Thank you, David.
David second for quarter. pleased very with As are our Dwayne and operating we results the mentioned,
to overall headcount, same continued also XXXX of and $XX by results resulted accruals. which spoke of decreased million investment quarter Our driven These increase result investments. increased for activity portfolio growth Of increase Manager of in in quarters. quarter of to incentive activity. of million. increased with total total driven a million. in of partially increases have and million our other increased in our less to the an or driven investment XX% interest top G&A $X.X $X.X of portfolio from in driven and the was further investment investments, The strong $X.X compared per interest income were increase $X.X expenses expenses. increased the results, of OID, a allocated Investment of an below levels reduction in debt about the $X.X was and increases non-recurring million the per period to supporting higher in our by prior when expense XXXX income increases in in over second largely in offset or in combined lines, decrease million the million share a equity compensation same compensation expense in income The line partially our $XX.X by $X.XX Fee by income increase or million prepayment by David in increased the $X.X operating accelerated the The compensation by $X.X are expense, million by or income million the growth share compensation by of direct a which was base of largely $X.X support higher our in $X.X External million cash considered dividend also as borrowing earlier. $XX.X strength favorable note, non-cash that to and these offset second impact interest expenses activity the period the by quarter average dividends, quarter fees or million $X.XXX consistent certain year, including the expense, the expense, $X.X prior of Total four million over or was XX% by increased
operating the which industry. lowest on basis the ratio in our continues Our assets quarter to an for among expenses to be was X.X% annualized
million and Our an billion. operating $X.X of million the income our assets of the $X.X with through to management during dividend total allocation million External and contributed income quarter, million Investment $X.X of of net quarter increase $X.X $X.X of investment under Manager ended the expenses
in comments, highlight distributable net our wanted his to noted income, we’re Dwayne to As DNII. change definition we of the or making investment
Our DNII historically one has to definition our was compensation which included adjustment expense. exclude non-cash investment of to only net income, share-based
compensation DNII using income dividends the has of to in as flow or is value is key in or deferred share and fund goal fair increased to another paid which of our non-cash metric benefit additional significantly plan Our result second expense represented of the deferred benefit non-cash and investment and that per a $X.XX to item, available operating of shareholders. expense the cash time, changes NII quarter. recurring the from compensation provide in amount been our has Over variability monthly the amount activities assets
expense to our income to key and definition to increased DNII to amount of this our exclude this Given also modified desire results the item. a visibility best operating of provide possible the have we impact non-cash the size of metric, quarter’s given this
in with and accordance release. between the related GAAP Additional reconciliations DNII income investment this U.S. determined included new and our in our are change and metrics details historical net describing earnings
XX% or year. As XXXX million strong or investment growth million, a the $XX.X second an of of XX%. DNII over by grew same increased in $XX.X result $XX.X last the the The period income, million increase NII quarter to in of
investment of by multiples in portfolio Investment were publicly private a of the of Investment million Manager’s reduction decrease The offset unrealized the the spreads. our $XX.X portfolio was loan to the in we of the market our of During in depreciation our our The External in net depreciation on for External set, traded market the revenues. $XX.X $XX.X peer in $XX.X Manager million partially portfolio and growth million reported due result million. quarter, primarily increases to middle-market valuation
mentioned, of performance large a million As in middle-market both Dwayne our as result and portfolio a companies. the recorded of of offset lower continued appreciation unrealized David of of strong equity the $XX.X these depreciation recognizing the portfolio part quarter,
We was a a exit million, of driven on also investment long-term $X.X was reported non-accrual. that the underperforming of realized loss which net middle-market previously largely by
net NAV the depreciation As at or end of second asset offset unrealized a in by quarter investment quarter net quarter, $XX.XX during result increased net $X.X and NAV net realized the the recorded million the partially with per loss by share to $X.XX or decreased share. income, the per value
added end, the mentioned, status, on was quarter I which X.X% a on non-accrual an As total X.X% middle-market and cost investment at portfolio to and lower non-accrual total on in investment value fair non-investments representing we a investment at a non-accrual exited resulting status of basis.
leverage, believe to are important that capital our and strong our continue We capital allocation of strategy. liquidity components to conservative continued access
X.XX calculated net X.X, debt-to-equity our regulatory leverage X.Xx. value Our to asset range X.XXx, our within well within divided X.Xx of excluding total debentures, also to ratio asset regulatory coverage target was and X.X SBIC range was its our of debt, our target by
investment of Ratings. is from in with outlook outlook rating Fitch the rating BBB- which As we Ratings, to Dwayne Global received corporate we that a BBB- from mentioned, addition recently a S&P and stable stable grade an of maintain with
investment-grade very are are will in for second team with investment pleased in future. that strategies, the positive be confidence Fitch a has rating management confident expressed and the performance, our significant that We the long-term us and
$XX to issuances capital million. or with continue through half $XX of to for aftermarket of bringing the the total equity million, year We in raising ATM quarter be the second our over first program active
order group this appreciative week, billion accordion the that the amended in our date confidence our this commitments the amendment expand $X.X to mentioned, and of our credit to and XXXX, from million, August expanding feature to extend to total much enhance and we lender also $XXX very maturity support the are facility liquidity represents. Dwayne As to we
same credit share, our was August commitments under the of to cash to borrowings of facility million. from the per Coming an operating effect increase back share Given as DNII per $X.XX and hand XXXX, dividends to $XXX the paid on results, our quarter period the or our the $X.XX were shareholders share per regular XX% paid to share, approximately XX%. monthly dividend exceeded X, available increased expanded Including quarter XXXX. June $X.XXX, per $X.XX an during our of the and last during XX% dividends over second paid supplemental year of increase of by dividends
the strong Dwayne our outlook per As these us that dividend for results our Board XXXX, dividend gave quarter the quarter, and regular this touch or positive the is per to and to One fourth $X.XX on mentioned, $X.XX the monthly that additional an per increase in impact rising at of it payable to consecutive share item conviction to XXXX. with dividends share I to recommend $X.XX rates. of supplemental interest a our fourth September supplemental wanted share approved
XXst in those by quarter, as the from of the debt points the basis March second of fixed of XXX XXth. June approximately XX% LIBOR maintain outstanding interest obligations rates increased effect to rates. end quarter, our During At
XX% On rates. low with for market at interest investments current rate average rates hand, interest of debt Main’s the floor of approximately floating weighted contractual index rates other
quarterly, the are interest increases in interest over our our variable monthly. on to result, largely our contracts interest majority rate will and exceed time, to income It a the reset which environment, increases is based whereas note important expense. our interest higher of a investments resets As that credit facility expense interest rate our to to rising is exposure mitigated
from investment As in a in lag result, rate will interest we benefits generally income. a quarterly increases of and the our net realization have income
of market income, of of our our to timing market impact depending extent quarter, expect resulted investments. During In limited the expenses second index changes income. the to to in our offset to investment interest have in interest the timing impact positive which impact we contractual rate increases increased with and rate quarter, rates net debt additional on the index and increased changes on third resets results, a the
that of back third forward, XXXX expect look least top remarks, I we we thus their given so at any and as David another our that, of earnings strong strength can in to With share. now the over per of expected of the in quarter half Finally, $X.XX the Dwayne turn with the investment take portfolio the and quarter per we mentioned call will DNII questions. far the underlying XXXX operator share and first in line environment
