Goldman Sachs BDC, Inc.

Good morning. This is John Silas, a member of the Investor Relations Team for Goldman Sachs BDC, Inc. I would like to welcome everyone to the Goldman Sachs BDC, Inc. Third Quarter 2025 Earnings Conference Call. Please note that all participants will be in listen-only mode until the end of the call, when we will open up the line for questions. Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain and outside of the company's control. The company's actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the company's SEC filings. This audio cast is copyrighted material of Goldman Sachs BDC, Inc., and may not be duplicated, reproduced, or rebroadcasted without our consent. Yesterday, after the market closed, the company issued an earnings press release and posted a supplemental earnings presentation, both of which can be found on the homepage of our website at www.goldmansaxbdc.com under the Investor Resources section, and which includes reconciliations of non-GAAP measures to the most directly comparable GAAP measures. These documents should be reviewed in conjunction with the company's quarterly report on Form 10-Q filed yesterday with the SEC. This conference call is being recorded today, Friday, November 7, 2025, for replay purposes. I will now hand over the call to Vivek Bhantwal, co-CEO of Goldman Sachs BDC, Inc.

Thank you, John. We will begin the call with our perspective on recent performance in light of a gradually improving macro environment. Next, we will discuss our investing activity and outline GSBD's positioning heading into the fourth quarter. Shortly after, David Miller and Tucker Green will provide a detailed review of portfolio activity and performance before handing it over to Stan Matyszewski to take us through the financial results. We will conclude by opening the line for Q&A. The M&A market has continued to remain resilient despite uncertainty that persisted in the first half of the year, as total M&A dollar volumes in Q3 2025 were 40.9% higher year over year compared to Q3 2024. This surge is attributed mainly to a renewed risk-on sentiment among investors, lower borrowing costs, greater market clarity, and a reset on valuation expectations between buyers and sellers in the market. As David will discuss later in the call, this pickup in activity has directly benefited GSBD, as our new investment commitments and repayments during the quarter reached the highest level since the integration of the platform in 2022. Recent Bates rate cuts, with additional expected through year-end into 2026, should accelerate deal activity. Albeit spreads remain tight across the middle market and large cap, juxtaposed against a tight spread environment in the public markets. Our proactive decision earlier this year to adjust our dividend policy and cut the base dividend positions as well in what will be a lower yield environment, where emphasis on credit selection will be paramount. Additionally, during times of increased competition for deal flow and high quality deals, our proximity to our investment banking franchise serves as a competitive advantage for our platform to remain highly selective in evaluating opportunities. Broader credit dynamics remain top of mind for investors amid recent headlines concerning what we believe to be idiosyncratic issues versus a broader systematic concern. We remain comfortable with risk dynamics in the private credit space given the overall health of portfolio fundamentals. We continue to evaluate the impacts of tariffs, ability for companies to service debt, and risks involved with software investing particularly with the recent growth of AI investing. We recognize the transformative potential of AI, but our primary focus remains on downside risk mitigation. We have developed a proprietary framework to assess both software and AI disruption risk that we had implemented in our underwriting for over two years. We remain focused on mission-critical, market-leading companies with core systems of record across all our software deals. turning to our third quarter results. Our net investment income per share for the quarter was 40 cents and net asset value per share was $12.75 as of quarter end, a decrease of 2.1% relative to the second quarter NAV, which was partially due to the 16 cent per share special dividend with some markdowns to previously underperforming names. This quarter marks the last of three special dividends that were announced earlier this year along with changes to our dividend policy. The Board declared a third quarter 2025 supplemental dividend of 4 cents per share payable on or about December 15, 2025 to shareholders of record as of November 28, 2025. Adjusted for the impact of the supplemental dividend related to the third quarter's earnings, the company's third quarter adjusted NAF per share is $12.71 which I would note is a non-GAAP financial measure introduced as a result of the dividend policy change. The board also declared a fourth quarter base dividend per share of 32 cents to shareholders of record as of December 31st, 2025. We ended the quarter with a net debt to equity ratio of 1.17 as of September 30th, 2025, as compared to 1.12 as of June 30th, 2025. With that, let me turn it over to my co-CEO, David.

Thanks, Vivek. During the quarter, we made new investment commitments of approximately $470.6 million across 27 portfolio companies, comprised of 13 new and 14 existing portfolio companies. This marks the highest level of new investment commitments since Q4 of 2021. which demonstrates our unique position in a competitive deal environment where we can be selective on credit quality and exhibit discipline where we want to lean in. 100% of our originations during the quarter were in first lien loans, reflecting our continued bias in maintaining exposure to the top of the capital structure. Of the 13 new portfolio companies, we served as lead on seven, which is a tangible indication of the power of the GS platform. The impact of the GS franchise was on full display through our financing of the acquisition of Shields Health Solutions. This was part of the broader take private of Walgreens, of which four silos were financed uniquely with GS private credit participating only in the Shields transaction. This is a deal where investment banking colleagues advise the sponsor. Shields Health Solutions is one of the largest specialty pharmacy operators in the U.S. At the time of the investment, the transaction represented one of the largest take privates of all time. Another notable investment this past quarter was to support NewTek Merchant Solutions, a wholly owned subsidiary of the publicly traded bank holding company NewTek, which offers a range of financial service products to small and medium-sized businesses. Our financing package was used to support the refinancing of existing debt and to fund a payment to increase the bank holding capital base. Due to continued relationship with the CEO, GS Private Credit was able to secure the role of admin agent and sole lender to the company. The integration of our platform in 2022 allowed us to evaluate and invest in more high quality opportunities that span from the middle market to large caps. And these two examples shine a light on our continued ability to do so at attractive pricing. We believe our platform is well positioned by the unique opportunities that channels the Goldman Sachs ecosystem to take advantage of an active environment. With that, let me turn it over to our president and chief operating officer, Tucker, to discuss portfolio repayments, fundamentals, and credit quality.