a Q&A. by few portfolio, activity, minutes discussion we'll for spend the investment followed discussing then Thanks financials, financial highlights going a to up and of Aviv. I'm the it open
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primary robust. financial market business Our remained of has financing sponsors middle
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or free affiliations, financing a partner independent trusted we've for of conflicts become an As provider, our clients.
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flow The to companies, a capital to and This our income. cash focus our coverage cash which or volatility. economic As and support expense, portfolio to exceeds cushion rate by investment constructed times. amount diversification, continuing the ratio, withstand the a in is seniority result EBITDA cash stable market interest quality X.X be provides floating structure, assets of high significant interest continued healthy on
of portfolio million $XX the we're million attractive to important help reward generally was sponsors, and capital. EBITDA is risk X.X our our risk. times, at covenants indication of protect on core the seeing with overall debt XX ratio our another prudent and capital of we're of which Additionally, borrowers cost, still companies market EBITDA, receiving to to And
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different time. positioned of experience prior was Looking at record and a our has middle long-term direct weather track economic to standpoint, lenders few financial who strong business From believe the that global market we're during are well one to in scenarios. record, track that a we crisis underwriting we
not of primarily in to existence debt. we organization investments in global as Although, focused crisis the in an PFLT initiated in and back PennantPark ultimately subordinated financial was Prior was primarily onset million, on then, September was and debt. mezzanine subordinated which investing XXXX, again $XXX aggregated
weighted the Yield During companies of the X.X% EBITDA average declined underlying of portfolio the American Index by compares North EBITDA of the at decline recession. of High to average those Bloomberg XX%. recession, the This the trough
and they IRR on those X%, were the recession. crisis underlying result, the though financial a done even was prior to As investments
downside primarily track proud record of case We this debt. on subordinated are
of attractive in active risk adjusted terms returns. In investments, new investing we had quarter another
virtually these for M&A of we've particular these while, have driven a was deals, all mixture a refinancings. by the financings, growth activity investments, and have the known industries, a strong relationship Our studied with or And companies sponsor.
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due remainder outlook, Turning to to and driven to the flow. Due that will we the seeing both strong XXXX financings. are and our network of M&A client active active deal relationships, growth believe we sourcing be
the Let you Aviv, results. call to the to our over me take CFO, turn now through financial
