Goldmans Sachs has agreed to buy Innovator Capital Management, a provider of defined-outcome ETFs, for about $2 billion. Innovator had $28 billion of assets under supervision across 159 ETFs as of Sept.
Goldman Sachs BDC ( GSBD ) Q3 2025 Earnings Call November 7, 2025 9:00 AM EST Company Participants John Silas Vivek Bantwal - Global Head of Financing Group David Miller - Co-Chief Executive Officer Tucker Greene - President & COO Stanley Matuszewski - CFO & Treasurer Conference Call Participants Arren Cyganovich - Truist Securities, Inc., Research Division Presentation John Silas 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.
Goldman Sachs BDC (GSBD) came out with quarterly earnings of $0.4 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.58 per share a year ago.
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Goldman Sachs BDC, Inc. operates as a business development company with a focus on the middle market and mezzanine investment in private companies. It distinctively positions itself in the financial market by targeting direct origination investments, aiming at capital appreciation. The company primarily operates within the United States, serving as a significant financial partner for companies seeking investment. It endeavors to inject capital ranging from $10 million to $75 million into companies displaying an annual EBITDA between $5 million and $75 million, showcasing a flexible and substantial investment capacity.
Goldman Sachs BDC, Inc. provides secured debt financing, including first lien and junior secured debt, to companies. This type of financing is backed by the borrower's assets, offering investors a measure of protection. The secured debt offerings are diverse, encompassing first-lien, first-lien/last-out unitranche, and second-lien debt, adapted to the specific funding requirements and risk profiles of the investing companies.
Unsecured debt financing, including mezzanine debt, forms a crucial part of Goldman Sachs BDC, Inc.'s services. Unlike secured debt, unsecured debt does not require collateral from the borrower, which may represent a higher risk but also allows for greater flexibility for companies that may not have significant assets to pledge. This option is particularly suited for companies with strong cash flows seeking to maintain ownership and control.
Although focused lesser in extent, Goldman Sachs BDC, Inc. also makes equity investments in companies. This approach allows the firm to participate directly in the ownership and potential success of the companies it invests in, aligning its interests with those of the company and other shareholders. Equity investments can offer substantial returns but carry higher risks compared to debt financing options.