GSBD Update: Buy With 9.6% Yield

Summary

• GSBD reported slightly above its best-case projections due to much higher-than-expected portfolio yield driven by an increase in accelerated accretion related to repayments partially offset by lower portfolio growth (decline).

• There was lower fee/dividend income. Debt-to-equity declined to a new near-term low of 0.91 (net of cash). GSBD will be pa…