Financial Data and Key Metrics Changes - The net investment income per share for Q2 2025 was 38¢, and the net asset value (NAV) per share was $13.02, a decrease of 1.4% from the previous quarter's NAV, primarily due to a special dividend of 16¢ per share [13][14] - The adjusted NAV per share for Q2 2025, accounting for the special dividend, was $12.99, a non-GAAP measure introduced due to a change in dividend policy [14] - The net debt to equity ratio at the end of Q2 2025 was 1.12 times, down from 1.16 times at the end of Q1 2025 [14][23] Business Line Data and Key Metrics Changes - New investment commitments during the quarter totaled approximately $247.9 million across 15 portfolio companies, marking the highest level of new investment commitments since Q3 2024 [15][16] - 100% of originations during the quarter were in first lien senior secured loans, indicating a continued focus on maintaining exposure to the top of the capital structure [16] - The weighted average yield of debt and income-producing investments at the end of Q2 was 10.7%, slightly down from 10.8% at the end of Q1 [20] Market Data and Key Metrics Changes - Total M&A dollar volumes in the first half of 2025 were up 29% year-over-year, indicating resilience in the M&A market despite policy volatility [11] - The interplay between the broadly syndicated loan market and direct lenders remains strong, with significant refinancing activity noted [12] Company Strategy and Development Direction - The Goldman Sachs BDC is focused on leveraging its integration into the broader private credit platform to enhance origination capabilities and scale [4][10] - The management team emphasizes a selective approach to credit quality and discipline in investment decisions, particularly in a competitive deal environment [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic uncertainties, there are positive indicators for active and high-quality deployment across the credit complex as the year progresses [26] - The company believes it is in the second year of a five to seven-year M&A market recovery, with a backlog of deals building despite shifting macro conditions [13] Other Important Information - The board declared a supplemental dividend of 3¢ per share and a base dividend of 32¢ per share for Q3 2025, alongside a special dividend of 16¢ per share [14] - The company utilized its stock repurchase plan, repurchasing over 1 million shares for $12.1 million during the quarter [15] Q&A Session Summary Question: Thoughts on getting leverage back up in the second half of the year - Management indicated that some commitments slipped into the next quarter, but strong activity and new deal flow are expected to increase leverage over time [29] Question: Details on non-accruals and restructurings - Management provided details on exits from non-accrual status, including improvements in certain positions and a restructuring of a position into two securities [30]

Group 1 - The global M&A market saw a total deal value of $2.14 trillion from January 1 to June 27, 2023, representing a 26% year-over-year increase, primarily driven by Asia [1] - Asia's M&A total reached $583.9 billion, more than doubling compared to the previous year, while North America saw a 17% increase to $1.04 trillion [1] - Despite a slowdown in the market due to tariffs and geopolitical tensions, top bankers express growing confidence that the worst is over, with optimism for increased M&A activity in the second half of the year [1][2] Group 2 - There is an increased likelihood of large transactions exceeding $50 billion compared to a year ago, supported by a recovery in the market and more lenient antitrust policies [2] - Market volatility has decreased, indicating greater investor confidence, and institutional investors are returning to the stock market, leading to a resurgence in IPO plans [2] - Significant transactions, such as Global Payments' $24.25 billion acquisition and Charter Communications' $21.9 billion acquisition of Cox Communications, have helped boost market sentiment [2] Group 3 - A total of 17,528 deals were signed in the first half of the year, down from 20,583 in the same period last year, but the average deal size has increased, pushing total deal value higher [3] - The number of transactions over $10 billion increased by 62% compared to the previous year, highlighting a trend towards larger deals [3] - Asia's M&A activity reached $583.9 billion, with significant deals including Toyota's $33 billion privatization of a supplier and ADNOC's $18.7 billion cash acquisition of Santos [3]