Financial Data and Key Metrics Changes - The net investment income per share for Q4 2025 was $0.37, with a net asset value (NAV) per share of $12.64, reflecting a decrease of approximately 1% from the previous quarter due to net realized and unrealized losses [20][21] - The adjusted NAV per share for Q4 2025 is $12.61 after accounting for a supplemental dividend of $0.03 per share [20] - The net debt-to-equity ratio increased to 1.27x as of December 31, 2025, compared to 1.17x as of September 30, 2025 [21][29] Business Line Data and Key Metrics Changes - The portfolio's median EBITDA increased by 84% from year-end 2021 to $71.8 million at year-end 2025 [6] - The percentage of first lien investments in the portfolio rose to 97% from 89% during the same period [6] - PIK (Payment-in-Kind) as a percentage of total investment income decreased to 9% in Q4 2025 from 15.3% in Q4 2024 [7] - Investments on non-accrual status decreased slightly to 1.9% of fair value from 2% during the year [7] Market Data and Key Metrics Changes - In the Americas, the company committed approximately $14.6 billion in total for the year, up from $13 billion in 2024 and more than double the activity in 2023 [9] - Total M&A volume globally increased by 44% from 2024, with U.S. private equity deals reaching nearly $1.2 trillion [9] Company Strategy and Development Direction - The company has enhanced its sourcing, underwriting, and portfolio management since its integration into the broader Direct Lending platform in 2022, with 57% of the portfolio benefiting from this integration [4] - The focus remains on high-quality, EBITDA-based investments while actively managing legacy portfolio risks, particularly concerning annualized recurring revenue (ARR) loans [8] - The company aims to leverage its position as part of the number one global investment bank to identify attractive investment opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A momentum continuing in a potentially falling rate environment, which is expected to stimulate greater demand for credit financing [9] - The company remains vigilant regarding AI's impact on software business models and is prepared to adapt its investment strategies accordingly [12][19] Other Important Information - The company repurchased over 1.5 million shares for $15 million, which is expected to be accretive to NAV by $0.04 per share [27] - The total portfolio investments at fair value were $3.3 billion, with outstanding debt of $1.9 billion and net assets of $1.4 billion as of the end of Q4 2025 [29] Q&A Session Summary Question: Insights on Clearwater and market competitiveness - Management highlighted the advantage of being connected to the number one M&A investment bank, which allows for unique opportunities in take-private transactions [37][39] Question: Strategy regarding spillover and deployment - Management indicated that while there are no current plans for special distributions, they could issue some if necessary, depending on future earnings [52] Question: Changes in deal flow composition - Management noted that the composition of deal flow remains stable, with signs of increased M&A activity in various industries, although software remains cautious due to market volatility [53] Question: AI risk framework application to current portfolio - Management confirmed that while most of the portfolio aligns well with the new AI framework, some legacy assets are being actively managed and exited if they do not meet the criteria [58]

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOEthan Kaye - VP of Equity ResearchJohn Silas - Member of Investor RelationsStan Matuszewski - CFOTucker Greene - President and COOVivek Bantwal - Co-CEOConference Call ParticipantsFinian O'Shea - Director and Senior Equity Research AnalystNone - AnalystJohn SilasGood morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc, I would like to welcome ...

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker3Good morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc., I would like to welcome everyone to the Goldman Sachs BDC, Inc. fourth quarter and fiscal year-end 2025 earnings conference call. Please note that all participants will be in listen-only mode until the end of the call, when we will open up the line for questions. Before we begin today's call, I would like to remind ou ...

Company Overview - Clearwater Analytics provides scalable SaaS solutions for investment data management and reporting, enabling real-time access to accurate investment information across various asset classes and reporting systems [4] - The company operates a Software-as-a-Service (SaaS) business model, focusing on automated investment data aggregation, reconciliation, accounting, and reporting, particularly through the Clearwater Prism platform [7] Financial Metrics - As of market close on February 4, Clearwater Analytics had a stock price of $23.46 and a market capitalization of $6.80 billion [3] - The company reported a total revenue of $640.38 million and a net income of $392.58 million for the trailing twelve months (TTM) [3] Recent Investment Activity - Chase Investment Counsel Corp established a new position in Clearwater Analytics, acquiring over 237,000 shares valued at $5.7 million, which represents 1.6% of the firm's equity assets under management (AUM) as of December 31 [5][6] - This new position is outside the fund's top five holdings, which include significant investments in companies like NVIDIA and Google [6] Acquisition News - In late December, private equity firms Permira and Warburg Pincus agreed to acquire Clearwater Analytics for $8.4 billion, or $24.55 per share, in a take-private transaction [8] - Depending on the timing of Chase's purchases, there could be potential gains; however, investors are advised to be cautious due to limited upside and potential downside risks if the acquisition deal does not proceed [8] Stock Performance - Clearwater Analytics' shares have decreased by 17.4% over the past year as of February 4, underperforming compared to the Nasdaq Composite's decline of 17.3% and the S&P 500 index's decline of 15.5% [9]

Investment Rating - The report indicates a positive outlook for the private equity (PE) industry, highlighting a resurgence in deal activity and a strong market environment, suggesting a favorable investment rating for the sector in 2025 [8][9]. Core Insights - The private equity sector experienced a significant rebound in 2025, with total deal activity surpassing 9,000 transactions and an aggregate value of approximately $1.2 trillion, marking only the second time in history that deal value exceeded $1 trillion [8][34]. - The second half of 2025 saw a strong recovery in deal flow, compensating for a slowdown in Q2 due to market volatility, with 4,560 deals valued at $632.2 billion [35]. - The report emphasizes the importance of mega-sized transactions, with 150 megadeals totaling $567.8 billion, surpassing previous years and indicating a strong appetite for large-scale investments [9][34]. Summary by Sections Executive Summary - The PE industry rebounded strongly in 2025, achieving a total deal value of $1,155.5 billion, with a year-over-year growth of 36.3% [7]. - Exit activity also saw significant growth, with exit values reaching $728.1 billion, a 90.1% increase from the previous year [7]. Deals - The total number of PE deals in 2025 was 9,019, with a deal count increase of 5.9% year-over-year [7]. - Buyout/LBO transactions accounted for $616.6 billion, reflecting a 57.4% increase compared to 2024 [7]. Fundraising - Fundraising in 2025 was noted as the weakest since 2020, with significant declines in both fund count and capital raised, despite increasing exit activity [12]. - The dry powder in the PE market reached an all-time high of $1.1 trillion, indicating potential for future deal-making [12]. Performance - The report highlights a bifurcation in the market, with large, high-conviction investments performing well, while lower and middle market activities remained muted [72]. - The healthcare sector saw a notable increase in deal value, driven by a few mega-transactions, with a 43.4% rise in total PE-backed healthcare deal value [72]. Valuations - Median global M&A EV/EBITDA multiples reached 10x, recovering from previous lows and indicating a strong valuation environment for PE deals [81]. - PE buyout valuations showed a mixed trend, with EBITDA multiples adjusting down slightly to 12.3x, while revenue multiples increased significantly to 2.5x [82].

Deals & Transactions - Clearwater Analytics is going private [1] - Paramount sweetens Warner Bros offer [1] Market Outlook - Dealmaker predictions for 2026 [1]

Welcome to Morning Brief presented by Robin Hood, the home [music] to commission free trading. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures edging higher to kick off the holiday shortened trading week. Investors still hoping for [music] a Santa Claus rally to close out the last five trading days of the year. Plus, gold and silver [music] are climbing to new highs.rate cut bets fueling the surge, capping off a banner year with gold and [music] silver on tra ...

Welcome to Morning Brief presented by Robin Hood, the home [music] to commission free trading. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures edging higher to kick off the holiday shortened trading week. Investors still hoping for [music] a Santa Claus rally to close out the last five trading days of the year. Plus, gold and silver [music] are climbing to new highs.rate cut bets fueling the surge, capping off a banner year with gold and [music] silver on tra ...

Market Overview - Stocks are expected to open higher as the holiday-shortened trading week begins, following a volatile week where the S&P 500 recorded its third winning week in four [1] - There is uncertainty regarding the occurrence of a "Santa Claus Rally" due to the New York Stock Exchange closing early on Wednesday and entirely on Thursday for Christmas [1] Gold Market - Gold prices have reached a record high, increasing approximately 70% since the beginning of 2025, positioning gold as a more favorable wealth source compared to bitcoin [2] Nvidia - Nvidia shares increased by 2% after reports indicated the company aims to start shipping its H200 chips to China before mid-February, suggesting a potential recovery for the stock [3] OpenAI Funding - OpenAI is in discussions to raise $100 billion at an $830 billion valuation, up from a previously targeted $500 billion valuation within a week, which will support Oracle's data center buildout to compete with Google's AI model [4] GE Vernova - Jefferies raised its price target for GE Vernova to $830 from $815 while maintaining a buy rating, reflecting updated valuations that account for share repurchases through 2028, highlighting its role in the data center sector [5] Paramount's Acquisition Attempt - Paramount Skydance secured backing from billionaire Larry Ellison in its hostile bid to acquire Warner Bros. Discovery, following Netflix's agreement to purchase WBD's studio and streaming assets [6] Clearwater Analytics - Clearwater Analytics received an $8.5 billion acquisition offer from a group led by Permira and Warburg Pincus, with mixed analyst reactions regarding the likelihood of competing bids [7] E.l.f. Beauty - Piper Sandler reduced E.l.f. Beauty's price target to $85 from $100 while maintaining a hold rating, citing slower market share gains compared to competitors, though the new target still suggests nearly 6% upside from the previous close [8] Financial Services Sector - Morgan Stanley increased price targets for several financial services companies, including Intercontinental Exchange to $174 from $169, Charles Schwab to $148 from $139, and Robinhood to $147 from $146, driven by strong industry transactions and raised earnings estimates [9] Rocket Lab - Rocket Lab achieved a successful launch, marking its 21st perfect launch, prompting Stifel to raise its price target to $85 from $75 while maintaining a buy rating, supported by a contract worth up to $850 million from the Space Development Agency [10]

Group 1 - Alphabet's driverless taxi company, Whimo, has resumed its service in San Francisco after a temporary pause due to a blackout, with reports of vehicles stalling in traffic [1] - Private equity firms Permyra and Warberg Pinkis are in negotiations to acquire Clearwater Analytics for approximately $8.4 billion [2] - Soft Bank is aiming to finalize a funding commitment exceeding $22 billion to OpenAI by the end of the year, utilizing various fundraising methods including margin loans against its stake in ARM Holdings [3] Group 2 - The third installment of James Cameron's Avatar franchise underperformed at the US box office, earning $88 million in its opening weekend, significantly lower than the expected $110 million to $125 million [2] - The Powerball jackpot is projected to be around $1.6 billion for tonight's drawing, following no winners matching all six numbers in the previous draw [3]