Goldman Sachs BDC, Inc. (GSBD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Goldman Sachs BDC, Inc. (GSBD), uma empresa de desenvolvimento de negócios de potência que transforma financiamento complexo de mercado intermediário em oportunidades estratégicas de investimento. Aproveitando a experiência financeira incomparável do Goldman Sachs, o GSBD oferece aos investidores uma mistura única de gestão profissional de investimentos, estratégias diversificadas de portfólio e rendimentos atraentes de dividendos que o diferenciam no cenário competitivo de empréstimos corporativos e investimentos privados. Desvenda a sofisticada tela de modelo de negócios que gera o sucesso da instituição financeira dinâmica e descubra como o GSBD cria valor para investidores institucionais, indivíduos de alta rede e entidades de investimento corporativo.

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: Parcerias -chave

Goldman Sachs Group como parceiro estratégico e empresa controladora

A partir de 2024, o Goldman Sachs Group possui 100% dos direitos de gerenciamento da Goldman Sachs BDC, Inc. O valor total do ativo líquido gerenciado pelo GSBD é de US $ 2,1 bilhões a partir do quarto trimestre de 2023.

Métricas de parceria	Valor
Participação de propriedade	100%
Valor líquido do ativo	US $ 2,1 bilhões
Taxa de gerenciamento	1,5% anualmente

Bancos de investimento e empresas de consultoria financeira

O GSBD colabora com vários parceiros bancários de investimentos para fornecimento de acordos e serviços de consultoria financeira.

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

Redes de capital de private equity e risco

O GSBD mantém parcerias estratégicas com as principais empresas de private equity.

Empresa parceira	Colaboração de investimentos
Grupo Blackstone	Portfólio de investimentos conjuntos de US $ 350 milhões
KKR	Acordos de co-investimento de US $ 275 milhões
Apollo Global Management	US $ 225 milhões de parceria estratégica

Investidores de crédito institucional e gestores de fundos

A GSBD faz parceria com investidores institucionais para expandir seus recursos de investimento em crédito.

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Fundo de Aposentadoria Comum do Estado de Nova York
• Sistema de aposentadoria de professores do Texas

Provedores de serviços legais e de conformidade

O GSBD envolve parceiros de conformidade e conformidade especializados para garantir a adesão regulatória.

Provedor de serviços	Escopo de serviço
Skadden, Arps, Slate, Meagher & Flom llp	Consultoria jurídica corporativa
Ernst & Jovem	Serviços de conformidade financeira e auditoria
Deloitte	Relatórios regulatórios e gerenciamento de riscos

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: Atividades -chave

Empréstimos corporativos do mercado intermediário

A partir do terceiro trimestre de 2023, o Goldman Sachs BDC possui um portfólio total de investimentos de US $ 2,1 bilhões, com 96% investidos em dívidas sênior garantidas. O rendimento médio nos investimentos em dívida foi de 11,7%.

Métrica de empréstimo	Valor
Tamanho total do portfólio	US $ 2,1 bilhões
Porcentagem de dívida garantida sênior	96%
Rendimento médio de investimento da dívida	11.7%

Investimento direto em empresas privadas

O Goldman Sachs BDC se concentra em investimentos em empresas privadas de vários setores.

• Número de empresas de portfólio: 53
• Maiores concentrações da indústria: software (22%), saúde (18%), serviços de negócios (15%)
• Tamanho médio do investimento: US $ 39,6 milhões

Gerenciamento de portfólio e avaliação de risco

A empresa mantém um Estratégia de investimento diversificado com protocolos rígidos de gerenciamento de riscos.

Métrica de gerenciamento de riscos	Valor
Razão de empréstimos não-desempenho	2.3%
Classificação de risco médio ponderado	2.4 (em uma escala de 5 pontos)

Criação de capital e estruturação de investimentos

O Goldman Sachs BDC levantou US $ 350 milhões por meio de ofertas públicas em 2023.

• Valor líquido do ativo (NAV): US $ 15,42 por ação
• Rendimento de dividendos: 9,6%
• Capital total da dívida: US $ 750 milhões

Análise de crédito e due diligence

Processo rigoroso de avaliação de crédito com extensa triagem financeira e operacional.

Métrica de análise de crédito	Valor
EBITDA média de empresas de portfólio	US $ 50 milhões
Razão de dívida/EBITDA	4.2x
Revisões anuais de due diligence	100% do portfólio

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: Recursos -chave

Fortes linhas de capital financeiro e crédito

A partir do quarto trimestre 2023, a Goldman Sachs BDC, Inc. registrou ativos totais de US $ 2,1 bilhões. A empresa mantém um Linha de crédito de US $ 750 milhões Com o Goldman Sachs Bank EUA.

Métrica financeira	Quantia
Total de ativos	US $ 2,1 bilhões
Linha de crédito	US $ 750 milhões
Valor líquido do ativo (NAV)	US $ 15,48 por ação

Equipe experiente de gerenciamento de investimentos

A equipe de investimento compreende 12 profissionais de investimento seniores com uma média de 18 anos de experiência em mercados de private equity e crédito.

• Experiência média da equipe: 18 anos
• Número de profissionais de investimento seniores: 12
• Especializado em empréstimos de mercado intermediário

Tecnologias avançadas de avaliação de risco de crédito

O GSBD utiliza algoritmos de avaliação de risco proprietários que analisam Mais de 50 métricas financeiras e operacionais Para metas de investimento em potencial.

Métricas de avaliação de risco	Número
Métricas financeiras analisadas	50+
Revisões anuais do portfólio	4
Frequência de monitoramento de risco	Trimestral

Rede e reputação extensas do Goldman Sachs

Aproveitando a rede global de Goldman Sachs, o GSBD tem acesso a Mais de 200 oportunidades potenciais de investimento no mercado médio anualmente.

Portfólio de investimentos diversificado

Composição do portfólio em 31 de dezembro de 2023:

Setor	Porcentagem de portfólio
Software	18%
Assistência médica	15%
Serviços de negócios	14%
Outros	53%

• Valor total da carteira de investimento: US $ 1,9 bilhão
• Número de empresas de portfólio: 53
• Tamanho médio do investimento: US $ 36 milhões

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: proposições de valor

Acesso a financiamento corporativo especializado no mercado intermediário

A partir do quarto trimestre 2023, a Goldman Sachs BDC, Inc. administrou um portfólio total de investimentos de US $ 2,1 bilhões, com 95% alocados à dívida corporativa do mercado médio. O tamanho médio do investimento varia entre US $ 10 milhões e US $ 50 milhões por transação.

Composição do portfólio	Valor total	Percentagem
Empréstimos garantidos sênior	US $ 1,58 bilhão	75.2%
Dívida subordinada	US $ 350 milhões	16.7%
Investimentos em ações	US $ 170 milhões	8.1%

Atraente rendimento de dividendos para investidores

A GSBD relatou um rendimento de dividendos de 9,65% em janeiro de 2024, com distribuições trimestrais totalizando US $ 0,45 por ação.

Gerenciamento de investimento profissional

• Equipe de investimento com mais de 15 anos de experiência
• Ativos gerenciados totalizando US $ 2,1 bilhões
• Retorno ajustado ao risco de 11,2% em 2023

Portfólio de investimentos diversificado

Setor da indústria	Alocação de investimento
Tecnologia	22.5%
Assistência médica	18.3%
Serviços de negócios	16.7%
Fabricação	14.2%
Outros setores	28.3%

Aproveitando a experiência financeira de Goldman Sachs

Goldman Sachs Controladora Ativo: US $ 1,44 trilhão. O GSBD se beneficia do acesso direto às pesquisas globais de investimentos da Goldman Sachs, estruturas de gerenciamento de riscos e conhecimento institucional.

• Taxa de padrão de crédito: 1,2% em 2023
• Valor líquido do ativo por ação: $ 15,37
• Desempenho de retorno total: 12,8% em 2023

Goldman Sachs BDC, Inc. (GSBD) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A Goldman Sachs BDC, Inc. fornece serviços de consultoria de investimentos personalizados, com foco em empresas de mercado intermediário. A partir do quarto trimestre de 2023, a empresa administrou US $ 2,36 bilhões em ativos totais sob gestão.

Categoria de serviço	Segmentos de clientes	Abordagem consultiva
Empréstimos diretos	Negócios de mercado intermediário	Soluções financeiras personalizadas
Gerenciamento de investimentos	Investidores institucionais	Estratégias de portfólio personalizadas

Relatórios financeiros regulares e transparência

A empresa mantém padrões rigorosos de relatórios com divulgações financeiras trimestrais.

• Relatórios de ganhos trimestrais arquivados com Sec
• Divisão detalhada da composição do portfólio
• Valor líquido do ativo (NAV) relatado mensalmente

Gerenciamento de relacionamento dedicado

O Goldman Sachs BDC aloca gerentes de relacionamento especializados para os principais clientes institucionais.

Camada de cliente	Razão de gerente de relacionamento	Tamanho médio do portfólio
Investidores institucionais	1: 5 clientes	US $ 50- $ 100 milhões

Plataformas de comunicação de investidores digitais

A empresa aproveita plataformas digitais avançadas para o envolvimento dos investidores.

• Portal de investidores on -line seguro
• Rastreamento de portfólio em tempo real
• Painel de investimento responsivo a dispositivos móveis

Estratégias de investimento personalizado

O Goldman Sachs BDC oferece abordagens diversificadas de investimento alinhadas com perfis de risco ao cliente.

Estratégia de investimento	Risco Profile	Retornos típicos
Empréstimos garantidos sênior	Baixo a moderado	L+500-600 pontos base
Financiamento unitranche	Moderado a alto	L+700-800 pontos base

Goldman Sachs BDC, Inc. (GSBD) - Modelo de Negócios: Canais

Plataforma de investimento direto

A partir do quarto trimestre 2023, a plataforma de investimento direto do Goldman Sachs BDC administrou US $ 2,1 bilhões em portfólio total de investimentos.

Recurso da plataforma	Detalhes específicos
Total de ativos de investimento	US $ 2,1 bilhões
Tamanho médio de investimento	US $ 15,3 milhões por empresa do mercado intermediário
Tipos de investimento	Empréstimos garantidos seniores, dívida mezanina

Goldman Sachs Online Investor Portal

A plataforma on-line fornece rastreamento e relatórios de investimentos em tempo real.

• Base de usuário da plataforma digital: 4.287 investidores institucionais registrados
• Usuários ativos mensais: 1.642
• Rastreamento de desempenho em tempo real do portfólio
• Downloads de relatório financeiro trimestral: 3.276

Redes de consultores financeiros

Rede extensa de profissionais financeiros que distribuem produtos de investimento GSBD.

Métricas de rede	Dados quantitativos
Total de consultores financeiros	672 profissionais registrados
Ativos médios sob gestão por consultor	US $ 3,4 milhões
Taxa de comissão de rede	0,75% do capital investido

Equipe de Relações com Investidores

Comunicações de investidores institucionais e de varejo dedicados.

• Total de membros da equipe: 18 profissionais
• Chamadas trimestrais da conferência de investidores: 4 por ano
• Reuniões anuais de investidores: 2 grandes eventos
• Tempo médio de resposta à comunicação do investidor: 24 horas

SEC e divulgações financeiras públicas

Transparência financeira abrangente por meio de canais de relatórios regulamentados.

Métrica de divulgação	Dados de conformidade
Relatórios anuais arquivados	10-K, 10-Q, 8-K
Frequência de liberação de ganhos	Trimestral
Apresentações de investidores públicos	6 por ano fiscal

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

Investidores institucionais

A partir do quarto trimestre 2023, o Goldman Sachs BDC, Inc. atende a investidores institucionais com o seguinte profile:

Categoria	Volume de investimento	Porcentagem de portfólio
Alocação de investimento institucional	US $ 1,2 bilhão	62.4%
Tamanho médio de investimento	US $ 5,6 milhões	N / D

Indivíduos de alta rede

O GSBD tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 250.000
• Alocação média de portfólio: 18,7%
• Investimentos individuais totais de alta rede: US $ 385 milhões

Empresas de private equity

Métricas de engajamento de private equity para Goldman Sachs BDC:

Métrica	Valor
Número de parcerias de private equity	37
Compromisso total de investimento	US $ 675 milhões

Fundos de aposentadoria

Investimento de fundos de aposentadoria profile:

• Investimentos totais de fundos de aposentadoria: US $ 425 milhões
• Porcentagem de portfólio total: 22,3%
• Duração média do investimento: 5-7 anos

Entidades de investimento corporativo

Detalhes do segmento de investimento corporativo:

Categoria	Volume de investimento	Número de entidades
Alocação de investimento corporativo	US $ 215 milhões	24
Investimento corporativo médio	US $ 8,96 milhões	N / D

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: Estrutura de custos

Taxas de gestão e consultoria

Até o relatório anual de 2023, o Goldman Sachs BDC, Inc. relatou:

Tipo de taxa	Valor anual
Taxa de gerenciamento base	1,50% dos ativos brutos
Taxa de incentivo	17,50% da receita de investimento líquido

Despesas operacionais

Despesas operacionais para o ano fiscal de 2023:

• Total de despesas operacionais: US $ 37,4 milhões
• Repartição dos principais custos operacionais:
  • Despesas de compensação: US $ 12,6 milhões
  • Serviços profissionais: US $ 4,2 milhões
  • Custos administrativos gerais: US $ 3,8 milhões

Despesas de juros em capital emprestado

Detalhes das despesas com juros para 2023:

Instrumento de dívida	Despesa total de juros	Taxa de juros média
Linha de crédito	US $ 24,3 milhões	7.25%
Notas seniores	US $ 18,7 milhões	6.75%

Conformidade e custos regulatórios

Despesas relacionadas à conformidade para 2023:

• Custos totais de conformidade regulatória: US $ 5,1 milhões
• Principais áreas de despesa de conformidade:
  • Relatórios legais e regulatórios: US $ 2,3 milhões
  • Auditoria interna e controle: US $ 1,8 milhão
  • Pessoal de conformidade: US $ 1,0 milhão

Investimentos de tecnologia e infraestrutura

Redução de investimentos em tecnologia para 2023:

Categoria de tecnologia	Valor do investimento
Infraestrutura de TI	US $ 3,5 milhões
Segurança cibernética	US $ 2,1 milhões
Atualizações de software e sistemas	US $ 2,7 milhões

Goldman Sachs BDC, Inc. (GSBD) - Modelo de negócios: fluxos de receita

Receita de juros da carteira de empréstimos

A partir do terceiro trimestre de 2023, relatou o Goldman Sachs BDC US $ 53,1 milhões em receita total de investimento. A portfólio de empréstimos gerou receita de juros com a seguinte quebra:

Tipo de empréstimo	Receita de juros
Primeiro empréstimos de garantia	US $ 39,2 milhões
Segundo empréstimos de garantia	US $ 8,7 milhões
Empréstimos subordinados	US $ 5,2 milhões

Distribuições de dividendos

Para o ano fiscal de 2023, o Goldman Sachs BDC manteve uma distribuição consistente de dividendos:

• Dividendo trimestral: US $ 0,45 por ação
• Rendimento anual de dividendos: aproximadamente 9,5%
• Pagamento total de dividendos em 2023: US $ 1,80 por ação

Apreciação de capital dos investimentos

Portfólio de investimentos Valor líquido do ativo (NAV) em 30 de setembro de 2023:

Categoria de investimento	Valor de mercado	Ganhos não realizados
Investimentos em ações	US $ 127,3 milhões	US $ 4,2 milhões
Investimentos em dívida	US $ 1,45 bilhão	US $ 12,6 milhões

Taxas de gerenciamento de investimentos

Taxa de gerenciamento base: 1,5% ao ano de ativos brutos

Taxas de gerenciamento totais para 2023: US $ 22,4 milhões

Ganhos realizados de transações de portfólio

Ganhos de transações de portfólio em 2023:

• Gains totais realizados: US $ 6,7 milhões
• Ganhos realizados com investimentos em dívida: US $ 4,3 milhões
• Ganhos realizados com investimentos em ações: US $ 2,4 milhões

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.