PORTFOLIO COMPOSITION

 

 

Comprehensive Investment Portfolio Composition as of December 31, 2020

 

Comprehensive Investment Portfolio Composition
(at fair value)
Amount ($mm) Amount % Weighted Average
Asset-level Yield(5)
       
Cash Flow 1st Lien Senior Secured Loans $281.3 13.8% 8.7%
Asset-Based Senior Secured Loans / Crystal Financial(1) $529.2 25.9% 10.7%
Equipment Senior Secured Financings / NEF(2) $318.6 15.6% 10.2%
Life Science Senior Secured Loans $327.0 16.0% 9.5%(6)
Corporate Leasing / KBH(3) $570.8 27.9% 10.0(7)
Total Senior Secured Loans $2,026.9 99.2% 10.0%
Equity and Equity-like Securities $15.7 0.8%  
       
Total Comprehensive Investment Portfolio $2,042.6 100%  
Floating Rate Investments(4) $1,141.1 56.1%  
First Lien Senior Secured Loans  $1,929.1 94.4%  
Second Lien Senior Secured Loans $41.9 2.1%  
Seconf Lien Senior Secured Asset-based Loans $55.9 2.7%  

(1) Includes Crystal’s full portfolio and asset-based loans and lender finance loans on the Company’s balance sheet and excludes the Company's equity investment in Crystal.
(2) Includes NEF’s full portfolio and NEF equipment financings on the Company’s balance sheet and excludes the Company's equity investment in NEF.
(3) Includes KBH's full portfolio and excludes the Company's equity and debt investments in KBH.
(4) Floating rate investments calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with NEF and leases associated with KBH. Additionally, NEF and KBH seeks to match-fund their fixed rate assets with fixed rate liabilities.
(5) Represents the weighted average yield for cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average yield for equipment financing and Crystal asset-based loans is calculated based on the expected average life of a loan for each asset class.
(6) Life science yields exclude the impact of success fees and/or warrants.
(7) Represents expected return on equity during 2021.