Core Viewpoint - Goldman BDC (GSBD) is positioned for growth in the middle-market credit investment sector, with ongoing merger and acquisition activities expected to continue into 2026, driven by lower borrowing costs and favorable market conditions [1] Company Status - In November 2025, Goldman BDC announced a dividend arrangement for Q4 2025, including a base dividend of $0.32 per share and an additional dividend of $0.04 per share, with future dividend policies being a point of interest [2] Financial Status - The Q3 2025 results showed earnings per share of $0.40 and revenue of $91.6 million, both exceeding expectations; however, the net asset value (NAV) decreased to $12.75, a 2.1% decline quarter-over-quarter, necessitating ongoing monitoring of asset quality and leverage risks [3] Industry Policy and Environment - Goldman Sachs predicts that the Federal Reserve may lower interest rates by mid-2026, which could benefit the BDC financing environment, although geopolitical conflicts and regulatory changes pose potential uncertainties [4]

Company Overview - Goldman Sachs BDC, Inc. is a specialty finance company regulated as a business development company under the Investment Company Act of 1940, formed by The Goldman Sachs Group, Inc. to invest primarily in middle-market companies in the United States [4] - The company is externally managed by Goldman Sachs Asset Management, L.P., which is a wholly-owned subsidiary of Goldman Sachs [4] - GS BDC aims to generate current income and, to a lesser extent, capital appreciation through direct originations of secured and unsecured debt, as well as select equity investments [4] Financial Reporting - GS BDC will report its fourth quarter and fiscal year financial results for the period ended December 31, 2025, after the market closes on February 26, 2026 [1] - An earnings conference call will be held on February 27, 2026, at 9:00 am Eastern Time to discuss the financial results [1] Conference Call Participation - Interested parties can participate via telephone or audio webcast, with specific dial-in numbers provided for domestic and international callers [2] - Participants are encouraged to join the call approximately 10-15 minutes prior to the start time and reference "Goldman Sachs BDC, Inc." when prompted [2]

Core Viewpoint - Goldman Sachs BDC, Inc. has announced the pricing of a $400 million offering of 5.100% notes due in 2029, indicating a strategic move to manage its debt obligations [1] Group 1: Offering Details - The notes will mature on January 28, 2029, and can be redeemed at the company's option at par plus a make-whole premium if applicable [1] - The total principal amount of the offering is $400 million [1] Group 2: Use of Proceeds - The company intends to use the net proceeds from this offering to pay down debt under its revolving credit facility [1]

Group 1 - The article highlights that Goldman Sachs BDC (GSBD) has experienced a significant sell-off, currently trading at a 27% discount to its Net Asset Value (NAV), which is near multi-year valuation lows for the stock [1] - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee and releasing its Top Picks for 2026, presenting an opportunity for investors [1] Group 2 - Samuel Smith, a lead analyst and Vice President with a diverse background in dividend stock research, leads the High Yield Investor investing group, focusing on balancing safety, growth, yield, and value [2] - High Yield Investor provides various portfolios, including core, retirement, and international options, along with regular trade alerts and educational content for investors [2]

Group 1 - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee, encouraging new memberships and the release of their Top Picks for 2026 [1] - Goldman Sachs BDC (GSBD) has experienced a significant sell-off, currently trading at a 27% discount to its Net Asset Value (NAV), which is close to multi-year valuation lows for the stock [1] Group 2 - Samuel Smith, a lead analyst and Vice President with a diverse background in dividend stock research, leads the High Yield Investor investing group, focusing on safety, growth, yield, and value [2] - The High Yield Investor service provides real-money core, retirement, and international portfolios, along with regular trade alerts, educational content, and an active chat room for investors [2]

Core Viewpoint - Shares of Goldman Sachs BDC (GSBD) have been declining since August due to concerns over falling federal fund rates, which threaten net investment income and the BDC's dividend coverage [1] Group 1: Company Performance - Goldman Sachs BDC is experiencing a decrease in portfolio value, indicating potential challenges in maintaining investment income [1]

Group 1 - The article provides a market analysis covering several investment firms, including Gladstone Investment Corporation, FS KKR Capital Corp, Sixth Street Specialty Lending Inc, and Goldman Sachs BDC Closed End Fund [1] Group 2 - The analysis highlights the performance metrics and investment strategies of the mentioned companies, indicating their positions in the market [1]

Core Viewpoint - The article discusses the current state of Business Development Companies (BDCs), highlighting a seven-stock BDC portfolio with a yield of 13.5% that is expected to recover as the market stabilizes. Despite concerns over unemployment and economic slowdown, small businesses are reportedly thriving due to AI advancements [1][4]. Economic Overview - Small business profits are increasing, contradicting unemployment reports that suggest a slowdown. The Atlanta Fed's GDPNow estimates growth solidly over 3% [2]. - The current economic environment is characterized as an efficiency boom rather than a recession, driven by small businesses adopting AI to enhance operations [4]. BDC Market Dynamics - The BDC industry is competitive, with more losers than winners. Selecting individual BDCs is preferable to buying a fund that includes underperformers [6]. - Lower interest rates can reduce financing costs for small businesses, increasing demand for loans, which is beneficial for BDCs [7]. Specific BDC Analysis - **Sixth Street Specialty Lending (TSLX)**: Offers a 9.4% yield, focuses on companies with enterprise values between $50 million and $1 billion, and has a growing portfolio. It primarily deals in first-lien debt, with 96% being floating-rate [8][10][11]. - **Gladstone Investment (GAIN)**: Provides a 10.8% yield, focuses on lower-middle-market companies, and has a higher equity exposure than typical BDCs. Its supplemental distributions are variable [13][19][20]. - **Crescent Capital BDC (CCAP)**: Yields 12.3%, has a diverse portfolio of 187 companies, and is significantly affected by Fed rate changes due to its floating-rate debt [21][24]. - **Trinity Capital (TRIN)**: Offers a 13.5% yield, has a growth-focused portfolio of 178 companies, and is diversified in its investment types [25][28]. - **FS KKR Capital (FSK)**: Yields 14.5%, is one of the largest BDCs, and has a diversified portfolio but has faced challenges due to bad loans and a recent dividend cut [29][33]. - **Goldman Sachs BDC (GSBD)**: Yields 14.7%, has faced quality issues leading to a dividend cut, but is becoming more aggressive in deal-making [35][38]. - **BlackRock TCP Capital Corp. (TCPC)**: Offers a high yield of 19.6%, but has struggled with a significant loss since early 2023 and recently cut its dividend [39][42][43].

Core Insights - The article emphasizes the transformative impact of artificial intelligence (AI) on the global economy and highlights the potential investment opportunities in AI-driven companies over the next decade [1]. Group 1: Industry Insights - The AI sector is reshaping various industries and driving innovation, indicating a significant shift in market dynamics [1]. - The article suggests that the current phase of AI development is just the beginning, with substantial growth expected in the coming years [1]. Group 2: Investment Focus - The portfolio of the retail investor is primarily centered around leading AI-related companies, particularly NVIDIA, which is positioned at the forefront of the AI technological revolution [1]. - The investor expresses a belief that both retail and institutional investors will find remarkable opportunities in AI technologies as they continue to evolve [1].

Group 1 - Goldman Sachs BDC (GSBD) has not participated in the recovery of the BDC space following the collapses of First Brands Group and Tricolor, which negatively impacted private credit sentiment [1] - The BDC is currently paying out dividends, indicating a focus on returning value to shareholders despite market challenges [1] - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]