good and Hercules for Michael, fourth year today financial you you, everyone, the full quarter for XXXX on and afternoon, results. thank Capital and us Thank joining our
We have news finish many you as during XXXX well. the strong and to great QX regarding with of today, a great achievements the share to realized plenty year
However, financial by our for of I assets team and continuously our and makes wonderful tremendous outstanding proud results step shareholders. our team to successful. want execution up employees enormously first performance who start and exceptionally deliver Capital acknowledging up their greatest and results. continued of They're strong and what I'm of delivery strong our Hercules
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overall. non-accrual loan in as our that across improved of and mere During investment fourth basis continued key by and quarter rates material own see metrics, overall our to well portfolio of as credit rating performance our we credit exceptionally low points historical evidenced many improvements as credit waiting, X.X - the of improved ranking outlook continued in levels XX
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for for deal funded While transactional new quarters. generation in financially continued to pipeline complete a the healthy coming new transactions seeing and
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our loan approximately which yet, added And of turned realized Hercules XX% itself. loan year. repayments portfolio This represents of $XXX we when million million $XXX amortization total market loan and or addition, together over of of resiliency a principal a of scheduled nearly two absorb year-over-year In loan investment grew its our the scale portfolio on and platform speaks within the successfully the to basis. during our Capital normal
that. For conquer. loan a been accomplished an portfolio have insurmountable Capital XX% and platform most But task in companies experiencing potentially one-year would just turnover to overwhelming Hercules
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for shareholders and maintaining Our critical one remains most top underwriting credit of as our remaining focus continue institution. a one our of commitment the by to an solid also discipline BDCs focus, to execute performing were
sheet source funding As down for ultimately a ineffective. shift or the History make has our opportunities credit simply to structure prefer we quality chase improved to the reminder it cap an have cycle new to balance historical of many similar proven to unable will disciplines wait underwriting market a [indiscernible] we're strategies high principle, deals if our shown out be BDC's to pursued has then materially or the as quarterly earnings.
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Given of to expect success and strategic initiatives we XXXX this additional in continue to pursue evaluate beyond. acquisition, and
accretive our potential grow benefit we new dividends seek platform of own to origination to to augment As our by shareholders. seek our grow further activities opportunities the identifying earnings and opportunistically and to for
for in CFO for outlook the turn first David, Interim addition, will community fourth full the the call In Controller half along today with QX summary XXXX. of activities quarter conclude I'll will performance and the the achievements during financial brief year Q&A. the impressive items. overview call XXXX with in fourth to A the our our highlights strong conclude of then quick venture the then detailed be of who for discussing and overview following And and completed XXXX. over our key by of results our very more during An the financial I opening Senior quarter. Gerard, finish select and call follow we'll and a with capital our select
of $X.XX delivered in would for the back one-time a in We GAAP income of me related an few increase this which NII $XX $XX.X of to of when that by a let early a take year. strong $X.XX, on of as of net basis million representing million fourth have bond event. very in On which loan, $X.XX investment redemptions and quarter. total impact income moments some achievements basis fourth result to basis, the investment quarter the adjusting highlight Now, record retired one-time full adjusted GAAP our as of been year-over-year, the a resulted QX for we excluding X% the adding partial adjusted events well
performance However, includes expense does of bonds It to together $X.XX expense. time outstanding double $XX period as announcement completed two offering QX. highlighted in the team was non-recurring events. during XX the six delivered notes. of These cost an retirement $X.X and of fourth interest possible as non-recurring due required or aggregate an days [indiscernible] the of cost work we our by the a representing million This that this with during partial quarter quarter impressive and one-time the redemption of acceleration [ph] who included achievement of made unamortized share interest hard bonds of the million to
$XXX notwithstanding total we the the for over million new of For commitments Gross $XXX approximately fundings $XXX fact of million $XXX during This million. payoffs early of over million. that of quarter. net growth had portfolio example,
also for to these outstanding we've our In shareholders. solid achievements, financial generate to performance continued addition
seven-year XXX% for shareholders. and five-year of one-year, XXX% X.X%, generated respectively our we example, For GSRs and
previews return a for and TSR significant by factor. results shareholder distributions. five total our These our seven-year stock far stands of many and which a As exceeded includes especially [ph] dividend BDC reminder, appreciation results
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we from. $XXX prior X% and billion total or excluding record of XXXX, derived received year-over-year one-time of recorded X% a Record million in year-over-year. XX% on in assets events proceeds and net the increase of a we $X.XX year-over-year an total X% debt culminating record year-over-year basis. recorded year investment NII billion an of record For also billion, representing Also $XX income X% assets billion record to and investment $X.XX increase total compared or were at settlements of record related portfolio litigation that income million, of $X.XX a investment from total $X.X investment to income
our performance, market. we maintaining offering. to a growth we $XXX In lowering strengthen this our and financing platform while balance changing raised spread record remain million XXXX, competitive overall X.XXX% debt our allowing to cash to convertible financial highly also sheet at successfully addition target our in our rapidly in position, and liquidity In to continue
grade offering raised We million bond institutional notes due also of X.XXX% on in first $XXX at XXXX. ever our
our redeemed also We $XX and the X%, $XXX redeemed million X.XX% million, notes. notes partially fully of retired XXXX
our spillover. quarter Another achievement earnings was
a spillover of projected we affords as dividends to consider pursue share to We the that for spillover of the generated share and approximately sense shareholders continue $X.XX having million representing cut of short-term may per of $XX flexibility year earnings ability at cut. new having fourth based the in without end. different undistributed continuation also on and comprise This on cost at an of platform benefit our successfully growth the focus opportunities consecutive income earnings of make our accomplishment long-term current to us options taxable dividend year multiple our and
many especially signs to platforms begins is direct smaller paramount share it As BDCs BDC are becoming affords lending to consolidation afforded in that industry to especially private not scale subscale. as advantages subscale
total and As perspective over activities gross we $XXX new see we enter the demonstrated commitment to current fundings million in level QX, loan year healthy a million portfolio during XXXX of XXXX. as continue of very our and our companies demand amongst new $XXX of and over
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take to views enter quarter XXXX. discuss the our first anticipated the activities Now we let of opportunity as and the me market
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pay-offs rotation along the select elevated activities early proactively alone by seeing as we our activities to of pay execute levels showing portfolio rebalancing greater QX, our the These addition, approach off some end early These In many and XXXX. exceed of could the elevated times anticipated add done activities early repayment we're to $XXX we've mid within with anticipated of conclude today. investments further positions taking of portfolio. portfolio actually from million activities as or past to the we're in pruning up will what investment levels
beyond early given occurring pay-offs the impossible persistent days. across the any is levels However, levels becoming of predict industry elevated to XX of early repayments
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impact off derived not not activities would we of from a that, activities, off, benefit is be of our we're it paying paying to the that early that not than means income it get some we of companies the because some In older which muted of from income that, clients What see addition the significant to that rather books. loans with older that more off of higher fee on just from younger do will older means the early that earlier our a seeing historical this going will accelerations pay more off than in level is or expect loans loans. shift be say duration younger of a we're in have that mature these to velocity increase off mix not paying pay loans paying and our to change off they're be
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XX than conditions. variability or market fact, we typically significant notice days' - in so visibility less In have
anticipating activities, anticipated portfolio uncomfortable become predict or the early now. QX right levels or Given activities the anticipate has at of we effectively continue any and to the when industry levels said, now and in we're wide reliable provide that the elevated rotation above surrounding year uncertainty rebalancing repayments higher be loan repayment and are you and impossible $XXX maybe continue forecast for underway half first level. That elevated these at we're million we unable least do to to include to quarterly
you compares sweet X,XXX that were XXXX activities the by into. to in the that investment year-over-year. of Venture nearly healthy remind the fourth I the activities share industry. allocations The venture XX% let least representing from XXXX invested updates very VCs at by capital fund venture with half investment of Later XXXX me beyond. of that VC like VC transactions were But were the these new lays stage by As of the out is of raising investment foundation on increase This everybody share capital prepared of remained to on wrap capitals quarter investment investment representing proceeds remarks, for in Venture which later completed. companies, more was the some capital in that developments I and throughout allocation first indicator XXXX Even strong good or stage future year to flow Hercules' the capital investments fund raising billion up to capital activities. more $XX the over my finished over spot key quick will VCs impressive strong. $XX focus XX% billion at billion. activity for leading fact investments of of contrast invested This $XX a went activities. of in continued be a us with and for went VCs lion very into invested level
in companies capital-backed companies successfully the We quarter. had are Liquidity, by the IPOs. Hercules fourth completed XXXX XX levels into capital their VCs see XXXX exceeding delighted those investments of three venture debut IPOs in IPO to QX, complete XX IPOs, companies. very those
quarter from aggregate activities through and just their X% activities an to solid a critical raising investment Quanterix fourth prices. of that, fine. With robust. debuts capital by represented in activities and capital from community. three M&A is All contrary activities. very venture have were of IPO realized XXXX public far exits made creating investments Aquantia venture in doing M&A industry. remained the capital their perception venture of represented IPO part and the XXXX, ForeScout, be nicely to of pace exists and thus M&A cycle continue portfolio activities realized the Since Hercules of capital M&A for the their important XX% the appreciated said Having companies.
With steady transactions during approximately activities M&A pace had of M&A companies of year activities in healthy Hercules represent the billion X% of XX% capital and marketplace. the Hercules companies to amounted the for M&A $XX those the venture XXXX. overall where
a As XX% along of again market, a had and absorb once market Hercules activities team taking anticipated with testament another quarter recap, to achievement scheduled our to M&A challenge, complete X% taking with early investment organization. professionals the finish amortization portfolio manage turning yet portfolio represented investment activities were for grow for In we the this to outstanding place successfully to new still of of which IPO fully our of a activities loan loan Despite than of higher we over repayment X% investment the solid place activities originated the the the rose portfolio, XXXX. the over and to closing, companies.
plenty those opportunities in investments capital of and for to potential deploy available seeking to liquidity $XXX capital for source continue to first and We have with in. continued make we positioned over we invest investment of opportunities the the to million quarter. well growth and new evaluate right be overall
I our have about have exceeding be million QX. already indicated sheets $XXX I've one or either close earlier, in-house, expectations of As again, we to quarterly for still And term already closed recently We've a go. of to X.XX% earlier million expected week announcing month redemption $XXX redeemed the this in release also press QX, of early be XXXX XXXX. we bond our more issued to
the $X.XX or equate and to The representing the redemption this $X.XX per $X.X and of origination that, call of partial interest over With redemption to approximately in share. Gentlemen? As quarter. turn I'll per share. expense representing to in cost approximately of will expense million $XXX David Gerard part bonds unamortized savings approximately review issuance million million we to fourth $X.X anticipate
