Good morning. This is Ian, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs BDC, Inc. First Quarter 2019 Earnings Conference Call. Please not that all participants will be in listen-only mode until the end of the call, when we will open up the line for questions.
I will now turn the call over to Ms. Katherine Schneider, Head of Investor Relations at Goldman Sachs BDC. Katherine, you may begin your conference.
Thanks, Ian. Good morning, everyone. 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 audio cast is copyright material of Goldman Sachs BDC, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.
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. These documents should be reviewed in conjunction with the company's Form 10-Q filing yesterday with the SEC. This conference call is being recorded today, May 10, 2019, for replay purposes.
So with that, I'll turn the call over to Brendan McGovern, CEO of Goldman Sachs BDC, Inc.
Thank you, Katherine. Good morning, everyone, and thank you for joining us for our first quarter earnings conference call. As usual, in terms of the agenda for the call, I'll start by providing an overview of our first quarter results. From there, Jon Yoder will discuss our investment activity and portfolio metrics before handing it over to Jonathan Lamm to discuss our financial results in greater detail. And finally, I'll conclude with some closing remarks before opening the line for Q&A.
So with that, net investment income per share was $0.55 in Q1, which equates to a 12.8% NII return on common equity. Our net investment income covered our dividend by 122% during the quarter, which is consistent with our long-term performance as a public company and reflects the combination of solid asset performance coupled with a low operating expense structure. As we announced after close yesterday, our Board declared a $0.45 per share dividend payable to shareholders of record as of June 28, 2019. This equates to a dividend yield of 10.4% based on net asset value per share at the end of Q1. Gross and net originations during Q1 were $155.5 million and $77.7 million, respectively, primarily driven by gross originations of first lien debt investments.
Over the past four quarters, following the passage of the Small Business Credit Availability Act, the company's proportion of first lien debt
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