in by income Ken, related of quarter review expenses debt our XXXX. quarter share was in and negatively approximately results. $X.XX deferred taxes off $X.XX $X.XX compared and quarter all interest income financing excise to to fourth associated approximately our per share in to per us per of asset-based $X.XX SMBC. you, with the third facility nonrecurring you with and the share paying investment and the Net investment share reported of for We thank terminating acceleration financing credit of of fourth per joining net Thank the impacted quarter costs
saw offset primarily helped a to Quarter-over-quarter, driven total by deployment rates. the higher rates. in $X.X leverage continued well investment decline Our during result due increased or the in that spreads interest strong income in base as total million a tightening as utilization, nearly year income by the we year-over-year, income and declined of to as investment in increased fourth which decline XX% the our modestly, base quarter
of share. a third dividend will record of of we XX per XX that paid year, In regular a this special we $X.XX share to April was special at X per share, total our the an IPO. dividend year dividend yield based of February paid dividend value. The this to $X.XX shareholders consisting share per of The share this in final dividend a special annualized $X.XX of of equates special year. be and of dividend paid quarter $X.XX $X.XX January January per of XX% end time approximately asset aggregate, net $X.XX on dividends per our as of on declared this we our of In
dividend NAV. discussed this of and we supplemental the dividend sees of out as special us final a as environment allowing current the payment, our following earnings As in to us dividend, regular intend shareholders over previously, operate returns excess the higher program benefits to well portion paying grow our deliver that with the to above
In in net per the quarter. per third share GAAP income compared quarter, total $X.XX share the our $X.XX fourth was to
of the share Our of and income $X.XX fourth unrealized portfolio impacted net investments. by restructuring quarter of losses, realized net was as per largely result X a negatively
end at the the X.XXx was the is consistent increase quarter. provided previously we a and target of guidance of quarter leverage end our reflects third upper to end target of range of leverage ratio at to Our towards the range. the X.XXx with continued our within the X.XXx X.X compared This debt-to-equity in
per to from increased XX. $XX.XX During share our asset September net at the quarter, value $XX.XX
December $XXX $XXX of value end originations fair portfolio million million. of the investment the $X.XX to totaled Gross compared gross a billion quarter. of billion and third XX, a as had approximately our fair fundings value of As totaled of investment $X.XX
NCDL over quarter, new from mentioned this earlier, NCDL's approximately record accounted fair assets billion totaling XXX investment year approximately activity. firm benefited XX Churchill million. during of As activity XXXX, $XX the in had done transactions across to and which the in was The investing Ken robust the increase a of the platform, transactions attributable largely value across for $XX originations, of
We draw acquisitions. we million. million as in of XX on companies our allows opportunities, financing $XX the form continue And portfolio our portfolio to drawdowns deals in lastly, companies, generate approximately us continue active loans the transactions benefit to delayed of for existing from which totaling be saw $XX incremental to roughly add-on growing term
on million fourth Repayments X% full quarter in long-range for with X.X% in quarter. partial $XX quarter our had line million. third prepayments repayments the X assumption We per in totaled another remained compared deals, X.X% $XX to and the of and totaling
also We out market million of investments. $X.X worth of sold upper middle
quarter. deployed we $XX approximately during basis, net million a the On
portfolio. the consistent discussed in strategy the that call, of the our Ken deployment As in saw earlier was we fourth NCDL's with optimizing quarter
the As prior a flurry to a activity as strong years, fourth slip quarter, a to start. number we XXXX meaningful of seen transaction of compared the transaction saw result, and for quarter, in into we saw off have deployment a first closing
traditional cash from As away increase we more market we transactions, upper deploy primarily liquid and rotate middle-market repayments continue from ahead, to redeploy into assets, to the portfolio received expect utilization. leverage middle look our modestly
top diversified from value XXX only fair of portfolio, compared at [ of of consisted portfolio the with prior XX.X% XX.X% and to third highly total quarter the remains names end ] of the end Our the XXX positions down XX in quarter quarter. the of the as representing names
is the total size is only position exposure X.X%. our and largest X.X% Our portfolio of average
to do of this risk We a high size by continue mitigation position level as diversification tool. key
documentation markets. the debt traditional the and higher into terms middle with In and terms market our benefit originations the dollars believe spreads of middle during the in on well than segment, we senior This NCDL more as quarter into the the the loans, investments. XX% quarter market selection, deployed weighted the towards will middle upper deployed shareholders BSL asset see traditional middle as again were representing junior upper of versus traditional middle-market we market during focus as new balance meaningfully tighter
in stabilization we of spread quarter, during middle XXX traditional XXX quarters that the the saw the market in saw the across following spreads we During fourth a range. of tightening XXXX, over the new to transactions on markets X [ ] with first
at quarter, a investments with repricing from together end at and in the third end on quarter. debt decline the quarter of by yield Our driven the handful weighted primarily fourth of XX.X% during at the declined SOFR transactions average to XX.X% income-producing of cost the the
we the end the slight with quarter, representing structure at we what fourth of Additionally, XX.X% focused from of a top the of remain portfolio the of the on the to continue loans the at capital increase reported lien end third quarter. first
of We also which invest continue portfolio the X.X% equity, comprised as of opportunistically to in the debt quarter. junior end X.X% and of and the overall fourth
target of the we XX% that junior single-digit low equity senior reminder, equity and in balance a percentage to time the target range. loans our we a committed communicated remain to debt with co-investments of and at IPO in with XX% As allocations the staying the
to Now credit quality. turning
good weighted Our X.X% We status the quarter-over-quarter [ rating from at X discussed end quarter, investment quarter. portfolio shape as of ] steady nonaccruals investments average as X.X% ] remains internal third nonaccrual in fourth [ no relatively very were Ken in had removed and earlier. remained at compared as to new our risk the the
pleased successful We portfolio the third restructurings on cost, investments, with our the only team the workout are X of at value of to status, value X.X% fair nonaccrual quarter. highlighting This name of at of At had X.X% we end and X.X% just respectively, only the the and year-end, outcomes and of the nonaccrual during at cost. compares these X.X% importance X of the representing the fair processes.
to and quarter-over-quarter, ratings X or consisting stable internal with positions removed. watch list worse, X Our risk added list the of X of names remained with watch
value, of watch portfolio remains low X.X%. relatively of a fair percentage overall level a list NCDL's at As our
December of of X.XXx as In terms compared increased as of debt-to-equity XX. ratio our September XX leverage to X.Xx utilization, to
directly time our expectations with incremental pleased We was at our of with in which IPO. line leverage this are utilization, the
capital to to operate end to to towards and be debt continue deploy efficiently equity. of able range to expect of X our target the upper X.XXx We
was we we unsecured SOFR repay swapped with rate grade As inaugural to Moody's. and our with were asset-based of in borrowing year, notes paid reduce on further on [ took bond full us diversifies of our we credit ratings forward. due and In In Wells ] SMBC, terminated borrowings our also we reception costs [indiscernible], this sheet. the plus million This We facility of the the outstanding at January the and we received the which note to towards prior basis SOFR further mentioned our X structure replacing unsecured coupon facility, a terminated bond Fitch that going XXXX. from plus connection $XXX markets. a XXX allow XXX to SOFR we October of which strengthens our step XX In points. the with offering of corporate floating on our call, our X.XX%, the and facility with our from in pressed optimizing execution and issued revolver, in Jan we year, which received borrowings priced plus expensive balance using a This portion an pleased points our to capital down capital issuance we XXXX and capital from facility. our structure. off this basis it eliminated Fargo most additional of Furthermore, unsecured financing at issuance investment fixed we proceeds of
NCDL With of down and million X reinvestment our secure AA XXX. the a up addition, week, on on debt replacing of positioned able we are notes In from In overall reset fourth NCDL borrowing expect reset, near-term no $XX points. our borrowings of for of SOFR reducing transaction, this opportunities and to and investment unfunded AA, tranche XXX $XXX transaction to available a cost with points priced basis previously. CLO program. plus corporate revolver. from through plus to issuing share CLO-I [ we to we addition, XXX [ SOFR basis from repurchase advantage attractive plus plus the we fund X-year financing SOFR to this well this take weighted were years of the end the With XXX ] liquidity to reduce ] average the earlier SOFR In costs we aggregate, period, approximately debt commitments quarter remain the of incredibly debt as to million of points basis maturities,
portfolio while our for optimizing discussed, on As increasing focus from reinvesting is term the our repayments, actively cash and leverage near mix the asset received modestly the utilization. within
February of under share repurchase million the year approximately increased continues in The and operate trading our program its December utilized the shares volume program approximately and level remaining. in $XX Our activity last of on represents modest XXXX use a of XX, program, of increased to Through effectively leaving we've the liquidity. million available based in early $XX NCDL.
final that pre-IPO available January total Lastly, anniversary of [ XX occurred X-year bringing from release released for number the $XX ]. which year, our on this our are affiliated lockup lockup, of remaining saw the shares over on of shares the million to IPO trading
shareholders, reminder, we for As for XXX coupled over were locked that Affiliated payable dividends XXX earlier. I shareholders and and pre-IPO mentioned X shareholders of pre-IPO time our lease locked were non-affiliate at special quarters the IPO, lockup up year XX, up staggered put with a place a our days. in full schedule a
back to for remarks. turn closing now Ken I'll it
