items. our merger quarter investment call, earnings FSK's which third Thanks, framework. the income, merger income, a described our we presentation previously is for investment We net of and of accounting income to The the Brian. requirements effects reconciled net and provided Page includes the financial normalizes GAAP regarding accounting associated with on the FS/KKR, investment discussion merger detailed income time of supplement. income and utilizing with our earnings market, our net effects other adjusted last the report which investment our our net net XX investment one On of adjusted reporting
the Michael full a company. our first mentioned, quarter activity third As as combined quarter of represented
total on the less result of quarter.\ company million quarter-over-quarter in of quarter on comparisons of are quarter-over-quarter combined fact by and results included comparisons impacted closing following. second I that June the merger. the a our investment $XXX our Therefore date the impacted the results, by only following As XX the focus quarterly current will was details more Our income of the discussion
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basis related GAAP fourth quarter, each and are time Our items adjusted the income $XXX offset net shutter merger interest to quarter on during income accretion equally effects fourth follows: GAAP to The investment taxes approximate of our related and other other. is income is our and of our the of net investment excise guidance income expected million. are accretion merger approximate as as expected one interest recurring our $XXX Net a to recurring million. details expected
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million million. to We the expect waiver quarterly approximate $XX $XX incentive fees, net of
$XX other approximate we million, and $XX expect million. approximate expenses to our expect expenses G&A We to interest
will excise quarter, million. $XX expect we taxes approximate our During the fourth
of many between worth cushion, at know, our level As is one while believe the healthy and of grow spillback spillback some balance having too two which not dividends, represents quarters large. we spillback you our allowing time, of currently balance a to same
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helpful should investors while intended subject formal requirements guidance be not are note dividend forward be interpreted that and should and this as dividends to legal to discretion the of our to However, Board announcement. applicable I a
of is of sheet, of our net compares of and our gross gross side of and at unsecured debt overall of balance notes future effective investment allows of our XXXX coupon liquidity of offerings the the and This and of XXX% subsequent respectively The and X.X%. unsecured comprised bond drawn as maturing million comprised right XX, average of meaningful X.XX%, XXX% the comfortable billion our equates In September XXXX. is use notes net including September unsecured bond which growth. the Approximately X.XXX% $X.X of offerings balance and debt-to-equity of of effects in for very respectively second cost of XX, approximately in was the was At billion and of sheet issued XXXX. our collective a $X.XX XX% available X.XXX% At were portfolio, of of end to the portfolio of XX% XXX% debt-to-equity September a maturing has XX% debt. $XXX levels terms debt million proceeds. October, our percentage to blended drawn $XXX quarter. value our and approximately XX% In balance XX, we unsecured sheet
recent back call proceeds, these few call to use unsecured is and Additionally, we turn Michael average debt closing for that, now weighted And pro a our forma of X.X%. I'll for subsequent cost with the the questions. offerings for debt remarks before open of
