Thanks, today. for morning, and joining Dana. Good thank you everyone, us
First, cover let's our high-level results.
income in investment line quarter with was share, net $X.XX per first Our our previously dividend. declared
driven of primarily share down from modestly $XX.XX, quarter market widening. $XX.XX, per value of We also net share per asset reported our fourth credit NAV by spread
dividend, little economic and is the to our very positioned in pleased point geopolitical led increased inflation, Despite our the markets. around income credit an the our policy a quarter contributor despite market. uncertainty, share in fee deal across This due we evolving these in quarters, the was repayment M&A quarter $X.XX our related in but shift of portfolio in a were environment broader meaningful Investor able Repayment given generate the This consecutive seasonally to quieter was in our NII results we was half covering to the of second to performance third it volatility a because how inflection two very quarter. per environment of and XXXX. economy income, the for with first clearly was how notable and concerns developments, active was one, the the Fed primarily environment. last are
to into originations, the originated During quarter, first redeploy optimize of portfolio while spreads, new lien we We able core billion in our or capital strong the mix. higher quarter across maintaining unitranche power at a continue the spread and still roughly assets repayments $XX.X investments generate spread NII term lower primarily lien which interest this attractive to XX% and significant were we our our income. from first portfolio, We quarter finished continues demonstrates dividend investments, even without income. portfolio with to believe We loans. XXX of fee healthy earnings our
in deal further addition, would in the income, year. of half activity see In expect second rebounds benefits repayment rates to rising and increase an as the from we
first time, in the range, target within our $X.XX Since drove in significantly share. quarter per we almost which ago, NII year a XX% an that to year-over-year. our of portfolio perspective, the some For leverage increased grown increase XXXX, and have was NII
remain expect portfolio borrowers closely, continue to our continue our we monitor well. resilient. of how of is current macroeconomic portfolio the recent while diversified the largely been We the has And chain and From the disruptions is costs, The to rising ratings to it perform impact performing pandemic are challenges. with despite to we well portfolio performance consistent. in also supply of our internal XXXX pleased and well effects the
with lowest the this the based portfolio one We to and at We our representing one status, points. only XX on company believe X.X% the non-accrual of low basis remains of BDC ratio and have roughly in performance annualized supply loss been issues quality in models. very have levels long-term businesses invested the These various disruption, fair revenue sector inception, on chain well continue our orientation reflects value, by enduring historically have of we less investment impacted process. businesses performed in such service-oriented market non-cyclical cycles. Since as and have
margins companies half of strong. insurance, healthcare end, customer quarter services of sales and have financial such As service-oriented in more as demand, were than our software, portfolio and where sectors, remained
certainly commodity in allows costs credits leaders their many freight often their experiencing to customers or select them these some labor, have which to cost pass to pressures through end price markets, our many we are of While prices, borrowers due of on increases.
we experience may to expect large, be current of lag, most environment able well. temporary they to companies a through and manage as by the our While
environment we average from an with also We on how ratio a of strength environment rate will as of a X.X enter large are this tightening entering majority position interest our are times. focused a Fed rising of impact our borrowers The coverage borrowers cycle.
We also loan-to-value us our the scenario. cushion a XX%, is approximately in ample that giving in take downside comfort average portfolio
they believe monitoring will strong economy we our tailwinds as our With expect increased of increase and cushions be and will our and more quickly We impact the to US borrowers of to in detail. adapt are they discuss continue financial with discussions based in will evolving but rates to able prepared comfortable Jonathan to to I our over even that, it closely borrowers, the respond well turn borrowing the to on as market support expected. the maintain costs results are We portfolio on businesses conditions.
