In a $2 million SOFR plus 6.5% first-lien term loan and a $0.2 million revolver to Trintech Inc., a software provider of cloud-based reconciliation and financial close solutions. Additionally, in the Amazon brand aggregator space, SellerX, one of our portfolio companies, acquired Elevate, which was also one of our portfolio companies. As a result of this transaction, our prior investments in these respective companies were repaid. We rolled these proceeds in the combined SellerX entity. As a result of these transactions, our funded exporter to these companies remained substantially the same quarter-over-quarter, whereas our unfunded exporter reduced by $11.6 million. These transactions are included in our deployment and repayment figures for the quarter respectively.
Our deployment and repayment numbers also include new investments in three existing portfolio companies, namely Bluefin Holdings, Cole Haan, and Reveal. These new investments refinanced our prior investments in these portfolio companies. Each of these investments demonstrate our ability to stay invested with or upside our exporter to well-performing portfolio companies. With respect to our current investment activity, despite a slow private credit market, we’re seeing a slight uptake in the flow of opportunities across both new and existing names. But we remain selective in allocating capital to those investments where we see attractive pricing coupled with good lender protections. Since the end of the third quarter, our investment committee has approved transactions of $17 million that have either closed subsequent to the third quarter or are pending close, although there can be no assurance that all such transactions will close.
As of the end of the quarter, we designated our $6.5 million first lien loan to Perch as a non-accrual position due to a continued decline in their operating performance. This brought total non-accrual investments at quarter end to three companies representing 3.4% of our total portfolio at fair value. Our NAV per share increased in the quarter, up roughly 1% from the second quarter, driven by $2.3 million of NII in excess of the declared dividend and $1.3 million of net realized and underlined gains on the portfolio during the quarter. Overall, we feel good about the credit quality of our portfolio. With a diverse portfolio of senior secured first lien loans, we believe that we are well-position to withstand the impact of potentially deteriorating economic conditions.
I’ll now turn the call over to Chip to further discuss our financial results for the quarter.
Chip Holladay: Thank you, Nick. I will now take a few minutes to review some additional BCIC financial results for the third quarter. GAAP net investment income for the third quarter was $9.5 million or $0.13 per share, up from $8.9 million or $0.12 per share in the second quarter, and an increase of 24% from the third quarter of 2022. This quarter marked our 10th consecutive quarter of net investment income growth. Our gross investment income was $21.3 million for the quarter, an increase of 7% from the prior quarter, and up 33% from the third quarter of 2022. The increase from the prior quarter was driven primarily by additional income earned on $11 million of net deployment into portfolio company investments over the last two quarters, as well as to $1 million in fee and other one-time income earned on investment exits during the quarter.
The company’s weighted average portfolio yield as a quarter end based on fair value, was 12.8% consistent with the second quarter. Total expenses for the third quarter increased by approximately $800,000 from the second quarter, attributable to higher accrued incentive fees due to higher pre-incentive NII and net unrealized appreciation on the portfolio, an increase in borrowing costs due to higher SOFR rates, and an increase in professional fees incurred during the period. Net unrealized appreciation during the quarter was $1.1 million due to higher valuations across the majority of our holdings, partially offset by markdowns on other portfolio positions, and by $200,000 of unrealized appreciation on our interest rate swap position. The company also had realized gains of approximately $200,000 during the quarter.
As Nick noted earlier, the portfolio had three non-accrual investments at quarter end, including the addition of our first lien loan position in Perch, up from two non-accrual investments in the prior quarter. The three positions represented 3.4% of our portfolio’s total fair value at quarter end. Our weighted average internal portfolio rating was 1.45 at quarter end, changed slightly from 1.44 at June 30th. At quarter end, total available liquidity for deployment and general operating use was approximately $90 million, including cash on hand and subject to leverage and borrowing base restrictions. Our net leverage ratio was 0.84 times, down slightly from 0.86 times at the end of the second quarter due to net repayments of our credit facility during the quarter.
As announced yesterday, we declared a quarterly dividend of $0.10 per share, payable on January 8th, 2024, to shareholders of record at the close of business on December 15th, 2023. With that, I would like to turn the call back to Jim.
