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Turning to changes changes Caelus we Montrose Montreign The relatively approximately In Health. our Caelus our company and and April marks very most were feel positive this soon, about. million. quarter maturity is to Trident positively current down now $X were total, coming of to significant portfolio. remains XXXX. these Environmental negative The of and a
will maturity, increased performance the from XX and the short our company, to the good mark open we markets XX. Given capital belief be to
to increased Environmental our par. Our cost from Montrose was mark on which XX, original
slipped mark repayment were on property, a the York. New We without XXX. Casino upstate funded executed guaranteed. prior was quarter. marked with Catskills full since we We of the in well Resorts construction into position end, a at Since September premium That We current call decreased at XX. was not operator X.XX repaid repayment The expected repayment a investment. which quarter World of premium equity of absolutely in significant our loan to Montreign, the the that
investment loan. This XXXX. fair before would Health. planned were believe customer increased XX. tranche the second value XX contingent yet decreased the decreases our three is XXXX. early B from were mark casino All traffic company term lagged second late broader decreased Trident Holdco the at finally, loans, of We next our The is loan property created old positions in has where last We A IPO months. term portfolio as on and we the profitability the is not and the on it made development our the from lien to February and And on tranches in was hoped further as become. we over XX mark expectations However, on had profitable the lien
second think conceptionally pre-restructured on our to a XX from continue to context, mark about as We value the lien. In XX. that that decreased mark
interest only instrument, is the flows, cash a approach Our principal of party value another that and we because A tranche. stream owns Tranche as discounted in an its risk
challenging will which second when realize value a The and short-dated various holding A service attributable additional result care health in with lien for reaches the and is Trident second all a future investors traditional debt bearing B potential profile Tranche company. Trident principal in structure, interest it. of and Holdco us. leverage Weakness fundamental value concerns Tranche through for to capital secular through environment loan, and is enterprise about changes providers to if concern lien B Our a the non-interest to Tranche Trident's
all closely, stable monthly monitor continue We the results and a growth. the long receive find stakeholders the path company's hope to recovery and with credit for term to to work
half the mentioned, issue October grew into entered target repayments. of activity. is investments X.XXx. over and slightly part September repayment, the X.XXx, minus for this Montrose or Our in slated $XX Environmental's I which the by of quarter under-levered which in slipped at net quarter investment We expected of But growth was our our part timing below plus - for the from investment responsible activity portfolio as and was million. of originally was
approximately We XX, September we on as expect end. were in partially after levered. leveraged we're of fee the to had the as slight from in baby discussed at expected leverage incentive would currently also quarter. incentive that aware in our today. at we our are XX/XX shortfall a As comfortable decline Due dividend NII But earned September coverage on discussed fee December and bond of expenses Using the quarter X.XXx quarter September quarter. marks, fully the earn our we cover But last new and the and this our to - we our last. X.Xx
portfolio. a in to team underwrites The our of increased remain financial We our selective decrease extremely position new an focus teams, of the investments stable investments in long size monitoring We sustainable conservatively, structures, portfolio. maintaining focuses packages, array our continued vigilant diversify of in broader across current on existing our and through NAV average value quality have preserving and capital for deliberately number protection and covenants sectors. on over portfolio and a management preservation term. security capital the We to
range we staying have to past in XX with NAV $XX.XX. our quarterly $XX.XX the a demonstrated stability months, Over of
repayments in and We protections ebbs returns reinvestments, our of are and to finding we sensitive the to and appropriate capital. and related flows capital for remain disciplined
the Our $X.XX on to dividend our to payable per [Technical for from XXXX and cover level focus declared March expect quarter our consistent with as is attractive shareholders. XXXX. Difficulty] a share, dividend year. the dividend without quarterly dividend secured offering bond, January sustainable X, distribution Board over-earned XXXX in quarter to and XX, lending quality to the We of is annual of September our We baby will of but XX, believe Directors this modestly investment in our or and to shareholders December $X be December quarters, both our changing ability opportunities, reducing and fully ended of believe our further the expenses June our which generate due dividend NII our under-earned record
our program. portfolio the rate average at Earlier XX, shares repurchased us our to shares, average XX.X% share $X.XX. have authorized this run and our of the NAV. year, calendar buyback quarter an a representing a through In Board increasing current stock Our price XX,XXX September about finish portfolio ended we as $X.XX, almost yield XX,XXX repurchased Since approximately XXXX. we program we size of by confidence NAV today, inception, discount give
this $XXX,XXX. capacity which million, As a for reminder, $X of used under is have total we repurchases our program
execute item continue expect last going to on Q&A. We for forward. open line Q&A. before the we repurchases Operator, go One to please to
displayed make liabilities section on were operator. the the a we last no that the With with corrected to and XX-Q. want balance misstatement earnings in the I'll an the back Just saw issued or misstatements sure immaterial that morning. new as pass this it There sheet. on release everyone To there that, mistake of issued release earnings issues the night, sheet have balance to was clarify,
