We expect our general and administrative operating expenses related to our ongoing
operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines.
Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities
relative to comparative periods, among other factors.
Portfolio and Investment Activity
During the year ended December 31, 2020, we invested approximately $427 million across 40 portfolio companies. This compares to
investing approximately $404 million in over 50 portfolio companies for the year ended December 31, 2019. Investments sold, prepaid or repaid during the year ended December 31, 2020 totaled approximately $363 million versus
approximately $362 million for the year ended December 31, 2019.
At December 31, 2020, our portfolio consisted of 105
portfolio companies and was invested 18.8% in cash flow senior secured loans, 27.0% in asset-based senior secured loans / Crystal Financial LLC (Crystal), 14.2% in Kingsbridge Holdings LLC (KBH), 18.6% in equipment senior
secured financings / NEF Holdings, LLC (NEF), and 21.4% in life science senior secured loans, in each case, measured at fair value, versus 108 portfolio companies invested 31.0% in cash flow senior secured loans, 28.2% in asset-based
senior secured loans / Crystal, 21.5% in equipment senior secured financings / NEF, and 19.3% in life science senior secured loans, in each case, measured at fair value, at December 31, 2019.
At December 31, 2020, 72.1% or $1.10 billion of our income producing investment portfolio* is floating rate and 27.9% or $425.4 million is fixed rate, measured at fair value. At December 31, 2019, 77.5% or $1.14 billion of our income producing investment portfolio* is floating rate and 22.5% or $331.9 million is fixed rate, measured at fair value. As of December 31, 2020 and 2019, we had zero issuers and one issuer on
non-accrual status, respectively.
Since inception through December 31, 2020, Solar Capital
and its predecessor companies have invested approximately $6.7 billion in more than 295 portfolio companies. Over the same period, Solar Capital has completed transactions with more than 150 different financial sponsors.
* We have included Crystal Financial LLC and NEF Holdings LLC within our income producing
investment portfolio.
Crystal Financial LLC
On December 28, 2012, we completed the acquisition of Crystal Capital Financial Holdings LLC (Crystal Financial), a commercial
finance company focused on providing asset-based and other secured financing solutions (the Crystal Acquisition). We invested $275 million in cash to effect the Crystal Acquisition. Crystal Financial owned approximately 98% of the
outstanding ownership interest in Crystal Financial LLC. The remaining financial interest was held by various employees of Crystal Financial LLC, through their investment in Crystal Management LP. Crystal Financial LLC had a diversified portfolio of
23 loans having a total par value of approximately $400 million at November 30, 2012 and a $275 million committed revolving credit facility. On July 28, 2016, the Company purchased Crystal Management LPs approximately 2%
equity interest in Crystal Financial LLC for approximately $5.7 million. Upon the closing of this transaction, the Company holds 100% of the equity interest in Crystal Financial LLC. On September 30, 2016, Crystal Capital Financial
Holdings LLC was dissolved. On December 20, 2018, the revolving credit facility was expanded to $330 million.
As of
December 31, 2020, Crystal Financial LLC had 30 funded commitments to 24 different issuers with total funded loans of approximately $404.1 million on total assets of $433.9 million. As of December 31, 2019, Crystal Financial LLC
had 35 funded commitments to 28 different issuers with total funded loans of
80