Financial Data and Key Metrics Changes - BXSL reported net investment income (NII) of $0.82 per share, representing a 12% annualized return on equity, primarily from interest income [11][27] - NAV per share decreased by $0.18 quarter over quarter to $27.15 due to markdowns [12][28] - The distribution of $0.77 per share was 106% covered by NII, yielding an annualized distribution yield of 11.3% [12][27] Business Line Data and Key Metrics Changes - BXSL ended the quarter with $13.8 billion of investments at fair value, a 15% increase year-over-year [15] - The weighted average yield on performing debt investments at fair value was 10%, down from 10.2% in the previous quarter [15][30] - Nearly 98% of investments are in first-lien, senior secured loans, with an average loan-to-value (LTV) of 49.7% [16][18] Market Data and Key Metrics Changes - M&A activity increased by 63% year-over-year, contributing to BXSL's growth [8] - Defaults in the leveraged loan and high-yield market declined by 37% year-to-date [10] - BXSL's portfolio companies experienced an average EBITDA growth of nearly 9% year-over-year [17][28] Company Strategy and Development Direction - The company is focusing on first-lien senior secured loans with large sponsor-backed companies, particularly in sectors with long-term tailwinds [10][12] - BXSL is integrating AI considerations into its investment process, targeting larger businesses and mission-critical products [13][21] - The company aims to maintain a disciplined approach to investing while capitalizing on heightened deal activity [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing deal activity and stable credit quality, despite external narratives of market bubbles [6][10] - The company anticipates continued growth in M&A activity and asset turnover, with spreads remaining attractive compared to traditional fixed incomes [11][14] - Management noted that the economic backdrop is generally positive, with strong corporate balance sheets and earnings growth [88] Other Important Information - BXSL's total liquidity was reported at $2.5 billion, with ending leverage at 1.22 times, within the target range [33] - The company has maintained a strong focus on document protections and control in its credit agreements [20] Q&A Session Summary Question: Why retain exposure to Squarespace? - Management indicated that retaining exposure to high-quality companies can be beneficial, and spreads on new deals have remained stable [36][41] Question: Update on Medallia's performance? - Management stated there was no significant update on Medallia, and the acquisition by Qualtrics would not change the competitive dynamics significantly [46][47] Question: Outlook for dividends with falling base rates? - Management plans to maintain a competitive and sustainable dividend while monitoring the impact of base rates on earnings [53] Question: Quality of deals in the current market? - Management noted that the quality of deals has been good, with higher quality assets leading the M&A activity [62] Question: How much of the funding activity was from incumbent versus new borrowers? - Over 80% of funding activity was to incumbent borrowers, with a consistent trend observed in previous quarters [66] Question: Concerns about loan-to-value ratios? - Management clarified that the increase in LTV is marginal and reflects adjustments in enterprise values rather than a significant risk [72][73] Question: Will the premium of private credit over syndicated loans be maintained? - Management expressed confidence that the premium will be maintained due to the value private credit brings to the market [76]

In this article, we will take a look at the Top 9 Undervalued Asset Management Stocks to Buy.Wealth management and brokerage stocks have held firm in one of the most unpredictable years characterized by mounting economic and trade policy uncertainty. While uncertainties threatened to cut short a boom in investor trading activity, the segment has remained resilient, supported by a robust US economy and accommodative monetary policies.Likewise, the rebound in asset management that began in 2024 continued into ...

Core Insights - Meta Platforms plans to invest $600 billion in American infrastructure and jobs over the next three years, including AI data centers [1] - Blue All Capital has announced a joint venture with Meta to develop a $27 billion data center in Louisiana [1] Investment and Infrastructure - The partnership between Blue Owl and Meta focuses on the infrastructure layer of AI transformation, providing structured capital for data center development [4][5] - Blue Owl's investment strategy includes long-term leases with Meta, ensuring predictable income streams for investors [5] Market Dynamics - Major tech companies, including Alphabet, Meta, Microsoft, and Amazon, have collectively increased their capital expenditure guidance to $380 billion, indicating a strong demand for infrastructure [6] - Concerns about frothy valuations in the market are affecting stock performance, highlighting the need for careful investment structuring [2][4] Power and Capacity Constraints - Power constraints are identified as a critical factor in the development of AI capacity, with electricity production costs being a determinant of AI output [8][9] - The construction of data centers is expensive, and power is essential for their operation, making it a key consideration in infrastructure planning [9][10] Private Credit Market - Blue Owl has reported low default and loss rates in its private credit solutions, with a loss rate of only 13 basis points over the last decade [13] - The private credit market is seen as a safer investment option for individual investors, as it sits at the top of the capital structure [16] Future Investment Opportunities - There is a projected need for a trillion dollars in new capital expenditures for data centers, indicating significant investment opportunities in the sector [17]

Goldman Sachs BDC (NYSE:GSBD) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOStan Matuszewski - CFOJohn Psyllos - Member of Investor Relations TeamVivek Bantwal - Co-CEOTucker Greene - President and COOConference Call ParticipantsArren Cyganovich - Financial Services Equity Research AnalystJohn PsyllosGood morning. This is John Psyllos, a member of the investor relations team for Goldman Sachs BDC, Inc. I would like to welcome everyone to the Goldman Sachs BDC, ...

Financial Data and Key Metrics Changes - The net investment income per share for Q3 2025 was $0.40, with a net asset value (NAV) per share of $12.75, reflecting a decrease of 2.1% from the previous quarter's NAV [6][8] - The adjusted NAV per share, accounting for the supplemental dividend, was $12.71, a non-GAAP measure introduced due to changes in the dividend policy [7] - The company declared a fourth quarter base dividend of $0.32 per share [8] - The net debt-to-equity ratio increased to 1.17 as of September 30, 2025, compared to 1.12 as of June 30, 2025 [8][16] Business Line Data and Key Metrics Changes - New investment commitments reached approximately $470.6 million across 27 portfolio companies, marking the highest level since Q4 2021 [9] - 100% of originations during the quarter were in first-lien loans, indicating a focus on maintaining exposure to the top of the capital structure [9] - Total investments at fair value were $3.2 billion, with 98.2% in senior secured loans [12] Market Data and Key Metrics Changes - M&A dollar volumes in Q3 2025 were 40.9% higher year-over-year compared to Q3 2024, driven by renewed risk-on sentiment among investors and lower borrowing costs [3] - The company noted a tightening of credit spreads in the market, with expectations that spreads may not widen significantly in the near term [25] Company Strategy and Development Direction - The company adjusted its dividend policy earlier in the year to position itself well in a lower yield environment, emphasizing credit selection [4] - The integration of the platform in 2022 has allowed the company to evaluate and invest in high-quality opportunities across various market segments [11] - The company remains focused on mission-critical, market-leading companies, particularly in the software and AI sectors, while mitigating downside risks [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the M&A market and indicated that the recent uptick in activity could signal a longer-term trend [22] - The company remains focused on maintaining its dividend and believes that fund managers will be rewarded for their credit selection in a lower-yielding environment [19] - Overall portfolio quality has been stable, with a slight decrease in non-accrual investments [26] Other Important Information - The company repurchased over 2.1 million shares for $25.1 million during the quarter, which was NAV accretive [13] - The weighted average yield of debt and income-producing investments at amortized cost was 10.3%, down from 10.7% in the previous quarter [12] Q&A Session Summary Question: Thoughts on sustaining M&A activity into next year - Management believes the recent M&A activity is the start of a longer-term trend, driven by the need for private equity firms to exit existing portfolios and invest in new ones [22][24] Question: Impact of increased activity on spreads - Management does not anticipate significant widening of spreads in the near term due to high demand and dry powder in the market [25] Question: Performance of non-accrual investment at Dental Brands - The company placed a more senior tranche on non-accrual status due to continued underperformance, but this position is small and does not significantly impact overall non-accruals [26][27]

DNY59/E+ via Getty Images Pardon the mixed metaphor, but I couldn’t resist. Jamie Dimon, Chairman and Chief Executive Officer of JP Morgan Chase, whose comments are always insightful and direct, said the following last month with regard to the bankruptcy filings from First Brands, an auto parts supplier, and Tricolor, a seller of and subprime lender against used cars: “My antenna goes up when things like that happen. And I probably shouldn’t say this, but when you see one cockroach, there are probably m ...

Core Insights - Mr. Mavroudis is a professional portfolio manager with a focus on risk management and in-depth financial market analysis [1] - He has successfully navigated major crises, including the COVID-19 pandemic and the PSI [1] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services, a registered Greek company [1] Professional Background - Holds an MSc in Financial and Banking Management, an LLM in Law, and a BSc in Economics, graduating as valedictorian [1] - Certified portfolio manager and analyst for financial instruments, with additional certifications in derivatives and securities market-making [1] - Licensed Class A accountant-tax consultant and member of the Economic Chamber of Greece [1] Contributions to the Financial Community - Writes daily articles for reputable financial media and appears as a guest commentator on television and online programs [1] - Published three books on investments, contributing to knowledge sharing in the investment community [1] - Engages with a vibrant community of investors through Seeking Alpha, aiming for mutual growth and knowledge sharing [1]

I've been very sceptical of the private credit industry as I believe a lot of their loans are riskier than they seem, and often investment vehicles with private credit are trading for far above NAV. MostAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in MSDL over the next 72 hours. I wrote this article myself, an ...

For the first time since a war of words erupted over the risks in private credit in the wake of high-profile collapses, investors are getting hard figures on the state of the $1.7 trillion debt market https://t.co/i79upCzcvl ...

The US SEC has been scrutinizing Egan-Jones Ratings, according to people familiar with the matter, delving into the business practices of a leader in the fast-growing market for private-credit ratings. https://t.co/wO8rZu6w9O ...