discussion minutes followed of the activity, a it financial financials, am the Aviv. open discussing and spend by investment I going Q&A. to then highlights, few Thanks, portfolio, for up
invested lien ended in average September during of Senior LIBOR. recent continued to assets quarter investments first X.X%. million grow. benefited $XXX at XX, Secured primarily new has Loan For in and of from secured increased the has yield we PennantPark Fund or increases XXXX an average The yield senior PSSL
million As of owned the X.X%. September Again yield has of increases. names, yield PSSL XX, LIBOR average and PSSL with pool $XXX an XX diversified benefited average from also of
New recurring net per regional have enhanced this and enhanced incentive evidence $X.XX payable grown seeing, and significantly Over well as the was is as $X.XX The additional adding additional that have both PSSL, we last people Net a our investment equity in combined current of by to Coordinate growth offices offices position investment was to years, fee are growth selective. of Due investment platform in several accrued, activity York. LIBOR, covers are we our platform. level dividend. share. professionals income the investment This excluding flow. run-rate the has substantially puts be we pleased in debt increase us we the share. raised, The our income not and active senior mid-level income but per deal capital and our with
have should stream earnings based these Our continuation a factors. tailwind, on the nice of
the revised senior be lower assets secured half to from that assets. statute a that for appropriate effective to reducing can our coverage represent investors. under asset profile attractive XXX% was approved the reminder risk lien track act, our asset spillover to September board of last $X.XX excellent company included the share. in an a small availability years provide business such XXth risk Xth first that an the XXXX. XXX% We The credit April record coverage per the that over has in As With generated rate regard and was floating returns seven investing law modified prudently believe leveraged
maintaining new Our strategy. level to quarter our to debt successful evidence flexibility This operation our the coverage us of million the of is Availability PSSL and enable asset necessary enable to XXX to profile. was XXX%. used from by profitability and use which incremental upsized to law will Business provided in Post XXX today leverage reduced enhanced end, the Small we operating reduce coverage this credit completed will million Act, XXX% Credit our by the while contemplated prudent at facility the from result amendments us asset
lenders received the that in pleased through relationships The have the existing they facility. our excellent confidence credit we We expanded record. support all highlights that support of we and track are this our lender also
business financial robust. Our middle remained market primary sponsors financing of has
have XXX sponsors York, in offices New with manage private We relationships Chicago, the that across and and Houston, elsewhere equity London. about our from country we Angeles, Los
date, we size invest of to that wide be due flow We can funnel about relative ultimately selective our about We we have to sponsors what to receive with the deal vehicles. business extremely done in. the of XXX
withstand investing X% shown. business well long focused several cycles. primarily will deals value We that on different about the remain in term over of are making perform and We only have years and that investments we can
that leverage, returns. be more Our strong structures defensive, on are low companies and covenants to and focus high have continues
intermediaries, call as affiliations, financing or for trusted teams management our want become we’ve first provider who clients. of middle credible independent market an a and complex for partner financial a and sponsors consistent free are capital, We
be as Being us increasingly borrower an relevant enhanced means originated that We’re we been is get meant be pleased more looks be approaching flow that This drive turns. flow. even self substantially investing which we relevant selective giving deal can market enhanced to that in can clients. we more more more who ability our in and resources the this important we’ve deal capital can as to transactions make, significantly leader to about investments drive with order well the
interest rate structure, focus to result The volatility. seniority continuing economic constructed quality is cash provides market stable interest or healthy of income. assets coverage continued amount high significant and our portfolio companies, be investment diversification, exceeds our a support This As our expense withstand the cash on to and in floating capital by flow to a cushion times. ratio, the EBITDA X.X cash
EBTIDA sponsors XX important the we core generally cost, of the times, risk protect was our companies prudent and overall portfolio the our with still attractive at seeing covenants, are another ratio of capital. on reward capital debt borrowers help to market In our which X.X Additionally, indication EBITDA, XX of and and million is million to of risk. receiving
companies invested dollar since inception, Out we years experienced one have over since those in which one credit only inception been Our quality XXX accruals, X excellent. far. non-accruals. not cents we’ve On the so ago recovered five on hundred we’ve has of five
of As books. point indicates our our economy underlying U.S. XXth and strong this had portfolio to non-accruals we With regard economy the sign no at recession. cycle, of September a and a no credit on the
our track different was the an long standpoint, record positioned a to the scenarios. to time. during one experience we believe, in have From well weather global crisis direct of Given term track we record, business few underwriting are economic we who lenders strong and prior financial that market are middle
XXXX, the in was September subordinated million, which and primarily organization existence Prior not we financial was, then, in of initiated subordinated investing $XXX focused ultimately as on global onset back and debt. crisis Although debt. to aggregated PFLT Pennant primarily in again mezzanine investments of was Park an the on
decline companies recession, the the This weighted Index XX%. Bloomberg the to During X.X% of trough compares with of down of EBITDA underlying recession. those EBITDA at average the average portfolio American declined the Yield North High by the of
those IRR and even the was the result, As were down underlying X%, prior recession. though they a on financial investments to crisis
on of proud debt. are case primarily track We this subordinated downside record
another of returns. attractive investments, had we quarter active investing in risk new In terms adjusted
driven these particular and And was activity a studied Our of companies for deals, relationship a have the mixture while, these growth the M&A strong investments, industries, a have all we’ve by sponsor. virtually or refinancing. with financings known
$XX Norwest through an is Equity company Integrative walk on of of Nutrition. sponsor. lien partners focused health, school the wellness the We first in Let’s the invested million nutrition. and The some operates online highlights.
first is distributor feed of cat term e-commerce lien purchased Childs departments. platform a invested purchased We a company million on manufacturer. service and animal We of Partners common voice, provider for Minerals’ lien data, modernization is sponsor. an million Walker and and XX video managed J.W. loan, ingredient Federal million sponsor. Arlington furniture. Capital Point the is NextiraOne is in litter We equity. Furniture loan XX another focused million the first in loan. lien of defense Pestell term and is selling designing the systems The ready-to-assemble XX is first focused sponsor. integrator, the the Wind an government Edison term X.X on
sourcing to will XXXX be driven that outlook, relationships. both and network the and client due due to we strong M&A financings, growth Turning believe active to our
seeing flow. We’re deal active
CFO Aviv, me Let through now our the financial to to results. the take turn call over us
