you. you Thank and everyone today. Good morning thank us for joining
full our year hand metrics. Bo activity reviewing by and then quarter Stanley portfolio highlights and off start off to me it our XXXX I'll and my and to partner President, our fourth discuss Let
Simmonds I Ian CFO, to will Q&A. in financial with results opening call before conclude Our thoughts will detail, the our and review more final
of share million, per to return of per XX.X%. closed $X.XX XX% a yesterday, of of net corresponds a $X.XX net income return year year and to share of which quarter full investment we which in of equity investment fourth This the reported share full $XXX net income market per resulted net per corresponds $X.XX. income and the income share of on After equity
the the income spreads net The of generated between per our net of driven of this we power credit earnings company-specific excess and investment moment. events. earnings portfolio, valuation more portfolio tightening on from unrealized the gains primarily net was income our this base difference by on portfolio both by of in Supported impact in share a quarter's and our dividend;
value X% from of our the XXth end base reached $XX.XX record as our April approved asset a on dividend from $XX.XX March share At high quarter $XX.XX $X.XX of to increase per prior Board net year of XXXX. shareholders per another Yesterday, to XXth. in compared $X.XX to record our and reported year end, at payable quarterly share
of on Board a of payable Our declared per March XXth record supplemental share shareholders XXst. of as $X.XX February QX to also dividend
Board special share per our that of declared be during dividend to cash shareholders Finally, aggregate QX. $X.XX paid will
share to Specifically, and $X.XX payable XXth as of $X.XX April be as per XXth. June April per payable record will share be XX will June on XXth of on shareholders shareholders of of to record
changes a our been dividend policy to couple There's of this quarter.
with to let increase discuss So, in the moments starting our detail these base take a me in few dividend.
in it ongoing evidenced times our high base This of has degree of many a view by base portfolio. said therefore, the by we've As of dividend record dividend be which earnings the averaged at we strong to power our of and liability supported since is said believe we with net an XXXX coverage IPO. the that investment past, XXXX March XXX% end will level we income our a confidence track cash through as
framework dividend and the in of ago we growth stability our our asset to excise XXXX, years introduced supplemental a our variable cash as preserving net shareholders while to distributions three of Nearly tax, May the value. way a enhance slow
our the Since decrease by the believe regulatory lower the offset earnings slightly the we has that given over change fundamental LIBOR of course the the and of business asset of requirement, in time of coverage framework form increased XXXX. in power
dividend. a credit and account potential leverage, asset go-forward believe portfolio for level a expectations of degree balance that yields, higher Taking into for our high again support we losses, with sheet confidence base our will
and focus had dividend aggregate on that long specials historically we've stayed asset shareholder know paying $X.XX share just for per declared, our away value from who special the term our given As Board building base. those net
While will expectation realizations proactively RIC our from result of our philosophy capital distribution portfolio in near-term changed, of our gains with to we overearning likely address. wanted combined consistent dividends requirement our hasn't issues that
tax-driven that experience were a else our a efficiency dividends tax in equal, holding special equity decision, income of as undistributed will expect leverage. gains the on we reduction a return all slight result increase our a financial from on slight in these excise While capital uplift and
any issues base portfolio RIC the Since with correspond foreseeable term, for in power future. don't the we've distribution recalibrated earnings to of discipline we the of requirement our intermediate view our expect
constraint For the dividend impact to except $X.XX for current the to supplemental will avoidance declines forma be calculation dividends the quarterly ensures of from the supplemental no be our per pro changes there excluded variable and share special will of doubt, NAV that note the no the purposes that of than over the the quarter dividends. of preceding impact by NAV of which more our
to backdrop sector and over it highlight about and like think of in corresponding we credit on Bo to periods portfolio performance This divergence year and broader the market past passing our impact Before spreads. its was our by activity, quickly their to business. volatility talk characterized how about I'd
by of year-end. deltas Investor peak macro in and quality particularly and between at for second concerns in industries. This trend cyclical observable credits LCD notable moderating It rising flight standards, -- a first November growing year. A preference was in in BB half second the credits loan around high-quality is deteriorating between was before loans and underwriting and the between to B lien spreads rated non-cyclical paper the mixed backdrop, downgrades. was driven lien
the our portfolio our account spread volatility shared -- took we on As our portfolio, cyclical specific given the movements we for where valuation comps exposure industry in last the muted into low credit a of of on impact call, the relatively throughout had took in each year our in investments.
U.S. positive tensions, economy may policy accommodative we the we the presidential although shape think related the and good economic supported election low deescalating trade by coronavirus. remains ahead, Looking the of monetary near-term and unfolding to see impact volatility Fundamentally, U.S. in inflation.
focus a secondary such to the source of as continue strong cycles exposure capital at top of for However, returns repayment. of finding do on limiting and believe we the cyclicals risk-adjusted structure, staying our economic we will exist
As it competitive the that option range to below the relates we dislocation. the we million million. create in end cycle allows operate target us to late our of will financial $X.X expect This of environment, preserve leverage higher reinvestment $X.XX policy, top continue our returns next market given risk-adjusted to our to to
on in funding liability long-dated cycles. of a across we maturities needs discuss side, our which will to diverse As Ian efforts sources result market the our ample detail, have and capital support recent management with
the our portfolio more walk through activity that, over turn like With metrics in to and will call I'd Bo, detail. to who you