The following is a summary of the Goldman Sachs BDC (GSBD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• GSBD reported a net investment income per share of $0.58 for Q3 2024.

• Net asset value per share experienced a slight decrease to $13.54, attributed to net realized and unrealized losses.

• Dividend consistency was noted with a declared Q4 dividend of $0.45 per share, maintaining the same rate for the 39th consecutive quarter.

• Total investment income for Q3 2024 was $110.4 million, an increase from the prior quarter which stood at $108.6 million.

Business Progress:

• GSBD achieved significant portfolio activity with $376.6 million originated in new investment commitments during the quarter.

• Focus remains strong on investments higher up in the capital structure, with 98.1% of originations in first lien loans.

• The firm successfully exited investments in at least four portfolio companies, all of which were initiated in 2021 or earlier, enhancing the portfolio's quality.

• Sales and repayment activity in Q3 2024 totaled $329.1 million, driven substantially by refinancing and repayments.

Opportunities:

• Increased M&A activity expected in 2025 driven by private equity dry powder and demands to return capital, potentially enhancing GSBD's transaction volumes.

Risks:

• A slight increase in negative credit migration occurred despite reductions in non-accruals; one portfolio company was reassigned to a higher risk category.

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