our some I'd call the a by to taking NCDL's few to and provide for joining for Thank you, Alona, start thank and us discussion current for like I'll quarter, I'll over After more results on discuss and detailed then hand minutes for the on second everyone, coming today. -- you, our thoughts outlook hand a call to performance. and economic that, Shai of the environment market I'll the months. the
our very last pleased I'm since we've maintained call. Overall, with the momentum
second continues that exceeded both $X.XX as picked and to delivered special per Our distribution up XX% net new were loans, share quarter and of shareholders. be originations, we lien the delivered our XX.X% performance strong yield $XXX over senior activity Investment during first of annualized our to distribution. quarterly with $X.XX of million per we which regular investment an attractive significantly dividend share income secured
this driven declined senior investments call. Net quarter, continued Our about which in to by largely will primarily our speak placed investments. of investment on strength losses modestly loan quarter-over-quarter on unrealized well we share nonaccrual, the later per on value portfolio performed we X the due asset that
a LP ahead, deep strong sponsor track as are of optimistic in our the Looking the about Churchill network we leader given record, market, across commitments long-standing positioning middle extensive, an relationships broader core NCDL's platform.
overall environment remains quality the longer the Credit pressures strong despite at market. Looking borrowers. and for inflationary on higher rate
remain year, generally loan volatility largely our the seeing modest pressure, we believe the core to market enables focus see broadly market. during the spread weaker first middle on While insulated we the increased we of half are syndicated terms that in and us the compression from pricing
most like market believe Churchill selective private today. middle to the highly returns attractive result, market in private scaled, the that core equity we risk-adjusted are credit the in As a deep, available managers relationships with the long-standing among
continue resilient, near healthy economic and The environment will believe and term. U.S. the that remains we in
we given of recession activity spending basis. portfolio have M&A our a core middle the to to on see that in And our imminent pullback add-on confidence an and We appears or investment. in seeing high daily yet CapEx market CFO evidence are significant remain
as have companies be to believe half subside. to this is into a have to and daily the monitor environment We year quite borrowers see the of coverage back of inflation a been rates basis, in going see portfolio liquidity going how start our higher we reduce well. Moreover, the pressures navigated on interest we generally tailwind pleased as rate the interest also Fed to move
the health private underwriting strong underlying of us borrowers. will second respect in we to relationships feel flow equity at and quite deep middle positive into be deal heading always half Our provide headwinds. potential both with year market the of And on our community forefront, generation insights the while the with selectivity the
the looking that quarter. deployment factors experienced help the at of was bolster level performance. in results, X second are When we the there our quarter One
other discuss our NCDL's a deployment the Shai leverage was very second This meaningful strong. uplift of during capital detail. QX. managing to in was NCDL's The profile, will which compared discipline was in more quarter
In success. represented our activity the was much one strongest that for history senior particularly of origination responsible firm of area, origination. in of our in of of fact, QX in terms quarters activity the XX% which represented resurgence the over our And of loan lending
a of increased In the strong year. senior the loans the value the in nearly of first of senior portfolio, overall level activity, past the fact, highest lien as lending spend fair level result XX% of to of
diversification continue investments will to as senior a deploy capital market opportunities to in middle loan as we prioritize portfolio growth public pursue We core and company.
generally mitigation I remains lower strong quality covenants. earlier, long-term asset class including healthy. risk and mentioned floating Like provides leverage credit our traditional financial this feel rates, and We characteristics, strong
value. in our of As X.X X.X rating call, original list at Shai of of remains an our average a rating risk and remains our of manageable will cover all versus later watch internal very for investments, X.X% weighted the fair on level
new the served attachment environment. structuring conservative in approach transactions. quarter. of well fundamentals on a XX.X%. X.Xx we points target said, asset average weighted net underwriting add that coverage pleased rate This result did and new interest of lien first with conservative X X.Xx, company nonaccruals when These this has yield Overall, portfolio we relatively us the elevated of with a low are of That leverage across portfolio direct loans and metrics are the we
of these as in nonaccruals of investments, just as within we XXX idiosyncratic represented X.XX% their shareholders. our as conversations portfolio in portfolio nonaccruals with highly nature, fair new nearly owners end. However, for the companies outcome we both toward of work and are X value diversified equity We a and private the quarter favorable of our view
the breadth you the As proprietary is flow, at in has sourcing achieved selectivity generated able only of XXX and we depth is the continued opportunities. quality originate our and top the our portfolio. call, have portfolio, relationships. the now continued in We improvement This exceptional diversification our diversification by our of additional as the with from to we companies has heard generate significant maintain in total top and deal our of facilitated engine seek of which been critical investments represent resulted record quarter, portfolio. to This deployments in investment XX.X% PE the credit attractive XX
of well is market. believe second the for is the BDCs in core focused half most our From a standing we performance forward-looking strong particularly one of middle on positioned perspective, the XXXX, given NCDL largest and active
underpinned Our construction management. portfolio factors outlook and are worth to NCDL's enabled approach highlighting. by is and key Three
of across strong of number a portfolio focus diversification a has NCDL a high metrics. on key level First,
to looking simply level. diversify sector the not at are We
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all else. a process puts credit that have rigorous investment above quality we Second,
positions we and underwrite, entry to recession-resistant opportunities for market-leading private that sponsors. focus look by barriers we high businesses to in operate As leading on with backed market top-tier high-quality, equity industries
rigorous maintain discipline. strong strong unique Our deal model enables investment and process sourcing credit and to maintain flow us a
to the less willing we in heavily borrowers. attuned lower needed of new We're aggressive. not is on packages. able deals this as that third volatile risky. debt. the business we discipline consideration spreads believe a as certain transition why and ARR away our portfolio service transactions influences as example, This enterprise do new execution very brings value is where to existing especially our an invest we approach from underlying tighter which And flow, true leverage us important cash As assess walk to as facing also interest as crucial, is too ultimately to burden well overall we're which an more both structuring factor environment are That with companies important. terms in well particularly conservative carefully to on in more multiples loans, and This that rely and covenant is tighter
origination market LP private strong enjoy Churchill nearly private with more sourcing Over Our differentiated firms. worked highly X model. relationships. We decades, than XXX middle and has equity equity
and sits over has Churchill leading over U.S. market advisory middle private funds today, boards. fact, XXX commitments In equity XXX to on
the a strong and We in to with and evident activity with middle past that to the core be market relationships, we'll have long-term established a been deep continue of NCDL similar see advantage dynamics saw through and which and This trusted provides us our investor was the generate during advantage. we investment very sourcing year. much as continue across record balance quarter the we believe platform, move information
highly believe a of market optimistic opportunity. private about remain well growing we positioned longer-term outlook we as NCDL's advantage to Overall, take we credit are
And hand financial in more it to detail. our Shai discuss results to over now I'll
