portfolio quarters investment far one investments, thus of factors platform made companies are new as July. we There two in we well XX follow-on despite this precipitous long in as deal that over that give current our can the to us as environment, continue decline measured grow term. number the steadily confidence AUM activity,
First, we recently continue into to the formed evidenced as grow market by reach investments place with have our relationships. several we made is newly
long and Second, term we of as numerous firms have developed established relationships with deep preferred the active that look to source us financing.
marginally Third, until aggressive COVID-XX environment fully competition significantly in has and of pace recover payoffs become diminish impact and the is markets we known. this last, less to expect more the financing of
teams experience become development new skill on our new and to significant impacted The to our sources continue new for business number Moving has slide business COVID-XX. been relationships deals. led has strategic to XX, focus mature opportunities on by greatly have and that relationships set, of
Notably, in the our deal see development our formed to the rebound inquiries more reflecting XX activity are solid on deal is but efforts. our expand pipeline sheets deal continue active a front companies a new the largely discipline of you of months, we opportunities evidences over past beginning new quarter is of how in portfolio are month. say continued progress issued maintain in as term portfolio we our that hard, relationships, and four funnel discipline. in is our we past origination do However, this and platform, ingrained some The from business Passing newly almost maintaining if count our our companies ‘no’ culture underscores been our the not has fit steady is while credit strength to profile. continue investment and will we which of of to
see overall portfolio our quality slide remains credit you As XX, on solid. can
On the total X.X% unrealized IRR of impact this COVID-XX on management, is investments on million Saratoga weighted quarter. took see SBIC our BDC since over right of and you reflecting the combined value the can reductions $XXX chart fair gross unlevered
a of As in and does their markdowns companies of Form change across term our are and Henri fundamental XX-Q, mentioned reflected not our long variety view these wide performance. earlier
the human other Education are Knowland depreciations in-person interaction. expected, which CX of Group our on more are our CLO, unrealized As than largest both two Investments, and dependent in
investment moving exceptional had Management by approach on can on you made realized And has yielded The realizations. fully is with to Investment team our slide Our an repayment in $XXX Saratoga is see gross XX.X% IRR as single XX, of year-end. invested IRR the unleveraged returns. first investments of QX approximately $XXX.X million realized SBIC-license of on XX.X%. funded The million
$X.X of our Our already been of There funded of license and $XX.X second is been SBIC have million of $XX debentures deployed. million Chris. on SBIC equity which back the world equity, the past has the million in Saratoga. with still million value concludes and This the our cash of primary debentures well significantly future to currently for against of diligence Credit and and market, procedures. looking way COVID-XX while the In constructed has focus, in confident over available and remain the the our impact plus we to like months, due against turn remain overall platform itself of over preserving has back portfolio at three and and portfolio and the I’d focused of and resilient to QX, quality asset remains the call team that equity. review demonstrate proven be strength team, our $XX underwriting my intensely changed
