We ended Q3 with asset level debt of 2.5 times down from 2.7 times. Our total average debt cost was slightly higher in Q3. This is primarily the result of the issuance of our unsecured notes in August of 2022 since they were a higher percentage of total debt outstanding since asset-based debt paid down as our loan portfolio holdings declined in Q3. Fixed rate securitized debt and fixed rate corporate debt at September 30 are approximately 65% of our total debt. On Page 11, our total repurchase agreement debt at September 30 was approximately $392 million versus $430 million at June 30. $204 million of this was non-mark-to-market, non-recourse mortgage loan financing and $178 million whose financing primarily on Class A1 senior bonds in our joint ventures with the remaining expected lives of sub two years.
We also have significant unencumbered assets. We expect the amount of our repurchase agreement debt to continue declining relative to fixed rate securitized debt. On Page 12, we have a very small number of NPL and RPL acquisitions under contract. As I mentioned earlier on the call, we believe the opportunity set will expand. We are starting to see a material opportunity set in commercial real estate loans growing as a result of recession risk and banking sector risk issues. We are also seeing opportunities in commercial real estate bridge financing and repositioning financing. This year-to-date, we have distributed $0.65 per share in dividends. We declared a cash dividend of $0.11 per share to be paid on November 30, 2023, to stockholders of record November 15, 2023.
We reduced our dividend in order to focus on book value and maximizing stockholder value overall. This decision follows the announcement of the mutual termination in late October, of our merger agreement with Ellington Financial. The termination was approved by both companies’ Boards of Directors after careful consideration of the proposed merger and the progress made towards completing the transaction. The details of the $16 million termination payment are disclosed in our press release last month. Ellington Financial holds approximately 6.1% of our stock, and it remains a securitization joint venture partner. Also, we disclosed in our earnings press release today, which I refer you to, and as part of our board’s regular assessment of our business and strategic direction, among other things, the Board engaged a financial adviser to assist us with thorough evaluation of strategic alternatives.
We don’t intend to comment further on this process until disclosure is necessary or advisable. This concludes my comments for our third quarter earnings call. We appreciate you joining us today. As I noted earlier during my remarks, given the ongoing strategic review process, we will defer taking questions, and we’ll provide additional updates or make additional disclosures as needed. Thank you very much again for joining us, and we appreciate your interest in Great Ajax Corp.
Operator:
