Thank good Michael, everyone. you and morning
combination assets, from our rates the premiums. loan floating plethora of our prepayment Our a interest yield-enhancing and within structured investment benefited and embedded QX diverse a such provisions [ as transaction make-wholes and origination income higher ] on activity investment of net portfolio, fees our from MOICs
has being We in investments the XXXX capital inflows as in dynamic large-cap beginning the abruptly direct flipped CLO and with conditions the market new chasing platforms, of selective change of vehicles at markets. market with a the highly transactions, risk resulted on capital into as syndicated larger cap market remain rapidly loan switch substantial particularly
coupon capital looser lower larger in credit attachment throughout leverage terms higher resulted levels the spreads, markets. and loan has This
expectations for We this dynamic have EBITDA. $XX-plus with leverage increased upper creep of millions spreads where into have seen middle the companies level and market, tightened have
to to the EBITDA. stick companies annual million knitting $XX be on middle our market; with of consider and to million focus $XX we what traditional to continue We
in We continue a to see of opportunities pipeline nice this range.
new still point period spread basis XX the favorable we in levels While year, prevalent below the the cap market. larger points compression competitive versus comparable have XXX-plus to for XX last trended believe issue basis more
respect rates and cautious interest higher persistence U.S. levels. light and with and defensive to in the slowing particularly remain of consumer, GDP inflation the We of
finance activity relatively QX of pick leverage to M&A Traditional up levels XXXX. the market from began in subdued
debt where is or or years was the and the to and additional pursue to chose We refinance X the strategies. acquisition M&A provide continue where groups that to sponsor of capital see lender additional an private capacity incumbent sales equity refinancing activity required add-on beyond
expect We activity the in and XXXX as thaw in M&A accepting are buyers readily rates. for to believe interest higher-for-longer we more reality continue sellers the
syndicate market, focus technically where suitable We to at have expect first extensions, roles disruptions lien where issues such the existing for on also maturity drive identifying exchanges continued to we to restructurings seek in holders or discounts changes, and due acquire or tranches in we were ratings that lightly as syndicated par to the our loan processes refinancing that active loan of the syndicated investments. restructuring driven not significant the the
was chose beyond sales sponsor the M&A years to X of additional private capacity strategies. or equity and lender provide the to an incumbent or where refinance groups the pursue
we and readily tag the expect are We and reality accepting higher the interest more XXXX for rates. prolonger M&A believe activity in buyers continue sellers as to
the extensions, syndicate the have and tranches for maturity in We or lightly also exchanges par seek such the driven technically expect investments. holders to to to to we changes, where that continued loan refinancing or existing roles restructuring where lien our that the rating not focus as first syndicated of on were drive acquire the active restructurings due issues significant loan discounts at suitable processes market, disruptions syndicated identifying we in
the through investments acquired United growth well our we and purchase the income purchases discounted of that noted conjunction repayment YAK at MOIC refinancing and our from Young. the as in of activity and QX To Avison discounted a take-back the purchases We Rentals realized restructuring.
Avison and returns Avison company a and a deleveraging on XXXX investment. closed Young debt investment as of that restructuring on loan from premium our fee by discounted equity PureStar, in significant received income previous an into quickly from this call, and lien the repayment, realized exchange was preferred of [ our QX for YAK loan significant benefited significant backstop and As in We first of X earnings and recapitalization positions in highlight as with comprehensive Aveline, attractive we realized on future MAT loan Young. we announced investment QX. return we in MAT transactions, transaction our ] attractive the investment recapitalized income the equity
the transactions capital have of the first structure representative driving our where of drive we identify investors at the These our to opportunities are of special we where to incremental involvement situations top outcomes situations. the investments in active more lien focused through yields
rather structure mezzanine incrementally the investment features, enhance We co-investments as secured call equity enhancement capital top to structures additionally yield to continue than for ] riskier [ protection, reaching such MOICs provisions, at yields to incremental the PIK of deeper achieve into make-whole capital provisions and and yield. utilize
of X from higher by income flow situations such where can our PIK we as matching finance attain As investments litigation is PIK X strict a structures annual interest. investments Over and companies cash reminder, rated flexible our approximately collections features yields derived or highly XX% with timing risk our or incremental structured cash coupon PIK risk-rated upon XX% through XX% X sweeps our or is PIK where of better. either are to portfolio in
QX our to now and activity. portfolio Turning investment
a whom partner. several include [indiscernible] financings mix we completed QX, of investments. lien first transactions These as completed impactful During Care companies first , partners Family where key portfolio American acted with we together. an of attractive either many we completed impact, had long-term have -- or successful alongside lien club We our arranger direct we private new for investments co-lead and
add-on X.X% approximately American companies for average Mechanical. the quarter. coupon our and We direct weighted SOFR investments also was and Media, in portfolio including portfolio Rogers new investments completed The OptioRx refinancings plus for for companies, [indiscernible]
These portfolio diversified X new XX% During million X companies, million $XXX in investments private new opportunities add-on with were direct approximately in investment across and and companies. new commitments $XXX of was portfolio existing investments new funded. for QX, we which made across
repayments Pentec, in Compression, The half We quarter. the were also quarter, last which of and R.R. million primarily the or at a Services the sales end nearly the $X repayments within Donnelley. million of of at $XXX Ampac, our several debt full of funded had back-ended with occurring total full We and investment totaling repayment unfunded previously commitments. the consisted for of weeks
for quarter. decreased As by a result, activity net million investment $XX approximately the funded
XXXX strong and direct in continue to trend loan refinancing fuel as repayment active cash the likely repayment syndicated activity. into inflows funds and expect will We
end our are fair slightly declined of as the QX. nonaccruals at X.XX% value at of end from of portfolio's We X.XX% performance pleased the with of value QX to continued fair
name, our voluntary for earnings previous positions first a our nonaccrual backstop new investment call. and this received lien in in quarter one of a company. member We the process fee, indicated second added the take-back was this as our CION second package Ambrosia debt restructuring lien lien equity were on company No Group we QX, names to removed the Trimax completed backstop from and as nonaccrual of quarter. and a in
defensive in secured Overall, better. our remains and nature with risk-rated portfolio investments. our first XX% senior or remains of Approximately XX% in lien in X portfolio XX% investments
investments, X to the we are are repayment either engagement which risk where have increased risk-rated portfolio. initial approximately time X.X% asset the more and/or purchase Our since investments full XX.X% spending of seen expect but from increased
higher This investment Keith. refinancing now portfolio we by call or requiring companies to the turn our actively a that will merger, I largely team. recapitalization increase engagement was driven transactions working more by are where over are on level
