Thank I to the members other of certainly team, you, continuing to in forward our Kipp, with years the you, and come. to look the and work executive Board ARCC
outlook thoughts our and into few conditions, me let a on ARCC's So market by start current heading XXXX. providing performance,
underlying our earnings our outlines, performance for and strong healthy As ARCC fourth and results concluded companies credit a quarter portfolio our continued balance well-positioned another with year release sheet.
available us as an We XXXX. we for in that in increase are should positioned look benefit with activity capital significant
eighth NAV strongest the quarter We long-term among of which growth, NAV $XX.XX. share with also quarter per our per delivering growth XXXX per was trend BDC NAV plus NAV share by dividends total the ended share compared fourth peers. The record as in to consecutive in ARCC as our of of continued returns growth the measured
incumbent industry-leading strategy covering positive well-established our where our scale, was middle of to addition year deep In strong another by broader market. supported differentiated the performance, XXXX and were our results benefits positions, NAV platform, the
M&A company's and one the we in of years in lending subdued most XXXX in many Despite direct others counter market, achieved origination environment history. a to historically active the our
opportunity our yield significant We with a supporting investments liquid market today's cushions in the loan continue market. to premium return and highly healthy as see total equity the debt attractive total to
and we year the quarter during grew potential of volume record billion, reviewed we opportunities the of $XXX than new each year-over-year a totaling basis. on evaluated investments more XXXX, number a During
strength of $X we repayments, net generate of to our totaled new billion were pipeline, year. commitments, the Given for also the which a of level able record
of you has a competition, many know, driver long-term is key performance. to As philosophy of been which out-originate believe we credit our our
While selection. ARCC transactions estimated dollar reviewed value and disciplined year the new both in record in in of a had still credit net we highly remain we terms originations, of ARCC's
XX our average driver has A Our consistent overall digits been selectivity of ago. more wallet long-term our key with mid-single borrowers. originations years XXXX, during rate remained share our growing for in the incumbent since than inception with XXXX
provide these borrowers gives past, financing our many as with attractive investment discussed have we believe advantages we tenure returns in As the risk-adjusted making us incremental borrowers when incumbent can decisions.
being over to commitments portion asked borrowers' In our XX% we of overall to structures. capital were importantly, provide of borrowers, and larger a XXXX, our are new increasingly existing
of an largest As in XX incumbent than illustration, each our share top more our of overall past quarters. financings borrowers doubled the X the for
these In on to advantages, continues noncyclical results. drive flow credit focus addition to sourcing cash our strong high free businesses
that later, to time-tested incumbent approach recent space. As to increases ARCC's borrowers, driven strong selection continue and we been in Jim our discuss able with avoid highly believe and in BDCs. processes, industry diversification our credit Through problems focus selective have have other in comparison underwriting on we of will the performance have non-accruals the many contributed to BDC
continues and our our group historical be companies the be underlying continue to and rates nonaccrual peer growth in portfolio own averages, strong. to below Our
XXXX the organic year-end which LTM the in portfolio reached loan average XQ EBITDA rate average XXXX. a X% weighted quarter, prior than growth comparison, in Specifically, LTM XX% our low, companies from XX% In the of at the EBITDA reached X.X-year of fourth leveraged less and X%. growth the increased quarter market
Although is our changes policies. new for very portfolio carefully from in we potential well, performing government monitoring are impacts
early we will direct of currently material expect new But new to to administration, thoughtful about seen the material from be the worth policies. will and be any our sure for in of portfolio policy actions and the new watching we this any be have to regime government vigilant lending. Given landscape changes direct changes, we for impact terms what don't
initiatives. very on also had executing balance sheet year a We've our successful
detail, competitive the amongst agencies the major credit X agencies. describe advantages our secure As record X BDC the in more major year, the helped ARCC track will Scott of and rating us throughout our ratings from highest-rated upgrades making long-term rating
levered support our to added sources deep liquidity further our have flexibility Xx of to below are just net significant invest. to at and ability We equity, providing to debt
volumes environment suit. ahead, overall of direct economy, in to from the in to will to Looking growing M&A healthy sponsors It XXXX. combined majority support increasing the with private LBOs, lending expect we a with market, pressure direct the equity finance which continues stands a of that increasing importance reason seek follow accelerating lending executives an to and on confidence liquidity
in provides largest the as direct While remains by sourcing, our risk our largest platform managed position management. competitive, advantages the underwriting, lending global believe we and BDC market publicly-traded meaningful
and in over Scott very I'm well on beyond. results the our now proud XXXX turn to positioned for call believe balance will financial and and accomplished a us successful sheet. what take I XXXX more to details we of our through team are
