Rob, and Thank you us good joining Thank you, today. morning, everyone. for
this also website. a ending we open, you've hope As you're our I and on found which our had market to morning to XXXX, can XX, for issued the prior June results review period be our chance aware, earnings
after On we and Financial questions. Joyson detail, second Thomas, performance will I'll Officer, our for by our open floor will quarter today's which, call, current addressing greater our in Chief begin the results market conditions. then discuss
XXXX GAAP core and $X.XXX second income QX per were our investment exceeding activity due decrease NII share, of share. of base GAAP bit share. portfolio. was the from some $X.XXX core per elevated per for of our and a million quarter NII $X.XX and dividend results or on million $X.X Our $XX.X This represents and QX quarterly repayment a to markdowns softer net
of the at portfolio, NAV markdowns prior $X.X will end shortly. million, I impacted a per Holdings, Honors decrease share $XX.XX, NAV related representing per totaling net to in which was which of quarter. our majority X.X% discuss QX the was share from by
had Turning gross sales million, offset million, million. to by repayments was which of We more and repayments our $XX.X net in of deployments $XX.X QX. of resulting capital portfolio activity than $XX.X in total
originations million Gross to with capital million, fund new X X used consisted remaining existing investments. $X.X $XX.X add-ons the totaling of to deployments
Our X were new nonsponsor X X.Xx debt leverage X EBITDA. approximately with originations sponsor an and in deals, QX, of were to average
new leverage balance that to JV deals BDC these of during quarter. the X.Xx. stayed assets Some the was were sheet, transferred And for on around the the
loans rate XXX an All an basis from of I are and average attractive perspective. of historical both note at these lien with our average first statistics spread QX a points market were all-in deals of current XX.X%. that
deals the value the end the total quarter. in $XX new for X.XXx of of million JV's aggregate portfolio issuers million was with comprised end XX of an STRS at in as quarter, leverage of for the add-ons exchange QX, $XXX.X JV QX compared X -- During exchange X the prior and STRS and million the cash. X.XXx BDC with totaling million Ohio $XX in the to the transferred $XX At fair
of deals sponsor to our approximately was deals, quarter. roughly and first approximately of non-sponsored portfolio our end similar debt XX% and the mix is At secured, senior XX% QX, XX% lien, portfolio prior
repayments XX% refinance partial by are reasons. In to realization. us X our and was series realizations of X of asked we sales amounted performance in and market, borrower-friendly where There $XX.X out Repayments primarily This QX, borrowers QX. repayments in and for driven challenged, they've to are the this total a million, done elevated were counts complete our X roughly that. and
category. refinancings couple to credits though. of that more many There see to expect we exit may want a don't in We this be
the and accounts with other rate push be environment environment has aggressive able price. more to are then And and up borrowers some down push much interest leverage credit there to led a lower
transactions just of the some we felt aggressive, letting deals, those resulting too are and we're go. On these
base market, expect the refinancings likely rates the will flow We with declining deal on from continued the the down latter or of especially lead steps eventually call that to a borrower into the year, part combined of protection expires. as
expect to or have far year. the heavy We full QX, refinancings through repayments the remain balance though. there no in sales Thus of been
the that our effects the now $X.X million QX. of JV at the million well investment and to of $X.X the losses was bring portfolio as repayments investment and of focus. into our step I'll back mind, STRS fair of transfers in mark-to-market With realized in as entire portfolio $X.X accretion, $XXX end decreases, net million of net After value million
XX.X% This XXXX and compares XX.X% the debt quarter of in first of yield of $XXX.X of at compared up our average on The the producing improvement to end the million quarter. of previous to second fair basis XX income quarter value investments a the point XX.X% end slightly the portfolio's XXXX. in weighted effective at from was QX, our
generated We $X.X the The QX. in JV compared investment STRS million JV continue BDC utilize in of to to to QX approximately income successfully. the $X.X million
on our provides unleveraged June equity of investment XX, the to XX.X% BDC. return an producing shareholders. The the returns yield mid-teens QX. equity JV of believe had and JV's As portfolio currently portfolio attractive to in JV for fair $XXX.X an the was the in XX.X% of value the annual in the We million, average is average compared WhiteHorse's
our Honors a million decrease status Traditionally the the some placed approximately of the on of quarter, the broadly, of middle interest was investment -- nonaccrual markdown at to quarter. there BDC's compared in of resulting during notably, which the $XXX,XXX portfolio in more in portfolio markdowns a the QX. Most Holdings, transitioning expectations there to in to were start was $X.X
growth that its strategy company on navigate contributed face was a in to the equity to that, the further was a firm COVID. heavily Honors market. honors private help equity impacted and by of After additional a execute it pandemic weak
quarters. weaker recent in experiencing company customer trends has However, the been
taking -- owners current remediation, Now company the for of and concept with the working position company. both the action franchisor we're the and and we're who of the to currently
expect to the nonaccrual Honors the total fair in over We XX meaningfully at compared JV. which XX X.X% increase of at STRS next and debt contributed resolve portfolio months. with totaled to excluding the in value that investments, to X.X% investment the investments QX, improve
resources In of we execute of regard equity remain in our to to months. to and private would working and the on we maximize and alongside American these optimistic we XX those continue XX plans value Crafts Arcserve, that turnaround restructuring exits both resources, seek to companies,
rate credit generally relative portfolio holding with debt pleased see the remain cash and a We coverages high the flow otherwise and performance terms health balanced activity overall in of of our stability across with environment. interest up in portfolio
the to There supply-demand lending continues Turning of borrowers. be to in broader a imbalance market. favor
remain As sponsor aggressive. a result, of all market segments very the conditions across
of mid-cap we're seeing leverage X.Xx. between large-cap and the to In markets, upper anywhere X
lenders We companies beyond PIK turns for X.Xx. that to to on also see putting X leverage X an additional X
the SOFR and issue PIK time in XX%. the generally from we leverage to in markets an to discounted and SOFR with are but time, upper XXX between original avoiding is large-cap XXX XX% market occurs mid-cap it. Pricing
upper mid-cap deals. of been have in natures and large-cap these to deals the any We aggressive avoiding the markets due doing
one less aggressive. is The mid-market step
XXX leverage OID to most XXX, also part, We and typically to for SOFR X.Xx XX%. with in is Xx. are seeing XX% between SOFR between the mid-market Pricing the
XX.X%. is step debt to with pricing market typically aggressive market running XX% lower in SOFR OID of from with The one to the XXX XXX Xx mid-cap mid-cap again to Xx an generally less leverage lower and ranging SOFR
in The range has or lower. and the XXX at nonsponsor market not over of remaining X.Xx much to XXX all, at an SOFR of with pricing with moved leverage OID X.Xx to XX%
we heavily originating the Given nonsponsor sector. in relative deals the are of nonsponsor attractiveness the on focusing market,
assets. out more that We new on credits refinancings We've capital in on EBITDAs adjusted adjusted are heavily to they're evidence EBITDA. structure, the of to seeing they short trying are is seen bankers bringing highly trying troubled adjust as market often accepting many volume where a competitors win of
that of deals and the is the of flow come don't and those have think of adjustments, cash We think we we too in believe all of down turning front deals. those many are Many we're negative heavy, us, leverage deals.
market are strong sponsor and free market behind off-the-run the cash cautious sponsor and is limited owners on-the-run aggressive on current than clearly more that market focused environment, also cyclicality taking have a flow, than we The positive the them. transactions the and stance more market. In aggressive nonsponsor
of and As sponsor a most we market. spending off-the-run the our result, time are the focused on nonsponsor market
showing seeing of demand signs respect broader is and that demand in business-to-business weakening sectors, economy, lower in With lower up segment. some in consumer we the the are to
in of to the do Given the believe that XXXX. the slowdown interest economy, the Fed reduce we quarter fourth rates in will begin gradual
million is sheet assets. balance the net JV for activity capacity, of The in million approximately has BDC the QX, of Following $XX existing BDC's $XX capacity capacity. new repayment supplementing approximately
at and will go XXX SOFR above this Deals put generally deals that into plus level are will sheet the STRS balance below the on venture. BDC's generally priced and joint priced be
be X While mandated market segments, working we'd actively to expect volume new and between it evenly in all than is split lighter on we're deals sponsor nonsponsor.
close, should we can of fit any our these no these BDC there JV deals would will mandates elect transact. be into of all assurance the While that or to
third expected transferred the approximately originations, quarter with end, to million be quarter. Subsequent new the several JV the have totaling more originations new X $XX to Of closed are during we pending. X to
have in far, there to JV asset been no the third So the transfers quarter.
this pipeline portion but normally than the be pipeline we of is pipeline time it XXX running that the still Our year. of lower is active deals, about would call
BDC with derive mid-market. leader advantages mid-market, continues the to In who shared architecture in is a provide from the with addition, the affiliation We and resources sourcing our differentiated X-tier lower capabilities. HIG, significant
professionals origination market strength originations White of are free and cautious deals and focused doing conservative located approximately this current The on Horse on taking selection. enables cyclicality be and a regional owners. Based XX has to America. we stance cash across flow, us strong positive limited have in our in deal very North pipeline conditions, that XX terms markets
economic capabilities navigate opportunities economic are rigorous standards. and positioned believe Despite strong source continued softening, challenges concerns to we we continue well underwriting originations regarding our attractive to to and
to With that, Joyson? for call over additional the portfolio review details composition. Joyson turn I'll a of our and
