Goldman Sachs BDC, Inc.

Listed Company

GSBDCIK 0001572694NYSELarge AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$119.27M

Total Assets

$3.38B

Equity

$1.42B

Shares Out

112.57M

Op. Cash Flow

$325.68M

Business

Goldman Sachs BDC, Inc. is a closed-end management investment company and business development company that originates and holds credit and equity investments in middle-market companies. It primarily offers direct originations of secured debt (including first-lien, unitranche and second‑lien), unsecured and mezzanine debt, as well as select equity investments, loan origination and related fees. Its business is managed and advised by Goldman Sachs Asset Management’s Private Credit Team and overseen by the Private Credit Investment Committee, with administration and transfer agent services provided under management agreements. The company principally targets U.S. middle‑market borrowers through direct origination, secondary market purchases, syndications and co‑investments alongside other Goldman Sachs accounts and affiliates.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment income	366	434	455	357	347
Interest and other debt expenses	112	114	111	79	59
Management fees	33	35	35	36	33
Incentive fees	26	17	49	12	41
Professional fees	3	5	4	3	3
Directors' fees	828,000	828,000	823,000	833,000	934,000
Other general and administrative expenses	5	5	4	4	3
Total expenses	180	177	205	136	140
Fee waivers	0	—	−2	−12	−32
Net expenses	180	177	203	124	108
Net investment income before taxes	186	258	252	229	237
Income tax expense, including excise tax	4	5	5	—	—
Net investment income after taxes	182	253	247	—	—
Net realized and unrealized gains (losses)	−62	−190	−51	−173	−45
(Provision) benefit for taxes on realized gain/loss on investments	−80,000	−492,000	−1	—	53,000
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments	0	308,000	575,000	−239,000	−409,000
Net increase (decrease) in net assets from operations	119	63	196	—	—
Weighted average shares outstanding	116	115	108	102	102
Net investment income per share basic	1.57	2.2	2.28	2.24	2.33
Net investment income per share diluted	1.57	2.2	2.28	—	—
Earnings per share basic	1.03	0.55	1.81	0.54	1.89
Earnings per share diluted	1.03	0.55	1.81	0.54	1.89

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Total investments, at fair value	3,262	—	—	—	3,475
Cash	43	—	—	—	62
Interest and dividends receivable	27	—	—	—	28
Deferred financing costs	13	—	—	—	12
Other assets	2	—	—	—	1
Total assets	3,383	—	—	—	3,603
Debt (net of debt issuance costs of $8,169 and $8,176)	1,875	—	—	—	1,926
Interest and other debt expenses payable	26	—	—	—	21
Management fees payable	8	—	—	—	9
Incentive fees payable	4	—	—	—	6
Distribution payable	36	—	—	—	53
Unrealized depreciation on derivatives	0	—	—	—	38,000
Secured borrowings	3	—	—	—	3
Accrued expenses and other liabilities	9	—	—	—	12
Total liabilities	1,960	—	—	—	2,031
Commitments and contingencies (Note 8)	—	—	—	—	—
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)	113,000	—	—	—	117,000
Paid-in capital in excess of par	1,880	—	—	—	1,946
Distributable earnings (loss)	−457	—	—	—	−374
Total net assets	1,423	—	—	—	1,573
Total liabilities and net assets	3,383	—	—	—	3,603
Net asset value per share	12.64	12.75	13.02	13.2	13.41

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net increase (decrease) in net assets from operations:	119	63	196	—	—
Purchases of investments	−938	−996	−394	−713	−1,717
Payment-in-kind interest capitalized	−34	−55	−32	−21	−17
Investments in affiliated money market fund, net	−10	−25	—	—	—
Proceeds from sales of investments and principal repayments	1,149	822	508	571	1,538
Net realized (gain) loss on investments	123	158	72	19	−40
Net change in unrealized (appreciation) depreciation on investments	−65	37	−25	155	90
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions	28,000	−517,000	180,000	437,000	−244,000
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items	2,000	—	—	—	—
Amortization of premium and accretion of discount, net	−22	−26	−36	−40	−88
Amortization of deferred financing and debt issuance costs	8	9	6	6	7
(Increase) decrease in interest and dividends receivable	1	10	−7	−9	−2
(Increase) decrease in other assets	−5	1	−1	2	−770,000
Increase (decrease) in interest and other debt expenses payable	4	8	173,000	−2	5
Increase (decrease) in management fees payable	−599,000	72,000	−355,000	693,000	2
Increase (decrease) in incentive fees payable	−2	−7	13	−760,000	−2
Increase (decrease) in accrued expenses and other liabilities	−3	3	2	2	−62,000
Net cash provided by (used for) operating activities	326	2	301	27	−30
Proceeds from issuance of common stock (net of underwriting costs)	—	110	98	14	—
Offering costs paid	−229,000	−515,000	−680,000	−557,000	—
Repurchases of common stock (including commissions and direct acquisition costs)	−52	—	—	—	—
Distributions paid	−234	−198	−191	−180	−193
Deferred financing and debt issuance costs paid	−10	−8	−5	−3	−5
Borrowings on debt	1,592	1,098	379	846	1,128
Repayments of debt	−1,641	−996	−568	−699	−898
Secured borrowings	—	1	—	—	—
Net cash provided by (used for) financing activities	−344	7	−288	−22	32
Net increase (decrease) in cash	−19	10	13	6	2
Effect of foreign exchange rate changes on cash	186,000	−171,000	62,000	147,000	−211,000
Interest expense paid	96	94	103	72	42
Accrued but unpaid excise tax expense	4	6	5	3	1
Accrued but unpaid distributions	36	53	49	46	46
Reinvestment of stockholder distributions	—	7	3	4	5
Exchange of investments	111	204	120	153	9

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