Thanks, Jim. overview structure, coverage our Board's I our by requirement. today's will an fee recent by reduce of changes call the our strategy, in followed light our forward to begin go asset of discussing approval to
repositioning interests the discuss portfolio, several review financial fourth between Tanner will the fee and Beginning and our with shareholders. continued Following to we believe results the of my enhances the structure, progress structure, the will are greatly which then investment to our quarter our changes announce questions. to pleased remarks, call the period. our environment, then our market alignment we fee open We'll activity. for manager Greg our
management gross X% ratio, assets Xx to in debt-to-equity been to X.X% a reduced the of up and of of has have gross structure grow. and of assets an management company's fee been base debt-to-equity. excess reduced tier as gross permanently X% fee has to base the Xx reduced we annual management whereby assets of First, fee adopted decreased The fees rate assets from
and gross cash calculating assets equivalents. excludes purposes management the the fee, of For base of cash definition
fee from has incentive total rolling return rate The quarter a requirement with look-back and fee the been beginning incentive calculation the twelve revised a X, include into Second, on of income XX% hurdle to XXXX. calculation requirement is January with and be there X%, total the The put XXXX. provision. catch on return respectively. will incentive change to the remain effect no up X, And April
XX, demonstrates through subject restated X-K value this for between to that to XXXX, the incentive the a period X, the amended morning new that to we flat filed December additional hurdle fee creating advisory to XX%, believe be this shareholders. detail. for I and fee the agreement waived for For will the rate investment rate. We you commitment April XXXX structure X% refer our
of we’ve the or you AINV's Credit they increase Act to requirement analysis, we possibility leverage. leverage approved Board in aware, broader late all our plan enhance in our go with as allows. which XXXX. operate about which and sensibly Directors an Small to in and The in increasing have increase origination higher April the examine time was are we developed assets Availability and will into leverage, of the effect In thorough prudently implement in reduced with -- access March, that a Many as on, returns After for of comprehensive will we’ve of competitors will which said leverage order possibility our a to much Business believe coverage and differently Moving talked asset range April, BDCs believe operate shareholders. ability passed, which thoughtful permits early progresses
on portfolio why how leverage position implement We lower regarding prudent leverage to cycle. the necessary incremental perform origination risk earnings and lower a already the us insight a position is to AINV's That with using to strategy a taken in to the such to those ability derisk and upon stable forward generate to unique clear assets be have the over have are fortunate growth by portfolio capacity improve invest our the we’ve risk and a incremental all should which increased in allow investment passage of assets, believe to NAV. path our Act. will We
assets platform. MidCap's that extensive lien ability capabilities originated increase As the mentioned, believe a us provides already senior rate to believe lender, BDCs. advantage given the an senior volume our as access for many over floating Apollo ability unique origination the of we our AINV leverage, opportunity a to other gives by robust first We
assets rate of Xx will to LIBOR. first to be to leverage loans points majority incremental We expect between EBITDA XXX Xx XXX Xx of floating basis lien spreads Xx with over of with and the
of remind $XX.X has MidCap, currently here take Let focused and that which AINV. within co-invest AINV loans. billion a moment AINV's me corporate to track commitments new order. available of that floating of rate everyone specialty an basis to senior negotiated MidCap amount now in $X our middle-market record be to Today, can on cofounded and a significant has about pursuant MidCap originates senior a management. finance loans under funds firm a employed yield I will target outstanding of co-investment MidCap billion investing
AINV loans capacity originated between Moreover, be MidCap below deals with will to we XXXX well With win example, based asset expect ability of size. new plus X.XXx appropriate to committed or For were AINV. either its increased These the third MidCap regulatory of portfolio billion leverage to leverage target assets approximately mix, in overall for and close will operate by close. by post new on syndicated enhance our were ratio of the Apollo's now limit. X.Xx, adjusted third-party a $X.X parties, to combination to with
XX XX rate. from could it now within take revised target operate to months this and between that expect We leverage
we credit had leverage agreement banks favorable in will be that and come discussions that to facility to to a to lead we with have Regarding our preliminary amendment all the parties. renegotiate covenant plans, our we believe able funding for the
banks on facilities, MidCap the identical assets. combined the funding, we leverage investment to bilateral originated received the assets We with secured go facilities pricing incremental asset on used fee create with lower already current we will strategy, that consistent of most which be our with by will of accretions from cost. our deliver reduce newly shareholders. and credit our borrowing incremental means to will management large Our cost like returns this believe likely believe will forward term inside our cost reduced higher sheets come more overall couple funding from We’ve meaningful able for This of ROE. that a
call Board the as to $X.XX our a of investment that, XX, record approved discuss activity. the distribution June to to XXXX. Turning our turn shareholders over to With I will distribution, of Tanner
