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- **M&A Surge Continues**: Q3 2025 M&A volumes up 40.9% YoY, with activity expected to persist into 2026 due to private equity dry powder and corporate activity.
- **Investment Momentum Strong**: $470.6M in new commitments, highest since Q4 2021, with 100% first lien loans and 7 lead roles in 13 new deals.
- **Credit Quality Stable**: 1.5% nonaccruals, stable debt metrics, and minimal impact from Dental Brands ($800K exposure).
- **Financial Resilience**: GAAP NII of $0.40 per share, 12.5% annualized yield, and $400M notes issuance at 5.65%.
- **AI Strategy Focused**: Emphasis on mission-critical software companies with a proprietary risk framework to mitigate AI disruption risks.

**【Management Opening Remarks】**
- Q3 2025 M&A volumes surged 40.9% YoY, driven by risk-on sentiment, lower borrowing costs, and clearer market valuations. Base rate cuts are expected to boost deal activity into 2026.
- Adjusted dividend policy to $0.32 base dividend, reducing reliance on special dividends. Emphasis on credit selection in a competitive market.
- AI strategy focuses on mission-critical software companies with a proprietary risk framework. Q3 net investment income per share was $0.40, with a $0.04 special dividend.

**【CEO Commentary】**
- New investment commitments of $470.6M across 27 companies, highest since Q4 2021. 100% of originations in first lien loans, 7 leads in 13 new portfolio companies.
- Notable deals include $1.5B financing for Walgreens' Shields Health Solutions and Newtek Merchant Solutions refinancing.
- Leveraging Goldman Sachs platform to access high-quality opportunities, maintaining selective approach despite market activity.

**【Portfolio and Credit Quality】**
- Total investments at fair value $3.2B (98.2% senior secured loans). $374.4M repayments, 86% from legacy assets, reducing pre-2022 exposure.
- Repurchased 2.1M shares ($25.1M), accretive to NAV. Portfolio yield 10.3%, stable debt metrics (5.8x net debt/EBITDA), 1.5% nonaccruals.

**【CFO Financial Commentary】**
- Total assets $3.8B, debt $1.8B, net assets $1.5B. Net debt/equity 1.17x, below 1.25x target. Issued $400M 5.65% notes hedged to floating.
- GAAP NII $45.3M ($0.40 per share), 12.5% annualized yield. PIK income 8.2%, stable.

**【Q&A Highlights】**
- Sustained M&A activity into 2026 driven by private equity dry powder and corporate strategic deals.
- No expectation of spread widening; platform enables higher spreads via unique originations.
- Dental Brands nonaccrual minimal impact ($800K exposure), stable credit quality with legacy markdowns.

Goldman Sachs BDC (GSBD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GSBD

GSBD fundamentals

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