Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from John Hecht - JMP Securities.
John Hecht - JMP Securities
You guys gave some information related to the gross investments and repayments during the quarter, but I wonder if you could summarize them. It sounded like you had around $27 million of gross investments and if you could classify those and then maybe also classify and give us the number for repayments during the quarter again as well.
Michael I. Wirth
During the second quarter the repayments were approximately $9 million and I did mention also the July number which was $4.8 million. And that’s made up of various different issuers. But again all those were at par or in some cases above par if we had call protection. In terms of the eight investments that we made, several of those were things we were able to buy at discounts in performing credits due to the fact that there was either a seller that needed to sell or just overall market conditions. Three of those were really originated transactions. The makeup was again a little bit more heavily weighted towards the junior securities. It was probably about 50% junior securities versus 50% first lien loans and it’s a little bit difficult to figure out the weighted average spread because some of these were bought at discounts, but our bogey has really been to try to get to in excess of 12% yield on all new transactions.
John Hecht - JMP Securities
Your CLOs continue to move upward so it appears that you’re recycling capital nicely in those vehicles. I’m wondering if you can give us a similar type of discussion with respect to the extent you can determine how much free payments you’re getting their and what the incremental yields are as you recycle that capital.
Michael I. Wirth
It’s a complicated statistic because what we really see at the KCAP balance sheet is essentially the yield on our investments in the junior securities of the fund, and as I mentioned that’s been moving up. It’s currently at an annualized rate for what we call the seasoned CLOs, these are ones that have generally been outstanding for more than a year so they’ve reached their full dividend distribution ate, of about 34%. Now part of the move up in that is a result of the fact that we have written down the value of our CLO investments in previous quarters because of reductions in the underlying trading value of some of the loans; again, not because of performance problems.
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