Steve. you, Thank
a brief NMFC like give quarter, everyone as the and our I’d to of details the into diving of strategy. review Before always,
New changing or recession-resistant simply Mountain put, more taken approach growth inception our a well we resource. We utilize rates allows extensive of consistent attractive us defensive models the of New corporate mandate, to differentiated focus investment Page achieve private we existing on fundamental leading like. with and our a we of and generate businesses and to that as know it New investment we to market to equity Capital, model managed believe that on New that already debt applied that risk business cycles externally our known have primary in are adjusted underwriting credit invest return XXXX, Since and research Mountain Mountain’s this approach NMFC within the we in To a is X conditions. results industries Mountain by in really program firm. presentation, our outlined sustainable private As across equity really and team
our by return to risk by approximately have long as through performance total plus externally in relevant May public turn free around X,XXX have set, little see from X, annum XXXX than a XX%, BDCs more per have. Page more against yield managed NII. benchmarks. since seven you relative basis largely in of IPO our point goes been X In our a August Total in initial benchmarking the that covered than we performance Page our generated compounded X, annual can peer above XXX% peers investors been at years public XXXX. against Page as IPO, into over attribution. the our our return return high the detail least to meaningfully our and X cash XX largest cumulative dividend, index continues return higher Turning to has we shows driven be which
fully bar public, a our cash-on-cash one, our alignment our the XX.X% of always of and effectively and utilizing an and the structured seven stable inclusive while far from and our focus three, attribute covers a we efficient to; the stable platform; success As to that consistently underwriting our value book dividend shareholders. four, NII generating appropriately We an before right two, been our balance generate expensive management our for a inexpensive, the business have special more illustrates, the majority shareholder our return interests. interest on cash over equity; maintained differentiated vast ability sheet on plus leverage of amount years we dividend; income have running with accepting
priority continues focus over credit BDC total highest to is single the believe time, differentiator risk Our return our the in on performance, of space. control we which biggest and be
credit lien, performance strong, of into be generally XXX% hospice the HME to While HME, continues the leading National one the a we we tranche. experience $XX during distributor National equipment second market. is did of own in quarter non-accrual million new a where
causing trends market our with drop in end underwriting been Execution consistent been results. have Our has and lacking a operating strong features.
at financial bringing private are to we resources recent very recovery $X.XX, our our overtime. expertise to and we domain performance, During have but in equity order bear position our valued maximize
of the Page we market X firstly you cumulative in shows reporting XXXX in cost on migrated and then our to both If portfolio have $XX million our refer investment as ladder. the Since and only and has X inception, of representing realized of or over recent the of our value cost made internal investment X same XX fair is of losses. up $X.X leverage far for an resulted multiples once lay thus XXX% million since again billion non-accrual, which Page just bases the investment the rated credit show investments cost the $XXX inception currently current portfolio representing leverage XX, our of business down of what have entered we performance migrated which all above $X.X to levels of end default Further, portfolio X of the most has XXX million our we have for into of investments only holdings period. our scale. when companies, of
perfect some fundamental trend multiple ratings for While degree credit of helps empirical, the and support a our not good by internal derive asset of metric, asset snapshot is to it and remarks. performance leverage a
As with one trending Only leverage migration at you and or HMA, see can loans is or is and more, showed X.X only exceptions. negative few flat previously right roughly restructured the maintained. in three one are looking a direction of turns National the by multiples table,
Page to giving loan both sponsor and trends The had few confidence improve has to business this other quarters delever show company's sheet economic of us a the since perform. helps overall the net page, performance capital its with invested new a At has is balance investment The will difficult on operating income. how top are the the covered XX we at quarterly is that equity regular to were expected continue that to the the track IPO. being a chart significant dividend
dividend can to see, you out of XXX% our than continue regular cumulative NII. cover As of more we
the On items. page, focused we line the of the below on bottom
realized other at and we credit gains First, looked realized and losses.
Conversely, frequent of success see realized have row generating trading can portfolio in you the we including company a avoiding highlighted orange, actual combination prior and equity the looking have year real typically are we material through As dividends losses, default. at and and to Green, profits. been had that economic credits highlighted gains gains, default smaller by losses show every non-accruals at generally not a loss in selling poor less
gain have Blue, cumulative $X net realized As of highlighted in continue we million. to a
in call $XX activity. net million. unrealized get the $XXX this loss, as income will net realized cumulative portfolio yellow, down $XX see our highlighted and plus total we at is public page, turn The further John? net that of unrealized Looking Kline, conditions the stands highlighted years and of $XX in I seven investment to President, is in over to at unrealized million. NMFC's discuss John only of we result all can now and appreciation, of earned net net again cumulative company gray, million, that a million, including losses cumulative market