Net asset value per share for the quarter ended March 31, 2021 increased 0.6% to $16.00 from $15.91 as of December 31, 2020. The Company’s net debt to equity ratio was approximately flat, at 0.96x as of March 31, 2021 versus 1.00x as of December 31, 2020; Net investment income per share for the quarter ended March 31, 2021 was $0.57. Excluding purchase discount amortization per share of $0.09 from the Merger (as defined below), adjusted net investment income per share was $0.48, equating to an annualized net investment income yield on book value of 12.0%.1 Earnings per share for the quarter ended March 31, 2021 was $0.60;
The Board declared a regular second quarter dividend of $0.45 per share payable to shareholders of record as of June 30, 2021;2 In addition, the Company paid a special dividend of $0.05 per share on March 15, 2021, which is the first of its three equal quarterly installments of special dividends aggregating to $0.15 per share; As of March 31, 2021, 63% of the Company’s approximately $1,608.0 million of total principal amount of debt outstanding was in unsecured debt and 37% in secured debt.
No new investments were placed on non-accrual during the quarter, and as of March 31, 2021, investments on non-accrual status represented 0.3% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively. The percentage of non-accrual investments was unchanged compared to December 31, 2020;
SELECTED FINANCIAL HIGHLIGHTS
As of March 31, 2021, the Company’s total investments at fair value and commitments were $3,426.4 million, comprised of investments in 118 portfolio companies across 38 industries. The investment portfolio was comprised of 96.8% senior secured debt, including 82.4% in first lien investments;3 During the quarter, the Company made new investment commitments of $188.3 million and had fundings of previously unfunded commitments of $44.7 million. Sales and repayments activity totaled $254.0 million, resulting in a net funded portfolio change of $(58.2) million;
(in $ millions, except per share data)
December 31, 2020
March 31, 2021
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