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]

尽管今年上半年并购市场的表现并没有达到投资银行家们的预期，但亚洲一系列大型并购交易以及美国 市场乐观情绪的回升，可能正为未来的大型并购交易铺平道路。 交易撮合者表示，美国总统特朗普发起的贸易战、高利率以及更广泛的地缘政治紧张局势带来的市场不 确定性等因素阻碍了今年全球并购市场的表现，但并未完全颠覆银行家们原本预期的"爆发年"。 数据显示，从1月1日至6月27日，全球并购交易总额达到2.14万亿美元，同比增长26%。其中，增长主 要来自亚洲地区，该地区并购总额增长一倍多，达5839亿美元。北美地区的交易活动在此期间也上升至 1.04万亿美元，较去年同期增长17%。 特朗普自4月初所谓的"解放日"开始实施的关税政策使市场气氛转冷，导致多项并购交易和首次公开募 股(IPO)推迟至后续季度。瑞银全球股票资本市场联席主管Tommy Rueger表示："我们原本预计，2025年 上半年会有大量交易活动，但现实是我们没有看到。" 不过，对十几位顶级银行家的采访表明，他们对市场最糟糕时期已过去的信心正在增强。标普500指数 和纳斯达克指数再创新高提振了市场对下半年并购活动将更为活跃的乐观情绪。美国银行全球并购业务 联席主管I ...