Good Sean. today. for joining and you, Thank thank afternoon you us
times. healthy Let we and your with no and first, continuity. hope navigate business I you working me are team safe these several let -- families has Finance months now me say The unprecedented been for WhiteHorse as remotely interruptions to
review a our to release prior on market to chance I results also morning you've our this you're aware, we had press issued As open and which website. hope available our are
and financial on our Joyson conditions QX our then address results for operating which addressing then relative questions. the detail line and our We'll by positioning to will performance our our risk I'm start more update after portfolio and open current an provide by results. going to market liquidity in followed
similar four downside downturns. years, to disciplined and past was a withstand case our consistently we've portfolio the market underwrote We credit Recession. for culture deals position to that to maintained the the Over Great all conservative the
However, the of Thankfully, credits this impact impacted only our to our our up by appears and so directly economic that the will current than certain end small pandemic of it portfolio. percentage case. appears worse for environment downside far social distancing, a being
shareholder to letter, building briefly summarize. for in we've the a our actions I'll environment taken do so April in identified our we bear the prepare In credit and they portfolio repeating downturn
First, where no diversification asset more strategy of the portfolio the of target BDC. our to at X% than total comprises underwriting cost of
credits. lien which on first only to almost XX% noncyclical comprise exposure portfolio of Second, lien with focus credits second our debt
credit mid-market historically to assets Third, allow us loans market syndicated broadly of fifth, on market. liquidity lower terms well -- focus by large-cap directly management sourcing than the non-syndicated the mid-market avoid syndicated our have operating more below large-gap that which and price position than Fourth, aggressive seen diligent sorry market. in market a the And syndicated less advance marks price volatile maximum our volatile rate.
JPMorgan. the And its would maximum assets about the compliance currently to have me XX% upon that our down on point our advance trigger the with a rate to limit leverage margin way our JPM par. average of facility of secured call, significant Let as which mark out in that given collateralize end the would senior April of all our importance to cushion that with for environment. of fall have today's expand we with We shared in facility market us be last
liquidity months those obligations significant the revolvers last portfolio financial that squeezes BDCs form I'll drawn entities companies. of lenders. And by disadvantaged for to of during facilities undrawn the also creating subsequently in were many of amounts note were including few many several those having down
At was to unfunded this of and million. the part at led end amount commitments to COVID-XX WhiteHorse QX disruption. end unfunded million a of as process, structuring entering the QX has commitments exposure of the $X.X our $X.X actively minimized manageable totaled which the revolver revolver only commitments
While shocks extent and and COVID-XX we have does have significant as liquidity market there to we the the depth to uncertainty length remain of company believe impact. positioned we the navigate
share In estimated our on or high of estimate Investor as X.X% portfolio. the which COVID-XX presentation only as have to impact represent we can our an see accounts of impact level the And portfolio. you of very are high to
and add in management we view of XX.X% a taking expected of a the is have portfolio very liquidity as the said, moderate to assets also that BDC few and only result QX. BDC expect estimate is impact to That to portfolio defensive a we
I that like impact get to on COVID-XX on data new highlight economy. we would with week each the
provided likely portfolio is we have our adjusted it impact will on over that the time. on estimates COVID-XX be So
the distancing I'll social saw XXXX shutdowns we now and business resulted QX from of deal WhiteHorse results. fourth to on as at dislocations, COVID-XX end record QX slower quarter saw and emergence due originations policies market of to quarter. our turn of the capitalized to slowdown normal setting also that QX the flow
million quarter QX. share income net income share core per net share million was the QX compared a to QX. GAAP as for compared or an $X.XXX decrease to or in increase per as investment $X.XXX quarters, in per fees $X.X amendment compared levels million a $X.XXX to nonaccruals. amendment or $X.X $X.X prior first income $X.XXX million and was of well or as lower in largely per result These waiver in QX in share $X.X were
of our as seen expect market we market share, during was will $XX.XX X%. changes marks decreased on quarter, be price portfolio price direct the the share some $XX.XX of these decrease per to NAV approximately well be The as in related time, QX of at repay recovered volatility to Over primarily a a decrease can during QX, compared as to par. COVID-XX companies. the assets impact attributed the
Overall, private our our investments equity relative of partners and with pleased the owners. business we've been team and performance our
taking volatile period through are on we our to that are business said, far, That two portfolio nonaccrual this have experiencing. ensure basis. on now have investments owners in three their we and ability get the are investments most have actions We economic found the placed quarter companies nonaccrual so to that
borrower In out across where have the QX XX of of we nonaccrual. for portfolio, scheduled four their assets terms three payments that interest borrowers on were made performance, those our XX of
While core our quarterly the at we I've to as shared, dividend this maintained $X.XXX that unable for with were quarter. we first dividend quarter cover earnings
earn on continues intent to annual be an dividend Our to basis. our
quarterly our these COVID-XX. focus core capital having liquidity on of conditions keeping we period on future distributions, temporarily cushion may strategy as during allocation and the our align could strong we unprecedented earnings and However, which with market impact borrowers to protect cash
lien had Legal by first deals totaling repayments and partial one modest new a paydown new deals leverage. the four sales This non-sponsored we partially our of Finance. on offset $X.X were add-on and four Of million quarter, was sourced the During to second all were lien in transaction, and $XX.X first activity initial by led million. $XX.X total three million Oasis loan
XX effective income to in XX.X% of drop decreased primarily average in rate QX. a the from on weighted The investments X.X% QX producing in base points. A yield was basis driven decrease by
million value the million. $XXX of investment deals quarter, the At transferred we $XX.X WhiteHorse's and issuers portfolio four in with million. into JV's was XX During total approximately end had the totaling QX, $XX.X aggregate JV, our fair total JV of the also an
compared $XXX.X primarily of which that rest value the at in of end time, by the end of borrowers QX, we decreased and to portfolio these end $XXX.X the The reflected the had of to fair million assets COVID-XX on many the mark-to-market on the marks into the information driven of impacted owner included the XXXX. at those all At losses. insights quarter at expected million QX, of our assets QX performance and for in management the cases
Some the been have on in for to in market. adjustments far spread driven of moves so the mitigated QX appeared based QX
in is loans Syncsort, the the XX quarter of quoted end where be asset is to of of at which resulted XXs Much in market around to few on mark is most our loans the final broadly strong prices recovery versus markdowns the One marked the from are and currently syndicated par. of changes credits have expected the XX. the that low high are we purely
X.XX that Impacted some to we impact. many marked are are gross times leverage, to below. while of expect compared have there with down end there the the the of and were loss at said of X.XX generally be QX. And COVID-XX at QX recedes permanently the COVID-XX improved That permanent loans XX which resulting these due as also end to marks marked These may of assets, to times are companies at recovery performance threat impacted moderate-to-high which impacted par value. with increased
The shutdowns. clubs fitness were are to close the the pressure disclosed soon. two three and fitness-leisure early studios events clubs the industries we the in at their in in though the As forced reopening highest and given time current start this on April, and leisure fitness credits to all scheduled sector anticipate credits
One agreement forbearance nonaccrual. this companies placed the payment subsequent quarter unable of credit end we interest a and its these of to to we at execute quarter, fitness the able end make were have to was although on
quarter. have frequent continue we'll and update you We this credit on to with next discussions the owner
related We the in credit held which have event the troubled space, JV. additional is one in
this form has result, provided And credit. expect any significant we owner additional as equity. the already don't new a on the issues However, in liquidity of permanent
a been significant experiencing And franchisor cash company's are space. Beyond and there's delivery them. to we takeout where is difficult those it times. business, get owners three, those are has necessary in through constructively flow we strain, In and insulating impact, others the providing the all restaurant of more have cooperatively which these has which situation with liquidity but in situations, the many a than working high that actively
principal supportive To to through we long well. a the some on And time that as companies through business them a the Recession. extent, and/or credit cash on philosophy be we very as operate I debt-related burden the supportive, in cases large GE, my at as of are book In interest. of Great will are deferrals at reducing owners we deferrals WhiteHorse, managed that of
on assets that terms material the assets not will risk on be future. on is that there that In collected decision placed of being those are interest in the non-accrual, based
credits the percentage value. of two addition to to X.X% has With risen fair at WhiteHorse Finance the nonaccrual assets of non-accrual, at
on possible. portion working repaid accrual back hard assets situations each of get a and status resolve soon are all or as We as these these or of to
To that grocery has doing that company more non-accrual in as significant AG cash stores King's despite are Kings, flow end has tailwinds status from experienced helped people COVID-XX, shopping the the and for position.
So we see later situation workout are have in the improved as result the do sales a at hope asset and of of these XXXX. $X.XX marketing and this a to we tailwinds financials resolution $X, on while constructive
companies in portfolio received to applied our portfolio To have aggregate of the CARES In have addition the which of for the companies, support relief a of owners XX provided, Act. an PPP have applied of $XX which non-sponsor and date million are of our we are forgivable. and most received or loans, portfolio companies many number owned, under
million, had companies portfolio size $X our $XX of a portfolio debt rising above to range investment Our value investment with million size of of three only million. target fair averaging $X.X our
lien, will are only loans disruptions these XX.X% formula see is of don't from first COVID. from the significant we of against lien current our three the with and litigation impact expect debt second diversified receivables value they pool basis on of portfolio of a a any liquidation loans. Two
of level it. second ahead third senior modest very a leverage little has lien Sigue, and The debt loan very
of the backed. of end our the portfolio and are non-sponsor loans is As XX.X% quarter, of the sponsor of rest our backed
the than our changes to significant been debt on now used X sponsor is a we're in there occurring in the frothy the levels X.X seeing impact, COVID-XX markets. fewer the has period. most turn EBITDA been In market seeing realistic very debt we levels in with debt and down Based adjustments what add-backs with general, more markets, to pre-COVID being Turning had calculate to were outlook. turn the correction and
often complexity terms has basis exposure the Deal of tied documentary COVID-XX the to increased increase to deals level and risk. more credit Pricing being XXX of are also turns level more XXX overall with the conservative. having covenants and points, tighter to with the of
so many Because times to the still about aggressive But the changes average, sector. marketplace. on as what gotten Non-sponsored range loans been seeing X as increased are the XXX of non-sponsor have sponsor on in never in the market, based as in generally market EBITDA. pricing points this had X.X has basis there we're not far
While deals of have pricing in market has the the of the terms a deal improved and amount flow fallen. lot,
firms direct is from lower across down to large experienced of the weekly have a in XX decrease number Our we less pipeline of level, than this is believe which America. is We originators markets we many believe to in XX% XX% market. North have decrease due pre-COVID the
the that into no the these both are than close. XX% will Any assurance said, taking and XXX times an be the of added vis-à-vis That levered One lien mandated We're into resulting conservative repayment a deals accounts. be new assets less be into BDC these in less loan-to-value. evaluation will the BDC adding go sheet. LIBOR go added will to towards can assets have liquidity, of two on BDC. deals we view At priced deals will X are the at at at mandated the very are other expected first deals and portfolio than to balance other and of with these either QX. done moment, Both expected there JV
in reported QX, limited across expect COVID-XX and financial should where in more paid impact our of be are basis financial with much interest a For that value August fees financials was most actions our to very long-term In being QX likely we when enhance of violations to impact where situations, kind, are investors. on performance the the covenant portfolio, XXXX. associated of credits there'll there to in or on see be several reported these covenant
there'll limited impacted of voluntary it's addition, we effects. expect very COVID-XX debt while the will markets economy existing be and and loans, In after the by are repayments
through has decline. economic much the to Over WhiteHorse possible the as sought stability past position four Finance, as an years exhibit to management BDC
to have repeat loans. our would have XXX% made us We a we sectors and avoid deeply believe of allow recover the loans only Great attempted cyclical Recession where to of
and second new We have two have lending focused originated in not on loan a over years. moderate lien lien leverage, first
borrowing leverage significant We that our top-tier a position cushion also and a managing conservative we our sure liquidity, have taken base. making have on a partner on
an understand want WhiteHorse time to providing a that our level operational transparency you unprecedented performance of is committed We uncertainty, you the are this we always challenging been the with We of to hard will very shareholders have and with working I and portfolio. assure fully for that and continue. our employees, to complete maximize Finance
the platform, quickly the disruptions. turn XXX,XXX over Before quarter, I call to insiders the Joyson, we in recent believe in I strength that to bought of to want note during shares the aggregate, our despite as do continue
go over the over With call that, I'll now turn to our financials. Joyson to
