Goldman Sachs BDC Inc (GSBD)

Goldman Sachs BDC, Inc. Reports March 31, 2026 Financial Results and Announces Second Quarterly 2026 Base Dividend of $0.32 Per Share. May 7, 2026 7:16 PM
Business Wire Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. QUARTERLY HIGHLIGHTS Net investment income and adjusted net investment income per share for the quarter ended March 31, 2026 was $0.22, equating to an annualized net investment income yield on book value of 7.2%.1 Earnings per share for the quarter ended March 31, 2026 was $(0.12). Net asset value ("NAV") per share as of March 31, 2026 decreased 3.7% to $12.17 from $12.64 as of December 31, 2025. As of March 31, 2026, the Company’s total investments at fair value and unfunded commitments were $3,803.8 million, comprised of investments in 173 portfolio companies across 40 industries. The investment portfolio was comprised of 98.7% senior secured debt, including 97.1% in first lien investments2. During the quarter, the Company had new investment commitments of approximately $46.5 million of which $16.3 million were funded. Fundings of previously unfunded commitments for the quarter were $64.2 million and sales and repayments activity totaled $82.8 million, resulting in net funded investment activity of $(2.3) million. During the quarter, the Company's 1st Lien/Senior Secured Debt positions in One GI LLC and 3SI Security Systems, Inc. were placed on non-accrual status due to financial underperformance. As of March 31, 2026, the Company had certain investments held in 11 portfolio companies on non-accrual status. As of March 31, 2026, investments on non-accrual status amounted to 3.2% and 4.7% of the total investment portfolio at fair value and amortized cost, respectively. The Company’s ending net debt-to-equity ratio was 1.37x as of March 31, 2026 compared to 1.27x as of December 31, 2025. As of March 31, 2026, 62.5% of the Company’s approximately 1,920.5 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 37.5% was comprised of secured debt.3 The Company’s Board of Directors declared a second quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of June 30, 2026.4

On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.00 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended March 31, 2026, the Company did not repurchase any of its shares. SELECTED FINANCIAL HIGHLIGHTS (in $ millions, except per share data) As of
March 31, 2026 As of
December 31, 2025 Investment portfolio, at fair value2 $ 3,228.9 $ 3,261.7 Total debt outstanding3 $ 1,920.5   $ 1,885.8   Net assets $ 1,370.0   $ 1,423.0   Ending net debt to equity11   1.37x     1.27x   Net asset value per share $ 12.17   $ 12.64   Less: Supplemental Dividend per share declared post-quarter $ —   $ 0.03   Adjusted net asset value per share5 $ 12.17   $ 12.61           (in $ millions, except per share data) Three Months Ended
March 31, 2026 Three Months Ended
December 31, 2025 Total investment income $ 78.8   $ 86.1             Net investment income after taxes $ 24.8   $ 42.2   Less: Purchase discount amortization   0.1     0.4   Adjusted net investment income after taxes1 $ 24.7   $ 41.8             Net realized and unrealized gains (losses) $ (38.4 ) $ (18.5 ) Add: Realized/Unrealized depreciation from the purchase discount   0.1     0.4   Adjusted net realized and unrealized gains (losses)1 $ (38.3 ) $ (18.1 )           Net investment income per share (basic and diluted) $ 0.22   $ 0.37   Less: Purchase discount amortization per share   —     —   Adjusted net investment income per share1 $ 0.22   $ 0.37             Weighted average shares outstanding   112.6     113.5   Total Quarterly Distributions per share $ 0.35   $ 0.36   Total investment income for the three months ended March 31, 2026 and December 31, 2025 was $78.8 million and $86.1 million, respectively. The decrease in total investment income was primarily due to a decline in base interest rates and tightening of credit spreads. Net expenses before taxes for the three months ended March 31, 2026 and December 31, 2025 were $53.0 million and $43.0 million, respectively. Net expenses increased by $10.0 million, primarily driven by higher incentive fees due to the performance of the investment portfolio for the twelve quarters ended March 31, 2026, as compared to the twelve quarters ended December 31, 2025, as well as an increase in interest and other debt expenses. INVESTMENT ACTIVITY2 The following table summarizes investment activity for the three months ended March 31, 2026:     New Investment Commitments   Sales and Repayments Investment Type   $ Millions     % of Total     $ Millions     % of Total   1st Lien/Senior Secured Debt   $ 42.6       91.6 %   $ 78.2       94.4 % 1st Lien/Last-Out Unitranche     —       —       4.6       5.6   2nd Lien/Senior Secured Debt     3.8       8.2       —       —   Unsecured Debt     —       —       —       —   Preferred Stock     0.1       0.2       —       —   Common Stock     —       —       —       —   Total   $ 46.5       100.0 %   $ 82.8       100.0 % During the three months ended March 31, 2026, new investment commitments were across 6 new portfolio companies and 11 existing portfolio companies. Sales and repayments were primarily driven by full and partial repayments of our investments in 8 portfolio companies. PORTFOLIO SUMMARY2 As of March 31, 2026, the Company’s investments consisted of the following:     Investments at Fair Value     Investment Type   $ Millions     % of Total     1st Lien/Senior Secured Debt   $ 3,002.0       93.0 %   1st Lien/Last-Out Unitranche     130.9       4.1     2nd Lien/Senior Secured Debt     52.8       1.6     Unsecured Debt     8.5       0.3     Preferred Stock     20.1       0.6     Common Stock     14.1       0.4     Warrants     0.5       —   (6) Total   $ 3,228.9       100.0 %   The following table presents certain selected information regarding the Company’s investments:     As of       March 31, 2026     December 31, 2025   Number of portfolio companies   173     171   Percentage of performing debt bearing a floating rate7   99.4 %   99.4 % Percentage of performing debt bearing a fixed rate7   0.6 %   0.6 % Weighted average yield on debt and income producing investments, at amortized cost8   9.9 %   9.9 % Weighted average yield on debt and income producing investments, at fair value8   11.0 %   10.9 % Weighted average leverage (net debt/EBITDA)9   6.0x     5.9x   Weighted average interest coverage9   1.9x     2.0x   Median EBITDA9 $ 73.93 million   $ 71.75 million   During the quarter, two investments were placed on non-accrual status due to financial underperformance. As of March 31, 2026, investments on non-accrual status amounted to 3.2% and 4.7% of the total investment portfolio at fair value and amortized cost, respectively. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2026, the Company had $1,920.5 million aggregate principal amount of debt outstanding, comprised of $720.5 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $400.0 million of unsecured notes due 2027, $400.0 million of unsecured notes due 2029 and $400.0 million of unsecured notes due 2030. As of March 31, 2026, the Company had $974.3 million of availability under its Revolving Credit Facility and $44.3 million in cash and cash equivalents.3,10 The Company’s ending net debt-to-equity leverage ratio was 1.37x for the three months ended March 31, 2026, as compared to 1.27x for the three months ended December 31, 2025. 11 CONFERENCE CALL The Company will host an earnings conference call on Friday, May 8, 2026 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website. Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at acf-gscr@gs.com. ENDNOTES 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 March 31, 2026, the Company had an investment of $2.5 million in the Money Market Fund.   3) Total debt outstanding excludes netting of debt issuance costs of $14.3 million and $8.2 million as of March 31, 2026 and December 31, 2025, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(8.1) million and $(3.0) million as of March 31, 2026 and December 31, 2025, respectively. Starting 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 July 28, 2026 to shareholders of record as of June 30, 2026.   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. 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 March 31, 2026 and December 31, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 13.7 and 14.2%, 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 March 31, 2026. 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 March 31, 2026 and excludes unfunded commitments. Goldman Sachs BDC, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share amounts)       March 31, 2026
(Unaudited)   December 31, 2025 Assets             Investments, at fair value             Non-controlled/non-affiliated investments (cost of $3,306,528 and $3,285,039)   $ 3,159,468     $ 3,171,677   Non-controlled affiliated investments (cost of $96,583 and $110,127)     69,472       90,044   Total investments, at fair value (cost of $3,403,111 and $3,395,166)   $ 3,228,940     $ 3,261,721   Investments in affiliated money market fund (cost of $2,476 and $35,724)     2,476       35,724   Cash     41,851       43,211   Interest and dividends receivable     25,127       26,927   Deferred financing costs     12,444       13,245   Other assets     32,019       2,419   Total assets   $ 3,342,857     $ 3,383,247   Liabilities             Debt (net of debt issuance costs of $14,272 and $8,169)   $ 1,898,158     $ 1,874,620   Interest and other debt expenses payable     8,757       25,546   Management fees payable     8,263       8,181   Incentive fees payable     12,438       3,844   Distribution payable     36,022       36,022   Secured borrowings     3,127       3,366   Accrued expenses and other liabilities     6,103       8,649   Total liabilities   $ 1,972,868     $ 1,960,228   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, 112,569,067 and 112,569,067 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)     113       113   Paid-in capital in excess of par     1,879,601       1,879,601   Distributable earnings (loss)     (509,725 )     (456,695 ) Total net assets   $ 1,369,989     $ 1,423,019   Total liabilities and net assets   $ 3,342,857     $ 3,383,247   Net asset value per share   $ 12.17     $ 12.64   Goldman Sachs BDC, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts)       For the Three Months Ended     March 31, 2026   March 31, 2025 Investment income:             From non-controlled/non-affiliated investments:             Interest income   $ 69,106     $ 84,204   Payment-in-kind income     7,505       9,625   Other income     970       985   From non-controlled affiliated investments:             Interest income     999       1,361   Dividend income     125       173   Payment-in-kind income     58       556   Other income     30       36   Total investment income   $ 78,793     $ 96,940   Expenses:             Interest and other debt expenses   $ 30,041     $ 28,305   Management fees     8,263       8,681   Incentive fees     12,438       6,804   Professional fees     837       964   Directors’ fees     152       207   Other general and administrative expenses     1,295       1,043   Total expenses   $ 53,026     $ 46,004   Net investment income before taxes   $ 25,767     $ 50,936   Income tax expense, including excise tax   $ 982     $ 1,322   Net investment income after taxes   $ 24,785     $ 49,614   Net realized and unrealized gains (losses) on investment transactions:             Net realized gain (loss) from:             Non-controlled/non-affiliated investments   $ (46 )   $ (21,570 ) Non-controlled affiliated investments     —       (22,902 ) Foreign currency forward contracts     (253 )     —   Foreign currency and other transactions     1,242       239   Net change in unrealized appreciation (depreciation) from:             Non-controlled/non-affiliated investments     (33,399 )     7,589   Non-controlled affiliated investments     (7,028 )     19,901   Foreign currency forward contracts     303       (89 ) Foreign currency translations and other transactions     783       (1,157 ) Net realized and unrealized gains (losses)   $ (38,398 )   $ (17,989 ) (Provision) benefit for taxes on realized gain/loss on investments   $ (18 )   $ (72 ) (Provision) benefit for taxes on unrealized appreciation/depreciation on investments     —       —   Net increase (decrease) in net assets from operations   $ (13,631 )   $ 31,553   Weighted average shares outstanding     112,569,067       117,297,222   Basic and diluted net investment income per share   $ 0.22     $ 0.42   Basic and diluted earnings (loss) per share   $ (0.12 )   $ 0.27   ABOUT GOLDMAN SACHS BDC, INC. Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience. FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507428696/en/ Goldman Sachs BDC, Inc.
Investor Contact: John Psyllos, 212-902-1000
Media Contact: Victoria Zarella, 212-902-5400 Original: Goldman Sachs BDC, Inc. Reports March 31, 2026 Financial Results and Announces Second Quarterly 2026 Base Dividend of $0.32 Per Share. 

Goldman Sachs BDC, Inc. Schedules Earnings Release and Conference Call to Announce First Quarter 2026 ResultsApril 14, 2026 5:09 PM
Business Wire
Goldman Sachs BDC, Inc. (“GS BDC”) (NYSE: GSBD) announced today that it will report its first quarter ended March 31, 2026 financial results after the market closes on Thursday, May 7, 2026. GS BDC will also host an earnings conference call on Friday, May 8, 2026 at 9:00 am Eastern Time to discuss its financial results.


All interested parties are invited to participate via telephone or the audio webcast, which will be hosted on the Investor Resources section of GS BDC’s website at www.goldmansachsbdc.com.


Conference Call Information:


Listen Only Callers:


Domestic: 800-330-6730

International: 646-769-9500

Conference ID: 427709


Q&A Participants:


Domestic: 800-330-6710

International: 646-769-9200

Conference ID: 8110819


All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted.


Replay Information:


An archived replay of the call will be available on our webcast link located on the Investor Resources section of our website at www.goldmansachsbdc.com.


Please direct any questions regarding obtaining access to the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at acf-gscr@gs.com.


ABOUT GOLDMAN SACHS BDC, INC.


Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GS BDC was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GS BDC seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and identification of the website is provided merely for convenience.


FORWARD-LOOKING STATEMENTS


This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent GS BDC’s belief regarding future events that, by their nature, are uncertain and outside of GS BDC’s control. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260414343623/en/
Goldman Sachs BDC, Inc.
Investors: John Psyllos, 212-902-1000

Media: Victoria Zarella, 212-902-5400


Original: Goldman Sachs BDC, Inc. Schedules Earnings Release and Conference Call to Announce First Quarter 2026 Results

Goldman Sachs BDC, Inc. Reports December 31, 2025 Financial Results and Announces First Quarterly 2026 Base Dividend of $0.32 Per Share and Fourth Quarter 2025 Supplemental Dividend of $0.03 Per Share.February 26, 2026 8:11 PM
Business Wire
Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the fourth quarter and year ended December 31, 2025 and filed its Form 10-K with the U.S. Securities and Exchange Commission.


QUARTERLY HIGHLIGHTS



Net investment income and adjusted net investment income per share for the quarter ended December 31, 2025 was $0.37, equating to an annualized net investment income yield on book value of 11.7%.1 Earnings per share for the quarter ended December 31, 2025 was $0.21.


Net asset value ("NAV") per share as of December 31, 2025 decreased 0.9% to $12.64 from $12.75 as of September 30, 2025.


As of December 31, 2025, the Company’s total investments at fair value and commitments were $3,898.2 million, comprised of investments in 171 portfolio companies across 40 industries. The investment portfolio was comprised of 98.4% senior secured debt, including 96.9% in first lien investments.


During the quarter, the Company had new investment commitments of approximately $394.9 million of which $230.2 million were funded. Fundings of previously unfunded commitments for the quarter were $90.9 million and sales and repayments activity totaled $251.6 million, resulting in net funded investment activity of $69.5 million.


During the quarter, the Company’s 1st Lien/Senior Secured Debt position in Pluralsight, Inc. was placed on non-accrual status due to financial underperformance. As of December 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status. As of December 31, 2025, investments on non-accrual status amounted to 1.9% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively.


The Company’s ending net debt-to-equity ratio was 1.27x as of December 31, 2025 compared to 1.17x as of September 30, 2025.


As of December 31, 2025, 68.9% of the Company’s approximately $1,885.8 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 31.1% was comprised of secured debt.3




On January 15, 2026, the Company borrowed approximately $505.0 million under the Truist Revolving Credit Facility and used the proceeds, together with cash on hand, to repay the 2026 Notes plus accrued and unpaid interest. On January 28, 2026, the Company also closed an offering of $400.0 million aggregate principal amount of 5.100% unsecured notes due 2029.


The Company’s Board of Directors declared a first quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of March 31, 2026.4




The Company’s Board of Directors also declared a fourth quarter 2025 Supplemental Dividend of $0.03 per share payable on or about March 20, 2026 to shareholders of record as of March 9, 2026. Adjusted for the impact of the Supplemental Dividend related to the fourth quarter’s earnings, the Company’s fourth quarter adjusted NAV per share was $12.61.5




On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.0 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended December 31, 2025, the Company repurchased 1,544,029 shares for $15.0 million, inclusive of commission and direct acquisition costs.



SELECTED FINANCIAL HIGHLIGHTS




(in $ millions, except per share data)






As of

December 31, 2025






 






 






As of

September 30, 2025






 








Investment portfolio, at fair value2






$






3,261.7






 






 






$






3,196.9






 








Total debt outstanding3






$






1,885.8






 






 






$






1,853.0






 








Net assets






$






1,423.0






 






 






$






1,454.8






 








Ending net debt to equity11






1.27x






 






 






1.17x






 








Net asset value per share






$






12.64






 






 






$






12.75






 








Less: Supplemental Dividend per share declared post-quarter






$






0.03






 






 






$






0.04






 








Adjusted net asset value per share5






$






12.61






 






 






$






12.71






 









(in $ millions, except per share data)






Three Months Ended

December 31, 2025






 






 






Three Months Ended

September 30, 2025






 








Total investment income






$






86.1






 






 






$






91.6






 








 






 






 






 






 






 








Net investment income after taxes






$






42.2






 






 






$






45.3






 








Less: Purchase discount amortization






$






0.4






 






 






 






0.5






 








Adjusted net investment income after taxes1






$






41.8






 






 






$






44.8






 








 






 






 






 






 






 








Net realized and unrealized gains (losses)






$






(18.5






)






 






$






(20.6






)








Add: Realized/Unrealized depreciation from the purchase discount






 






0.4






 






 






 






0.5






 








Adjusted net realized and unrealized gains (losses)1






$






(18.1






)






 






$






(20.1






)








 






 






 






 






 






 








Net investment income per share (basic and diluted)






$






0.37






 






 






$






0.40






 








Less: Purchase discount amortization per share






$






—






 






 






 






—






 








Adjusted net investment income per share1






$






0.37






 






 






$






0.40






 








 






 






 






 






 






 








Weighted average shares outstanding






 






113.5






 






 






 






114.4






 








Total Quarterly Distributions per share






$






0.36






 






 






$






0.51






 







Total investment income for the three months ended December 31, 2025 and September 30, 2025 was $86.1 million and $91.6 million, respectively. The decrease in total investment income was primarily due to a decline in base interest rates and tightening of credit spreads.


Net expenses before taxes for the three months ended December 31, 2025 and September 30, 2025 were $43.0 million and $45.4 million, respectively. Net expenses decreased by $2.4 million, primarily driven by a decrease in incentive fees, partially offset by higher interest and other debt expenses.


INVESTMENT ACTIVITY2


The following table summarizes investment activity for the three months ended December 31, 2025:




 






 






New Investment Commitments






 






 






Sales and Repayments






 








Investment Type






 






$ Millions






 






 






% of Total






 






 






$ Millions






 






 






% of Total






 








1st Lien/Senior Secured Debt






 






$






330.6






 






 






 






83.7






%






 






$






237.0






 






 






 






94.2






%








1st Lien/Last-Out Unitranche






 






 






64.3






 






 






 






16.3






 






 






 






14.6






 






 






 






5.8






 








2nd Lien/Senior Secured Debt






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Unsecured Debt






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Preferred Stock






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Common Stock






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Total






 






$






394.9






 






 






 






100.0






%






 






$






251.6






 






 






 






100.0






%







During the three months ended December 31, 2025, new investment commitments were across 7 new portfolio companies and 20 existing portfolio companies. Sales and repayments were primarily driven by the exit and refinancing of our investments in 13 portfolio companies.


PORTFOLIO SUMMARY2


As of December 31, 2025, the Company’s investments consisted of the following:




 






 






Investments at Fair Value






 








Investment Type






 






$ Millions






 






 






% of Total






 








1st Lien/Senior Secured Debt






 






$






3,028.8






 






 






 






92.8






%








1st Lien/Last-Out Unitranche






 






 






135.1






 






 






 






4.1






 








2nd Lien/Senior Secured Debt






 






 






47.9






 






 






 






1.5






 








Unsecured Debt






 






 






8.5






 






 






 






0.3






 








Preferred Stock






 






 






26.4






 






 






 






0.8






 








Common Stock






 






 






14.7






 






 






 






0.5






 








Warrants






 






 






0.3






 






 






 






— (6)






 








Total






 






$






3,261.7






 






 






 






100.0






%







The following table presents certain selected information regarding the Company’s investments:




 






 






As of






 








 






 






December 31, 2025






 






 






December 31, 2024






 








Number of portfolio companies






 






 






171






 






 






 






164






 








Percentage of performing debt bearing a floating rate7






 






 






99.4






%






 






 






99.4






%








Percentage of performing debt bearing a fixed rate7






 






 






0.6






%






 






 






0.6






%








Weighted average yield on debt and income producing investments, at amortized cost8






 






 






9.9






%






 






 






11.2






%








Weighted average yield on debt and income producing investments, at fair value8






 






 






10.9






%






 






 






14.1






%








Weighted average leverage (net debt/EBITDA)9






 






5.9x






 






 






6.2x






 








Weighted average interest coverage9






 






2.0x






 






 






1.8x






 








Median EBITDA9






$






71.75 million






 






$






66.14 million






 







During the quarter, one investment was placed on non-accrual status due to financial underperformance. As of December 31, 2025, investments on non-accrual status amounted to 1.9% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively.


LIQUIDITY AND CAPITAL RESOURCES


As of December 31, 2025, the Company had $1,885.8 million aggregate principal amount of debt outstanding, comprised of $585.8 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026, $400.0 million of unsecured notes due 2027 and $400.0 million of unsecured notes due 2030. As of December 31, 2025, the Company had $1,110.0 million of availability under its Revolving Credit Facility and $78.9 million in cash and cash equivalents.3,10


The Company’s ending net debt-to-equity leverage ratio was 1.27x for the three months ended December 31, 2025, as compared to 1.17x for the three months ended September 30, 2025. 11


CONFERENCE CALL


The Company will host an earnings conference call on Friday, February 27, 2026 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.


Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gscr-ir@gs.com.


ENDNOTES




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 December 31, 2025, the Company had an investment of $35.7 million in the Money Market Fund.



 



3)





Total debt outstanding excludes netting of debt issuance costs of $8.2 million and $9.6 million as of December 31, 2025 and September 30, 2025, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(3.0) million and $(2.6) million as of December 31, 2025 and September 30, 2025, respectively. 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 April 28, 2026 to shareholders of record as of March 31, 2026.



 



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. 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 December 31, 2025 and September 30, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 14.2% and 14.7%, 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 December 31, 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 December 31, 2025 and excludes unfunded commitments.




Goldman Sachs BDC, Inc.




Consolidated Statements of Assets and Liabilities




(in thousands, except share and per share amounts)













 



 






 






December 31, 2025






 






 






December 31, 2024






 








Assets






 






 






 






 






 






 








Investments, at fair value






 






 






 






 






 






 








Non-controlled/non-affiliated investments (cost of $3,285,039 and $3,533,627)






 






$






3,171,677






 






 






$






3,368,503






 








Non-controlled affiliated investments (cost of $110,127 and $139,955)






 






 






90,044






 






 






 






106,755






 








Total investments, at fair value (cost of $3,395,166 and $3,673,582)






 






$






3,261,721






 






 






$






3,475,258






 








Investments in affiliated money market fund (cost of $35,724 and $25,238)






 






 






35,724






 






 






 






25,238






 








Cash






 






 






43,211






 






 






 






61,795






 








Interest and dividends receivable






 






 






26,927






 






 






 






28,092






 








Deferred financing costs






 






 






13,245






 






 






 






11,897






 








Other assets






 






 






2,419






 






 






 






1,103






 








Total assets






 






$






3,383,247






 






 






$






3,603,383






 








Liabilities






 






 






 






 






 






 








Debt (net of debt issuance costs of $8,169 and $8,176)






 






$






1,874,620






 






 






$






1,926,452






 








Interest and other debt expenses payable






 






 






25,546






 






 






 






21,289






 








Management fees payable






 






 






8,181






 






 






 






8,780






 








Incentive fees payable






 






 






3,844






 






 






 






6,330






 








Distribution payable






 






 






36,022






 






 






 






52,784






 








Unrealized depreciation on derivatives






 






 






—






 






 






 






38






 








Secured borrowings






 






 






3,366






 






 






 






2,920






 








Accrued expenses and other liabilities






 






 






8,649






 






 






 






12,090






 








Total liabilities






 






$






1,960,228






 






 






$






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, 112,569,067 and 117,297,222 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)






 






 






113






 






 






 






117






 








Paid-in capital in excess of par






 






 






1,879,601






 






1,946,253






 








Distributable earnings (loss)






 






 






(456,695)






 






 






 






(373,670






)








Total net assets






 






$






1,423,019






 






 






$






1,572,700






 








Total liabilities and net assets






 






$






3,383,247






 






 






$






3,603,383






 








Net asset value per share






 






$






12.64






 






 






$






13.41






 









Goldman Sachs BDC, Inc.




Consolidated Statements of Operations




(in thousands, except share and per share amounts)










 



 






 






For the Years Ended December 31,






 








 






 






2025






 






 






2024






 






 






2023






 








Investment income:






 






 






 






 






 






 






 






 






 








From non-controlled/non-affiliated investments:






 






 






 






 






 






 






 






 






 








Interest income






 






$






322,663






 






 






$






374,200






 






 






$






414,711






 








Payment-in-kind income






 






 






30,413






 






 






 






50,094






 






 






 






33,662






 








Other income






 






 






4,172






 






 






 






3,733






 






 






 






3,099






 








Dividend income






 






 






—






 






 






 






2






 






 






 






—






 








From non-controlled affiliated investments:






 






 






 






 






 






 






 






 






 








Interest income






 






 






4,882






 






 






 






3,912






 






 






 






2,286






 








Dividend income






 






 






785






 






 






 






1,970






 






 






 






908






 








Payment-in-kind income






 






 






2,488






 






 






 






335






 






 






 






207






 








Other income






 






 






165






 






 






 






128






 






 






 






41






 








Total investment income






 






$






365,568






 






 






$






434,374






 






 






$






454,914






 








Expenses:






 






 






 






 






 






 






 






 






 








Interest and other debt expenses






 






$






111,558






 






 






$






113,718






 






 






$






111,302






 








Management fees






 






 






33,449






 






 






 






35,232






 






 






 






35,470






 








Incentive fees






 






 






26,224






 






 






 






17,212






 






 






 






49,417






 








Professional fees






 






 






3,324






 






 






 






4,998






 






 






 






3,536






 








Directors’ fees






 






 






828






 






 






 






828






 






 






 






823






 








Other general and administrative expenses






 






 






4,592






 






 






 






4,535






 






 






 






4,269






 








Total expenses






 






$






179,975






 






 






$






176,523






 






 






$






204,817






 








Fee waivers






 






$






—






 






 






$






—






 






 






$






(1,986






)








Net expenses






 






$






179,975






 






 






$






176,523






 






 






$






202,831






 








Net investment income before taxes






 






$






185,593






 






 






$






257,851






 






 






$






252,083






 








Income tax expense, including excise tax






 






$






4,026






 






 






$






5,298






 






 






$






4,842






 








Net investment income after taxes






 






$






181,567






 






 






$






252,553






 






 






$






247,241






 








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






 






 






 






 






 






 






 






 






 








Net realized gain (loss) from:






 






 






 






 






 






 






 






 






 








Non-controlled/non-affiliated investments






 






$






(89,292






)






 






$






(155,950






)






 






$






(49,409






)








Non-controlled affiliated investments






 






 






(33,824






)






 






 






(2,015






)






 






 






—






 








Controlled affiliated investments






 






 






—






 






 






 






—






 






 






 






(22,366






)








Foreign currency forward contracts






 






 






—






 






 






 






(703






)






 






 






—






 








Foreign currency and other transactions






 






 






506






 






 






 






5,236






 






 






 






404






 








Net change in unrealized appreciation (depreciation) from:






 






 






 






 






 






 






 






 






 








Non-controlled/non-affiliated investments






 






 






51,535






 






 






 






(35,110






)






 






 






5,529






 








Non-controlled affiliated investments






 






 






13,117






 






 






 






(1,947






)






 






 






(2,532






)








Controlled affiliated investments






 






 






—






 






 






 






—






 






 






 






22,366






 








Foreign currency forward contracts






 






 






(214






)






 






 






688






 






 






 






(242






)








Foreign currency translations and other transactions






 






 






(4,048






)






 






 






299






 






 






 






(4,482






)








Net realized and unrealized gains (losses)






 






$






(62,220






)






 






$






(189,502






)






 






$






(50,732






)








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






 






$






(80






)






 






$






(492






)






 






$






(1,210






)








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






 






 






—






 






 






 






308






 






 






 






575






 








Net increase (decrease) in net assets from operations






 






$






119,267






 






 






$






62,867






 






 






$






195,874






 








Weighted average shares outstanding






 






 






115,576,890






 






 






 






114,673,460






 






 






 






108,305,428






 








Basic and diluted net investment income per share






 






$






1.57






 






 






$






2.20






 






 






$






2.28






 








Basic and diluted earnings (loss) per share






 






$






1.03






 






 






$






0.55






 






 






$






1.81






 







ABOUT GOLDMAN SACHS BDC, INC.


Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.


FORWARD-LOOKING STATEMENTS


This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226682096/en/
Goldman Sachs BDC, Inc.

Investor Contact: John Psyllos, 212-902-1000

Media Contact: Victoria Zarella, 212-902-5400


Original: Goldman Sachs BDC, Inc. Reports December 31, 2025 Financial Results and Announces First Quarterly 2026 Base Dividend of $0.32 Per Share and Fourth Quarter 2025 Supplemental Dividend of $0.03 Per Share.