you, Thank Rich.
was businesses. portfolio the in finance end, platform initiative flow XX% portfolio finance our total Capital's Solar's and cash exposure its of benefited of our of specialty invested development greatly strategies. origination specialty expand only Solar from to the in acquisition with quarter our XX% secured through remaining loans At has senior portfolio
XXX over billion XX diversified, industries. different encompassing At March XX, $X.X is our borrowers highly portfolio across
care health brokerage insurance which pharmaceuticals. are and Our and diversified predominantly largest industry providers exposures are services, financial services, platforms
portfolio. of million X% was This lien X.X% which At our to were XX% borrowing The of approximately at March comprised average and X.X% value fair assets was XX% lien the subject of $X loans, Of first portfolio second lien loans or basis. senior loans. were consisted XX, were issuer of assets. secured cash X.X% our per and loans second flow asset-based investment
carry XX.X%. XX%, We and believe that second weighted first capital our predominantly this greater than lien less will average loans portfolio lien which mezzanine level asset loans of result end, again At quarter crisis. yield was our risk preservation during in
average our we've efforts the able despite floor in Federal a the sharp floor these which drop Approximately in above fixed XX%, are our been our resulting X.X%. XX% of rate to Reserve's to of with loans, on portfolio, finance of weighted LIBOR asset verticals, focusing equipment vertical. our of a level based, the By commercial floating economy. are from portfolio have our financing LIBOR primarily rate XX% XX% maintain The yields LIBOR
funded company's to declined Today during million floors. basis month term during $XXX rate do Solar it's liabilities LIBOR in end, credit XX floor. have rate of million the which favorably with quarter $XXX well million At of quarter. rate point an drop XX XX% has credit as $XX approximately The floating compares our approximately were of facility interest points facilities no LIBOR this fixed our floating basis debt as net floating one quarter, by and LIBOR not rate margin
average weighted our our based rating on risk scale the to on with was rating least At the one portfolio risk four March representing times risk. investment X.X XX, of one amount
on-balance performing at portfolio end. further current the As of sheet indication resiliency the portfolio, of of quarter was our XXX%
Originations Including as $XX upsizing business million. a deals first totaled million the quarter were activity mix $XXX borrowers. new originations while well across our the repayments four were quarter to lines existing of for as for
of health service New investment deals, weighted Life business flow as well investments. activity the cash towards sectors combination was a as and care Science
and par to the were yields outsized with conditions that and opportunity to the realizations recycle now we and the this were participate or opted in, market capital in into structures. result quarter but due the during have above frothy that We to have to better higher Our repayments at of refinancings opportunity the continued January February. primarily investments not
details process. provide including of four each of I'll our Now, update verticals an valuation investment around our
Let me flow our cash segment. start with
portfolio prolonged as a result the the withstand been of well While believe the positioned endemic that disruption a has economy we COVID to unprecedented, is our recession. cash to flow
not cash Our manufacturing portfolio retail, travel, heavy leisure, exposure direct sectors. consumer such flow to discretionary cyclical industries commodities, does or energy, have as
teams regarding companies been business with We as management our prospects sponsors have result active dialogue and in our portfolio COVID. of a of
sponsor by preserve taken as companies to steps the by encouraged well our We're continued liquidity their strong portfolio as support.
strong investment leverage Our of as first predominantly tranche capital lien withstand our relatively junior and beneath us well portfolio, headwind. to first modest a approximately economic significant support sponsor as prolonged well times, lien with five positions
as our the place be sectors stay generally non-cyclical continue to portfolio in required providing essential services companies as We that in are restrictions view will eased.
test rigorous cash a stress portfolio part valuation flow conducted first our as Solar of our quarter COVID process. across
factors our issuer such the business profile, Our incorporated floors, spread position of in the sector-specific, the during quarter liquidity company's expected framework structure. sponsor other as life movements covenants average specific adjusting valuation support of weighted and existence existence our the LIBOR of investments of capital industry, the market and for
spreads spread widened LCD expect reflective quarter. out To single approximately the time. of movements for during context, The the provide market B first reverse in to further points that basis lien majority the our is first portfolio vast index decline XXX flow mark we cash of market over
has a million. which withstand or which to XX. companies portfolio total $XX finance larger Since quarter or weighted our April we better that XX loan These of commitment of borrowers million $XX XX% size long-standing across downturn. average basis XX, to with had EBITDA At XXX It's $XXX of are believe back end average invested our investment a March approximately our points recovery highlights tightened XX% flow positioned an portfolio. was as of cash approximately businesses, million
flow XX%. yield was average of our weighted The cash portfolio
to the segment total representing gross million contributed For $X.X cash XX% first flow gross our quarter, income. our of income,
quarter second on $XXX first had investment quarter the of million. this placed of down investment lien at non-accrual to X.X% wrote we It in During sheet We HIS, our third the year. last balance cost zero. back of represents the
first as lien secured to loans organically allow originated portfolio to $XXX During $XX cash approximately our flow we of million and the continue run-off. million, repayments cash quarter, experienced we senior of flow first
the health business as first well during the existing in and included industry credits. investments as quarter Our services upsizing loans to care
at very persist. advantage by encouraged We're SLRC dislocation expect of to our we the available current take that to liquidity market
our few levered opted in conditions, and years owing market last documentation flow to the highly to Over portfolio cash we shrink loose capital frothy structures. which structures resulted
We've to at at opportunities protections and better lower spreads. leverage see covenant upper companies to wider mid-market with large finance begun
of in the middle We our continue the upper will to investing sectors focused of maintain discipline on end market. non-cyclical
me time were their Now according turn current continue underwriting. perform issuers expectations to asset-based our all segment. At quarter the asset on interest initial class end our portfolio in to Overall, let payments. our this of to at companies
in financing options. mentioned, our business, specializes to As Financial, ABL who are access Michael transition in have reduced Crystal companies financing and that traditional
a liquidation discount Our ABL net value are loans underlying the of at to underwritten collateral.
historically industries. working retail in very capital assets, been goods challenged and active As significant such with result, as they've sectors a consumer
experienced has next strategy will managing set economic their current well months. We has in senior years over opportunity over the grow Crystal the for the XX of team positioned only exceptionally Accordingly, through together business believe worked is environment. and cycles. management this we The XX believe for several
this And $XXX totaled our approximately asset total with loan income, XX% XX.X%. representing end, the total. approximately of average XX% for loan the segment first quarter, million. $X approximately representing million, size portfolio. portfolio in quarter to asset-based million XX borrowers approximately It's ABL invested was average of of $XX our an weighted contributed portfolio gross for the yield The level our At
The just portfolio. Crystal's to a outlined portfolio loan basis are I on underlying look-through statistics
in basis. our fair subsidiary and quarterly a Financial reporting, on list the position of our For we GAAP investments equity schedule on value it we Crystal
are Crystal's have recently the coverage or company's companies Our such valuation other as comparable maturity, well the of loans including protection underlying an ABL framework of well fundamentals incorporates the as collateral analysis as analysis both sold traded, company been as that finance yield, loans publicly covenants. and as structural
accordance this by framework, with at in In our we down Crystal X%, marked investment end. quarter Finance,
this recover valuations the improve. for unrealized to and loss expect We economy asset-based companies as comparable
ABL $XX.X During the first just funded new quarter investments we repayments $XX million of had of million. under approximately and
capability dramatically, Not years economic Our opportunities expertise the Crystal over with their clients, we ABL companies. work flow current its disruption. capability, with through to -- are an provides senior financing XX companies during together, us course team, with solutions who the has has of cash extremely valuable portfolio with create stress our able liquidity-strapped their for only set to structured but increased in
currently We origination state that are for companies defensible asset in business on models. focusing efforts our values
professionals, close several by finance. me to experience, through an is turn having to vertical XX who have average economic Now years of of let a cycles. of This led seasoned equipment team managed
are equipment deemed industries businesses, been invested that our Those construction. A in has showing -- of as have finance essential stability. issuers portfolio portfolio large portion such
segment this tour bus best-performing sector and transportation. And is has impacted, leasing. been NEF's However, charter school,
that loan equipment. equipment liquidation value provide our to in we within financings borrowers typically on values It markets. under are borrower, a of well specific are borrowing qualify to at the of that and Act. to the during is XX% XX% normal to important are CARES financing remember, The base the Many loan for finance
$XXX addition, large as forms time type economic is fair this of our of present, had the collateral, end, and market credit limited In personal the shutdown. the our to of the at guarantees NEF At a owners. not quarter of portion over value. protection At for loans, asset-based million a portfolio of equipment, during investments have is equipment other liquidate from it
XXX million. average portfolio with invested an The of $X.X borrowers, approximately was across exposure
sheet As in a of tax are as reminder, purposes efficiency on equipment our that as subsidiary company that included balance a wholly-owned business the held well directly holds line of for some NEF this Holdings, portfolio NEF Solar's finances are investments.
both underlying importantly as and publicly the fundamentals been incorporates company recently NEF equipment as are traded, including as collateral as for NEF's analysis comparable loans, coverage. company that companies structural loans, have the protection, such the finance sold of yield, framework valuation maturity, each analysis of other Our well an as covenants or well of
we down segment In framework, marked our by the investments accordance from with the this in quarter. prior finance have aggregate XX%, equipment
finance of improve. of valuations expect recover comparable the majority XX% depreciation, to portfolio. class finance represents equipment We and the our companies this as asset unrealized The economy equipment for
level of loans under these first quarter our the weighted end are just at equipment asset XXX% yield on and XX%. lien average loans was
Additionally, And XX% by not thus is is reductions. fixed of rate. recent impacted portfolio rate the
representing For first gross our income, of total. million XX% segment to contributed this quarter, $X the the
we the $XX million loans just in new million of During had and repayments. $XX equipment of quarter, under invested
Our remains focused managing portfolio through equipment this finance time. the challenging existing on team
with in offer Additionally, our companies. solutions the financing to working is sponsor, their broader origination portfolio equipment team team to
Science business. me lending our Life turn, let finally to Now
largely Overall development COVID and At our has the of dislocations, long-dated been a minimis the equity portfolio. on the product impact market has time, short-term from investment impact insulated given had Science present Life portfolio the and cycles. periods economic de
are to segment. we And incur segment performing. in this this in loans our of no to XXX% expect losses continue
have than reminder, we of their more XX% cash less and runway loss XX months Science portfolio, our cash in runway. team period Life of prior portfolio Capital. time of the portfolio, three months Life have GE of at has of Science Currently a As the a none nor realized in companies have than our never
close stage, are result This our multi-product, that are of a late public companies on, focus entering venture capital-backed is to and commercialization. pharma and in investment device largely or medical
in market loan to most funding, generally, enterprise values, it's the XX% at round business as Life cash our the value capitalization that and remember the if the is post to where been has or XX% Science company. recent value low not that investments important public invested a the actual to defined are It's of
While may to delays slowing projected companies the favor trials, participate small be be these COVID fast-tracking to in patients in or invested significant to a XX us vaccines making three loan. some the to to may given potential of of for development these FDA nine-month pandemic, and the companies treatments process XX-year in reluctant prior trials the is in and capital relation
In addition, next healthcare there doctors months ramp of are revenue these and begin considered into delays providers back XXXX. elective these surgeries sources rely some hospitals, late-stage to development expect the as we of companies, non-essential. whose financial result on the procedures revenues half a second services and up or of over or medical to The may many be of delayed, in viability and few
million. At portfolio under Life portfolio XX of $XX borrowers, just under just totaled quarter end, our an Science investment average consisted $XXX with million. The of
investment our equating portfolio average was Our gross warrants. XX% Life over approximately Life XX.X%, and of total for Solar's our weighted investment XX% contributed roughly gross yield on loans million the excluding success income fees just The quarter. represented and Science to $X.X income, of Science portfolio of
repayment. science is fee close the including marking Life its valuation which final segment Our at due to is each framework amortized on based for costs, investment the
Science for In fair these the addition, not venture debt. the We no value. input. use significant of private each borrowers liquidity Life determining valuation equity limit is benchmarks for a do There cash of market is
repayments team Life quarter originated first million approximately the Science million. and $XX approximately $XX of of our During had investments
set are where many platform investment businesses team, general sector the any increased healthcare to device public not medical in continues be opportunity The extremely sizes. the opportunities. enhances Also, pharma attractive scale seeing Life loan of and slowdown in this larger Science Solar and we the for companies new require
be disciplined new however, as We investments. continue will, we make to highly
well believe weather to Solar's the crisis. In portfolio we conclusion, is positioned
to closely this companies, and in with support our source new close are with to as we and we working extensive portfolio our As remain investment we as well them, management continue opportunities. sponsor contact teams navigate networks their to relationships environment, challenging
in powder, platform for provide structured companies including and Solar's capital-constrained commercial finance dry to significant flow and cash us both solutions, asset-based environment. loans enables this
will financings, in maintaining these significant across while to able participate Solar portfolio. our be diversification
Now, back turn call let me to Michael. the
