ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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.
OVERVIEW
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. 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 December 31, 2025, we originated approximately $9.88 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.
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.”
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KEY COMPONENTS OF OPERATIONS
Investments
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.
Revenues
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.
Expenses
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;
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listing fees;
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.
Leverage
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 2.875% Notes due 2026 (the “2026 Notes”), our 6.375% Notes due 2027 (the “2027 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:
December 31, 2025
December 31, 2024
Amortized Cost
Fair Value
Amortized Cost
Fair Value
(in millions)
(in millions)
First Lien/Senior Secured Debt
First Lien/Last-Out Unitranche
Second Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
Total Investments
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The weighted average yield by asset type of our total portfolio (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:
December 31, 2025
December 31, 2024
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Weighted Average Yield (1)
First Lien/Senior Secured Debt (2)
First Lien/Last-Out Unitranche (2) (3)
Second Lien/Senior Secured Debt (2)
Unsecured Debt (2)
Preferred Stock (4)
Common Stock (4)
Warrants (4)
Total Portfolio
The weighted average yield at amortized cost of our portfolio excludes the Purchase Discount (as defined below) and amortization related to our merger with Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) (the “Merger”) and does not represent the total return to our stockholders.
Computed based on (a) the 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 investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.
The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.
Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.
As of December 31, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 9.3% and 10.5%, as compared to 10.1% and 13.2% as of December 31, 2024. The decrease in the total portfolio weighted average yield at fair value and the decrease in weighted average yield at fair value within First Lien/Senior Secured Debt were primarily due to the restructuring of Streamland Media Midco LLC. The decrease in weighted average yield at amortized cost within First Lien/Senior Secured Debt was primarily due to a decline in interest rates. Within First Lien/Last-Out Unitranche, the decrease in weighted average yield measured at amortized cost and fair value was driven by the exit of Doxim, Inc. in addition to our First Lien/Last-Out Unitranche investment in Streamland Media Midco LLC being placed on non-accrual status, partially offset by the refinancing of K2 Towers III, LLC. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at fair value was primarily driven by MPI Engineered Technologies, LLC being placed on non-accrual status. Within Unsecured Debt, the decrease in weighted average yield at fair value was primarily driven by the exit of CivicPlus LLC, partially offset by Bayside Parent, LLC being restored back to accrual status.
The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):
December 31, 2025
December 31, 2024
Number of portfolio companies
Percentage of performing debt bearing a floating rate (1)
Percentage of performing debt bearing a fixed rate (1)(2)
Weighted average yield on debt and income producing investments, at amortized cost (3)
Weighted average yield on debt and income producing investments, at fair value (3)
Weighted average leverage (net debt/EBITDA) (4)
Weighted average interest coverage (4)
Median EBITDA (4)
71.75 million
66.14 million
Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.
Includes income producing preferred stock investments.
Computed based on (a) the 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 status). Excludes the Purchase Discount and amortization related to the Merger.
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 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 excluding 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.
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For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA. 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, excluding 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, excluding 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 most recently available financial statements 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 December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 14.2% and 20.5% of total debt investments.
Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.
As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (e.g., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:
Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;
Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;
Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and
Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.
Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:
December 31, 2025
December 31, 2024
Investment Performance Rating
Fair Value
Percentage
of Total
Fair Value
Percentage
of Total
(in millions)
(in millions)
Grade 1
Grade 2
Grade 3
Grade 4
Total Investments
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The increase in investments with a Grade 3 investment performance rating was primarily driven by investments with an aggregate fair value of $98.72 million being downgraded from a Grade 2 investment performance rating due to financial underperformance, partially offset by the exit of investments with an aggregate fair value of $64.79 million and investments with an aggregate fair value of $25.31 million being downgraded to a Grade 4 investment performance rating due to financial underperformance. The increase in investments with a Grade 4 investment performance rating was primarily driven by investments with an aggregate fair value of $25.31 million being downgraded from a Grade 3 investment performance rating due to financial underperformance as mentioned above.
The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):
December 31, 2025
December 31, 2024
Amortized
Cost
Percentage
of Total
Amortized
Cost
Percentage
of Total
(in millions)
(in millions)
Performing
Non-accrual
Total Investments
Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current.
The following table shows our investment activity by investment type (1) :
For the Years Ended December 31,
($ in millions)
New investments committed at cost:
First Lien/Senior Secured Debt
First Lien/Last-Out Unitranche
Second Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Total
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt
First Lien/Last-Out Unitranche
Second Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Total
Net increase (decrease) in portfolio
Number of new portfolio companies with new investment commitments
Total new investment commitment amount in new portfolio companies
Average new investment commitment amount in new portfolio companies
Number of existing portfolio companies with new investment commitments
Total new investment commitment amount in existing portfolio companies
Weighted average remaining term for new investment commitments (in years) (2)
Percentage of new debt investment commitments at cost for floating interest rates
Percentage of new debt investment commitments at cost for fixed interest rates (3)
Weighted average yield on new debt and income producing investment commitments (4)
Weighted average yield on new investment commitments (5)
Weighted average yield on debt and income producing investments sold or repaid (6)
Weighted average yield on investments sold or repaid (7)
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New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.
Calculated as of the end of the relevant period and the maturity date of the individual investments.
May include preferred stock investments.
Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.
Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.
Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.
Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.
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RESULTS OF OPERATIONS
The comparison for the years ended December 31, 2024 and 2023 can be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended December 31, 2024.
Our operating results were as follows:
For the Years Ended December 31,
($ in millions)
Total investment income
Net expenses
Net investment income before taxes
Income tax expense, including excise tax
Net investment income after taxes
Net realized gain (loss) on investments
Net unrealized appreciation (depreciation) on investments
Net realized and unrealized gain (losses) on forward contracts, translations and other transactions
Net realized and unrealized gains (losses)
Income tax (provision) benefit for realized and unrealized gains
Net increase (decrease) in net assets from operations
Net increase (decrease) in net assets from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.
On October 12, 2020, we completed our Merger with GS MMLC. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to GS MMLC’s stockholders 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 GS 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 GS 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 Statements 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 depreciation on such loans acquired through their 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 after taxes; and (ii) 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.
For the Years Ended December 31,
($ in millions)
Net investment income after taxes
Less: Purchase Discount amortization
Adjusted net investment income after taxes
Net realized and unrealized gains (losses)
Less: Net change in unrealized appreciation (depreciation) due to the Purchase Discount
Less: Realized gain (loss) due to the Purchase Discount
Adjusted net realized and unrealized gains (losses)
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Investment Income
Our investment income was as follows:
For the Years Ended December 31,
($ in millions)
Interest
Payment-in-kind income
Other income
Dividend income
Total Investment Income
In the table above:
Interest income from investments decreased from $378.11 million for the year ended December 31, 2024 to $327.55 million for the year ended December 31, 2025, primarily due to a decline in base interest rates and tightening of credit spreads in addition to the decrease in the size of our portfolio. The amortized cost of the portfolio decreased from $3,673.58 million as of December 31, 2024 to $3,395.17 million as of December 31, 2025.
PIK income from investments decreased from $50.43 million for the year ended December 31, 2024 to $32.90 million for the year ended December 31, 2025. The decrease was primarily due to the exit of investments earning PIK payment of interest in addition to a decline in base interest rates and tightening of credit spreads.
Expenses
Our expenses were as follows:
For the Years Ended December 31,
($ in millions)
Interest and other debt expenses
Management fees
Incentive fees
Professional fees
Directors’ fees
Other general and administrative expenses
Total Expenses
In the table above:
Interest and other debt expenses decreased from $113.72 million for the year ended December 31, 2024 to $111.56 million for the year ended December 31, 2025. The decrease was mainly driven by the decrease of daily average borrowings, partially offset by the increase in combined weighted average interest rate as result of repayment of the 2025 Notes.
Management fees decreased from $35.23 million for the year ended December 31, 2024 to $33.45 million for the year ended December 31, 2025. The decrease is primarily driven by the decrease in gross assets, excluding cash and cash equivalents.
Incentive fees increased from $17.21 million for the year ended December 31, 2024 to $26.22 million for the year ended December 31, 2025. The increase was driven by the performance of the investment portfolio for the twelve quarters ended December 31, 2025, as compared to the twelve quarters ended December 31, 2024, partially offset by the change to the Incentive Fee Cap from 20% of the Cumulative Net Return to 17.5% of the Cumulative Net Return for the periods after December 31, 2024. For additional information, see Note 3 “Significant Agreements and Related Party Transactions” in our consolidated financial statements included in this report.
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Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments
The realized gains and losses on fully exited and partially exited portfolio companies consisted of the following:
For the Years Ended December 31,
($ in millions)
Lobos Parent, Inc. (dba NeoGov)
Bullhorn, Inc.
Clearcourse Partnership Acquireco Finance Limited
Other, net
Country Fresh Holding Company Inc.
ATX Networks Corp.
Kawa Solar Holdings Limited
Conergy Asia & ME Pte. LTD.
Animal Supply Intermediate, LLC
Animal Supply Holdings, LLC
Streamland Media Midco LLC
Khoros, LLC (fka Lithium Technologies, Inc.)
Sweep Purchaser LLC
Hollander Intermediate LLC (dba Bedding Acquisition, LLC)
Thrasio, LLC
Zodiac Intermediate, LLC (dba Zipari)
Pluralsight, Inc.
Net Realized Gain (Loss) on Investments
For the year ended December 31, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC. The above realized losses were partially offset by the realized gains attributable to the repayment of the preferred stock investment in Lobos Parent, Inc. (dba NeoGov).
For the year ended December 31, 2024, net realized losses were primarily driven by the restructuring of the first lien debt investments in Pluralsight, Inc., the sale of Zodiac Intermediate, LLC (dba Zipari) to mPulse Mobile, Inc. (dba Zipari Inc.), the restructuring of the first lien debt investments in Thrasio, LLC, the sale of Hollander Intermediate LLC (dba Bedding Acquisition, LLC) and the restructuring of the first lien debt investments in Sweep Purchaser LLC.
Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments consisted of the following:
For the Years Ended December 31,
($ in millions)
Unrealized appreciation
Unrealized depreciation
Net Change in Unrealized Appreciation (Depreciation) on Investments
The net change in unrealized appreciation (depreciation) on investments consisted of the following:
For the Year Ended
December 31, 2025
Portfolio Company:
($ in millions)
Khoros, LLC (fka Lithium Technologies, Inc.)
Animal Supply Holdings, LLC
Streamland Media Midco LLC
Chase Industries, Inc. (dba Senneca Holdings)
Animal Supply Intermediate, LLC
Other, net (1)
WebPT, Inc.
Lobos Parent, Inc. (dba NEOGOV)
Streamland Media Holdings LLC
MPI Engineered Technologies, LLC
Pluralsight, Inc.
Net Change in Unrealized Appreciation (Depreciation) on Investments
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For the year ended December 31, 2025, Other, net includes gross unrealized appreciation of $33.66 million and gross unrealized depreciation of $(36.05) million.
Net change in unrealized appreciation (depreciation) in our investments for the year ended December 31, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.), Streamland Media Midco LLC, as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC, partially offset by the increase in the unrealized depreciation on Pluralsight, Inc., and MPI Engineered Technologies, LLC due to financial underperformance.
For the Year Ended
December 31, 2024
Portfolio Company:
($ in millions)
Zodiac Intermediate, LLC (dba Zipari)
Thrasio, LLC
Sweep Purchaser LLC
Other, net (1)
Hollander Intermediate LLC (dba Bedding Acquisition, LLC)
Chase Industries, Inc. (dba Senneca Holdings)
Volt Bidco, Inc. (dba Power Factors)
Premier Imaging, LLC (dba Lucid Health)
Streamland Media Midco LLC (2)
Wine.com, Inc.
Lithium Technologies, Inc.
Net Change in Unrealized Appreciation (Depreciation) on Investments
For the year ended December 31, 2024, Other, net includes gross unrealized appreciation of $33.36 million and gross unrealized depreciation of $(23.92) million.
Formerly known as Picture Head Midco LLC.
Net change in unrealized appreciation (depreciation) in our investments for the year ended December 31, 2024 was primarily driven by the financial underperformance of Lithium Technologies, Inc., Wine.com, Inc. and Streamland Media Midco LLC (formerly known as Picture Head Midco LLC), partially offset by the reversal of unrealized depreciation in connection with the aforementioned sale of Zodiac Intermediate, LLC (dba Zipari) to mPulse Mobile, Inc. (dba Zipari Inc.), in addition to the restructuring of investments in Thrasio, LLC and Sweep Purchaser LLC.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to our existing credit facilities, as discussed below, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only 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). See “ —Key Components of Operations—Leverage. ” As of December 31, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 175% and 181%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.
The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.
We historically paid a distribution to our stockholders on a quarterly basis. On February 26, 2025, we announced that we would have a distribution framework that provides 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 to our financial results reported in accordance with GAAP, we have provided, as detailed below, a non-GAAP financial measure to our financial condition that adjusts the net asset value per share for the supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental distribution 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.
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December 31, 2025
December 31, 2024
Net asset value per share
Less: Supplemental distribution per share
Adjusted net asset value per share
We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.
At-the-market (“ATM”) Offering
We may, from time to time, issue and sell shares of our common stock through public or ATM offerings. On November 15, 2023, we entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) by and among us, GSAM and Truist Securities, Inc. (“Truist”). On and effective June 5, 2025, we terminated the 2023 Equity Distribution Agreement in accordance with its terms.
For further details, see Note 9 “Net Assets—At-the-market (“ATM”) Offering” to our consolidated financial statements included in this report.
Common Stock Repurchase Plan
On August 8, 2024, our Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows us to repurchase up to $75.00 million of shares of our common stock if our common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, we entered into the 2025 10b5-1 Plan with Georgeson Securities Corporation (“Georgeson”) for repurchases of our common stock during the period from June 16, 2025 through June 13, 2026. Unless extended by the Board, the 2025 10b5-1 Plan will terminate 12 months from the date it was entered into.
For further details, see Note 9 “Net Assets—Common Stock Repurchase Plan” to our consolidated financial statements included in this report.
Dividend Reinvestment Plan
We have a voluntary dividend reinvestment plan (the “DRIP”) that provides for automatic reinvestment of all cash distributions declared by our Board of Directors unless a stockholder elects to “opt out” of the plan. As a result, if our Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. Due to regulatory considerations, GS Group Inc. and GS & Co. have opted out of the DRIP.
For further details, see Note 9 “Net Assets—Distributions” to our consolidated financial statements included in this report.
All correspondence concerning the plan should be directed to the plan agent at Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078, with overnight correspondence being directed to the plan agent at Computershare Trust Company, N.A., 150 Royall St., Suite 101, Canton, MA 02021; by calling 855-807-2742; or through the plan agent’s website at www.computershare.com/investor. Participants who hold their shares through a broker or other nominee should direct correspondence or questions concerning the DRIP to their broker or nominee.
Contractual Obligations
We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our administrator such fees as may be agreed between us and our administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of December 31, 2025:
Payments Due by Periods (in millions)
Total
Less Than
1 Year
1 – 3 Years
3 – 5 Years
More Than
5 Years
2026 Notes
2027 Notes
2030 Notes
Revolving Credit Facility (1)
We 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 December 31, 2025, we had outstanding borrowings denominated in U.S. Dollars ("$" or "USD") of $489.67 million, in Euros ("EUR") of EUR of 13.70 million, in Great British Pounds ("GBP") of GBP 18.95 million, Canadian Dollars ("CAD") of CAD 52.27 million and Australian Dollars ("AUD") of AUD 24.50 million.
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Revolving Credit Facility
On September 19, 2013, we entered into the Revolving Credit Facility with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent under the Revolving Credit Facility.
The aggregate committed borrowing amount under the Revolving Credit Facility is $1,695.00 million. The Revolving Credit Facility includes an uncommitted accordion feature that allows us, under certain circumstances, to increase the borrowing capacity of the Revolving Credit Facility to up to $2,542.50 million. We amended and restated the Revolving Credit Facility on numerous occasions between October 3, 2014 and December 17, 2025.
Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at our election) of either (i) Term SOFR plus a margin of either (x) 2.00%, (y) 1.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 1.75% (subject to certain gross borrowing base conditions), in each case, plus an additional 0.10% credit adjustment spread, or (ii) an alternative base rate, which is the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (iii) the rate per annum equal to (x) the greater of (A) Term SOFR for an interest period of one (1) month and (B) zero plus (y) 1.00%, plus a margin of either (x) 1.00%, (y) 0.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or the applicable risk-free rate (“RFR rate”) plus a margin of either 2.00%, 1.875% or 1.75% (subject to the conditions applicable to borrowings denominated in USD that bear interest based on the applicable term benchmark rate or the applicable RFR rate), plus, (i) in the case of borrowings denominated in GBP only, an additional 0.1193% credit adjustment spread, (ii) in the case of borrowings denominated in CHF only, an additional 0.0031% and (iii) in the case of borrowings denominated in CAD only, an additional 0.29547% (one-month interest period) or an additional 0.32138% (three-month interest period) credit adjustment spread. Borrowings from certain lenders, which hold approximately 84% of total lending commitments (the "Extending Lenders"), bear interest at the applicable rates described above less 0.10%. With respect to borrowings denominated in USD, we may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. Interest is payable in on the applicable interest payment date as specified therein. We pay a fee of 0.375% per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in . Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility will mature, and all accrued and interest will be due and payable, with respect to certain remaining lenders, on May 5, 2027, and with respect to other remaining lenders, on October 18, 2028.
For further details, see Note 6 “Debt—Revolving Credit Facility” to our consolidated financial statements included in this report.
2025 Notes
On February 10, 2020, we closed an offering of $ 360.00 million aggregate principal amount of 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo Bank, National Association (“Wells Fargo”)). The 2025 Notes bore interest at a rate of 3.750% per year, payable semi-annually in arrears on February 10 and August 10 of each year. The 2025 Notes matured and were fully repaid on February 10, 2025 in accordance with their terms, using proceeds from the Revolving Credit Facility. For further details, see Note 6 “Debt—2025 Notes” to our consolidated financial statements included in this report.
2026 Notes
On November 24, 2020, we closed an offering of $ 500.00 million aggregate principal amount of 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2026 Notes bore interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. For further details, see Note 6 “Debt—2026 Notes” to our consolidated financial statements included in this report.
On January 15, 2026, we borrowed $ 505.00 million under the Revolving Credit Facility and used the proceeds, together with cash on hand, to repay the 2026 Notes, plus accrued and unpaid interest, in full satisfaction of our obligations under the 2026 Notes.
2027 Notes
On March 11, 2024, we closed an offering of $ 400.00 million aggregate principal amount of 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2027 Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on March 11 and September 11 of each year, commencing on September 11, 2024. The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.
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In connection with the 2027 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2027 Notes in a qualifying fair value hedging relationship.
For further details, see Note 2 “Significant Accounting Policies—Derivatives”, Note 6 “Debt—2027 Notes” and Note 7 "Derivatives" to our consolidated financial statements included in this report.
2030 Notes
On September 9, 2025, we closed an offering of $ 400.00 million aggregate principal amount of 5.650 % unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650% per year, payable semi-annually in arrears on March 9 and September 9 of each year, commencing on March 9, 2026. The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.
In connection with the 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship.
For further details, see Note 2 “Significant Accounting Policies—Derivatives”, Note 6 “Debt—2030 Notes” and Note 7 "Derivatives" to our consolidated financial statements included in this report.
Off-Balance Sheet Arrangements
We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.
We may commit to issue standby letters of credit in connection with an investment or we may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of us or such Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer as defined in the relevant credit agreement. As of December 31, 2025, we have committed to fund letters of credit of $5.48 million on behalf of the Accounts. As of December 31, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:
December 31,
December 31,
(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt
First Lien/Last-Out Unitranche
Second Lien/Senior Secured Debt
Total
HEDGING
Subject to applicable provisions of the Investment Company Act and applicable CFTC regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the of CFTC Rule 4.5.
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Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.
For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimate should be read in connection with our risk factors listed under “Risk Factors” in this report.
Fair Value Measurement of Investments
Consistent with GAAP and the Investment Company Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the Investment Company Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market and as such their fair values are determined using valuation techniques, primarily discounted cash flows, market multiples, and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see Note 2 “Significant Accounting Policies—Investments” and Note 5 “Fair Value Measurement.”
RECENT DEVELOPMENTS
Repayment of the 2026 Notes
On January 15, 2026, we borrowed $505.00 million under the Revolving Credit Facility and used the proceeds, together with cash on hand, to repay the 2026 Notes, plus accrued and unpaid interest, in full satisfaction of our obligations under the 2026 Notes.
2029 Notes
On January 28, 2026, we closed an offering of $400.00 million aggregate principal amount of 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100% per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.
In connection with the 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2029 Notes in a qualifying fair value hedging relationship.
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Distribution
On February 25, 2026, our Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about April 28, 2026 to holders of record as of March 31, 2026. In addition, our Board declared a quarterly supplemental distribution of $0.03 per share payable on or about March 20, 2026 to holders of record as of March 9, 2026.
Board Size Reduction; Class III Directors
On and effective as of February 25, 2026, our Board of Directors reduced its size from seven directors to six directors due to a vacancy on the Board resulting from the retirement of a former director effective as of the close of business on December 31, 2025. The Board also appointed Timothy J. Leach and Katherine P. Uniacke as Class III directors in order to ensure that each class consists, as nearly as possible, of one-third of the total number of directors, in accordance with the requirements of our Amended and Restated Certificate of Incorporation. Each of the Class III directors shall hold office until the 2026 annual meeting of stockholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation, removal or disqualification. Mr. Leach was formerly a Class I director and Ms. Uniacke was formerly a Class II director. Solely to allow the Board to effectuate such reallocation of director classes, Mr. Leach and Ms. Uniacke resigned as Class I and Class II directors, respectively, on February 25, 2026.
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ITEM 7A. QUANTITATIVE AND QUALITA T IVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
As of December 31, 2025 and December 31, 2024, on a fair value basis, approximately 0.6% and 0.6% of our performing debt investments bore interest at a fixed rate (including income producing preferred stock investments), and approximately 99.4% and 99.4% of our performing debt investments bore interest at a floating rate. Our borrowings under our Revolving Credit Facility bear interest at a floating rate and our 2026 Notes, 2027 Notes and 2030 Notes bear interest at a fixed rate. In certain cases, we have entered into interest rate swaps in an effort to help mitigate the impact of changes in market interest rates on our net asset value.
We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.
Based on our December 31, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
As of December 31, 2025
Basis Point Change
Interest
Income
Interest
Expense
Net
Income
($ in millions)
Up 300 basis points
Up 200 basis points
Up 100 basis points
Up 75 basis points
Up 50 basis points
Up 25 basis points
Down 25 basis points
Down 50 basis points
Down 75 basis points
Down 100 basis points
Down 200 basis points
Down 300 basis points
We have and may in the future hedge against interest rate fluctuations by using standard hedging instruments such as additional interest rate swaps, futures, options and forward contracts, subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.
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ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
GOLDMAN SACHS BDC, INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )
Consolidated Statements of Assets and Liabilities
Consolidated Statements of Operations
Consolidated Statements of Changes in Net Assets
Consolidated Statements of Cash Flows
Consolidated Schedules of Investments
Notes to Consolidated Financial Statements
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Goldman Sachs BDC, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Goldman Sachs BDC, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of December 31, 2023, 2022 and 2021, and the related consolidated statements of operations, changes in net assets and cash flows for the years ended December 31, 2022 and 2021 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements. In our opinion, the information set forth in the Senior Securities table of the Company for each of the five years in the period ended December 31, 2025 is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 and 2024 by correspondence with the custodian, agent banks, portfolio company investees, brokers and transfer agent; when replies were not received from agent banks or portfolio company investees, we performed other auditing procedures. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
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of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Valuation of Certain Level 3 Investments
As described in Note 5 to the consolidated financial statements, as of December 31, 2025, the Company held $3,208 million of level 3 investments carried at fair value, of which the income approach was used in the determination of the fair value for $2,737 million of bank loans, corporate debt, and other debt obligations (collectively “certain level 3 investments”). The valuation technique used by management to determine the fair value of certain level 3 investments using the income approach was the discounted cash flows technique and the significant unobservable input was the discount rate.
The principal considerations for our determination that performing procedures relating to the valuation of certain level 3 investments is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of certain level 3 investments; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant unobservable input related to the discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of certain level 3 investments, including controls over the significant unobservable input related to the discount rates. These procedures also included, among others, (i) testing the completeness and accuracy of certain data provided by management; and either (ii) testing management’s process for developing the fair value estimate for certain level 3 investments, and evaluating (a) the appropriateness of the discounted cash flow technique and (b) the reasonableness of the significant unobservable input related to the discount rates by considering external market and industry data and evidence obtained in other areas of the audit; or, (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management’s fair value estimate by (a) developing an independent fair value estimate range for certain level 3 investments using independently developed discount rates and (b) comparing the independent fair value estimate range to management’s estimate.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
February 26, 2026
We have served as the auditor of one or more investment companies in the Goldman Sachs Business Development Companies group since 2012.
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PART I. FINANCI AL INFORMATION
ITEM 1. FINANC IAL STATEMENTS
Goldman Sachs BDC, Inc.
Consolidated Statements o f 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 )
Non-controlled affiliated investments (cost of $ 110,127 and $ 139,955 )
Total investments, at fair value (cost of $ 3,395,166 and $ 3,673,582 )
Investments in affiliated money market fund (cost of $ 35,724 and $ 25,238 )
Cash
Interest and dividends receivable
Deferred financing costs
Other assets
Total assets
Liabilities
Debt (net of debt issuance costs of $ 8,169 and $ 8,176 )
Interest and other debt expenses payable
Management fees payable
Incentive fees payable
Distribution payable
Unrealized depreciation on derivatives
Secured borrowings
Accrued expenses and other liabilities
Total liabilities
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)
Paid-in capital in excess of par
Distributable earnings (loss)
Total net assets
Total liabilities and net assets
Net asset value per share
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Stateme nts of Operations
(in thousands, except share and per share amounts)
For the Years Ended December 31,
Investment income:
From non-controlled/non-affiliated investments:
Interest income
Payment-in-kind income
Other income
Dividend income
From non-controlled affiliated investments:
Interest income
Dividend income
Payment-in-kind income
Other income
Total investment income
Expenses:
Interest and other debt expenses
Management fees
Incentive fees
Professional fees
Directors’ fees
Other general and administrative expenses
Total expenses
Fee waivers
Net expenses
Net investment income before taxes
Income tax expense, including excise tax
Net investment income after taxes
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments
Non-controlled affiliated investments
Controlled affiliated investments
Foreign currency forward contracts
Foreign currency and other transactions
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments
Non-controlled affiliated investments
Controlled affiliated investments
Foreign currency forward contracts
Foreign currency translations and other transactions
Net realized and unrealized gains (losses)
(Provision) benefit for taxes on realized gain/loss on investments
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments
Net increase (decrease) in net assets from operations
Weighted average shares outstanding
Basic and diluted net investment income per share
Basic and diluted earnings (loss) per share
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Statements o f Changes in Net Assets
(in thousands, except share and per share amounts)
For the Years Ended December 31,
Net assets at beginning of period
Increase (decrease) in net assets from operations:
Net investment income
Net realized gain (loss)
Net change in unrealized appreciation (depreciation)
(Provision) benefit for taxes on realized gain/loss on investments
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments
Net increase (decrease) in net assets from operations
Distributions to stockholders from:
Distributable earnings
Total distributions to stockholders
Capital transactions:
Issuance of common stock (net of offering and underwriting costs)
Reinvestment of stockholder distributions
Repurchases of common stock (including commissions and direct acquisition costs)
Net increase (decrease) in net assets from capital transactions
Total increase (decrease) in net assets
Net assets at end of period
Distributions per share
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Stateme nts of Cash Flows
(in thousands, except share and per share amounts)
For the Years Ended December 31,
Cash flows from operating activities:
Net increase (decrease) in net assets from operations:
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments
Payment-in-kind interest capitalized
Investments in affiliated money market fund, net
Proceeds from sales of investments and principal repayments
Net realized (gain) loss on investments
Net change in unrealized (appreciation) depreciation on investments
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items
Amortization of premium and accretion of discount, net
Amortization of deferred financing and debt issuance costs
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable
(Increase) decrease in other assets
Increase (decrease) in interest and other debt expenses payable
Increase (decrease) in management fees payable
Increase (decrease) in incentive fees payable
Increase (decrease) in accrued expenses and other liabilities
Net cash provided by (used for) operating activities
Cash flows from financing activities:
Proceeds from issuance of common stock (net of underwriting costs)
Offering costs paid
Repurchases of common stock (including commissions and direct acquisition costs)
Distributions paid
Deferred financing and debt issuance costs paid
Borrowings on debt
Repayments of debt
Secured borrowings
Net cash provided by (used for) financing activities
Net increase (decrease) in cash
Effect of foreign exchange rate changes on cash
Cash, beginning of period
Cash, end of period
Supplemental and non-cash activities
Interest expense paid
Accrued but unpaid excise tax expense
Accrued but unpaid distributions
Reinvestment of stockholder distributions
Exchange of investments
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Debt Investments - 226.3 %
Canada - 7.3 %
1st Lien/Senior Secured Debt - 7.3 %
Rocket Bidco, Inc. (dba Recochem)
Chemicals
Rocket Bidco, Inc. (dba Recochem)
Chemicals
CAD
Rocket Bidco, Inc. (dba Recochem)
Chemicals
CAD
Rocket Bidco, Inc. (dba Recochem)
Chemicals
Rocket Bidco, Inc. (dba Recochem)
Chemicals
CAD
Rocket Bidco, Inc. (dba Recochem)
Chemicals
CAD
Prophix Software Inc. (dba Pound Bidco)
Financial Services
Prophix Software Inc. (dba Pound Bidco)
Financial Services
Prophix Software Inc. (dba Pound Bidco)
Financial Services
Aryeh Bidco Investment Ltd. (dba Dentalcorp)
Health Care Providers & Services
CAD
Aryeh Bidco Investment Ltd. (dba Dentalcorp)
Health Care Providers & Services
CAD
Aryeh Bidco Investment Ltd. (dba Dentalcorp)
Health Care Providers & Services
CAD
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)
Oil, Gas & Consumable Fuels
CAD
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)
Oil, Gas & Consumable Fuels
CAD
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)
Oil, Gas & Consumable Fuels
CAD
Everest Clinical Research Corporation
Professional Services
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)
Professional Services
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)
Professional Services
Rodeo Buyer Company (dba Absorb Software)
Professional Services
Rodeo Buyer Company (dba Absorb Software)
Professional Services
iWave Information Systems, Inc.
Software
iWave Information Systems, Inc.
Software
Total 1st Lien/Senior Secured Debt
Total Canada
India - 1.2 %
1st Lien/Senior Secured Debt - 1.2 %
AGS Health BCP LLC (dba AGS Health)
Health Care Technology
AGS Health BCP LLC (dba AGS Health)
Health Care Technology
AGS Health BCP LLC (dba AGS Health)
Health Care Technology
Total 1st Lien/Senior Secured Debt
Total India
United Kingdom - 3.5 %
1st Lien/Senior Secured Debt - 3.5 %
Clearcourse Partnership Acquireco Finance Limited
IT Services
SN + 7.50 % (Incl. 0.50 % PIK)
GBP
Clearcourse Partnership Acquireco Finance Limited
IT Services
SN + 7.50 % (Incl. 0.50 % PIK)
GBP
SI Swan UK Bidco Limited (dba Sapiens International)
Software
SI Swan UK Bidco Limited (dba Sapiens International)
Software
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
SI Swan UK Bidco Limited (dba Sapiens International)
Software
Total 1st Lien/Senior Secured Debt
Total United Kingdom
United States - 214.3 %
1st Lien/Senior Secured Debt - 200.8 %
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
S + 5.25 % (Incl. 1.50 % PIK)
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
S + 5.25 % (Incl. 1.50 % PIK)
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
S + 5.25 % (Incl. 1.50 % PIK)
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
S + 5.00 % (Incl. 1.50 % PIK)
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
S + 5.00 % (Incl. 1.50 % PIK)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)
Aerospace & Defense
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)
Aerospace & Defense
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)
Aerospace & Defense
VisionSafe Holdings, Inc.
Aerospace & Defense
VisionSafe Holdings, Inc.
Aerospace & Defense
Zeppelin US Buyer Inc. (dba Global Critical Logistics)
Air Freight & Logistics
Zeppelin US Buyer Inc. (dba Global Critical Logistics)
Air Freight & Logistics
Zeppelin US Buyer Inc. (dba Global Critical Logistics)
Air Freight & Logistics
Zeppelin US Buyer Inc. (dba Global Critical Logistics)
Air Freight & Logistics
Thrasio, LLC
Broadline Retail
S + 10.00 % PIK
Thrasio, LLC
Broadline Retail
S + 10.00 % PIK
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
3SI Security Systems, Inc.
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)
Commercial Services & Supplies
Edko, LLC
Commercial Services & Supplies
Edko, LLC
Commercial Services & Supplies
Edko, LLC
Commercial Services & Supplies
EnviroSmart, LLC (dba ES Integrated)
Commercial Services & Supplies
EnviroSmart, LLC (dba ES Integrated)
Commercial Services & Supplies
EnviroSmart, LLC (dba ES Integrated)
Commercial Services & Supplies
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 4.75 % (Incl. 2.00 % PIK)
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 4.75 % (Incl. 2.00 % PIK)
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 4.75 % (Incl. 2.00 % PIK)
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 6.75 % (Incl. 2.00 % PIK)
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 4.75 % (Incl. 2.00 % PIK)
Frontline Road Safety Operations, LLC
Commercial Services & Supplies
S + 4.75 % (Incl. 2.00 % PIK)
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)
Commercial Services & Supplies
S + 5.50 % (Incl. 2.75 % PIK)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)
Commercial Services & Supplies
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)
Commercial Services & Supplies
Sweep Purchaser LLC
Commercial Services & Supplies
S + 5.75 % PIK
Sweep Purchaser LLC
Commercial Services & Supplies
Sweep Purchaser LLC
Commercial Services & Supplies
TEI Intermediate LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
S + 5.25 % (Incl. 2.88 % PIK)
TEI Intermediate LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
TEI Intermediate LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
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
ATX Networks Corp.
Communications Equipment
S + 7.00 % PIK
ATX Networks Corp.
Communications Equipment
S + 6.00 % PIK
ATX Networks Corp.
Communications Equipment
S + 6.00 % PIK
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)
Construction & Engineering
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)
Construction & Engineering
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)
Construction & Engineering
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
AUD
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Blast Bidco Inc. (dba Bazooka Candy Brands)
Consumer Staples Distribution & Retail
Blast Bidco Inc. (dba Bazooka Candy Brands)
Consumer Staples Distribution & Retail
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)
Containers & Packaging
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)
Containers & Packaging
Precision Concepts Parent Inc.
Containers & Packaging
Precision Concepts Parent Inc.
Containers & Packaging
Precision Concepts Parent Inc.
Containers & Packaging
Precision Concepts Parent Inc.
Containers & Packaging
Precision Concepts Parent Inc.
Containers & Packaging
A Place For Mom, Inc.
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CST Holding Company (dba Intoxalock)
Diversified Consumer Services
CST Holding Company (dba Intoxalock)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)
Diversified Consumer Services
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)
Diversified Consumer Services
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)
Diversified Consumer Services
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)
Diversified Consumer Services
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)
Diversified Consumer Services
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)
Diversified Consumer Services
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)
Diversified Consumer Services
Southeast Mechanical, LLC
Diversified Consumer Services
Southeast Mechanical, LLC
Diversified Consumer Services
Southeast Mechanical, LLC
Diversified Consumer Services
Southeast Mechanical, LLC
Diversified Consumer Services
Splash Car Wash, Inc.
Diversified Consumer Services
Splash Car Wash, Inc.
Diversified Consumer Services
Splash Car Wash, Inc.
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)
Energy Equipment & Services
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)
Energy Equipment & Services
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)
Energy Equipment & Services
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)
Entertainment
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)
Entertainment
Streamland Media Midco LLC
Entertainment
S + 5.50 % (Incl. 1.00 % PIK)
Streamland Media Midco LLC
Entertainment
S + 5.50 % (Incl. 1.00 % PIK)
Streamland Media Midco LLC
Entertainment
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Aria Systems, LLC
Financial Services
BCTO Bluebill Buyer, Inc. (dba Ren)
Financial Services
The accompanying notes are an integral part of these consolidated financial statements.
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Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
BCTO Bluebill Buyer, Inc. (dba Ren)
Financial Services
BSI3 Menu Buyer, Inc (dba Kydia)
Financial Services
BSI3 Menu Buyer, Inc (dba Kydia)
Financial Services
Celero Commerce LLC
Financial Services
Celero Commerce LLC
Financial Services
Celero Commerce LLC
Financial Services
Computer Services, Inc.
Financial Services
Computer Services, Inc.
Financial Services
Computer Services, Inc.
Financial Services
Coretrust Purchasing Group LLC
Financial Services
Coretrust Purchasing Group LLC
Financial Services
Coretrust Purchasing Group LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
MerchantWise Solutions, LLC (dba HungerRush)
Financial Services
S + 7.50 % (Incl. 4.50 % PIK)
MerchantWise Solutions, LLC (dba HungerRush)
Financial Services
S + 7.50 % (Incl. 4.50 % PIK)
Newtek Merchant Solutions, LLC (dba NewtekOne)
Financial Services
Newtek Merchant Solutions, LLC (dba NewtekOne)
Financial Services
Project Accelerate Parent, LLC (dba ABC Fitness)
Financial Services
Project Accelerate Parent, LLC (dba ABC Fitness)
Financial Services
Eagle Family Foods Group LLC
Food Products
Eagle Family Foods Group LLC
Food Products
Rubix Foods, LLC
Food Products
Rubix Foods, LLC
Food Products
Tropical Bidco, LLC (dba Tropical Cheese)
Food Products
Tropical Bidco, LLC (dba Tropical Cheese)
Food Products
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
EUR
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Zeus Company LLC
Health Care Equipment & Supplies
S + 6.00 % (Incl. 3.00 % PIK)
Zeus Company LLC
Health Care Equipment & Supplies
S + 6.00 % (Incl. 3.00 % PIK)
Zeus Company LLC
Health Care Equipment & Supplies
S + 6.00 % (Incl. 3.00 % PIK)
Argos Health Holdings, Inc
Health Care Providers & Services
Argos Health Holdings, Inc
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
CORA Health Holdings Corp
Health Care Providers & Services
CORA Health Holdings Corp
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
Highfive Dental Holdco, LLC
Health Care Providers & Services
Highfive Dental Holdco, LLC
Health Care Providers & Services
Highfive Dental Holdco, LLC
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
S + 6.00 % (Incl. 3.27 % PIK)
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
S + 6.00 % (Incl. 3.27 % PIK)
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
S + 6.00 % (Incl. 3.27 % PIK)
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
S + 6.00 % (Incl. 3.27 % PIK)
SpecialtyCare, Inc.
Health Care Providers & Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
SpecialtyCare, Inc.
Health Care Providers & Services
SpecialtyCare, Inc.
Health Care Providers & Services
SpendMend Holdings LLC
Health Care Providers & Services
SpendMend Holdings LLC
Health Care Providers & Services
SpendMend Holdings LLC
Health Care Providers & Services
SpendMend Holdings LLC
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
S + 7.00 % PIK
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
S + 7.00 % PIK
AGS Health BCP Holdings, Inc. (dba AGS Health)
Health Care Technology
AGS Health BCP Holdings, Inc. (dba AGS Health)
Health Care Technology
AGS Health BCP Holdings, Inc. (dba AGS Health)
Health Care Technology
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)
Health Care Technology
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
Experity, Inc.
Health Care Technology
S + 5.00 % (Incl. 2.25 % PIK)
Experity, Inc.
Health Care Technology
S + 5.00 % (Incl. 2.25 % PIK)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)
Health Care Technology
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)
Health Care Technology
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)
Health Care Technology
MedeAnalytics Parent, Inc.
Health Care Technology
3.00 % PIK
Octane Purchaser, Inc. (dba Office Ally)
Health Care Technology
Octane Purchaser, Inc. (dba Office Ally)
Health Care Technology
Octane Purchaser, Inc. (dba Office Ally)
Health Care Technology
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)
Hotels, Restaurants & Leisure
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)
Hotels, Restaurants & Leisure
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)
Hotels, Restaurants & Leisure
Supreme Fitness Group NY Holdings, LLC
Hotels, Restaurants & Leisure
Supreme Fitness Group NY Holdings, LLC
Hotels, Restaurants & Leisure
Supreme Fitness Group NY Holdings, LLC
Hotels, Restaurants & Leisure
CURiO Brands LLC
Household Products
CURiO Brands LLC
Household Products
CURiO Brands LLC
Household Products
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
S + 6.50 % PIK
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
S + 6.50 % PIK
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
S + 6.50 % PIK
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
S + 6.50 % PIK
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
S + 6.50 % PIK
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
Khoros, LLC (fka Lithium Technologies, Inc.)
Interactive Media & Services
Ark Data Centers, LLC
IT Services
Ark Data Centers, LLC
IT Services
Ark Data Centers, LLC
IT Services
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
IT Services
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
IT Services
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
IT Services
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
IT Services
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
IT Services
QBS Parent, Inc. (dba Quorum Software)
IT Services
QBS Parent, Inc. (dba Quorum Software)
IT Services
QBS Parent, Inc. (dba Quorum Software)
IT Services
US Signal Company, LLC
IT Services
US Signal Company, LLC
IT Services
US Signal Company, LLC
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Xactly Corporation
IT Services
Xactly Corporation
IT Services
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Ideal Components Acquisition, LLC (dba Ideal Tridon)
Machinery
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Ideal Components Acquisition, LLC (dba Ideal Tridon)
Machinery
Ideal Components Acquisition, LLC (dba Ideal Tridon)
Machinery
Mandrake Bidco, Inc. (dba Miratech)
Machinery
Mandrake Bidco, Inc. (dba Miratech)
Machinery
Paris US Holdco, Inc. (dba Precinmac)
Machinery
Paris US Holdco, Inc. (dba Precinmac)
Machinery
Paris US Holdco, Inc. (dba Precinmac)
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
EUR
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)
Oil, Gas & Consumable Fuels
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)
Oil, Gas & Consumable Fuels
LS Clinical Services Holdings, Inc (dba CATO)
Pharmaceuticals
S + 7.25 % (Incl. 6.25 % PIK)
LS Clinical Services Holdings, Inc (dba CATO)
Pharmaceuticals
S + 7.25 % (Incl. 6.25 % PIK)
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Engage2Excel, Inc.
Professional Services
Engage2Excel, Inc.
Professional Services
iCIMS, Inc.
Professional Services
iCIMS, Inc.
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
Pluralsight, Inc.
Professional Services
S + 7.50 % PIK
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Westwood Professional Services Inc.
Professional Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Westwood Professional Services Inc.
Professional Services
Westwood Professional Services Inc.
Professional Services
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
MRI Software LLC
Real Estate Mgmt. & Development
MRI Software LLC
Real Estate Mgmt. & Development
MRI Software LLC
Real Estate Mgmt. & Development
Zarya HoldCo, Inc. (dba Eptura)
Real Estate Mgmt. & Development
Zarya HoldCo, Inc. (dba Eptura)
Real Estate Mgmt. & Development
Zarya HoldCo, Inc. (dba Eptura)
Real Estate Mgmt. & Development
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Accommodations Plus Technologies LLC
Software
Accommodations Plus Technologies LLC
Software
Accommodations Plus Technologies LLC
Software
Acquia, Inc.
Software
Acquia, Inc.
Software
Acquia, Inc.
Software
AI Titan Parent, Inc. (dba Prometheus)
Software
AI Titan Parent, Inc. (dba Prometheus)
Software
AI Titan Parent, Inc. (dba Prometheus)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Clearwater Analytics, LLC
Software
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Clearwater Analytics, LLC
Software
Clearwater Analytics, LLC
Software
CloudBees, Inc.
Software
S + 7.00 % (Incl. 2.50 % PIK)
CloudBees, Inc.
Software
S + 7.00 % (Incl. 2.50 % PIK)
Convenient Payments Acquisition, Inc.
Software
Convenient Payments Acquisition, Inc.
Software
Convenient Payments Acquisition, Inc.
Software
Crewline Buyer, Inc. (dba New Relic)
Software
Crewline Buyer, Inc. (dba New Relic)
Software
Edition Holdings, Inc. (dba Enverus)
Software
Edition Holdings, Inc. (dba Enverus)
Software
Edition Holdings, Inc. (dba Enverus)
Software
Edition Holdings, Inc. (dba Enverus)
Software
Gainsight, Inc.
Software
Gainsight, Inc.
Software
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.50 % (Incl. 2.00 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.00 % (Incl. 2.00 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.50 % (Incl. 2.00 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.50 % (Incl. 2.00 % PIK)
KPA Parent Holdings, Inc.
Software
KPA Parent Holdings, Inc.
Software
KPA Parent Holdings, Inc.
Software
Lobos Parent, Inc. (dba NEOGOV)
Software
Lobos Parent, Inc. (dba NEOGOV)
Software
Lobos Parent, Inc. (dba NEOGOV)
Software
Lobos Parent, Inc. (dba NEOGOV)
Software
ML Holdco, LLC (dba MeridianLink)
Software
ML Holdco, LLC (dba MeridianLink)
Software
NC Topco, LLC (dba NContracts)
Software
NC Topco, LLC (dba NContracts)
Software
NC Topco, LLC (dba NContracts)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
NOK
North Star Acquisitionco, LLC (dba Everway)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
North Star Acquisitionco, LLC (dba Everway)
Software
GBP
North Star Acquisitionco, LLC (dba Everway)
Software
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
North Star Acquisitionco, LLC (dba Everway)
Software
Onyx CenterSource, Inc.
Software
Onyx CenterSource, Inc.
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Singlewire Software, LLC
Software
Singlewire Software, LLC
Software
Singlewire Software, LLC
Software
Smarsh, Inc.
Software
Smarsh, Inc.
Software
Smarsh, Inc.
Software
Smarsh, Inc.
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Vamos Bidco, Inc. (dba VIP)
Software
Vamos Bidco, Inc. (dba VIP)
Software
Vamos Bidco, Inc. (dba VIP)
Software
Summit Buyer, LLC (dba Classic Collision)
Specialty Retail
Summit Buyer, LLC (dba Classic Collision)
Specialty Retail
Summit Buyer, LLC (dba Classic Collision)
Specialty Retail
Summit Buyer, LLC (dba Classic Collision)
Specialty Retail
AAG KP Borrower LLC (dba KUIU)
Textiles, Apparel & Luxury Goods
AAG KP Borrower LLC (dba KUIU)
Textiles, Apparel & Luxury Goods
AAG KP Borrower LLC (dba KUIU)
Textiles, Apparel & Luxury Goods
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)
Trading Companies & Distributors
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)
Trading Companies & Distributors
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
S + 5.50 % (Incl. 2.25 % PIK)
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
S + 5.50 % (Incl. 2.25 % PIK)
PT Intermediate Holdings III, LLC (dba Parts Town)
Trading Companies & Distributors
S + 5.00 % (Incl. 1.75 % PIK)
PT Intermediate Holdings III, LLC (dba Parts Town)
Trading Companies & Distributors
S + 5.00 % (Incl. 1.75 % PIK)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)
Trading Companies & Distributors
TL Sapphire Holdings, Inc. (dba SouthernCarlson)
Trading Companies & Distributors
TL Sapphire Holdings, Inc. (dba SouthernCarlson)
Trading Companies & Distributors
UFT Buyer LLC (dba United Flow Technologies)
Trading Companies & Distributors
UFT Buyer LLC (dba United Flow Technologies)
Trading Companies & Distributors
UFT Buyer LLC (dba United Flow Technologies)
Trading Companies & Distributors
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Interest
Rate (4)
Reference Rate
and Spread (4)
Initial
Acquisition
Date (5)
Maturity
Par (6)
Cost
Fair
Value
Footnotes
Airwavz Solutions, Inc.
Wireless Telecommunication Services
Airwavz Solutions, Inc.
Wireless Telecommunication Services
Airwavz Solutions, Inc.
Wireless Telecommunication Services
Airwavz Solutions, Inc.
Wireless Telecommunication Services
Airwavz Solutions, Inc.
Wireless Telecommunication Services
Total 1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche (15) - 9.5 %
Streamland Media Midco LLC
Entertainment
S + 6.50 % (Incl. 5.50 % PIK)
EDB Parent, LLC (dba Enterprise DB)
Software
EDB Parent, LLC (dba Enterprise DB)
Software
EDB Parent, LLC (dba Enterprise DB)
Software
EIP Consolidated, LLC (dba Everest Infrastructure)
Wireless Telecommunication Services
EIP Consolidated, LLC (dba Everest Infrastructure)
Wireless Telecommunication Services
K2 Towers III, LLC
Wireless Telecommunication Services
Octagon Towers LLC
Wireless Telecommunication Services
Skyway Towers Intermediate LLC
Wireless Telecommunication Services
Skyway Towers Intermediate LLC
Wireless Telecommunication Services
Tarpon Towers II LLC
Wireless Telecommunication Services
Tarpon Towers II LLC
Wireless Telecommunication Services
Towerco IV Holdings, LLC
Wireless Telecommunication Services
Total 1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt - 3.4 %
MPI Engineered Technologies, LLC
Automobile Components
S + 12.00 % (Incl. 6.00 % PIK)
Wine.com, LLC
Beverages
S + 12.00 % PIK
Wine.com, LLC
Beverages
S + 12.00 % PIK
Chase Industries, Inc. (dba Senneca Holdings)
Building Products
Chase Industries, Inc. (dba Senneca Holdings)
Building Products
10.00 % PIK
Sweep Midco LLC
Commercial Services & Supplies
Sweep Midco LLC
Commercial Services & Supplies
Total 2nd Lien/Senior Secured Debt
Unsecured Debt - 0.6 %
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Bayside Parent, LLC (dba Pro-PT)
Health Care Providers & Services
S + 10.00 % PIK
mPulse Mobile, Inc. (dba Zipari Inc.)
Health Care Technology
Total Unsecured Debt
Total United States
Total Debt Investments
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Investment (1)(2)
Industry (3)
Initial
Acquisition
Date (5)
Shares (6)
Cost
Fair
Value
Footnotes
Equity Securities - 2.9 %
Canada - 0.0 %
Common Stock - 0.0 %
Prairie Provident Resources, Inc.
Oil, Gas & Consumable Fuels
Total Common Stock
Total Canada
United States - 2.9 %
Common Stock - 1.0 %
VisionSafe Parent, LLC
Aerospace & Defense
Thrasio Holdings, Inc.
Broadline Retail
Elah Holdings, Inc.
Capital Markets
RPC ABC Investment Holdings LLC (dba ABC Plumbing)
Diversified Consumer Services
SEM Holdings, LLC (dba Southeast Mechanical, LLC)
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Iracore International Holdings, Inc.
Energy Equipment & Services
Streamland Media Holdings LLC
Entertainment
PPT Management Holdings, LLC (dba Pro-PT)
Health Care Providers & Services
SDB HOLDCO, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
MedeAnalytics Group Holdings, LLC
Health Care Technology
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Pluralsight, Inc.
Professional Services
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Total Common Stock
Preferred Stock - 1.9 %
Wine.com, LLC
Beverages
Wine.com, LLC
Beverages
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)
Diversified Consumer Services
SDB HOLDCO, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
MedeAnalytics Group Holdings, LLC
Health Care Technology
Khoros, LLC (fka Lithium Technologies, Inc.)
Interactive Media & Services
CloudBees, Inc.
Software
Total Preferred Stock
Warrants - 0.0 %
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
CloudBees, Inc.
Software
Total Warrants
Total United States
Total Equity Securities
Total Investments - 229.2 %
Investments in Affiliated Money Market Fund - 2.5 %
United States - 2.5 %
Goldman Sachs Financial Square Government Fund - Institutional Shares
Total United States
Total Investments in Affiliated Money Market Fund
Total Investments and Investments in Affiliated Money Market Fund - 231.7 %
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2025 (continued)
(in thousands, except share and per share amounts)
Percentages are based on net assets.
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt”.
For Industry subtotal and percentage, see Note 4 "Investments."
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor ("E"), SOFR, including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), BBSW (“B”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2025 , 3 month E was 2.03 %, 1 month S was 3 .69 %, 3 month S was 3.65 %, 6 month S was 3.57 %, 3 month SN was 3.73 %, 3 month C was 2.26 %, 3 month N was 4.07 %, 1 month B was 3.55 %, 3 month B was 3.74 % and P was 6.75 % . For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025 .
Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securitie s is $ 59,083 or 4.2 % of the Company's net assets. The initial acquisition dates have been included for such securities.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or “USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Norwegian Kroner (“NOK”), Canadian Dollars (“CAD”) or Australian Dollars (“AUD”).
Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). See Note 3 “Significant Agreements and Related Party Transactions”.
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2025, the aggregate fair value of these securities is $ 336,250 o r 9.9 % of the Company’s total assets.
Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies”.
As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.
The investment includes an e xit fee that is receivable upon repaymen t of the loan. See Note 2 “Significant Accounting Policies.”
The Company is in discussions with the investment to extend the maturity date through an amendment.
In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.
The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $ 3,366 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of December 31, 2025 , the interest rate in effect for the secured borrowing was 16.15 % and S + 15 % PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 “Significant Accounting Policies".
Non-income producing security.
Share amount rounds to less than 1.
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.
The annualized seven-day yield as of December 31, 2025 is 3.67 %.
PIK – Payment-In-Kind
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
ADDITIONAL INFORMATION
Foreign currency forward contracts
Counterparty
Currency Purchased
Currency Sold
Settlement Date
Unrealized
Appreciation
(Depreciation)
Bank of America, N.A.
USD 2,661
GBP 2,161
Total Foreign Currency Forward Contracts
Interest Rate Swaps
Counterparty
Hedged Item
Company Receives
Company Pays
Frequency
Maturity Date
Notional Amount
Fair Market
Value
Upfront Payments / Receipts
Unrealized Appreciation (Depreciation)
Bank of America, N.A.
2027 Notes
Semiannual
Bank of America, N.A.
2030 Notes
Semiannual
Total Interest Rate Swaps
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 202 4
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Debt Investments - 216.8 %
Canada - 4.5 %
1st Lien/Senior Secured Debt - 4.5 %
Recochem, Inc
Chemicals
Recochem, Inc
Chemicals
CAD
Recochem, Inc
Chemicals
CAD
Recochem, Inc
Chemicals
Recochem, Inc
Chemicals
CAD
Prophix Software Inc. (dba Pound Bidco)
Financial Services
Prophix Software Inc. (dba Pound Bidco)
Financial Services
Prophix Software Inc. (dba Pound Bidco)
Financial Services
1272775 B.C. LTD. (dba Everest Clinical Research)
Professional Services
1272775 B.C. LTD. (dba Everest Clinical Research)
Professional Services
Everest Clinical Research Corporation
Professional Services
Rodeo Buyer Company (dba Absorb Software)
Professional Services
Rodeo Buyer Company (dba Absorb Software)
Professional Services
iWave Information Systems, Inc.
Software
iWave Information Systems, Inc.
Software
Total 1st Lien/Senior Secured Debt
Total Canada
Germany - 0.0 %
1st Lien/Senior Secured Debt - 0.0 %
Kawa Solar Holdings Limited
Construction & Engineering
Kawa Solar Holdings Limited
Construction & Engineering
Total 1st Lien/Senior Secured Debt
Total Germany
Singapore - 0.0 %
Unsecured Debt - 0.0 %
Conergy Asia & ME Pte. LTD.
Construction & Engineering
Total Unsecured Debt
Total Singapore
United Kingdom - 1.9 %
1st Lien/Senior Secured Debt - 1.9 %
Clearcourse Partnership Acquireco Finance Limited
IT Services
SN + 8.75 % (Incl. 9.85 % PIK)
GBP
Clearcourse Partnership Acquireco Finance Limited
IT Services
SN + 8.75 % (Incl. 9.85 % PIK)
GBP
Total 1st Lien/Senior Secured Debt
Total United Kingdom
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
United States - 210.4 %
1st Lien/Senior Secured Debt - 195.8 %
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
Frontgrade Technologies Holdings Inc.
Aerospace & Defense
VisionSafe Holdings, Inc.
Aerospace & Defense
VisionSafe Holdings, Inc.
Aerospace & Defense
Thrasio, LLC
Broadline Retail
S + 10.26 % PIK
Thrasio, LLC
Broadline Retail
S + 10.26 % PIK
Acuity Specialty Products, Inc. (dba Zep Inc.)
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Elemica Parent, Inc.
Chemicals
Formulations Parent Corporation (dba Chase Corp)
Chemicals
Formulations Parent Corporation (dba Chase Corp)
Chemicals
3SI Security Systems, Inc.
Commercial Services & Supplies
3SI Security Systems, Inc.
Commercial Services & Supplies
ASM Buyer, Inc.
Commercial Services & Supplies
S + 5.50 % (Incl 2.75 % PIK)
ASM Buyer, Inc.
Commercial Services & Supplies
ASM Buyer, Inc.
Commercial Services & Supplies
S + 5.50 % (Incl 2.75 % PIK)
Halo Branded Solutions, Inc.
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Kene Acquisition, Inc. (dba Entrust)
Commercial Services & Supplies
Rock Star Mergersub LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
Rock Star Mergersub LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
Rock Star Mergersub LLC (dba Triumvirate Environmental)
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Superior Environmental Solutions
Commercial Services & Supplies
Sweep Purchaser LLC
Commercial Services & Supplies
S + 5.75 % PIK
Sweep Purchaser LLC
Commercial Services & Supplies
Sweep Purchaser LLC
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
USA DeBusk, LLC
Commercial Services & Supplies
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
USA DeBusk, LLC
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
Valet Waste Holdings, Inc. (dba Valet Living)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
VRC Companies, LLC (dba Vital Records Control)
Commercial Services & Supplies
ATX Networks Corp.
Communications Equipment
S + 7.00 % PIK
ATX Networks Corp.
Communications Equipment
S + 6.50 % PIK
ATX Networks Corp.
Communications Equipment
S + 6.00 % PIK
ATX Networks Corp.
Communications Equipment
S + 6.00 % PIK
Geotechnical Merger Sub, Inc.
Construction & Engineering
Geotechnical Merger Sub, Inc.
Construction & Engineering
Geotechnical Merger Sub, Inc.
Construction & Engineering
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
AUD
Sonar Acquisitionco, Inc. (dba SimPRO)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Superman Holdings, LLC (dba Foundation Software)
Construction & Engineering
Blast Bidco Inc. (dba Bazooka Candy Brands)
Consumer Staples Distribution & Retail
Blast Bidco Inc. (dba Bazooka Candy Brands)
Consumer Staples Distribution & Retail
Buffalo Merger Sub, LLC (dba Oliver Packaging)
Containers & Packaging
Buffalo Merger Sub, LLC (dba Oliver Packaging)
Containers & Packaging
A Place For Mom, Inc.
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
ABC Investment Holdco Inc. (dba ABC Plumbing)
Diversified Consumer Services
Assembly Intermediate LLC
Diversified Consumer Services
Assembly Intermediate LLC
Diversified Consumer Services
Assembly Intermediate LLC
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Diversified Consumer Services
CorePower Yoga LLC
Diversified Consumer Services
S + 7.25 % (Incl. 1.25 % PIK)
CorePower Yoga LLC
Diversified Consumer Services
CST Buyer Company (dba Intoxalock)
Diversified Consumer Services
CST Buyer Company (dba Intoxalock)
Diversified Consumer Services
Helios Buyer, Inc. (dba Heartland)
Diversified Consumer Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Helios Buyer, Inc. (dba Heartland)
Diversified Consumer Services
Helios Buyer, Inc. (dba Heartland)
Diversified Consumer Services
Helios Buyer, Inc. (dba Heartland)
Diversified Consumer Services
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Diversified Consumer Services
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Diversified Consumer Services
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Diversified Consumer Services
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Spotless Brands, LLC
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
VASA Fitness Buyer, Inc.
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Trystar, LLC
Electrical Equipment
Iracore International Holdings, Inc.
Energy Equipment & Services
Checkmate Finance Merger Sub, LLC
Entertainment
Checkmate Finance Merger Sub, LLC
Entertainment
Streamland Media Midco LLC
Entertainment
S + 9.50 % (Incl. 2.75 % PIK)
Streamland Media Midco LLC
Entertainment
S + 9.50 % (Incl. 2.75 % PIK)
Streamland Media Midco LLC
Entertainment
S + 9.50 % (Incl. 2.75 % PIK)
Streamland Media Midco LLC
Entertainment
S + 9.50 % (Incl. 2.75 % PIK)
Streamland Media Midco LLC
Entertainment
S + 9.50 % (Incl. 2.75 % PIK)
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Admiral Buyer, Inc. (dba Fidelity Payment Services)
Financial Services
Aria Systems, Inc.
Financial Services
BSI3 Menu Buyer, Inc (dba Kydia)
Financial Services
BSI3 Menu Buyer, Inc (dba Kydia)
Financial Services
Computer Services, Inc.
Financial Services
Computer Services, Inc.
Financial Services
Computer Services, Inc.
Financial Services
Computer Services, Inc.
Financial Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Coretrust Purchasing Group LLC
Financial Services
Coretrust Purchasing Group LLC
Financial Services
Coretrust Purchasing Group LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
Fullsteam Operations LLC
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
GS AcquisitionCo, Inc. (dba Insightsoftware)
Financial Services
MerchantWise Solutions, LLC (dba HungerRush)
Financial Services
S + 7.50 % (Incl. 4.50 % PIK)
MerchantWise Solutions, LLC (dba HungerRush)
Financial Services
S + 7.50 % (Incl. 4.50 % PIK)
Priority Technology Holdings, Inc. (dba Priority Payment)
Financial Services
Project Accelerate Parent, LLC (dba ABC Fitness)
Financial Services
Project Accelerate Parent, LLC (dba ABC Fitness)
Financial Services
Eagle Family Foods Group Holdings, LLC
Food Products
Eagle Family Foods Group Holdings, LLC
Food Products
Tropical Bidco, LLC (dba Tropical Cheese)
Food Products
Tropical Bidco, LLC (dba Tropical Cheese)
Food Products
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Eptam Plastics, Ltd.
Health Care Equipment & Supplies
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
EUR
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
Hamilton Thorne, Inc.
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Riverpoint Medical, LLC
Health Care Equipment & Supplies
Zeus Company, Inc.
Health Care Equipment & Supplies
Zeus Company, Inc.
Health Care Equipment & Supplies
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Zeus Company, Inc.
Health Care Equipment & Supplies
Argos Health Holdings, Inc
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
Capitol Imaging Acquisition Corp.
Health Care Providers & Services
Capitol Imaging Acquisition Corp.
Health Care Providers & Services
Capitol Imaging Acquisition Corp.
Health Care Providers & Services
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
CFS Management, LLC (dba Center for Sight Management)
Health Care Providers & Services
S + 8.50 % (Incl. 2.25 % PIK)
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Health Care Providers & Services
CORA Health Holdings Corp
Health Care Providers & Services
CORA Health Holdings Corp
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
DECA Dental Holdings LLC
Health Care Providers & Services
Highfive Dental Holdco, LLC
Health Care Providers & Services
Highfive Dental Holdco, LLC
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
Honor HN Buyer, Inc
Health Care Providers & Services
LCG Vardiman Black, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
S + 5.00 % (Incl. 6.65 % PIK)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
S + 5.00 % (Incl. 6.65 % PIK)
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
One GI LLC
Health Care Providers & Services
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
Premier Imaging, LLC (dba Lucid Health)
Health Care Providers & Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
SpendMend, LLC
Health Care Providers & Services
SpendMend, LLC
Health Care Providers & Services
SpendMend, LLC
Health Care Providers & Services
SpendMend, LLC
Health Care Providers & Services
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Health Care Providers & Services
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Health Care Providers & Services
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Health Care Providers & Services
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Health Care Providers & Services
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
USN Opco LLC (dba Global Nephrology Solutions)
Health Care Providers & Services
Businessolver.com, Inc.
Health Care Technology
Businessolver.com, Inc.
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
ESO Solutions, Inc.
Health Care Technology
Experity, Inc.
Health Care Technology
S + 6.00 % (Incl. 3.25 % PIK)
Experity, Inc.
Health Care Technology
S + 6.00 % (Incl. 3.25 % PIK)
GHA Buyer Inc. (dba Cedar Gate)
Health Care Technology
GHA Buyer Inc. (dba Cedar Gate)
Health Care Technology
GHA Buyer Inc. (dba Cedar Gate)
Health Care Technology
GHA Buyer Inc. (dba Cedar Gate)
Health Care Technology
HealthEdge Software, Inc.
Health Care Technology
HealthEdge Software, Inc.
Health Care Technology
HealthEdge Software, Inc.
Health Care Technology
Intelligent Medical Objects, Inc.
Health Care Technology
Intelligent Medical Objects, Inc.
Health Care Technology
Intelligent Medical Objects, Inc.
Health Care Technology
MedeAnalytics, Inc.
Health Care Technology
3.00 % PIK
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
PDDS Holdco, Inc. (dba Planet DDS)
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
PlanSource Holdings, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
WebPT, Inc.
Health Care Technology
Easy Mile Fitness, LLC
Hotels, Restaurants & Leisure
Easy Mile Fitness, LLC
Hotels, Restaurants & Leisure
Easy Mile Fitness, LLC
Hotels, Restaurants & Leisure
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)
Hotels, Restaurants & Leisure
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)
Hotels, Restaurants & Leisure
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
AQ Sunshine, Inc. (dba Relation Insurance)
Insurance
Lithium Technologies, Inc.
Interactive Media & Services
S + 11.00 % PIK
SPay, Inc. (dba Stack Sports)
Interactive Media & Services
S + 9.25 % (Incl. 3.50 % PIK)
SPay, Inc. (dba Stack Sports)
Interactive Media & Services
S + 9.25 % (Incl. 3.50 % PIK)
SPay, Inc. (dba Stack Sports)
Interactive Media & Services
S + 9.25 % (Incl. 3.50 % PIK)
Ark Data Centers, LLC
IT Services
Ark Data Centers, LLC
IT Services
Ark Data Centers, LLC
IT Services
GPS Phoenix Buyer, Inc. (dba Guidepoint)
IT Services
GPS Phoenix Buyer, Inc. (dba Guidepoint)
IT Services
GPS Phoenix Buyer, Inc. (dba Guidepoint)
IT Services
GPS Phoenix Buyer, Inc. (dba Guidepoint)
IT Services
Kaseya Inc.
IT Services
Kaseya Inc.
IT Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Kaseya Inc.
IT Services
Kaseya Inc.
IT Services
QBS Parent, Inc. (dba Quorum Software)
IT Services
QBS Parent, Inc. (dba Quorum Software)
IT Services
US Signal Company, LLC
IT Services
US Signal Company, LLC
IT Services
US Signal Company, LLC
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Wellness AcquisitionCo, Inc. (dba SPINS)
IT Services
Xactly Corporation
IT Services
Xactly Corporation
IT Services
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Circustrix Holdings, LLC (dba SkyZone)
Leisure Products
Mandrake Bidco, Inc. (dba Miratech)
Machinery
Mandrake Bidco, Inc. (dba Miratech)
Machinery
Precinmac, LP
Machinery
Precinmac, LP
Machinery
Precinmac, LP
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Rotation Buyer, LLC (dba Rotating Machinery Services)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
Machinery
EUR
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
Recorded Books Inc. (dba RBMedia)
Media
LS Clinical Services Holdings, Inc (dba CATO)
Pharmaceuticals
S + 7.25 % (Incl. 8.03 % PIK)
LS Clinical Services Holdings, Inc (dba CATO)
Pharmaceuticals
S + 7.25 % (Incl. 7.84 % PIK)
Bullhorn, Inc.
Professional Services
Bullhorn, Inc.
Professional Services
Bullhorn, Inc.
Professional Services
Bullhorn, Inc.
Professional Services
Bullhorn, Inc.
Professional Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Bullhorn, Inc.
Professional Services
Chronicle Bidco Inc. (dba Lexitas)
Professional Services
Chronicle Bidco Inc. (dba Lexitas)
Professional Services
Chronicle Bidco Inc. (dba Lexitas)
Professional Services
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Diligent Corporation
Professional Services
Engage2Excel, Inc.
Professional Services
Engage2Excel, Inc.
Professional Services
iCIMS, Inc.
Professional Services
iCIMS, Inc.
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
NFM & J, L.P. (dba the Facilities Group)
Professional Services
Pluralsight, Inc.
Professional Services
S + 7.50 % PIK
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Pluralsight, Inc.
Professional Services
S + 4.50 % (Incl. 1.50 % PIK)
Westwood Professional Services Inc.
Professional Services
Westwood Professional Services Inc.
Professional Services
Westwood Professional Services Inc.
Professional Services
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
HowlCO LLC (dba Lone Wolf)
Real Estate Mgmt. & Development
S + 6.50 % (Incl. 3.50 % PIK)
MRI Software LLC
Real Estate Mgmt. & Development
Zarya Intermediate, LLC (dba iOFFICE)
Real Estate Mgmt. & Development
Zarya Intermediate, LLC (dba iOFFICE)
Real Estate Mgmt. & Development
Zarya Intermediate, LLC (dba iOFFICE)
Real Estate Mgmt. & Development
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Acquia, Inc.
Software
Acquia, Inc.
Software
Acquia, Inc.
Software
AI Titan Parent, Inc. (dba Prometheus)
Software
AI Titan Parent, Inc. (dba Prometheus)
Software
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
AI Titan Parent, Inc. (dba Prometheus)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
AQ Helios Buyer, Inc. (dba SurePoint)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Arrow Buyer, Inc. (dba Archer Technologies)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Artifact Bidco, Inc. (dba Avetta)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
Aurora Acquireco, Inc. (dba AuditBoard)
Software
CivicPlus LLC
Software
CivicPlus LLC
Software
CivicPlus LLC
Software
CivicPlus LLC
Software
CloudBees, Inc.
Software
S + 7.00 % (Incl. 2.50 % PIK)
CloudBees, Inc.
Software
S + 7.00 % (Incl. 2.50 % PIK)
Crewline Buyer, Inc. (dba New Relic)
Software
Crewline Buyer, Inc. (dba New Relic)
Software
Gainsight, Inc.
Software
Gainsight, Inc.
Software
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.75 % (Incl. 2.25 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.25 % (Incl. 2.25 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.25 % (Incl. 2.25 % PIK)
GovDelivery Holdings, LLC (dba Granicus, Inc.)
Software
S + 5.75 % (Incl. 2.25 % PIK)
Governmentjobs.com, Inc. (dba NeoGov)
Software
Governmentjobs.com, Inc. (dba NeoGov)
Software
Governmentjobs.com, Inc. (dba NeoGov)
Software
NAVEX TopCo, Inc.
Software
NAVEX TopCo, Inc.
Software
Northstar Acquisition HoldCo, LLC (dba n2y)
Software
NOK
Northstar Acquisition HoldCo, LLC (dba n2y)
Software
Northstar Acquisition HoldCo, LLC (dba n2y)
Software
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Northstar Acquisition HoldCo, LLC (dba n2y)
Software
Northstar Acquisition HoldCo, LLC (dba n2y)
Software
GBP
Onyx CenterSource, Inc.
Software
Onyx CenterSource, Inc.
Software
Pioneer Buyer I, LLC
Software
Pioneer Buyer I, LLC
Software
Rocky Debt Merger Sub, LLC (dba NContracts)
Software
S + 5.25 % (Incl. 2.75 % PIK)
Rocky Debt Merger Sub, LLC (dba NContracts)
Software
S + 5.25 % (Incl. 2.75 % PIK)
Rocky Debt Merger Sub, LLC (dba NContracts)
Software
S + 5.25 % (Incl. 2.75 % PIK)
Rubrik, Inc.
Software
Rubrik, Inc.
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Runway Bidco, LLC (dba Redwood Software)
Software
Singlewire Software, LLC
Software
Singlewire Software, LLC
Software
Smarsh, Inc.
Software
Smarsh, Inc.
Software
Smarsh, Inc.
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Sundance Group Holdings, Inc. (dba NetDocuments)
Software
Charger Debt Merger Sub, LLC (dba Classic Collision)
Specialty Retail
Charger Debt Merger Sub, LLC (dba Classic Collision)
Specialty Retail
Charger Debt Merger Sub, LLC (dba Classic Collision)
Specialty Retail
Ortholite, LLC
Textiles, Apparel & Luxury Goods
Harrington Industrial Plastics, LLC
Trading Companies & Distributors
Harrington Industrial Plastics, LLC
Trading Companies & Distributors
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
S + 5.50 % (Incl. 2.25 % PIK)
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Trading Companies & Distributors
PT Intermediate Holdings III, LLC (dba Parts Town)
Trading Companies & Distributors
S + 5.00 % (Incl. 1.75 % PIK)
PT Intermediate Holdings III, LLC (dba Parts Town)
Trading Companies & Distributors
S + 5.00 % (Incl. 1.75 % PIK)
United Flow Technologies Intermediate Holdco II, LLC
Trading Companies & Distributors
United Flow Technologies Intermediate Holdco II, LLC
Trading Companies & Distributors
United Flow Technologies Intermediate Holdco II, LLC
Trading Companies & Distributors
Total 1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche (10) - 10.5 %
Doxim, Inc.
Financial Services
Doxim, Inc.
Financial Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Reference Rate
and Spread (3)
Maturity
Par (4)
Cost
Fair
Value
Footnotes
Doxim, Inc.
Financial Services
Doxim, Inc.
Financial Services
Doxim, Inc.
Financial Services
Doxim, Inc.
Financial Services
EDB Parent, LLC (dba Enterprise DB)
Software
EDB Parent, LLC (dba Enterprise DB)
Software
EIP Consolidated, LLC (dba Everest Infrastructure)
Wireless Telecommunication Services
EIP Consolidated, LLC (dba Everest Infrastructure)
Wireless Telecommunication Services
K2 Towers III, LLC
Wireless Telecommunication Services
Skyway Towers Intermediate LLC
Wireless Telecommunication Services
Skyway Towers Intermediate LLC
Wireless Telecommunication Services
Tarpon Towers II LLC
Wireless Telecommunication Services
Tarpon Towers II LLC
Wireless Telecommunication Services
Thor FinanceCo LLC (dba Harmoni Towers)
Wireless Telecommunication Services
Thor FinanceCo LLC (dba Harmoni Towers)
Wireless Telecommunication Services
Towerco IV Holdings, LLC
Wireless Telecommunication Services
Total 1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt - 3.0 %
MPI Engineered Technologies, LLC
Automobile Components
12.00 % PIK
MPI Products LLC
Automobile Components
Wine.com, LLC
Beverages
S + 12.00 % PIK
Wine.com, LLC
Beverages
S + 12.00 % PIK
Chase Industries, Inc. (dba Senneca Holdings)
Building Products
Chase Industries, Inc. (dba Senneca Holdings)
Building Products
10.00 % PIK
Sweep Midco LLC
Commercial Services & Supplies
Sweep Midco LLC
Commercial Services & Supplies
Animal Supply Intermediate, LLC
Distributors
7.00 % PIK
Total 2nd Lien/Senior Secured Debt
Unsecured Debt - 1.1 %
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Wine.com, Inc.
Beverages
S + 15.00 % PIK
Bayside Opco, LLC (dba Pro-PT)
Health Care Providers & Services
S + 10.00 % PIK
mPulse Mobile, Inc. (dba Zipari Inc.)
Health Care Technology
CivicPlus LLC
Software
S + 11.75 % PIK
Total Unsecured Debt
Total United States
Total Debt Investments
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Interest
Rate (3)
Initial
Acquisition
Date (17)
Shares (4)
Cost
Fair
Value
Footnotes
Equity Securities - 4.2 %
Canada - 0.0%
Common Stock - 0.0%
Prairie Provident Resources, Inc.
Oil, Gas & Consumable Fuels
Total Common Stock
Total Canada
Germany - 0.0%
Common Stock - 0.0%
Kawa Solar Holdings Limited
Construction & Engineering
Total Common Stock
Preferred Stock - 0.0%
Kawa Solar Holdings Limited
Construction & Engineering
8.00 % PIK
Total Preferred Stock
Total Germany
Singapore - 0.0%
Common Stock - 0.0%
Conergy Asia & ME Pte. LTD.
Construction & Engineering
Total Common Stock
Total Singapore
United States - 4.2 %
Common Stock - 2.2 %
VisionSafe Parent, LLC
Aerospace & Defense
Thrasio, LLC
Broadline Retail
Elah Holdings, Inc.
Capital Markets
Animal Supply Holdings, LLC
Distributors
Animal Supply Holdings, LLC
Distributors
RPC ABC Investment Holdings LLC (dba ABC Plumbing)
Diversified Consumer Services
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Diversified Consumer Services
Whitewater Holding Company LLC
Diversified Consumer Services
Iracore International Holdings, Inc.
Energy Equipment & Services
Country Fresh Holding Company Inc.
Food Products
LCG Vardiman Black, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
PPT Management Holdings, LLC (dba Pro-PT)
Health Care Providers & Services
Total Vision LLC
Health Care Providers & Services
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Investment (1)(5)
Industry (2)
Initial
Acquisition
Date (17)
Shares (4)
Cost
Fair
Value
Footnotes
MedeAnalytics, Inc.
Health Care Technology
Volt Bidco, Inc. (dba Power Factors)
Independent Power and Renewable Electricity Producers
Pluralsight, Inc.
Professional Services
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
Software
Total Common Stock
Preferred Stock - 2.0 %
Wine.com, LLC
Beverages
Wine.com, LLC
Beverages
Whitewater Holding Company LLC
Diversified Consumer Services
LCG Vardiman Black, LLC (dba Specialty Dental Brands)
Health Care Providers & Services
MedeAnalytics, Inc.
Health Care Technology
CloudBees, Inc.
Software
Governmentjobs.com, Inc. (dba NeoGov)
Software
Total Preferred Stock
Warrants - 0.0 %
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
KDOR Holdings Inc. (dba Senneca Holdings)
Building Products
CloudBees, Inc.
Software
Total Warrants
Total United States
Total Equity Securities
Total Investments - 221.0 %
Investments in Affiliated Money Market Fund - 1.6 %
Goldman Sachs Financial Square Government Fund - Institutional Shares
Total Investments in Affiliated Money Market Fund
Total Investments and Investments in Affiliated Money Market Fund - 222.6 %
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Consolidated Schedule of Investments as of December 31, 2024 (continued)
(in thousands, except share and per share amounts)
Percentages are based on net assets.
For Industry subtotal and percentage, see Note 4 "Investments."
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), BBSW (“B”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2024, 3 month E was 2.71 %, 1 month S was 4.33 %, 3 month S was 4.31 %, 6 month S was 4.25 %, 3 month SN was 4.70 %, 1 month C was 3.28 %, 3 month C was 3.15 %, 3 month N was 4.68 %, 1 month B was 4.32 % and P was 7.50 % . For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in USD unless otherwise noted, EUR, GBP, NOK, CAD or AUD.
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt”.
Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the SEC. See Note 3 “Significant Agreements and Related Party Transactions”.
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2024, the aggregate fair value of these securities is $ 213,354 or 5.9 % of the Company’s total assets.
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 8 "Commitments and Contingencies".
As defined in the Investment Company Act, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.
Non-income producing security.
The Company is in discussions with the investment to extend the maturity date through an amendment.
The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".
The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies".
In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.
The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $ 2,920 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of December 31, 2024, the interest rate in effect for the secured borrowing was 16.75 % and S + 15 % PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 "Significant Accounting Policies".
Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $ 65,833 or 4.2 % of the Company's net assets. The initial acquisition dates have been included for such securities.
Share amount rounds to less than 1.
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.
The annualized seven-day yield as of December 31, 2024 is 4.42 %.
PIK – Payment-In-Kind
ADDITIONAL INFORMATION
Foreign currency forward contracts
Counterparty
Currency Purchased
Currency Sold
Settlement
Unrealized
Appreciation
(Depreciation)
Bank of America, N.A.
USD 2,661
GBP 2,161
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Goldman Sachs BDC, Inc.
Notes to the Consolidate d Financial Statements
(in thousands, except share and per share amounts)
ORGANIZATION
Goldman Sachs BDC, Inc. (the “Company,” which term refers to either Goldman Sachs BDC, Inc. or Goldman Sachs BDC, Inc., together with its consolidated subsidiaries, as the context may require) was initially established as Goldman Sachs Liberty Harbor Capital, LLC, a single member Delaware limited liability company (“SMLLC”), on September 26, 2012 and commenced operations on November 15, 2012 with The Goldman Sachs Group, Inc. (“GS Group Inc.”) as its sole member. On March 29, 2013, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act. Effective April 1, 2013, the Company converted from a SMLLC to a Delaware corporation. In addition, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects 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 its taxable year ended December 31, 2013.
The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, 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.
Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries.
On March 23, 2015, the Company completed its initial public offering and the Company’s common stock began trading on the New York Stock Exchange under the symbol “GSBD.”
The Company has formed wholly-owned subsidiaries, which are structured as Delaware limited liability companies, to hold certain equity or equity-like investments in portfolio companies.
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.
Certain prior period information has been conformed to the current period presentation and has no effect on the Company’s consolidated
financial position or the consolidated results of operations as previously reported.
As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).
Basis of Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiaries, BDC Blocker I, LLC, GSBD Blocker II, LLC, GSBD Wine I, LLC, GSBD Blocker III, LLC, GSBD Blocker IV, LLC, GSBD Blocker V, LLC, MMLC Blocker I, LLC, MMLC Blocker II, LLC, MMLC Wine I, LLC, and MMLC Blocker III, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.
Revenue Recognition
The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.
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Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:
For the Years Ended December 31,
Prepayment premiums
Accelerated amortization of upfront loan origination fees and unamortized discounts
Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined in Note 3 “Significant Agreements and Related Party Transactions”) managed by the Investment Adviser.
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.
Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.
Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.
Acquisition Accounting
On October 12, 2020, the Company completed its merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of June 11, 2020. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations—Related Issues. The consideration paid to GS MMLC’s stockholders 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 GS MMLC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with GS MMLC, the investments were marked 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 the Consolidated Statements of Operations. The Purchase Discount allocated to the loan investments acquired is amortized over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. Amortization income of the Purchase Discount for the year ended December 31, 2025, 2024 and 2023, was $ 2,632 , $ 5,016 , and $ 6,660 . The Purchase Discount allocated to equity investments acquired is not amortized 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, the Company will recognize a realized with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
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Non-Accrual Investments
Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of December 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status, which represented 2.8 % and 1.9 % of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2024, the Company had certain investments held in nine portfolio companies on non-accrual status, which represented 4.5 % and 2.0 % of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.
Investments
The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the “Valuation Designee”) designated by the board of directors of the Company (the “Board of Directors” or the “Board”), pursuant to Rule 2a-5 under the Investment Company Act.
Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”
The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.
With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:
The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;
The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;
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The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the “VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;
The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;
The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and
Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.
Money Market Funds
Investments in money market funds are valued at NAV per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”
Cash
Cash consists of deposits held at State Street Bank and Trust Company (the “Custodian”). As of December 31, 2025 and December 31, 2024, the Company held an aggregate cash balance of $ 43,211 and $ 61,795 . Foreign currency of $ 4,896 and $ 4,969 (acquisition costs of $ 4,817 and $ 5,076 ) is included in cash as of December 31, 2025 and December 31, 2024.
Foreign Currency Translation
Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.
The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.
Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.
Derivatives
The Company recognizes its derivatives at fair value. The unrealized appreciation (depreciation) on derivatives is recorded on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) and net of cash collateral received and posted in the Consolidated Statements of Assets and Liabilities when a legal right of setoff exists under an enforceable netting agreement. Any over-collateralized amounts posted or received are included in the Consolidated Statements of Assets and Liabilities as Other assets or Accrued expenses and other liabilities. Notional amounts and fair market values of derivatives are presented separately on the Consolidated Schedules of Investments.
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From time to time, the Company enters into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting for foreign currency forward contracts and, as such, the Company records changes in fair value of its foreign currency forward contracts in the net change in unrealized appreciation (depreciation) from foreign currency forward contracts in the Consolidated Statements of Operations.
Additionally, the Company enters 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 predominately consists of floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting. Gains and losses on these interest rate swaps are included in Interest and other debt expenses in the Consolidated Statements of Operations and changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are reported as an adjustment to the carrying value of the liabilities in the Consolidated Statements of Assets and Liabilities and also included in Interest and other debt expenses in the Consolidated Statements of Operations. See Notes 6 “Debt” and Note 7 “Derivatives” for further information about such fair value hedge accounting relationships.
Income Taxes
The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties in Other general and administrative expenses in the Consolidated Statements of Operations.
The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.
The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2013. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.
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 years ended December 31, 2025, 2024 and 2023 the Company accrued excise taxes of $ 4,026 , $ 5,296 and $ 4,760 . As of December 31, 2025, $ 4,300 of accrued excise taxes remained payable.
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.
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Distributions
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be to declare such distributions in future periods.
The Company has a voluntary dividend reinvestment plan (the “DRIP”) that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors unless a stockholder elects to “opt out” of the plan. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional shares. Stockholders who receive distributions in the form of shares of common stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, stockholders receiving distributions in the form of stock will generally be treated as receiving distributions equal to the amount of cash that the stockholders would have received if they had elected to receive the distributions in cash (or the fair market value of the shares received through the plan, if the Company issues additional shares with a fair market value equal to or greater than net asset value); however, since the cash distributions of participants in the plan will be reinvested, those stockholders will not receive cash with which to pay any applicable taxes. Due to regulatory considerations, GS Group Inc. and GS & Co. have opted out of the DRIP.
Deferred Financing and Debt Issuance Costs
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 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 the Consolidated Statements of Assets and Liabilities.
Offering Costs
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.
Secured Borrowings
The Company may enter into sales agreements to participate all or a portion of its investments to third parties. Under Topic 860, Transfers and Servicing (“ASC 860”), certain loan sales do not qualify for sale accounting because these sales do not meet the definition of a “participating interest” as defined in the guidance, in order for sale treatment to be allowed. Sales that do not meet the definition of a participating interest or are not eligible for sales accounting remain as an investment on the Consolidated Statements of Assets and Liabilities as required under GAAP and the proceeds are recorded as secured borrowing. Secured borrowings are carried at fair value and have been categorized as Level 3 within the fair value hierarchy.
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Segment Reporting
In accordance with ASC 280 – Segment reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer . The CODM uses Net increase (decrease) in net assets from operations in the Company’s Consolidated Statements of Operations to assess the Company’s performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.
New Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s financial condition, results of operation or cash flows.
In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operation or cash flows.
SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS
Investment Management Agreement
The Company entered into an investment management agreement (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.
Management Fee
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 for any affiliated money market funds in which the Company invests.
For the years ended December 31, 2025, 2024 and 2023, Management Fees amounted to $ 33,449 , $ 35,232 and $ 35,470 . As of December 31, 2025, $ 8,181 remained payable.
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Incentive Fee
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:
A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below. The Investment Adviser is entitled to receive the Incentive Fee based on income if Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” of 1.75 %. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account changes in the market price of the Company’s common stock.
The Incentive Fee based on income is determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the “Trailing Twelve Quarters”). The Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year by reference to an “Annual Period,” which means the period beginning on January 1 of each calendar year and ending on December 31 of such calendar year or, in the case of the first and last year, the appropriate portion thereof.
The hurdle amount for the Incentive Fee based on income is determined on a quarterly basis and is equal to 1.75 % multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which includes all of the Company’s issuances of shares of its common stock, including issuances pursuant to its DRIP) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated.
i. Quarterly Incentive Fee Based on Income
For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) aggregate net investment income (“Ordinary Income”) in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” Ordinary Income is net of all fees and expenses, including the Management Fee but excluding any Incentive Fee.
The Incentive Fee based on income for each quarter is determined as follows:
No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;
100 % of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, referred to as the “Catch-up Amount,” determined as the sum of 2.1875 % for the periods through December 31, 2024 and 2.12 % for the periods after December 31, 2024, multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and
20 % of the Ordinary Income for the periods through December 31, 2024 and 17.5 % of Ordinary Income for the periods after December 31, 2024 that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.
The amount of the Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter equals the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but not in excess of the Incentive Fee Cap (as described below).
The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) the sum of 20 % of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters through December 31, 2024 and 17.5 % of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters after December 31, 2024, minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.
“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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“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.
For the years ended December 31, 2025, 2024 and 2023, Incentive Fees based on income amounted to $ 26,224 , $ 17,212 and $ 49,417 , and the Investment Adviser voluntarily agreed to waive $ 1,986 of Incentive Fees for the year ended December 31, 2023. As of December 31, 2025, $ 3,844 remained payable.
ii. Annual Incentive Fee Based on Capital Gains
The portion of the Incentive Fee based on capital gains is calculated on an annual basis. For each Annual Period, the Company pays the Investment Adviser an amount equal to (A) 20 % for the periods through December 31, 2024 and 17.5 % for the periods after December 31, 2024 of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from April 1, 2013 until the end of such Annual Period minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from April 1, 2013. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A) above.
The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative net realized capital gains and losses and aggregate cumulative net unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then the Company records a capital incentive fee equal to 20 % for the periods through December 31, 2024 and 17.5 % for the periods after December 31, 2024 of such amount, minus the aggregate amount of actual Incentive Fees based on capital paid in all prior periods. If such amount is , then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.
For the years ended December 31, 2025, 2024 and 2023, the Company did no t accrue or pay any Incentive Fees based on capital gains.
Administration and Custodian Fees
The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s Custodian. Administration and Custodian fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.
For the years ended December 31, 2025, 2024 and 2023, the Company incurred expenses for services provided by the Administrator and the Custodian of $ 2,049 , $ 2,117 and $ 2,044 . As of December 31, 2025, $ 512 remained payable.
Transfer Agent Fees
The Company has entered into a transfer agency and services agreement pursuant to which Computershare Trust Company, N.A. serves as the Company’s transfer agent (the “Transfer Agent”), dividend agent and registrar. Transfer Agent fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.
For the years ended December 31, 2025, 2024 and 2023, the Company incurred expenses for services provided by the Transfer Agent of $ 32 , $ 27 and $ 6 . As of December 31, 2025, $ 3 remained payable.
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Affiliates
GS Group Inc., together with certain of its subsidiaries, owned 5.8 % as of December 31, 2025 and 5.5 % as of December 31, 2024 of the outstanding shares of the Company’s common stock. The table below presents the Company’s affiliated investments (including investments in money market funds, if any):
Beginning Fair Value Balance
Gross
Additions (1)
Gross
Reductions (2)
Net Realized
Gain(Loss)
Net Change in
Unrealized
Appreciation (Depreciation)
Ending Fair Value Balance
Dividend,
Interest, PIK
and Other
Income
For the Year Ended December 31, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund
RPC ABC Investment Holdings LLC (dba ABC Plumbing)
Animal Supply Holdings, LLC
Conergy Asia & ME Pte. LTD
Elah Holdings, Inc.
Iracore International Holdings, Inc.
Kawa Solar Holdings Limited
MedeAnalytics Group Holdings, LLC
SEM Holdings, LLC (dba Southeast Mechanical, LLC)
Thrasio Holdings, Inc.
SDB HOLDCO, LLC (dba Specialty Dental Brands)
Pluralsight, Inc.
Total Non-Controlled Affiliates
For the Year Ended December 31, 2024
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund
ABC Investment Holdco Inc. (dba ABC Plumbing)
Animal Supply Holdings, LLC
ATX Networks Corp.
Collaborative Imaging, LLC (dba Texas Radiology Associates)
Conergy Asia & ME Pte. LTD
Elah Holdings, Inc.
Iracore International Holdings, Inc.
Kawa Solar Holdings Limited
MedeAnalytics, Inc.
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)
Thrasio, LLC
LCG Vardiman Black, LLC (dba Specialty Dental Brands)
Pluralsight, Inc.
Total Non-Controlled Affiliates
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
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Due to Affiliates
The Investment Adviser pays certain general and administrative expenses on behalf of the Company in the ordinary course of business. As of December 31, 2025 and December 31, 2024, there were $ 2,213 and $ 1,088 included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.
Co-investment Activity
In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”, which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the “Relief”) to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the “Prior Relief”). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company’s participation in the co-investment program.
INVESTMENTS
The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
December 31, 2025
December 31, 2024
Investment Type
Cost
Fair Value
Cost
Fair Value
1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
Total
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The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
December 31, 2025
December 31, 2024
Industry
Fair Value
Net Assets
Fair Value
Net Assets
Software
Health Care Providers & Services
Health Care Technology
Financial Services
Commercial Services & Supplies
Professional Services
Diversified Consumer Services
Real Estate Mgmt. & Development
IT Services
Trading Companies & Distributors
Wireless Telecommunication Services
Health Care Equipment & Supplies
Entertainment
Containers & Packaging
Independent Power and Renewable Electricity Producers
Machinery
Oil, Gas & Consumable Fuels
Food Products
Construction & Engineering
Chemicals
Interactive Media & Services
Specialty Retail
Textiles, Apparel & Luxury Goods
Aerospace & Defense
Beverages
Broadline Retail
Pharmaceuticals
Hotels, Restaurants & Leisure
Building Products
Air Freight & Logistics
Media
Automobile Components
Energy Equipment & Services
Capital Markets
Leisure Products
Consumer Staples Distribution & Retail
Communications Equipment
Insurance
Household Products
Electrical Equipment (1)
Distributors
Total
Amount rounds to less than 0.1%.
The geographic composition of the Company’s investments at fair value was as follows:
Geographic
December 31, 2025
December 31, 2024
United States
Canada
United Kingdom
India
Germany
Singapore
Total
Amount rounds to less than 0.1%.
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FAIR VALUE MEASUREMENT
The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).
The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:
Basis of Fair Value Measurement
Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.
Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.
The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.
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Level 2 Instruments
Valuation Techniques and Significant Inputs
Equity and Fixed Income
The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.
Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts
Over-the-counter (“OTC”) derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
Level 3 Instruments
Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt
Obligations
Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity
Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables.
Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.
The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2025 and December 31, 2024 . These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.
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Level 3 Instruments
Fair Value (1)(2)
Valuation Techniques (3)
Significant Unobservable
Inputs
Range of Significant
Unobservable Inputs (4)
Weighted
Average (5)
As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt
Discounted cash flows
Discount Rate
Collateral analysis
Recovery Rate
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
1st Lien/Last-Out Unitranche
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
2nd Lien/Senior Secured Debt
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Unsecured Debt
Discounted cash flows
Discount Rate
Equity
Preferred Stock
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
Common Stock
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
Warrants
Comparable multiples
EV/Revenue
As of December 31, 2024
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt
Discounted cash flows
Discount Rate
Collateral analysis
Recovery Rate
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
1st Lien/Last-Out Unitranche
Discounted cash flows
Discount Rate
2nd Lien/Senior Secured Debt
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Unsecured Debt
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Equity
Preferred Stock
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
Common Stock
Discounted cash flows
Discount Rate
Comparable multiples
EV/EBITDA (6)
Comparable multiples
EV/Revenue
Warrants
Comparable multiples
EV/Revenue
As of December 31, 2025, included within the fair value of Level 3 assets of $ 3,207,527 is an amount of $ 309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $ 2,737,368 or 86.5 % of Level 3 bank loans, corporate debt, and other debt obligations .
As of December 31, 2024, included within the fair value of Level 3 assets of $ 3,431,997 is an amount of $ 242,458 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $ 3,028,320 or 90.0 % of Level 3 bank loans, corporate debt, and other debt obligations.
The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
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As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of December 31, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.
The following is a summary of the Company’s assets and liabilities categorized within the fair value hierarchy:
December 31, 2025
December 31, 2024
Assets
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
Affiliated Money Market Fund
Unrealized appreciation on interest rate swaps
Total Assets
Liabilities
Unrealized depreciation on interest rate swaps
Unrealized depreciation on foreign currency forward contracts
Total Liabilities
The following table presents a summary of changes in fair value of Level 3 assets by investment type:
Beginning Balance
Purchases
Net
Realized
Gain
(Loss)
Net Change in
Unrealized
Appreciation
(Depreciation)
Sales and
Settlements (2)
Net
Amortization
Premium/
Discount
Transfers
Transfers
Out (3)
Ending
Balance
Net Change
in Unrealized
Appreciation
(Depreciation)
for assets
still held
For the Year Ended December 31, 2025
1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
Total Assets
For the Year Ended December 31, 2024
1st Lien/Senior Secured Debt
1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
Total Assets
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Purchases may include PIK, securities received in corporate actions and restructurings.
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.
Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.
Debt Not Carried at Fair Value
Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:
Level
December 31, 2025
December 31, 2024
Revolving Credit Facility
2025 Notes
2026 Notes
2027 Notes
2030 Notes
DEBT
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 December 31, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 175 % and 181 %.
The Company’s outstanding debt was as follows:
December 31, 2025
December 31, 2024
Aggregate
Borrowing
Amount
Committed
Amount
Available
Carrying
Value (1)
Aggregate
Borrowing
Amount
Committed
Amount
Available
Carrying
Value (1)
Revolving Credit Facility (2)
2025 Notes
2026 Notes
2027 Notes
2030 Notes
Total Debt
The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.
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 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 . As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $ 626,674 , in EUR of EUR 10,500 , in GBP of GBP 18,950 , in CAD of CAD 8,520 and in AUD of AUD 12,000 .
The combined weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2025 was 5.36 % and for the year ended December 31, 2024 was 5.28 %. The combined average debt of the aggregate borrowings outstanding for the year ended December 31, 2025 was $ 1,860,251 and for the year ended December 31, 2024 was $ 1,915,158 .
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Revolving Credit Facility
On September 19, 2013, the Company entered into a senior secured revolving credit agreement (as amended, the “Revolving Credit Facility”) with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent under the Revolving Credit Facility. The Company has amended and restated the Revolving Credit Facility on numerous occasions between October 3, 2014 and December 17, 2025.
The aggregate committed borrowing amount under the Revolving Credit Facility is $ 1,695,000 . The Revolving Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the borrowing capacity of the Revolving Credit Facility to up to $ 2,542,500 .
Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company’s election) of either (i) Term SOFR plus a margin of either (x) 2.00%, (y) 1.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 1.75% (subject to certain gross borrowing base conditions), in each case, plus an additional 0.10 % credit adjustment spread or (ii) an alternative base rate, which is the highest of (a) zero, (b) the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (iii) the rate per annum equal to (x) the greater of (A) Term SOFR for an interest period of one (1) month and (B) zero plus (y) 1.00%, plus a margin of either (x) 1.00%, (y) 0.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or the applicable risk-free rate (the “RFR rate”) plus a margin of either 2.00%, 1.875% or 1.75% (subject to the conditions applicable to borrowings denominated in USD that bear interest based on the applicable term benchmark rate or the applicable RFR rate), plus, (i) in the case of borrowings denominated in GBP only, an additional 0.1193 % credit adjustment spread, (ii) in the case of borrowings denominated in CHF only, an additional 0.0031 % and (iii) in the case of borrowings denominated in CAD only, an additional 0.29547 % (one-month interest period) or an additional 0.32138 % (three-month interest period) credit adjustment spread. Borrowings from certain lenders, which hold approximately 84% of total lending commitments (the "Extending Lenders"), bear interest at the applicable rates described above less 0.10 %. With respect to borrowings denominated in USD, the Company may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. Interest is payable in on the applicable interest payment date as specified therein. The Company pays a fee of 0.375 % per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in . Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and interest will be due and payable, on June 24, 2030 . Any amounts borrowed under the Revolving Credit Facility, will mature, and all accrued and interest will be due and payable, with respect to certain remaining lenders, on May 5, 2027 , and with respect to other remaining lenders, on October 18, 2028 .
The Revolving Credit Facility may be guaranteed by certain of the Company’s domestic subsidiaries, including any that are formed or acquired by the Company in the future. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments.
The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum stockholder’s equity, (ii) maintaining a minimum asset coverage ratio of at least 150 %, (iii) maintaining a minimum asset coverage ratio of 200 % with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of the Company and its subsidiary guarantors to the secured debt of the Company and its subsidiary guarantors, and (iv) complying with restrictions on industry concentrations in the Company’s investment portfolio. As of December 31, 2025, the Company was in compliance with these covenants.
Costs of $ 38,110 were incurred in connection with obtaining and amending the Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Revolving Credit Facility using the straight-line method. As of December 31, 2025 and December 31, 2024, the unamortized deferred financing costs were $ 13,245 and $ 11,897 .
The following table presents summary information regarding the Revolving Credit Facility:
For the Years Ended December 31,
Borrowing interest expense
Facility fees
Amortization of financing costs
Total
Weighted average interest rate
Average outstanding balance
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2025 Notes
On February 10, 2020, the Company closed an offering of $ 360,000 aggregate principal amount of its 3.750 % unsecured notes due 2025 (the "2025 Notes"). The 2025 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo Bank, National Association (“Wells Fargo”)). The 2025 Notes bore interest at a rate of 3.750 % per year, payable semi-annually in arrears. The 2025 Notes matured and were fully repaid on February 10, 2025, in accordance with their terms, using proceeds from the Revolving Credit Facility.
The following table presents the components of the carrying value of the 2025 Notes:
December 31,
December 31,
Principal amount of debt
Unamortized debt issuance costs
Carrying Value
The following table presents the components of interest and other debt expenses related to the 2025 Notes:
For the Years Ended December 31,
Borrowing interest expense
Amortization of debt issuance costs
Total
2026 Notes
On November 24, 2020, the Company closed an offering of $ 500,000 aggregate principal amount of its 2.875 % unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2026 Notes bore interest at a rate of 2.875 % per year, payable semi-annually in arrears. The 2026 Notes matured on January 15, 2026. For further information, see Note 13 “Subsequent Events.”
The following table presents the components of the carrying value of the 2026 Notes:
December 31,
December 31,
Principal amount of debt
Unamortized debt issuance costs
Carrying Value
The following table presents the components of interest and other debt expenses related to the 2026 Notes:
For the Years Ended December 31,
Borrowing interest expense
Amortization of debt issuance costs
Total
2027 Notes
On March 11, 2024, the Company closed an offering of $ 400,000 aggregate principal amount of its 6.375 % unsecured notes due 2027 (the "2027 Notes"). The 2027 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2027 Notes bear interest at a rate of 6.375 % per year, payable semi-annually in arrears. The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.
In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2027 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2027 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.
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The following table presents the components of the carrying value of the 2027 Notes:
December 31,
December 31,
Principal amount of debt
Unamortized debt issuance costs
Cumulative hedging adjustments
Carrying Value
The following table presents the components of interest and other debt expenses related to the 2027 Notes:
For the Years Ended December 31,
Borrowing interest expense
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap
Hedged item
Amortization of debt issuance costs
Total
2030 Notes
On September 9, 2025, the Company closed an offering of $ 400,000 aggregate principal amount of its 5.650 % unsecured notes due 2030 (the "2030 Notes"). The 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650 % per year, payable semi-annually in arrears , commencing on March 9, 2026. The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.
In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2030 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.
The following table presents the components of the carrying value of the 2030 Notes:
December 31,
December 31,
Principal amount of debt
Unamortized debt issuance costs
Cumulative hedging adjustments
Carrying Value
The following table presents the components of interest and other debt expenses related to the 2030 Notes:
For the Years Ended December 31,
Borrowing interest expense
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap
Hedged item
Amortization of debt issuance costs
Total
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DERIVATIVES
From time to time, the Company enters into foreign currency forward contracts to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The Company enters 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 predominately consists of floating rate loans.
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs bilateral uncleared OTC derivatives, including foreign currency forward contracts, as well as interest rate swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.
The table below presents the average notional amounts, as an indicator for volume, for each derivative type:
For the Years Ended December 31,
Foreign Currency Forward Contracts
Interest Rate Swaps
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.
December 31, 2025
Derivative Assets
Derivative Liabilities
Counter Party
Foreign currency forward contracts
Interest rate swaps
Total
Foreign currency forward contracts
Interest rate swaps
Total
Net Derivative Asset (Liabilities)
Cash collateral netting (1)
Net Amount (2)
Bank of America, N.A.
December 31, 2024
Derivative Assets
Derivative Liabilities
Counter Party
Foreign currency forward contracts
Interest rate swaps
Total
Foreign currency forward contracts
Interest rate swaps
Total
Net Derivative Asset (Liabilities)
Cash collateral netting (1)
Net Amount (2)
Bank of America, N.A.
Amount excludes excess cash collateral received or paid, if any.
Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts.
As the Company does not utilize hedge accounting for foreign currency forward contracts, the effect of transactions in foreign currency forward contracts on the Consolidated Statements of Operations was as follows:
For the Years Ended December 31,
Net realized gain (loss) on foreign currency forward contracts
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts
Total net realized and unrealized gains (losses) on foreign currency forward contracts
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Hedging
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 interest rate swaps designated in qualifying fair value hedging relationships, the gains and losses on these interest rate swaps and the changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are included in Interest and other debt expenses in the Consolidated Statements of Operations.
The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:
For the Years Ended December 31,
Interest rate swaps
Hedged liabilities
The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:
December 31, 2025
December 31, 2024
Carrying Value
Cumulative hedging adjustments
Carrying Value
Cumulative hedging adjustments
Hedged liabilities
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COMMITMENTS AND CONTINGENCIES
Commitments
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.
The Company may commit to issue standby letters of credit in connection with an investment or it may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of the Company or the Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer as defined in the relevant credit agreement. As of December 31, 2025 , the Company has committed to fund letters of credit of $ 5,478 on behalf of the Accounts. As of December 31, 2025 , the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:
Unfunded Commitment Balances (1)
December 31, 2025
December 31, 2024
1st Lien/Senior Secured Debt
AAG KP Borrower LLC (dba KUIU)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)
ABC Investment Holdco Inc. (dba ABC Plumbing)
Accommodations Plus Technologies LLC
Admiral Buyer, Inc. (dba Fidelity Payment Services)
AGS Health BCP Holdings, Inc. (dba AGS Health)
AGS Health BCP LLC (dba AGS Health)
AI Titan Parent, Inc. (dba Prometheus)
Airwavz Solutions, Inc.
AQ Helios Buyer, Inc. (dba SurePoint)
AQ Sunshine, Inc. (dba Relation Insurance)
Ark Data Centers, LLC
Artifact Bidco, Inc. (dba Avetta)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)
Aurora Acquireco, Inc. (dba AuditBoard)
Bayside Opco, LLC (dba Pro-PT)
BCTO Bluebill Buyer, Inc. (dba Ren)
Blast Bidco Inc. (dba Bazooka Candy Brands)
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)
BSI3 Menu Buyer, Inc (dba Kydia)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)
Celero Commerce LLC
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)
Circustrix Holdings, LLC (dba SkyZone)
Clearwater Analytics, LLC
Coding Solutions Acquisition, Inc. (dba CorroHealth)
Computer Services, Inc.
Convenient Payments Acquisition, Inc.
Coretrust Purchasing Group LLC
Crewline Buyer, Inc. (dba New Relic)
CST Holding Company (dba Intoxalock)
CURiO Brands LLC
Diligent Corporation
Eagle Family Foods Group LLC
Edition Holdings, Inc. (dba Enverus)
Edko, LLC
Elemica Parent, Inc.
Engage2Excel, Inc.
EnviroSmart, LLC (dba ES Integrated)
ESO Solutions, Inc.
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)
Experity, Inc.
Frontgrade Technologies Holdings Inc.
Frontline Road Safety Operations, LLC
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)
Fullsteam Operations LLC
Gainsight, Inc.
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)
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Unfunded Commitment Balances (1)
December 31, 2025
December 31, 2024
GovDelivery Holdings, LLC (dba Granicus, Inc.)
GS AcquisitionCo, Inc. (dba Insightsoftware)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)
Hamilton Thorne, Inc.
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)
Highfive Dental Holdco, LLC
Honor HN Buyer, Inc
iCIMS, Inc.
Ideal Components Acquisition, LLC (dba Ideal Tridon)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)
iWave Information Systems, Inc.
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)
Kene Acquisition, Inc. (dba Entrust)
KPA Parent Holdings, Inc.
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)
Lobos Parent, Inc. (dba NEOGOV)
Mandrake Bidco, Inc. (dba Miratech)
ML Holdco, LLC (dba MeridianLink)
MRI Software LLC
NC Topco, LLC (dba NContracts)
NCWS Intermediate, Inc. (dba National Carwash Solutions)
Newtek Merchant Solutions, LLC (dba NewtekOne)
NFM & J, L.P. (dba the Facilities Group)
North Star Acquisitionco, LLC (dba Everway)
Octane Purchaser, Inc. (dba Office Ally)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)
Onyx CenterSource, Inc.
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)
Paris US Holdco, Inc. (dba Precinmac)
PDDS Holdco, Inc. (dba Planet DDS)
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)
PlanSource Holdings, Inc.
Pluralsight, Inc.
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)
Precision Concepts Parent Inc.
Project Accelerate Parent, LLC (dba ABC Fitness)
Prophix Software Inc. (dba Pound Bidco)
PT Intermediate Holdings III, LLC (dba Parts Town)
QBS Parent, Inc. (dba Quorum Software)
Recorded Books Inc. (dba RBMedia)
Riverpoint Medical, LLC
Rocket Bidco, Inc. (dba Recochem)
Rodeo Buyer Company (dba Absorb Software)
Rotation Buyer, LLC (dba Rotating Machinery Services)
Rubix Foods, LLC
Runway Bidco, LLC (dba Redwood Software)
SI Swan UK Bidco Limited (dba Sapiens International)
Singlewire Software, LLC
Smarsh, Inc.
Sonar Acquisitionco, Inc. (dba SimPRO)
Southeast Mechanical, LLC
SpecialtyCare, Inc.
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)
SpendMend Holdings LLC
Splash Car Wash, Inc.
Spotless Brands, LLC
Streamland Media Midco LLC
Summit Buyer, LLC (dba Classic Collision)
Sundance Group Holdings, Inc. (dba NetDocuments)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)
Superman Holdings, LLC (dba Foundation Software)
Supreme Fitness Group NY Holdings, LLC
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Unfunded Commitment Balances (1)
December 31, 2025
December 31, 2024
Sweep Purchaser LLC
TEI Intermediate LLC (dba Triumvirate Environmental)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)
Tropical Bidco, LLC (dba Tropical Cheese)
Trystar, LLC
UFT Buyer LLC (dba United Flow Technologies)
US Signal Company, LLC
USA DeBusk, LLC
USN Opco LLC (dba Global Nephrology Solutions)
Valet Waste Holdings, Inc. (dba Valet Living)
Vamos Bidco, Inc. (dba VIP)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)
VASA Fitness Buyer, Inc.
VisionSafe Holdings, Inc.
Volt Bidco, Inc. (dba Power Factors)
VRC Companies, LLC (dba Vital Records Control)
WebPT, Inc.
Wellness AcquisitionCo, Inc. (dba SPINS)
Westwood Professional Services Inc.
Wildcat Solutions Holdings, LLC (dba O6 Environmental)
Xactly Corporation
Zarya HoldCo, Inc. (dba Eptura)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)
Zeus Company LLC
Acquia, Inc.
Arrow Buyer, Inc. (dba Archer Technologies)
ATX Networks Corp.
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)
Bullhorn, Inc.
Businessolver.com, Inc.
Capitol Imaging Acquisition Corp.
Chronicle Bidco Inc. (dba Lexitas)
CivicPlus LLC
Clearcourse Partnership Acquireco Finance Limited
CorePower Yoga LLC
Easy Mile Fitness, LLC
Formulations Parent Corporation (dba Chase Corp)
GHA Buyer Inc. (dba Cedar Gate)
Governmentjobs.com, Inc. (dba NeoGov)
HealthEdge Software, Inc.
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)
Kaseya Inc.
LS Clinical Services Holdings, Inc (dba CATO)
NAVEX TopCo, Inc.
Pioneer Buyer I, LLC
Rubrik, Inc.
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)
Total Vision LLC
Total 1st Lien/Senior Secured Debt
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Unfunded Commitment Balances (1)
December 31, 2025
December 31, 2024
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)
EIP Consolidated, LLC (dba Everest Infrastructure)
K2 Towers III, LLC
Octagon Towers LLC
Skyway Towers Intermediate LLC
Tarpon Towers II LLC
Towerco IV Holdings, LLC
Thor FinanceCo LLC (dba Harmoni Towers)
Total 1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Wine.com, LLC
Total 2nd Lien/Senior Secured Debt
Total
Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.
Contingencies
In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.
9. NET ASSETS
At-the-market (“ATM”) Offering
The Company may, from time to time, issue and sell shares of its common stock through public or ATM offerings.
On November 15, 2023, the Company entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) by and among the Company, GSAM and Truist Securities Inc. (“Truist”). On and effective June 5, 2025, the Company terminated the 2023 Equity Distribution Agreement in accordance with its terms.
The 2023 Equity Distribution Agreement provided that the Company could, from time to time, issue and sell shares of its common stock, par value $ 0.001 per share, having an aggregate offering price of up to $ 200,000 , through Truist, or to Truist as principal for its own account. Sales of the shares, if any, were made in negotiated transactions or transactions that were deemed to be an ATM offering as defined in Rule 415(a)(4) under the Securities Act including sales made directly on or through the New York Stock Exchange or a similar securities exchange, sales made to or through a market maker other than on an exchange, at market prices related to prevailing market prices or negotiated prices, sales made through any other existing trading market or electronic communications network, or by any other method permitted by law, including but not limited to privately negotiated transactions, which may have included block trades, as the Company and Truist agreed. Truist received a commission from the Company of up to 1.00 % of the gross sales price of any shares sold through or to Truist under the 2023 Equity Distribution Agreement.
In connection with the issuance of its common stock, the Company issued and sold the following shares of common stock through ATM offerings:
For the Year Ended December 31,
Gross Proceeds
Underwriting/Offering Expenses
Net Proceeds
Number of Shares Issued
Average Sales Price per Share
Follow-on Offering
On March 9, 2023, the Company completed a follow-on offering (the "March Offering") under its shelf registration statement, issuing 6,500,000 shares of its common stock at a price to the underwriters of $ 15.09 per share. Net of offering and underwriting costs, the Company received cash proceeds of $ 97,578 .
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Distributions
The Company has adopted a DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The shares distributed by the Transfer Agent in the Company’s DRIP are either through (i) newly issued shares or (ii) acquired by the Transfer Agent through the purchase of outstanding shares on the open market. If, on the payment date for any distribution, the most recently computed NAV per share as of the DRIP is equal to or less than the closing market price plus estimated per share fees, the Transfer Agent will invest the distribution amount in newly issued shares. Otherwise, the Transfer Agent will invest the dividend amount in shares acquired by purchasing shares on the open market. The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP:
Date Declared
Record Date
Payment Date
Amount Per Share
Shares
For the Year Ended December 31, 2025
February 26, 2025 (Base)
March 31, 2025
April 28, 2025
February 26, 2025 (Special)
March 31, 2025
April 28, 2025
May 7, 2025 (Supplemental)
May 30, 2025
June 13, 2025
May 7, 2025 (Base)
June 30, 2025
July 28, 2025
May 7, 2025 (Special)
June 30, 2025
July 28, 2025
August 6, 2025 (Supplemental)
August 29, 2025
September 15, 2025
August 6, 2025 (Base)
September 30, 2025
October 28, 2025
August 6, 2025 (Special)
September 30, 2025
October 28, 2025
November 5, 2025 (Supplemental)
November 28, 2025
December 15, 2025
November 5, 2025 (Base)
December 31, 2025
January 27, 2026
For the Year Ended December 31, 2024
February 21, 2024 (Base)
March 28, 2024
April 26, 2024
May 1, 2024 (Base)
June 28, 2024
July 26, 2024
August 8, 2024 (Base)
September 30, 2024
October 28, 2024
November 7, 2024 (Base)
December 31, 2024
January 27, 2025
For the Year Ended December 31, 2023
February 22, 2023 (Base)
March 31, 2023
April 27, 2023
May 3, 2023 (Base)
June 30, 2023
July 27, 2023
August 2, 2023 (Base)
September 30, 2023
October 27, 2023
November 1, 2023 (Base)
December 29, 2023
January 26, 2024
* In accordance with the Company’s DRIP, shares were purchased in the open market.
Common Stock Repurchase Plan
On August 8, 2024, the Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows the Company to repurchase up to $ 75,000 of shares of the Company’s common stock if the stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan (the “2025 10b5-1 Plan”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of the Company’s common stock during the period from June 16, 2025 through June 13, 2026. Unless extended by the Board, the 2025 10b5-1 Plan will terminate 12 months from the date it was entered into.
Under the 2025 10b5-1 Plan, no purchases are permitted to be made if such purchases would cause the Company’s Debt/Equity Ratio to exceed the lower of (a) 1.20 or (b) the Maximum Debt/Equity Ratio. In the 2025 10b5-1 Plan, “Debt/Equity Ratio” means the sum of debt on the Consolidated Statements of Assets and Liabilities less cash and investments in affiliated money market funds divided by net assets, as of the most recent reported financial statement end date, and “Maximum Debt/Equity Ratio” means the sum of debt on the Consolidated Statements of Assets and Liabilities and committed uncalled debt less cash and investments in affiliated money market funds divided by net assets, as of the most recent reported financial statement end date. Purchases under the 2025 10b5-1 Plan are required to be conducted on a programmatic basis in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act and other applicable securities laws.
Any repurchase by the Company of its common stock under any 10b5-1 plan or otherwise may result in the price of the Company’s common stock being higher than the price that otherwise might have existed in the open market.
For the year e nded December 31, 2025, repurchases under the 2025 10b5-1 Plan were as follows:
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Period
Total Number of Shares Repurchased
Average Price Paid per Share (including commissions)
Approximate Dollar Value of Shares that have been Purchased Under the Plan
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
January
February
March
April
May
June
July
August
September
October
November
December
Total
For the year ended December 31, 2025 , the weighted average discount of cost of repurchase to net asset of shares repurchased was 15.1 %.
For the years ended December 31, 2024 and 2023, there was no 10b5-1 stock repurchase plan in effect.
EARNINGS (LOSS) PER SHARE
The following information sets forth the computation of basic and diluted earnings per share:
For the Years Ended December 31,
Net increase (decrease) in net assets from operations
Weighted average shares outstanding
Basic and diluted earnings (loss) per share
11. TAX INFORMATION
The tax character of distributions was as follows:
For the Years Ended December 31,
Distributions paid from:
Ordinary Income
Net Long-Term Capital Gains
Total Taxable Distributions
The components of Accumulated Earnings (Losses) on a tax basis were as follows:
December 31, 2025
December 31, 2024
December 31, 2023
Undistributed Ordinary Income—net
Undistributed Long-Term Capital Gains
Total Undistributed Earnings
Capital Loss Carryforward (1) :
Perpetual Long-Term
Perpetual Short-Term
Total capital loss carryforwards
Timing Differences (Organizational Costs, Post-October Capital Loss Deferral and Late Year Ordinary Loss Deferral)
Unrealized Earnings (Losses)—net
Total Accumulated Earnings (Losses)—net
For the years ended December 31, 2025, 2024 and 2023 the Company did no t utilize any capital losses.
The Company's ability to utilize its capital loss carryforwards is subject to an annual limitation under section 382 of the Code.
The Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes were as follows:
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December 31, 2025
December 31, 2024
December 31, 2023
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized investment appreciation (depreciation) on investments
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of underlying fund investments, partnership investments, material modification of debt securities, unrealized appreciation (depreciation) on derivatives and changes in the fair value of the hedged liabilities attributable to the risk being hedged.
In order to present certain components of the Company’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Company’s accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from certain non-deductible expenses, and differences in the tax treatment of underlying fund investments. For the year ended December 31, 2025 , the Company reclassified $ 14,464 from paid-in capital in excess of par to distributable earnings. For the years ended December 31, 2024 and 2023, the Company reclassified $ 3,470 and $ 17,127 from total distributable earnings to paid-in capital in excess of par, respectively.
The following reconciles net increase in net assets resulting from operations to taxable income:
For the Years Ended December 31,
Net increase in net assets resulting from operations
Adjustments:
Net unrealized loss (gain) on investments and foreign currency forward contracts and translations
Income not currently taxable
Income for tax but not book
Expenses not currently deductible
Expenses for tax but not for book
Realized gain(loss) differences
Taxable income net of capital loss carryforward
Capital loss carryforward
Taxable income (1)
Taxable income is an estimate and is not fully determined until the Company’s tax return is filed.
ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.
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12. FINANCIAL HIGHLIGHTS
The following table presents the schedule of financial highlights of the Company:
For the Years Ended December 31,
Per Share Data: (1)
NAV, beginning of period
Net investment income
Net realized and unrealized gains (losses) (2)
(Provision) benefit for taxes on realized and unrealized gains (losses) on investments
Net increase (decrease) in net assets from operations
Repurchases of common stock, including commissions and direct acquisition costs
Issuance of common stock, net of underwriting and offering costs
Distributions to common stockholders
Total increase (decrease) in net assets
NAV, end of period
Market price, end of period
Shares outstanding, end of period
Weighted average shares outstanding
Total return based on NAV (5)
Total return based on market value (6)
Supplemental Data/Ratio:
Net assets, end of period
Ratio of net expenses to average net assets
Ratio of net expenses before voluntary waivers to average net assets
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets
Ratio of interest and other debt expenses to average net assets
Ratio of net incentive fees to average net assets
Ratio of total expenses to average net assets
Ratio of net investment income to average net assets
Portfolio turnover
The per share data was derived by using the weighted average shares outstanding during the applicable period that the shares were outstanding, except for distributions recorded, which reflects the actual amount per share for the applicable period.
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution, the issuance and the repurchase of common stock.
The table above reflects a reclassification between Net realized and unrealized gains (losses) and Issuance of common stock, net of underwriting and offering costs for the year ended December 31, 2022 as compared to previously reported amounts in order to conform with the methodology used to calculate such amounts for the year ended December 31, 2023. The effect of this reclassification was a change in Net realized and unrealized gains (losses) of $ 0.12 , from $( 1.82 ) to $( 1.70 ), and an offsetting change in Issuance of common stock, net of underwriting and offering costs of $( 0.12 ), from $ 0.13 to $ 0.01 . This reclassification was not material to the Company’s consolidated financial statements, only impacted the lines noted above and had no impact on the Company’s financial condition, results of operations or cash flows.
Amount rounds to less than $ 0.01 .
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
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For the Years Ended December 31,
Per Share Data: (1)
NAV, beginning of period
Net investment income
Net realized and unrealized gains (losses) (2)
(Provision) benefit for taxes on realized and unrealized gains (losses) on investments
Net increase in net assets from operations
Issuance of common stock in connection with the Merger
Issuance of common stock, net of underwriting and offering costs
Equity component of convertible notes
Distributions to common stockholders
Total increase (decrease) in net assets
NAV, end of period
Market price, end of period
Shares outstanding, end of period
Weighted average shares outstanding
Total return based on NAV (4)
Total return based on market value (5)
Supplemental Data/Ratio:
Net assets, end of period
Ratio of net expenses to average net assets
Ratio of net expenses before voluntary waivers to average net assets
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets
Ratio of interest and other debt expenses to average net assets
Ratio of net incentive fees to average net assets
Ratio of total expenses to average net assets
Ratio of net investment income to average net assets
Portfolio turnover
* Not covered by the report of the independent registered public accounting firm.
The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions recorded and issuance of common stock in connection with the Merger, which reflects the actual amount per share for the applicable period.
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution, the issuance and the repurchase of common stock.
Amount rounds to less than $ 0.01 .
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
13. SUBSEQUENT EVENTS
Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Other than the item discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.
Repayment of the 2026 Notes
On January 15, 2026, the Company borrowed $ 505,000 under the Revolving Credit Facility and used the proceeds, together with cash on hand, to repay the 2026 Notes, plus accrued and unpaid interest, in full satisfaction of its obligations under the 2026 Notes.
2029 Notes
On January 28, 2026, the Company closed an offering of $ 400,000 aggregate principal amount of 5.100 % unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100 % per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the indenture.
In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The Company designated this interest rate swap and the 2029 Notes in a qualifying fair value hedging relationship.
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Distribution
On February 25, 2026 , the Board of Directors declared a quarterly base distribution of $ 0.32 per share payable on or about April 28, 2026 to holders of record as of March 31, 2026 . In addition, the Board declared a quarterly supplemental distribution of $ 0.03 per share payable on or about March 20, 2026 to holders of record as of March 9, 2026 .
Goldman Sachs BDC, Inc. — Tax Information (unaudited)
During the year ended December 31, 2025 , the Company designated 87.50 % of its distributions from net investment income as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.
During the year ended December 31, 2025 , the Company designated 78.44 % of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
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