Good day, and welcome to the Prospect Capital Third Fiscal Quarter Earnings Release And Conference Call. All participants After today's presentation, there will be an Please note this event is being recorded. I would now like to turn the conference over to John Berry, Chairman and CEO. Please go ahead, sir.
Thank you, Chad. Good morning, everyone. Joining me on the call today are Grier Eliasek, our President and Chief Operating Officer and Kristin Van Dask, our Chief Financial Officer. Kristen?
Thank you, John. This call is the property of Prospect Capital Corporation. Unauthorized use is prohibited. This call contains forward looking statements within the meaning of the securities laws that are intended to be subject from those forecast due to the impact of many factors. Do not undertake to update our forward looking statements unless required by law.
For additional disclosure, please see our earnings press release and our 10 Q filed previously and available on the Investor Relations tab on our website prospectstreet.com. Now, I'll turn the call back over to John.
We at prospect have managed investor savings for 32 years. 16 years ago, we brought public Prospect Capital Corporation. Over the decades, we have weathered multiple business challenges. Stock market crashes, credit market dislocations, hurricanes, liquidity crunches, epidemics. Learning something from each challenge, readies us for the next one.
We have learned to batten down the hatches when we see storm clouds and to unfurl our sales for maximum speed as During the last recession that sank Other Boats, we went on offense to purchase Patriot Capital. The first acquisition of NEBDC. Purchasing Patriot at 50% of NAV enhanced dividends for years to new investment opportunities emerging each day. As part of that process, we are seeking shareholder approval for a 1 year option to sell shares below NAV subject to board approval and other conditions. We may not have been able Our net investment income or NII was $68,500,000 or $0.19 per share.
Up a penny from the prior quarter. Our ratio of NII to distributions was 103%. Over the past ten quarters, our ratio of NII to distributions has averaged 113% with NII exceeding distributions by 85 point $7,000,000 during that period. Our net debt to equity ratio was 74.1 percent. Over the past 10 quarters, Our ending quarter net of cash debt to equity ratio has ranged from 60.2% to 75.1%, averaging 69%.
Over the last two years, other listed BDCs have increased leverage, with a difficult list of BDC in March 2020 at roughly 114 percent debt to equity, 40 percentage points higher than us. We have not increased our target leverage instead electing lower risk We recently reduced our minimum 1940 act regulatory asset coverage to 150%. We also elected exempted relief to provide additional regulatory cushion through December 31, 2020. We have no plans to increase leverage beyond our historical target of 0.7 to 0.85 debt to equity or 218 to 2 43% asset coverage. Prospect's balance sheet is highly differentiated from peers with 100% of Prospects funding coming from unsecured and non recourse debt, which has been the case the last 12 years.
Unsecured debt was 92.5 percent of Prospect's total debt in March 2020. Compared to roughly 40 2019, or again, 50 percentage points less than us. Our unsecured and diversified funding profile provides us with lower risk and enhanced investment strategy and balance sheet flexibility. Our NAV stood at $7.98 per share in March, down $0.68 or 7.9% from the prior quarter. That compares to a 14% decline for March 2020.
Our 600 basis point outperformance is a direct result of our decision to derisk that has served us well since 1988 controlling and reducing portfolio and balance sheet risk to protect the capital and trust it to us and to protect the ability of that capital for the quarter was $185,700,000 or $0.51 per share, largely due to unrealized monthly cash distributions to shareholders of $0.06 per share for each of May, June, July August, representing 145 consecutive shareholder distributions. These 4 months are at the same distribution rate as for each of the past 32 months. We plan on our next 16 years ago through our August 2020 distribution at our current share count. We will have paid out $18.12 per share to original shareholders aggregating $3,100,000,000 in cumulative distributions to all shareholders. Our percentage of was 90% in Thank you, everyone.
I'll now turn the call over to Greer.
Thank you, John. Our scale platform with over 6 $1,000,000,000 of assets and undrawn credit continues to deliver solid performance in the current challenging environment. Our experienced team consists of approximately 100 professionals, representing 1 of the largest middle market credit group in the industry. With strategy that covers 3rd party private equity sponsor related and direct non sponsor lending, prospect sponsored operating and financial buyouts, structured credit, real estate yield investing in online lending, consistent with past cycles, We expect to see an with a pullback from 2020, our controlled investments at fair value stood at 43% of our portfolio, down 2.8% from the prior quarter. This diversity of strategies allows us to source a broad range, high volume of opportunities.
Then select in a disciplined bottoms up manner, the opportunities we deem to be the most attractive on a risk adjusted basis. And a low single digit percentage in multiple levels As of March 2020, our portfolio at fair value comprised 44.8% secured first lien an increase of 3.3 percent from December, 23.6 percent secured second lien, a decrease of 1.1%, thirteen point seven percent subordinated structured notes with underlying secured first lien collateral and a decrease of 1.3%. 0.9% unsecured debt, flat from before, and 17% equity investments, down 0.9%. Resulting in 82.1 percent of our investment, up 0.9% being invest being assets with underlying secured debt benefiting from borrower pledge collateral. Prospects approach is one that generates attractive risk adjusted yield.
In our performing interest bearing investments were generating an annualized yield of 12.4 percent as of March 2020. Down 0.4% from the prior quarter. We also hold equity positions in certain investments that connect as yield enhancers or capital gains contributors as such positions generate distribution. We've continued to prioritize senior and secure debt with our originations to protect against downside risk. While still achieving above market yields through credit selection discipline and a differentiated origination approach.
As of March 2020, we held 121 portfolio companies, up 1 from the prior quarter, with a fair value of 5,140,000,000. We also continue to invest in a diversified fashion across many different Portfolio company Industries, with no significant industry concentrations. The largest is 14.7% down 2.1% from the prior quarter. As of March 2020, our asset concentration in the energy industry, stood at 1.7%, down 0.5% from the prior quarter. Our concentration in the hotel, restaurant, and leisure sector stood at 0.4% and our concentration in the retail industry stood at 0%.
Non accruals as a percentage of total assets stood at approximately 1.6% in March 2020, even with stood at 4.63 times EBITDA, down 0.12 from the prior quarter. Our weighted average EBITDA per portfolio company stood at $72,300,000 in March 2020, up from $69,500,000 in the prior quarter. Originations in the March 2020 quarter aggregated $402,000,000. We also experienced $267,000,000 of repayments and exits as a validation of our capital preservation objective and sell down of larger credit exposures. Resulting in net originations of 136,000,000.
During the March 2020 quarter, our originations comprise 62.6 percent agented sponsor debt, 27.3 percent non agented debt, including early look anchoring and club investments, 8.8% rated secured structured notes and 1.3% corporate yield buyout. To date, we've deployed significant capital in the real estate arena through our private REIT strategy largely focused on multifamily workforce, stabilized yield acquisitions, with attractive 10 plus year financing. NPRC, our private REIT, has real estate properties that have benefited over the last several years from rising rents strong occupancies, high returning value added renovation programs, and attractive financing recapitalization. Resulting in an increase alongside our corporate credit businesses. NPRC has exited completely over 30 properties.
With an objective to redeploy capital into We continue to monitor our red collections, which are holding up well in the current environment. Our structured credit business has delivered attractive cash yields, demonstrating the benefits of pursuing majority stakes, working with world class management teams, providing strong collateral underwriting through primary issuance and focusing on attractive risk adjusted opportunities. As of March 2020, we held $704,000,000 across 39 non recourse subordinated structured notes investment. These underlying structured credit portfolios comprised around 1700 loans and a total asset based of around $18,000,000,000. As of March 2020, the structured credit portfolio experienced a trailing 12 month default rate of 91 basis points, representing 93 basis points less than the broadly syndicated market default rate of 184 basis points.
In the March 2020 quarter, this portfolio generated an annualized GAAP yield of 15%. As of March 2020, our subordinated structured credit portfolio has generated $1,190,000,000 in cumulative cash distributions to us, representing around 85% of our original investment. Totaling 263,000,000 with an average realized IRR of 16.7 percent, and cash on cash multiple of 1.48 times. Our subordinated structured credit portfolio consists entirely of majority owned positions. Such positions can enjoy significant benefits compared to minority holdings in the same tranche.
In many cases, we receive fee rebates because of our majority position. As a majority holder, We control the ability to call a transaction in our sole discretion in the future, and we believe such options add substantial value to our portfolio. We have the option of waiting years as majority investor can refinance liabilities on more advantageous terms, remove bond baskets in exchange for better terms from debt investors in the deal and extend or reset the investment period to enhance value. We've completed over 25 refinancings and reset since December 2017. So far in the current March 2020 quarter, we booked $14,000,000 in originations.
Originations have comprised 78% agented sponsor debt and 22% non agented debt. Thank you. I'll now turn the call over to Kristin. Kristin?
Thanks Grier. We believe our prudent leverage diversified access to matched book funding, substantial majority of unencumbered assets, waiting toward unsecured fixed rate debt, avoidance of unfunded asset commitments and lack of near term maturities demonstrate both balance sheet strength as well as substantial the future. Today, we have 0 debt maturing until 2022 or over 2 years from now. Our total unfunded eligible commitments to non control portfolio companies totals approximately $15,000,000 or less than 0.3% of our assets. Our combined balance sheet cash and undrawn revolving credit facility commitments currently stand at approximately $785,000,000.
We are a leader and innovator in our marketplace, we were the 1st company in our industry to issue a convertible bond, develop a notes program, issue under a bond ATM, acquire another BDC and many other lists of 1st. Shareholders and unsecured creditors alike should appreciate the thoughtful approach differentiated in our industry, which we have taken toward construction of the right hand side of our balance sheet. As of March 2020, we held approximately $3,560,000,000 of our assets as unencumbered assets representing approximately 60 where in September, we completed an extension of our revolver to a refreshed 5 year maturity. Currently have $1,070,000,000 of commitments from 30 banks with a $1,500,000,000 total size accordion fee at our option. The facility revolves until September 2023 followed by a year of amortization with interest distributions continuing to be allowed to us.
Of our floating rate assets, 90.1% have LIBOR floors with a weighted average floor of 1.55%. Outside of our revolver and benefiting from our unencumbered assets, that we've issued at Prospect Capital Corporation, including in the past few years, multiple types of investment grade unsecured debt including convertible bonds, institutional covenants, no asset restrictions, and no cross defaults with our revolver. We enjoy an investment grade BBB negative rating from S And P and investment grade BAA3 rating from Moody's and investment grade BBB negative rating from Kroll and an investment grade BBB rating from Egan Jones, with the first three of these recently reaffirmed. We have now tapped the unsecured term debt market on multiple occasions to ladder our maturities and to extend our liability duration at 23 years. Our debt maturities extend through 2043.
With so many banks and debt investors across so many debt tranches, we have substantially reduced our counter party risk over the years. In the March 2020 quarter, we repurchased $47,000,000 of our April 2020 notes which we subsequently retired in full at maturity, $34,000,000 of our July 2022 notes, $655,000 of our June 2024 notes, and $67,000,000 of our program notes. We also continued team during market volatility, we reduced our leverage ratio by slowing originations and allowing repayments and zips to come in during the ordinary course, and we expect a similar benefit in the current environment. We now have 8 separate unsecured debt issuances, aggregating $1,400,000,000, not including our program notes, with maturities extending to June 2029. As of March 2020, we had $673,000,000 of program notes outstanding.
With staggered maturities through October 2043. We also recently added a shareholder loyalty benefit to our dividend reinvestment plan, or DRIP, that allows for a 5% discount to the market price for DRIP participants. As many brokerage firms either do not make dividend reinvestment plans automatic or have their own synthetic drips with no such 5% discount benefit, we encourage any shareholder interested in DRIP participation to contact your broker. Make sure to specify you wish to participate in the Prospect Capital Corporation DRIP plan through DTC at a 5% discount. And obtain confirmation of the
Mr. Barry, perhaps your line is muted.
Thank you. We can now answer any questions.
Oh, yes, it is. Yes. Thank you, Kristin. We're all remote. So I apologize to everyone.
My line was muted. Thank you everyone. We can take questions now.
Thank you. At this time, we'll begin our question and answer Once again, if you have a question please press
Okay. Thank you, everyone. Have a wonderful morning, wonderful afternoon. Thanks all. Bye.
Thank you sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.