Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our periodic reports filed with the Securities & Exchange Commission. Copies are available on the SEC's website at www.sec.gov. We disclaim any obligation to update our forward-looking statements unless required by law.
An archive of this presentation will be available on our website and the telephone recording can be accessed through November 16 by dialing 855-859-2056. The replay passcode is 16825455.
To view the Q3 slide presentation that corresponds with this call, please turn to our website at americancapital.com and click on the Q3 2011 earnings presentation link in the upper right-hand corner of the homepage. Select the webcast option for both slides and audio or click on the link in the conference call section to view the streaming slide presentation during the call.
Participating on today's call are Malon Wilkus, Chairman and CEO; John Erickson, President, Structured Finance and CFO; Gordon O'Brien, President, Specialty Finance and Operations; Sam Flax, Executive Vice President and General Counsel; Rich Konzmann, Senior Vice President, Accounting and Reporting.With that, I'll turn the call over to Malon. Malon Wilkus Pete, thanks, and thanks everyone for joining us. This third quarter, I have to tell you, was a frustrating quarter for us, because we experienced very consistent net operating income, consistent with our last quarter. But as you'll see, we of course had depreciation which was driven predominantly by multiples and spreads in the industry as opposed to performance of our portfolio of companies. So let's start at Slide 3. You can see the $0.19 net operating income per share, $65 million of total. We had a nice 10.3% effective yield on our debt assets. And just to remind folks, our cost of borrowing at American Capital on average is at 4.2%.