to Great return this to-date The X.X, with as total morning thanks reported everyone thanks inception annualized and That highlighted Michael XX.X%. quarter strong NAV outstanding based total return a morning. on a performance first NAV, X.X% our BXSL credit our joining quarterly Michael, by and based dividend. brings for good call and along on well-covered
pleased this markets which be credit with in equity markets, that in happened materially. we'd While quarter is results declined truly a most what's these during remarkable and
X.X%. index the and XXX With S&P down X% the loan down leveraged S&P
senior the companies in the fees first BXSL market portfolio value, only was also leading risk time. business and the tailwind. structure, not environments investing less ourselves durable than we we portfolio in XX% defensive of for we loan more more XX% today. less low is with have industries take one to BXSL of the with lien built in invested challenging returns larger for secured market focused at with loans highlighted the in and can but like As capital the drive on models secular over in strong very with find focused investors By top with expenses, past,
which defined compared other of BXSL we In assets was deal the share, from higher ratio fourth by more a on dividend despite regular those coverage characterized activity zero. quarter, prepayment environment focus XXX%, with in income, to lower and As structure, the the by net scale the first assets with concentration lower That regular BDCs per fees. lowest $XXX of $X.XX starting a dividend senior and highest as lien lowest of year at million first than quarter. market fee has end the increased at dividend $X.XX secured non-accrual delivered well of a covered investment
to $X.XX an there share. this dividend, special addition quarter were dividends have to later two regular special additional the our year more two and In we dividends paid for per declared $X.XX be in totaling
X.X% during increased quarter. of Excluding the have the dividends, special impact would NAV
and an attractive about While believe we volatile rising the steady BXSL's Even quarter, what may for was portfolio most that positioned there rates. of BXSL's defensive we're ahead. environment on horizon, rising macroeconomic us performance interest excited composition though headwinds first structure be during a and make well lies liability inflation
turning cover our themes few a over I'd review before Steve it key today, like to results. to So financial to
exceeding normalization defensiveness rates our in front, values First, as and In committed over BDC portfolio available companies second, the Blackstone as fourth, for Year-to-date for the cemented unit when industry. we're in making BXSL prepayment Blackstone quality help today's manager capital past Blackstone current the XX mitigate environments most time, the Starting to have was a, third, deal because in it it of largest finance we the pools on and income high interest - an Advantage from credit can months, And is the billion. robust market environment franchise, largest that operating platform with time. capital. vast of transaction. BDC tool has The to financings. companies over $XX our billion further XX Blackstone leader transactions private I'll Credit environment, lender of that largest investment especially team the inflationary has of important $X upside enhancements benefits itself pressures. potential from mega our tranche large with led in transactions plus discuss from income higher the
debt the XX fact, teams that platform and markets. Blackstone BDC That of employees investors our with trillion Manager BDC with of the gives Global year, earlier the tremendous corporate multiplied recognized is in Year our Deal over as private under overall $X credit larger large Fund sector and transactions. along Year times debt and over Manager this XXX was America's and over assets the investments. origination nearly the employees in connectivity around of In over. world offices for many the there Blackstone X,XXX connectivity winning of deep X,XXX regional are by Credit, platform, insight, one management, Across us Year Across in
across but not team access it's investment And senior Blackstone to leverage scale our of investors. the we XXX advantage how to advisors just areas it expertise. of has BXSL's various example, over For Blackstone,
expanding by benefit our will expanded, it exposure verticals and largest we sector attractive long-term that to and and its hires Credit origination, sector see invested Credit Blackstone has enhancements origination base bolster which also opportunities. capabilities capital over year Blackstone's healthcare As our other technology be headcount also including to Those where in targeting new areas. today. BXSL's support verticals, expertise end, more expertise BXSL XXX across has is meaningfully happen by sector
was capital challenging Second, in portfolio protect BXSL's to environments. designed investors' market
and well expanding growth margins. non-accrual companies As in on none of aggregate companies revenue EBITDA healthy end, are experiencing our of as as quarter are portfolio and our
business in interest And Inflation overall year become chains rates in more along challenging. are a XX rising has high costs. areas. environment are the the certain at undoubtedly with Supply financing U.S. is However, disrupted
operational companies average those by more experienced of thousands protect into challenges loans on on early trends costs. the economic debt us. unevenly where given some companies. points as sectors, believe We secular we We've that XX% expect investments to growth The that offset debt Blackstone generally industrial as larger the such Most expenditure significant especially requirements will revenue pressure. bear of equity subordinated and management disruptive focus of from structure inflationary advantage, have part rising which power, largely capital firm. down managed loan as holders. the this build we In businesses, sophisticated We other are you are felt secured can to to our saw platform areas, theme. lending further largely we unsecured are businesses these teams, an with more across areas case, built and of amplified senior We pressures brunt developing support. inflection have certain economy. is and of backed value avoided and move protected, a and move more many input us across portfolio with and inflation With risks that around portfolio the more believe and the privately financial smaller from second and capital our originated pricing into lien We sponsors of be and as non-cyclical being comprise debt gained below you And read portfolios get an equity.
Looking ahead, we and very feel of our about the quality good the portfolio. resiliency
from time over fees. potential growth rates income see and we Third, prepayment
interest profile Since of our us have rate rising Nearly from and floating, back LIBOR points average rate quarter points an with short-term liability to assets. decided our BXSL's liabilities potential, significantly, to term while rates still are three are Short swap interest which above on nearly fixed basis increased to end earnings XX the now points BXSL XX interest at those asset basis average Our our benefit interest us of to investments enables quarter, X.XX%. rate liabilities downside from investments. upside debt rate basis XXX% XXX XX% call and rates floors on last rate, have our are all powerful interest as month protecting points to of interest earnings giving basis floating with We rates. XX not increasing floors today. our of
quarter basis the over. Based move quarter recent of we the significant benefit third to resets, year this in already year, begin XXX contract points end share $X.XX would X-month of Since increase we on XXX in Given quarter basis date quarter increased LIBOR LIBOR LIBOR, increase and XXX by the point rates points. LIBOR rate given estimate the XX $X.XX basis XX of have and rolling timing result expect the moves in point point to of timing from most of basis that a basis end, from per increase. incremental from earnings per in
While may compress partially fairly BXSL, from drive activity by rates will investment will leverage this come quarter which desire turns rising rate benefit over the offset our the a at incremental driven light environment, as for X.XX in spreads prepayment which end primarily was could higher from the higher maintain from income fees. to portfolio times. In
side to was activity side, to low The of turnover. income. $X.XX level which zero, we lower is for would at only BXSL lower investment a our fees those historically positive our capital the investment prepayment due due covered its meaningfully of penny income the BXSLs limited able were portfolio fees activity. Prepayment around optimize for this to availability, On if flip have to dividends. that net were one that was accounted Even we prepayment
and term, superior rising advantage delivering how coverage subdued boards. companies proposition lastly, Blackstone we fees our prepayment believe helping time quarter, over remain rates. talked Fourth, about that our in could is combat a near we will inflation. expected grow to Last over we our program the with value Our
help rising expense of been procurement, in through We demand an has our pressures on which services given borrowers reduction those by One taking cost can believe is those active supply and we chain bottlenecks. mitigate role. high
materials, our our auctions to their offering, supplier experiencing inflation. RFPs building For well obtaining example, one overall been We've and was challenges raw closely on that as portfolio its out behalf. of leverage working company as controlling cost companies purchasing and with challenging group
challenging also the footprint, working lead we've identify carbon all total reduce platform, far, map emissions. withstand through savings. than Across more dollars So lies of ahead an what of energy of and to projects, savings for their saying and for -- cost designed renewable portfolio which quality has enterprise to yield. we've created environments identify emissions that a lower energy helping program, close we're million annual I'll $X We excited resources, for our BXSL. value companies that about credit which procure high is this by We're them to nearly costs sponsors. billions durable Blackstone extremely and deliver of $XXX also million should attractive, of helped I'm built identified
is quality, platform cost is business that stable, support this structure portfolio scale represents rates company economic and going that upside and attractive investing we environment. version creates providing our operational the that low to for platform. positioned high a investors the well will defensive in results public for engine interest with drive of companies. a unmatched Pairing into And strong that our a higher We best believe think powerful forward. more from sourcing Blackstone even BXSL Our with is development
over I So turn that, Steve. to with will it