Goldman Sachs BDC, Inc. (GSBD) 2026 Q1 法說會逐字稿

Good morning, and thank you for joining us. My name is John Silas, a member of the Investor Relations team for Goldman Sachs BDC Inc, and I would like to welcome everyone to the Goldman Sachs BDC Inc first-quarter 2026 earnings conference call. (Event Instructions)

早安，感謝各位加入我們。我叫 John Silas，是高盛 BDC Inc（Goldman Sachs BDC Inc）投資人關係團隊的一員，在此歡迎各位參加高盛 BDC Inc 2026 年第一季財報電話會議。（活動說明）

Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain and outside of the company's control. The company's actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the company's SEC filings. This audiocast is copyrighted material of Goldman Sachs BDC Inc and may not be duplicated, reproduced or rebroadcasted without our consent.

在開始今天的電話會議之前，我想提醒各位聽眾，今天的發言可能包含前瞻性陳述。這些陳述代表公司對未來事件的看法；而未來事件本質上具有不確定性，且不在公司控制範圍內。由於多項因素（包括公司不時在向美國證券交易委員會（SEC）提交的文件中所描述者），公司的實際經營結果與財務狀況可能與這些前瞻性陳述所示內容有所不同，且差異可能重大。本次音訊網播為高盛 BDC Inc 之著作權資料，未經我們同意不得複製、重製或再廣播。

Yesterday, after the market closed, the company issued an earnings press release and posted a supplemental earnings presentation, both of which can be found on the homepage of our website at www.goldmansachsbdc.com under the Investor Resources section and which include reconciliations of non-GAAP measures to the most directly comparable GAAP measures. These documents should be reviewed in conjunction with the company's quarterly report on Form 10-Q filed yesterday with the SEC. This conference call is being recorded today, Friday, May 8, 2026, for replay purposes.

昨日收盤後，公司發布了財報新聞稿並上傳了補充財報簡報，兩者皆可於我們網站首頁 www.goldmansachsbdc.com 的 Investor Resources（投資人資源）專區找到，且其中包含非 GAAP 指標與最直接可比 GAAP 指標之調節表。上述文件應與公司昨日向 SEC 提交的 10-Q 季度報告一併閱讀。本次電話會議將於今天（2026 年 5 月 8 日，星期五）錄音，以供重播之用。

I'll now turn the call over to Vivek Bantwal, Co-CEO of Goldman Sachs BDC, Inc.

接下來我把電話交給高盛 BDC, Inc. 共同執行長 Vivek Bantwal。

Thank you, John. Good morning, everyone, and thank you for joining us for our first quarter earnings conference call. I am here today with David Miller, our Co-Chief Executive Officer; Tucker Greene, our President and Chief Operating Officer; and Stan Matuszewski, our Chief Financial Officer.

謝謝你，John。各位早安，感謝各位參加我們的第一季財報電話會議。今天與我一同出席的有：共同執行長 David Miller；總裁兼營運長 Tucker Greene；以及財務長 Stan Matuszewski。

I would like to begin by providing important context on the composition of our portfolio, followed by sharing perspective on the current macro backdrop and our rigorous approach to valuation, particularly around our commitment to transparent mark-to-market accounting. I'll then highlight our perspective on why we continue to see private credit as a highly attractive asset class and why our GS platform is uniquely positioned to thrive in the current investment landscape, particularly over time as we transition away from the legacy portfolio.

我想先就我們投資組合的構成提供重要背景，接著分享我們對當前總體環境的觀點，以及我們嚴謹的估值方法，特別是我們對透明的按市價（mark-to-market）會計處理之承諾。之後我將說明，為何我們仍認為私募信貸是一個極具吸引力的資產類別，以及為何我們的 GS 平台具備獨特優勢，能在當前投資環境中蓬勃發展，尤其是隨著時間推進、我們逐步從傳承投資組合（legacy portfolio）轉型之際。

I'll then turn the call over to David and Tucker, who will dive into our first quarter results, portfolio activity and performance before handing it off to Stan to take us through our financial results. And finally, we'll open the line for Q&A. As we have discussed on prior calls, since GSBD's integration into the broader direct lending platform in 2022, we have been on a deliberate path to leverage the differentiated sourcing, underwriting and portfolio management oversight provided by access to the full Goldman Sachs private credit ecosystem where we have a 30-year track record.

接著我會把電話交給 David 和 Tucker，他們將深入說明我們第一季的業績、投資組合活動與表現，之後再交由 Stan 帶領各位檢視我們的財務結果。最後，我們將開放問答。如同我們在先前的電話會議中所討論，自 2022 年 GSBD 整合至更廣泛的直接放款平台以來，我們一直循序漸進地運用差異化的案源取得、承作審核（underwriting）與投資組合管理監督能力；這些能力來自於我們可全面接觸高盛私募信貸生態系，而我們在此領域擁有 30 年的實績。

What you're seeing in our results today is the natural transition of our balance sheet. We are moving out of older positions from the legacy setup and into new opportunities that benefit from our enhanced sourcing and deeper origination funnel.

各位在今天的結果中所看到的，是我們資產負債表自然轉型的呈現。我們正從傳承架構下的較舊部位退出，並轉向可受惠於我們更強的案源能力與更深的承作管道（origination funnel）的新機會。

Currently, about 58% of our portfolio consists of these more recent originations, while the remaining 42% represents older positions. The results of this strategic shift are clear. The 58% of the portfolio originated under our current underwriting capabilities is performing in line with expectations. In fact, we have seen low losses and only one name representing less than 0.5% of our total non-accrual at cost. While we have seen some modest unrealized moves here, we believe those are primarily a reflection of broader market spread widening, not a sign of credit deterioration.

目前，我們投資組合約 58% 由這些較近期承作的案子構成，其餘 42% 則為較舊部位。這項策略轉變的成果相當明確。在我們現行承作審核能力下所承作的 58% 投資組合，其表現符合預期。事實上，我們看到的損失偏低，且僅有一個名稱（單一標的）在以成本計的非應計（non-accrual）中占比不到我們總額的 0.5%。雖然我們在此看到一些小幅的未實現變動，但我們認為這主要反映整體市場利差擴大，而非信用惡化的跡象。

This gives us immense confidence in our current credit selection process. As we've discussed, the 42% of the book consisting of legacy positions is where we see the bulk of our current credit volatility, accounting for roughly 72% of losses this quarter and over 99.5% of our total non-accruals at cost. We've added two of these names to non-accrual status this quarter, One GI LLC and 3Si Security Systems Inc, which we view as idiosyncratic situations that we have been monitoring closely. Our internal workout teams are deeply engaged with these borrowers to maximize recovery. This brings me to a critical distinction that we believe is essential for our investors to understand the difference between mark-to-market fluctuations and actual credit impairment.

這讓我們對目前的信用篩選流程充滿信心。如同我們所討論的，由傳承部位構成的 42% 投資組合，是我們目前信用波動的主要來源，本季約占損失的 72%，並且占以成本計之總非應計的 99.5% 以上。本季我們新增兩個名稱列入非應計狀態：One GI LLC 與 3Si Security Systems Inc；我們認為這些屬於我們一直密切監控的個別（idiosyncratic）情境。我們的內部重整／催收（workout）團隊正與這些借款人深度合作，以最大化回收。這也帶出一個我們認為投資人必須理解的關鍵差異：按市價波動（mark-to-market fluctuations）與實際信用減損（actual credit impairment）之間的不同。

When the market price of risk increases, as evidenced by today's widening credit spreads, the mark-to-market value of existing loans naturally declines. This decline is not a reflection of the borrower's ability to pay but rather a result of current market demand for higher returns on the same level of credit risk. If the credit remains sound and ultimately repays at par, the investor recovers the full principal amount regardless of any interim price volatility through the life of the loan.

當風險的市場定價上升時——如今日信用利差擴大所顯示——既有貸款的按市價估值自然會下滑。這種下滑並非反映借款人的償付能力，而是因為在相同信用風險水準下，市場目前要求更高的報酬。若信用狀況仍健全且最終以面值（par）償還，投資人無論在貸款存續期間經歷任何中途價格波動，最終仍可收回全部本金。

On the other hand, true credit impairment occurs when a borrower's financial condition deteriorates to where they can no longer meet their obligations, resulting in a permanent loss of capital. This distinction is especially important in periods of heightened volatility when mark-to-market valuations will fluctuate to reflect market sentiment but underlying credit risk and borrower solvency remains stable.

另一方面，真正的信用減損發生在借款人財務狀況惡化至無法履行其義務，進而造成永久性的資本損失之時。在波動加劇的期間，這項區分尤其重要；因為按市價估值會隨市場情緒而波動，但底層信用風險與借款人償付能力可能仍維持穩定。

We view the losses we are seeing in the post-integration portfolio as the former type, mark-to-market in nature, while the credit impairment we are addressing is concentrated in the legacy portfolio. Looking back on the first quarter, the extent to which the market was affected by global geopolitical uncertainty, AI disruption across the software sector and a softer-than-anticipated M&A landscape is clear. The return of M&A activity in the second half of 2025 resulted in an increased number of deal closings in the first quarter of 2026. However, volumes were heavily skewed toward a small number of large-cap deals with sponsor activity continuing to lag and remaining below 10-year averages.

我們認為整合後投資組合（post-integration portfolio）所看到的損失屬於前者，即按市價性質；而我們正在處理的信用減損則集中在傳承投資組合。回顧第一季，市場受到全球地緣政治不確定性、AI 對軟體產業的顛覆，以及低於預期的併購（M&A）環境影響的程度相當明顯。2025 年下半年併購活動回溫，使得 2026 年第一季的交易完成件數增加。然而，成交量高度偏向少數大型股交易，且贊助商（sponsor）活動仍持續落後，並低於 10 年平均水準。

Despite the growing backlog, the risk-off sentiment across the market in Q1 drove the total US private equity deal value down to the lowest since Q2 2025 levels. Although a more stable rate environment could help over time, any immediate recovery, particularly in the middle market remains uncertain. In times like these, when market uncertainty leads to increased volatility, our financial position, including valuation, remains our top priority.

儘管待完成交易（backlog）增加，第一季市場的避險（risk-off）情緒仍使美國私募股權交易總價值降至自 2025 年第二季以來的最低水準。雖然較穩定的利率環境可能隨時間推進而有所助益，但任何立即性的復甦——尤其是在中型市場（middle market）——仍不確定。在這種市場不確定性導致波動加劇的時期，我們的財務狀況（包括估值）仍是首要優先事項。

GSBD's quarterly valuation process, which aligns with our broader BDC complex is conducted by three independent sources: The private credit investing team; our valuation oversight group, which is independent of the investment decision-making process; and independent third-party valuation advisers, all of whom are subject to oversight by our independent Board of Directors. This multistep approach is intended to provide robust checks and balances and to support fair value determinations that are consistent, well documented and aligned with applicable regulatory standards.

GSBD 的季度估值流程與我們更廣泛的 BDC 體系一致，並由三個獨立來源執行：私募信貸投資團隊；獨立於投資決策流程的估值監督團隊；以及獨立的第三方估值顧問；上述各方皆受我們獨立董事會監督。此多步驟方法旨在提供強而有力的制衡機制，並支持一致、文件完備且符合適用監理標準的公允價值判定。

As we look across the landscape of early 2026, we believe the fundamental health of the private credit industry remains strong. Despite recent headlines, the data tells a story of continued resilience amidst some manager performance dispersion that is expected to continue. Default rates across both public and private credit markets remain at relatively low levels. To put this in perspective, the payment default rate for broadly syndicated loans in the public market stood at just 1.44% as of March 2026. This is well below the 10.8% peak default rate we witnessed during the global financial crisis.

放眼 2026 年初的整體環境，我們認為私募信貸產業的基本面健康狀況仍然強勁。儘管近期新聞標題眾多，數據所呈現的是在部分管理人績效分化（manager performance dispersion）之下仍具韌性，而這種分化預期將持續。無論在公開或私募信貸市場，違約率仍維持在相對偏低的水準。舉例而言，截至 2026 年 3 月，公開市場中廣泛聯貸（broadly syndicated loans）的付款違約率僅為 1.44%。這遠低於我們在全球金融危機期間所見的 10.8% 違約率高峰。

Performing senior secured credit portfolios benefit from fixed maturities and change of control provisions that generate par repayments and natural liquidity, further underscoring the structural advantage from a risk perspective of holding senior debt. We now expect to have the ability to reinvest proceeds from recent exits at wider spreads and more attractive risk-adjusted levels in the current environment.

表現良好的優先擔保信貸投資組合受益於固定到期日與控制權變更條款，這些條款可帶來按面值償還與自然流動性，進一步凸顯從風險角度持有優先債務的結構性優勢。在當前環境下，我們現在預期能夠將近期退出所回收的資金，以更寬的利差並在更具吸引力的風險調整水準上重新投資。

We would also note that recent media coverage of private credit has at times lacked necessary nuances. There is a tendency to conflate distinct segments of the credit markets, creating the impression of a broad private credit problem where in reality, stress is focused on certain pockets of the market.

我們也要指出，近期媒體對私募信貸的報導有時缺乏必要的細緻區分。市場往往傾向將信貸市場中不同的細分領域混為一談，造成私募信貸存在廣泛問題的印象；但實際上，壓力主要集中在市場的某些特定區塊。

Looking ahead, if economic conditions were to soften, we would naturally expect to see an increase in non-accrual rates and a greater performance divergence among managers. We believe the best way to prepare for such a shift is through the same disciplined underwriting culture and rigorous investment process that have guided our platform for 30 years. In periods of heightened market uncertainty, these principles are not just our foundation, they are our greatest competitive advantage.

展望未來，若經濟狀況轉弱，我們自然預期不計息（non-accrual）比率將上升，且管理人之間的表現分化將更為明顯。我們認為，為此類轉變做準備的最佳方式，是延續過去30年引導我們平台的同樣嚴謹承作文化與嚴格投資流程。在市場不確定性升高的時期，這些原則不僅是我們的基礎，更是我們最大的競爭優勢。

Another key focus for us has been the deliberate reduction of annualized recurring revenue ARR loans within our portfolio relative to the legacy setup. Within GSBD, we have successfully lowered our ARR exposure from nearly 39% of the portfolio during Q3 2022 at fair value to under 10% today. This shift is highly intentional and aligns with broader market trends, which we have highlighted earlier.

我們另一個關鍵重點，是相較於過往架構，有意識地降低投資組合中以年化經常性收入（ARR）為基礎的貸款比重。在GSBD內，我們已成功將ARR曝險自2022年第三季按公允價值計接近投資組合的39%，降至目前的10%以下。此一轉變是高度刻意為之，並與我們先前提及的更廣泛市場趨勢一致。

While ARR lending served a purpose during the rapid growth cycles of previous years, the current environment demands a more rigorous approach. We are seeing a clear market-wide rotation away from revenue-based metrics in favor of traditional cash flow supported structures. We are proactively managing our legacy ARR positions through strategic exits or by facilitating conversions to EBITDA-based loans as these companies mature and are very selective in underwriting new ARR deals that are brought to market.

雖然在過去年份的快速成長週期中，ARR放款曾發揮其作用，但當前環境要求更嚴謹的方法。我們看到全市場明顯從以營收為基礎的指標輪動，轉向由傳統現金流支撐的結構。我們正透過策略性退出，或在這些公司成熟時協助其轉換為以EBITDA為基礎的貸款，來主動管理既有ARR部位；同時，對於市場上推出的新ARR交易，我們在承作上也非常審慎且具選擇性。

By prioritizing these cash flow-centric assets, we are helping to ensure that our portfolio remains resilient and well positioned to deliver durable value to our investors. With heightened focus surrounding the software industry in recent months, our framework has continued to evolve as the landscape develops.

透過優先配置這些以現金流為核心的資產，我們有助於確保投資組合保持韌性，並處於有利位置，為投資人提供可持續的價值。近幾個月市場對軟體產業的關注升高之際，隨著產業版圖演變，我們的框架也持續進化。

While we are not immune to the fears of AI disrupting the software landscape, we remain confident in our ability to thoughtfully assess and help mitigate AI-related risks across both our current portfolio and new investment opportunities.

雖然我們也無法完全免於對AI可能顛覆軟體版圖的擔憂，但我們仍有信心能夠審慎評估，並協助在現有投資組合與新投資機會中降低與AI相關的風險。

With that, let me turn it over to my co-CEO, David.

接下來，我把時間交給我的共同執行長David。

Thanks, Vivek. I'd now like to turn to our first quarter results. Our net investment income per share for the quarter was $0.22 and net asset value per share was $12.17 as of quarter end, down approximately 3.7% from the fourth quarter, driven primarily by an increase in unrealized losses. NII this quarter was also impacted by higher incentive fee accrual under our shareholder-friendly fee structure.

謝謝你，Vivek。我現在想談談我們第一季的業績。本季每股淨投資收益（NII）為0.22美元，季末每股淨資產價值（NAV）為12.17美元，較第四季約下降3.7%，主要由未實現損失增加所致。本季NII亦受到在我們股東友善的費用結構下，績效費用應計增加的影響。

As a reminder, GSBD's incentive fee is subject to a three-year total return look back, which ties our adviser's compensation directly to the cumulative economic value delivered to shareholders, including both income and the impact of gains and losses rather than income alone.

提醒一下，GSBD的績效費用採三年總報酬回溯機制，將我們顧問的報酬與交付給股東的累積經濟價值直接連結，該價值包含收益以及損益的影響，而非僅以收益衡量。

While this weighed on reported NII in the quarter, it underscores the strong alignment between Goldman Sachs and our shareholders. The Board declared a second quarter 2026 base dividend of $0.32 per share payable to shareholders of record as of June 30, 2026. We ended the quarter with a net debt-to-equity ratio of 1.37 times as of March 31, 2026, as compared to 1.27 times as of December 31, 2025.

雖然這在本季對揭露的NII造成壓力，但也凸顯高盛與股東之間高度一致的利益對齊。董事會宣告2026年第二季基本股利為每股0.32美元，將支付給截至2026年6月30日登記在冊的股東。截至2026年3月31日，我們以淨負債對股東權益比率計為1.37倍；相較之下，截至2025年12月31日為1.27倍。

We have maintained a conservative liability profile with no near-term unsecured maturities and a deliberately laddered bond maturity schedule. Our liquidity is underpinned by a diversified committed revolving credit facility across 15 bank lenders, structured with no mark-to-market exposure.

我們維持保守的負債結構，近期沒有無擔保到期債務，且刻意採取階梯式的債券到期安排。我們的流動性由一項多元化、承諾式的循環信用額度所支撐，涵蓋15家銀行貸方，且結構設計不承擔按市價評價（mark-to-market）曝險。

Market confidence in our platform remains durable as evidenced by the continued strong oversubscription on our recent bond issuances. We consistently look to enforce proactive capital management to ensure we remain well positioned to execute our strategy regardless of broader market volatility.

市場對我們平台的信心依然穩健，近期債券發行持續出現強勁超額認購即為明證。我們一貫致力於落實主動的資本管理，以確保無論整體市場波動如何，我們都能保持良好定位以執行策略。

During the quarter, we made new commitments of approximately $46.5 million across 17 portfolio companies comprised of 6 new and 11 existing portfolio companies. 91.6% of our originations during the quarter were in first lien loans, which reflects our bias to investments that are at the top of the capital structure. Turning to portfolio composition. As of March 31, 2026, total investments in our portfolio were $3.23 billion at fair value, comprised of 98.7% in senior secured loans, 1% in a combination of preferred and common stock, 0.3% of unsecured debt and a negligible amount in warrants.

本季我們在17家投資組合公司新增承諾約4,650萬美元，其中6家為新投資、11家為既有投資組合公司。季度內我們的承作中有91.6%為第一順位擔保貸款，反映我們偏好投資於資本結構最上層的部位。接著談投資組合構成。截至2026年3月31日，我們投資組合的總投資按公允價值計為32.3億美元，其中98.7%為優先擔保貸款，1%為優先股與普通股的組合，0.3%為無擔保債務，另有極少量認股權證。

With that, let me turn it over to Tucker to discuss repayments, fundamentals and credit quality.

接下來，我把時間交給Tucker，請他說明償還情況、基本面與信用品質。

Thanks, David. I'll first discuss the portfolio in more detail. At the end of the first quarter, the company held investments in 173 portfolio companies operating across 40 different industries. The weighted average yield of our total debt and income-producing investments at amortized cost at the end of the first quarter remained flat at 9.9% compared to the fourth quarter. Importantly, our portfolio companies have continued to have both top line growth and EBITDA growth quarter-over-quarter and year-over-year on a weighted average basis.

謝謝你，David。我先更詳細地說明投資組合。第一季末，公司持有對173家投資組合公司的投資，涵蓋40個不同產業。第一季末，我們全部債務及具收益性投資按攤銷成本計的加權平均收益率為9.9%，與第四季持平。重要的是，我們的投資組合公司在加權平均基礎上，無論按季或按年比較，營收（top line）與EBITDA皆持續成長。

The weighted average net debt to EBITDA of the companies in our investment portfolio increased slightly to 6 times during the first quarter compared to 5.9 times during the fourth quarter. At the same time, the current weighted average interest coverage of the companies in our investment portfolio at the end of the first quarter slightly decreased to 1.9 times compared to 2 times during the fourth quarter due to rounding. Our repayments during the first quarter totaled $82.8 million.

第一季，我們投資組合中公司的加權平均淨負債對EBITDA比率小幅上升至6倍，第四季為5.9倍。同時，由於四捨五入因素，第一季末我們投資組合公司目前的加權平均利息保障倍數小幅下降至1.9倍，第四季為2倍。第一季我們的償還金額合計為8,280萬美元。

Over 53% of this repayment activity was from pre-2022 vintage loans, demonstrating effective management of our assets. On the prepayment side, we continue to selectively pursue opportunities that support prudent leverage management with the goal of reducing leverage over time.

其中超過53%的償還活動來自2022年前承作的存量貸款，顯示我們對資產的有效管理。在提前償還方面，我們持續有選擇性地尋求有助於審慎槓桿管理的機會，目標是隨時間降低槓桿。

On May 6, 2026, the Board approved and authorized a new 10b5-1 stock repurchase program to allow the company to repurchase up to $75 million of shares of the company's common stock, subject to certain limitations. The company expects to enter into this 10b5-1 stock repurchase program once the 2025 10b5-1 plan has been fully utilized or expires. And finally, turning to asset quality. We ended the first quarter with non-accruals at approximately 4.7% of the portfolio at amortized cost, up from 2.8% in the prior quarter. While we never like to see this metric move upward, it is important to look at what is driving this change.

2026年5月6日，董事會核准並授權一項新的10b5-1股票回購計畫，使公司得在若干限制條件下回購最多7,500萬美元的公司普通股股份。公司預期在2025年10b5-1計畫完全用罄或到期後，將簽訂並啟動此10b5-1股票回購計畫。最後，談到資產品質。第一季末，不計息資產約占投資組合攤銷成本的4.7%，高於前一季的2.8%。雖然我們從不樂見此指標上升，但重要的是要檢視推動此變化的原因。

The increase was primarily driven by two specific legacy investments that we have been monitoring closely, One GI LLC and 3Si Security Systems Inc, which were placed on non-accrual status due to financial underperformance. We view these as idiosyncratic situations rather than a reflection of broader portfolio stress. If you look at our new vintage originations, those made since 2022, which now represent 58% of our fair value. Credit performance remains sound with minimal non-accruals. I did want to be clear about one thing.

增加主要是由兩項我們一直密切監控的特定存量投資所驅動：One GI LLC 與 3Si Security Systems Inc；由於財務表現不佳，兩者已被列為停止計息（non-accrual）狀態。我們將其視為個別（idiosyncratic）情況，而非更廣泛投資組合壓力的反映。如果你看我們的新批次（new vintage）起始投放，也就是自 2022 年以來承作的資產，目前占我們公允價值的 58%。信用表現仍然穩健，停止計息的情況極少。我確實想把一件事說清楚。

We do not view the legacy portfolio as a category that is migrating wholesale toward non-accrual. In fact, subsequent to quarter end, we favorably restructured one of our legacy positions, leading to higher cash pay and improved seniority in the capital structure and received a full repayment at par on a separate legacy holding. The firm continues to maintain a proactive approach to monitoring, managing and resolving any associated credit issues.

我們不認為存量投資組合正在整體性地朝停止計息（non-accrual）遷移。事實上，在季度結束後，我們對其中一項存量部位進行了有利的重整，帶來更高的現金付息（cash pay）並提升在資本結構中的優先順位；同時，我們也在另一項存量持有部位上以面值（par）收到全額償還。公司持續採取主動方式來監控、管理並解決任何相關的信用問題。

I will now turn the call over to Stan to walk through our financial results.

接下來我把電話交給 Stan，請他帶大家回顧我們的財務結果。

Thank you, Tucker. We ended the first quarter of 2026 with total portfolio investments at fair value of $3.2 billion, outstanding debt of $1.9 billion, and net assets of $1.4 billion. As David mentioned, our ending net debt-to-equity ratio as of the end of the first quarter was 1.37 times. At quarter end, approximately 62.5% of our total principal amount of debt outstanding was in unsecured debt. As of March 31, 2026, the company had approximately $974 million of borrowing capacity remaining under the revolving credit facility.

謝謝你，Tucker。我們在 2026 年第一季結束時，投資組合投資（以公允價值計）為 32 億美元，未償債務為 19 億美元，淨資產為 14 億美元。如 David 提到的，截至第一季末，我們期末淨負債對股東權益比率為 1.37 倍。截至季末，我們未償債務本金總額中約 62.5% 為無擔保債務。截至 2026 年 3 月 31 日，公司在循環信貸額度下仍有約 9.74 億美元的可用借款額度。

As discussed last quarter in our Q4 earnings call, we wanted to remind investors of recent activity that occurred during Q1. On January 15, 2026, we borrowed $505 million under the revolving credit facility and used the proceeds together with cash on hand to repay the 2026 notes plus accrued and unpaid interest in full satisfaction of our obligations under the 2026 notes.

如同我們在上一季 Q4 財報電話會議中討論的，我們想提醒投資人第一季期間發生的近期活動。2026 年 1 月 15 日，我們在循環信貸額度下借入 5.05 億美元，並將該等款項連同手上現金用於償還 2026 年到期票據（2026 notes）及其應計未付利息，以完全清償我們在 2026 年到期票據項下的義務。

Additionally, on January 28, 2026, we issued $400 million of three-year investment-grade unsecured notes with a coupon of 5.1%. We also hedged the issuance by swapping the coupon from fixed to floating to match GSBD's floating rate investments. Over 100 investors participated in the company's day of live deal marketing, which resulted in the peak order book being 7.3 times oversubscribed on our $300 million starting size.

此外，2026 年 1 月 28 日，我們發行了 4 億美元、三年期、投資級無擔保票據，票面利率為 5.1%。我們也透過利率交換將票息由固定利率轉為浮動利率，以匹配 GSBD 的浮動利率投資。超過 100 位投資人參與公司當日的現場交易行銷（live deal marketing），使得在我們 3 億美元起始發行規模下，最高認購訂單簿達到 7.3 倍超額認購。

Subsequent to quarter end, in early May, we closed our amend and extend on the Truist revolving credit facility, reducing the size of the facility from $1.5 billion -- to $1.5 billion from approximately $1.7 billion to take out three non-extending lenders from last year, extending the maturity date to May 2031 from June 2030, removing the 10 bps credit spread adjustment from the drawn margin and reducing undrawn fees by 5 bps as well as adding flexibility to unsecured debt baskets, among other borrower-friendly changes.

在季度結束後的 5 月初，我們完成了 Truist 循環信貸額度的修訂與展期（amend and extend）：將額度規模由約 17 億美元調整為 15 億美元，以剔除去年三家未同意展期的貸方；將到期日由 2030 年 6 月延長至 2031 年 5 月；自已動用利差（drawn margin）中移除 10 個基點的信用利差調整（credit spread adjustment）；將未動用費用（undrawn fees）下調 5 個基點；並在無擔保債務額度籃子（unsecured debt baskets）等方面增加彈性，及其他多項更有利於借款人的變更。

Before continuing to the income statement, as a reminder, in addition to GAAP financial measures, we also reference certain non-GAAP or adjusted measures. This is intended to make our financial results easier to compare to the results prior to our October 2020 merger with Goldman Sachs Middle Market Lending Corp, or MMLC. These non-GAAP measures remove the purchase discount amortization impact from our financial results. For the first quarter, GAAP and adjusted after-tax net investment income were $24.8 million and $24.7 million, respectively, as compared to $42.2 million and $41.8 million in the prior quarter.

在繼續說明損益表之前，提醒一下：除 GAAP 財務衡量指標外，我們也會引用某些非 GAAP 或調整後指標。此舉旨在讓我們的財務結果更容易與 2020 年 10 月與 Goldman Sachs Middle Market Lending Corp（MMLC）合併前的結果進行比較。這些非 GAAP 指標會自我們的財務結果中剔除收購折價攤銷（purchase discount amortization）的影響。第一季 GAAP 與調整後稅後淨投資收益分別為 2,480 萬美元與 2,470 萬美元；相較之下，上一季分別為 4,220 萬美元與 4,180 萬美元。

On a per share basis, GAAP net investment income was $0.22, equating to an annualized net investment income yield on book value of 7.2%. While net investment income for the quarter was below our quarterly dividend, we utilized a portion of our undistributed taxable net income to provide a consistent dividend to our existing shareholder base.

以每股計，GAAP 淨投資收益為 0.22 美元，折合帳面價值的年化淨投資收益率為 7.2%。雖然本季淨投資收益低於我們的季度股利，但我們動用部分未分配的應稅淨收益（undistributed taxable net income），以向現有股東基礎提供一致的股利。

Total investment income for the three months ended March 31, 2026, and December 31, 2025, was $78.8 million and $86.1 million, respectively. Our remaining undistributed taxable net income as of March 31, 2026, was approximately $94 million or $0.84 on a per share basis, providing meaningful cushion to support our dividend going forward.

截至 2026 年 3 月 31 日與 2025 年 12 月 31 日止三個月的總投資收益分別為 7,880 萬美元與 8,610 萬美元。截至 2026 年 3 月 31 日，我們剩餘未分配的應稅淨收益約為 9,400 萬美元，或每股 0.84 美元，為未來股利提供了相當的緩衝。

With that, I'll turn it back to Vivek for closing remarks.

接下來我把電話交回給 Vivek 作結語。

Thanks, Stan, and thanks to everyone for joining our earnings call. We are excited to continue turning over the portfolio into new attractive opportunities using the full breadth of the Goldman Sachs platform while continuing to navigate through this market environment with humility and continued heightened discipline. With that, let's open the line for Q&A.

謝謝你，Stan，也謝謝各位參加我們的法說會。我們很期待在持續以謙遜態度、並維持更高紀律來因應當前市場環境的同時，運用高盛平台的完整資源，持續將投資組合輪換至新的具吸引力機會。接下來我們開放 Q&A。

(Operator Instructions)

（接線員指示）

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Morning, thanks. In terms of the pipeline of investment activity, maybe you touch a little bit about what you're seeing there, what sponsors are saying, how they're adjusting to kind of wider spreads and tighter documentation? And how long might it take to kind of rotate out of the legacy and have more of the newly originated loans in the portfolio?

早安，謝謝。就投資活動的案源（pipeline）而言，能否談談你們目前看到的情況、贊助方（sponsors）在說什麼，以及他們如何因應利差擴大與文件條款趨嚴？另外，大概需要多久才能逐步輪出存量資產，讓投資組合中新增承作的貸款占比更高？

Arren, it's Vivek. Thanks for the question. I'd say a few things. I think that, obviously, you mentioned some of the kind of private equity-specific sort of things that are floating around out there. Beyond that, there's obviously kind of the geopolitical uncertainty and other things, too.

Arren，我是 Vivek。謝謝你的問題。我想說幾點。我認為你提到了一些目前市場上圍繞私募股權（private equity）的特定因素。除此之外，顯然也還有地緣政治不確定性以及其他因素。

So what I would say is, on the one hand, relative to where we were at the end of last year, deal activity is a little bit quieter overall. But on the other hand, with some of the retail pullback that you've seen from the non-traded BDCs for the deals that are getting done, it does seem like the pendulum is kind of swinging back in the direction of lenders in terms of just spreads and kind of leverage coming down a little bit, kind of documentation, et cetera. So on the deals that we are competing on right now, we really like those deals. We like the spreads that we're getting on those deals. And we find that there's just far less competition than there was, particularly sort of as we started to get into the end of 2025.

所以我會說，一方面，相較於去年年底，整體交易活動稍微安靜一些。但另一方面，隨著你看到非上市 BDC（non-traded BDCs）出現一些零售端的退潮，對於仍在成交的交易而言，鐘擺似乎正往放款人方向擺動：利差、槓桿水準略有下降，以及文件條款等方面。因此，就我們目前正在競爭的交易來看，我們非常喜歡這些交易。我們也喜歡在這些交易上取得的利差。而且我們發現競爭明顯比之前少得多，尤其是當我們進入 2025 年底那段時間時。

And so that's a dynamic that we're actually excited about, again, notwithstanding just some of the broader sort of noise out there. And so, look, in terms of the second part of your question, that number kind of keeps kind of ticking down. We expect that number will kind of continue to tick down. And as that number ticks down, we'll be able to redeploy not just with the benefit of kind of the sort of post-integration sort of platform but also with the benefit of this kind of better spread environment in terms of what's going on out there.

所以這其實是我們感到興奮的一個動態，當然前提是仍需留意外部更廣泛的一些雜音。至於你問題的第二部分，那個數字一直在逐步下降。我們預期它會持續下降。而隨著該數字下降，我們將能夠重新部署資金，不僅受益於整合後的平台優勢，也能受益於目前市場上更好的利差環境。

Thanks. And with the credit -- the two new credit non-accruals that popped up, maybe you can provide a little bit of detail about are these older vintage? Are they something specific COVID-related, et cetera? And how much of the NAV decline in the quarter was related to those two non-accruals?

謝謝。另外關於信用方面——新增的兩筆停止計息（non-accrual）信用資產，能否請你提供一些細節？它們是較早期的存量（older vintage）嗎？是否與特定的 COVID 相關因素等有關？以及本季 NAV 下滑中，有多少是與這兩筆停止計息資產相關？

Yeah. So it's David. From a credit mark perspective, about 60% of the marks that we saw were credit-specific events, those two being big ones in here plus some other legacy assets that we marked down during the quarter, including some names that we've talked about in the past. With those two events, one is in the PPM space. As you know, it's -- that space has been challenged over the last number of years.

是的。我是 David。從信用評價調整（credit mark）的角度來看，我們看到的評價調整中約 60% 來自特定的信用事件；其中這兩筆是較大的項目，另外還有一些我們在本季下調評價的存量資產，包括一些我們過去談過的標的。就這兩個事件而言，其中一筆在 PPM 領域。如你所知——該領域在過去幾年一直面臨挑戰。

We're continuing to work with the sponsor now to optimize recoveries for the lenders there. Those conversations are ongoing. The other one, which was 3Si, if you look back over the past, had made some acquisitions, not all of the acquisitions have worked out like they thought. So leverage is elevated at this point in time, and that's why we put on non-accrual. And once again, we're in active dialogue with the sponsors and our other lenders to optimize recovery.

我們目前正持續與贊助方（sponsor）合作，以為該案的放款人（lenders）爭取並優化回收（recoveries）。相關討論仍在進行中。另一筆是 3Si；回顧過去，它曾進行一些收購，但並非所有收購都如其預期般奏效。因此目前槓桿偏高，這也是我們將其列為停止計息的原因。同樣地，我們正與贊助方及其他放款人保持積極對話，以優化回收。

Thank you.

謝謝你。

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

Hey, good morning. Thanks for taking the question. Appreciate the commentary on kind of the pre-integration legacy assets versus the newly originated. But curious if you can kind of talk about maybe the outlook for rotating out of some of these legacy assets, particularly the underperformance -- sorry, the underperformers. Do you kind of have any visibility there on that?

嗨，早安。謝謝讓我提問。感謝你們對於整合前的存量資產與新承作資產之間差異的說明。但我想請教，你們對於逐步輪替退出部分存量資產、特別是表現不佳——抱歉，是表現不佳的那些標的——的展望如何？你們對此是否有任何能見度？

Yeah. I mean, if you see in the results, we had relatively light repayments in the first quarter. I think as we look into the second quarter, we've had an acceleration of that. I think we've already got over $100 million in repayments from a number of legacy names. So we're encouraged by that results.

是的。我的意思是，如果你看我們的結果，第一季的償還（repayments）相對偏少。我想當我們看第二季時，償還已經加速。我想我們已經從多個存量標的收到超過 1 億美元的償還。因此我們對這個結果感到鼓舞。

We're going to continue to address that proactively as they come up. We've got some maturities in the next 12 to 18 months of those legacy stuff. So we're going to be working hard to cycle out of those names and redeploy it into kind of the One GS ecosystem that we're operating in today with our new origination system and, frankly, better spreads that we're seeing out here today. So we're optimistic. It's really hard to pinpoint exactly when these are going to be rotated out. But we've made decent progress, albeit slower than we like, and we'll continue to work on that in the coming quarters.

我們會在這些情況出現時持續主動處理。未來 12 到 18 個月內，這些存量資產中有一些將到期。因此我們會努力加速退出這些標的，並將資金重新部署到我們目前所運作的「One GS」生態系中，透過新的承作（origination）系統，而且坦白說，現在市場上我們看到的利差（spreads）也更好。所以我們是樂觀的。但要精準指出這些資產何時能輪替退出確實很難。不過我們已取得不錯的進展，雖然比我們希望的慢一些，我們也會在接下來幾季持續推進。

I would just add, I think the power of the One GS ecosystem is even more powerful in this environment, particularly what you're seeing going on with the retail flows in the non-traded BDC space because for us, the vast majority of our platform is institutional drawdown capital, about 83%. Our entire BDC complex is something like 17%. And so what that means is for this -- for GSBD, which is obviously an important part of our broader kind of complex, it's going to be able to compete in a more scaled way than it could if it was just a stand-alone entity.

我再補充一點，我認為在目前這樣的環境下，「One GS」生態系的優勢更為明顯，特別是你看到非交易型（non-traded）BDC 領域的零售資金流向所發生的情況；因為對我們而言，我們平台的絕大多數是機構型承諾提取資本（institutional drawdown capital），約 83%。我們整個 BDC 體系大約是 17%。這代表對於 GSBD——它顯然是我們更大體系中重要的一部分——它將能以更具規模的方式競爭，而不是僅作為一家獨立實體。

And there's very few, if anyone, out there right now as we're competing on deals that is showing up with the type of scale that we have in terms of solving problems or solving capital needs for clients as they're trying to put finances together on new deals. So again, there are fewer new deals overall, but for the deals that are happening, our ability to source them on a differentiated basis and provide entire capital structure solutions because we're not as levered to some of the phenomena that's going on out there, I think is going to really help us. But to your point, it is going to be a little bit of a process as we continue to kind of roll out of some of these older names.

而且目前在我們競標交易時，幾乎沒有——如果有的話——其他競爭者能以我們這種規模出現，無論是在解決問題或滿足客戶資金需求方面，當客戶在為新交易安排融資時尤其如此。所以再說一次，整體新交易數量確實較少，但對於正在發生的交易，我們能以差異化方式取得案源，並提供涵蓋整個資本結構（entire capital structure）的解決方案；因為我們不像某些同業那樣高度受制於市場上正在發生的一些現象，我認為這將真正幫助我們。但如你所說，隨著我們持續逐步退出一些較舊的標的，這會需要一點時間與過程。

Great. That's good color. And then one other on the dividend. So you maintained the dividend in 2Q. You talked about using spillover this quarter to kind of cover the shortfall. Just kind of curious how long you're comfortable doing that? And if you could remind us maybe what are some of the levers that you feel you have to kind of get dividend coverage maybe back up to a more sustainable level here?

很好。這些說明很有幫助。另外還有一個關於股利（dividend）問題。你們在第二季維持了股利。你們提到本季使用結轉收益（spillover）來彌補缺口。我想了解你們在多長時間內會覺得這樣做是可接受的？以及能否提醒我們，你們認為有哪些槓桿（levers）可以用來讓股利覆蓋率（dividend coverage）回到更可持續的水準？

Yeah. I mean, look, I mean, a very fair point. I think if you look at our results this quarter, they were negatively impacted by an outsized incentive fee. As a reminder, we've got a three-year look back that's very shareholder-friendly on that incentive fee where it was elevated this quarter. But if you roll that forward over the next couple of quarters, we view a more muted incentive fee as a result of the same policy, which is certainly going to support the dividend in the near term. And it's our intent -- we obviously have to consult with our Board, but it would be our intent in the near term to maintain our dividend.

是的。我的意思是，這點非常合理。我想如果你看我們本季的結果，受到一筆偏高的績效激勵費（incentive fee）負面影響。提醒一下，我們的激勵費有一個對股東非常友善的三年回溯（three-year look back）機制，因此本季該費用較高。但如果把它往後推到接下來幾季，基於同一政策，我們預期激勵費會更為溫和，這在短期內當然會支撐股利。而我們的意圖——我們當然必須與董事會（Board）討論——但短期內我們的意圖是維持股利。

Understood. Thanks very much.

了解。非常感謝。

There are no further questions at this time. I will turn the conference back to Vivek for any additional or closing remarks.

目前沒有其他問題。我將把電話會議交回給 Vivek，請他做任何補充或結語。

Thanks, everyone, for joining. We appreciate your support and look forward to continuing the dialogue. Have a great weekend.

感謝各位參與。我們感謝各位的支持，也期待持續交流對話。祝各位週末愉快。