As you know, one of our fundamental operating strategies is to earn the dividend. And by that we mean our net investment income needs to exceed our dividend on a long-term basis.
As of June 30, 2012, our accumulative dividends paid on a per share basis since our IPO totaled $8.48 and our accumulative net investment income per share for the same period totaled $8.77. These results indicate continuing success in achieving this important dividend coverage ratio.
Another very significant operating metric is our efficiency ratio which we calculate as SG&A expenses as a percentage of total investment income. For the quarter ended June 30, 2012, our efficiency ratio was 17.2%. TCAP continues to have one of the very best efficiency ratios in the BDC industry. As internally managed BDC, we have demonstrated that as our company grows, a greater percentage of each incremental dollar of revenue can fall to the bottom line as dividends.
In addition, our low efficiency ratio demonstrates our commitment to operating in the most cost effective manner possible. From a macro basis, we believe the BDC business model is continuing to earn a reputation as a yield oriented, investor friendly vehicle which can provide investors with the certainty of current income and the potential for long-term capital depreciation.
Like other yield driven industries which developed over multiple market cycles, most notably [inaudible] and MLPs, we believe that well-managed BDCs can provide investors an excellent return over a long period of time.
Turning briefly to our operating highlights from an investment perspective, the second quarter was very active for us. We closed seven-year portfolio company investments totaling $112.5 million and we have announced five-year investments subsequent to quarter ending totaling $42 million.
Our portfolio continues to perform well with an average debt yield of 15% and with $3.6 million in realized long-term gains during the quarter bringing our total net long-term gains since IPO to $10.4 million.
Read the rest of this transcript for free on seekingalpha.com