Goldman Sachs BDC, Inc. Reports September 30, 2025 Financial Results and Announces Fourth Quarterly Base Dividend of $0.32 Per Share and Third Quarter Supplemental Dividend of $0.04 Per Share.

(in $ millions, except per share data)

As of
September 30, 2025

As of
June 30, 2025

Investment portfolio, at fair value 2

$

3,196.9

$

3,264.5

Total debt outstanding 3

$

1,853.0

$

1,803.1

Net assets

$

1,454.8

$

1,513.4

Ending net debt to equity 11

1.17x

1.12x

Net asset value per share

$

12.75

$

13.02

Less: Supplemental Dividend per share declared post-quarter

$

0.04

$

0.03

Adjusted net asset value per share 5

$

12.71

$

12.99

(in $ millions, except per share data)

Three Months Ended
September 30, 2025

Three Months Ended
June 30, 2025

Total investment income

$

91.6

$

91.0

Net investment income after taxes

$

45.3

$

44.5

Less: Purchase discount amortization

$

0.5

1.0

Adjusted net investment income after taxes 1

$

44.8

$

43.5

Net realized and unrealized gains (losses)

$

(20.6

)

$

(5.2

)

Add: Realized/Unrealized depreciation from the purchase discount

0.5

1.0

Adjusted net realized and unrealized gains (losses) 1

$

(20.1

)

$

(4.2

)

Net investment income per share (basic and diluted)

$

0.40

$

0.38

Less: Purchase discount amortization per share

$

—

0.01

Adjusted net investment income per share 1

$

0.40

$

0.37

Weighted average shares outstanding

114.4

117.2

Total Quarterly Distributions per share

$

0.51

$

0.53

New Investment
Commitments

Sales and
Repayments

Investment Type

$ Millions

% of Total

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

447.1

95.0

%

$

249.2

66.6

%

1st Lien/Last-Out Unitranche

23.5

5.0

%

107.2

28.6

%

2nd Lien/Senior Secured Debt

—

—

—

—

Unsecured Debt

—

—

—

—

Preferred Stock

—

—

15.8

4.2

%

Common Stock

—

—

2.2

0.6

%

Total

$

470.6

100.0

%

$

374.4

100.0

%

Investments at Fair Value

Investment Type

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

2,998.3

93.8

%

1st Lien/Last-Out Unitranche

93.8

2.9

2nd Lien/Senior Secured Debt

48.0

1.5

Unsecured Debt

8.4

0.3

Preferred Stock

26.2

0.8

Common Stock

22.0

0.7

Warrants

0.2

—

(6)

Total

$

3,196.9

100.0

%

As of

September 30, 2025

December 31, 2024

Number of portfolio companies

171

164

Percentage of performing debt bearing a floating rate 7

99.4

%

99.4

%

Percentage of performing debt bearing a fixed rate 7

0.6

%

0.6

%

Weighted average yield on debt and income producing investments, at amortized cost 8

10.3

%

11.2

%

Weighted average yield on debt and income producing investments, at fair value 8

11.2

%

14.1

%

Weighted average leverage (net debt/EBITDA) 9

5.8x

6.2x

Weighted average interest coverage 9

1.9x

1.8x

Median EBITDA 9

$

70.85 million

$

66.14 million

(1)

On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

(2)

The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of Goldman Sachs Group, Inc. (the “Money Market Fund”). As of September 30, 2025, the Company had an investment of $32.7 million in the Money Market Fund.

(3)

Total debt outstanding excludes netting of debt issuance costs of $9.6 million and cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(2.6) million as of September 30, 2025. In the third quarter of 2025, the Company entered into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

(4)

The $0.32 per share Base Dividend is payable on or about January 27, 2026 to shareholders of record as of December 31, 2025.

(5)

On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.

As a supplement, we have provided a non-GAAP financial measure of our financial condition that adjusts the net asset value per share for the declared and unpaid supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.

Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.

(6)

Amount rounds to less than 0.1%.

(7)

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.

(8)

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.

(9)

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2025 and June 30, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 14.7% and 17.7%, respectively, of total debt investments at fair value.

(10)

The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of September 30, 2025. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.

(11)

The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of September 30, 2025 and excludes unfunded commitments.

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

September 30, 2025
(Unaudited)

December 31, 2024

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $3,204,888 and $3,533,627)

$

3,100,060

$

3,368,503

Non-controlled affiliated investments (cost of $110,611 and $139,955)

96,873

106,755

Total investments, at fair value (cost of $3,315,499 and $3,673,582)

$

3,196,933

$

3,475,258

Investments in affiliated money market fund (cost of $32,693 and $25,238)

32,693

25,238

Cash

115,183

61,795

Interest and dividends receivable

25,499

28,092

Deferred financing costs

14,050

11,897

Other assets

643

1,103

Total assets

$

3,385,001

$

3,603,383

Liabilities

Debt (net of debt issuance costs of $9,602 and $8,176)

$

1,840,781

$

1,926,452

Interest and other debt expenses payable

8,099

21,289

Management fees payable

8,179

8,780

Incentive fees payable

7,051

6,330

Distribution payable

54,774

52,784

Unrealized depreciation on derivatives

477

38

Secured borrowings

3,209

2,920

Accrued expenses and other liabilities

7,602

12,090

Total liabilities

$

1,930,172

$

2,030,683

Commitments and contingencies (Note 8)

Net assets

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

$

—

$

—

Common stock, par value $0.001 per share (200,000,000 shares authorized, 114,113,096 and 117,297,222 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)

114

117

Paid-in capital in excess of par

1,909,063

1,946,253

Distributable earnings (loss)

(454,348

)

(373,670

)

Total net assets

$

1,454,829

$

1,572,700

Total liabilities and net assets

$

3,385,001

$

3,603,383

Net asset value per share

$

12.75

$

13.41

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

For the Three Months Ended

For the Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Investment income:

From non-controlled/non-affiliated investments:

Interest income

$

81,197

$

97,917

$

246,461

$

289,185

Payment-in-kind income

6,854

9,961

23,287

34,452

Other income

1,247

794

3,097

2,427

Dividend income

—

1

—

1

From non-controlled affiliated investments:

Interest income

1,387

1,218

4,017

2,708

Dividend income

225

468

606

1,650

Payment-in-kind income

643

20

1,910

85

Other income

43

34

128

65

Total investment income

$

91,596

$

110,413

$

279,506

$

330,573

Expenses:

Interest and other debt expenses

$

28,079

$

29,298

$

82,800

$

86,015

Management fees

8,179

8,855

25,268

26,452

Incentive fees

7,051

—

22,381

10,882

Professional fees

698

1,335

2,443

3,651

Directors’ fees

206

207

620

621

Other general and administrative expenses

1,166

1,046

3,482

3,143

Total expenses

$

45,379

$

40,741

$

136,994

$

130,764

Net investment income before taxes

$

46,217

$

69,672

$

142,512

$

199,809

Income tax expense, including excise tax

$

907

$

1,490

$

3,135

$

3,809

Net investment income after taxes

$

45,310

$

68,182

$

139,377

$

196,000

Net realized and unrealized gains (losses) on investment transactions:

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

5,418

$

(83,796

)

$

(86,449

)

$

(131,446

)

Non-controlled affiliated investments

—

—

(33,824

)

(2,015

)

Foreign currency and other transactions

19

60

483

4,504

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

(20,690

)

56,413

60,170

(34,705

)

Non-controlled affiliated investments

(6,587

)

(352

)

19,462

(1,814

)

Foreign currency forward contracts

63

(377

)

(207

)

(191

)

Foreign currency translations and other transactions

1,221

(2,813

)

(3,344

)

(4,968

)

Net realized and unrealized gains (losses)

$

(20,556

)

$

(30,865

)

$

(43,709

)

$

(170,635

)

(Provision) benefit for taxes on realized gain/loss on investments

$

(49

)

$

(189

)

$

(121

)

$

(333

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

—

(47

)

—

288

Net increase (decrease) in net assets from operations

$

24,705

$

37,081

$

95,547

$

25,320

Weighted average shares outstanding

114,398,468

116,942,390

116,289,596

113,805,819

Basic and diluted net investment income per share

$

0.40

$

0.58

$

1.20

$

1.72

Basic and diluted earnings (loss) per share

$

0.22

$

0.32

$

0.82

$

0.22