And we expect that everyone may participate in the party. How this offsets and drives capital flows however is very hard to predict. What we can do at Fifth Street is to optimize the results for our shareholders is to pay very close attention to what our lending partners are doing, what we’re seeing in the market and like in the years past make sure that we have the capacity and deal flow to quickly adjust to the change in capital flow cycles.
Our latest equity rates of $100.7 million accomplished at a net price above book value allows us the continued flexibility to take advantage what should be a building year for new deals while staying close to our leverage targets for 2012. Despite the volatile market environment we issued stock above book value and unlike many of our peers we did not ask for permission from our shareholders to sell below book value.
We continue to believe that selling stock below book value is rarely justified. Reiterating some of our guidance for 2012, we currently expect the portfolio to remain in a range of 70% to 80% first lien loans with our Sumitomo facility being consolidated. And we expect to be on average leveraged about 0.6 times excluding our 10 year fixed non-recourse SBA debentures. We are exploring ways to de-consolidate the Sumitomo facility in a way that should be accretive to earnings and allow the facility to expand more rapidly.
Our fiscal year earnings guidance remains at about $1.15 per share which fully covers our dividend with net investment income. As the portfolio continues to mature, we believe that we will experience more repayments, which will drive earnings due to the acceleration of our upfront fees in addition to the recognition of exit fees, payment penalties and occasionally equity realizations.Read the rest of this transcript for free on seekingalpha.com