Encouragingly we also experience some positive movement as certain issuers performing consistent with expectations at underwriting have outperformed during third quarter. We remain confident in the credit quality of our underlying portfolio but we do not, but we do not — but we do see increased volatility heading into 2024 for the reasons previously mentioned. The uncorrelated nature and associated value of investments in Eclipse and a Rocade should bolster the portfolio in the event the economy enters into a long expected recession. BBDC is committed to delivering an attractive risk adjusted return to shareholders over a long time horizon. We are investors of credit and middle market companies. Our global reach and significant scale across asset classes gives BBDC a unique ability to select risk and return compared to other managers.
But our core middle market credit is what we do. I’ll now turn the call over to Elizabeth.
Elizabeth Murray: Thanks Ian. On slide 15 you can see the full bridge of the NAV per share movement in the third quarter. Our net investment income exceeded the $0.26 per share dividend by 19%. Net unrealized appreciation from investments, CFA’s and FX listed NAB per share by $0.02, which was offset by net realized losses on the portfolio of $0.16 per share. The $0.16 per share realized loss was predominantly due to the exit of our investments in Carlson Travel and the restructuring of Learfield Communications, which were partially reclassified from unrealized depreciation. We are very pleased with our portfolio’s performance amid a backdrop of economic uncertainty, and this highlights our conservative approach to underwriting and portfolio construction.
The valuation of the credit support agreements decreased approximately $6 million, which was driven by improved performance in the underlying Sierra position, as Eric mentioned. Our net investment income per share was $0.31 for the quarter, driven by higher base rates and lower incentive fees due to realized and unrealized losses in the quarter and the incentive decap. This was partially offset by lower dividends from our platform and joint venture investments. From a balance sheet perspective, gross total debt to equity was 1.27 times in September 30th. Our net leverage ratio, which we view as more reflective of the true leverage position of the vehicle was 1.18 times at quarter end, up modestly from 1.15 times in the quarter ended June 30th and currently sits within our long-term target of 0.9 times to 1.25 times.
We will continue to manage the capital structure in a manner that is consistent with our investment grade rating profile. Barings BDC is thankful that years of thoughtful stewardship of our liability structure leaves us in an enviable position of avoiding issuance at historically high rates. Our funding mix remains highly defensible, both in terms of seniority and asset class, including the significant level of support provided by the $720 million of unsecured debt in our capital structure. As of the end of the third quarter, roughly half of our funding was comprised of fixed rate unsecured debt with a weighted average coupon of 3.79%. We have approximately two years until the next bond maturity in August 2025. Barings BDC currently has $338 million of unfunded commitments to our portfolio companies, as well as $65 million of outstanding commitments to our joint venture investments.
We have available cushion against our leverage limit to meet the entirety of these commitments as called upon. As Eric mentioned earlier, the board declared a fourth quarter dividend of $0.26 per share, a 9.2% distribution on net asset value. We consistently evaluate our dividend policy in the manner we manage our broader business, driven by stability. Given the higher level of earnings and the fact that base rates have remained higher for longer, shareholders will benefit and increase we announced with our [G&A] (ph) results remains appropriate. We believe our portfolio will continue to earn above the high hurdle in a normalized rate environment and we expect that our platform investments Eclipse and Rocade, as well as our Jocassee Joint Venture will continue to generate significant dividend income.
