Goldman Sachs BDC released 10-Q filing

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For the quarterly period ended June September 30, 2026

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Attention: Investor Relations

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As of August November 5, 2026, there were 112,569,067 111,049,130 shares of the registrant's common stock outstanding.

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QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE SEPTEMBER 30, 2026

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The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to "we," "us," "our," and the "Company," mean Goldman Sachs BDC, Inc. or Goldman Sachs BDC, Inc., together with its consolidated subsidiaries, as the context may require. The terms "GSAM," "Goldman Sachs Asset Management," our "Adviser" or our "Investment Adviser" refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term "GS Group Inc." refers to The Goldman Sachs Group, Inc. "GS & Co." refers to Goldman Sachs & Co. LLC and its predecessors. The term "Goldman Sachs" refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see "Cautionary Statement Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under "Cautionary Statement Regarding Forward-Looking Statements" appearing elsewhere in this report.

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company ("RIC") and we expect to qualify annually for tax treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2013. From our formation in 2012 through June 30, 2026, we originated approximately $9.94 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

"Unitranche" loans are first lien loans that extend deeper in a borrower's capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the "first-out" portion of a unitranche loan while we retain the "last-out" portion of such loan, in which case, the "first-out" portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the "last-out" portion that we would continue to hold. In exchange for taking greater risk of loss, the "last-out" portion generally earns a higher interest rate than the "first-out" portion of the loan. We use the term "mezzanine" to refer to debt that ranks senior in right of payment only to a borrower's equity securities and ranks junior in right of payment to all of such borrower's other indebtedness. We may make multiple investments in the same portfolio company.

We may also originate "covenant-lite" loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We invest primarily in U.S. middle-market companies, which we believe are underserved by traditional providers of capital such as banks and the public debt markets. In this report, we generally use the term "middle market companies" to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") excluding certain one-time, and non-recurring items that are outside the operations of these companies. However, we may from time to time invest in larger or smaller companies. We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. Fees received from portfolio companies (directors' fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to us, unless, to the extent required by applicable law or exemptive relief therefrom, we only receive our allocable portion of such fees when invested in the same portfolio company as another client account managed by our Investment Adviser (collectively with us, the "Accounts"). The companies in which we invest use our capital for a variety of purposes, including to support organic growth, fund acquisitions, make capital investments or refinance indebtedness.

Our origination strategy focuses on leading the negotiation and structuring of the loans or securities in which we invest and holding the investments in our portfolio to maturity. In many cases, we are the sole investor in the loan or security in our portfolio. Where there are multiple investors, we generally seek to control or obtain significant influence over the rights of investors in the loan or security. We generally seek to make investments that have maturities of three to ten years and investment size ranges from $10 million to $75 million or above. In addition, from time to time, we may opportunistically dispose of certain assets as part of our overall investment strategy.

For a discussion of the competitive landscape we face, please see " Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities " and " Item 1. Business—Competitive Advantage s" in our annual report on Form 10-K for the year ended December 31, 2025.

KEY COMPONENTS OF OPERATIONS

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than "qualifying assets" specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Pursuant to rules adopted by the Securities and Exchange Commission (the "SEC"), "eligible portfolio companies" include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind ("PIK") income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors' fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other Accounts, which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Our primary operating expenses include the payment of the management fee (the "Management Fee") and the incentive fee (the "Incentive Fee") to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other expenses of our operations and transactions in accordance with the investment management agreement (the "Investment Management Agreement") and administration agreement (the "Administration Agreement"), including:

• our operational expenses;

• fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

• interest payable on debt, if any, incurred to finance our investments;

• fees and expenses incurred by us in connection with membership in investment company organizations;

• brokers' commissions;

• the expenses of and fees for registering or qualifying our shares for sale and of maintaining our registration and registering us as a broker or a dealer;

• fees and expenses associated with calculating our net asset value ("NAV") (including the costs and expenses of any independent valuation firm);

• legal, auditing or accounting expenses;

• taxes or governmental fees;

• the fees and expenses of our administrator, transfer agent or sub-transfer agent;

• the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our shares;

• the fees and expenses of our directors who are not affiliated with our Investment Adviser;

• the cost of preparing and distributing reports, proxy statements and notices to our stockholders, the SEC and other regulatory authorities;

• costs of holding stockholder meetings;

• the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian;

• insurance premiums; and

• costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines. Costs relating to future offerings of securities would be incremental.

Our senior secured revolving credit agreement (as amended, the "Revolving Credit Facility") with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, our 6.375% Notes due 2027 (the "2027 Notes"), our 5.100% Notes due 2029 (the "2029 Notes") and our 5.650% Notes due 2030 (the "2030 Notes") allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as "leverage" and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. We are permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met).

Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act's asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the "Board of Directors" or the "Board") of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

First Lien/Senior Secured Debt

First Lien/Last-Out Unitranche

Financial statements 261 changes

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Non-controlled/non-affiliated investments (cost of $ 3,328,296 2,993,926 and $ 3,285,039 )

Non-controlled affiliated investments (cost of $ 82,680 89,193 and $ 110,127 )

Controlled affiliated investments (cost of $ 24,990 and $ — )

Total investments, at fair value (cost of $ 3,410,976 3,108,109 and $ 3,395,166 )

Investments in affiliated money market fund (cost of $ 36,226 74,878 and $ 35,724 )

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Debt (net of debt issuance costs of $ 12,777 11,187 and $ 8,169 )

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Unrealized depreciation on derivatives

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Common stock, par value $ 0.001 per share ( 200,000,000 shares authorized, 111,049,130 and 112,569,067 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively)

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For the Six Nine Months Ended

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Controlled affiliated investments

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(Provision) benefit for taxes on realized gain/loss on investments ( 49 ( 2 ( 121 (Provision) benefit for taxes on unrealized appreciation/depreciation on investments ( 41 ( 41

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For the Six Nine Months Ended

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(Provision) benefit for taxes on realized gain/loss on investments ( 49 ( 2 ( 72 121 (Provision) benefit for taxes on unrealized appreciation/depreciation on investments ( 41 ( 41

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Net increase (decrease) in net assets from capital transactions ( 12,126 15,000 ( 12,126 25,067 ( 15,000 ( 37,193

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For the Six Nine Months Ended

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Net change in unrealized (appreciation) depreciation on investments ( 106,909 79,632

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions ( 235 169

Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items ( 108 309

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Increase (decrease) in interest and other debt expenses payable ( 5,444 17,324 ( 13,842

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Increase (decrease) in accrued expenses and other liabilities ( 1,647 1,794 ( 5,510 4,285

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Consolidated Schedule of Investments as of June 30, 2026

Debt Investments - 232.7 %

Consolidated Schedule of Investments as of September 30, 2026 (in thousands, except share and per share amounts)

Debt Investments - 217.3 %

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United Kingdom - 3.6 3.8 %

1st Lien/Senior Secured Debt - 3.6 3.8 %

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SI Swan UK Bidco Limited (dba Sapiens International)

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Consolidated Schedule of Investments as of June September 30, 2026 (continued)

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SI Swan UK Bidco Limited (dba Sapiens International)

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United States - 219.9 %

United States - 204.3 %

1st Lien/Senior Secured Debt - 205.5 195.7 %

Altitude US Buyer, LLC (dba Avantus Aerospace)

Altitude US Buyer, LLC (dba Avantus Aerospace)

Altitude US Buyer, LLC (dba Avantus Aerospace)

Altitude US Buyer, LLC (dba Avantus Aerospace)

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PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

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ICAT Logistics, Inc.

Air Freight & Logistics

ICAT Logistics, Inc.

Air Freight & Logistics

ICAT Logistics, Inc.

Air Freight & Logistics

ICAT Logistics, Inc.

Air Freight & Logistics

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Commercial Services & Supplies

3SI Security Systems, Inc.

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

3SI Security Systems, Inc. (dba 3Si Security Systems)

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The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

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The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of September 30, 2026 (continued)

(in thousands, except share and per share amounts)

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Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

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Crucible Buyer, Inc. (dba JT Thorpe)

Construction & Engineering

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and 181 more changes in the filing

Note 2: SIGNIFICANT ACCOUNTING POLICIES 1 change

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Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes related thereto for the year ended December 31, 2025, included in the Company's annual report on Form 10-K, which was filed with the SEC on February 26, 2026. The results for the three and six nine months ended June September 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

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Notes to the financial statements 3 changes

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To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders without reducing the Company's required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required. For the three and six nine months ended June September 30, 2026, the Company accrued excise taxes of $ 844 884 and $ 1,826 2,710 . As of June September 30, 2026, $ 2,047 2,930 of accrued excise taxes remained payable. For the three and six nine months ended June September 30, 2025, the Company accrued excise taxes of $ 906 907 and $ 2,213 3,120 .

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Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.

Deferred financing and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company's borrowings. The aforementioned costs are amortized using the straight-line method over each instrument's term. Deferred financing costs related to a revolving credit facility are presented separately as an asset on in the Company's Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes are presented net against the outstanding debt balance on in the Consolidated Statements of Assets and Liabilities.

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Note 3: SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS 3 changes

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For the three and six months ended June 30, 2026, Management Fees amounted to $ 8,182 and $ 16,445 . As of June 30, 2026, $ 8,182 remained payable. For the three and six months ended June 30, 2025, Management Fees amounted to $ 8,408 and $ 17,089 .

The incentive fee (the "Incentive Fee") consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. The Incentive Fee is calculated as follows:

The Company pays the Investment Adviser a management fee (the "Management Fee"), accrued and payable quarterly in arrears. The Management Fee is calculated at an annual rate of 1.00 % ( 0.25 % per quarter) of the average of the values of the Company's gross assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser, if any, for any affiliated money market funds in which the Company invests.

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Note I: Quarterly Incentive Fee Based on Income 1 change

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"Cumulative Net Return" means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company pays no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company pays an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company pays an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

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Note 6: DEBT 3 changes

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150 % after such borrowing (if certain requirements are met). As of June September 30, 2026 and December 31, 2025, the Company's asset coverage ratio based on the aggregate amount outstanding of senior securities was 172 178 % and 175 %.

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(2) Provides, under certain circumstances, a total borrowing capacity of $ 2,542,500 . The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June September 30, 2026, the Company had outstanding borrowings denominated in USD of $ 583,674 365,674 , in EUR of EUR 13,700 , in GBP of GBP 17,450 , in CAD of CAD 57,020 and in AUD of AUD 24,500 . As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $ 489,674 , in EUR of EUR 13,700 , in GBP of GBP 18,950 , in CAD of CAD 52,270 and in AUD of AUD 24,500 .

The combined weighted average interest rate of the aggregate borrowings outstanding for the six nine months ended June September 30, 2026 was 5.77 5.78 % and for the year ended December 31, 2025 was 5.36 %. The combined average debt of the aggregate borrowings outstanding for the six nine months ended June September 30, 2026 was $ 1,882,869 1,842,333 and for the year ended December 31, 2025 was $ 1,860,251 .

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Note 7: DERIVATIVES 8 changes

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For the Six Nine Months Ended

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The table below presents the gross fair value of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the Consolidated Statements of Assets and Liabilities. The net derivative asset or liability position is included in the Consolidated Statements of Assets and Liabilities as Unrealized appreciation on derivatives or Unrealized depreciation on derivatives, as applicable.

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As the Company does not utilize hedge accounting for foreign currency forward contracts, the effect of transactions in foreign currency forward contracts on in the Consolidated Statements of Operations was as follows:

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The Company designated its interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting.

For the Six Nine Months Ended

Net realized gain (loss) on foreign currency forward contracts ( 20 ( 273

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts ( 181 62 ( 270 207

Total net realized and unrealized gains (losses) on foreign currency forward contracts ( 9 ( 181 ( 270

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Note 8: COMMITMENTS AND CONTINGENCIES 9 changes

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances, for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of June September 30, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments.

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Altitude US Buyer, LLC (dba Avantus Aerospace)

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Avanos Medical, Inc.

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BCTO Bluebill Buyer, Inc. (dba Ren)

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Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

Burgess Pigment, LLC

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Coretrust Purchasing Group LLC

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Crucible Buyer, Inc. (dba JT Thorpe)

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