up going then the to for on the I’m it update financials, we’ll investment market, provide by and of the overall starting discussion with activity, highlights, the open financial an followed Q&A. Thanks, portfolio, business Aviv.
For was million. XX, we XXXX, $XX the March invested investment Net quarter share. income per ended $X.XX
our an SBIC After for million applied down license. have of we paid quarter-end, $XX We third SBIC I debt. additional
stock XX portfolio of up million next one quarter authorized program repurchase included months. the worth Board energy-related Directors including $XX The stock of of Our the exit over names. substantial has to four rotation, our of a of
PIK We have reduced also substantially our income.
taken agreement, X, As the base This management advisory will a X%. annum XXXX. an to January The the floor has at fee investment fee XX.X%. X.X% lowering on reminder, amended fee incentive remain approved effect Board and to per incentive agreement new the
$X.XX As had XX, spillover of we taxable of September per share.
With stream, stabilizes dividend substantial the potential a investors believe underlying able we as along energy market and with mature. equity and our with an stable investments should new that agreement, PNNT fee a be stock upside portfolio to provide spillover, attractive
middle-market business Houston, private sponsors of remained offices has the country Chicago, We’ve London. across with Angeles, Our in financing managed equity our York, primary Los robust. relationships New sponsors about and XXX from
of on our funnel we deal size extremely we be with only not relative We Due vehicles, have with long-term investors, our up about investments. been investments. capital the sponsors. done of as more focused then to about environment, sponsors. in XXX structure selective flow we reminder we In to a financial can in A PNNT the extremely that receive this primarily selective, wide have the business moved financing but subordinated to as XXXX, our was mezzanine middle-market now generally have secure record. business track and
EBITDA that The average was XX% high-yield EBITDA recession the excellent. and crisis down financial Average timeframe. was of the the about bottom portfolio global the underlying was of about during X% to companies company down performance Our to recession.
broad this environment, investment and subordinated team, than and deep As are and more mezzanine we defaults that on to recoveries a few In attractive seeing result, we portfolio. ever. primarily our deals had due
We’re using deals. our sponsored tried discipline middle-market in underwriting intrude
stack generally are provide cushion. us capital junior substantial to high beneath capital and have in the We
a even in believe perform different environment. investments As result, to on this value over and remain We well can of provide returns focused making long-term shareholders extended we our that and continue attractive cycles. for time period that risk-adjusted we will business an withstand can
focus have returns. high to on leverage, be Our structures defensive, low covenants that more continues and companies are and a strong
and We who are financial management capital. sponsors, for credible middle-market call consistent intermediaries teams a first want
a conflicts financing or for of partner an clients. independent As affiliations, become our trusted provider, free we’ve
constructed economic well. Our to In performing overall is withstand market and portfolio is portfolio volatility. general, our
times and are X.X looking a cash times X interest on risk-adjusted coming several yields to ratio in down have over our loans. With last we of debt-to-EBITDA attractive cost portfolio. create asset our ratio coverage returns at years, We of the flow cash
or the of a of the risk, one, either three-point of two, have plan standpoint we reducing do so. secured lower thereby are reducing the are volatility on We we second about earnings are on lien portfolio. first investments, also from to diversification. Number primarily, focused XX% stream. Investments by focused our Number secured risk our
to between Over being our sizes overall three, of our we Number our portfolio continuing targeting a we equity monetize capital. the forward and to look intend granular of our X% time, to portfolio. portfolio have more relative equity XX% As rotates, we portion to portfolio. overall bite with are modest
it was XX, XX% of As the portfolio. March of
not Business Credit March. know, increase leverage late Small all PNNT. the we’re Availability time, at At you Act As into was going signed in to current the law
at is ratings intention this maintain investment-grade Our time. our to
financing evaluate debt-to-equity closer ratio our which long-term X.X of We value our is remain X.X comfortable October maximize for in investment strategy target times. regulatory to and As XXXX, times to we order get stakeholders. public we with mature, our when our bonds and assess to will landscape
On currently about We’re X.X at times of GAAP times. we overall leverage are basis, debt-to-equity. regulatory X.X an overall targeting
in gain X.X% equity positions. We about including million about one of Gilsonite, Gilsonite, significant American total million quarter value Equity were was of those downturn we the net were We We Galls, Gilsonite, $XXX X.XX realizations the restructuring multiple million cash the whole sale energy – at approach our GAAP X.X regard March in times. recovery in As full to This Despite and our in on of proceeds, overall and a cash expertise and strong with the our years times our million. than invested have demonstrates XX. minus IRR $XX our took with a an of quarter. leverage times ago capital that our a about a X.XX time. of assets credits on couple leverage, ended With March which of in debt-to-equity proceeds when co-led EnviroSolutions XX, X.X ended conversion of our debt was had and an gain This track portfolio, $X.X years. generating $XX total American we pleased up add of approach positions time Corfin, issues energy-related of more from period enable setting us of strategy generated position. realized and of on Convergint, capital. have active we’re and to realized realized to further Board record realized preserving TRAK, example
maximize RAM up. ETX, oil performing energy With better One three is names, oil the for position was ETX’s and been field is quarter, picked recast drilling higher prices. the our they two company capital Well recovery. U.S. E&P gas in has growth, the during take activity regard us acquisitions. It as names by have aided of best the to to our remaining services. and structure for will including time our
the shareholders. valuation is majority convertible for driven cost, basis of approximating debt instrument was which at into the for equity Our and conversion converted quarter. the a valuation was a value This by
minority allow equity. the and balance RBL attractive them and We’re to obtain acquisition shareholder The most is terms we owned a will from in believes approximately XX% planning of ETX company lenders. sheet an a debt-free that the
March been even encouraged on patience find additional evaluate years sector and companies. enhances personnel companies capital are Including the crisis losses, XX about non-accruals, $X.X about for totaling at hard made about XX companies, of years, proud we PNNT financial in points judicious over value. inception, an yield had of have markets Based been We’re XX our and a when had record of only to that investments XXX since XX including recovered the Through have no both ago. non-accrual has XXX basis average only work, PNNT we in non-accrual on the investments annually. strategic realized today and those to to might energy-related recession. global highlight XX, able XX% preserve XX been over are for that add long-term as in shareholders. capital Further, ability about the we’ve track of companies our environment on those of the It values on we we’ve rebounding. inception be invested and currently ways We’ve since those capital have helpful investments to able investments and billion M&A non-accrual. that options to going out inception unrealized our energy lost We firm. XX%. Since the This
energy record, prior to as proud our made both as includes our debt are investments, this We crisis. subordinated of investments financial track well primarily which the
with or investments, new a of relationship for the companies strong a sponsor. while. terms started the We’ve In known have industries we’ve these particular
first OXX building insulation million and a Let’s Partners reviews lien invested We and Wind $XX.X some which retailers. loan to heating Partners. and of companies structural revolver. of Equity walk $X.X of through of of Marlin manufacturer products. consumer Point sponsor. a term purchased Bazaarvoice, $XX products has specialty The million a thermal the ratings million a highlights. software provides We owned is is by company and
XXXX Turning due client M&A-driven to that deal strong due of to to rest our the we’re active We and in network sourcing active flow. seeing will outlook. be relationships, believe the growth financings,
take to financial turn the CFO, Aviv, call us our me the Let to now through results. over