# EDGAR Filing Document

**Accession Number:** 0001572694
**File Stem:** 0000950170-25-105134
**Filing Date:** 2025-8
**Character Count:** 426187
**Document Hash:** d5bb66d1e60c8b52f27d0bc2ac22e8d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-105134.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000950170-25-105134

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs BDC, Inc.
- **CENTRAL INDEX KEY:** 0001572694

**ORGANIZATION NAME:**
- **EIN:** 462176593
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00998
- **FILM NUMBER:** 251194868

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **STREET 2:** ATT: PRIVATE CREDIT GROUP
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 1-212-902-0328

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **STREET 2:** ATT: PRIVATE CREDIT GROUP
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Goldman Sachs Liberty Harbor Capital, LLC
- **DATE OF NAME CHANGE:** 20130321

?xml version='1.0' encoding='ASCII'? 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM** 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended** **June 30,** 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-00998

Goldman Sachs BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| Delaware | 46-2176593 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 200 West Street, New York, New York | 10282 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: (312) 655 - 4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class**  | &nbsp;&nbsp;&nbsp;**Trading Symbol(s)**  | &nbsp;&nbsp;&nbsp;**Name of each exchange**<br>**on which registered** |
| Common Stock, par value<br>**$0.001 per share**<br>| &nbsp;&nbsp;GSBD | &nbsp;&nbsp;The New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer: ☒ Accelerated filer: ☐ Non-accelerated filer: ☐ Smaller reporting company: ☐ <br> Emerging growth company: ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of August 6, 2025, there were 114,113,096 shares of the registrant's common stock outstanding.

------

[<u>**Table of Contents**</u>](#table_of_contents)

---

| | | |
|:---|:---|:---|
|  | **GOLDMAN SACHS BDC, INC.**<br>**QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025**<br>|  |
|  | **INDEX** | **PAGE**  |
|  | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | 3 |
| [**<u>PART I</u>**](#part_i) | [**<u>FINANCIAL INFORMATION</u>**](#part_i) | 5 |
| ITEM 1. | [<u>Financial Statements (Unaudited)</u>](#part_i) | 5 |
|  | [<u>Consolidated Statements of Assets and Liabilities</u>](#part_i) | 5 |
|  | [<u>Consolidated Statements of Operations</u>](#incomestatement) | 6 |
|  | [<u>Consolidated Statements of Changes in Net Assets</u>](#change_of_capital) | 7 |
|  | [<u>Consolidated Statements of Cash Flows</u>](#cash_flow) | 8 |
|  | [<u>Consolidated Schedules of Investments</u>](#soi_first_page) | 9 |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notestofs) | 41 |
| ITEM 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | 67 |
| ITEM 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quantitativeandqualitativedisclosure) | 83 |
| ITEM 4. | [<u>Controls and Procedures</u>](#controlsandprocedures) | 83 |
| [**<u>PART II</u>**](#partii) | [**<u>OTHER INFORMATION</u>**](#partii) | 84 |
| ITEM 1. | [<u>Legal Proceedings</u>](#partii) | 84 |
| ITEM 1A. | [<u>Risk Factors</u>](#partii) | 84 |
| ITEM 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#partii) | 84 |
| ITEM 3. | [<u>Defaults Upon Senior Securities</u>](#partii) | 84 |
| ITEM 4. | [<u>Mine Safety Disclosures</u>](#partii) | 84 |
| ITEM 5. | [<u>Other Information</u>](#partii) | 84 |
| ITEM 6. | [<u>Exhibits</u>](#partii) | 84 |
| [**<u>SIGNATURES</u>**](#signiture) | [**<u>SIGNATURES</u>**](#signiture) | 86 |

---

------

[<u>**Table of Contents**</u>](#table_of_contents)

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue" or "believe" or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company ("BDC") and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2024, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict 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. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions in the capital markets, market conditions, and general economic uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United States trade policy developments, tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the war between Russia and Ukraine and conflict in the Middle East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties, including our ability to enter into transactions involving derivatives and contracting with certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our current and prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the "Investment Adviser");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future acquisitions and divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in tax laws and regulations and interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our status as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") as a regulated investment company ("RIC") and our qualification for tax treatment as a RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Investment Adviser and its affiliates;

------

[<u>**Table of Contents**</u>](#table_of_contents)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general price and volume fluctuations in the stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Investment Adviser to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business from new or amended legislation or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of credit and/or our ability to access the equity and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of global climate change on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•purchases of our common stock pursuant to any 10b5-1 plan or otherwise may result in the price of our common stock being higher than the price that otherwise might exist in the open market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•purchases of our common stock by us under any 10b5-1 plan or otherwise may result in dilution to our net asset value ("NAV") per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the increased public scrutiny of and regulation related to corporate social responsibility.

------

[<u>**Table of Contents**</u>](#table_of_contents)

**PART I. FINANCI** **AL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Goldman Sachs BDC, Inc.**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025 <br>(Unaudited)** | **December 31, 2024** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $3,245,930 and $3,533,627) | $3161700 | $3368503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments (cost of $109,957 and $139,955) | 102806 | 106755 |
| Total investments, at fair value (cost of $3,355,887 and $3,673,582) | $3264506 | $3475258 |
| Investments in affiliated money market fund (cost of $67 and $25,238) | 67 | 25238 |
| Cash | 108036 | 61795 |
| Interest and dividends receivable | 21079 | 28092 |
| Deferred financing costs | 14801 | 11897 |
| Other assets | 1749 | 1103 |
| **Total assets** | $3410238 | $3603383 |
| **Liabilities** |  |  |
| Debt (net of debt issuance costs of $5,709 and $8,176) | $1797397 | $1926452 |
| Interest and other debt expenses payable | 15516 | 21289 |
| Management fees payable | 8408 | 8780 |
| Incentive fees payable | 8526 | 6330 |
| Distribution payable | 55859 | 52784 |
| Unrealized depreciation on foreign currency forward contracts | 308 | 38 |
| Secured borrowings | 3060 | 2920 |
| Accrued expenses and other liabilities | 7775 | 12090 |
| **Total liabilities** | $1896849 | $2030683 |
| 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, 116,250,039 and 117,297,222 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 116 | 117 |
| Paid-in capital in excess of par | 1934128 | 1946253 |
| Distributable earnings (loss) | (420855) | (373670) |
| **Total net assets** | $1513389 | $1572700 |
| **Total liabilities and net assets** | $3410238 | $3603383 |
| Net asset value per share | $13.02 | $13.41 |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.**

**Consolidated Stateme** **nts of Operations** 

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $81060 | $94358 | $165264 | $191268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 6808 | 11845 | 16433 | 24491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 865 | 776 | 1850 | 1633 |
| From non-controlled affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1269 | 834 | 2630 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 208 | 770 | 381 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 711 | 10 | 1267 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 49 | 24 | 85 | 31 |
| **Total investment income** | $90970 | $108617 | $187910 | $220160 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | $26416 | $29103 | $54721 | $56717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 8526 |  | 15330 | 10882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 8408 | 8865 | 17089 | 17597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 781 | 1206 | 1745 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 207 | 207 | 414 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 1273 | 1035 | 2316 | 2097 |
| **Total expenses** | $45611 | $40416 | $91615 | $90023 |
| **Net expenses** | $45611 | $40416 | $91615 | $90023 |
| **Net investment income before taxes** | $45359 | $68201 | $96295 | $130137 |
| Income tax expense, including excise tax | $906 | $1243 | $2228 | $2319 |
| **Net investment income after taxes** | $44453 | $66958 | $94067 | $127818 |
| **Net realized and unrealized gains (losses) on investment transactions:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $(70297) | $(30004) | $(91867) | $(47650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (10922) | (2673) | (33824) | (2015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 225 | 4258 | 464 | 4444 |
| Net change in unrealized appreciation (depreciation) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 73271 | (89023) | 80860 | (91118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | 6148 | (486) | 26049 | (1462) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (181) | 41 | (270) | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations and other transactions | (3408) | (3505) | (4565) | (2155) |
| **Net realized and unrealized gains (losses)** | $(5164) | $(121392) | $(23153) | $(139770) |
| (Provision) benefit for taxes on realized gain/loss on investments | $— | $(160) | $(72) | $(144) |
| (Provision) benefit for taxes on unrealized appreciation/depreciation on investments |  | 381 |  | 335 |
| **Net increase (decrease) in net assets from operations** | $39289 | $(54213) | $70842 | $(11761) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 117204952 | 114363722 | 117250832 | 112220299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net investment income per share | $0.38 | $0.59 | $0.80 | $1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share | $0.34 | $(0.47) | $0.60 | $(0.10) |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.**

**Consolidated Statements o** **f Changes in Net Assets** 

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| **Net assets at beginning of period** | $1547950 | $1631606 | $1572700 | $1601825 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $44453 | $66958 | $94067 | $127818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (80994) | (28419) | (125227) | (45221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 75830 | (92973) | 102074 | (94549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on realized gain/loss on investments |  | (160) | (72) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on unrealized appreciation/depreciation on investments |  | 381 |  | 335 |
| **Net increase (decrease) in net assets from operations** | $39289 | $(54213) | $70842 | $(11761) |
| **Distributions to stockholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | $(61724) | $(52534) | $(118027) | $(102981) |
| **Total distributions to stockholders** | $(61724) | $(52534) | $(118027) | $(102981) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock (net of offering and underwriting costs) | $— | $69249 | $— | $105284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of stockholder distributions |  | 1786 |  | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock (including commissions and direct acquisition costs) | (12126) |  | (12126) |  |
| **Net increase (decrease) in net assets from capital transactions** | $(12126) | $71035 | $(12126) | $108811 |
| **Total increase (decrease) in net assets** | $(34561) | $(35712) | $(59311) | $(5931) |
| **Net assets at end of period** | $1513389 | $1595894 | $1513389 | $1595894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per share | $0.53 | $0.45 | $1.01 | $0.90 |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.**

**Consolidated Stateme** **nts of Cash Flows** 

**(in thousands, except share and per share amounts)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets from operations: | $70842 | $(11761) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (286193) | (538697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (17943) | (28194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated money market fund, net | 25171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 507307 | 333508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 125691 | 49665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (106909) | 92580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions | 99 | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (11062) | (13274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing and debt issuance costs | 4088 | 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividends receivable | 7013 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (646) | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and other debt expenses payable | (5444) | 7792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | (372) | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees payable | 2196 | (13041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | (5510) | (2813) |
| **Net cash provided by (used for) operating activities** | $308328 | $(114733) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock (net of underwriting costs) | $— | $105939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid | (229) | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock (including commissions and direct acquisition costs) | (10700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (114952) | (96224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing and debt issuance costs paid | (4854) | (8159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 697477 | 810824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (829000) | (687997) |
| **Net cash provided by (used for) financing activities** | $(262258) | $124037 |
| Net increase (decrease) in cash | $46070 | $9304 |
| Effect of foreign exchange rate changes on cash | 171 | (55) |
| Cash, beginning of period | 61795 | 52363 |
| Cash, end of period | $108036 | $61612 |
| **Supplemental and non-cash activities** |  |  |
| Interest expense paid | $54324 | $43387 |
| Accrued but unpaid excise tax expense | $2487 | $3019 |
| Accrued but unpaid distributions | $55859 | $52534 |
| Reinvestment of stockholder distributions | $— | $3527 |
| Exchange of investments | $97654 | $103279 |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** |  | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 210.7%** |  |  |  |  |  |  |  |  |
| **Canada - 6.9%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 6.9%** |  |  |  |  |  |  |  |  |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 |  | $13125 | $12894 | $13092<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 | CAD | 7871 | 5584 | 5766<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 | CAD | 1941 | 25 | 34<br> <sup>(6) (7) (8) (9)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 |  | 1740 | 1711 | 1735<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals |  | C + 5.75% | 11/01/30 | CAD | 1294 | (14) | (2) <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 |  | 13488 | 13445 | 13420<br> <sup>(6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 |  | 1294 | 566 | 559<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 12.50% | P + 5.00% | 02/01/27 |  | 730 | 118 | 114<br> <sup>(6) (7) (8) (9)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 7.93% | C + 5.25% | 06/30/31 | CAD | 45804 | 33132 | 33132<br> <sup>(6) (8)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels |  | C + 5.25% | 06/30/31 | CAD | 9957 | (55) | (55) <sup>(6) (8) (9)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 7.93% | C + 5.25% | 06/30/31 | CAD | 6638 | 739 | 739<br> <sup>(6) (8) (9)</sup> |
| Everest Clinical Research Corporation | Professional Services | 9.95% | S + 5.50% | 11/06/26 |  | 5655 | 5611 | 5627<br> <sup>(6) (7) (8)</sup> |
| Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) | Professional Services | 9.95% | S + 5.50% | 11/06/26 |  | 8628 | 8594 | 8585<br> <sup>(6) (7) (8)</sup> |
| Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) | Professional Services |  | S + 5.50% | 11/06/26 |  | 1260 | (3) | (6) <sup>(6) (7) (8) (9)</sup> |
| Rodeo Buyer Company (dba Absorb Software) | Professional Services | 10.70% | S + 6.25% | 05/25/27 |  | 21167 | 21007 | 21008<br> <sup>(6) (7) (8)</sup> |
| Rodeo Buyer Company (dba Absorb Software) | Professional Services |  | S + 6.25% | 05/25/27 |  | 3387 | (22) | (25) <sup>(6) (7) (8) (9)</sup> |
| iWave Information Systems, Inc. | Software | 10.59% | S + 6.25% | 11/23/28 |  | 869 | 855 | 856<br> <sup>(6) (7) (8)</sup> |
| iWave Information Systems, Inc. | Software |  | S + 6.25% | 11/23/28 |  | 438 | (1) | (7) <sup>(6) (7) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 104186 | 104572 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  |  |  |  | $104186 | $104572 |
| **United Kingdom - 2.2%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**1st Lien/Senior Secured Debt - 2.2%** |  |  |  |  |  |  |  |  |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 12.25% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP | 16140 | $19423 | $21491<br> <sup>(6) (7) (8)</sup> |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.21% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP | 12947 | 11838 | 12545<br> <sup>(6) (7) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 31261 | 34036 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  |  | $31261 | $34036 |
| **United States - 201.6%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**1st Lien/Senior Secured Debt - 185.4%** |  |  |  |  |  |  |  |  |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.32% | S + 5.00% | 01/09/30 |  | $957 | $937 | $943<br> <sup>(6) (7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.32% | S + 5.00% | 01/09/30 |  | 732 | 720 | 721<br> <sup>(6) (7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.31% | S + 5.00% | 01/09/30 |  | 327 | 324 | 322<br> <sup>(6) (7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense |  | S + 5.00% | 01/09/28 |  | 250 | (3) | (4) <sup>(6) (7) (9)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 9.82% | S + 5.50% | 04/19/30 |  | 8077 | 7941 | 7916<br> <sup>(6) (7)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense |  | S + 5.50% | 04/19/30 |  | 1219 | (20) | (24) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 | $13203 | $— | $—<br> <sup>(6) (9)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 | 4042 |  | —<br> <sup>(6) (9)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 | 2021 |  | —<br> <sup>(6) (9)</sup> |
| Thrasio, LLC | Broadline Retail |  | S + 10.00% PIK | 06/18/29 | 16409 | 12309 | 10009<br> <sup>(6) (7) (10) (11)</sup> |
| Thrasio, LLC | Broadline Retail | 14.44% | S + 10.11% PIK | 06/18/29 | 5288 | 5220 | 5156<br> <sup>(6) (7) (10)</sup> |
| Elemica Parent, Inc. | Chemicals | 9.92% | S + 5.50% | 09/18/26 | 6749 | 6648 | 6614<br> <sup>(6) (7)</sup> |
| Elemica Parent, Inc. | Chemicals | 9.95% | S + 5.50% | 09/18/26 | 1443 | 1434 | 1415<br> <sup>(6) (7)</sup> |
| Elemica Parent, Inc. | Chemicals | 9.91% | S + 5.50% | 09/18/26 | 1324 | 1309 | 1297<br> <sup>(6) (7)</sup> |
| Elemica Parent, Inc. | Chemicals | 9.96% | S + 5.50% | 09/18/26 | 930 | 860 | 849<br> <sup>(6) (7) (9)</sup> |
| Elemica Parent, Inc. | Chemicals | 9.91% | S + 5.50% | 09/18/26 | 540 | 537 | 530<br> <sup>(6) (7)</sup> |
| 3SI Security Systems, Inc. | Commercial Services & Supplies | 10.49% | S + 6.00% | 12/16/26 | 12233 | 12031 | 11622<br> <sup>(7)</sup> |
| 3SI Security Systems, Inc. | Commercial Services & Supplies | 10.49% | S + 6.00% | 12/16/26 | 1863 | 1815 | 1770<br> <sup>(7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 3930 | 3856 | 3910<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.18% | S + 5.75% | 08/01/29 | 2178 | 2148 | 2107<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.18% | S + 5.75% | 08/01/29 | 1853 | 100 | 53<br> <sup>(6) (7) (9)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 1194 | 1168 | 1188<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 1063 | 313 | 325<br> <sup>(6) (7) (9)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 593 | 581 | 590<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 198 | 193 | 197<br> <sup>(6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 9849 | 2587 | 2550<br> <sup>(6) (7) (9)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 3435 | 3403 | 3401<br> <sup>(6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 584 | 122 | 122<br> <sup>(6) (7) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 | 9427 | 9267 | 9380<br> <sup>(6) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 | 4211 | 398 | 415<br> <sup>(6) (7) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 5.25% | 02/07/31 | 1264 | (20) | (6) <sup>(6) (7) (9)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.82% | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 | 8636 | 8425 | 8528<br> <sup>(6) (7)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.32% | S + 5.00% | 08/22/30 | 1000 | 383 | 388<br> <sup>(6) (7) (9)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies |  | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 | 500 | (4) | (6) <sup>(6) (7) (9)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies | 10.17% | S + 5.75% PIK | 06/30/27 | 21540 | 21421 | 21325<br> <sup>(6) (7)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies | 10.17% | S + 5.75% | 06/30/27 | 10570 | 10536 | 10517<br> <sup>(6) (7)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies | 10.05% | S + 5.75% | 06/30/27 | 4541 | 883 | 885<br> <sup>(6) (7) (9)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.05% | S + 4.75% | 12/15/31 | 19478 | 19294 | 19283<br> <sup>(6) (7)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies |  | S + 4.75% | 12/15/31 | 6233 | (29) | (62) <sup>(6) (7) (9)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.03% | S + 4.75% | 12/15/31 | 2649 | 349 | 347<br> <sup>(6) (7) (9)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.53% | S + 5.25% | 04/30/31 | 8850 | 8734 | 8806<br> <sup>(6) (7)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.57% | S + 5.25% | 04/30/31 | 3277 | 445 | 452<br> <sup>(6) (7) (9)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.58% | S + 5.25% | 04/30/30 | 1230 | 518 | 527<br> <sup>(6) (7) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 | 24906 | 24768 | 24533<br> <sup>(6) (7)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 | 2641 | 1388 | 1363<br> <sup>(6) (7) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies |  | S + 6.00% | 05/01/29 | 2201 | (12) | (33) <sup>(6) (7) (9)</sup> |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies | 9.53% | S + 5.25% | 06/29/27 | 31756 | 31569 | 31597<br> <sup>(6) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** |  | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies | 9.52% | S + 5.25% | 06/29/27 |  | $9642 | $8968 | $8984<br> <sup>(6) (7) (9)</sup> |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies |  | S + 5.25% | 06/29/27 |  | 944 | (5) | (5) <sup>(6) (7) (9)</sup> |
| ATX Networks Corp. | Communications Equipment |  | S + 7.00% PIK | 09/01/26 |  | 4248 | 3719 | 1550<br> <sup>(6) (7) (11)</sup> |
| ATX Networks Corp. | Communications Equipment | 10.32% | S + 6.00% PIK | 09/01/26 |  | 613 | 613 | 598<br> <sup>(6) (7) (8)</sup> |
| ATX Networks Corp. | Communications Equipment | 10.32% | S + 6.00% PIK | 09/01/26 |  | 368 | 367 | 358<br> <sup>(6) (7) (8)</sup> |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 8.85% | S + 4.75% | 10/15/31 |  | 663 | 657 | 653<br> <sup>(6) (7)</sup> |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 9.04% | S + 4.75% | 10/15/31 |  | 245 | 104 | 102<br> <sup>(6) (7) (9)</sup> |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 9.08% | S + 4.75% | 10/15/31 |  | 92 | 30 | 29<br> <sup>(6) (7) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.07% | S + 4.75% | 10/24/30 |  | 11321 | 2579 | 2528<br> <sup>(6) (7) (8) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 8.41% | B + 4.75% | 10/24/30 | AUD | 11199 | 7369 | 7297<br> <sup>(6) (7) (8)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering |  | S + 4.75% | 10/24/30 |  | 1132 | (10) | (11) <sup>(6) (7) (8) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.80% | S + 4.50% | 08/29/31 |  | 10155 | 10109 | 10105<br> <sup>(6) (7)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.80% | S + 4.50% | 08/29/31 |  | 3312 | 2103 | 2099<br> <sup>(6) (7) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 1471 | (7) | (7) <sup>(6) (7) (9)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.30% | S + 6.00% | 10/04/30 |  | 4422 | 4331 | 4322<br> <sup>(6) (7)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail |  | S + 6.00% | 10/05/29 |  | 522 | (9) | (12) <sup>(6) (7) (9)</sup> |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | Containers & Packaging | 9.51% | S + 5.25% | 11/01/30 |  | 44568 | 43963 | 43788<br> <sup>(6) (7)</sup> |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | Containers & Packaging |  | S + 5.25% | 11/01/30 |  | 5208 | (69) | (91) <sup>(6) (7) (9)</sup> |
| A Place For Mom, Inc. | Diversified Consumer Services | 8.94% | S + 4.50% | 02/10/26 |  | 7093 | 7090 | 6473<br> <sup>(7)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 |  | 8199 | 8067 | 7994<br> <sup>(6) (7) (10)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.29% | S + 6.00% | 04/26/29 |  | 3834 | 1428 | 1392<br> <sup>(6) (7) (9) (10)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 |  | 767 | 364 | 357<br> <sup>(6) (7) (9) (10)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 |  | 7583 | 7546 | 7545<br> <sup>(6) (7)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services |  | S + 5.00% | 06/06/31 |  | 4321 | (22) | (22) <sup>(6) (7) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 |  | 1515 | 265 | 278<br> <sup>(6) (7) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.32% | S + 5.00% | 06/06/31 |  | 835 | 97 | 100<br> <sup>(6) (7) (9)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services | 9.43% | S + 5.00% | 11/01/28 |  | 891 | 860 | 886<br> <sup>(6) (7)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services |  | S + 5.00% | 11/01/28 |  | 86 | (3) | —<br> <sup>(6) (7) (9)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 |  | 14184 | 13974 | 14042<br> <sup>(6) (7)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services |  | S + 5.00% | 12/21/29 |  | 6283 | (60) | (63) <sup>(6) (7) (9)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 |  | 4762 | 4689 | 4714<br> <sup>(6) (7)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 |  | 4731 | 4661 | 4684<br> <sup>(6) (7)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services |  | S + 5.00% | 12/21/29 |  | 2340 | (32) | (23) <sup>(6) (7) (9)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 |  | 2223 | 2186 | 2201<br> <sup>(6) (7)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 |  | 1888 | 1848 | 1869<br> <sup>(6) (7)</sup> |
| Heartland Home Services, Inc. (fka Helios Buyer, Inc.) | Diversified Consumer Services | 10.40% | S + 6.00% | 12/15/26 |  | 18504 | 18406 | 17856<br> <sup>(6) (7)</sup> |
| Heartland Home Services, Inc. (fka Helios Buyer, Inc.) | Diversified Consumer Services | 10.40% | S + 6.00% | 12/15/26 |  | 14473 | 14426 | 13967<br> <sup>(6) (7)</sup> |
| Heartland Home Services, Inc. (fka Helios Buyer, Inc.) | Diversified Consumer Services | 10.40% | S + 6.00% | 12/15/26 |  | 7625 | 7577 | 7359<br> <sup>(6) (7)</sup> |
| Heartland Home Services, Inc. (fka Helios Buyer, Inc.) | Diversified Consumer Services | 10.32% | S + 6.00% | 12/15/26 |  | 2363 | 832 | 761<br> <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Pacvue Intermediate LLC (fka Assembly Intermediate LLC) | Diversified Consumer Services | 9.55% | S + 5.25% | 10/19/27 | $43991 | $43593 | $43991<br> <sup>(6) (7)</sup> |
| Pacvue Intermediate LLC (fka Assembly Intermediate LLC) | Diversified Consumer Services | 9.55% | S + 5.25% | 10/19/27 | 8798 | 8713 | 8798<br> <sup>(6) (7)</sup> |
| Pacvue Intermediate LLC (fka Assembly Intermediate LLC) | Diversified Consumer Services |  | S + 5.25% | 10/19/27 | 4399 | (35) | —<br> <sup>(6) (7) (9)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 17089 | 4002 | 4022<br> <sup>(6) (7) (9) (10)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 10476 | 10379 | 10397<br> <sup>(6) (7) (10)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 7345 | 7267 | 7289<br> <sup>(6) (7) (10)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 1900 | 136 | 138<br> <sup>(6) (7) (9) (10)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services | 9.30% | S + 5.00% | 03/17/32 | 665 | 660 | 660<br> <sup>(6) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/32 | 210 | (1) | (2) <sup>(6) (7) (9)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/31 | 123 | (1) | (1) <sup>(6) (7) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 9.77% | S + 5.50% | 07/25/28 | 951 | 652 | 651<br> <sup>(6) (7) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 | 211 | 206 | 211<br> <sup>(6) (7)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 | 33 | 32 | 33<br> <sup>(6) (7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.28% | S + 5.00% | 05/01/31 | 10536 | 10444 | 10430<br> <sup>(6) (7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.29% | S + 5.00% | 05/01/31 | 2761 | 1090 | 1072<br> <sup>(6) (7) (9)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services |  | S + 5.00% | 05/01/30 | 1615 | (13) | (16) <sup>(6) (7) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 | 4098 | 3998 | 4077<br> <sup>(6) (7)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 | 714 | 463 | 473<br> <sup>(6) (7) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services |  | S + 7.50% | 08/14/28 | 119 | (3) | (1) <sup>(6) (7) (9)</sup> |
| Trystar, LLC | Electrical Equipment | 8.78% | S + 4.50% | 08/06/31 | 463 | 459 | 457<br> <sup>(6) (7)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 | 233 | (1) | (3) <sup>(6) (7) (9)</sup> |
| Trystar, LLC | Electrical Equipment | 8.78% | S + 4.50% | 08/06/31 | 185 | 183 | 183<br> <sup>(6) (7)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 | 116 | (1) | (1) <sup>(6) (7) (9)</sup> |
| Iracore International Holdings, Inc. | Energy Equipment & Services | 13.45% | S + 9.00% | 04/12/26 | 1502 | 1502 | 1487<br> <sup>(7) (10)</sup> |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | Entertainment | 10.40% | S + 6.00% | 12/31/27 | 30394 | 30096 | 30014<br> <sup>(6) (7)</sup> |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | Entertainment |  | S + 6.00% | 12/31/27 | 3140 | (27) | (39) <sup>(6) (7) (9)</sup> |
| Streamland Media Midco LLC | Entertainment | 11.06% | S + 6.50% (Incl. 10.06% PIK) | 04/02/29 | 16935 | 16630 | 16596<br> <sup>(6) (7)</sup> |
| Streamland Media Midco LLC | Entertainment | 10.07% | S + 5.50% (Incl. 9.07% PIK) | 04/02/29 | 2387 | 955 | 907<br> <sup>(6) (7) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 | 21172 | 21000 | 21067<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 | 2976 | 2948 | 2961<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.00% | 12/06/29 | 2805 | (22) | (14) <sup>(6) (7) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.31% | S + 5.00% | 12/06/29 | 997 | 439 | 442<br> <sup>(6) (7) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.32% | S + 5.00% | 12/06/29 | 923 | 908 | 919<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.00% | 12/06/29 | 558 | (3) | (3) <sup>(6) (7) (9)</sup> |
| Aria Systems, LLC | Financial Services | 12.44% | S + 8.00% | 06/30/26 | 26573 | 26460 | 26440<br> <sup>(6) (7)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services |  | S + 6.00% | 01/25/28 | 1038 | (14) | (10) <sup>(6) (7) (9)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services | 10.44% | S + 6.00% | 01/25/28 | 962 | 954 | 952<br> <sup>(6) (7)</sup> |
| Celero Commerce LLC | Financial Services | 9.28% | S + 5.00% | 02/28/31 | 3795 | 3768 | 3767<br> <sup>(6) (7)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 | 904 | (3) | (7) <sup>(6) (7) (9)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 | 301 | (2) | (2) <sup>(6) (7) (9)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 5.25% | 11/15/29 | 14830 | (56) | —<br> <sup>(6) (7) (9)</sup> |
| Computer Services, Inc. | Financial Services | 9.58% | S + 5.25% | 11/15/29 | 10100 | 10018 | 10100<br> <sup>(6) (7)</sup> |
| Computer Services, Inc. | Financial Services | 9.08% | S + 4.75% | 11/15/29 | 9930 | 9843 | 9732<br> <sup>(6) (7)</sup> |
| Computer Services, Inc. | Financial Services | 9.58% | S + 5.25% | 11/15/29 | 977 | 941 | 977<br> <sup>(6) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** |  | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Coretrust Purchasing Group LLC | Financial Services | 9.58% | S + 5.25% | 10/01/29 |  | $9293 | $9202 | $9223<br> <sup>(6) (7)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 4840 | (39) | (36) <sup>(6) (7) (9)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 113 | (2) | (1) <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 34889 | 33833 | 34889<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 |  | 25712 | 15563 | 15497<br> <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 10979 | 10679 | 10979<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 7938 | (52) | (119) <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 |  | 6428 | 6330 | 6332<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 4880 | 4748 | 4880<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.71% | S + 8.25% | 11/27/29 |  | 1952 | 927 | 976<br> <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 8.25% | 11/27/29 |  | 882 | 276 | 270<br> <sup>(6) (7) (9)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services | 9.55% | S + 5.25% | 05/25/28 |  | 27647 | 27475 | 27509<br> <sup>(6)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services | 9.55% | S + 5.25% | 05/25/28 |  | 2382 | 165 | 165<br> <sup>(6) (9)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services | 9.55% | S + 5.25% | 05/25/28 |  | 1845 | 679 | 678<br> <sup>(6) (9)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.80% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 |  | 19879 | 19671 | 18090<br> <sup>(6) (7)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.80% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 |  | 4175 | 4122 | 3799<br> <sup>(6) (7)</sup> |
| Priority Holdings, LLC (dba Priority Payment) | Financial Services | 9.08% | S + 4.75% | 05/16/31 |  | 16135 | 16068 | 16151<br> <sup>(6) (8)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.57% | S + 5.25% | 02/24/31 |  | 12994 | 12883 | 12831<br> <sup>(6) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services |  | S + 5.25% | 02/24/31 |  | 1875 | (15) | (23) <sup>(6) (7) (9)</sup> |
| Eagle Family Foods Group LLC | Food Products | 9.01% | S + 5.00% | 08/12/30 |  | 864 | 856 | 851<br> <sup>(6) (7)</sup> |
| Eagle Family Foods Group LLC | Food Products |  | S + 5.00% | 08/12/30 |  | 101 | (1) | (2) <sup>(6) (7) (9)</sup> |
| Rubix Foods, LLC | Food Products | 9.08% | S + 4.75% | 04/30/31 |  | 23208 | 22980 | 22976<br> <sup>(6)</sup> |
| Rubix Foods, LLC | Food Products |  | S + 4.75% | 04/30/31 |  | 1792 | (17) | (18) <sup>(6) (9)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.05% | S + 4.75% | 12/11/30 |  | 10546 | 10399 | 10388<br> <sup>(6) (7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products |  | S + 4.75% | 12/11/30 |  | 1674 | (23) | (25) <sup>(6) (7) (9)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 12/06/27 |  | 10103 | 10037 | 9749<br> <sup>(6) (7) (12)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 10.46% | S + 6.00% | 12/06/27 |  | 5540 | 5520 | 5402<br> <sup>(6) (7) (12)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 12/06/27 |  | 4754 | 4743 | 4588<br> <sup>(6) (7) (12)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 12/06/27 |  | 4356 | 4342 | 4203<br> <sup>(6) (7) (12)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 12/06/27 |  | 2269 | 2255 | 2189<br> <sup>(6) (7) (12)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 7.60% | E + 5.50% | 11/28/31 | EUR | 10215 | 10592 | 11762<br> <sup>(6) (7)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 11/28/31 |  | 6387 | (63) | (144) <sup>(6) (7) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 7.59% | E + 5.50% | 11/28/31 |  | 5128 | 3747 | 3679<br> <sup>(6) (7) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 9.77% | S + 5.50% | 11/28/31 |  | 3760 | 3690 | 3676<br> <sup>(6) (7)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.30% | S + 5.00% | 06/21/27 |  | 21142 | 20886 | 20931<br> <sup>(6) (7)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.30% | S + 5.00% | 06/21/27 |  | 5081 | 5028 | 5030<br> <sup>(6) (7)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies |  | S + 5.00% | 06/21/27 |  | 4094 | (27) | (41) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.30% | S + 5.00% | 06/21/27 | $1602 | $1593 | $1586<br> <sup>(6) (7)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 | 24305 | 23992 | 24001<br> <sup>(6) (7)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 | 4564 | 2236 | 2223<br> <sup>(6) (7) (9)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies |  | S + 5.50% | 02/28/30 | 3426 | (40) | (43) <sup>(6) (7) (9)</sup> |
| Argos Health Holdings, Inc | Health Care Providers & Services | 10.03% | S + 5.75% | 12/03/27 | 21230 | 21031 | 20593<br> <sup>(6) (7)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services | 11.70% | S + 7.25% | 05/31/26 | 2899 | 2875 | 2878<br> <sup>(7)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services | 11.70% | S + 7.25% | 05/31/26 | 1026 | 838 | 933<br> <sup>(7)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services |  | S + 7.25% | 05/31/26 | 415 |  | —<br> <sup>(7) (9)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.06% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 20622 | 20573 | 18560<br> <sup>(6) (7)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.06% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 3580 | 3579 | 3222<br> <sup>(6) (7)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.06% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 2120 | 2120 | 1908<br> <sup>(6) (7)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 | 2396 | 2373 | 2372<br> <sup>(6) (7)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 | 271 | (5) | (3) <sup>(6) (7) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 | 221 | (3) | (2) <sup>(6) (7) (9)</sup> |
| CORA Health Holdings Corp | Health Care Providers & Services | 10.23% | S + 5.75% | 06/15/27 | 22533 | 22405 | 18928<br> <sup>(6) (7)</sup> |
| CORA Health Holdings Corp | Health Care Providers & Services | 10.23% | S + 5.75% | 06/15/27 | 372 | 370 | 313<br> <sup>(6) (7)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.15% | S + 5.75% | 08/28/28 | 20857 | 20636 | 20231<br> <sup>(6) (7)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.15% | S + 5.75% | 08/28/28 | 2195 | 2173 | 2130<br> <sup>(6) (7)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.15% | S + 5.75% | 08/26/27 | 1711 | 1697 | 1659<br> <sup>(6) (7)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 06/13/28 | 2756 | 2702 | 2708<br> <sup>(6) (7)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services |  | S + 6.75% | 06/13/28 | 313 | (6) | (5) <sup>(6) (7) (9)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.20% | S + 5.75% | 10/15/27 | 23504 | 23293 | 23445<br> <sup>(6) (7)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.20% | S + 5.75% | 10/15/27 | 14864 | 14721 | 14827<br> <sup>(6) (7)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services |  | S + 5.75% | 10/15/27 | 10000 | (38) | (25) <sup>(6) (7) (9)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.20% | S + 5.75% | 10/15/27 | 9837 | 9725 | 9812<br> <sup>(6) (7)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 12.25% | P + 4.75% | 10/15/27 | 2802 | 328 | 322<br> <sup>(6) (7) (9)</sup> |
| One GI LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 12/22/25 | 22067 | 22016 | 20743<br> <sup>(6) (7)</sup> |
| One GI LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 12/22/25 | 11781 | 11749 | 11074<br> <sup>(6) (7)</sup> |
| One GI LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 12/22/25 | 9073 | 9052 | 8528<br> <sup>(6) (7)</sup> |
| One GI LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 12/22/25 | 6466 | 6446 | 6078<br> <sup>(6) (7)</sup> |
| One GI LLC | Health Care Providers & Services | 11.17% | S + 6.75% | 12/22/25 | 3610 | 3602 | 3393<br> <sup>(6) (7)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.56% | S + 6.00% | 03/31/26 | 31270 | 31270 | 23609<br> <sup>(6) (7)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.56% | S + 6.00% | 03/31/26 | 8655 | 8655 | 6534<br> <sup>(6) (7)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.56% | S + 6.00% | 03/31/26 | 6915 | 6915 | 5221<br> <sup>(6) (7)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.56% | S + 6.00% | 03/31/26 | 1865 | 1865 | 1408<br> <sup>(6) (7)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.41% | S + 5.00% | 03/01/28 | 4266 | 423 | 421<br> <sup>(6) (7) (9)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.45% | S + 5.00% | 03/01/28 | 618 | 613 | 615<br> <sup>(6) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.45% | S + 5.00% | 03/01/28 | $170 | $168 | $169<br> <sup>(6) (7)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.38% | S + 5.00% | 03/01/28 | 83 | 13 | 13<br> <sup>(6) (7) (9)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.54% | S + 6.00% | 07/15/26 | 16587 | 16493 | 15592<br> <sup>(6) (7)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.58% | S + 6.00% | 07/15/26 | 9585 | 9524 | 9010<br> <sup>(6) (7)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.57% | S + 6.00% | 07/15/26 | 4880 | 4856 | 4587<br> <sup>(6) (7)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.53% | S + 6.00% | 07/15/26 | 2429 | 2417 | 2283<br> <sup>(6) (7)</sup> |
| Total Vision LLC | Health Care Providers & Services |  | S + 6.00% | 07/15/26 | 1270 | (5) | (76) <sup>(6) (7) (9)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.93% | S + 5.50% | 12/21/26 | 21101 | 20977 | 20574<br> <sup>(6) (7)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.93% | S + 5.50% | 12/21/26 | 9465 | 9409 | 9229<br> <sup>(6) (7)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.93% | S + 5.50% | 12/21/26 | 7336 | 7290 | 7153<br> <sup>(6) (7)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services |  | S + 5.50% | 12/21/26 | 3023 | (16) | (76) <sup>(6) (7) (9)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 | 798 | 789 | 610<br> <sup>(6) (7) (10)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 | 94 | 94 | 95<br> <sup>(6) (7) (9) (10) (12)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.90% | S + 5.50% | 12/01/27 | 18062 | 17978 | 17927<br> <sup>(6) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.90% | S + 5.50% | 12/01/27 | 2709 | 2214 | 2201<br> <sup>(6) (7) (9)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.09% | S + 6.75% | 05/03/27 | 39908 | 39609 | 39708<br> <sup>(6) (7)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.09% | S + 6.75% | 05/03/27 | 4498 | 4437 | 4476<br> <sup>(6) (7)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.09% | S + 6.75% | 05/03/27 | 3620 | 3596 | 3602<br> <sup>(6) (7)</sup> |
| Experity, Inc. | Health Care Technology | 10.30% | S + 6.00% (Incl. 3.25% PIK) | 02/24/28 | 592 | 591 | 588<br> <sup>(6) (7)</sup> |
| Experity, Inc. | Health Care Technology |  | S + 6.00% (Incl. 3.25% PIK) | 02/24/28 | 81 |  | (1) <sup>(6) (7) (9)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.80% | S + 5.50% | 06/24/26 | 15239 | 15177 | 15163<br> <sup>(6) (7)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.80% | S + 5.50% | 06/24/26 | 2674 | 2670 | 2661<br> <sup>(6) (7)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology |  | S + 5.50% | 06/24/26 | 1880 | (7) | (9) <sup>(6) (7) (9)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.80% | S + 5.50% | 06/24/26 | 997 | 995 | 992<br> <sup>(6) (7)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology | 9.36% | S + 5.00% | 05/11/29 | 12181 | 12026 | 11998<br> <sup>(6) (7)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology | 9.31% | S + 5.00% | 05/11/29 | 1558 | 1538 | 1535<br> <sup>(6) (7)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology |  | S + 5.00% | 05/11/28 | 1490 | (15) | (22) <sup>(6) (7) (9)</sup> |
| MedeAnalytics Parent, Inc. | Health Care Technology |  | 3.00% PIK | 10/23/28 | 233 | 142 | 158<br> <sup>(6) (7) (10) (11)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 8.58% | S + 4.25% | 05/19/32 | 5348 | 5322 | 5321<br> <sup>(6)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 | 2815 |  | —<br> <sup>(6) (9)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 | 1126 | (6) | (6) <sup>(6) (9)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 24090 | 23804 | 24030<br> <sup>(6) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 16300 | 14670 | 14629<br> <sup>(6) (7) (9)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 2255 | 2242 | 2249<br> <sup>(6) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 1815 | 525 | 540<br> <sup>(6) (7) (9)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology | 9.83% | S + 5.50% | 12/30/26 | 56720 | 56344 | 56436<br> <sup>(6) (7)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology |  | S + 5.50% | 12/30/26 | 7824 | (29) | (39) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| PlanSource Holdings, Inc. | Health Care Technology | 9.83% | S + 5.50% | 12/30/26 | $905 | $901 | $900<br> <sup>(6) (7)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology | 9.83% | S + 5.50% | 12/30/26 | 905 | 902 | 900<br> <sup>(6) (7)</sup> |
| WebPT, Inc. | Health Care Technology | 10.68% | S + 6.25% | 01/18/28 | 25063 | 24196 | 23935<br> <sup>(6) (7)</sup> |
| WebPT, Inc. | Health Care Technology | 10.68% | S + 6.25% | 01/18/28 | 5520 | 5478 | 5271<br> <sup>(6) (7)</sup> |
| WebPT, Inc. | Health Care Technology | 10.74% | S + 6.25% | 01/18/28 | 2617 | 2250 | 2163<br> <sup>(6) (7) (9)</sup> |
| WebPT, Inc. | Health Care Technology | 10.66% | S + 6.25% | 01/18/28 | 2203 | 2185 | 2104<br> <sup>(6) (7)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 | 8196 | 8130 | 8094<br> <sup>(6) (7)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 | 1503 | 473 | 462<br> <sup>(6) (7) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 | 301 | 58 | 56<br> <sup>(6) (7) (9)</sup> |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure | 9.24% | S + 5.00% | 04/14/31 | 10930 | 10797 | 10794<br> <sup>(6)</sup> |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure |  | S + 5.00% | 04/14/31 | 2522 | (15) | (16) <sup>(6) (9)</sup> |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure |  | S + 5.00% | 04/14/31 | 1261 | (15) | (16) <sup>(6) (9)</sup> |
| CURiO Brands LLC | Household Products | 9.55% | S + 5.25% | 04/02/31 | 804 | 796 | 796<br> <sup>(6)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 | 131 | (1) | (1) <sup>(6) (9)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 | 65 | (1) | (1) <sup>(6) (9)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.80% | S + 6.50% PIK | 08/11/27 | 37058 | 36751 | 34093<br> <sup>(6) (7)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.80% | S + 6.50% PIK | 08/11/27 | 7070 | 7069 | 6504<br> <sup>(6) (7)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.80% | S + 6.50% PIK | 08/11/27 | 5637 | 5637 | 5186<br> <sup>(6) (7)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.80% | S + 6.50% PIK | 08/11/27 | 4483 | 4095 | 3736<br> <sup>(6) (7) (9)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers |  | S + 6.50% PIK | 08/11/27 | 3685 | (28) | (295) <sup>(6) (7) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 | 676 | 670 | 669<br> <sup>(6) (7)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 | 285 | 104 | 102<br> <sup>(6) (7) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/30 | 53 | 16 | 16<br> <sup>(6) (7) (9)</sup> |
| Khoros, LLC (fka Lithium Technologies, Inc.) | Interactive Media & Services | 10.00% | 10.00% | 05/23/30 | 18973 | 18272 | 18262<br> <sup>(6) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 9.05% | S + 4.75% | 11/27/30 | 8500 | 8343 | 8309<br> <sup>(6) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 9.05% | S + 4.75% | 11/27/30 | 5000 | 351 | 288<br> <sup>(6) (7) (9)</sup> |
| Ark Data Centers, LLC | IT Services | 11.25% | P + 3.75% | 11/27/30 | 1500 | 23 | 16<br> <sup>(6) (7) (9)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 | 3361 | 3309 | 3344<br> <sup>(6) (7)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 | 1187 | 1171 | 1181<br> <sup>(6) (7)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services |  | S + 5.25% | 10/02/29 | 882 | (6) | (4) <sup>(6) (7) (9)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services |  | S + 5.25% | 10/02/29 | 706 | (10) | (4) <sup>(6) (7) (9)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 8.80% | S + 4.50% | 06/03/32 | 20110 | 20016 | 20010<br> <sup>(6)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 11/07/31 | 1910 | (9) | (10) <sup>(6) (9)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 06/03/32 | 371 |  | (2) <sup>(6) (9)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 06/03/32 | 99 | (1) | —<br> <sup>(6) (9)</sup> |
| US Signal Company, LLC | IT Services | 9.92% | S + 5.50% | 09/04/29 | 6842 | 6783 | 6774<br> <sup>(6) (7)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 | 2105 | (18) | (21) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** |  | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| US Signal Company, LLC | IT Services | 9.90% | S + 5.50% | 09/04/29 |  | $1053 | $254 | $253<br> <sup>(6) (7) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 3867 | 3856 | 3847<br> <sup>(6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services |  | S + 4.75% | 01/22/29 |  | 439 | (1) | (2) <sup>(6) (7) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 370 | 366 | 369<br> <sup>(6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 303 | 300 | 302<br> <sup>(6) (7)</sup> |
| Xactly Corporation | IT Services | 10.68% | S + 6.25% | 07/30/27 |  | 62025 | 61504 | 61405<br> <sup>(6) (7)</sup> |
| Xactly Corporation | IT Services |  | S + 6.25% | 07/30/27 |  | 3874 | (28) | (39) <sup>(6) (7) (9)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.83% | S + 6.50% | 07/18/28 |  | 4120 | 4043 | 4069<br> <sup>(6) (7)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.82% | S + 6.50% | 07/18/28 |  | 533 | 523 | 527<br> <sup>(6) (7)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products |  | S + 6.50% | 07/18/28 |  | 269 | (4) | (3) <sup>(6) (7) (9)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 9.30% | S + 5.00% | 06/30/32 |  | 14611 | 14464 | 14464<br> <sup>(6)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 2684 | (13) | (13) <sup>(6) (9)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 2236 | (22) | (22) <sup>(6) (9)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.03% | S + 4.75% | 08/20/31 |  | 810 | 803 | 800<br> <sup>(6) (7)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery |  | S + 4.75% | 08/20/30 |  | 138 | (1) | (2) <sup>(6) (7) (9)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.08% | S + 4.75% | 12/02/31 |  | 14383 | 14248 | 14239<br> <sup>(6) (7)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery |  | S + 4.75% | 12/02/31 |  | 3721 | (17) | (37) <sup>(6) (7) (9)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.89% | S + 4.75% | 12/02/31 |  | 1860 | 57 | 56<br> <sup>(6) (7) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.05% | S + 4.75% | 12/26/31 |  | 19811 | 19624 | 19613<br> <sup>(6) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.06% | S + 4.75% | 12/26/31 |  | 5089 | 1235 | 1214<br> <sup>(6) (7) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.05% | S + 4.75% | 12/26/31 |  | 2546 | 1209 | 1207<br> <sup>(6) (7) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.05% | S + 4.75% | 07/01/31 |  | 554 | 546 | 547<br> <sup>(6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.04% | S + 4.75% | 07/01/30 |  | 148 | 25 | 25<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.08% | S + 4.75% | 07/01/31 |  | 148 | 28 | 28<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 6.73% | E + 4.75% | 07/01/31 | EUR | 137 | 146 | 159<br> <sup>(6) (7) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.08% | S + 5.75% | 09/03/30 |  | 9113 | 8897 | 9021<br> <sup>(6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.03% | S + 5.75% | 09/03/30 |  | 1069 | 1051 | 1059<br> <sup>(6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media |  | S + 5.75% | 08/31/28 |  | 749 | (15) | (7) <sup>(6) (7) (9)</sup> |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 9.55% | S + 5.25% | 06/30/31 |  | 3733 | 3677 | 3677<br> <sup>(6) (8)</sup> |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels |  | S + 5.25% | 06/30/31 |  | 811 | (6) | (6) <sup>(6) (8) (9)</sup> |
| LS Clinical Services Holdings, Inc (dba CATO) | Pharmaceuticals | 11.55% | S + 7.25% (Incl. 3.25% PIK) | 12/16/27 |  | 17771 | 17587 | 14750<br> <sup>(6) (7)</sup> |
| LS Clinical Services Holdings, Inc (dba CATO) | Pharmaceuticals | 11.55% | S + 7.25% (Incl. 3.25% PIK) | 06/16/27 |  | 2334 | 1901 | 1529<br> <sup>(6) (7) (9)</sup> |
| Bullhorn, Inc. | Professional Services | 9.33% | S + 5.00% | 10/01/29 |  | 25952 | 25450 | 25952<br> <sup>(6) (7)</sup> |
| Bullhorn, Inc. | Professional Services | 9.33% | S + 5.00% | 10/01/29 |  | 4622 | 4600 | 4622<br> <sup>(6) (7)</sup> |
| Bullhorn, Inc. | Professional Services |  | S + 5.00% | 10/01/29 |  | 1344 | (10) | —<br> <sup>(6) (7) (9)</sup> |
| Bullhorn, Inc. | Professional Services | 9.33% | S + 5.00% | 10/01/29 |  | 1201 | 1192 | 1201<br> <sup>(6) (7)</sup> |
| Bullhorn, Inc. | Professional Services | 9.33% | S + 5.00% | 10/01/29 |  | 538 | 528 | 538<br> <sup>(6) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Bullhorn, Inc. | Professional Services | 9.33% | S + 5.00% | 10/01/29 | $429 | $421 | $429<br> <sup>(6) (7)</sup> |
| Diligent Corporation | Professional Services | 9.33% | S + 5.00% | 08/02/30 | 58189 | 57816 | 57753<br> <sup>(6) (7)</sup> |
| Diligent Corporation | Professional Services |  | S + 5.00% | 08/02/30 | 13585 | (83) | (102) <sup>(6) (7) (9)</sup> |
| Diligent Corporation | Professional Services | 9.33% | S + 5.00% | 08/02/30 | 9975 | 9911 | 9900<br> <sup>(6) (7)</sup> |
| Diligent Corporation | Professional Services | 9.33% | S + 5.00% | 08/02/30 | 7450 | 513 | 503<br> <sup>(6) (7) (9)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 | 915 | 903 | 896<br> <sup>(6) (7)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 | 75 | 37 | 36<br> <sup>(6) (7) (9)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 | 47432 | 46993 | 45298<br> <sup>(6) (7)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 | 4199 | 590 | 441<br> <sup>(6) (7) (9)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 9.89% | S + 5.75% | 11/30/27 | 16924 | 16759 | 16840<br> <sup>(6) (7)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.09% | S + 5.75% | 11/30/27 | 16649 | 16493 | 16566<br> <sup>(6) (7)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 12.25% | P + 4.75% | 11/30/27 | 2992 | 648 | 658<br> <sup>(6) (7) (9)</sup> |
| Pluralsight, Inc. | Professional Services | 11.83% | S + 7.50% PIK | 08/22/29 | 15915 | 14924 | 15437<br> <sup>(6) (7) (10)</sup> |
| Pluralsight, Inc. | Professional Services | 8.83% | S + 4.50% (Incl. 1.50% PIK) | 08/22/29 | 9786 | 9703 | 9688<br> <sup>(6) (7) (10)</sup> |
| Pluralsight, Inc. | Professional Services |  | S + 4.50% (Incl. 1.50% PIK) | 08/22/29 | 6046 |  | (60) <sup>(6) (7) (9) (10)</sup> |
| Pluralsight, Inc. | Professional Services | 8.83% | S + 4.50% (Incl. 1.50% PIK) | 08/22/29 | 4893 | 4893 | 4844<br> <sup>(6) (7) (10)</sup> |
| Pluralsight, Inc. | Professional Services |  | S + 4.50% (Incl. 1.50% PIK) | 08/22/29 | 2418 |  | (24) <sup>(6) (7) (9) (10)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.05% | S + 4.75% | 09/19/31 | 9785 | 9695 | 9638<br> <sup>(6) (7)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.08% | S + 4.75% | 09/19/31 | 2854 | 951 | 924<br> <sup>(6) (7) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services |  | S + 4.75% | 09/19/31 | 1479 | (13) | (22) <sup>(6) (7) (9)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 10.91% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 36775 | 36478 | 34568<br> <sup>(6) (7) (8)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 10.94% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 11874 | 11801 | 11161<br> <sup>(6) (7) (8)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 10.91% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 11280 | 11213 | 10604<br> <sup>(6) (7) (8)</sup> |
| MRI Software LLC | Real Estate Mgmt. & Development | 9.05% | S + 4.75% | 02/10/27 | 3367 | 3359 | 3338 |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development | 10.83% | S + 6.50% | 07/01/27 | 75708 | 75708 | 74950<br> <sup>(6) (7)</sup> |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development |  | S + 6.50% | 07/01/27 | 7987 |  | (80) <sup>(6) (7) (9)</sup> |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development | 10.83% | S + 6.50% | 07/01/27 | 6169 | 6090 | 6107<br> <sup>(6) (7)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software | 10.29% | S + 6.00% | 03/10/27 | 2837 | 2813 | 2589<br> <sup>(6) (7)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software |  | S + 6.00% | 03/10/27 | 1220 | (9) | (107) <sup>(6) (7) (9)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.83% | S + 4.50% | 05/28/32 | 15558 | 15404 | 15402<br> <sup>(6)</sup> |
| Accommodations Plus Technologies LLC | Software |  | S + 4.50% | 05/28/32 | 2394 | (24) | (24) <sup>(6) (9)</sup> |
| Acquia, Inc. | Software | 11.41% | S + 7.00% | 10/30/26 | 42164 | 41842 | 41743<br> <sup>(6) (7)</sup> |
| Acquia, Inc. | Software | 11.41% | S + 7.00% | 10/30/26 | 10554 | 10471 | 10448<br> <sup>(6) (7)</sup> |
| Acquia, Inc. | Software | 11.43% | S + 7.00% | 10/30/26 | 3268 | 3250 | 3235<br> <sup>(6) (7)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 8.83% | S + 4.50% | 08/29/31 | 7167 | 7102 | 7095<br> <sup>(6) (7)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.50% | 08/29/31 | 1433 | (6) | (14) <sup>(6) (7) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.50% | 08/29/31 | 896 | (8) | (9) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 11.59% | S + 7.00% | 12/31/26 | $39210 | $38974 | $38230<br> <sup>(6) (7)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.59% | S + 8.00% | 12/31/26 | 13403 | 13392 | 13258<br> <sup>(6) (7) (9)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.59% | S + 8.00% | 12/31/26 | 12500 | 12500 | 12375<br> <sup>(6) (7)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.59% | S + 8.00% | 12/31/26 | 6600 | 6600 | 6534<br> <sup>(6) (7)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 11.59% | S + 7.00% | 12/31/26 | 4570 | 3632 | 3542<br> <sup>(6) (7) (9)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.59% | S + 8.00% | 12/31/26 | 2339 | 2339 | 2316<br> <sup>(6) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 2898 | 2841 | 2883<br> <sup>(6) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 190 | 188 | 189<br> <sup>(6) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 184 | 180 | 183<br> <sup>(6) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.55% | S + 4.25% | 07/28/31 | 10567 | 10471 | 10514<br> <sup>(6) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/28/31 | 2586 | (11) | (13) <sup>(6) (7) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/26/30 | 1256 | (11) | (6) <sup>(6) (7) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/26/30 | 591 | (5) | (3) <sup>(6) (7) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.05% | S + 4.75% | 07/14/31 | 600 | 595 | 594<br> <sup>(6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 | 286 | (1) | (3) <sup>(6) (7) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 | 114 | (1) | (1) <sup>(6) (7) (8) (9)</sup> |
| CloudBees, Inc. | Software | 11.44% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | 30617 | 30026 | 30617<br> <sup>(6) (7)</sup> |
| CloudBees, Inc. | Software | 11.44% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | 13084 | 12817 | 13084<br> <sup>(6) (7)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 10.33% | S + 6.00% | 12/31/26 | 5355 | 5315 | 5312<br> <sup>(6)</sup> |
| Convenient Payments Acquisition, Inc. | Software |  | S + 6.00% | 12/31/26 | 786 | (3) | (3) <sup>(6) (9)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 10.33% | S + 6.00% | 12/31/26 | 393 | 82 | 82<br> <sup>(6) (9)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.08% | S + 6.75% | 11/08/30 | 3631 | 3555 | 3595<br> <sup>(6) (7)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software |  | S + 6.75% | 11/08/30 | 363 | (7) | (4) <sup>(6) (7) (9)</sup> |
| Gainsight, Inc. | Software | 10.23% | S + 5.75% | 07/30/27 | 29079 | 28889 | 29079<br> <sup>(6)</sup> |
| Gainsight, Inc. | Software |  | S + 5.75% | 07/30/27 | 5708 | (34) | —<br> <sup>(6) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.03% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 | 11837 | 11740 | 11837<br> <sup>(6) (7)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.53% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 | 2482 | 2464 | 2457<br> <sup>(6) (7)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 11.75% | P + 4.25% | 01/17/31 | 1645 | 217 | 222<br> <sup>(6) (7) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 | 279 | (2) | (3) <sup>(6) (7) (9)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.30% | S + 5.00% | 12/01/28 | 68016 | 67740 | 67675<br> <sup>(6) (7)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software |  | S + 5.00% | 12/01/28 | 12952 | (8) | (65) <sup>(6) (7) (9)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.29% | S + 5.00% | 12/01/28 | 8322 | 1384 | 1385<br> <sup>(6) (7) (9)</sup> |
| KPA Parent Holdings, Inc. | Software | 9.08% | S + 4.75% | 03/12/32 | 788 | 780 | 780<br> <sup>(6) (7)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.75% | 03/12/32 | 113 | (1) | (1) <sup>(6) (7) (9)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.75% | 03/12/32 | 79 | (1) | (1) <sup>(6) (7) (9)</sup> |
| NAVEX TopCo, Inc. | Software | 9.57% | S + 5.50% | 11/08/30 | 9075 | 8926 | 9052<br> <sup>(7)</sup> |
| NAVEX TopCo, Inc. | Software |  | S + 5.50% | 11/09/28 | 810 | (11) | (2) <sup>(7) (9)</sup> |
| NC Topco, LLC (dba NContracts) | Software | 8.83% | S + 4.50% | 09/01/31 | 36190 | 35868 | 35828<br> <sup>(6) (7)</sup> |
| NC Topco, LLC (dba NContracts) | Software |  | S + 4.50% | 09/01/31 | 10274 | (45) | (103) <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** |  | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| NC Topco, LLC (dba NContracts) | Software |  | S + 4.50% | 09/01/31 |  | $4110 | $(36) | $(41) <sup>(6) (7) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.84% | N + 4.50% | 05/03/29 | NOK | 53835 | 5033 | 5314<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software |  | S + 4.50% | 05/03/29 |  | 31667 |  | (158) <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 18927 | 18851 | 18832<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 7214 | 7214 | 7178<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.90% | S + 4.50% | 05/03/29 |  | 4904 | 4603 | 4596<br> <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software |  | S + 4.50% | 05/03/29 |  | 4201 | (16) | (21) <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 2859 | 2859 | 2845<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.72% | SN + 4.50% | 05/03/29 | GBP | 2600 | 3317 | 3551<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.81% | S + 4.50% | 05/03/29 |  | 1642 | 478 | 470<br> <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 661 | 262 | 259<br> <sup>(6) (7) (8) (9)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 |  | 13884 | 13598 | 13675<br> <sup>(6) (7)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 |  | 1047 | 956 | 961<br> <sup>(6) (7) (9)</sup> |
| Pioneer Buyer I, LLC | Software | 10.30% | S + 6.00% | 11/01/28 |  | 30524 | 30271 | 30448<br> <sup>(6) (7)</sup> |
| Pioneer Buyer I, LLC | Software |  | S + 6.00% | 11/01/27 |  | 4300 | (34) | (11) <sup>(6) (7) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.30% | S + 5.00% | 12/17/31 |  | 12166 | 12051 | 12075<br> <sup>(6) (7)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 3030 | (14) | (23) <sup>(6) (7) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 1515 | (14) | (11) <sup>(6) (7) (9)</sup> |
| Singlewire Software, LLC | Software | 9.55% | S + 5.25% | 05/10/29 |  | 692 | 677 | 685<br> <sup>(6) (7)</sup> |
| Singlewire Software, LLC | Software |  | S + 5.25% | 05/10/29 |  | 129 | (3) | (1) <sup>(6) (7) (9)</sup> |
| Smarsh, Inc. | Software | 9.05% | S + 4.75% | 02/16/29 |  | 35000 | 34692 | 34650<br> <sup>(6) (7)</sup> |
| Smarsh, Inc. | Software | 9.05% | S + 4.75% | 02/16/29 |  | 5000 | 2096 | 2083<br> <sup>(6) (7) (9)</sup> |
| Smarsh, Inc. | Software |  | S + 4.75% | 02/16/29 |  | 3333 | (30) | (33) <sup>(6) (7) (9)</sup> |
| Smarsh, Inc. | Software |  | S + 4.75% | 02/16/29 |  | 3333 | (11) | (33) <sup>(6) (7) (9)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 8.80% | S + 4.50% | 07/02/29 |  | 52956 | 52415 | 52426<br> <sup>(6) (7)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 8.80% | S + 4.50% | 07/02/29 |  | 7398 | 1899 | 1891<br> <sup>(6) (7) (9)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software | 9.05% | S + 4.75% | 01/30/32 |  | 16216 | 16061 | 16054<br> <sup>(6) (7)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software |  | S + 4.75% | 01/30/32 |  | 6757 | (32) | (68) <sup>(6) (7) (9)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software |  | S + 4.75% | 01/30/32 |  | 2027 | (19) | (20) <sup>(6) (7) (9)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail |  | S + 5.00% | 06/02/31 |  | 21475 | (52) | (107) <sup>(6) (7) (9)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 |  | 16988 | 16838 | 16988<br> <sup>(6) (7)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 |  | 9301 | 5792 | 5859<br> <sup>(6) (7) (9)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail |  | S + 5.00% | 05/31/30 |  | 2178 | (18) | —<br> <sup>(6) (7) (9)</sup> |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.55% | S + 6.25% | 09/29/27 |  | 5663 | 5584 | 5592<br> <sup>(6) (7)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 |  | 16349 | 16017 | 15859<br> <sup>(6) (7)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 |  | 12940 | 8933 | 8776<br> <sup>(6) (7) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 |  | 25803 | 25486 | 24190<br> <sup>(6) (7)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.55% | S + 5.25% | 12/31/29 |  | 2988 | 741 | 590<br> <sup>(6) (7) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% | 12/31/29 |  | 1797 | 190 | 90<br> <sup>(6) (7) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.30% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | $43707 | $43643 | $43051<br> <sup>(6) (7)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors |  | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 3059 | (2) | (46) <sup>(6) (7) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.55% | S + 5.25% | 06/23/31 | 5955 | 5875 | 5881<br> <sup>(6) (7)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.57% | S + 5.25% | 06/23/31 | 3326 | 3263 | 3267<br> <sup>(6) (7) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors |  | S + 5.25% | 06/21/30 | 667 | (8) | (8) <sup>(6) (7) (9)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.70% | S + 5.25% | 03/31/27 | 3922 | 731 | 721<br> <sup>(6) (7) (9)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 3912 | 3872 | 3873<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 3912 | 3872 | 3873<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 2445 | 2420 | 2421<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services |  | S + 5.25% | 03/31/27 | 490 | (5) | (5) <sup>(6) (7) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 2852454 | 2805839 |
| **1st Lien/Last-Out Unitranche (13) - 12.4%** |  |  |  |  |  |  |  |
| Streamland Media Midco LLC | Entertainment |  | S + 5.50% (Incl. 9.06% PIK) | 04/02/29 | $16313 | $14958 | $15334<br> <sup>(6) (7) (11)</sup> |
| Doxim, Inc. | Financial Services | 10.83% | S + 6.40% | 06/01/26 | 38801 | 38504 | 38122<br> <sup>(6) (7)</sup> |
| Doxim, Inc. | Financial Services | 11.18% | S + 6.75% | 06/01/26 | 24125 | 24002 | 23642<br> <sup>(6) (7)</sup> |
| Doxim, Inc. | Financial Services | 10.83% | S + 6.40% | 06/01/26 | 22863 | 22659 | 22463<br> <sup>(6) (7)</sup> |
| Doxim, Inc. | Financial Services | 11.43% | S + 7.00% | 06/01/26 | 6495 | 6462 | 6382<br> <sup>(6) (7)</sup> |
| Doxim, Inc. | Financial Services | 12.43% | S + 8.00% | 06/01/26 | 5043 | 5016 | 4993<br> <sup>(6) (7)</sup> |
| Doxim, Inc. | Financial Services | 12.43% | S + 8.00% | 06/01/26 | 3779 | 3760 | 3741<br> <sup>(6) (7)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.08% | S + 6.75% | 07/07/28 | 19504 | 19199 | 19211<br> <sup>(6) (7)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.08% | S + 6.75% | 07/07/28 | 7591 | 7246 | 7133<br> <sup>(6) (7) (9)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | 6255 | 6209 | 6224<br> <sup>(6) (7)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | 3745 | 3301 | 3309<br> <sup>(6) (7) (9)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.85% | S + 6.55% | 12/06/28 | 10000 | 9676 | 9699<br> <sup>(6) (7) (9)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 6150 | 6101 | 6119<br> <sup>(6) (7)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 3850 | 1171 | 1181<br> <sup>(6) (7) (9)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 9428 | 9354 | 9380<br> <sup>(6) (7)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 5573 | 1838 | 1851<br> <sup>(6) (7) (9)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.38% | S + 7.00% | 08/24/28 | 3111 | 3081 | 3096<br> <sup>(6) (7)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.37% | S + 7.00% | 08/24/28 | 1889 | 1083 | 1091<br> <sup>(6) (7) (9)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.14% | S + 3.75% | 08/31/28 | 5000 | 4339 | 4365<br> <sup>(6) (7) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 187959 | 187336 |
| **2nd Lien/Senior Secured Debt - 3.3%** |  |  |  |  |  |  |  |
| MPI Products LLC | Automobile Components |  | 12.00% PIK | 07/15/25 | $21828 | $20477 | $16971<br> <sup>(7) (11)</sup> |
| MPI Products LLC | Automobile Components |  |  | 07/15/25 | 7412 |  | —<br> <sup>(7) (14)</sup> |
| Wine.com, LLC | Beverages | 16.52% | S + 12.00% PIK | 04/03/27 | 12359 | 12684 | 12483<br> <sup>(6) (7)</sup> |
| Wine.com, LLC | Beverages | 16.57% | S + 12.00% PIK | 04/03/27 | 3549 | 2778 | 6185<br> <sup>(6) (7) (9) (15)</sup> |
| Chase Industries, Inc. (dba Senneca Holdings) | Building Products |  |  | 11/11/27 | 15511 |  | —<br> <sup>(6) (7) (14)</sup> |
| Chase Industries, Inc. (dba Senneca Holdings) | Building Products |  | 10.00% PIK | 11/11/27 | 12150 | 9714 | 9659<br> <sup>(6) (7) (11)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Interest<br>Rate**<sup>(4)</sup> | **Reference Rate <br>and Spread**<sup>(4)</sup> | **Maturity** | **Par**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Sweep Midco LLC | Commercial Services & Supplies |  |  | 03/12/36 | $16360 | $— | $—<br> <sup>(6) (7) (14)</sup> |
| Sweep Midco LLC | Commercial Services & Supplies |  |  | 03/12/34 | 5621 | 4216 | 4061<br> <sup>(6) (7) (14)</sup> |
| **Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  | 49869 | 49359 |
| &nbsp;&nbsp;&nbsp;**Unsecured Debt - 0.5%** |  |  |  |  |  |  |  |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | $37740 | $— | $—<br> <sup>(6) (7) (11) (15)</sup> |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | 21768 | 6488 | —<br> <sup>(6) (7) (11) (15)</sup> |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | 13237 | 15230 | —<br> <sup>(6) (7) (11)</sup> |
| Bayside Parent, LLC (dba Pro-PT) | Health Care Providers & Services | 14.45% | S + 10.00% PIK | 05/31/26 | 1278 | 272 | 1106<br> <sup>(7)</sup> |
| mPulse Mobile, Inc. (dba Zipari Inc.) | Health Care Technology |  |  | 09/05/31 | 8247 | 7072 | 7175<br> <sup>(7) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt** |  |  |  |  |  | 29062 | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $3119344 | $3050815 |
| **Total Debt Investments** |  |  |  |  |  | $3254791 | $3189423 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Initial<br>Acquisition<br>Date**<sup>(16)</sup> | **Shares**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **Equity Securities - 5.0%** |  |  |  |  |  |
| **Canada - 0.0%** |  |  |  |  |  |
| **Common Stock - 0.0%** |  |  |  |  |  |
| Prairie Provident Resources, Inc. | Oil, Gas & Consumable Fuels |  | 3579988 | $9237 | $79<br> <sup>(8) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | 9237 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  | $9237 | $79 |
| **United States - 5.0%** |  |  |  |  |  |
| **Common Stock - 2.3%** |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense | 04/19/24 | 610 | $610 | $583<br> <sup>(6) (7) (14)</sup> |
| Thrasio Holdings, Inc. | Broadline Retail | 06/18/24 | 252754 |  | —<br> <sup>(6) (7) (10) (14)</sup> |
| Elah Holdings, Inc. | Capital Markets | 05/09/18 | 111650 | 5238 | 5396<br> <sup>(6) (7) (10) (14)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services | 04/26/24 | 2116564 | 2117 | 1651<br> <sup>(6) (7) (10) (14)</sup> |
| SEM Holdings, LLC (dba Southeast Mechanical, LLC) | Diversified Consumer Services | 07/06/22 | 1100 | 1100 | 1712<br> <sup>(6) (7) (10) (14)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 12/21/21 | 23400 | 2340 | 2071<br> <sup>(6) (7) (14)</sup> |
| Iracore International Holdings, Inc. | Energy Equipment & Services | 04/13/17 | 28898 | 7003 | 3933<br> <sup>(7) (10) (14)</sup> |
| Streamland Media Holdings LLC | Entertainment | 03/31/25 | 159126 | 6393 | 5216<br> <sup>(6) (7) (14)</sup> |
| PPT Management Holdings, LLC (dba Pro-PT) | Health Care Providers & Services | 05/31/23 | 1293 |  | —<br> <sup>(7) (14)</sup> |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 731038 |  | —<br> <sup>(7) (10) (14)</sup> |
| Total Vision Holdings, LLC | Health Care Providers & Services | 07/15/21 | 122571 | 2270 | 233<br> <sup>(6) (7) (14)</sup> |
| MedeAnalytics Group Holdings, LLC | Health Care Technology | 04/21/23 | 9 |  | —<br> <sup>(6) (7) (10) (14)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 08/11/21 | 3355 | 3406 | 1385<br> <sup>(6) (7) (14)</sup> |
| Pluralsight, Inc. | Professional Services | 08/22/24 | 4836698 | 13167 | 11125<br> <sup>(6) (7) (10) (14)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software | 03/10/21 | 29326 | 2933 | 71<br> <sup>(6) (7) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | 46577 | 33376 |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(2)</sup> | **Industry**<sup>(3)</sup> | **Initial<br>Acquisition<br>Date**<sup>(16)</sup> | **Shares**<sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **Preferred Stock - 2.7%** |  |  |  |  |  |
| Wine.com, LLC | Beverages | 11/14/18 | 535226 | $8225 | $—<br> <sup>(6) (7) (14)</sup> |
| Wine.com, LLC | Beverages | 03/03/21 | 124040 | 3066 | —<br> <sup>(6) (7) (14)</sup> |
| FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 10/02/24 | 759 | 100 | 116<br> <sup>(6) (7) (14)</sup> |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 354698 | 113 | —<br> <sup>(7) (10) (14)</sup> |
| MedeAnalytics Group Holdings, LLC | Health Care Technology | 10/09/20 |  |  | —<br> <sup>(6) (7) (10) (14) (17)</sup> |
| Khoros, LLC (fka Lithium Technologies, Inc.) | Interactive Media & Services |  | 202383 | 8698 | 8698<br> <sup>(6) (7) (14)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 1152957 | 12899 | 17444<br> <sup>(6) (7) (14)</sup> |
| Lobos Parent, Inc. (dba NeoGov) | Software | 12/02/21 | 10597 | 10332 | 14972<br> <sup>(6) (7) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  | 43433 | 41230 |
| **Warrants - 0.0%** |  |  |  |  |  |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 05/29/20 | 2812 | $— | $—<br> <sup>(6) (7) (14)</sup> |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 05/29/20 | 294 |  | —<br> <sup>(6) (7) (14)</sup> |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 06/22/20 | 59 |  | —<br> <sup>(6) (7) (14)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 333980 | 1849 | 398<br> <sup>(6) (7) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Warrants** |  |  |  | 1849 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $91859 | $75004 |
| **Total Equity Securities** |  |  |  | $101096 | $75083 |
| **Total Investments - 215.7%** |  |  |  | $3355887 | $3264506 |
| **Investments in Affiliated Money Market Fund - 0.0%** |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  | 66901 | $67 | $67<br> <sup>(18) (19)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  | 67 | 67 |
| **Total Investments and Investments in Affiliated Money Market Fund - 215.7%** |  |  |  | $3355954 | $3264573 |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

(1)Percentages are based on net assets.

(2)Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 "Debt".

(3)For Industry subtotal and percentage, see Note 4 "Investments."

(4)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 June 30, 2025, 3 month E was 1.94%, 6 month E was 2.05%, 1 month S was 4.32%, 3 month S was 4.29%, 6 month S was 4.15%, 3 month SN was 4.22%, 3 month C was 2.68%, 3 month N was 4.25%, 1 month B was 3.61% 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 June 30, 2025.

(5)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").

(6)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".

(7)The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

(8)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 June 30, 2025, the aggregate fair value of these securities is $269,827 or 7.9% of the Company's total assets.

(9)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".

(10)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".

(11)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(12)The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies."

(13)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.

(14)Non-income producing security.

(15)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 below), the Company recorded a corresponding $3,060 secured borrowing at fair value, which is included in "secured borrowings" in the accompanying Consolidated Statements of Assets and Liabilities. As of June 30, 2025, the interest rate in effect for the secured borrowing was 16.57% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 "Significant Accounting Policies".

(16)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 June 30, 2025, the aggregate fair value of these securities is $66,306 or 4.4% of the Company's net assets. The initial acquisition dates have been included for such securities.

(17)Share amount rounds to less than 1.

(18)The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

(19)The annualized seven-day yield as of June 30, 2025 is 4.21%.

PIK – Payment-In-Kind

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| Bank of America, N.A. | USD 2,661 | GBP 2,161 | 01/15/26 | $(308) |
|  |  |  |  | $**(308)** |

---

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

------

[<u>**Table of Contents**</u>](#table_of_contents)

**Goldman Sachs BDC, Inc.** 

**Consolidated Schedule of Investments as of December 31, 2024**

**(in thousands, except share and per share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 216.8%** |  |  |  |  |  |  |  |  |
| **Canada - 4.5%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 4.5%** |  |  |  |  |  |  |  |  |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 |  | $13191 | $12943 | $13191<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 9.66% | C + 5.75% | 11/01/30 | CAD | 7911 | 5606 | 5503<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 9.54% | C + 5.75% | 11/01/30 | CAD | 1941 | 25 | 36<br> <sup>(6) (7) (8) (9)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 |  | 1749 | 1718 | 1749<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 | CAD | 1294 | 178 | 186<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 |  | 13488 | 13433 | 13420<br> <sup>(6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 |  | 1294 | 321 | 314<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services |  | S + 6.00% | 02/01/27 |  | 730 |  | (4) <sup>(6) (7) (8) (9)</sup> |
| 1272775 B.C. LTD. (dba Everest Clinical Research) | Professional Services | 9.98% | S + 5.50% | 11/06/26 |  | 8676 | 8628 | 8632<br> <sup>(6) (7) (8)</sup> |
| 1272775 B.C. LTD. (dba Everest Clinical Research) | Professional Services |  | S + 5.50% | 11/06/26 |  | 1260 | (4) | (6) <sup>(6) (7) (8) (9)</sup> |
| Everest Clinical Research Corporation | Professional Services | 9.98% | S + 5.50% | 11/06/26 |  | 5684 | 5625 | 5655<br> <sup>(6) (7) (8)</sup> |
| Rodeo Buyer Company (dba Absorb Software) | Professional Services | 10.71% | S + 6.25% | 05/25/27 |  | 21167 | 20969 | 21008<br> <sup>(6) (7) (8)</sup> |
| Rodeo Buyer Company (dba Absorb Software) | Professional Services |  | S + 6.25% | 05/25/27 |  | 3387 | (28) | (25) <sup>(6) (7) (8) (9)</sup> |
| iWave Information Systems, Inc. | Software | 11.12% | S + 6.75% | 11/23/28 |  | 873 | 858 | 856<br> <sup>(6) (7) (8)</sup> |
| iWave Information Systems, Inc. | Software |  | S + 6.75% | 11/23/28 |  | 438 | (2) | (9) <sup>(6) (7) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 70270 | 70506 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  |  |  |  | $70270 | 70506 |
| **Germany - 0.0%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 0.0%** |  |  |  |  |  |  |  |  |
| Kawa Solar Holdings Limited | Construction & Engineering |  |  | 06/30/25 |  | $3917 | $3603 | $741<br> <sup>(7) (8) (10) (11)</sup> |
| Kawa Solar Holdings Limited | Construction & Engineering |  |  | 06/30/25 |  | 3318 | 800 | —<br> <sup>(7) (8) (10) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 4403 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Germany** |  |  |  |  |  |  | $4403 | $741 |
| **Singapore - 0.0%** |  |  |  |  |  |  |  |  |
| **Unsecured Debt - 0.0%** |  |  |  |  |  |  |  |  |
| Conergy Asia & ME Pte. LTD. | Construction & Engineering |  |  | 06/30/24 |  | $1266 | $1055 | $—<br> <sup>(7) (8) (10) (11) (12)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt** |  |  |  |  |  |  | 1055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Singapore** |  |  |  |  |  |  | $1055 | $— |
| **United Kingdom - 1.9%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 1.9%** |  |  |  |  |  |  |  |  |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.70% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP | 15396 | $18427 | $18695<br> <sup>(6) (7) (8)</sup> |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.70% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP | 12508 | 11245 | 10908<br> <sup>(6) (7) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 29672 | 29603 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  |  | $29672 | $29603 |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **United States - 210.4%** |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 195.8%** |  |  |  |  |  |  |  |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.49% | S + 5.00% | 01/09/30 | $962 | $940 | $953<br> <sup>(6) (8)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.49% | S + 5.00% | 01/09/30 | 735 | 723 | 728<br> <sup>(6) (8)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense |  | S + 5.00% | 01/09/28 | 250 | (4) | (3) <sup>(6) (8) (9)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 10.52% | S + 6.00% | 04/19/30 | 8123 | 7975 | 7961<br> <sup>(6) (8)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense |  | S + 6.00% | 04/19/30 | 1219 | (22) | (24) <sup>(6) (8) (9)</sup> |
| Thrasio, LLC | Broadline Retail |  | S + 10.26% PIK | 06/18/29 | 14856 | 12309 | 12962<br> <sup>(6) (8) (10) (13)</sup> |
| Thrasio, LLC | Broadline Retail | 14.89% | S + 10.26% PIK | 06/18/29 | 4788 | 4719 | 4776<br> <sup>(6) (8) (10)</sup> |
| Acuity Specialty Products, Inc. (dba Zep Inc.) | Chemicals | 8.25% | S + 4.00% | 10/02/28 | 52519 | 52519 | 51994<br> <sup>(6) (8)</sup> |
| Elemica Parent, Inc. | Chemicals | 10.28% | S + 5.50% | 09/18/26 | 6785 | 6645 | 6649<br> <sup>(6) (8)</sup> |
| Elemica Parent, Inc. | Chemicals | 10.17% | S + 5.50% | 09/18/26 | 1451 | 1437 | 1422<br> <sup>(6) (8)</sup> |
| Elemica Parent, Inc. | Chemicals | 10.31% | S + 5.50% | 09/18/26 | 1331 | 1310 | 1304<br> <sup>(6) (8)</sup> |
| Elemica Parent, Inc. | Chemicals | 10.12% | S + 5.50% | 09/18/26 | 930 | 918 | 911<br> <sup>(6) (8)</sup> |
| Elemica Parent, Inc. | Chemicals | 10.31% | S + 5.50% | 09/18/26 | 543 | 538 | 532<br> <sup>(6) (8)</sup> |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals | 10.27% | S + 5.75% | 11/15/30 | 4975 | 4887 | 4875<br> <sup>(6) (8)</sup> |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals |  | S + 5.75% | 11/15/29 | 835 | (14) | (17) <sup>(6) (8) (9)</sup> |
| 3SI Security Systems, Inc. | Commercial Services & Supplies | 10.64% | S + 6.00% | 12/16/26 | 12572 | 12388 | 12069<br> <sup>(8)</sup> |
| 3SI Security Systems, Inc. | Commercial Services & Supplies | 10.64% | S + 6.00% | 12/16/26 | 1915 | 1864 | 1838<br> <sup>(8)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies | 10.02% | S + 5.50% (Incl 2.75% PIK) | 08/22/31 | 8560 | 8335 | 8474<br> <sup>(6) (8)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies | 9.41% | S + 5.00% | 08/22/30 | 1000 | 82 | 90<br> <sup>(6) (8) (9)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies |  | S + 5.50% (Incl 2.75% PIK) | 08/22/31 | 500 | (5) | (5) <sup>(6) (8) (9)</sup> |
| Halo Branded Solutions, Inc. | Commercial Services & Supplies | 8.96% | S + 4.50% | 06/30/25 | 6157 | 6152 | 5819 |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.84% | S + 5.25% | 02/07/31 | 9475 | 9303 | 9380<br> <sup>(6) (8)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.59% | S + 5.25% | 02/07/31 | 4213 | 397 | 396<br> <sup>(6) (8) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 5.25% | 02/07/31 | 1264 | (22) | (13) <sup>(6) (8) (9)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.15% | S + 4.75% | 12/15/31 | 19478 | 19284 | 19283<br> <sup>(6)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies |  | S + 4.75% | 12/15/31 | 6233 | (31) | (31) <sup>(6) (9)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.15% | S + 4.75% | 12/15/31 | 2649 | 285 | 285<br> <sup>(6) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 3950 | 3869 | 3930<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.25% | S + 5.75% | 08/01/29 | 2189 | 2156 | 2107<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies |  | S + 5.75% | 08/01/29 | 1853 | (14) | (69) <sup>(6) (8) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 11.00% | S + 6.50% | 08/01/29 | 1200 | 1172 | 1194<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 1063 | 221 | 235<br> <sup>(6) (8) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 596 | 583 | 593<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 199 | 194 | 198<br> <sup>(6) (8)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies | 10.24% | S + 5.75% PIK | 06/30/27 | 20588 | 20441 | 20383<br> <sup>(6) (8)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies | 10.24% | S + 5.75% | 06/30/27 | 10624 | 10582 | 10570<br> <sup>(6) (8)</sup> |
| Sweep Purchaser LLC | Commercial Services & Supplies |  | S + 5.75% | 06/30/27 | 4541 | (31) | (23) <sup>(6) (8) (9)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.61% | S + 5.25% | 04/30/31 | 8895 | 8771 | 8850<br> <sup>(6) (8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.89% | S + 5.25% | 04/30/31 | 3280 | 344 | 353<br> <sup>(6) (8) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.59% | S + 5.25% | 04/30/30 |  | $1230 | $352 | $363<br> <sup>(6) (8) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 |  | 25032 | 24879 | 24845<br> <sup>(6) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 |  | 2641 | 1349 | 1345<br> <sup>(6) (8) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies |  | S + 5.75% | 05/01/29 |  | 2201 | (13) | (17) <sup>(6) (8) (9)</sup> |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies | 10.35% | S + 5.50% | 06/29/27 |  | 31921 | 31691 | 31602<br> <sup>(6) (8)</sup> |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies | 9.65% | S + 5.25% | 06/29/27 |  | 9664 | 761 | 755<br> <sup>(6) (8) (9)</sup> |
| VRC Companies, LLC (dba Vital Records Control) | Commercial Services & Supplies |  | S + 5.50% | 06/29/27 |  | 944 | (6) | (9) <sup>(6) (8) (9)</sup> |
| ATX Networks Corp. | Communications Equipment | 11.35% | S + 7.00% PIK | 09/01/26 |  | 2439 | 2148 | 2140<br> <sup>(6) (8)</sup> |
| ATX Networks Corp. | Communications Equipment | 10.85% | S + 6.50% PIK | 09/01/26 |  | 1587 | 1402 | 1178<br> <sup>(6) (8)</sup> |
| ATX Networks Corp. | Communications Equipment | 10.36% | S + 6.00% PIK | 09/01/26 |  | 751 | 390 | 375<br> <sup>(6) (7) (8) (9)</sup> |
| ATX Networks Corp. | Communications Equipment | 10.36% | S + 6.00% PIK | 09/01/26 |  | 194 | 194 | 190<br> <sup>(6) (7) (8)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering | 9.41% | S + 4.75% | 10/15/31 |  | 663 | 656 | 656<br> <sup>(6)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering |  | S + 4.75% | 10/15/31 |  | 245 | (1) | (1) <sup>(6) (9)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering | 9.27% | S + 4.75% | 10/15/31 |  | 92 | 30 | 30<br> <sup>(6) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.10% | S + 4.75% | 10/24/30 |  | 11321 | 2573 | 2585<br> <sup>(6) (7) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.12% | B + 4.75% | 10/24/30 | AUD | 11199 | 7364 | 6862<br> <sup>(6) (7)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering |  | B + 4.75% | 10/24/30 |  | 1132 | (11) | (11) <sup>(6) (7) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.86% | S + 4.50% | 08/29/31 |  | 10206 | 10157 | 10155<br> <sup>(6) (8)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 3322 | (8) | (17) <sup>(6) (8) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 1471 | (7) | (7) <sup>(6) (8) (9)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.33% | S + 6.00% | 10/04/30 |  | 4444 | 4347 | 4400<br> <sup>(6) (8)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail |  | S + 6.00% | 10/05/29 |  | 522 | (10) | (5) <sup>(6) (8) (9)</sup> |
| Buffalo Merger Sub, LLC (dba Oliver Packaging) | Containers & Packaging | 9.82% | S + 5.25% | 11/01/30 |  | 44792 | 44141 | 44120<br> <sup>(6)</sup> |
| Buffalo Merger Sub, LLC (dba Oliver Packaging) | Containers & Packaging |  | S + 5.25% | 11/01/30 |  | 5208 | (75) | (78) <sup>(6) (9)</sup> |
| A Place For Mom, Inc. | Diversified Consumer Services | 8.97% | S + 4.50% | 02/10/26 |  | 7141 | 7134 | 6427<br> <sup>(8)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.33% | S + 6.00% | 04/26/29 |  | 8241 | 8094 | 8076<br> <sup>(6) (8) (10)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.54% | S + 6.00% | 04/26/29 |  | 3834 | 992 | 982<br> <sup>(6) (8) (9) (10)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.48% | S + 6.00% | 04/26/29 |  | 767 | 378 | 376<br> <sup>(6) (8) (9) (10)</sup> |
| Assembly Intermediate LLC | Diversified Consumer Services | 9.58% | S + 5.25% | 10/19/27 |  | 43991 | 43517 | 43991<br> <sup>(6) (8)</sup> |
| Assembly Intermediate LLC | Diversified Consumer Services | 9.58% | S + 5.25% | 10/19/27 |  | 8798 | 8697 | 8798<br> <sup>(6) (8)</sup> |
| Assembly Intermediate LLC | Diversified Consumer Services |  | S + 5.25% | 10/19/27 |  | 4399 | (42) | —<br> <sup>(6) (8) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 |  | 6867 | 6833 | 6833<br> <sup>(6) (8)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 |  | 2267 | 248 | 261<br> <sup>(6) (8) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.36% | S + 5.00% | 06/06/31 |  | 835 | 62 | 65<br> <sup>(6) (8) (9)</sup> |
| CorePower Yoga LLC | Diversified Consumer Services | 11.73% | S + 7.25% (Incl. 1.25% PIK) | 05/14/26 |  | 27157 | 26670 | 26071<br> <sup>(6) (8)</sup> |
| CorePower Yoga LLC | Diversified Consumer Services | 10.54% | S + 6.00% | 05/14/26 |  | 1687 | 975 | 938<br> <sup>(6) (8) (9)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services | 9.46% | S + 5.00% | 11/01/28 |  | 896 | 860 | 891<br> <sup>(6) (8)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services |  | S + 5.00% | 11/01/28 |  | 86 | (3) | —<br> <sup>(6) (8) (9)</sup> |
| Helios Buyer, Inc. (dba Heartland) | Diversified Consumer Services | 10.43% | S + 6.00% | 12/15/26 |  | 18600 | 18472 | 17949<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Helios Buyer, Inc. (dba Heartland) | Diversified Consumer Services | 10.43% | S + 6.00% | 12/15/26 | $14548 | $14486 | $14039<br> <sup>(6) (8)</sup> |
| Helios Buyer, Inc. (dba Heartland) | Diversified Consumer Services | 10.46% | S + 6.00% | 12/15/26 | 7665 | 7601 | 7397<br> <sup>(6) (8)</sup> |
| Helios Buyer, Inc. (dba Heartland) | Diversified Consumer Services | 10.36% | S + 6.00% | 12/15/26 | 2363 | 600 | 533<br> <sup>(6) (8) (9)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services |  | S + 6.00% | 07/06/27 | 17089 | (136) | (128) <sup>(6) (8) (9) (10)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.47% | S + 6.00% | 07/06/27 | 10530 | 10411 | 10451<br> <sup>(6) (8) (10)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.47% | S + 6.00% | 07/06/27 | 7382 | 7287 | 7326<br> <sup>(6) (8) (10)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.48% | S + 6.00% | 07/06/27 | 1900 | 1690 | 1696<br> <sup>(6) (8) (9) (10)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.06% | S + 5.50% | 07/25/28 | 954 | 515 | 514<br> <sup>(6) (8) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.09% | S + 5.75% | 07/25/28 | 212 | 207 | 212<br> <sup>(6) (8)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.03% | S + 5.75% | 07/25/28 | 33 | 32 | 33<br> <sup>(6) (8)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.61% | S + 5.00% | 05/01/31 | 10589 | 10490 | 10483<br> <sup>(6) (8)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.46% | S + 5.00% | 05/01/31 | 2767 | 875 | 856<br> <sup>(6) (8) (9)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services |  | S + 5.00% | 05/01/30 | 1615 | (14) | (16) <sup>(6) (8) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.96% | S + 7.50% | 08/14/28 | 4119 | 4006 | 4098<br> <sup>(6) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.92% | S + 7.50% | 08/14/28 | 714 | 461 | 473<br> <sup>(6) (8) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services |  | S + 7.50% | 08/14/28 | 119 | (3) | (1) <sup>(6) (8) (9)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 16993 | 16801 | 16823<br> <sup>(6) (8)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 5705 | 5638 | 5648<br> <sup>(6) (8)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 5668 | 5604 | 5612<br> <sup>(6) (8)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.48% | S + 6.00% | 12/21/27 | 2664 | 2629 | 2650<br> <sup>(6) (8)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services |  | S + 5.75% | 12/21/27 | 2340 | (24) | (23) <sup>(6) (8) (9)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 2262 | 2220 | 2239<br> <sup>(6) (8)</sup> |
| Trystar, LLC | Electrical Equipment | 9.03% | S + 4.50% | 08/06/31 | 651 | 645 | 645<br> <sup>(6) (8)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 | 233 | (1) | (2) <sup>(6) (8) (9)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 | 116 | (1) | (1) <sup>(6) (8) (9)</sup> |
| Iracore International Holdings, Inc. | Energy Equipment & Services | 13.48% | S + 9.00% | 04/12/26 | 1502 | 1502 | 1487<br> <sup>(8) (10)</sup> |
| Checkmate Finance Merger Sub, LLC | Entertainment | 10.92% | S + 6.50% | 12/31/27 | 30551 | 30200 | 30169<br> <sup>(6) (8)</sup> |
| Checkmate Finance Merger Sub, LLC | Entertainment |  | S + 6.50% | 12/31/27 | 3140 | (32) | (39) <sup>(6) (8) (9)</sup> |
| Streamland Media Midco LLC | Entertainment | 14.09% | S + 9.50% (Incl. 2.75% PIK) | 03/31/25 | 44601 | 44678 | 27876<br> <sup>(6) (8) (14)</sup> |
| Streamland Media Midco LLC | Entertainment | 14.09% | S + 9.50% (Incl. 2.75% PIK) | 03/31/25 | 2481 | 2481 | 2978<br> <sup>(6) (8)</sup> |
| Streamland Media Midco LLC | Entertainment | 14.09% | S + 9.50% (Incl. 2.75% PIK) | 03/31/25 | 2481 | 2481 | 2481<br> <sup>(6) (8)</sup> |
| Streamland Media Midco LLC | Entertainment | 14.09% | S + 9.50% (Incl. 2.75% PIK) | 03/31/25 | 803 | 803 | 827<br> <sup>(6) (8)</sup> |
| Streamland Media Midco LLC | Entertainment | 14.09% | S + 9.50% (Incl. 2.75% PIK) | 03/31/25 | 803 | 803 | 803<br> <sup>(6) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.83% | S + 5.50% | 05/08/28 | 21280 | 21143 | 21173<br> <sup>(6) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.50% | 05/08/28 | 2805 | (17) | (14) <sup>(6) (8) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.85% | S + 5.50% | 05/08/28 | 999 | 243 | 244<br> <sup>(6) (8) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.89% | S + 5.50% | 05/08/28 | 928 | 914 | 923<br> <sup>(6) (8)</sup> |
| Aria Systems, Inc. | Financial Services | 12.47% | S + 8.00% | 06/30/26 | 26675 | 26508 | 26542<br> <sup>(6) (8)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services |  | S + 6.00% | 01/25/28 | 1038 | (16) | (42) <sup>(6) (8) (9)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services | 10.47% | S + 6.00% | 01/25/28 | 962 | 952 | 924<br> <sup>(6) (8)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 5.25% | 11/15/29 | 14830 | (63) | —<br> <sup>(6) (8) (9)</sup> |
| Computer Services, Inc. | Financial Services | 9.75% | S + 5.25% | 11/15/29 | 10151 | 10062 | 10151<br> <sup>(6) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.25% | S + 4.75% | 11/15/29 | 9980 | 9885 | 9781<br> <sup>(6) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.75% | S + 5.25% | 11/15/29 | 982 | 942 | 982<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Coretrust Purchasing Group LLC | Financial Services | 9.61% | S + 5.25% | 10/01/29 |  | $9340 | $9240 | $9293<br> <sup>(6) (8)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 4840 | (44) | (24) <sup>(6) (8) (9)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 113 | (2) | (1) <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 34889 | 33834 | 34889<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.65% | S + 7.00% | 11/27/29 |  | 25712 | 2202 | 1999<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 10979 | 10682 | 10979<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 7938 | (58) | (119) <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.66% | S + 7.00% | 11/27/29 |  | 6428 | 1765 | 1723<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 4880 | 4750 | 4880<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 1952 | (49) | —<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 882 | (6) | (13) <sup>(6) (8) (9)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services | 9.58% | S + 5.25% | 05/25/28 |  | 27793 | 27594 | 27654<br> <sup>(6)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services |  | S + 5.25% | 05/25/28 |  | 2382 | (13) | (12) <sup>(6) (9)</sup> |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | Financial Services | 9.58% | S + 5.25% | 05/25/28 |  | 1847 | 401 | 400<br> <sup>(6) (9)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.83% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 |  | 21217 | 20957 | 19732<br> <sup>(6) (8)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.83% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 |  | 4409 | 4347 | 4101<br> <sup>(6) (8)</sup> |
| Priority Technology Holdings, Inc. (dba Priority Payment) | Financial Services | 9.11% | S + 4.75% | 05/16/31 |  | 15922 | 15853 | 15927<br> <sup>(6) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.61% | S + 5.25% | 02/24/31 |  | 13059 | 12940 | 12929<br> <sup>(6) (8)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services |  | S + 5.25% | 02/24/31 |  | 1875 | (17) | (19) <sup>(6) (8) (9)</sup> |
| Eagle Family Foods Group Holdings, LLC | Food Products | 9.59% | S + 5.00% | 08/12/30 |  | 874 | 866 | 865<br> <sup>(6) (8)</sup> |
| Eagle Family Foods Group Holdings, LLC | Food Products |  | S + 5.00% | 08/12/30 |  | 101 | (1) | (1) <sup>(6) (8) (9)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.08% | S + 4.75% | 12/11/30 |  | 10599 | 10441 | 10440<br> <sup>(6)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.08% | S + 4.75% | 12/11/30 |  | 1674 | 254 | 254<br> <sup>(6) (9)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.96% | S + 5.50% | 12/06/25 |  | 10156 | 10045 | 9851<br> <sup>(6) (8)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 10.50% | S + 6.00% | 12/06/25 |  | 5569 | 5533 | 5429<br> <sup>(6) (8)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.96% | S + 5.50% | 12/06/25 |  | 4779 | 4759 | 4636<br> <sup>(6) (8)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.96% | S + 5.50% | 12/06/25 |  | 4378 | 4353 | 4247<br> <sup>(6) (8)</sup> |
| Eptam Plastics, Ltd. | Health Care Equipment & Supplies | 9.96% | S + 5.50% | 12/06/25 |  | 2269 | 2245 | 2201<br> <sup>(6) (8)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 8.28% | E + 5.50% | 11/28/31 | EUR | 10215 | 10927 | 10369<br> <sup>(6)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 11/28/31 |  | 5128 | (51) | (51) <sup>(6) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 11/28/31 |  | 3760 | 3686 | 3685<br> <sup>(6)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.58% | S + 5.25% | 06/21/27 |  | 21254 | 20937 | 21041<br> <sup>(6) (8)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.58% | S + 5.25% | 06/21/27 |  | 5107 | 5041 | 5056<br> <sup>(6) (8)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.53% | S + 5.25% | 06/21/27 |  | 4094 | 785 | 778<br> <sup>(6) (8) (9)</sup> |
| Riverpoint Medical, LLC | Health Care Equipment & Supplies | 9.58% | S + 5.25% | 06/21/27 |  | 1610 | 1599 | 1594<br> <sup>(6) (8)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 |  | 24428 | 24093 | 24184<br> <sup>(6) (8)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 |  | 4568 | 1557 | 1553<br> <sup>(6) (8) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Zeus Company, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 02/28/30 | $3426 | $(44) | $(34) <sup>(6) (8) (9)</sup> |
| Argos Health Holdings, Inc | Health Care Providers & Services | 10.90% | S + 6.25% | 12/03/27 | 21340 | 21104 | 20593<br> <sup>(6) (8)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services | 11.73% | S + 7.25% | 05/31/26 | 2912 | 2876 | 2891<br> <sup>(8)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services | 11.73% | S + 7.25% | 05/31/26 | 1030 | 749 | 920<br> <sup>(8)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services |  | S + 7.25% | 05/31/26 | 415 |  | —<br> <sup>(8) (9)</sup> |
| Capitol Imaging Acquisition Corp. | Health Care Providers & Services | 11.35% | S + 6.50% | 10/01/26 | 17520 | 17380 | 17433<br> <sup>(6)</sup> |
| Capitol Imaging Acquisition Corp. | Health Care Providers & Services | 11.35% | S + 6.50% | 10/01/26 | 783 | 771 | 780<br> <sup>(6)</sup> |
| Capitol Imaging Acquisition Corp. | Health Care Providers & Services |  | S + 6.50% | 10/01/25 | 180 | (1) | (1) <sup>(6) (9)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.09% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 20491 | 20427 | 18442<br> <sup>(6) (8)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.09% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 3556 | 3556 | 3201<br> <sup>(6) (8)</sup> |
| CFS Management, LLC (dba Center for Sight Management) | Health Care Providers & Services | 13.09% | S + 8.50% (Incl. 2.25% PIK) | 09/30/26 | 2104 | 2104 | 1893<br> <sup>(6) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.25% | S + 5.00% | 08/07/31 | 2324 | 2302 | 2290<br> <sup>(6) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 | 354 | (5) | (5) <sup>(6) (8) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 | 221 | 191 | 190<br> <sup>(6) (8) (9)</sup> |
| CORA Health Holdings Corp | Health Care Providers & Services | 10.74% | S + 5.75% | 06/15/27 | 22647 | 22489 | 19024<br> <sup>(6) (8)</sup> |
| CORA Health Holdings Corp | Health Care Providers & Services | 10.74% | S + 5.75% | 06/15/27 | 374 | 371 | 314<br> <sup>(6) (8)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.18% | S + 5.75% | 08/28/28 | 20965 | 20714 | 20336<br> <sup>(6) (8)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.18% | S + 5.75% | 08/28/28 | 2207 | 2181 | 2141<br> <sup>(6) (8)</sup> |
| DECA Dental Holdings LLC | Health Care Providers & Services | 10.20% | S + 5.75% | 08/26/27 | 1711 | 1694 | 1659<br> <sup>(6) (8)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 06/13/28 | 2770 | 2708 | 2729<br> <sup>(6) (8)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services |  | S + 6.75% | 06/13/28 | 313 | (7) | (5) <sup>(6) (8) (9)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.23% | S + 5.75% | 10/15/27 | 23626 | 23373 | 23567<br> <sup>(6) (8)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.23% | S + 5.75% | 10/15/27 | 14941 | 14770 | 14903<br> <sup>(6) (8)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services |  | S + 5.75% | 10/15/27 | 10000 | (46) | (25) <sup>(6) (8) (9)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 10.23% | S + 5.75% | 10/15/27 | 9887 | 9753 | 9862<br> <sup>(6) (8)</sup> |
| Honor HN Buyer, Inc | Health Care Providers & Services | 12.25% | P + 4.75% | 10/15/27 | 2802 | 324 | 343<br> <sup>(6) (8) (9)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 | 772 | 761 | 728<br> <sup>(6) (8) (10)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 | 92 | 81 | 86<br> <sup>(6) (8) (9) (10) (14)</sup> |
| One GI LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 12/22/25 | 22182 | 22079 | 20851<br> <sup>(6) (8)</sup> |
| One GI LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 12/22/25 | 11842 | 11776 | 11131<br> <sup>(6) (8)</sup> |
| One GI LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 12/22/25 | 9120 | 9078 | 8573<br> <sup>(6) (8)</sup> |
| One GI LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 12/22/25 | 6499 | 6459 | 6109<br> <sup>(6) (8)</sup> |
| One GI LLC | Health Care Providers & Services | 11.24% | S + 6.75% | 12/22/25 | 3610 | 3594 | 3393<br> <sup>(6) (8)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.87% | S + 6.00% | 03/31/26 | 30465 | 30464 | 23382<br> <sup>(6) (8)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.59% | S + 6.00% | 03/31/26 | 8431 | 8431 | 6471<br> <sup>(6) (8)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.59% | S + 6.00% | 03/31/26 | 6737 | 6737 | 5171<br> <sup>(6) (8)</sup> |
| Premier Imaging, LLC (dba Lucid Health) | Health Care Providers & Services | 10.59% | S + 6.00% | 03/31/26 | 1645 | 1645 | 1262<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| SpendMend, LLC | Health Care Providers & Services |  | S + 5.00% | 03/01/28 | $4267 | $(21) | $(43) <sup>(6) (8) (9)</sup> |
| SpendMend, LLC | Health Care Providers & Services | 9.48% | S + 5.00% | 03/01/28 | 621 | 615 | 615<br> <sup>(6) (8)</sup> |
| SpendMend, LLC | Health Care Providers & Services | 9.55% | S + 5.00% | 03/01/28 | 275 | 169 | 168<br> <sup>(6) (8) (9)</sup> |
| SpendMend, LLC | Health Care Providers & Services |  | S + 5.00% | 03/01/28 | 83 | (1) | (1) <sup>(6) (8) (9)</sup> |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) | Health Care Providers & Services | 10.74% | S + 6.00% | 08/15/25 | 25519 | 25275 | 25136<br> <sup>(6) (8)</sup> |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) | Health Care Providers & Services | 10.74% | S + 6.00% | 08/15/25 | 7738 | 7707 | 7622<br> <sup>(6) (8)</sup> |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) | Health Care Providers & Services | 10.67% | S + 6.00% | 08/15/25 | 4594 | 4577 | 4526<br> <sup>(6) (8)</sup> |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) | Health Care Providers & Services | 10.76% | S + 6.00% | 08/15/25 | 4565 | 3630 | 3583<br> <sup>(6) (8) (9)</sup> |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) | Health Care Providers & Services | 10.66% | S + 6.00% | 08/15/25 | 2093 | 2083 | 2061<br> <sup>(6) (8)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.89% | S + 6.00% | 07/15/26 | 16673 | 16535 | 15839<br> <sup>(6) (8)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.62% | S + 6.00% | 07/15/26 | 9634 | 9545 | 9152<br> <sup>(6) (8)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.78% | S + 6.00% | 07/15/26 | 4905 | 4870 | 4660<br> <sup>(6) (8)</sup> |
| Total Vision LLC | Health Care Providers & Services | 10.88% | S + 6.00% | 07/15/26 | 2441 | 2424 | 2319<br> <sup>(6) (8)</sup> |
| Total Vision LLC | Health Care Providers & Services |  | S + 6.00% | 07/15/26 | 1270 | (8) | (63) <sup>(6) (8) (9)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.98% | S + 5.50% | 12/21/26 | 21212 | 21048 | 20469<br> <sup>(6) (8)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.98% | S + 5.50% | 12/21/26 | 9514 | 9440 | 9181<br> <sup>(6) (8)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.98% | S + 5.50% | 12/21/26 | 7374 | 7313 | 7116<br> <sup>(6) (8)</sup> |
| USN Opco LLC (dba Global Nephrology Solutions) | Health Care Providers & Services | 9.98% | S + 5.50% | 12/21/26 | 3023 | 884 | 800<br> <sup>(6) (8) (9)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.93% | S + 5.50% | 12/01/27 | 18156 | 18055 | 18019<br> <sup>(6) (8)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.93% | S + 5.50% | 12/01/27 | 2717 | 641 | 628<br> <sup>(6) (8) (9)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.27% | S + 6.75% | 05/03/27 | 39908 | 39537 | 39508<br> <sup>(6) (8)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.27% | S + 6.75% | 05/03/27 | 4498 | 4423 | 4453<br> <sup>(6) (8)</sup> |
| ESO Solutions, Inc. | Health Care Technology | 11.38% | S + 6.75% | 05/03/27 | 3620 | 2504 | 2498<br> <sup>(6) (8) (9)</sup> |
| Experity, Inc. | Health Care Technology | 10.32% | S + 6.00% (Incl. 3.25% PIK) | 02/24/28 | 578 | 576 | 573<br> <sup>(6) (8)</sup> |
| Experity, Inc. | Health Care Technology | 10.32% | S + 6.00% (Incl. 3.25% PIK) | 02/24/28 | 81 | 14 | 13<br> <sup>(6) (8) (9)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.83% | S + 5.50% | 06/24/26 | 15314 | 15222 | 15161<br> <sup>(6) (8)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.83% | S + 5.50% | 06/24/26 | 2687 | 2681 | 2660<br> <sup>(6) (8)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology |  | S + 5.50% | 06/24/26 | 1880 | (10) | (19) <sup>(6) (8) (9)</sup> |
| GHA Buyer Inc. (dba Cedar Gate) | Health Care Technology | 9.83% | S + 5.50% | 06/24/26 | 1002 | 999 | 992<br> <sup>(6) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology | 9.13% | S + 4.75% | 07/16/31 | 12679 | 12558 | 12552<br> <sup>(6) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology | 9.15% | S + 4.75% | 07/16/31 | 5593 | 5539 | 5538<br> <sup>(6) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology |  | S + 4.75% | 07/16/31 | 1682 | (16) | (17) <sup>(6) (8) (9)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.36% | S + 5.00% | 05/11/29 | 12243 | 12072 | 11937<br> <sup>(6) (8)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.91% | S + 5.00% | 05/11/29 | 1566 | 1543 | 1527<br> <sup>(6) (8)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.57% | S + 5.00% | 05/11/28 | 1490 | 28 | 7<br> <sup>(6) (8) (9)</sup> |
| MedeAnalytics, Inc. | Health Care Technology |  | 3.00% PIK | 10/23/28 | 227 | 142 | 156<br> <sup>(6) (8) (10) (13)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 24090 | 23765 | 24030<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | $16300 | $11415 | $11374<br> <sup>(6) (8) (9)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 2255 | 2240 | 2249<br> <sup>(6) (8)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 1815 | 522 | 540<br> <sup>(6) (8) (9)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology | 10.64% | S + 5.50% | 12/30/26 | 56720 | 56230 | 56436<br> <sup>(6) (8)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology |  | S + 5.50% | 12/30/26 | 7824 | (39) | (39) <sup>(6) (8) (9)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology | 10.64% | S + 5.50% | 12/30/26 | 905 | 900 | 900<br> <sup>(6) (8)</sup> |
| PlanSource Holdings, Inc. | Health Care Technology | 10.64% | S + 5.50% | 12/30/26 | 905 | 901 | 900<br> <sup>(6) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 10.86% | S + 6.25% | 01/18/28 | 25126 | 24113 | 23995<br> <sup>(6) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 10.86% | S + 6.25% | 01/18/28 | 5534 | 5485 | 5285<br> <sup>(6) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 11.12% | S + 6.25% | 01/18/28 | 2617 | 1347 | 1266<br> <sup>(6) (8) (9)</sup> |
| WebPT, Inc. | Health Care Technology | 11.22% | S + 6.25% | 01/18/28 | 2209 | 2188 | 2109<br> <sup>(6) (8)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 11.09% | S + 6.50% | 09/12/29 | 8196 | 8123 | 8114<br> <sup>(6) (8)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 11.07% | S + 6.50% | 09/12/29 | 1503 | 174 | 165<br> <sup>(6) (8) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure |  | S + 6.50% | 09/12/29 | 301 | (3) | (3) <sup>(6) (8) (9)</sup> |
| HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) | Hotels, Restaurants & Leisure | 10.19% | S + 5.75% | 07/09/25 | 55640 | 55068 | 55362<br> <sup>(6) (8)</sup> |
| HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) | Hotels, Restaurants & Leisure | 10.19% | S + 5.75% | 07/09/25 | 4688 | 3137 | 3141<br> <sup>(6) (8) (9)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.83% | S + 6.50% | 08/11/27 | 35122 | 34752 | 33015<br> <sup>(6) (8)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.83% | S + 6.50% | 08/11/27 | 6700 | 6700 | 6298<br> <sup>(6) (8)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.83% | S + 6.50% | 08/11/27 | 6023 | 5342 | 4981<br> <sup>(6) (8) (9)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 10.83% | S + 6.50% | 08/11/27 | 4269 | 3881 | 3625<br> <sup>(6) (8) (9)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers |  | S + 6.50% | 08/11/27 | 3685 | (35) | (221) <sup>(6) (8) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 10.39% | S + 5.25% | 07/24/31 | 679 | 673 | 672<br> <sup>(6) (8)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/31 | 286 | 57 | 55<br> <sup>(6) (8) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/30 | 53 | 9 | 9<br> <sup>(6) (8) (9)</sup> |
| Lithium Technologies, Inc. | Interactive Media & Services |  | S + 11.00% PIK | 01/03/25 | 107099 | 97010 | 34272<br> <sup>(6) (8) (13)</sup> |
| SPay, Inc. (dba Stack Sports) | Interactive Media & Services | 13.99% | S + 9.25% (Incl. 3.50% PIK) | 06/15/26 | 35800 | 35901 | 33294<br> <sup>(6) (8) (14)</sup> |
| SPay, Inc. (dba Stack Sports) | Interactive Media & Services | 13.96% | S + 9.25% (Incl. 3.50% PIK) | 06/15/26 | 2593 | 2549 | 2412<br> <sup>(6) (8)</sup> |
| SPay, Inc. (dba Stack Sports) | Interactive Media & Services | 13.92% | S + 9.25% (Incl. 3.50% PIK) | 06/15/26 | 1303 | 1310 | 1211<br> <sup>(6) (8) (14)</sup> |
| Ark Data Centers, LLC | IT Services | 9.08% | S + 4.75% | 11/27/30 | 8500 | 8332 | 8330<br> <sup>(6)</sup> |
| Ark Data Centers, LLC | IT Services |  | S + 4.75% | 11/27/30 | 5000 | (49) | (50) <sup>(6) (9)</sup> |
| Ark Data Centers, LLC | IT Services |  | S + 4.75% | 11/27/30 | 1500 | (30) | (30) <sup>(6) (9)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 | 3378 | 3321 | 3344<br> <sup>(6) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 | 1193 | 1175 | 1181<br> <sup>(6) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 | 882 | (7) | (9) <sup>(6) (8) (9)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 | 706 | (11) | (7) <sup>(6) (8) (9)</sup> |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 | 18802 | 18605 | 18802<br> <sup>(6) (8)</sup> |
| Kaseya Inc. | IT Services | 9.83% | S + 5.50% | 06/25/29 | 1103 | 267 | 278<br> <sup>(6) (8) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 |  | $1033 | $208 | $214<br> <sup>(6) (8) (9)</sup> |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 |  | 68 | 68 | 68<br> <sup>(6) (8)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 9.27% | S + 4.75% | 11/07/31 |  | 18090 | 18001 | 18022<br> <sup>(6)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.75% | 11/07/31 |  | 1910 | (9) | (7) <sup>(6) (9)</sup> |
| US Signal Company, LLC | IT Services | 10.07% | S + 5.50% | 09/04/29 |  | 6842 | 6777 | 6774<br> <sup>(6) (8)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 |  | 2105 | (20) | (21) <sup>(6) (8) (9)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 |  | 1053 | (10) | (11) <sup>(6) (8) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.96% | S + 5.50% | 01/20/27 |  | 21336 | 21163 | 21230<br> <sup>(6) (8)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.96% | S + 5.50% | 01/20/27 |  | 3985 | 1754 | 1765<br> <sup>(6) (8) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services |  | S + 5.50% | 01/20/27 |  | 2600 | (18) | (13) <sup>(6) (8) (9)</sup> |
| Xactly Corporation | IT Services | 10.86% | S + 6.25% | 07/30/27 |  | 62025 | 61394 | 61715<br> <sup>(6) (8)</sup> |
| Xactly Corporation | IT Services |  | S + 6.25% | 07/30/27 |  | 3874 | (35) | (19) <sup>(6) (8) (9)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 |  | 4141 | 4053 | 4100<br> <sup>(6) (8)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.88% | S + 6.50% | 07/18/28 |  | 535 | 418 | 423<br> <sup>(6) (8) (9)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 |  | 269 | 264 | 266<br> <sup>(6) (8)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.34% | S + 4.75% | 08/20/31 |  | 862 | 854 | 853<br> <sup>(6) (8)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery |  | S + 4.75% | 08/20/30 |  | 138 | (1) | (1) <sup>(6) (8) (9)</sup> |
| Precinmac, LP | Machinery | 9.55% | S + 5.00% | 12/02/31 |  | 14419 | 14276 | 14274<br> <sup>(6)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 |  | 3721 | (18) | (19) <sup>(6) (9)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 |  | 1860 | (18) | (19) <sup>(6) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.08% | S + 4.75% | 12/26/31 |  | 19861 | 19663 | 19663<br> <sup>(6)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery |  | S + 4.75% | 12/26/31 |  | 5093 | (25) | (25) <sup>(6) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.08% | S + 4.75% | 12/26/31 |  | 2546 | 545 | 545<br> <sup>(6) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.59% | S + 5.00% | 07/01/31 |  | 557 | 549 | 548<br> <sup>(6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/30 |  | 148 | 15 | 15<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery |  | S + 5.00% | 07/01/31 |  | 148 | (1) | (2) <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/31 | EUR | 138 | 146 | 141<br> <sup>(6) (7) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.26% | S + 5.75% | 09/03/30 |  | 9159 | 8919 | 9067<br> <sup>(6) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.32% | S + 5.75% | 09/03/30 |  | 1075 | 1054 | 1064<br> <sup>(6) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media |  | S + 5.75% | 08/31/28 |  | 749 | (17) | (7) <sup>(6) (8) (9)</sup> |
| LS Clinical Services Holdings, Inc (dba CATO) | Pharmaceuticals | 12.03% | S + 7.25% (Incl. 8.03% PIK) | 12/16/27 |  | 17341 | 17125 | 15260<br> <sup>(6) (8)</sup> |
| LS Clinical Services Holdings, Inc (dba CATO) | Pharmaceuticals | 11.84% | S + 7.25% (Incl. 7.84% PIK) | 06/16/27 |  | 2327 | 1858 | 1608<br> <sup>(6) (8) (9)</sup> |
| Bullhorn, Inc. | Professional Services | 9.36% | S + 5.00% | 10/01/29 |  | 25952 | 25403 | 25952<br> <sup>(6) (8)</sup> |
| Bullhorn, Inc. | Professional Services | 9.36% | S + 5.00% | 10/01/29 |  | 4622 | 4598 | 4622<br> <sup>(6) (8)</sup> |
| Bullhorn, Inc. | Professional Services |  | S + 5.00% | 10/01/29 |  | 1344 | (11) | —<br> <sup>(6) (8) (9)</sup> |
| Bullhorn, Inc. | Professional Services | 9.36% | S + 5.00% | 10/01/29 |  | 1201 | 1191 | 1201<br> <sup>(6) (8)</sup> |
| Bullhorn, Inc. | Professional Services | 9.36% | S + 5.00% | 10/01/29 |  | 538 | 527 | 538<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Bullhorn, Inc. | Professional Services | 9.36% | S + 5.00% | 10/01/29 | $429 | $420 | $429<br> <sup>(6) (8)</sup> |
| Chronicle Bidco Inc. (dba Lexitas) | Professional Services | 10.76% | S + 6.25% | 05/18/29 | 45042 | 43294 | 44591<br> <sup>(6) (8)</sup> |
| Chronicle Bidco Inc. (dba Lexitas) | Professional Services | 10.76% | S + 6.25% | 05/18/29 | 27989 | 1201 | 1179<br> <sup>(6) (8) (9)</sup> |
| Chronicle Bidco Inc. (dba Lexitas) | Professional Services | 10.76% | S + 6.25% | 05/18/29 | 4753 | 639 | 713<br> <sup>(6) (8) (9)</sup> |
| Diligent Corporation | Professional Services | 10.09% | S + 5.00% | 08/02/30 | 58189 | 57788 | 57753<br> <sup>(6) (8)</sup> |
| Diligent Corporation | Professional Services |  | S + 5.00% | 08/02/30 | 13585 | (91) | (102) <sup>(6) (8) (9)</sup> |
| Diligent Corporation | Professional Services | 10.09% | S + 5.00% | 08/02/30 | 9975 | 9906 | 9900<br> <sup>(6) (8)</sup> |
| Diligent Corporation | Professional Services |  | S + 5.00% | 08/02/30 | 7450 | (50) | (56) <sup>(6) (8) (9)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 | 920 | 907 | 906<br> <sup>(6) (8)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 | 75 | 52 | 52<br> <sup>(6) (8) (9)</sup> |
| iCIMS, Inc. | Professional Services | 10.38% | S + 5.75% | 08/18/28 | 47432 | 46934 | 45298<br> <sup>(6) (8)</sup> |
| iCIMS, Inc. | Professional Services | 10.34% | S + 5.75% | 08/18/28 | 4199 | 794 | 651<br> <sup>(6) (8) (9)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.56% | S + 5.75% | 11/30/27 | 17012 | 16815 | 16927<br> <sup>(6) (8)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.44% | S + 5.75% | 11/30/27 | 16735 | 16550 | 16652<br> <sup>(6) (8)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services |  | P + 4.75% | 11/30/27 | 2992 | (30) | (15) <sup>(6) (8) (9)</sup> |
| Pluralsight, Inc. | Professional Services |  | S + 7.50% PIK | 08/22/29 | 14978 | 14075 | 14529<br> <sup>(6) (8) (10) (13)</sup> |
| Pluralsight, Inc. | Professional Services | 9.01% | S + 4.50% (Incl. 1.50% PIK) | 08/22/29 | 9710 | 9619 | 9613<br> <sup>(6) (8) (10)</sup> |
| Pluralsight, Inc. | Professional Services |  | S + 4.50% (Incl.1.50% PIK) | 08/22/29 | 6046 |  | (60) <sup>(6) (8) (9) (10)</sup> |
| Pluralsight, Inc. | Professional Services | 9.01% | S + 4.50% (Incl.1.50% PIK) | 08/22/29 | 4855 | 4855 | 4807<br> <sup>(6) (8) (10)</sup> |
| Pluralsight, Inc. | Professional Services |  | S + 4.50% (Incl.1.50% PIK) | 08/22/29 | 2418 |  | (24) <sup>(6) (8) (9) (10)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.08% | S + 4.75% | 09/19/31 | 9834 | 9738 | 9735<br> <sup>(6) (8)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.26% | S + 4.75% | 09/19/31 | 2956 | 674 | 661<br> <sup>(6) (8) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services |  | S + 4.75% | 09/19/31 | 1479 | (14) | (15) <sup>(6) (8) (9)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 11.24% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 36133 | 35888 | 33965<br> <sup>(6) (7) (8)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 11.28% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 11691 | 11640 | 10990<br> <sup>(6) (7) (8)</sup> |
| HowlCO LLC (dba Lone Wolf) | Real Estate Mgmt. & Development | 11.24% | S + 6.50% (Incl. 3.50% PIK) | 10/22/27 | 11083 | 11036 | 10418<br> <sup>(6) (7) (8)</sup> |
| MRI Software LLC | Real Estate Mgmt. & Development | 9.08% | S + 4.75% | 02/10/27 | 3385 | 3374 | 3376 |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development | 11.01% | S + 6.50% | 07/01/27 | 76091 | 76091 | 75330<br> <sup>(6) (8)</sup> |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development |  | S + 6.50% | 07/01/27 | 7987 |  | (80) <sup>(6) (8) (9)</sup> |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development | 11.01% | S + 6.50% | 07/01/27 | 6200 | 6103 | 6138<br> <sup>(6) (8)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software | 11.17% | S + 6.25% | 03/10/27 | 7956 | 7871 | 7658<br> <sup>(6) (8)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software |  | S + 6.25% | 03/10/27 | 1220 | (12) | (46) <sup>(6) (8) (9)</sup> |
| Acquia, Inc. | Software | 11.73% | S + 7.00% | 10/31/25 | 42164 | 41735 | 41743<br> <sup>(6) (8)</sup> |
| Acquia, Inc. | Software | 11.73% | S + 7.00% | 10/31/25 | 10554 | 10453 | 10448<br> <sup>(6) (8)</sup> |
| Acquia, Inc. | Software | 11.75% | S + 7.00% | 10/31/25 | 3268 | 1812 | 1797<br> <sup>(6) (8) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 9.11% | S + 4.75% | 08/29/31 | 7167 | 7098 | 7095<br> <sup>(6) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 | 1433 | (7) | (14) <sup>(6) (8) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 |  | $896 | $(9) | $(9) <sup>(6) (8) (9)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 11.65% | S + 7.00% | 12/31/26 |  | 39210 | 38903 | 37740<br> <sup>(6) (8)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.65% | S + 8.00% | 12/31/26 |  | 13403 | 6923 | 6655<br> <sup>(6) (8) (9)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.66% | S + 8.00% | 12/31/26 |  | 12500 | 12500 | 12250<br> <sup>(6) (8)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.65% | S + 8.00% | 12/31/26 |  | 6600 | 6600 | 6468<br> <sup>(6) (8)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 11.67% | S + 7.00% | 12/31/26 |  | 4570 | 2711 | 2571<br> <sup>(6) (8) (9)</sup> |
| AQ Helios Buyer, Inc. (dba SurePoint) | Software | 12.65% | S + 8.00% | 12/31/26 |  | 2339 | 2339 | 2292<br> <sup>(6) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 |  | 2912 | 2851 | 2898<br> <sup>(6) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software |  | S + 5.75% | 07/01/30 |  | 487 | (7) | (2) <sup>(6) (8) (9)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 |  | 191 | 189 | 190<br> <sup>(6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.83% | S + 4.50% | 07/28/31 |  | 10567 | 10466 | 10461<br> <sup>(6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/28/31 |  | 2586 | (12) | (26) <sup>(6) (8) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 |  | 1256 | (12) | (13) <sup>(6) (8) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 |  | 591 | (6) | (6) <sup>(6) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.08% | S + 4.75% | 07/14/31 |  | 600 | 594 | 594<br> <sup>(6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 286 | (1) | (3) <sup>(6) (7) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 114 | (1) | (1) <sup>(6) (7) (8) (9)</sup> |
| CivicPlus LLC | Software | 10.41% | S + 5.75% | 08/24/27 |  | 6571 | 6499 | 6506<br> <sup>(6) (8)</sup> |
| CivicPlus LLC | Software | 10.41% | S + 5.75% | 08/24/27 |  | 6516 | 6445 | 6451<br> <sup>(6) (8)</sup> |
| CivicPlus LLC | Software | 10.41% | S + 5.75% | 08/24/27 |  | 3087 | 3052 | 3057<br> <sup>(6) (8)</sup> |
| CivicPlus LLC | Software |  | S + 5.75% | 08/24/27 |  | 1217 | (13) | (12) <sup>(6) (8) (9)</sup> |
| CloudBees, Inc. | Software | 11.47% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 |  | 30235 | 29448 | 30235<br> <sup>(6) (8)</sup> |
| CloudBees, Inc. | Software | 11.47% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 |  | 12920 | 12566 | 12920<br> <sup>(6) (8)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.11% | S + 6.75% | 11/08/30 |  | 3631 | 3550 | 3540<br> <sup>(6) (8)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software |  | S + 6.75% | 11/08/30 |  | 363 | (8) | (9) <sup>(6) (8) (9)</sup> |
| Gainsight, Inc. | Software | 10.66% | S + 6.00% | 07/30/27 |  | 55014 | 54655 | 54739<br> <sup>(6) (8)</sup> |
| Gainsight, Inc. | Software | 10.66% | S + 6.00% | 07/30/27 |  | 5708 | 2930 | 2943<br> <sup>(6) (8) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.34% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 11761 | 11658 | 11644<br> <sup>(6) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.84% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 |  | 2466 | 2447 | 2441<br> <sup>(6) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 |  | 1645 | (14) | (16) <sup>(6) (8) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 279 | (3) | (3) <sup>(6) (8) (9)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.33% | S + 5.00% | 12/01/28 |  | 68358 | 68048 | 67675<br> <sup>(6) (8)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software |  | S + 5.00% | 12/01/28 |  | 12952 | (9) | (130) <sup>(6) (8) (9)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software |  | S + 5.00% | 12/02/27 |  | 8322 | (37) | (83) <sup>(6) (8) (9)</sup> |
| NAVEX TopCo, Inc. | Software | 9.88% | S + 5.50% | 11/08/30 |  | 9121 | 8960 | 9098<br> <sup>(8)</sup> |
| NAVEX TopCo, Inc. | Software |  | S + 5.50% | 11/09/28 |  | 810 | (13) | (2) <sup>(8) (9)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | N + 4.75% | 05/03/29 | NOK | 46888 | 4341 | 4098<br> <sup>(6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.08% | S + 4.75% | 05/03/29 |  | 18975 | 18890 | 18880<br> <sup>(6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.25% | S + 4.75% | 05/03/29 |  | 4433 | 4167 | 4165<br> <sup>(6) (7) (8) (9)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** |  | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software |  | S + 4.75% | 05/03/29 |  | $4201 | $(18) | $(21) <sup>(6) (7) (8) (9)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | SN + 4.75% | 05/03/29 | GBP | 2139 | 2682 | 2665<br> <sup>(6) (7) (8)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 |  | 13814 | 13554 | 13814<br> <sup>(6) (8)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 |  | 1047 | 330 | 349<br> <sup>(6) (8) (9)</sup> |
| Pioneer Buyer I, LLC | Software | 10.83% | S + 6.50% | 11/01/28 |  | 30524 | 30239 | 30448<br> <sup>(6) (8)</sup> |
| Pioneer Buyer I, LLC | Software |  | S + 6.50% | 11/01/27 |  | 4300 | (41) | (11) <sup>(6) (8) (9)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software | 9.61% | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 35955 | 35612 | 35595<br> <sup>(6) (8)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 10274 | (49) | (103) <sup>(6) (8) (9)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 4110 | (39) | (41) <sup>(6) (8) (9)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 |  | 34387 | 34119 | 34387<br> <sup>(6) (8)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 |  | 4806 | 4518 | 4554<br> <sup>(6) (8) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.33% | S + 5.00% | 12/17/31 |  | 12197 | 12075 | 12075<br> <sup>(6)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 3030 | (15) | (15) <sup>(6) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 1515 | (15) | (15) <sup>(6) (9)</sup> |
| Singlewire Software, LLC | Software | 9.58% | S + 5.25% | 05/10/29 |  | 697 | 679 | 690<br> <sup>(6) (8)</sup> |
| Singlewire Software, LLC | Software |  | S + 5.25% | 05/10/29 |  | 129 | (3) | (1) <sup>(6) (8) (9)</sup> |
| Smarsh, Inc. | Software | 10.08% | S + 5.75% | 02/16/29 |  | 26667 | 26488 | 26533<br> <sup>(8)</sup> |
| Smarsh, Inc. | Software | 10.08% | S + 5.75% | 02/16/29 |  | 6667 | 3300 | 3300<br> <sup>(8) (9)</sup> |
| Smarsh, Inc. | Software | 10.11% | S + 5.75% | 02/16/29 |  | 1667 | 657 | 658<br> <sup>(8) (9)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 9.08% | S + 4.75% | 07/02/29 |  | 53223 | 52624 | 52690<br> <sup>(6) (8)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 9.08% | S + 4.75% | 07/02/29 |  | 7398 | 2964 | 2963<br> <sup>(6) (8) (9)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.08% | S + 4.75% | 06/02/31 |  | 17074 | 16913 | 16903<br> <sup>(6) (8)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.16% | S + 4.75% | 06/02/31 |  | 9327 | 3580 | 3548<br> <sup>(6) (8) (9)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail |  | S + 4.75% | 05/31/30 |  | 2178 | (20) | (22) <sup>(6) (8) (9)</sup> |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.58% | S + 6.25% | 09/29/27 |  | 5692 | 5597 | 5635<br> <sup>(6) (8)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 |  | 16432 | 16074 | 16267<br> <sup>(6) (8)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 |  | 12986 | 8962 | 9080<br> <sup>(6) (8) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 |  | 25513 | 25167 | 23982<br> <sup>(6) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.59% | S + 5.50% | 12/31/29 |  | 2988 | 378 | 239<br> <sup>(6) (8) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% | 12/31/29 |  | 1795 | 187 | 93<br> <sup>(6) (8) (9)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.33% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 |  | 43325 | 43255 | 43108<br> <sup>(6)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors |  | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 |  | 3059 | (3) | (15) <sup>(6) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.58% | S + 5.25% | 06/23/31 |  | 5985 | 5900 | 5925<br> <sup>(6) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.89% | S + 5.25% | 06/23/31 |  | 3333 | 301 | 293<br> <sup>(6) (8) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors |  | S + 5.25% | 06/21/30 |  | 667 | (9) | (7) <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 3197401 | 3078970 |
| **1st Lien/Last-Out Unitranche (10) - 10.5%** |  |  |  |  |  |  |  |  |
| Doxim, Inc. | Financial Services | 10.86% | S + 6.40% | 06/01/26 |  | $38967 | $38516 | $37506<br> <sup>(6) (8)</sup> |
| Doxim, Inc. | Financial Services | 11.21% | S + 6.75% | 06/01/26 |  | 24250 | 24063 | 23341<br> <sup>(6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate <br>and Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Doxim, Inc. | Financial Services | 10.86% | S + 6.40% | 06/01/26 | $22863 | $22556 | $22006<br> <sup>(6) (8)</sup> |
| Doxim, Inc. | Financial Services | 11.46% | S + 7.00% | 06/01/26 | 6529 | 6478 | 6317<br> <sup>(6) (8)</sup> |
| Doxim, Inc. | Financial Services | 12.46% | S + 8.00% | 06/01/26 | 5070 | 5028 | 4968<br> <sup>(6) (8)</sup> |
| Doxim, Inc. | Financial Services | 12.46% | S + 8.00% | 06/01/26 | 3799 | 3769 | 3723<br> <sup>(6) (8)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.26% | S + 6.75% | 07/07/28 | 19504 | 19158 | 19114<br> <sup>(6) (8)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.26% | S + 6.75% | 07/07/28 | 7591 | 5738 | 5587<br> <sup>(6) (8) (9)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | 6255 | 6204 | 6193<br> <sup>(6) (8)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | 3745 | 2714 | 2707<br> <sup>(6) (8) (9)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.89% | S + 6.55% | 12/06/28 | 10000 | 9203 | 9186<br> <sup>(6) (8) (9)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 6150 | 6095 | 6088<br> <sup>(6) (8)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 3850 | 667 | 661<br> <sup>(6) (8) (9)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.18% | S + 6.83% | 02/01/29 | 9428 | 9346 | 9333<br> <sup>(6) (8)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.19% | S + 6.83% | 02/01/29 | 5573 | 1214 | 1204<br> <sup>(6) (8) (9)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 12.19% | S + 7.00% | 08/24/28 | 3111 | 3077 | 3080<br> <sup>(6) (8)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.70% | S + 7.00% | 08/24/28 | 1889 | 725 | 726<br> <sup>(6) (8) (9)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.21% | S + 3.75% | 08/31/28 | 5000 | 4158 | 4165<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 168709 | 165905 |
| **2nd Lien/Senior Secured Debt - 3.0%** |  |  |  |  |  |  |  |
| MPI Engineered Technologies, LLC | Automobile Components | 12.00% | 12.00% PIK | 07/15/25 | $20578 | $19847 | $19446<br> <sup>(8)</sup> |
| MPI Products LLC | Automobile Components |  |  | 07/15/25 | 7412 |  | —<br> <sup>(8) (11)</sup> |
| Wine.com, LLC | Beverages | 16.79% | S + 12.00% PIK | 04/03/27 | 11384 | 11790 | 11953<br> <sup>(6) (8)</sup> |
| Wine.com, LLC | Beverages | 16.75% | S + 12.00% PIK | 04/03/27 | 3334 | 2564 | 5898<br> <sup>(6) (8) (9) (16)</sup> |
| Chase Industries, Inc. (dba Senneca Holdings) | Building Products |  |  | 11/11/27 | 15511 |  | —<br> <sup>(6) (8) (11)</sup> |
| Chase Industries, Inc. (dba Senneca Holdings) | Building Products |  | 10.00% PIK | 05/11/27 | 12150 | 9714 | 5498<br> <sup>(6) (8) (13)</sup> |
| Sweep Midco LLC | Commercial Services & Supplies |  |  | 03/12/36 | 16360 |  | —<br> <sup>(6) (8) (11)</sup> |
| Sweep Midco LLC | Commercial Services & Supplies |  |  | 03/12/34 | 5621 | 4215 | 3991<br> <sup>(6) (8) (11)</sup> |
| Animal Supply Intermediate, LLC | Distributors |  | 7.00% PIK | 11/14/25 | 11244 | 9031 | —<br> <sup>(8) (10) (13)</sup> |
| **Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  | 57161 | 46786 |
| **Unsecured Debt - 1.1%** |  |  |  |  |  |  |  |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | $34265 | $— | $—<br> <sup>(6) (8) (13) (16)</sup> |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | 19764 | 6488 | —<br> <sup>(6) (8) (13) (16)</sup> |
| Wine.com, Inc. | Beverages |  | S + 15.00% PIK | 04/03/27 | 12019 | 15229 | —<br> <sup>(6) (8) (13)</sup> |
| Bayside Opco, LLC (dba Pro-PT) | Health Care Providers & Services |  | S + 10.00% PIK | 05/31/26 | 1190 | 82 | 586<br> <sup>(8) (13)</sup> |
| mPulse Mobile, Inc. (dba Zipari Inc.) | Health Care Technology |  |  | 09/05/31 | 8247 | 7072 | 7072<br> <sup>(8) (11)</sup> |
| CivicPlus LLC | Software | 16.08% | S + 11.75% PIK | 06/09/34 | 9366 | 9198 | 9132<br> <sup>(6) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt** |  |  |  |  |  | 38069 | 16790 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $3461340 | $3308451 |
| **Total Debt Investments** |  |  |  |  |  | $3566740 | $3409301 |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Initial<br>Acquisition<br>Date**<sup>(17)</sup> | **Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Equity Securities - 4.2%** |  |  |  |  |  |  |
| **Canada - 0.0%** |  |  |  |  |  |  |
| **Common Stock - 0.0%** |  |  |  |  |  |  |
| Prairie Provident Resources, Inc. | Oil, Gas & Consumable Fuels |  |  | 3579988 | $9237 | $124<br> <sup>(7) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  |  | 9237 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  |  | $9237 | $124 |
| **Germany - 0.0%** |  |  |  |  |  |  |
| **Common Stock - 0.0%** |  |  |  |  |  |  |
| Kawa Solar Holdings Limited | Construction & Engineering |  | 08/17/16 | 1399556 | $— | $—<br> <sup>(7) (8) (10) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  |  |  |  |
| **Preferred Stock - 0.0%** |  |  |  |  |  |  |
| Kawa Solar Holdings Limited | Construction & Engineering | 8.00% PIK | 10/25/16 | 94145 | $778 | $—<br> <sup>(7) (8) (10) (13)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  |  | 778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Germany** |  |  |  |  | $778 | $— |
| **Singapore - 0.0%** |  |  |  |  |  |  |
| **Common Stock - 0.0%** |  |  |  |  |  |  |
| Conergy Asia & ME Pte. LTD. | Construction & Engineering |  | 01/11/21 | 3126780 | $5300 | $—<br> <sup>(7) (8) (10) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  |  | 5300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Singapore** |  |  |  |  | $5300 | $— |
| **United States - 4.2%** |  |  |  |  |  |  |
| **Common Stock - 2.2%** |  |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense |  | 04/19/24 | 610 | $610 | $756<br> <sup>(6) (8) (11)</sup> |
| Thrasio, LLC | Broadline Retail |  | 06/18/24 | 252754 |  | —<br> <sup>(6) (8) (10) (11)</sup> |
| Elah Holdings, Inc. | Capital Markets |  | 05/09/18 | 111650 | 5238 | 5396<br> <sup>(6) (8) (10) (11)</sup> |
| Animal Supply Holdings, LLC | Distributors |  | 08/14/20 | 83333 | 13745 | —<br> <sup>(8) (10) (11)</sup> |
| Animal Supply Holdings, LLC | Distributors |  | 08/14/20 | 37500 | 126 | —<br> <sup>(8) (10) (11)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services |  | 04/26/24 | 2116564 | 2117 | 2117<br> <sup>(6) (8) (10) (11)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services |  | 07/06/22 | 1100 | 1100 | 1785<br> <sup>(6) (8) (10) (11)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services |  | 12/21/21 | 23400 | 2340 | 1950<br> <sup>(6) (8) (11)</sup> |
| Iracore International Holdings, Inc. | Energy Equipment & Services |  | 04/13/17 | 28898 | 7003 | 5528<br> <sup>(8) (10) (11)</sup> |
| Country Fresh Holding Company Inc. | Food Products |  | 04/29/19 | 1514 | 888 | —<br> <sup>(6) (8) (11)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services |  | 03/29/24 | 731038 |  | —<br> <sup>(8) (10) (11)</sup> |
| PPT Management Holdings, LLC (dba Pro-PT) | Health Care Providers & Services |  | 05/31/23 | 1293 |  | —<br> <sup>(8) (11)</sup> |
| Total Vision LLC | Health Care Providers & Services |  | 07/15/21 | 122571 | 2270 | 1013<br> <sup>(6) (8) (11)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#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**<sup>(1)(5)</sup> | **Industry**<sup>(2)</sup> | **Initial<br>Acquisition<br>Date**<sup>(17)</sup> | **Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| MedeAnalytics, Inc. | Health Care Technology | 04/21/23 | 9 | $— | $—<br> <sup>(6) (8) (10) (11)</sup> |
| Volt Bidco, Inc. (dba Power Factors) | Independent Power and Renewable Electricity Producers | 08/11/21 | 3355 | 3406 | 2212<br> <sup>(6) (8) (11)</sup> |
| Pluralsight, Inc. | Professional Services | 08/22/24 | 4836698 | 13167 | 13349<br> <sup>(6) (8) (10) (11)</sup> |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | Software | 03/10/21 | 29326 | 2933 | 60<br> <sup>(6) (8) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | 54943 | 34166 |
| **Preferred Stock - 2.0%** |  |  |  |  |  |
| Wine.com, LLC | Beverages | 11/14/18 | 535226 | $8225 | $—<br> <sup>(6) (8) (11)</sup> |
| Wine.com, LLC | Beverages | 03/03/21 | 124040 | 3066 | —<br> <sup>(6) (8) (11)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10/02/24 | 759 | 100 | 104<br> <sup>(6) (8) (11)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 354698 | 113 | —<br> <sup>(8) (10) (11)</sup> |
| MedeAnalytics, Inc. | Health Care Technology | 10/09/20 |  |  | —<br> <sup>(6) (8) (10) (11) (18)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 1152957 | 12899 | 16926<br> <sup>(6) (8) (11)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 12/02/21 | 10597 | 10332 | 14216<br> <sup>(6) (8) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  | 34735 | 31246 |
| **Warrants - 0.0%** |  |  |  |  |  |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 05/29/20 | 2812 | $— | $—<br> <sup>(6) (8) (11)</sup> |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 05/29/20 | 294 |  | —<br> <sup>(6) (8) (11)</sup> |
| KDOR Holdings Inc. (dba Senneca Holdings) | Building Products | 06/22/20 | 59 |  | —<br> <sup>(6) (8) (11)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 333980 | 1849 | 421<br> <sup>(6) (8) (11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Warrants** |  |  |  | 1849 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $91527 | $65833 |
| **Total Equity Securities** |  |  |  | $106842 | $65957 |
| **Total Investments - 221.0%** |  |  |  | $3673582 | $3475258 |
| **Investments in Affiliated Money Market Fund - 1.6%** | **Investments in Affiliated Money Market Fund - 1.6%** |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  | 25238185 | $25238 | $25238<br> <sup>(19) (20)</sup> |
| &nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** | &nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  | 25238 | 25238 |
| **Total Investments and Investments in Affiliated Money Market Fund - 222.6%** |  |  |  | $3698820 | $3500496 |

---

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

------

[<u>**Table of Contents**</u>](#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)**

(1)Percentages are based on net assets.

(2)For Industry subtotal and percentage, see Note 4 "Investments."

(3)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.

(4)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.

(5)Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 "Debt".

(6)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".

(7)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.

(8)The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

(9)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".

(10)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".

(11)Non-income producing security.

(12)The Company is in discussions with the investment to extend the maturity date through an amendment.

(13)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(14)The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies".

(15)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.

(16)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 below), 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".

(17)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.

(18)Share amount rounds to less than 1.

(19)The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

(20)The annualized seven-day yield as of December 31, 2024 is 4.42%.

PIK – Payment-In-Kind

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| Bank of America, N.A. | USD 2,661 | GBP 2,161 | 01/15/26 | $(38) |
|  |  |  |  | $**(38)** |

---

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

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**Goldman Sachs BDC, Inc.**

**Notes to the Consolidate** **d Financial Statements**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

**1.** **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.

**2.** **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 financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes related thereto for the year ended December 31, 2024, included in the Company's annual report on Form 10-K, which was filed with the SEC on February 27, 2025. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

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.

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**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.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Prepayment premiums | $513 | $— | $655 | $— |
| Accelerated amortization of upfront loan origination fees and unamortized discounts | $3371 | $2796 | $5086 | $4932 |

---

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 below) 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 three and six months ended June 30, 2025 was $1,001 and $1,806. Amortization income of the Purchase Discount for the three and six months ended June 30, 2024 was $1,741 and $3,064. 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 gain 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 June 30, 2025, the Company had certain investments held in seven portfolio companies on non-accrual status, which represented 2.5% and 1.6% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)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 June 30, 2025 and December 31, 2024, the Company held an aggregate cash balance of $108,036 and $61,795. Foreign currency of $4,310 and $4,969 (acquisition costs of $4,246 and $5,076) is included in cash as of June 30, 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.

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**Derivatives** 

The Company may enter 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. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. 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 and as such, the Company recognizes its derivatives at fair value, and records changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts in the Consolidated Statements of Operations.

**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 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 its required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required. For the three and six months ended June 30, 2025, the Company accrued excise taxes of $906 and $2,213. As of June 30, 2025, $2,487 of accrued excise taxes remained payable. For the three and six months ended June 30, 2024, the Company accrued excise taxes of $1,241 and $2,315.

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 gains 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 able 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 consolidated financial statements.

**3.** **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 three and six months ended June 30, 2025, Management Fees amounted to $8,408 and $17,089. As of June 30, 2025, $8,408 remained payable. For the three and six months ended June 30, 2024, Management Fees amounted to $8,865 and $17,597.

*Incentive Fee* 

The incentive fee (the "Incentive Fee") consists of two components that are determined independent 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

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

"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 three and six months ended June 30, 2025, Incentive Fees based on income amounted to $8,526 and $15,330. As of June 30, 2025, $8,526 remained payable. For the three and six months ended June 30, 2024, Incentive Fees based on income amounted to $0 and $10,882.

*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 gains incentive fee equal to 20% of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

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For the three and six months ended June 30, 2025 and 2024, the Company did not 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 three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $522 and $1,047. As of June 30, 2025, $524 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $526 and $1,038.

**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 three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $7 and $14. As of June 30, 2025, $8 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $7 and $14.

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**Affiliates** 

GS Group Inc. owned 5.6% as of June 30, 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):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Fair Value Balance** | **Gross<br>Additions**<sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain(Loss)** | **Net Change in<br>Unrealized<br>Appreciation (Depreciation)** | **Ending Fair Value Balance** | **Dividend,<br>Interest, PIK<br>and Other<br>Income** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund | $25238 | $516318 | $(541489) | $— | $— | $67 | $381 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | 11551 | 590 | (195) |  | (552) | 11394 | 569 |
| Animal Supply Holdings, LLC |  |  |  | (22902) | 22902 |  |  |
| Conergy Asia & ME Pte. LTD |  |  |  | (6355) | 6355 |  |  |
| Elah Holdings, Inc. | 5396 |  |  |  |  | 5396 |  |
| Iracore International Holdings, Inc. | 7015 |  |  |  | (1595) | 5420 | 102 |
| Kawa Solar Holdings Limited | 741 |  | (614) | (4567) | 4440 |  |  |
| MedeAnalytics, Inc. | 156 |  |  |  | 2 | 158 |  |
| SEM Holdings, LLC (dba Southeast Mechanical, LLC) | 21130 | 4181 | (1649) |  | (104) | 23558 | 1171 |
| Thrasio Holdings, Inc. | 17738 | 501 |  |  | (3074) | 15165 | 370 |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | 814 | 41 |  |  | (150) | 705 | 55 |
| Pluralsight, Inc. | 42214 | 971 |  |  | (2175) | 41010 | 1715 |
| &nbsp;&nbsp;**Total Non-Controlled Affiliates** | $131993 | $522602 | $(543947) | $(33824) | $26049 | $102873 | $4363 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund | $— | $1318734 | $(1293496) | $— | $— | $25238 | $1380 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) |  | 11883 | (302) |  | (30) | 11551 | 713 |
| Animal Supply Holdings, LLC |  |  |  |  |  |  |  |
| ATX Networks Corp. | 6437 | 128 | (3168) | (2673) | (724) |  | 235 |
| Collaborative Imaging, LLC (dba Texas Radiology Associates) | 4122 |  | (4088) | 658 | (692) |  | 85 |
| Conergy Asia & ME Pte. LTD |  |  |  |  |  |  |  |
| Elah Holdings, Inc. | 5396 |  |  |  |  | 5396 |  |
| Iracore International Holdings, Inc. | 9101 |  | (859) |  | (1227) | 7015 | 807 |
| Kawa Solar Holdings Limited | 1073 |  |  |  | (332) | 741 |  |
| MedeAnalytics, Inc. | 146 |  |  |  | 10 | 156 |  |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | 16144 | 5607 | (602) |  | (19) | 21130 | 2184 |
| Thrasio, LLC |  | 17028 |  |  | 710 | 17738 | 332 |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) |  | 955 |  |  | (141) | 814 | 85 |
| Pluralsight, Inc. |  | 41716 |  |  | 498 | 42214 | 524 |
| &nbsp;&nbsp;**Total Non-Controlled Affiliates** | $42419 | $1396051 | $(1302515) | $(2015) | $(1947) | $131993 | $6345 |

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<sup>(1)</sup> 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.

<sup>(2)</sup> 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 June 30, 2025 and December 31, 2024, there were $2,607 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.

**4.** **INVESTMENTS** 

The Company's investments (excluding investments in money market funds, if any) consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| 1st Lien/Senior Secured Debt | $2987901 | $2944447 | $3301746 | $3179820 |
| 1st Lien/Last-Out Unitranche | 187959 | 187336 | 168709 | 165905 |
| 2nd Lien/Senior Secured Debt | 49869 | 49359 | 57161 | 46786 |
| Unsecured Debt | 29062 | 8281 | 39124 | 16790 |
| Preferred Stock | 43433 | 41230 | 35513 | 31246 |
| Common Stock | 55814 | 33455 | 69480 | 34290 |
| Warrants | 1849 | 398 | 1849 | 421 |
| &nbsp;&nbsp;**Total** | $**3355887** | $**3264506** | $**3673582** | $**3475258** |

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The industry composition of the Company's investments as a percentage of fair value and net assets was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Industry** | **Fair Value** | **Net Assets** | **Fair Value** | **Net Assets** |
| Software | 19.9% | 42.9% | 19.5% | 43.0% |
| Financial Services | 10.8 | 23.3 | 9.4 | 20.8 |
| Health Care Providers & Services | 9.3 | 20.0 | 10.5 | 23.2 |
| Professional Services | 8.2 | 17.7 | 9.1 | 20.0 |
| Health Care Technology | 7.6 | 16.3 | 7.3 | 16.1 |
| Diversified Consumer Services | 5.8 | 12.6 | 6.4 | 13.9 |
| Commercial Services & Supplies | 5.5 | 11.8 | 4.9 | 10.7 |
| Real Estate Mgmt. & Development | 4.3 | 9.3 | 4.0 | 8.9 |
| IT Services | 4.3 | 9.2 | 4.9 | 10.9 |
| Trading Companies & Distributors | 3.1 | 6.7 | 2.8 | 6.3 |
| Health Care Equipment & Supplies | 3.0 | 6.5 | 2.7 | 6.0 |
| Entertainment | 2.1 | 4.5 | 1.9 | 4.2 |
| Wireless Telecommunication Services | 1.7 | 3.8 | 1.2 | 2.8 |
| Machinery | 1.6 | 3.4 | 1.0 | 2.3 |
| Independent Power and Renewable Electricity Producers | 1.6 | 3.3 | 1.4 | 3.2 |
| Containers & Packaging | 1.3 | 2.9 | 1.3 | 2.8 |
| Oil, Gas & Consumable Fuels | 1.2 | 2.5 | —<br><sup>(1)</sup> | —<br><sup>(1)</sup> |
| Food Products | 1.0 | 2.3 | 0.3 | 0.7 |
| Chemicals | 1.0 | 2.1 | 2.5 | 5.6 |
| Interactive Media & Services | 0.8 | 1.8 | 2.0 | 4.5 |
| Construction & Engineering | 0.7 | 1.5 | 0.6 | 1.3 |
| Specialty Retail | 0.7 | 1.5 | 0.6 | 1.3 |
| Hotels, Restaurants & Leisure | 0.6 | 1.3 | 1.9 | 4.2 |
| Beverages | 0.6 | 1.2 | 0.5 | 1.1 |
| Automobile Components | 0.5 | 1.1 | 0.6 | 1.3 |
| Pharmaceuticals | 0.5 | 1.1 | 0.5 | 1.1 |
| Broadline Retail | 0.5 | 1.0 | 0.5 | 1.1 |
| Aerospace & Defense | 0.3 | 0.7 | 0.3 | 0.7 |
| Media | 0.3 | 0.7 | 0.3 | 0.7 |
| Building Products | 0.3 | 0.6 | 0.2 | 0.3 |
| Textiles, Apparel & Luxury Goods | 0.2 | 0.4 | 0.2 | 0.4 |
| Energy Equipment & Services | 0.2 | 0.4 | 0.2 | 0.4 |
| Capital Markets | 0.2 | 0.4 | 0.2 | 0.4 |
| Leisure Products | 0.1 | 0.3 | 0.1 | 0.3 |
| Consumer Staples Distribution & Retail | 0.1 | 0.3 | 0.1 | 0.3 |
| Communications Equipment | 0.1 | 0.2 | 0.1 | 0.2 |
| Household Products | —<br><sup>(1)</sup> | 0.1 |  |  |
| Insurance<sup>(1)</sup> |  |  |  |  |
| Electrical Equipment<sup>(1)</sup> |  |  |  |  |
| Air Freight & Logistics | —<br><sup>(1)</sup> | —<br><sup>(1)</sup> |  |  |
| Distributors |  |  | —<br><sup>(1)</sup> | —<br><sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **215.7%** | **100.0%** | **221.0%** |

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<sup>(1)</sup> Amount rounds to less than 0.1%.

The geographic composition of the Company's investments at fair value was as follows:

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| | | |
|:---|:---|:---|
| **Geographic** | **June 30,<br>2025** | **December 31,<br>2024** |
| United States | 95.8% | 97.1% |
| Canada | 3.2 | 2.0 |
| United Kingdom | 1.0 | 0.9 |
| Germany |  | —<br><sup>(1)</sup> |
| Singapore |  | —<br><sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **100.0%** |

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<sup>(1)</sup> Amount rounds to less than 0.1%.

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**5.** **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** | &nbsp;&nbsp;&nbsp;**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.<br>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. |

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| | |
|:---|:---|
| **Level 3 Instruments** | &nbsp;&nbsp;&nbsp;**Valuation Techniques and Significant Inputs** |
| **Bank Loans, Corporate Debt, and Other Debt**<br>**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.<br>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. |

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The tables below present the ranges of significant unobservable inputs used to value the Company's Level 3 assets as of June 30, 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**<sup>(1)(2)</sup> | **Valuation Techniques**<sup>(3)</sup> | **Significant Unobservable<br>Inputs** | **Range of Significant<br>Unobservable Inputs**<sup>(4)</sup> | **Weighted<br>Average**<sup>(5)</sup> |
| ***As of June 30, 2025*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $2685916 | Discounted cash flows | Discount Rate | 7.9% - 24.2% | 10.8% |
|  | $38932 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 6.0x - 10.0x | 6.6x |
|  | $10167 | Comparable multiples | EV/Revenue | 0.4x - 0.7x | 0.7x |
| 1st Lien/Last-Out Unitranche | $187336 | Discounted cash flows | Discount Rate | 8.3% - 12.8% | 11.9% |
| 2nd Lien/Senior Secured Debt | $18668 | Discounted cash flows | Discount Rate | 15.9% - 23.5% | 21.0% |
|  | $30691 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 3.2x - 9.0x | 5.7x |
| Unsecured Debt | $7175 | Discounted cash flows | Discount Rate |  | 12.1% |
|  | $1106 | Comparable multiples | EV/EBITDA<sup>(6)</sup> |  | 7.2x |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Preferred Stock | $8698 | Discounted cash flows | Discount Rate |  | 18.9% |
|  | $15088 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 13.0x - 21.0x | 20.9x |
|  | $17444 | Comparable multiples | EV/Revenue |  | 4.3x |
| Common Stock | $5396 | Discounted cash flows | Discount Rate |  | 28.4% |
|  | $15470 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 5.0x - 13.5x | 7.5x |
|  | $12510 | Comparable multiples | EV/Revenue | 1.6x - 7.3x | 2.2x |
| Warrants | $398 | Comparable multiples | EV/Revenue |  | 4.3x |
| ***As of December 31, 2024*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $2808914 | Discounted cash flows | Discount Rate | 7.7% - 33.0% | 11.4% |
|  | $25157 | Collateral analysis | Recovery Rate | 17.5% - 100.0% | 96.2% |
|  | $1178 | Comparable multiples | EV/EBITDA<sup>(6)</sup> |  | 6.7x |
|  | $58976 | Comparable multiples | EV/Revenue | 0.4x - 2.5x | 1.8x |
| 1st Lien/Last-Out Unitranche | $165905 | Discounted cash flows | Discount Rate | 8.8% - 13.6% | 12.6% |
| 2nd Lien/Senior Secured Debt | $37297 | Discounted cash flows | Discount Rate | 13.2% - 23.0% | 20.5% |
|  | $9489 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 8.5x - 9.5x | 8.9x |
| Unsecured Debt | $16204 | Discounted cash flows | Discount Rate | 10.8% - 17.3% | 14.5% |
|  | $586 | Comparable multiples | EV/EBITDA<sup>(6)</sup> |  | 7.3x |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Preferred Stock | $14320 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 13.5x - 20.8x | 20.7x |
|  | $16926 | Comparable multiples | EV/Revenue |  | 4.2x |
| Common Stock | $5396 | Discounted cash flows | Discount Rate |  | 29.0% |
|  | $13209 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 4.5x - 13.5x | 8.5x |
|  | $15561 | Comparable multiples | EV/Revenue | 1.5x - 10.0x | 2.7x |
| Warrants | $421 | Comparable multiples | EV/Revenue |  | 4.2x |

---

<sup>(1)</sup> As of June 30, 2025, included within the fair value of Level 3 assets of $3,244,938 is an amount of $189,943 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $2,899,095 or 91.5% of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(2)</sup> 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 prior transactions). 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

<sup>(5)</sup> 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.

<sup>(6)</sup> Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA").

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[<u>**Table of Contents**</u>](#table_of_contents)

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 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 categorized within the fair value hierarchy:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $19489 | $2924958 | $2944447 | $— | $43137 | $3136683 | $3179820 |
| 1st Lien/Last-Out Unitranche |  |  | 187336 | 187336 |  |  | 165905 | 165905 |
| 2nd Lien/Senior Secured Debt |  |  | 49359 | 49359 |  |  | 46786 | 46786 |
| Unsecured Debt |  |  | 8281 | 8281 |  |  | 16790 | 16790 |
| Preferred Stock |  |  | 41230 | 41230 |  |  | 31246 | 31246 |
| Common Stock | 79 |  | 33376 | 33455 | 124 |  | 34166 | 34290 |
| Warrants |  |  | 398 | 398 |  |  | 421 | 421 |
| Affiliated Money Market Fund | 67 |  |  | 67 | 25238 |  |  | 25238 |
| &nbsp;&nbsp;**Total Assets** | $146 | $19489 | $3244938 | $3264573 | $25362 | $43137 | $3431997 | $3500496 |
| Unrealized appreciation (depreciation) on foreign currency forward contracts | $— | $(308) | $— | $(308) | $— | $(38) | $— | $(38) |

---

The following table presents a summary of changes in fair value of Level 3 assets by investment type:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance** | **Purchases**<br> <sup>(1)</sup> | **Net<br>Realized<br>Gain<br>(Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Sales and<br>Settlements**<sup>(2)</sup> | **Net<br>Amortization<br>of<br>Premium/<br>Discount** | **Transfers<br>In**<sup>(3)</sup> | **Transfers<br>Out**<sup>(3)</sup> | **Ending<br>Balance** | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)**<br>for assets<br>still held** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $3136683 | $365336 | $(94768) | $78152 | $(588881) | $10421 | $18015 | $— | $2924958 | $(6586) |
| 1st Lien/Last-Out Unitranche | 165905 | 19162 |  | 2181 | (371) | 459 |  |  | 187336 | 2182 |
| 2nd Lien/Senior Secured Debt | 46786 | 1819 | (9031) | 9865 |  | (80) |  |  | 49359 | 835 |
| Unsecured Debt | 16790 | 109 | (1055) | 1553 | (9366) | 250 |  |  | 8281 | 432 |
| Preferred Stock | 31246 | 8698 | (778) | 2064 |  |  |  |  | 41230 | 1286 |
| Common Stock | 34166 | 6393 | (20059) | 12876 |  |  |  |  | 33376 | (7183) |
| Warrants | 421 |  |  | (23) |  |  |  |  | 398 | (23) |
| &nbsp;&nbsp;**Total Assets** | $3431997 | $401517 | $(125691) | $106668 | $(598618) | $11050 | $18015 | $— | $3244938 | $(9057) |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |  |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $3036965 | $599413 | $(48131) | $(75846) | $(392018) | $11812 | $6510 | $— | $3138705 | $(105050) |
| 1st Lien/Last-Out Unitranche | 144743 | 15176 |  | 478 | (205) | 407 |  |  | 160599 | 478 |
| 2nd Lien/Senior Secured Debt | 66562 | 7980 |  | 4770 | (40130) | 1066 |  |  | 40248 | 5728 |
| Unsecured Debt | 27314 | 2271 | (2025) | (18478) |  | (338) |  |  | 8744 | (18730) |
| Preferred Stock | 37296 | 112 |  | 1082 |  |  |  |  | 38490 | 1082 |
| Common Stock | 30511 | 2727 | 491 | (5285) | (4088) |  |  |  | 24356 | (3451) |
| Warrants | 244 |  |  | 57 |  |  |  |  | 301 | 57 |
| &nbsp;&nbsp;**Total Assets** | $3343635 | $627679 | $(49665) | $(93222) | $(436441) | $12947 | $6510 | $— | $3411443 | $(119886) |

---

<sup>(1)</sup> Purchases may include PIK, securities received in corporate actions and restructurings.

<sup>(2)</sup> Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

<sup>(3)</sup> 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.

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[<u>**Table of Contents**</u>](#table_of_contents)

**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:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Level** | **June 30, 2025** | **December 31, 2024** |
| Revolving Credit Facility | 3 | $903106 | $674628 |
| 2025 Notes | 2 | $— | $359028 |
| 2026 Notes | 2 | $495350 | $489250 |
| 2027 Notes | 2 | $409640 | $409520 |

---

**6.** **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 June 30, 2025 and December 31, 2024, the Company's asset coverage ratio based on the aggregate amount outstanding of senior securities was 184% and 181%.

The Company's outstanding debt was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value**<sup>(1)</sup> | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value**<sup>(1)</sup> |
| Revolving Credit Facility<sup>(2)</sup> | $1695000 | $792545 | $903106 | $1695000 | $1019992 | $674628 |
| 2025 Notes |  |  |  | 360000 |  | 359845 |
| 2026 Notes | 500000 |  | 498958 | 500000 |  | 498010 |
| 2027 Notes | 400000 |  | 395333 | 400000 |  | 393969 |
| **Total Debt** | $2595000 | $792545 | $1797397 | $2955000 | $1019992 | $1926452 |

---

<sup>(1)</sup> The carrying value is presented net of unamortized debt issuance costs as applicable.

<sup>(2)</sup> Provides, under certain circumstances, a total borrowing capacity of $2,542,500. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $814,674, in EUR of EUR 13,700, in GBP of GBP 18,950, in CAD of CAD 52,270 and in AUD of AUD 12,000. 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 six months ended June 30, 2025 was 5.33% and for the year ended December 31, 2024 was 5.28%. The combined average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 was $1,858,671 and for the year ended December 31, 2024 was $1,915,158.

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[<u>**Table of Contents**</u>](#table_of_contents)

**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 June 24, 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 arrears 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 arrears. Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and unpaid interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility, will mature, and all accrued and unpaid 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 of $800,000 plus 25% of net proceeds of the sale of equity interests of the Company after February 25, 2020, (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 June 30, 2025, the Company was in compliance with these covenants.

Costs of $38,024 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 June 30, 2025 and December 31, 2024, the unamortized deferred financing costs were $14,801 and $11,897.

The following table presents the summary information of the Revolving Credit Facility:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Borrowing interest expense | $13683 | $12431 | $27693 | $29129 |
| Facility fees | 787 | 963 | 1539 | 1706 |
| Amortization of financing costs | 815 | 834 | 1621 | 1637 |
| **Total** | $15285 | $14228 | $30853 | $32472 |
| Weighted average interest rate | 6.33% | 7.37% | 6.35% | 7.36% |
| Average outstanding balance | $866395 | $678758 | $879113 | $795677 |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

**2025 Notes** 

On February 10, 2020, the Company closed an offering of $360,000 aggregate principal amount of its 3.75% 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 3.75% per year, payable semi-annually. 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:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| Principal amount of debt | $— | $360000 |
| Unamortized debt issuance costs |  | 155 |
| **Carrying Value** | $— | $359845 |

---

The following table presents the components of interest and other debt expenses related to the 2025 Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Borrowing interest expense | $— | $3375 | $1463 | $6750 |
| Amortization of debt issuance costs |  | 345 | 155 | 689 |
| **Total** | $— | $3720 | $1618 | $7439 |

---

**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 bear interest at a rate of 2.875% per year, payable semi-annually. The 2026 Notes will mature on January 15, 2026 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.

The following table presents the components of the carrying value of the 2026 Notes:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| Principal amount of debt | $500000 | $500000 |
| Unamortized debt issuance costs | 1042 | 1990 |
| **Carrying Value** | $498958 | $498010 |

---

The following table presents the components of interest and other debt expenses related to the 2026 Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Borrowing interest expense | $3594 | $3594 | $7188 | $7188 |
| Amortization of debt issuance costs | 477 | 477 | 948 | 953 |
| **Total** | $4071 | $4071 | $8136 | $8141 |

---

**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, commencing on September 11, 2024. 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.

The following table presents the components of the carrying value of the 2027 Notes:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| Principal amount of debt | $400000 | $400000 |
| Unamortized debt issuance costs | 4667 | 6031 |
| **Carrying Value** | $395333 | $393969 |

---

------

[<u>**Table of Contents**</u>](#table_of_contents)

The following table presents the components of interest and other debt expenses related to the 2027 Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Borrowing interest expense | $6375 | $6375 | $12750 | $7792 |
| Amortization of debt issuance costs | 685 | 709 | 1364 | 873 |
| **Total** | $7060 | $7084 | $14114 | $8665 |

---

**7.** **DERIVATIVES** 

The Company enters into foreign currency forward contracts from time to time 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.

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 OTC derivatives, including foreign currency forward contracts, 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.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included on the Consolidated Statements of Assets and Liabilities as other assets or other liabilities. 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.

For the three and six months ended June 30, 2025, the Company's average USD notional exposure to foreign currency forward contracts was $2,661 and $2,661. For the three and six months ended June 30, 2024, the Company's average USD notional exposure to foreign currency forward contracts was $7,749 and $7,749.

The Company's net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements presented on the Consolidated Statements of Assets and Liabilities, all of which are with Bank of America, N.A., was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Gross Amount of Assets | $— | $— |
| Gross Amount of Liabilities | (308) | (38) |
| **Net Amount of Assets or (Liabilities)** | $(308) | $(38) |
| Collateral (Received) Pledged <sup>(1)</sup> | 270 | 38 |
| **Net Amounts** <sup>(2)</sup> | $(38) | $— |

---

<sup>(1)</sup> Amount excludes excess cash collateral paid, if any.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments on the Consolidated Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Net realized gain (loss) on foreign currency forward contracts | $— | $— | $— | $— |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (181) | 41 | (270) | 186 |
| **Total net realized and unrealized gains (losses) on foreign currency forward contracts** | $(181) | $41 | $(270) | $186 |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

**8.** **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. As of June 30, 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**<sup>(1)</sup> | **Unfunded Commitment Balances**<sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| **1st Lien/Senior Secured Debt** |  |  |
| Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) | $1220 | $1220 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | 2738 | 3152 |
| Accommodations Plus Technologies LLC | 2394 |  |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | 3914 | 3555 |
| AI Titan Parent, Inc. (dba Prometheus) | 2329 | 2329 |
| Airwavz Solutions, Inc. | 3653 |  |
| AQ Helios Buyer, Inc. (dba SurePoint) | 925 | 8308 |
| AQ Sunshine, Inc. (dba Relation Insurance) | 216 | 271 |
| Ark Data Centers, LLC | 6050 | 6500 |
| Artifact Bidco, Inc. (dba Avetta) | 4433 | 4433 |
| Aurora Acquireco, Inc. (dba AuditBoard) | 400 | 400 |
| Bayside Opco, LLC (dba Pro-PT) | 415 | 415 |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | 3776 | 3776 |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | 522 | 522 |
| BSI3 Menu Buyer, Inc (dba Kydia) | 1038 | 1038 |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | 2473 | 2676 |
| Bullhorn, Inc. | 1344 | 1344 |
| Businessolver.com, Inc. | 488 | 2068 |
| Celero Commerce LLC | 1205 |  |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | 3140 | 3140 |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | 6282 | 2760 |
| Circustrix Holdings, LLC (dba SkyZone) | 269 | 108 |
| Clearcourse Partnership Acquireco Finance Limited | 4693 | 4282 |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | 493 | 382 |
| Computer Services, Inc. | 14830 | 14830 |
| Convenient Payments Acquisition, Inc. | 1093 |  |
| Coretrust Purchasing Group LLC | 4953 | 4953 |
| Crewline Buyer, Inc. (dba New Relic) | 363 | 363 |
| CST Holding Company (dba Intoxalock) | 86 | 86 |
| CURiO Brands LLC | 196 |  |
| Diligent Corporation | 20477 | 21036 |
| Eagle Family Foods Group LLC | 101 | 101 |
| Easy Mile Fitness, LLC | 1263 | 1624 |
| Elemica Parent, Inc. | 62 |  |
| Engage2Excel, Inc. | 38 | 23 |
| Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) | 1260 | 1260 |
| Experity, Inc. | 81 | 67 |
| Frontgrade Technologies Holdings Inc. | 250 | 250 |
| Frontline Road Safety Operations, LLC | 7657 |  |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | 8623 | 2340 |
| Fullsteam Operations LLC | 19341 | 38708 |
| Gainsight, Inc. | 5708 | 2736 |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | 201 | 307 |
| GHA Buyer Inc. (dba Cedar Gate) | 1880 | 1880 |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | 1694 | 1924 |
| Governmentjobs.com, Inc. (dba NeoGov) | 19847 | 21273 |
| GS AcquisitionCo, Inc. (dba Insightsoftware) | 3363 | 3819 |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | 1588 | 1588 |
| Hamilton Thorne, Inc. | 7720 | 5128 |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

---

| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances**<sup>(1)</sup> | **Unfunded Commitment Balances**<sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| Heartland Home Services, Inc. (fka Helios Buyer, Inc.) | $1519 | $1747 |
| Highfive Dental Holdco, LLC | 313 | 313 |
| Honor HN Buyer, Inc | 12452 | 12452 |
| iCIMS, Inc. | 3569 | 3359 |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | 4920 |  |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | 1490 | 1445 |
| iWave Information Systems, Inc. | 438 | 438 |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | 11375 |  |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | 811 |  |
| Kene Acquisition, Inc. (dba Entrust) | 5039 | 5039 |
| KPA Parent Holdings, Inc. | 191 |  |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | 1100 | 1400 |
| LS Clinical Services Holdings, Inc (dba CATO) | 408 | 440 |
| Mandrake Bidco, Inc. (dba Miratech) | 138 | 138 |
| NAVEX TopCo, Inc. | 810 | 810 |
| NC Topco, LLC (dba NContracts) | 14384 | 14384 |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | 3806 | 4164 |
| NFM & J, L.P. (dba the Facilities Group) | 2319 | 2992 |
| North Star Acquisitionco, LLC (dba Everway) | 37714 | 4447 |
| Octane Purchaser, Inc. (dba Office Ally) | 3941 |  |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | 5208 | 5208 |
| Onyx CenterSource, Inc. | 70 | 698 |
| Pacvue Intermediate LLC (fka Assembly Intermediate LLC) | 4399 | 4399 |
| Paris US Holdco, Inc. (dba Precinmac) | 5507 | 5581 |
| PDDS Holdco, Inc. (dba Planet DDS) | 2901 | 6156 |
| Pioneer Buyer I, LLC | 4300 | 4300 |
| PlanSource Holdings, Inc. | 7824 | 7824 |
| Pluralsight, Inc. | 8464 | 8464 |
| Project Accelerate Parent, LLC (dba ABC Fitness) | 1875 | 1875 |
| Prophix Software Inc. (dba Pound Bidco) | 1340 | 1703 |
| PT Intermediate Holdings III, LLC (dba Parts Town) | 3059 | 3059 |
| QBS Parent, Inc. (dba Quorum Software) | 2379 | 1910 |
| Recorded Books Inc. (dba RBMedia) | 749 | 749 |
| Riverpoint Medical, LLC | 4094 | 3275 |
| Rocket Bidco, Inc. (dba Recochem) | 2337 | 2029 |
| Rodeo Buyer Company (dba Absorb Software) | 3387 | 3387 |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | 5138 | 7069 |
| Rubix Foods, LLC | 1792 |  |
| Runway Bidco, LLC (dba Redwood Software) | 4545 | 4545 |
| Singlewire Software, LLC | 129 | 129 |
| Smarsh, Inc. | 9533 | 4333 |
| Sonar Acquisitionco, Inc. (dba SimPRO) | 9811 | 9811 |
| Southeast Mechanical, LLC | 14687 | 17279 |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | 239 | 279 |
| SpendMend Holdings LLC | 3893 | 4454 |
| Splash Car Wash, Inc. | 333 |  |
| Spotless Brands, LLC | 293 | 433 |
| Streamland Media Midco LLC | 1432 |  |
| Summit Buyer, LLC (dba Classic Collision) | 27095 | 7864 |
| Sundance Group Holdings, Inc. (dba NetDocuments) | 5433 | 4361 |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | 3277 | 3498 |
| Superman Holdings, LLC (dba Foundation Software) | 2667 | 4794 |
| Supreme Fitness Group NY Holdings, LLC | 3784 |  |
| Sweep Purchaser LLC | 3633 | 4541 |
| TEI Intermediate LLC (dba Triumvirate Environmental) | 8508 | 8570 |
| Total Vision LLC | 1270 | 1270 |
| Tropical Bidco, LLC (dba Tropical Cheese) | 1674 | 1395 |
| Trystar, LLC | 349 | 349 |
| United Flow Technologies Intermediate Holdco II, LLC | 684 | 3673 |
| US Signal Company, LLC | 2895 | 3158 |
| USA DeBusk, LLC | 3505 | 3772 |
| USN Opco LLC (dba Global Nephrology Solutions) | 3023 | 2118 |
| Valet Waste Holdings, Inc. (dba Valet Living) | 3440 | 3477 |
| Vamos Bidco, Inc. (dba VIP) | 8784 |  |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

---

| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances**<sup>(1)</sup> | **Unfunded Commitment Balances**<sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | $3 | $12 |
| VASA Fitness Buyer, Inc. | 357 | 357 |
| VisionSafe Holdings, Inc. | 1219 | 1219 |
| Volt Bidco, Inc. (dba Power Factors) | 4073 | 4753 |
| VRC Companies, LLC (dba Vital Records Control) | 1505 | 9709 |
| WebPT, Inc. | 337 | 1234 |
| Wellness AcquisitionCo, Inc. (dba SPINS) | 439 | 4800 |
| Westwood Professional Services Inc. | 3366 | 3744 |
| Xactly Corporation | 3874 | 3874 |
| Zarya HoldCo, Inc. (dba Eptura) | 7987 | 7987 |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | 19093 |  |
| Zeus Company LLC | 5709 | 6395 |
| Acquia, Inc. |  | 1438 |
| Arrow Buyer, Inc. (dba Archer Technologies) |  | 487 |
| ATX Networks Corp. |  | 361 |
| Capitol Imaging Acquisition Corp. |  | 180 |
| Chronicle Bidco Inc. (dba Lexitas) |  | 30522 |
| CivicPlus LLC |  | 1217 |
| CorePower Yoga LLC |  | 682 |
| ESO Solutions, Inc. |  | 1086 |
| Formulations Parent Corporation (dba Chase Corp) |  | 835 |
| HealthEdge Software, Inc. |  | 1682 |
| HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |  | 1524 |
| Kaseya Inc. |  | 1643 |
| Rubrik, Inc. |  | 252 |
| The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |  | 913 |
| **Total 1st Lien/Senior Secured Debt** | $**521523** | $**479238** |

---

---

| | | |
|:---|:---|:---|
| **1st Lien/Last-Out Unitranche** |  |  |
| EDB Parent, LLC (dba Enterprise DB) | $344 | $1852 |
| EIP Consolidated, LLC (dba Everest Infrastructure) | 417 | 1000 |
| K2 Towers III, LLC | 251 | 714 |
| Skyway Towers Intermediate LLC | 2650 | 3150 |
| Tarpon Towers II LLC | 3694 | 4313 |
| Thor FinanceCo LLC (dba Harmoni Towers) | 789 | 1144 |
| Towerco IV Holdings, LLC | 610 | 785 |
| **Total 1st Lien/Last-Out Unitranche** | $**8755** | $**12958** |
| **2nd Lien/Senior Secured Debt** |  |  |
| Wine.com, LLC | $770 | $770 |
| **Total 2nd Lien/Senior Secured Debt** | $**770** | $**770** |
| **Total** | $**531048** | $**492966** |

---

<sup>(1)</sup> Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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[<u>**Table of Contents**</u>](#table_of_contents)

**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 Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Gross Proceeds | $— | $70074 | $— | $107009 |
| Underwriting/Offering Expenses |  | (825) |  | (1725) |
| Net Proceeds | $— | $69249 | $— | $105284 |
| Number of Shares Issued |  | 4521185 |  | 6941820 |
| Average Sales Price per Share | $— | $15.50 | $— | $15.42 |

---

**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 Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 26, 2025 (Base) | &nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;April 28, 2025 | $0.32 | 131367<br> **\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;February 26, 2025 (Special) | &nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;April 28, 2025 | $0.16 | 65684<br> **\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;May 7, 2025 (Supplemental) | &nbsp;&nbsp;&nbsp;&nbsp;May 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 13, 2025 | $0.05 | 20996<br> **\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;May 7, 2025 (Base) | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;July 28, 2025 | $0.32 | 102019<br> **\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;May 7, 2025 (Special) | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;July 28, 2025 | $0.16 | 51010<br> **\*** |
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 21, 2024 (Base) | &nbsp;&nbsp;&nbsp;&nbsp;March 28, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;April 26, 2024 | $0.45 | 119858 |
| &nbsp;&nbsp;&nbsp;&nbsp;May 1, 2024 (Base) | &nbsp;&nbsp;&nbsp;&nbsp;June 28, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;July 26, 2024 | $0.45 | 132515 |

---

\* 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")

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[<u>**Table of Contents**</u>](#table_of_contents)

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 three and six months ended June 30, 2025, repurchases under the 2025 10b5-1 Plan were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1047183 | $11.55 | $12095 | 62905 |
| **Total** | **1047183** |  | $**12095** |  |

---

For the three months ended June 30, 2025, the weighted average discount of cost of repurchase to net asset of shares repurchased was 12.6%.

For the three and six months ended June 30, 2024, there was no 10b5-1 stock repurchase plan in effect.

**10.** **EARNINGS (LOSS) PER SHARE** 

The following information sets forth the computation of basic and diluted earnings per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Net increase (decrease) in net assets from operations | $39289 | $(54213) | $70842 | $(11761) |
| Weighted average shares outstanding | 117204952 | 114363722 | 117250832 | 112220299 |
| Basic and diluted earnings (loss) per share | $0.34 | $(0.47) | $0.60 | $(0.10) |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

**11. FINANCIAL HIGHLIGHTS**

The following table presents the schedule of financial highlights of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| NAV, beginning of period | $13.41 | $14.62 |
| Net investment income | 0.80 | 1.14 |
| Net realized and unrealized gains (losses)<sup>(2)</sup> | (0.19) | (1.22) |
| Income tax provision, realized and unrealized gains<sup>(3)</sup> |  |  |
| Net increase (decrease) in net assets from operations | 0.61 | (0.08) |
| Repurchases of common stock, including commissions and direct acquisition costs | 0.01 |  |
| Issuance of common stock, net of underwriting and offering costs |  | 0.03 |
| Distributions to common stockholders | (1.01) | (0.90) |
| Total increase (decrease) in net assets | (0.39) | (0.95) |
| NAV, end of period | $13.02 | $13.67 |
| Market price, end of period | $11.25 | $15.03 |
| Shares outstanding, end of period | 116250039 | 116744389 |
| Weighted average shares outstanding | 117250832 | 112220299 |
| Total return based on NAV<sup>(4)</sup> | 6.04% | (0.70%) |
| Total return based on market value<sup>(5)</sup> | 1.55% | 8.96% |
| **Supplemental Data/Ratio:** <sup>(6)</sup> |  |  |
| Net assets, end of period | $1513389 | $1595894 |
| Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets | 3.10% | 3.09% |
| Ratio of interest and other debt expenses to average net assets | 7.13% | 7.09% |
| Ratio of net incentive fees to average net assets | 2.00% | 1.37% |
| Ratio of total expenses to average net assets | 12.23% | 11.55% |
| Ratio of net investment income to average net assets | 12.26% | 15.99% |
| Portfolio turnover | 11% | 13% |

---

(1)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.

(2)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.

(3)Amount rounds to less than $0.01.

(4)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.

(5)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.

(6)Ratios are annualized.

**12. 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.

On August 6, 2025, the Board of Directors declared (i) a quarterly base distribution of $0.32 per share and (ii) a special distribution of $0.16 per share, each payable on or about October 28, 2025 to holders of record as of September 30, 2025. In addition, the Board declared a quarterly supplemental distribution of $0.03 per share, payable on or about September 15, 2025 to holders of record as of August 29, 2025.

For the period from July 1, 2025 through August 6, 2025, the Company repurchased 2,136,943 shares of common stock for $25,068.

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[<u>**Table of Contents**</u>](#table_of_contents)

**ITEM 2. 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 of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company ("RIC") and we expect to qualify annually for tax treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2013. From our formation in 2012 through June 30, 2025, we originated approximately $9.02 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" in our annual report on Form 10-K for the year ended December 31, 2024.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers' commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•legal, auditing or accounting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes or governmental fees;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of holding stockholder meetings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•insurance premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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") and our 6.375% Notes due 2027 (the "2027 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
|  | *(in millions)* | *(in millions)* | *(in millions)* | *(in millions)* |
| First Lien/Senior Secured Debt | $2987.90 | $2944.45 | $3301.75 | $3179.82 |
| First Lien/Last-Out Unitranche | 187.96 | 187.34 | 168.71 | 165.90 |
| Second Lien/Senior Secured Debt | 49.87 | 49.36 | 57.16 | 46.79 |
| Unsecured Debt | 29.06 | 8.28 | 39.12 | 16.79 |
| Preferred Stock | 43.43 | 41.23 | 35.51 | 31.25 |
| Common Stock | 55.82 | 33.45 | 69.48 | 34.29 |
| Warrants | 1.85 | 0.40 | 1.85 | 0.42 |
| &nbsp;&nbsp; **Total Investments** | $**3355.89** | $**3264.51** | $**3673.58** | $**3475.26** |

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| **Weighted Average Yield**<sup>(1)</sup> |  |  |  |  |
| First Lien/Senior Secured Debt<sup>(2)</sup> | 10.5% | 11.8% | 10.6% | 13.8% |
| First Lien/Last-Out Unitranche<sup>(2) (3)</sup> | 11.0 | 11.8 | 12.1 | 13.4 |
| Second Lien/Senior Secured Debt<sup>(2)</sup> | 8.7 | 7.4 | 12.7 | 16.1 |
| Unsecured Debt<sup>(2)</sup> | 2.4 | 4.3 | 3.9 | 9.0 |
| Preferred Stock<sup>(4)</sup> |  |  |  |  |
| Common Stock<sup>(4)</sup> |  |  |  |  |
| Warrants<sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;**Total Portfolio** | **10.1%** | **11.4%** | **10.1%** | **13.2%** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments.

<sup>(4)</sup> 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 June 30, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 10.1% and 11.4%, 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. Within First Lien/Last-Out Unitranche, the decrease in weighted average yield measured at amortized cost and fair value was driven by our 1st Lien/Last-Out Unitranche investment in Streamland Media Midco LLC being placed on non-accrual status. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost was primarily driven by MPI Engineered Technologies, LLC being placed on non-accrual status, partially offset by the exit of Animal Supply Intermediate, LLC. 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 amortized cost and 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Number of portfolio companies |  | 162 |  | 164 |
| Percentage of performing debt bearing a floating rate<sup>(1)</sup> |  | 99.4% |  | 99.4% |
| Percentage of performing debt bearing a fixed rate<sup>(1)(2)</sup> |  | 0.6% |  | 0.6% |
| Weighted average yield on debt and income producing investments, at amortized cost<sup>(3)</sup> |  | 10.7% |  | 11.2% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(3)</sup> |  | 12.0% |  | 14.1% |
| Weighted average leverage (net debt/EBITDA)<sup>(4)</sup> | 5.8x | 5.8x | 6.2x | 6.2x |
| Weighted average interest coverage<sup>(4)</sup> | 1.8x | 1.8x | 1.8x | 1.8x |
| Median EBITDA<sup>(4)</sup> | $66.69 million | 66.69 million | $66.14 million | 66.14 million |

---

<sup>(1)</sup> Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.

<sup>(2)</sup> Includes income producing preferred stock investments.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 June 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 17.7% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Performance Rating** | **Fair Value** | **Percentage <br>of Total** | **Fair Value** | **Percentage <br>of Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Grade 1 | $— | —% | $— | —% |
| Grade 2 | 3066.90 | 93.9 | 3238.74 | 93.2 |
| Grade 3 | 121.18 | 3.7 | 181.92 | 5.2 |
| Grade 4 | 76.43 | 2.4 | 54.60 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**3264.51** | **100.0%** | $**3475.26** | **100.0%** |

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The decrease in investments with a Grade 3 investment performance rating was primarily driven by the exit of an investment with a fair value of $36.92 million, investments with an aggregate fair value of $28.53 million being downgraded from a Grade 3 investment performance rating to a Grade 4 investment performance rating due to financial underperformance and a $7.33 million decrease in the fair value of an investment with a Grade 3 investment performance rating as result of a restructuring. The decrease was partially offset by investments with an aggregate fair value of $16.89 million being downgraded from a Grade 2 investment performance rating to a Grade 3 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 $28.53 million being downgraded from a Grade 3 investment performance rating to a Grade 4 investment performance rating as mentioned above, partially offset by a $7.31 million decrease in fair value of an investment with a Grade 4 investment performance rating as result of a restructuring.

The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized<br>Cost** | **Percentage <br>of Total** | **Amortized<br>Cost** | **Percentage <br>of Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Performing | $3272.85 | 97.5% | $3508.72 | 95.5% |
| Non-accrual | 83.04 | 2.5 | 164.86 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**3355.89** | **100.0%** | $**3673.58** | **100.0%** |

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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<sup>(1)</sup>:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| **New investments committed at cost:** |  |  |  |  |
| First Lien/Senior Secured Debt | $| 248.07 | $| 434.35 |
| Second Lien/Senior Secured Debt |  |  |  | 3.08 |
| Common Stock |  |  |  | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$** | **248.07** | **$** | **440.16** |
| **Proceeds from investments sold or repaid:** |  |  |  |  |
| First Lien/Senior Secured Debt | $| 279.14 | $| 226.38 |
| First Lien/Last-Out Unitranche |  | 0.27 |  | 0.10 |
| Unsecured Debt |  | 9.37 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$** | **288.78** | **$** | **226.48** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in portfolio** | **$** | **(40.71)** | **$** | **213.68** |
| **Number of new portfolio companies with new investment commitments** |  | 9 |  | 10 |
| **Total new investment commitment amount in new portfolio companies** | $| 160.95 | $| 158.75 |
| **Average new investment commitment amount in new portfolio companies** | $| 17.88 | $| 15.88 |
| **Number of existing portfolio companies with new investment commitments** |  | 6 |  | 15 |
| **Total new investment commitment amount in existing portfolio companies** | $| 87.12 | $| 281.41 |
| **Weighted average remaining term for new investment commitments (in years)**<sup>(2)</sup> |  | 5.7 |  | 5.5 |
| **Percentage of new debt investment commitments at cost for floating interest rates** |  | 100.0% |  | 100.0% |
| **Percentage of new debt investment commitments at cost for fixed interest rates**<sup>(3)</sup> | —% | —% | —% | —% |
| **Weighted average yield on new debt and income producing investment commitments**<sup>(4)</sup> |  | 9.0% |  | 11.0% |
| **Weighted average yield on new investment commitments**<sup>(5)</sup> |  | 9.0% |  | 10.9% |
| **Weighted average yield on debt and income producing investments sold or repaid**<sup>(6)</sup> |  | 11.4% |  | 10.9% |
| **Weighted average yield on investments sold or repaid**<sup>(7)</sup> |  | 11.3% |  | 10.9% |

---

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[<u>**Table of Contents**</u>](#table_of_contents)

<sup>(1)</sup> 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.

<sup>(2)</sup> Calculated as of the end of the relevant period and the maturity date of the individual investments.

<sup>(3)</sup> May include preferred stock investments.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> 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.

<sup>(7)</sup> 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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[<u>**Table of Contents**</u>](#table_of_contents)

**RESULTS OF OPERATIONS** 

Our operating results were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Total investment income | $90.97 | $108.62 | $187.91 | $220.16 |
| Net expenses | 45.61 | 40.42 | 91.61 | 90.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income before taxes | 45.36 | 68.20 | 96.30 | 130.14 |
| Income tax expense, including excise tax | 0.91 | 1.24 | 2.23 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income after taxes | 44.45 | 66.96 | 94.07 | 127.82 |
| Net realized gain (loss) on investments | (81.22) | (32.68) | (125.69) | (49.67) |
| Net unrealized appreciation (depreciation) on investments | 79.42 | (89.51) | 106.91 | (92.58) |
| Net realized and unrealized gain (losses) on forward contracts, translations and other transactions | (3.36) | 0.80 | (4.37) | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (5.16) | (121.39) | (23.15) | (139.77) |
| Income tax (provision) benefit for realized and unrealized gains |  | 0.22 | (0.08) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | $**39.29** | $**(54.21)** | $**70.84** | $**(11.76)** |

---

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.

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[<u>**Table of Contents**</u>](#table_of_contents)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| **Net investment income after taxes** | $44.45 | $66.96 | $94.07 | $127.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Purchase Discount amortization | 1.00 | 1.74 | 1.81 | 3.06 |
| **Adjusted net investment income after taxes** | $**43.45** | $**65.22** | $**92.26** | $**124.76** |
| **Net realized and unrealized gains (losses)** | $(5.16) | $(121.39) | $(23.15) | $(139.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net change in unrealized appreciation (depreciation) due to the Purchase Discount | (1.00) | (1.74) | (1.81) | (3.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Realized gain (loss) due to the Purchase Discount |  |  | —<br><sup>(1)</sup> | 0.11 |
| **Adjusted net realized and unrealized gains (losses)** | $**(4.16)** | $**(119.65)** | $**(21.34)** | $**(136.71)** |

---

<sup>(1)</sup> Amount rounds to less than 0.01.

***Investment Income*** 

Our investment income was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest | $82.33 | $95.19 | $167.89 | $192.76 |
| Payment-in-kind income | 7.52 | 11.86 | 17.70 | 24.56 |
| Other income | 0.91 | 0.80 | 1.94 | 1.66 |
| Dividend income | 0.21 | 0.77 | 0.38 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $**90.97** | $**108.62** | $**187.91** | $**220.16** |

---

In the table above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest income from investments decreased from $95.19 million and $192.76 million for the three and six months ended June 30, 2024 to $82.33 million and $167.89 million for the three and six months ended June 30, 2025, primarily due to a decrease in the size of our portfolio as well as a decline in base interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•PIK income from investments decreased from $11.86 million and $24.56 million for the three and six months ended June 30, 2024 to $7.52 million and $17.70 million for the three and six months ended June 30, 2025. The decrease was primarily due to a decrease in the number of investments earning PIK payment of interest.

***Expenses*** 

Our expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest and other debt expenses | $26.41 | $29.10 | $54.72 | $56.72 |
| Incentive fees | 8.53 |  | 15.33 | 10.88 |
| Management fees | 8.41 | 8.87 | 17.09 | 17.60 |
| Professional fees | 0.78 | 1.21 | 1.74 | 2.32 |
| Directors' fees | 0.21 | 0.21 | 0.41 | 0.41 |
| Other general and administrative expenses | 1.27 | 1.03 | 2.32 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | $**45.61** | $**40.42** | $**91.61** | $**90.02** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $**45.61** | $**40.42** | $**91.61** | $**90.02** |

---

In the table above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest and other debt expenses decreased from $29.10 million and $56.72 million for the three and six months ended June 30, 2024 to $26.41 million and $54.72 million for the three and six months ended June 30, 2025. The decrease was driven by lower interest expense due to lower daily average borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Incentive fees increased from $0.00 million and $10.88 million for the three and six months ended June 30, 2024 to $8.53 million and $15.33 million for the three and six months ended June 30, 2025. The increase was driven by the performance of the investment portfolio for the twelve quarters ended June 30, 2025 as compared to the twelve quarters ended June 30, 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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[<u>**Table of Contents**</u>](#table_of_contents)

***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 Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Other, net | $(0.24) | $(0.16) | $(1.11) | $0.35 |
| Kawa Solar Holdings Limited | (4.57) |  | (4.57) |  |
| Conergy Asia & ME Pte. LTD. | (6.36) |  | (6.36) |  |
| Khoros, LLC (fka Lithium Technologies, Inc.) | (70.05) |  | (70.05) |  |
| Animal Supply Intermediate, LLC |  |  | (9.03) |  |
| Animal Supply Holdings, LLC |  |  | (13.87) |  |
| Streamland Media Midco LLC |  |  | (20.70) |  |
| ATX Networks Corp. |  | (2.51) |  | (2.51) |
| Diligent Corporation |  | (3.50) |  | (3.51) |
| Thrasio, LLC |  | (26.51) |  | (26.51) |
| Sweep Purchaser LLC |  |  |  | (17.49) |
| &nbsp;&nbsp;**Net Realized Gain (Loss) on Investments** | $**(81.22)** | $**(32.68)** | $**(125.69)** | $**(49.67)** |

---

For the six months ended June 30, 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, which resulted in a realized loss of $70.05 million and $20.70 million. In addition, the realized losses were also driven by the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC, which resulted in a realized loss of $22.90 million.

For the six months ended June 30, 2024, net realized losses were primarily driven by our investments in two portfolio companies. In June 2024, the restructuring of our first lien debt investments in Thrasio, LLC resulted in a realized loss of $26.51 million. In addition, in March 2024, the restructuring of our first lien debt investments in Sweep Purchaser LLC resulted in a realized loss of $17.49 million.

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 Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Unrealized appreciation | $93.87 | $37.37 | $135.18 | $56.60 |
| Unrealized depreciation | (14.45) | (126.88) | (28.27) | (149.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on Investments** | $**79.42** | $**(89.51)** | $**106.91** | $**(92.58)** |

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[<u>**Table of Contents**</u>](#table_of_contents)

The net change in unrealized appreciation (depreciation) on investments consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2025** |
| **Portfolio Company:** | ***($ in millions)*** | ***($ in millions)*** |
| Khoros, LLC (fka Lithium Technologies, Inc.) | $70.03 | $62.73 |
| Conergy Asia & ME Pte. LTD. | 6.36 | 6.36 |
| Kawa Solar Holdings Limited | 4.46 | 4.44 |
| Other, net<sup>(1)</sup> | 2.61 | 3.01 |
| Chase Industries, Inc. (dba Senneca Holdings) | 2.55 | 4.16 |
| Clearcourse Partnership Acquireco Finance Limited | 1.93 | 2.84 |
| Streamland Media Midco LLC<sup>(2)</sup> | 0.35 | 16.58 |
| ATX Networks Corp. | (0.51) | (1.94) |
| Volt Bidco, Inc. (dba Power Factors) | (0.62) | (2.19) |
| LS Clinical Services Holdings, Inc (dba CATO) | (1.02) | (1.09) |
| Streamland Media Holdings LLC<sup>(2)</sup> | (1.18) | (1.18) |
| Chronicle Bidco Inc. (dba Lexitas) | (1.25) | (1.35) |
| Pluralsight, Inc. | (1.43) | (2.18) |
| Thrasio, LLC | (2.86) | (3.07) |
| Animal Supply Holdings, LLC |  | 13.87 |
| Animal Supply Intermediate, LLC |  | 9.03 |
| MPI Products LLC |  | (3.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on Investments** | $**79.42** | $**106.91** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $8.19 million and $15.17 million, and gross unrealized depreciation of $(5.58) million and $(12.16) million.

<sup>(2)</sup> Formerly known as Picture Head Midco LLC.

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 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.

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2024** |
| **Portfolio Company:** | ***($ in millions)*** | ***($ in millions)*** |
| Thrasio, LLC | $21.41 | $15.47 |
| Diligent Corporation | 2.42 | 1.31 |
| Other, net<sup>(1)</sup> | 0.85 | 9.59 |
| Sweep Purchaser LLC | (0.02) | 12.69 |
| Hollander Intermediate LLC (dba Bedding Acquisition, LLC) | (2.51) | (2.61) |
| Picture Head Midco LLC | (2.82) | (2.94) |
| Premier Imaging, LLC (dba Lucid Health) | (5.06) | (7.21) |
| Wine.com, Inc. | (10.96) | (18.77) |
| Zodiac Intermediate, LLC (dba Zipari) | (17.86) | (17.89) |
| Pluralsight, Inc | (34.03) | (39.76) |
| Lithium Technologies, Inc. | (40.93) | (42.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on Investments** | $**(89.51)** | $**(92.58)** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2024, Other, net includes gross unrealized appreciation of $13.54 million and $27.13 million, and gross unrealized depreciation of $(12.69) million and $(17.54) million.

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2024 was primarily driven by the financial underperformance of Lithium Technologies, Inc, Pluralsight, Inc, Zodiac Intermediate, LLC (dba Zipari) and Wine.com, Inc., partially offset by the reversal of unrealized depreciation in connection with the aforementioned restructuring of the first lien debt investments in Thrasio, LLC and Sweep Purchaser LLC.

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**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 June 30, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 184% 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 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.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Net asset value per share | $13.02 | $13.41 |
| Less: Supplemental distribution per share | 0.03 |  |
| Adjusted net asset value per share | $12.99 | $13.41 |

---

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 a 10b5-1 stock repurchase plan (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

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[<u>**Table of Contents**</u>](#table_of_contents)

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 June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period (in millions)** | **Payments Due by Period (in millions)** | **Payments Due by Period (in millions)** | **Payments Due by Period (in millions)** | **Payments Due by Period (in millions)** |
|  | **Total** | **Less Than<br>1 Year** | **1 – 3 Years** | **3 – 5 Years** | **More Than<br>5 Years** |
| 2026 Notes | $500.00 | $500.00 | $— | $— | $— |
| 2027 Notes | $400.00 | $— | $400.00 | $— | $— |
| Revolving Credit Facility<sup>(1)</sup> | $903.11 | $— | $— | $903.11 | $— |

---

<sup>(1)</sup> 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 June 30, 2025, we had outstanding borrowings denominated in U.S. Dollars ("$" or "USD") of $814.67 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 12.00 million.

***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 June 24, 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 arrears 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,

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payable quarterly in arrears. Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and unpaid interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility will mature, and all accrued and unpaid 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 3.75% 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 3.75% 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 bear interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. The 2026 Notes will mature on January 15, 2026 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. For further details, see Note 6 "Debt—2026 Notes" to our consolidated financial statements included in this report.

***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. For further details, see Note 6 "Debt—2027 Notes" 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. As of June 30, 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:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  | ***(in millions)*** | ***(in millions)*** |
| **Unfunded Commitments** |  |  |
| First Lien/Senior Secured Debt | $521.52 | $479.24 |
| First Lien/Last-Out Unitranche | 8.76 | 12.96 |
| Second Lien/Senior Secured Debt | 0.77 | 0.77 |
| &nbsp;&nbsp;**Total** | $**531.05** | $**492.97** |

---

**HEDGING** 

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission ("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

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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 liquidation 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 limitations of CFTC Rule 4.5.

Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a RIC) 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 our annual report on Form 10-K for the year ended December 31, 2024.

***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** 

On July 15, 2025, Alex Chi notified us of his intention to resign from his position as Co-Chief Executive Officer and Co-President. Mr. Chi ceased serving as the principal executive officer, Co-Chief Executive Officer and Co-President, effective on August 7, 2025. Mr. Chi's resignation was not the result of any disagreement with us.

On July 18, 2025, our Board of Directors appointed Vivek Bantwal, age 48, as Co-Chief Executive Officer, effective on August 7, 2025. Mr. Bantwal was also appointed as the co-principal executive officer, succeeding Mr. Chi. Mr. Bantwal was also appointed as Co-Chief Executive Officer of Silver Capital Holdings LLC ("SCH"), Goldman Sachs Private Middle Market Credit II LLC ("PMMC II"), Goldman Sachs Middle Market Lending Corp. II ("MMLC II"), Phillip Street Middle Market Lending Fund LLC ("PSLF"), Goldman Sachs Private Credit Corp. ("GSCR") and West Bay BDC LLC ("West Bay").

Effective on August 7, 2025, David Miller ceased serving as our Co-President and Co-President of SCH, PMMC II, MMLC II, PSLF, GSCR and West Bay. Mr. Miller will continue serving in his role as our Co-Chief Executive Officer and Co-Chief Executive Officer of SCH, PMMC II, MMLC II, PSLF, GSCR and West Bay.

On July 18, 2025, our Board of Directors appointed Tucker Greene, age 50, as our President, effective on August 7, 2025. Mr. Greene will serve as our President, succeeding Mr. Chi and Mr. Miller. Mr. Greene was also appointed as President of SCH, PMMC II, MMLC II, PSLF,

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GSCR and West Bay. Mr. Greene will also continue serving in his role as our Chief Operating Officer and the Chief Operating Officer of each of SCH, PMMC II, MMLC II, PSLF, GSCR and West Bay.

As of the date of this report, the Private Credit Investment Committee consists of the following members: Rich Friedman, James Reynolds, Vivek Bantwal, Patrick Armstrong, Amitayush Bahri, Steven Budig, Kevin Sterling, Beat Cabiallavetta, Stephanie Rader, David Miller, Greg Watts, Nicole Agnew and Moritz Jobke, along with members from Goldman Sachs' Compliance, Legal, Tax and Controllers groups.

On August 6, 2025, our Board of Directors declared (i) a quarterly base distribution of $0.32 per share and (ii) a special distribution of $0.16 per share, each payable on or about October 28, 2025 to holders of record as of September 30, 2025. In addition, our Board declared a quarterly supplemental distribution of $0.03 per share, payable on or about September 15, 2025 to holders of record as of August 29, 2025.

On August 6, 2025, Ross J. Kari notified our Board that he intends to retire from the Board and all committees thereof, effective as of the close of business on December 31, 2025.

For the period from July 1, 2025 through August 6, 2025, the Company repurchased 2,136,943 shares of common stock for $25.07 million.

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**ITEM 3. 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 June 30, 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 and 2027 Notes bear interest at a fixed rate.

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 June 30, 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 June 30, 2025<br>Basis Point Change** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
| ***($ in millions)*** |  |  |  |
| Up 300 basis points | $75.42 | $(25.14) | $50.28 |
| Up 200 basis points | 50.28 | (16.76) | 33.52 |
| Up 100 basis points | 25.14 | (8.38) | 16.76 |
| Up 75 basis points | 18.86 | (6.28) | 12.58 |
| Up 50 basis points | 12.57 | (4.19) | 8.38 |
| Up 25 basis points | 6.29 | (2.09) | 4.20 |
| Down 25 basis points | (6.29) | 2.09 | (4.20) |
| Down 50 basis points | (12.57) | 4.19 | (8.38) |
| Down 75 basis points | (18.86) | 6.28 | (12.58) |
| Down 100 basis points | (25.14) | 8.38 | (16.76) |
| Down 200 basis points | (50.11) | 16.76 | (33.35) |
| Down 300 basis points | (74.87) | 25.14 | (49.73) |

---

We may, in the future, hedge against interest rate fluctuations by using standard hedging instruments such as 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.

**ITEM 4. CONTROLS AND PROCEDURES** 

*Evaluation of Disclosure Controls and Procedures.* As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2025. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

*Changes in Internal Control over Financial Reporting.* There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION.**

**ITEM 1. LEGAL PROCEEDINGS.**

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

**ITEM 1A. RISK FACTORS.**

An investment in our securities involves a high degree of risk. There have been no material changes to the risk factors previously reported under Item 1A. "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

We did not sell any unregistered equity securities.

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 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 the three and six months ended June 30, 2025, repurchases under the 2025 10b5-1 Plan were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period ($ in millions, except share and per share amounts)** | **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 | 1047183 | $11.55 | 12.10 | 62.90 |
| **Total** | **1047183** |  | $**12.10** |  |

---

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES.**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES.**

Not applicable.

**ITEM 5. OTHER INFORMATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. EXHIBITS** 

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

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| | | |
|:---|:---|:---|
| **EXHIBIT NO.** | **EXHIBIT NO.** | **EXHIBITS** |
| 3.1 | [<u>Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on October 13, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1572694/000119312520267861/d24773dex31.htm) | [<u>Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on October 13, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1572694/000119312520267861/d24773dex31.htm) |
| 3.2 | [<u>Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on December 20, 2021).</u>](https://www.sec.gov/Archives/edgar/data/0001572694/000119312521361799/d252995dex31.htm) | [<u>Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on December 20, 2021).</u>](https://www.sec.gov/Archives/edgar/data/0001572694/000119312521361799/d252995dex31.htm) |
| 10.1 | [<u>Twelfth Amendment to the Senior Secured Revolving Credit Agreement, dated as of June 24, 2025, by and among Goldman Sachs BDC, Inc., as Borrower, the lenders party thereto, Truist Bank, as Administrative Agent and as Collateral Agent, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on June 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1572694/000119312525149123/d908410dex101.htm) | [<u>Twelfth Amendment to the Senior Secured Revolving Credit Agreement, dated as of June 24, 2025, by and among Goldman Sachs BDC, Inc., as Borrower, the lenders party thereto, Truist Bank, as Administrative Agent and as Collateral Agent, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-00998), filed on June 26, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1572694/000119312525149123/d908410dex101.htm) |
| 31.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_1.htm) | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_1.htm) |
| 31.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_2.htm) | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_2.htm) |
| 31.3\* | [<u>Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_3.htm) | [<u>Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex31_3.htm) |
| 32.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_1.htm) | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_1.htm) |
| 32.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_2.htm) | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_2.htm) |
| 32.3\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_3.htm) | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gsbd-ex32_3.htm) |
| 101.INS\* | <u>Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document</u> | <u>Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document</u> |
| 101.SCH\* | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> |
| 104\* | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

\* Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **GOLDMAN SACHS BDC, INC.** |
| Date: August 7, 2025 | /s/ Vivek Bantwal |
|  | Vivek Bantwal<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |
| Date: August 7, 2025 | /s/ David Miller |
|  | David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |
| Date: August 7, 2025 | /s/ Stanley Matuszewski  |
|  | Stanley Matuszewski <br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

---

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Vivek Bantwal, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, David Miller, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| |
|:---|
| /s/ David Miller |
| David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

---

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## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Stanley Matuszewski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski<br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of Co-Chief Executive Officer** 

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc. (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Vivek Bantwal, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 7, 2025

---

| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

---

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## Exhibit 32.2

**Exhibit 32.2**

**Certification of Co-Chief Executive Officer**

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc. (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David Miller, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 7, 2025

---

| |
|:---|
| /s/ David Miller |
| David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

---

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## Exhibit 32.3

**Exhibit 32.3**

**Certification of Chief Financial Officer** 

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs BDC, Inc. (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Stanley Matuszewski, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 7, 2025

---

| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski<br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

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------