Question-and-Answer Session
Operator
Thank you. (Operator Instructions) In our first question, we'll hear from David Shavarini with BMO Capital Markets.
David Shavarini - BMO Capital Markets
Hi, guys. Good quarter and year given the difficult environment.
My first question is on - regarding the evaluation, how much of the portfolio has market quotes available as opposed to internally determining the valuations?
Michael I. Wirth
We have approximately 38% - 39% - 38% roughly that we call Level 1 where there are marked-to-market marks. So this is of the total portfolio, which would include Katonah Debt Advisors and the CLO funds, and of that, Level 3 assets - which are primarily Katonah Debt Advisors - would be another 24%.
But again, for Katonah Debt Advisors and for the CLO funds, there are pretty objective inputs that go into the valuation of those particular investments.
David Shavarini - BMO Capital Markets
Okay. Okay. Next question, you mentioned in the quarter about how there's plenty of opportunity to buy discounted assets. Did you take advantage of that and get any assets at a discount?
Christopher Lacovara
We did, yes, some. We did buy some in the fourth quarter at a discount.
David Shavarini - BMO Capital Markets
What was the average discount?
Christopher Lacovara
Well, none of them were deeply discounted. It was in the mid to high 90s at that point. And again, we did not do a lot of it just because we didn't have an enormous amount of liquidity.
David Shavarini - BMO Capital Markets
Okay. And where are those loans, like the loan market today? Has it deteriorated much from the fourth quarter?
Christopher Lacovara
I would say it has been very volatile. It was down substantial in January and February. It seems to have sort of stabilized and over the last couple of weeks moved up a bit, but it's very volatile given the lack of liquidity in the market right now.
David Shavarini - BMO Capital Markets
Okay. Regarding the couple covenant defaults in the fourth quarter, could you give a little more color on that and how you were able to cure them so quickly, and what sort of industries those were involved with?
Christopher Lacovara
Well, they were in a variety of industries and, you know, in terms of - middle market loans have a tendency to have a very full and tight covenant package, and it's really not that unusual to have covenant defaults because you really don't want anything to get offsides completely.
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