Thanks, Katherine. you our joining joined Joshi. of call to Good thanks on and I'm Boyle, here today Financial morning, this morning. Mike our Officer, Amit all earnings by us President; for Chief and our
the fourth performance, and full our year XXXX In terms then market of overview some the agenda our for positioning. thoughts the quarter an of results call, I'll environment start our with provide and and overall
and greater and Amit financial investment will results Mike discuss in portfolio Thereafter, our detail.
leave for the also at time end. we'll usual, some As questions
income annualized share results. fourth book quarter of yield QX XX.X%. was delivered $X.XX, after yesterday, net full and strong an So year close, on value representing we XXXX per investment market
on XXX% income continued return earnings coverage. QX reflecting value with share dividend to excess of Our dividend an net were be annualized $X.XX, book X.X%. our per in regular of well investment
XX.X% an equal per investment return share was full to the income year XXXX, net on For $X.XX, equity.
representing our return earnings covered equity the XX.X%. XXX% year. of NII a total dividend regular by during full $X.XX, on XXXX Our were share per
Our payout consistently strong our dividend annual the year net performance. earnings continue fourth to demonstrating consecutive exceed our credit for
Our were credit our the portfolio throughout and the across middle-market interest borrowers fourth driven income results by stable earned performance quarter our during that from and high-quality year.
asset net up share, and from at the value from from underlying ended QX the Our the of XXXX year as down quarter strength. $XX.XX reflecting $XX.XX portfolio $XX.XX previous per
attractive from per dividends as record our the holders quarter Board of end, March dividend value XX, for out past interest level, to dividend shareholders to to a and share shareholders XXXX's dividends. XXXX. when equal $X.XX higher feedback setting first totaling our dividend a and XXXX, an existing in year, appropriate paid also of our X declared much increase the date we've in We years. dialogue share including environment $X.XX rate during We the record Subsequent like very in XX% our an from framework considering per to experienced quarter
quarter, shareholders of dividends in our consecutive per earnings levels dividend quarterly X our of XXXX XXXX investment additional share regular strong year. declared our to in excess distributed payments As net be totaling approach per continue for amount, of to with to produce $X.XX Board income share our last per $X.XX consistent
results. impact on payment our by the no our of month. in This date change our dividend record the compared shareholders, dividend such has timing payment our This from feedback XX quarterly with change each will accelerate days our payment approximately also our date date the and record prior same conjunction quarter financial to the of date Board will In approved a and during cadence. occur that material
both attractive including and an level rate of on record payable for annualized share quarter are for additional stockholders XX.X% total on the a as which first ending XX, dividend, March value are believe per First XX, XXXX, or quarter our XXXX, of represents $X.XX regular shareholders. to book the dividends of March we XX, dividends as December
XXXX to by a volumes, platform middle-market their originated BCSF $X.X which more year M&A billion, Despite XXXX, of double respectively, turning marked more volumes. subdued. and market. group had still credit calendar BCSF this both loan In XXXX and levels $X than So and billion active highest the was originations. of over backdrop, our private now -- our remains were activity broader year although platform broader
seek terms we approach market control out have value and base much us lending such stronger being attractive investments in we to the tighter And can lending through and higher importantly, this for we in Capital's the in majority market and segment a view. underwriting long-standing market. continue our and selective the scale We also controls Nonetheless, of we segment favor where more middle activity positions positions within and holder agreement of group. attributes direct premiums attainable well. spread in documentation core containing covenants, see as presence within by Many the financial the remain our lender that Bain tenants credit are
was Across our direct our to fourth originations approximately the the $XX quarter, million. median during EBITDA new platforms borrowers of
and spread of basis XX.X% a and originations. to approximately bringing continue While weighted compression, new be leverage we on recent points with X.Xx XXX structure yield to the have these of average seen median spread some attractive terms levels
containing to in eventual and core positions tied discretion. portfolio our remain that on investing provide XX% nearly in financial statistics were us drive debt at continued originations debt We new nearly our QX controls our structures These management's broader of tenants. us of our strong with covenants focus we with consistent are these with companies to allowing tranches And outcomes exhibit XXX% on lending portfolio control to forecast. also focused structured majority these documentation have
value, our at December XX. decreased on X.X% and are respectively, strong investment sector long-term X.X% averages to on averages below Credit in of at consistency quality and have and X%. represented average fair BDC fundamentals nonaccrual long-term rates of inception BCSF's be XXXX, remained quarter-over-quarter continue These and Investments the our of as and cost X% of Since portfolio. performance. the demonstrating approximately -- nonaccrual low cost, across nonaccrual amortized approximately our current
XX% versus activity. overall also PIK than And investment the less of notably, result income. outset majority the was income at our PIK investment structured is the later our of of vast the of amendment being
the earlier extending million balance $XXX Lastly, sheet year, side lenders far notes XXXX of we at XXX into the we In company March and remain to And a our coupon XXXX increasing of bringing our and this with X.XX%. attracting strengthened QX of the our active maturing new by XXXX. in liability also commitments revolving structure thus XXXX, points credit the facility while to issued all-in basis unsecured maturity in date. spread right-hand
with at our XXX to debt We basis XX. as is of parity basis spread swapped plus on notes which these floating weighted floating rate December SOFR points, close the average to of XXX.X points
debt ahead maturities pleased investor institutional in in a This us demand a XXXX. are see spread. debt from of new paper this markets, levels strong the for tight our We positions issue to as debt well result, issuance and benefited
$XXX capital issuance. leverage At facility, the unsecured which revolving million with our of and ratios on were liquidity forma settled trades total for our net quarter, X.X basis. the credit gross in the of across cash, falls X.XXx, of notes range of on our net our X.XXx overall and pro end is Our to available and a respectively, middle X.XXx net fourth strong target liquidity undrawn recent
activity drive investors. and for M&A loan increased for in execute are and these for as on outlook current believe well value environment the in well, the we are we optimistic our middle positioned opportunities market market With XXXX, increase further to we to volumes
I'll turn to President, greater investment to our over our the call now detail. through walk portfolio Boyle, in Mike
