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Goldman Sachs BDC, Inc. Reports March 31, 2025 Financial Results and Announces Second Quarterly Base Dividend of $0.32 Per Share, Special Dividend of $0.16 Per Share and First Quarter Supplemental Dividend of $0.05 Per Share

NEW YORK--(BUSINESS WIRE)-- Goldman Sachs BDC, Inc. (鈥淕SBD鈥�, the 鈥淐ompany鈥�, 鈥渨e鈥�, 鈥渦s鈥�, or 鈥渙ur鈥�) (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

• Net investment income per share for the quarter ended March 31, 2025 was $0.42. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment income per share was $0.41, equating to an annualized net investment income yield on book value of 12.4%.¹ Earnings per share for the quarter ended March 31, 2025 was $0.27.
• Net asset value ("NAV") per share as of March 31, 2025 decreased 1.6% to $13.20 from $13.41 as of December 31, 2024.
• As of March 31, 2025, the Company鈥檚 total investments at fair value and commitments were $3,861.6 million, comprised of investments in 163 portfolio companies across 38 industries. The investment portfolio was comprised of 97.5% senior secured debt, including 96.1% in first lien investments.²
• During the quarter, the Company had new investment commitments of approximately $87.8 million of which $53.8 million were funded. Fundings of previously unfunded commitments for the quarter were $37.8 million and sales and repayments activity totaled $179.3 million, resulting in net funded investment activity of $(87.7) million.
• During the quarter, MPI Engineered Technologies, LLC鈥檚 2nd Lien/Senior Secured Debt position and ATX Networks Corp.鈥檚 1st Lien/Senior Secured Debt position, were placed on non-accrual status. Pluralsight, Inc.鈥檚 1st Lien/Senior Secured Debt position was restored back to accrual status due to an improvement in performance. Additionally, Animal Supply Intermediate, LLC鈥檚 2nd Lien/Senior Secured Debt position that was on non-accrual status as of December 31, 2024 was exited. As of March 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status. As of March 31, 2025, investments on non-accrual status amounted to 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively.
• The Company鈥檚 ending net debt-to-equity ratio was 1.16x as of March 31, 2025 compared to 1.17x as of December 31, 2024.
• As of March 31, 2025, 48.0% of the Company鈥檚 approximately $1,874.9 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 52.0% was comprised of secured debt.³
• On February 26, 2025, the Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share (the 鈥淏ase Dividend鈥�) with upside potential through quarterly supplemental variable distributions (the 鈥淪upplemental Dividend鈥�) in the amount of at least 50% of the Company鈥檚 net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income.
• The Company鈥檚 Board of Directors declared a second quarter 2025 Base Dividend of $0.32 per share and a special dividend of $0.16 per share payable to shareholders of record as of June 30, 2025.⁴
• The Company鈥檚 Board of Directors also declared a first quarter 2025 Supplemental Dividend of $0.05 per share payable on or about June 13, 2025 to shareholders of record as of May 30, 2025. Adjusted for the impact of the Supplemental Dividend related to the first quarter鈥檚 earnings, the Company鈥檚 first quarter adjusted NAV per share was $13.15.⁵
• On November 15, 2023, the Company entered into an equity distribution agreement pursuant to which it may issue up to $200 million in aggregate offering price of shares of its common stock through at-the-market offerings. No shares were issued during the three months ended March 31, 2025.

SELECTED FINANCIAL HIGHLIGHTS

Total investment income for the three months ended March 31, 2025 and December 31, 2024 was $96.9 million and $103.8 million, respectively. The decrease in total investment income was due to a decrease in size of the portfolio, with the total investment at amortized cost at $3,555.5 million and $3,673.6 million as of March 31, 2025 and December 31, 2024, respectively. The decrease was also due to investments being placed on non-accrual status as a result of financial underperformance.

Net expenses before taxes for the three months ended March 31, 2025 and December 31, 2024 were $46.0 million and $45.8 million, respectively. Net expenses increased slightly by $0.2 million.

INVESTMENT ACTIVITY²

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

During the three months ended March 31, 2025, new investment commitments were across six new portfolio companies and eight existing portfolio companies. Sales and repayments were primarily driven by the repayment and refinancing of our investments in six portfolio companies.

PORTFOLIO SUMMARY²

As of March 31, 2025, the Company鈥檚 investments consisted of the following:

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

As of March 31, 2025, investments on non-accrual status represented 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2025, the Company had $1,874.9 million aggregate principal amount of debt outstanding, comprised of $974.9 million of outstanding borrowings under its senior secured revolving credit facility (鈥淩evolving Credit Facility鈥�), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026 and $400.0 million of unsecured notes due 2027. The combined weighted average interest rate on debt outstanding was 5.29% for the three months ended March 31, 2025. As of March 31, 2025, the Company had $720.1 million of availability under its Revolving Credit Facility and $82.8 million in cash and cash equivalents.^3,10

The Company鈥檚 ending net debt-to-equity leverage ratio was 1.16x for the three months ended March 31, 2025, as compared to 1.17x for the three months ended December 31, 2024.¹¹

CONFERENCE CALL

The Company will host an earnings conference call on Friday, May 9, 2025 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference 鈥淕oldman Sachs BDC, Inc.鈥� when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company鈥檚 website at . An archived replay will be available on the Company鈥檚 webcast link located on the Investor Resources section of the Company鈥檚 website.

Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at [email protected].

ENDNOTES

1. On October 12, 2020, we completed our merger (the 鈥淢erger鈥�) with Goldman Sachs Middle Market Lending Corp. (鈥淢MLC鈥�). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations 鈥� Related Issues. The consideration paid to MMLC鈥檚 shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the 鈥減urchase discount鈥�). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
   
   As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (鈥淕AAP鈥�), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors鈥� understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
   
   
2. The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. (the 鈥淢oney Market Fund鈥�). As of March 31, 2025, the Company had an investment of $0.03 million in the Money Market Fund.
   
   
3. Total debt outstanding excludes netting of debt issuance costs of $6.8 million and $8.2 million, respectively, as of March 31, 2025 and December 31, 2024.
   
   
4. The $0.32 per share Base Dividend and $0.16 per share special dividend are payable on or about July 28, 2025 to shareholders of record as of June 30, 2025.
   
   
5. On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.
   
   As a supplement, we have provided a non-GAAP financial measure 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 dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.
   
   Although this non-GAAP financial measure is intended to enhance investors鈥� understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.
   
   
6. Amount rounds to less than 0.1%.
   
   
7. The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.
   
   
8. Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.
   
   
9. For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (鈥渘et debt鈥�) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (鈥淓BITDA鈥�) for the trailing twelve month period. Weighted average net debt-to-EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
   
   For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company鈥檚 contractual interest expense (鈥渋nterest coverage ratio鈥�). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
   
   Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
   
   Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of March 31, 2025 and December 31, 2024, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 21.9% and 20.5%, respectively, of total debt investments at fair value.
   
   
10. The Company鈥檚 Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (鈥淯SD鈥�). These balances have been converted to USD using applicable foreign currency exchange rates as of March 31, 2025. As a result, the Revolving Credit Facility鈥檚 outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.
    
    
11. The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of March 31, 2025 and excludes unfunded commitments.

Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
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Goldman Sachs BDC, Inc.
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ABOUT GOLDMAN SACHS BDC, INC.

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

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥減roject,鈥� 鈥渢arget,鈥� 鈥渆stimate,鈥� 鈥渋ntend,鈥� 鈥渃ontinue,鈥� or 鈥渂elieve鈥� or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition, dividends and other similar matters. These statements represent the Company鈥檚 belief regarding future events that, by their nature, are uncertain and outside of the Company鈥檚 control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled 鈥淩isk Factors鈥� and 鈥淐autionary Statement Regarding Forward-Looking Statements鈥� in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Goldman Sachs BDC, Inc.

Investor Contact: Austin Neri, 212-902-1000

Media Contact: Victoria Zarella, 212-902-5400

Source: Goldman Sachs BDC, Inc.