Thanks, Matt, everyone. morning, and good
and like businesses markets our quarter Individuals, and the number everyone share experienced message. managing Matt’s this on of a challenging is unprecedented amplify the XXXX. Before listening market in overall hope I’d view opening through first We of I environment, to period. healthy well events
business the the forecasts sold of as off Investor quarter idle went lockdowns. amid risk unemployment and a assets Amid weaker. March. in conditions closures, and soured severity spiking equity than due with speed economy fixed markets national GDP both and income government pandemic grew to imposed in More contraction, macroeconomic for sentiment
dramatically, followed high-yield The sold off leveraged bond measured liquid as loan and by down the markets as the for widely quarter, credit markets XX% their were most over indices.
NAV. pressure Matt As put portfolio weighed on on noted, this and our downward
debt However, and extensive fiscal their credit experienced lowest policy and sectors action recovery our stimulus as equities well. some we have monetary lifted of points, some in investments prices from have and
market that the balance unknown. structured the activity liquid are credit certain of volatility of its has the a to in in to or in bolster available activity are not especially That be of and believe The sustained the in will had most of also borrowers. halt. said, where involving the opportunity financing space, sheets. the the businesses to pandemic This the remains And run that timing come private is a be lending. has deal market not their market credit avenues to seeking segment M&A may capital apparent investment – most has highly We M&A in need liquidity, traditional course, seeing non-sponsored impacted come a flow. decline we’re and recovery halt. direct
where in participated attractive already found financings, have a have risk few returns. We we adjusted
portfolio we good the and portfolio, generally, about turning our Now quality our of the feel the borrowers. health of overall to
portfolio monitoring defensively years, past our through less we cycle. positioned growing larger said the cyclical, we down That that X-plus immune market by the in and portfolio that defensive all are resilient believe businesses structurally closely Over the will to operate a is portfolio. pressures, positions the have we lending or in industries the be not
analysts industry and speaking management teams, are top each of Our with on staying equity advisors. private sponsors, experts credit,
large diversified bulk have to exposure coverage current in energy companies. industries. X.X% quarter midstream which X to generally of significant Energy the to commodity and low portfolio levels and in we asset largely of sectors, due are at limited significant downside refinery fair of our operating structural have the we holdings believe challenge protection, strong end limited risk. businesses value avoided in Fortunately, portfolio The at was
of few an finding interesting I that is which this we market fact, and opportunities the reward moments. In profiles, will area a in attractive risk some are discuss
and portfolio XX. I at non-core want for you March value to on leisure update accounted positions restaurants, at collectively also our the fair Hotels, total of approximately X.X% portfolio. entertainment
we We proceeds. as the in million which continued the quarter, second for $XXX our to make driven million, non-core the progress $XX was sale quarter of in accounted positions reduction the Yeti, monetize reducing stock in exposure quarter, million $XX to or of investments value. by portfolio non-core investments The non-core in represented common at fair of the XX% of and
exit also Lytx. $X in from received We our of million proceeds
in Dominion position In addition, we Diagnostics. restructured our
Medicare following is As specialty nonaccrual term you placing recall, previous loan in the reimbursement changes resulting subordinated Dominion that headwinds in XXXX, a manager March in laboratory rate toxicology XXXX. the faced on may
closed that We this the restructuring maximize on converted and During and existing recovery of the restructuring a equity. quarter, our a debt us position to to in debt puts subordinated the investments believe secured mix best in long-term. we senior
to now Turning investment activity.
investing overall believe the investment March and recent was have infrastructure commitments this most via the of market our desk we new healthcare, pharma, environment. history. that have see $XXX with in we continue in took have earlier, suggested As and markets been been operate in The Since trading seen noted, is markets strong interesting industries, in this defensive telecom. I businesses we that in one quarter for we such in volatility in and March, new that the to of investing the opportunities hold Matt million public active as
we exposure energy steady originations virus while in and The other are pace overall impacted remained of maintaining April, sectors. modest to
with reward opportunities some identified have unique risk We industries profiles. attractive very these in
our term bill. and and Our million a fund, fits $XXX Oaktree Energy loan. strategies, in flagship recent NuStar participated We unsecured alongside this opportunities several other investment
specialty significant the attractively capital The coupon one strong X provide short in largest our refined duration and can us oil, covenants, The with stores, for debt priced event transports of deal of the a a primarily protection, a XX% U.S. creating is position Oaktree and opportunity including solution. crude pipeline liquid, needed for and provides operators a to products years structure its maturities, structure that to manage asset an capital and in is priority sales. with of NuStar the company downside liquids. the storage near-term and the independent
as bolster to cushion a very result call of XX.X% a with Oaktree XXX for $XXX million owners a billion was to $X with that booking, connects has In a first years a million allocated OCSL protection. good plus in to coupon liquidity transaction X of of club decided structure, the investment Airbnb. COVID. platform another company The lien including The provide transaction a at $XX property deal, travelers LIBOR priced
to prior the under While best-in-class foundation provided company’s this near-term of platform resumes. a the is popularity solid pandemic travel business profile when believe we strong and recovery course pressure, for growth
The lastly, owns equity $XX of portfolio term-loan to prominent were a [Owen] allocated and in fund a life several drugs million investment a we of that has This therapeutic And $XX XX% with a covenants. million private structured with Oaktree investments. [ph] loan the investment, along is of loan the is all our just upfront sciences of tight assets very XX% loan by fund. to with well value secured
the should both coming investments. in opportunities we will and believe to In positioned recovery uncertain, to footing the linked of to nature that believe well the Businesses, at weeks We months provide duration few credit financing. private by public than been investment replaceable we focused they Those turn manage have on have looking in substantial assets, be sciences environment. with we pandemic, life But on through to values shutdown, particular, markets, of and unaffected a this the the the should companies and avoid the that prior succeed themes given whose particularly are were desire shutdowns. widespread the in pandemic. equity solid their are OCSL a
an take defensively in for resources want opportunities new to that such we advantage and this, of believe as environment market. attractive Oaktree we with scale our us again ample had the well of emphasize I that along positioned to and this liquidity positioned OCSL
in results turn will Mel to financial discuss I call Now, detail. to more over the our
