Goldman Sachs BDC, Inc. (GSBD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Goldman Sachs BDC, Inc. (GSBD), una empresa de desarrollo comercial poderoso que transforma el financiamiento complejo del mercado medio en oportunidades de inversión estratégica. Aprovechando la experiencia financiera incomparable de Goldman Sachs, GSBD ofrece a los inversores una combinación única de gestión de inversiones profesionales, estrategias de cartera diversificadas y atractivos rendimientos de dividendos que lo distinguen en el panorama competitivo de préstamos corporativos e inversiones privadas. Desentrave el sofisticado lienzo del modelo de negocio que impulsa el éxito de esta dinámica institución financiera y descubre cómo GSBD crea valor para los inversores institucionales, las personas de alto valor de la red y las entidades de inversión corporativa.

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocios: asociaciones clave

Goldman Sachs Group como socio estratégico principal y empresa matriz

A partir de 2024, Goldman Sachs Group posee el 100% de los derechos de gestión de Goldman Sachs BDC, Inc. El valor total de activos netos administrado por GSBD es de $ 2.1 mil millones al cuarto trimestre de 2023.

Métricas de asociación	Valor
Estaca de propiedad	100%
Valor de activo neto	$ 2.1 mil millones
Tarifa de gestión	1.5% anual

Bancos de inversión y firmas de asesoramiento financiero

GSBD colabora con múltiples socios de banca de inversión para abastecimiento de acuerdos y servicios de asesoramiento financiero.

• Morgan Stanley
• JPMorgan Chase
• Citigroup
• Bank of America Merrill Lynch

Redes de capital privado y capital de riesgo

GSBD mantiene asociaciones estratégicas con firmas líderes de capital privado.

Empresa asociada	Colaboración de inversiones
Grupo de piedra negra	Cartera de inversiones conjuntas de $ 350 millones
KKR	Acuerdos de coinversión de $ 275 millones
Apolo Global Management	$ 225 millones de asociación estratégica

Inversores de crédito institucionales y administradores de fondos

GSBD se asocia con inversores institucionales para expandir sus capacidades de inversión crediticia.

• Sistema de jubilación de empleados públicos de California (Calpers)
• Fondo de jubilación común del estado de Nueva York
• Sistema de jubilación de maestros de Texas

Proveedores de servicios legales y de cumplimiento

GSBD involucra socios legales y de cumplimiento especializados para garantizar la adherencia regulatoria.

Proveedor de servicios	Alcance del servicio
Skadden, Arps, Slate, Meagher & Flom LLP	Asesoramiento legal corporativo
Ernst & Joven	Servicios de cumplimiento financiero y auditoría
Deloitte	Informes regulatorios y gestión de riesgos

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: actividades clave

Préstamo corporativo del mercado medio

A partir del tercer trimestre de 2023, Goldman Sachs BDC tiene una cartera de inversión total de $ 2.1 mil millones, con un 96% invertido en una deuda garantizada senior. El rendimiento promedio de las inversiones de la deuda fue del 11,7%.

Métrico de préstamo	Valor
Tamaño total de la cartera	$ 2.1 mil millones
Porcentaje de deuda asegurada senior	96%
Rendimiento de inversión de deuda promedio	11.7%

Inversión directa en empresas privadas

Goldman Sachs BDC se centra en las inversiones en empresas privadas en varios sectores.

• Número de compañías de cartera: 53
• Concentraciones de la industria más grandes: software (22%), atención médica (18%), servicios comerciales (15%)
• Tamaño promedio de la inversión: $ 39.6 millones

Gestión de la cartera y evaluación de riesgos

La compañía mantiene un Estrategia de inversión diversificada con estrictos protocolos de gestión de riesgos.

Métrica de gestión de riesgos	Valor
Relación de préstamos sin rendimiento	2.3%
Calificación de riesgo promedio ponderado	2.4 (en una escala de 5 puntos)

Aumento de capital y estructuración de inversiones

Goldman Sachs BDC recaudó $ 350 millones a través de ofertas públicas en 2023.

• Valor de activos netos (NAV): $ 15.42 por acción
• Rendimiento de dividendos: 9.6%
• Capital de deuda total: $ 750 millones

Análisis de crédito y diligencia debida

Proceso de evaluación de crédito riguroso con una amplia selección financiera y operativa.

Métrico de análisis de crédito	Valor
EBITDA promedio de compañías de cartera	$ 50 millones
Relación deuda/EBITDA	4.2x
Revisiones anuales de diligencia debida	100% de cartera

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: recursos clave

Fuerte capital financiero y líneas de crédito

A partir del cuarto trimestre de 2023, Goldman Sachs BDC, Inc. reportó activos totales de $ 2.1 mil millones. La compañía mantiene un Capacidad de crédito de $ 750 millones con Goldman Sachs Bank USA.

Métrica financiera	Cantidad
Activos totales	$ 2.1 mil millones
Línea de crédito	$ 750 millones
Valor de activos netos (NAV)	$ 15.48 por acción

Equipo experimentado de gestión de inversiones

El equipo de inversión comprende 12 profesionales de inversión senior con un promedio de 18 años de experiencia en capital privado y mercados de crédito.

• Experiencia promedio del equipo: 18 años
• Número de profesionales de inversión senior: 12
• Especializado en préstamos de mercado medio

Tecnologías avanzadas de evaluación de riesgos de crédito

GSBD utiliza algoritmos de evaluación de riesgos patentados que analizan más de 50 métricas financieras y operativas para posibles objetivos de inversión.

Métricas de evaluación de riesgos	Número
Métricas financieras analizadas	50+
Revisiones anuales de cartera	4
Frecuencia de monitoreo de riesgos	Trimestral

Extensa red de Goldman Sachs y reputación

Aprovechando la red global de Goldman Sachs, GSBD tiene acceso a Más de 200 oportunidades potenciales de inversión de mercado medio anualmente.

Cartera de inversiones diversificada

Composición de cartera al 31 de diciembre de 2023:

Sector	Porcentaje de cartera
Software	18%
Cuidado de la salud	15%
Servicios comerciales	14%
Otros	53%

• Valor total de la cartera de inversiones: $ 1.9 mil millones
• Número de compañías de cartera: 53
• Tamaño promedio de inversión: $ 36 millones

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: propuestas de valor

Acceso a financiamiento corporativo especializado de mercado medio

A partir del cuarto trimestre de 2023, Goldman Sachs BDC, Inc. administró una cartera de inversiones total de $ 2.1 mil millones, con un 95% asignado a la deuda corporativa del mercado medio. El tamaño promedio de la inversión oscila entre $ 10 millones y $ 50 millones por transacción.

Composición de cartera	Valor total	Porcentaje
Préstamos para personas mayores aseguradas	$ 1.58 mil millones	75.2%
Deuda subordinada	$ 350 millones	16.7%
Inversiones de renta variable	$ 170 millones	8.1%

Rendimientos de dividendos atractivos para los inversores

GSBD informó un rendimiento de dividendos del 9.65% a partir de enero de 2024, con distribuciones trimestrales por un total de $ 0.45 por acción.

Gestión de inversiones profesionales

• Equipo de inversión con promedio de más de 15 años de experiencia
• Activos administrados por un total de $ 2.1 mil millones
• Retorno ajustado al riesgo del 11.2% en 2023

Cartera de inversiones diversificada

Sector industrial	Asignación de inversión
Tecnología	22.5%
Cuidado de la salud	18.3%
Servicios comerciales	16.7%
Fabricación	14.2%
Otros sectores	28.3%

Aprovechando la experiencia financiera de Goldman Sachs

Goldman Sachs matriz activos: $ 1.44 billones. GSBD se beneficia del acceso directo a la investigación de inversiones globales de Goldman Sachs, los marcos de gestión de riesgos y el conocimiento institucional.

• Tasa de incumplimiento de crédito: 1.2% en 2023
• Valor de activo neto por acción: $ 15.37
• Rendimiento total de retorno: 12.8% en 2023

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

Goldman Sachs BDC, Inc. proporciona a los servicios de asesoramiento de inversiones personalizados con un enfoque en las empresas del mercado medio. A partir del cuarto trimestre de 2023, la compañía gestionó $ 2.36 mil millones en activos totales bajo administración.

Categoría de servicio	Segmentos de cliente	Abordaje de asesoramiento
Préstamo directo	Negocios de mercado medio	Soluciones financieras a medida
Gestión de inversiones	Inversores institucionales	Estrategias de cartera personalizadas

Información financiera y transparencia regulares

La compañía mantiene estándares de informes rigurosos con divulgaciones financieras trimestrales.

• Informes de ganancias trimestrales presentados con SEC
• Divulgación detallada de la composición de la cartera
• Valor de activos netos (NAV) informado mensualmente

Gestión de relaciones dedicada

Goldman Sachs BDC asigna gerentes de relaciones especializadas para clientes institucionales clave.

Nivel de cliente	Relación del administrador de relaciones	Tamaño promedio de la cartera
Inversores institucionales	1: 5 clientes	$ 50- $ 100 millones

Plataformas de comunicación de inversores digitales

La compañía aprovecha plataformas digitales avanzadas para la participación de los inversores.

• Portal de inversores en línea seguro
• Seguimiento de cartera en tiempo real
• Panel de inversión que responde a dispositivos móviles

Estrategias de inversión a medida

Goldman Sachs BDC ofrece enfoques de inversión diversificados alineados con los perfiles de riesgo del cliente.

Estrategia de inversión	Riesgo Profile	Retornos típicos
Préstamos para personas mayores aseguradas	Bajo a moderado	L+500-600 Puntos básicos
Financiamiento unitranche	Moderado a alto	L+700-800 Puntos básicos

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocios: canales

Plataforma de inversión directa

A partir del cuarto trimestre de 2023, la plataforma de inversión directa de Goldman Sachs BDC gestionó $ 2.1 mil millones en cartera de inversión total.

Característica de la plataforma	Detalles específicos
Activos de inversión totales	$ 2.1 mil millones
Tamaño de inversión promedio	$ 15.3 millones por empresa de mercado medio
Tipos de inversión	Préstamos seguros senior, deuda entre mezzaninos

Portal de inversores en línea de Goldman Sachs

La plataforma en línea proporciona seguimiento e informes de inversión en tiempo real.

• Base de usuarios de plataforma digital: 4.287 inversores institucionales registrados
• Usuarios activos mensuales: 1,642
• Seguimiento de rendimiento de la cartera en tiempo real
• Descargas de informe financiero trimestral: 3,276

Redes de asesores financieros

Extensa red de profesionales financieros que distribuyen productos de inversión GSBD.

Métricas de red	Datos cuantitativos
Asesores financieros totales	672 profesionales registrados
Activos promedio bajo administración por asesor	$ 3.4 millones
Tasa de comisión de red	0.75% del capital invertido

Equipo de relaciones con los inversores

Equipo dedicado que gestiona las comunicaciones de inversores institucionales y minoristas.

• Total de los miembros del equipo: 18 profesionales
• Llamadas de conferencia de inversores trimestrales: 4 por año
• Reuniones anuales de inversores: 2 eventos importantes
• Tiempo promedio de respuesta de comunicación del inversor: 24 horas

SEC y divulgaciones financieras públicas

Transparencia financiera integral a través de canales de informes regulados.

Métrica de divulgación	Datos de cumplimiento
Informes anuales presentados	10-K, 10-Q, 8-K
Frecuencia de liberación de ganancias	Trimestral
Presentaciones de inversores públicos	6 por año fiscal

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Goldman Sachs BDC, Inc. atiende a inversores institucionales con los siguientes profile:

Categoría	Volumen de inversión	Porcentaje de cartera
Asignación de inversión institucional	$ 1.2 mil millones	62.4%
Tamaño de inversión promedio	$ 5.6 millones	N / A

Individuos de alto nivel de red

GSBD se dirige a individuos de alto valor neto con características de inversión específicas:

• Umbral de inversión mínima: $ 250,000
• Asignación promedio de cartera: 18.7%
• Inversiones individuales totales de alto patrimonio: $ 385 millones

Empresas de capital privado

Métricas de compromiso de capital privado para Goldman Sachs BDC:

Métrico	Valor
Número de asociaciones de capital privado	37
Compromiso de inversión total	$ 675 millones

Fondos de jubilación

Inversión en el fondo de jubilación profile:

• Inversiones totales de fondos de jubilación: $ 425 millones
• Porcentaje de cartera total: 22.3%
• Duración promedio de la inversión: 5-7 años

Entidades de inversión corporativa

Detalles del segmento de inversión corporativa:

Categoría	Volumen de inversión	Número de entidades
Asignación de inversión corporativa	$ 215 millones	24
Inversión corporativa promedio	$ 8.96 millones	N / A

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del informe anual de 2023, Goldman Sachs BDC, Inc. informó:

Tipo de tarifa	Cantidad anual
Tarifa de gestión base	1.50% de los activos brutos
Tarifa de incentivo	17.50% de los ingresos por inversiones netas

Gastos operativos

Gastos operativos para el año fiscal 2023:

• Gastos operativos totales: $ 37.4 millones
• Desglose de los costos operativos clave:
  • Gastos de compensación: $ 12.6 millones
  • Servicios profesionales: $ 4.2 millones
  • Costos administrativos generales: $ 3.8 millones

Gastos de intereses sobre capital prestado

Detalles de gastos de intereses para 2023:

Instrumento de deuda	Gastos de intereses totales	Tasa de interés promedio
Línea de crédito	$ 24.3 millones	7.25%
Notas senior	$ 18.7 millones	6.75%

Cumplimiento y costos regulatorios

Gastos relacionados con el cumplimiento para 2023:

• Costos de cumplimiento regulatorio total: $ 5.1 millones
• Áreas clave de gastos de cumplimiento:
  • Informes legales y regulatorios: $ 2.3 millones
  • Auditoría y control internos: $ 1.8 millones
  • Personal de cumplimiento: $ 1.0 millones

Inversiones de tecnología e infraestructura

Desglose de inversión tecnológica para 2023:

Categoría de tecnología	Monto de la inversión
Infraestructura	$ 3.5 millones
Ciberseguridad	$ 2.1 millones
Actualizaciones de software y sistemas	$ 2.7 millones

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de la cartera de préstamos

A partir del tercer trimestre de 2023, Goldman Sachs BDC informó $ 53.1 millones en ingresos de inversión total. La cartera de préstamos generó ingresos por intereses con el siguiente desglose:

Tipo de préstamo	Ingresos por intereses
Primeros préstamos de gravamen	$ 39.2 millones
Segundo préstamos de gravamen	$ 8.7 millones
Préstamos subordinados	$ 5.2 millones

Distribuciones de dividendos

Para el año fiscal 2023, Goldman Sachs BDC mantuvo una distribución de dividendos consistente:

• Dividendo trimestral: $ 0.45 por acción
• Rendimiento de dividendos anuales: aproximadamente el 9.5%
• Pago total de dividendos en 2023: $ 1.80 por acción

Apreciación de capital de las inversiones

Valor de activo neto de la cartera de inversiones (NAV) al 30 de septiembre de 2023:

Categoría de inversión	Valor comercial	Ganancias no realizadas
Inversiones de renta variable	$ 127.3 millones	$ 4.2 millones
Inversiones de deuda	$ 1.45 mil millones	$ 12.6 millones

Tarifas de gestión de inversiones

Tarifa de gestión base: 1.5% anual de activos brutos

Tarifas de gestión total para 2023: $ 22.4 millones

Ganancias realizadas de las transacciones de cartera

Ganancias de transacción de cartera en 2023:

• Ganancias totales realizadas: $ 6.7 millones
• Ganancias realizadas de las inversiones de deuda: $ 4.3 millones
• Ganancias realizadas de Equity Investments: $ 2.4 millones

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Value Propositions

High current income for investors via a base quarterly dividend of $0.32 per share

The Board declared a fourth quarter 2025 Base Dividend of $0.32 per share payable to shareholders of record as of December 31, 2025. This was accompanied by a third-quarter supplemental dividend of $0.04 per share. The Net Investment Income per share for the third quarter ended September 30, 2025, was reported at $0.40.

Highly secured investment portfolio with 98.2% in senior secured debt

The investment portfolio as of September 30, 2025, showed a significant focus on the most secure parts of the capital structure.

• Investment portfolio comprised of 98.2% senior secured debt.
• Within senior secured debt, 96.7% were first lien investments.
• Investments on non-accrual status amounted to 1.5% of the total investment portfolio at fair value as of September 30, 2025.

Customized, flexible financing solutions for U.S. middle-market companies

Goldman Sachs BDC, Inc. provided capital solutions across a broad base of middle-market entities, with high activity in new commitments during Q3 2025.

Metric	Value as of September 30, 2025
Total Investments at Fair Value and Commitments	$3,833.2 million
Number of Portfolio Companies	171
Number of Industries Represented	40
New Investment Commitments in Q3 2025	$470.6 million
Percentage of Q3 Originations in First-Lien Loans	100%

The firm led seven new deals in the third quarter, demonstrating the advantage of the Goldman Sachs franchise.

Stability from a conservative net debt-to-equity ratio of 1.17x in Q3 2025

The company maintained leverage below its stated target, signaling a conservative approach to capital structure management.

• Ending net debt-to-equity ratio as of September 30, 2025: 1.17x.
• Target leverage ratio: 1.25 times.
• Net Asset Value (NAV) per share as of September 30, 2025: $12.75.

Access to the extensive resources and expertise of the Goldman Sachs platform

The platform facilitated significant deal flow and funding capacity, which supports the value proposition for both borrowers and investors.

The company had approximately $1,143 million of borrowing capacity remaining under the revolving credit facility at quarter end. The firm issued $400 million of unsecured notes with a 5.65% coupon during the period.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Customer Relationships

You're managing a BDC that relies on deep relationships with both the companies it lends to and the shareholders who provide the capital. For Goldman Sachs BDC, Inc. (GSBD), this means a multi-faceted approach to relationship management, spanning portfolio executives, sponsors, and public investors.

Direct, high-touch relationship management with portfolio company executives

Goldman Sachs Asset Management Private Credit maintains an active approach to portfolio management, which includes direct engagement with portfolio company management throughout the investment lifecycle, from sourcing through monitoring and maturity. This engagement may involve periodic or regular contact to discuss financial position, requirements, and accomplishments. The Investment Adviser also attends and participates in board meetings or presentations by portfolio companies. As of June 30, 2025, the investment portfolio was comprised of investments in 162 portfolio companies across 40 industries.

The broader Goldman Sachs Asset Management (GSAM) structure supports this, with various investment teams conducting thousands of company meetings per year, including onsite visits to facilities and meetings with customers, suppliers, and competitors. This engagement informs the assessment of management quality, business model, and long-term value creation, including ESG considerations. The integration of the BDC business with the merchant bank and special situations group is intended to open proprietary origination and deal flow for the BDC complex.

Rigorous due diligence and ongoing performance review of borrowers

Monitoring the credit health of borrowers is continuous. The Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This review assesses the portfolio company's success in adhering to its business plan and compliance with covenants. The process includes reviewing monthly and quarterly financial statements and projections. As of September 30, 2025, the Company had investments in eight portfolio companies on non-accrual status, which amounted to 1.5% of the total investment portfolio at fair value.

Here's a look at the portfolio composition and risk metrics as of the third quarter of 2025:

Metric	Value as of September 30, 2025	Context/Comparison Point
Total Portfolio Investments at Fair Value and Commitments	$3.8 billion	New investment commitments in Q3 2025 were approximately $470.6 million across 27 portfolio companies.
Senior Secured Loans (as % of Fair Value)	98.2%	This is up from 97.4% as of June 30, 2025.
Investments on Non-Accrual Status (as % of Fair Value)	1.5%	This compares to 1.6% as of June 30, 2025.
Net Debt-to-Equity Ratio	1.17x	This is below the target leverage of 1.25x.

The platform focuses on mission-critical, market-leading companies with core systems of record across software deals, using a proprietary framework to assess software and AI disruption risk implemented for over 2 years.

Consistent dividend policy with potential for supplemental distributions

Goldman Sachs BDC, Inc. (GSBD) has established a clear base dividend structure with the potential for variable supplemental payments based on earnings performance. The Board declared a new base dividend structure in 2025, which includes a commitment to pay out at least 50% of Net Investment Income (NII) in excess of the Base Dividend as a Supplemental Dividend, when sufficient NII is available. For the third quarter ended September 30, 2025, the Net Investment Income per share was $0.40.

Here are the recent dividend declarations reflecting this policy:

• Fourth Quarter 2025 Base Dividend declared: $0.32 per share (payable on or about January 27, 2026).
• Third Quarter 2025 Supplemental Dividend declared: $0.04 per share (payable on or about December 15, 2025).
• Second Quarter 2025 Special Dividend declared: $0.16 per share (payable on or about October 28, 2025).
• Second Quarter 2025 Supplemental Dividend declared: $0.03 per share (payable on or about September 15, 2025).

The annualized Net Investment Income yield on book value for the third quarter of 2025 equated to 12.5%.

Long-term partnership focus with private equity sponsors

The relationship with strategic sponsors, typically private equity firms, is integral to deal flow and ongoing portfolio oversight. Goldman Sachs BDC, Inc. seeks to make capital appreciation through direct originations of various debt types, including first lien, first lien/last-out unitranche, and second lien debt. The Investment Adviser maintains contact with the financial or strategic sponsor to discuss the portfolio company's financial position and accomplishments. Furthermore, the integration with Goldman Sachs' merchant bank and special situations group is designed to provide access to proprietary origination and deal flow that might otherwise be unavailable to the BDC complex, signaling a commitment to a long-term, integrated partnership approach with the broader Goldman Sachs platform to source opportunities.

Finance: draft 13-week cash view by Friday.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Channels

You're mapping out how Goldman Sachs BDC, Inc. reaches its customers-the investors-and how it sources its deals. It's a mix of public market access and proprietary sourcing.

Direct origination team leveraging the Goldman Sachs network for deal flow

The primary channel for deploying capital relies heavily on the internal ecosystem. The integration of the BDC business with the merchant bank and special situations group created a unified private credit team, which opened the aperture for proprietary origination and deal flow previously unavailable to its family of funds. This internal sourcing advantage is key.

• Total M&A dollar volumes in Q3 2025 were 40.9% higher year-over-year compared to Q3 2024.
• New investment commitments in Q3 2025 reached approximately $470.6 million, the highest level since Q4 of 2021.
• 100% of originations for Q3 2025 were in first lien loans.

Public listing on the New York Stock Exchange (NYSE: GSBD) for investors

The listing on the New York Stock Exchange provides the essential channel for equity capital from a broad base of public investors. This public float allows for capital raising and provides a liquid market for existing shareholders. The Net Asset Value (NAV) per share serves as a key metric for these investors.

Metric	Value as of September 30, 2025
Stock Exchange Listing	NYSE: GSBD
Net Asset Value (NAV) per Share	$12.75
Stock Price (Dec 3, 2025 Close)	$10.08
Average Daily Trading Volume (Approximate)	892,126 shares

The stock traded at a discount to NAV in early December 2025.

Investor presentations and SEC filings (10-Q, 10-K) for financial disclosure

Transparency through mandated regulatory filings and voluntary investor materials is the formal channel for communicating financial health and strategy to the market. The total investment portfolio size dictates the scale of the business being managed.

• Q3 2025 financial results were filed on Form 10-Q with the U.S. Securities and Exchange Commission on November 6, 2025.
• Total investments at fair value and commitments as of September 30, 2025, totaled $3,833.2 million.
• Net investment income per share for the quarter ended September 30, 2025, was $0.40.

Investment banking and private wealth channels of the parent company

The management structure itself acts as a critical channel. Goldman Sachs Asset Management oversees the BDC, and the relationship with the broader investment banking franchise provides deal sourcing and underwriting support. This relationship is explicitly cited as a competitive advantage for the platform.

Earnings conference calls for analyst and investor communication

The quarterly earnings conference call is the direct, real-time communication channel used to discuss performance with analysts and institutional investors. This is where management provides color on the deal pipeline and credit quality.

• The Q3 2025 earnings conference call took place on Friday, November 7, 2025, at 9:00 am Eastern Time.
• The Board declared a Q4 2025 Base Dividend of $0.32 per share and a Q3 2025 Supplemental Dividend of $0.04 per share.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide capital to Goldman Sachs BDC, Inc. (GSBD) and the groups that receive that capital. This is about who is on both sides of the balance sheet for the investments made by Goldman Sachs BDC, Inc. as of late 2025.

Public shareholders seeking high-yield, income-focused BDC exposure are attracted by the regular distributions. For the quarter ended September 30, 2025, the Adjusted Net Investment Income (NII) per share was reported at $0.40. The Board declared a fourth-quarter 2025 base dividend of $0.32 per share, alongside a third-quarter supplemental dividend of $0.04 per share, bringing the total distribution for that quarter to $0.36 per share. The annualized net investment income yield on book value for the third quarter of 2025 equated to 12.5%. As of September 30, 2025, the Net Asset Value (NAV) per share stood at $12.75. Management signaled confidence in the stock's value by repurchasing 2.14 million shares for $25.1 million during the third quarter of 2025. The largest single holder remains an affiliate, Goldman Sachs Group Inc..

U.S. middle-market companies requiring $25 million to $250 million in capital form the primary borrower base. Goldman Sachs BDC, Inc. focuses on direct originations of secured debt to these U.S. middle-market companies, which is the core of its investment objective. While the general target for the U.S. middle market is large, specific investment sizes cited for Goldman Sachs BDC, Inc. range from $25 million to $75 million per transaction, often targeting companies with an EBITDA between $5 million and $75 million annually. As of September 30, 2025, the total investment portfolio at fair value and commitments reached $3,833.2 million, spread across 171 portfolio companies. The portfolio is heavily weighted toward senior protection, with 98.2% in senior secured debt, including 96.7% in first lien investments.

Private equity firms needing financing for leveraged buyouts are key partners in deal sourcing and execution. Goldman Sachs BDC, Inc. provides financing for various corporate actions, including leveraged buyouts (LBOs), growth capital, refinancing, and restructuring transactions. The firm's commitment activity in the third quarter of 2025 was robust, with new investment commitments of approximately $470.6 million across 27 companies, marking the highest level since the fourth quarter of 2021. It's worth noting that 100% of originations in that quarter were in first-lien loans, which aligns with the security sought by private equity sponsors in their debt stack.

Institutional investors, including pension funds and endowments, participate indirectly by purchasing shares of Goldman Sachs BDC, Inc. on the NYSE. These investors seek the current income and capital appreciation profile characteristic of a regulated BDC. The structure of the dividend-a base amount with a variable supplemental component-is designed to appeal to income-focused mandates typical of these large institutions. The total investment portfolio size as of September 30, 2025, was $3,833.2 million in fair value and commitments, representing the pool of assets these institutional shareholders are backing.

Here's a quick look at the investment focus supporting these borrowers:

• New investment commitments in Q3 2025: $470.6 million.
• Portfolio companies count (Sept 30, 2025): 171.
• Percentage in First Lien Debt (Sept 30, 2025): 96.7%.
• Total Portfolio Size (Fair Value + Commitments, Sept 30, 2025): $3,833.2 million.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Cost Structure

The Cost Structure for Goldman Sachs BDC, Inc. (GSBD) is heavily influenced by the expenses associated with its externally managed structure and its debt-financed investment strategy. You see these costs directly impacting net investment income, so tracking them is key to understanding true profitability.

The primary operating costs are driven by the fees paid to Goldman Sachs Asset Management, L.P. (GSAM) and the interest expense on the leverage used to fund investments. For instance, as of the quarter ended June 30, 2025, total expenses before taxes were reported at approximately $45.611 million.

Here's a look at some of the key cost components based on the latest reported figures from 2025:

Cost Component	Latest Reported Amount (USD)	Period/Date
Interest Expense on Outstanding Debt	$26.42 million	Three Months Ended June 30, 2025
Other General and Administrative Expenses	$1.273 million	Three Months Ended June 30, 2025
Management Fees Payable	$8.681 million	As of March 31, 2025
Incentive Fees Payable	$6.804 million	As of March 31, 2025
Costs for Stock Repurchase Programs	$25.1 million	Three Months Ended September 30, 2025

Management and incentive fees paid to the external manager, GSAM, are structured based on a percentage of assets and performance hurdles. This is a fixed, recurring cost of the external management model.

• Base Management Fee: Set at 1.5% annually.
• NOI Incentive Fee: Set at 20% of Net Operating Income (NOI).
• Incentive Catch-Up Provision: Included in the structure.
• Total Return Hurdle: A 3 Year total return hurdle applies to certain incentives.

Interest expense on outstanding debt is definitely a major operating cost, directly tied to the amount of leverage Goldman Sachs BDC, Inc. uses. The net debt-to-equity ratio hovered around 1.12x as of June 30, 2025, showing consistent reliance on borrowings.

General and administrative expenses cover the day-to-day running of the business, though many administrative costs are initially paid by the Investment Adviser and subsequently reimbursed. For example, as of March 31, 2025, there were $1,168 thousand included in Accrued expenses and other liabilities that were paid by the Investment Adviser on behalf of the Company.

Costs associated with capital raising and stock repurchase programs are variable but can be significant when executed. The Board authorized a stock repurchase plan up to $75.0 million. You saw actual execution during the third quarter of 2025:

• Shares repurchased in the three months ended September 30, 2025: 2,136,943 shares.
• Total cost for these repurchases in Q3 2025: $25.1 million, including commissions.

Portfolio monitoring and valuation expenses are embedded within the management fee structure, as the Investment Adviser is responsible for sourcing, underwriting, and managing the portfolio companies. The fee structure is designed to compensate GSAM for these ongoing oversight activities.

Finance: draft 13-week cash view by Friday.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Revenue Streams

The revenue streams for Goldman Sachs BDC, Inc. are fundamentally driven by the income generated from its investment portfolio, which is heavily weighted toward debt instruments.

Total Investment Income for the third quarter ended September 30, 2025, was reported at $91.6 million.

The primary component of this income is interest earned on its debt investments. While the exact breakdown for Q3 2025 is not explicitly detailed in the immediate reports, historical data shows the dominance of this stream. For instance, in Q1 2025, Interest income was $95,746 thousand ($95.746 million), representing the vast majority of that quarter's total investment income of $96.940 million. [cite: 3, Q4 search]

The structure of the revenue streams for the third quarter of 2025 can be summarized by the key components found:

Revenue Stream Component	Amount (Q3 2025 Data)
Total Investment Income	$91.6 million
Payment-in-Kind (PIK) Income (as % of TII)	8.2%
Net Realized and Unrealized Losses on Portfolio	$(20.6) million

The income generated from debt investments is supplemented by other sources, including fee income and equity returns. The Payment-in-Kind (PIK) income, which represents interest accrued but not currently paid in cash, was 8.2% of the Total Investment Income for the third quarter. [cite: 6, Q3 search]

The following points detail the expected and reported revenue sources:

• Interest income from debt investments, the primary revenue source.
• Total Investment Income of $91.6 million for Q3 2025.
• Fee income from origination, structuring, and prepayment of loans.
• Dividends and capital gains from select equity investments. The portfolio was comprised of 1.5% in a combination of preferred and common stock as of September 30, 2025. [cite: 6, Q3 search]
• Net realized and unrealized gains/losses on the investment portfolio, which resulted in a net loss of $(20.6) million for the quarter. [cite: 1, Q2 search]

The impact of credit performance is reflected in the change to Net Asset Value (NAV) per share, which decreased by 2.1% sequentially to $12.75 as of September 30, 2025, driven in part by the aforementioned net realized and unrealized losses.