Core Insights - Goldman Sachs BDC Inc. (NYSE: GSBD) is recommended as a 'Buy' for passive income investors due to a reduction in its incentive fee, which enhances its attractiveness [1] Company Summary - The company has lowered its incentive fee, which is a significant factor in making its stock appealing to investors seeking passive income [1] Industry Context - The article reflects a broader trend in the business development company sector, where financial adjustments can create new investment opportunities for income-focused investors [1]

Financial Data and Key Metrics Changes - The net investment income per share for the quarter was $0.42, and the net asset value (NAV) per share was $13.2, reflecting a decrease of 1.6% from the previous quarter's NAV, primarily due to a special dividend of $0.16 per share and net realized and unrealized losses [9][10] - The adjusted NAV per share, accounting for the special dividend, was $13.15, a non-GAAP measure introduced due to the dividend policy change [10] - The company ended the quarter with a net debt to equity ratio of 1.16 times, slightly down from 1.17 times at the end of the previous quarter, remaining below the targeted leverage ratio of 1.25 times [10][19] Business Line Data and Key Metrics Changes - New investment commitments during the quarter totaled approximately $87.8 million across 14 portfolio companies, with 100% of originations in first lien loans [12] - Sales and repayment activity amounted to $179.3 million, slightly down quarter over quarter, primarily due to the full repayment and refinancing of six portfolio companies [14] - The total investments in the portfolio were valued at $3.38 billion, with 96.1% in senior secured loans, including 90.7% in first lien loans [15] Market Data and Key Metrics Changes - The weighted average yield of debt and income-producing investments decreased to 10.8% from 11.2% in the previous quarter [16] - The current weighted average interest coverage of the companies in the investment portfolio increased to 1.9 times from 1.8 times in the previous quarter [17] - Investments on nonaccrual status decreased to 1.9% of the total investment portfolio at fair value from 2% as of the previous quarter [18] Company Strategy and Development Direction - The company is focused on maintaining exposure to the top of the capital stack, with a strategy that thrives in market volatility through unique opportunities within the Goldman Sachs ecosystem [12] - The company aims to deliver on a refreshed dividend structure while navigating a challenging macroeconomic environment [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment and the impact of tariffs on the portfolio, noting that only 3% of the portfolio companies have high exposure to tariffs [5][6] - There is optimism regarding the resilience of the portfolio and a backlog of transactions, despite the current lack of fervor in new M&A activity [22] Other Important Information - The board declared a base dividend of $0.32 per share and a special dividend of $0.16 per share, with a supplemental dividend of 5¢ per share payable on or about June 13, 2025 [9][10] - The company has approximately $720 million of borrowing capacity remaining under the revolving credit facility [19] Q&A Session Summary Question: Portfolio yield decline and repricing - Management noted that the portfolio yield declined by about 40 basis points quarter over quarter, attributing this to the exit of non-accrual positions with high coupons [25][29] Question: Impact of tariff exposure on fair value - Management clarified that the identification of companies with tariff exposure does not imply immediate impact, and performance deterioration would be reflected in future marks [30][31]

Financial Data and Key Metrics Changes - The company's net investment income per share for Q1 2025 was $0.42, with a net asset value (NAV) per share of $13.2, reflecting a decrease of 1.6% from the previous quarter's NAV due to a special dividend of $0.16 per share and net realized and unrealized losses [8][9] - The adjusted NAV per share for Q1 2025, accounting for the special dividend, was $13.15, a non-GAAP measure introduced due to the dividend policy change [9] - The net debt to equity ratio at the end of Q1 2025 was 1.16 times, slightly down from 1.17 times at the end of Q4 2024, remaining below the targeted leverage ratio of 1.25 times [9][18] Business Line Data and Key Metrics Changes - New investment commitments during the quarter totaled approximately $87.8 million across 14 portfolio companies, with 100% of originations in first lien loans [11] - Sales and repayment activity amounted to $179.3 million, primarily driven by the full repayment and refinancing of six portfolio companies [13] - The weighted average yield of debt and income-producing investments at amortized cost decreased to 10.8% from 11.2% in the previous quarter [14] Market Data and Key Metrics Changes - The portfolio consists of 163 companies across 38 different industries, with 96.1% of total investments in senior secured loans [13][14] - The current weighted average interest coverage of the companies in the investment portfolio increased to 1.9 times from 1.8 times in the previous quarter [15] Company Strategy and Development Direction - The company is focused on maintaining exposure to the top of the capital stack, with a strategy that thrives in market volatility through unique opportunities within the Goldman Sachs ecosystem [11] - The company aims to deliver on a refreshed dividend structure while navigating a challenging macroeconomic environment [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic conditions, including tariffs, have impacted deal flow, but the majority of the portfolio companies are asset-light with minimal exposure to international supply chains [5][6] - The company remains optimistic about the resilience of its portfolio and the potential for a resurgence in M&A activity despite current market challenges [20] Other Important Information - The board declared a supplemental dividend of $0.05 per share payable on or about June 13, 2025, to shareholders of record as of May 30, 2025 [9] - The company has approximately $720 million of borrowing capacity remaining under its revolving credit facility [18] Q&A Session Summary Question: Portfolio yield decline and stabilization - Management indicated that the decline in portfolio yield was largely due to the exit of non-accrual positions with high coupons, and they do not expect significant repricing activity moving forward [22][26] Question: Impact of tariff exposure on fair value - Management clarified that the identified companies with tariff exposure have not yet shown performance deterioration that would affect their fair value, but they are monitoring the situation closely [27][28]

This investor presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects ...

Goldman Sachs BDC (GSBD) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.65%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.50 per share when it actually produced earnings of $0.47, delivering a surprise of -6%.Over the last four quart ...

Exhibit 99.1 Goldman Sachs BDC, Inc. Reports March 31, 2025 Financial Results and Announces Second Quarterly Base Dividend of $0.32 Per Share, Special Dividend of $0.16 Per Share and First Quarter Supplemental Dividend of $0.05 Per Share. Company Release – May 8, 2025 NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. ("GSBD", the "Company", "we", "us", or "our") (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2025 and filed its Form 10-Q with the U.S. Securities and Ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 814-00998 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) (I.R. ...

Group 1 - The article discusses the recent changes in the valuation of Business Development Companies (BDCs), indicating that many were previously overvalued but the situation has now shifted [1] - The investment group Trade With Beta is mentioned, which focuses on identifying mispriced preferred stocks and baby bonds, along with providing weekly reviews of over 1200 equities and IPO previews [1] - The article highlights a beneficial long position in GSBD, indicating a positive outlook on this particular stock [1] Group 2 - There is a mention of a short position on OXSQ, suggesting a bearish outlook on this specific investment [2] - The article emphasizes that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [2] - It clarifies that the views expressed may not reflect those of Seeking Alpha as a whole, highlighting the diversity of opinions among analysts [2]

Core Viewpoint - Investors are increasingly shifting towards emerging market bonds as U.S. Treasurys lose their status as a safe haven due to recent tariff announcements by President Trump [1][2]. Group 1: Market Trends - Emerging market local currency bond yields decreased by 13 basis points from April 2 to April 25, while the benchmark 10-year Treasury yield increased by over 7 basis points during the same period [2]. - There is a notable increase in demand for bonds from countries like Mexico, Brazil, and South Africa, driven by overseas investors purchasing these bonds, which also boosts demand for local currencies [3][4]. - The sell-off in U.S. Treasurys has led to a movement towards alternative safe-haven assets such as Euro bonds and Japanese government bonds, although this is a typical behavior in developed markets [5]. Group 2: Investor Sentiment - Investors are beginning to view emerging markets with a new perspective, as previous assumptions about their performance during a potential U.S. recession are being challenged [6][8]. - Emerging market local currency fixed income is expected to outperform other fixed income assets in a weaker U.S. dollar environment, lower commodity prices, and global rate relief [7]. - The relative underperformance of U.S. risk assets has sparked interest among domestic investors in potential opportunities abroad [9]. Group 3: Investment Strategies - While there is a preference for emerging market local currency bonds, it is still early to determine the exact direction of global investors' bond rotations [10]. - Some investors are not completely exiting U.S. sovereign debt but are instead shifting from long-dated bonds to shorter-duration options like 2-year Treasurys [10][11]. - The recent changes in Treasury yields indicate a potential shift in the perception of U.S. Treasurys as the ultimate safe asset, prompting a reevaluation of asset allocation strategies [11].

John Silas Good morning. This is John Silos, 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. Fourth Quarter and Fiscal Year End 2024 Earnings Conference Call. Please note that all participants will be in listen-only mode until the end of the call when we will open the line for questions. Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These s ...