In the last year, Goldman Sachs BDC (NYSE: GSBD ) has seen a considerable reduction in its portfolio value, which has been driven by an increase in the number of non-performing loans as well as falling origination volumes. TheAnalyst’s Disclosure:I/we have a beneficial long position in the shares of GSBD, OBDC, ARCC, BXSL, FSK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from S ...

In the last year, Goldman Sachs BDC (NYSE: GSBD ) has seen a considerable reduction in its portfolio value, which has been driven by an increase in the number of non-performing loans as well as falling origination volumes. TheAnalyst’s Disclosure:I/we have a beneficial long position in the shares of GSBD, OBDC, ARCC, BXSL, FSK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from S ...

Core Points - Richard Kim, a former executive at Goldman Sachs and JPMorgan Chase, has been indicted on charges of securities and wire fraud for allegedly misappropriating approximately $4 million in investor funds for his start-up online casino company, Zero Edge, most of which he reportedly lost within a week through gambling [1][3][4] Group 1: Company Overview - Zero Edge was announced by Kim after leaving Galaxy Digital in March 2024, with plans to develop a blockchain and cryptocurrency-enabled gaming app [2] - The company was incorporated in April 2024 in the Cayman Islands but never launched its casino and entered voluntary liquidation in December 2024 [5] Group 2: Financial Misconduct - Kim misappropriated about $3.8 million of investor funds shortly after closing a $4.3 million seed financing round in June 2024, transferring the funds to personal accounts for leveraged cryptocurrency trades and gambling [3][4] - In an email to investors, Kim admitted responsibility for the loss of $3.67 million, but concealed the fact that he had used the funds for personal gambling rather than a treasury management strategy [4] Group 3: Legal Proceedings - Kim was arrested on April 15, 2024, after a criminal complaint was filed by the Manhattan U.S. Attorney's office, and he was released on a $250,000 bond [5][6] - Since his arrest, judges have extended deadlines for prosecutors to either obtain a grand jury indictment or drop the charges, indicating ongoing discussions for a possible resolution [7] Group 4: Background and Investor Response - Kim reported his conduct to the Securities and Exchange Commission in July 2024, claiming gross negligence in misusing company funds but denying fraudulent intent, attributing his actions to a gambling addiction [8] - Galaxy Digital, where Kim had been a venture fund investor for six years, stated that they reported his conduct to authorities upon learning of his actions at Zero Edge [10]

Financial Data and Key Metrics Changes - The net investment income per share for Q2 2025 was 38¢, and the net asset value (NAV) per share was $13.02, a decrease of 1.4% from the previous quarter's NAV, primarily due to a special dividend of 16¢ per share [13][14] - The adjusted NAV per share for Q2 2025, accounting for the special dividend, was $12.99, a non-GAAP measure introduced due to a change in dividend policy [14] - The net debt to equity ratio at the end of Q2 2025 was 1.12 times, down from 1.16 times at the end of Q1 2025 [14][23] Business Line Data and Key Metrics Changes - New investment commitments during the quarter totaled approximately $247.9 million across 15 portfolio companies, marking the highest level of new investment commitments since Q3 2024 [15][16] - 100% of originations during the quarter were in first lien senior secured loans, indicating a continued focus on maintaining exposure to the top of the capital structure [16] - The weighted average yield of debt and income-producing investments at the end of Q2 was 10.7%, slightly down from 10.8% at the end of Q1 [20] Market Data and Key Metrics Changes - Total M&A dollar volumes in the first half of 2025 were up 29% year-over-year, indicating resilience in the M&A market despite policy volatility [11] - The interplay between the broadly syndicated loan market and direct lenders remains strong, with significant refinancing activity noted [12] Company Strategy and Development Direction - The Goldman Sachs BDC is focused on leveraging its integration into the broader private credit platform to enhance origination capabilities and scale [4][10] - The management team emphasizes a selective approach to credit quality and discipline in investment decisions, particularly in a competitive deal environment [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic uncertainties, there are positive indicators for active and high-quality deployment across the credit complex as the year progresses [26] - The company believes it is in the second year of a five to seven-year M&A market recovery, with a backlog of deals building despite shifting macro conditions [13] Other Important Information - The board declared a supplemental dividend of 3¢ per share and a base dividend of 32¢ per share for Q3 2025, alongside a special dividend of 16¢ per share [14] - The company utilized its stock repurchase plan, repurchasing over 1 million shares for $12.1 million during the quarter [15] Q&A Session Summary Question: Thoughts on getting leverage back up in the second half of the year - Management indicated that some commitments slipped into the next quarter, but strong activity and new deal flow are expected to increase leverage over time [29] Question: Details on non-accruals and restructurings - Management provided details on exits from non-accrual status, including improvements in certain positions and a restructuring of a position into two securities [30]

Financial Performance - Net investment income per share for the quarter ended June 30, 2025, was $0.38, or $0.37 excluding purchase discount amortization, equating to an annualized net investment income yield on book value of 11.4%[11] - Net asset value ("NAV") per share as of June 30, 2025, decreased 1.4% to $13.02 from $13.20 as of March 31, 2025[11] - The company declared a third quarter 2025 Base Dividend of $0.32 per share and a special dividend of $0.16 per share[11] - Adjusted for the impact of the Supplemental Dividend related to the second quarter's earnings, the Company's second quarter adjusted NAV per share was $12.99[11] Investment Portfolio - As of June 30, 2025, the company's total investments at fair value and commitments were $3,795.6 million, comprised of investments in 162 portfolio companies across 40 industries[11] - The investment portfolio was comprised of 97.4% senior secured debt, including 95.9% in first lien investments[11] - During the quarter, the company had new investment commitments of approximately $247.9 million, of which $126.7 million were funded[11] - Investments on non-accrual status amounted to 1.6% and 2.5% of the total investment portfolio at fair value and amortized cost, respectively, as of June 30, 2025[11] Debt and Equity - The company's ending net debt-to-equity ratio was 1.12x as of June 30, 2025, compared to 1.16x as of March 31, 2025[11] - As of June 30, 2025, 49.9% of the company's approximately $1,803.1 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 50.1% was comprised of secured debt[11]

Company Performance - Goldman Sachs BDC reported quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.40 per share, and down from $0.57 per share a year ago, representing an earnings surprise of -5.00% [1] - The company posted revenues of $90.97 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 3.74%, and down from $108.62 million year-over-year [2] - Over the last four quarters, Goldman Sachs BDC has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] Stock Performance - Goldman Sachs BDC shares have declined approximately 7.2% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The company's current Zacks Rank is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.40 on revenues of $94.85 million, and for the current fiscal year, it is $1.60 on revenues of $381.25 million [7] - The outlook for the industry, specifically the Financial - SBIC & Commercial Industry, is currently in the bottom 42% of over 250 Zacks industries, which may impact the stock's performance [8]

Exhibit 99.1 Goldman Sachs BDC, Inc. Reports June 30, 2025 Financial Results and Announces Third Quarterly Base Dividend of $0.32 Per Share, Special Dividend of $0.16 Per Share and Second Quarter Supplemental Dividend of $0.03 Per Share. Company Release – August 7, 2025 NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. ("GSBD", the "Company", "we", "us", or "our") (NYSE: GSBD) today reported financial results for the second quarter ended June 30, 2025 and filed its Form 10-Q with the U.S. Securities and ...

[PART I FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements for Goldman Sachs BDC, Inc. as of June 30, 2025, along with management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Goldman Sachs BDC, Inc. as of June 30, 2025, including statements of assets and liabilities, operations, changes in net assets, and cash flows, along with detailed schedules of investments and accompanying notes [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and net assets as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands, except per share data) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total Investments, at fair value | $3,264,506 | $3,475,258 | | Total Assets | $3,410,238 | $3,603,383 | | Total Liabilities | $1,896,849 | $2,030,683 | | Total Net Assets | $1,513,389 | $1,572,700 | | **Net Asset Value per share** | **$13.02** | **$13.41** | - Total assets decreased to **$3.41 billion** as of June 30, 2025, from **$3.60 billion** at the end of 2024, with liabilities also decreasing to **$1.90 billion** from **$2.03 billion**[12](index=12&type=chunk) - Net asset value (NAV) per share declined to **$13.02** at the end of Q2 2025 from **$13.41** at year-end 2024[12](index=12&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, expenses, and net increase or decrease in net assets from operations for the three and six months ended June 30, 2025 and 2024 Quarterly and YTD Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $90,970 | $108,617 | $187,910 | $220,160 | | Total Expenses | $45,611 | $40,416 | $91,615 | $90,023 | | Net Investment Income After Taxes | $44,453 | $66,958 | $94,067 | $127,818 | | Net Realized and Unrealized Gains (Losses) | $(5,164) | $(121,392) | $(23,153) | $(139,770) | | **Net Increase (Decrease) in Net Assets from Operations** | **$39,289** | **$(54,213)** | **$70,842** | **$(11,761)** | | **Basic and Diluted Earnings (Loss) per Share** | **$0.34** | **$(0.47)** | **$0.60** | **$(0.10)** | - Total investment income for the three and six months ended June 30, 2025, was **$91.0 million** and **$187.9 million**, respectively, a decrease from **$108.6 million** and **$220.2 million** in the prior-year periods[15](index=15&type=chunk) - The company reported a net increase in net assets from operations of **$39.3 million** for Q2 2025, a significant turnaround from a net decrease of **$54.2 million** in Q2 2024, primarily due to a substantial reduction in net realized and unrealized losses[15](index=15&type=chunk) [Consolidated Statements of Changes in Net Assets](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) This statement outlines the changes in the company's net assets, including contributions from operations, distributions to stockholders, and stock repurchases for the six months ended June 30, 2025 and 2024 - For the six months ended June 30, 2025, net assets decreased by **$59.3 million**, resulting from a **$70.8 million** increase from operations, offset by **$118.0 million** in distributions to stockholders and **$12.1 million** in common stock repurchases[18](index=18&type=chunk) - Distributions per share for the six months ended June 30, 2025, totaled **$1.01**, an increase from **$0.90** in the same period of 2024[18](index=18&type=chunk) - The company repurchased **$12.1 million** of its common stock in the first six months of 2025, a capital transaction not present in the same period of 2024[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement details the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $308,328 | $(114,733) | | Net Cash from Financing Activities | $(262,258) | $124,037 | | **Net Increase (Decrease) in Cash** | **$46,070** | **$9,304** | - Net cash provided by operating activities was **$308.3 million** for the first half of 2025, a significant reversal from the **$114.7 million** used in the same period of 2024, largely driven by higher proceeds from sales of investments and principal repayments (**$507.3 million** in 2025 vs. **$333.5 million** in 2024)[21](index=21&type=chunk) - Financing activities used **$262.3 million** in cash, primarily due to net debt repayments of **$131.5 million** and distributions paid of **$115.0 million**, contrasting with the prior year period which saw net proceeds from stock issuance and net borrowings[21](index=21&type=chunk) [Consolidated Schedules of Investments](index=9&type=section&id=Consolidated%20Schedules%20of%20Investments) This section provides a detailed breakdown of the company's investment portfolio by type, industry, and geography as of June 30, 2025 Portfolio Composition by Investment Type (June 30, 2025) | Investment Type | Fair Value ($) | % of Total | | :--- | :--- | :--- | | 1st Lien/Senior Secured Debt | $2,944,447 | 90.2% | | 1st Lien/Last-Out Unitranche | $187,336 | 5.7% | | 2nd Lien/Senior Secured Debt | $49,359 | 1.5% | | Preferred Stock | $41,230 | 1.3% | | Common Stock | $33,455 | 1.0% | | Unsecured Debt | $8,281 | 0.3% | | Warrants | $398 | 0.0% | | **Total** | **$3,264,506** | **100.0%** | Top 5 Industry Concentrations by Fair Value (June 30, 2025) | Industry | % of Fair Value | | :--- | :--- | | Software | 19.9% | | Financial Services | 10.8% | | Health Care Providers & Services | 9.3% | | Professional Services | 8.2% | | Health Care Technology | 7.6% | - The investment portfolio is heavily concentrated in senior secured debt, with **1st Lien/Senior Secured Debt** and **1st Lien/Last-Out Unitranche loans** comprising approximately **95.9%** of the portfolio's fair value as of June 30, 2025[184](index=184&type=chunk) - Geographically, the portfolio is overwhelmingly focused on the **United States**, which represents **95.8%** of the total fair value of investments[185](index=185&type=chunk) [Notes to the Consolidated Financial Statements](index=41&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides additional information and explanations for the figures presented in the financial statements, including details on non-accrual investments, management fees, and incentive fees - As of June 30, 2025, investments in seven portfolio companies were on non-accrual status, representing **2.5%** of the total portfolio at amortized cost and **1.6%** at fair value[136](index=136&type=chunk) - The company pays a management fee at an annual rate of **1.00%** of average gross assets (excluding cash), amounting to **$8.4 million** for Q2 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - The incentive fee has two parts: one based on income (**17.5%** over a **1.75%** quarterly hurdle) and one on capital gains (**17.5%**), with the income-based incentive fee for Q2 2025 being **$8.5 million**[163](index=163&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=67&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, focusing on its strategy of direct origination of secured debt to U.S. middle-market companies, covering portfolio composition, operating results, liquidity, capital resources, and leverage [Portfolio and Investment Activity](index=71&type=section&id=Portfolio%20and%20Investment%20Activity) This section details the composition, credit quality, and investment activity of the company's portfolio, including new commitments and proceeds from sales Portfolio Quality Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of portfolio companies | 162 | 164 | | Weighted avg. yield on total portfolio (at fair value) | 11.4% | 13.2% | | Investments on non-accrual (at amortized cost) | 2.5% | 4.5% | | Weighted avg. leverage (net debt/EBITDA) | 5.8x | 6.2x | | Median Portfolio Company EBITDA | $66.69 million | $66.14 million | - The portfolio's weighted average yield at fair value decreased to **11.4%** from **13.2%** at year-end 2024, primarily due to the restructuring of the Streamland Media Midco LLC investment[259](index=259&type=chunk) - Credit quality improved, with non-accrual investments decreasing to **2.5%** of the portfolio at amortized cost, down from **4.5%** at year-end 2024[269](index=269&type=chunk) - For Q2 2025, the company committed **$248.1 million** in new investments across 9 new and 6 existing portfolio companies, a decrease from **$440.2 million** in Q2 2024, with proceeds from sales and repayments totaling **$288.8 million**[270](index=270&type=chunk) [Results of Operations](index=74&type=section&id=Results%20of%20Operations) This section analyzes the key drivers of the company's operating results, including investment income, expenses, and realized and unrealized gains or losses for the reporting period - Total investment income for Q2 2025 was **$91.0 million**, down from **$108.6 million** in Q2 2024, primarily due to a smaller portfolio size and a decline in base interest rates[273](index=273&type=chunk)[280](index=280&type=chunk) - Net expenses for Q2 2025 were **$45.6 million**, up from **$40.4 million** in Q2 2024, mainly due to an increase in incentive fees from **$0** to **$8.5 million**, partially offset by lower interest expenses[273](index=273&type=chunk)[279](index=279&type=chunk)[281](index=281&type=chunk) - Net realized losses for the six months ended June 30, 2025, were **$125.7 million**, primarily driven by restructurings of investments in Khoros, LLC (**$70.1 million** loss) and Streamland Media Midco LLC (**$20.7 million** loss), and the exit of Animal Supply (**$22.9 million** loss)[282](index=282&type=chunk) - Net change in unrealized appreciation for the six months ended June 30, 2025, was **$106.9 million**, largely due to the reversal of prior unrealized depreciation on restructured investments like Khoros and Streamland[284](index=284&type=chunk)[286](index=286&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=78&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) This section assesses the company's financial health, including its asset coverage ratio, debt outstanding, available credit, and unfunded commitments - As of June 30, 2025, the company's asset coverage ratio was **184%**, well above the regulatory requirement of **150%**[198](index=198&type=chunk)[288](index=288&type=chunk) - The company had total debt outstanding of **$1.80 billion** with **$792.5 million** available for borrowing under its **$1.70 billion** revolving credit facility[198](index=198&type=chunk) - On June 13, 2025, the company entered into a new 10b5-1 stock repurchase plan to buy back up to **$75 million** of its common stock when it trades below NAV, repurchasing **1,047,183 shares** for **$12.1 million** in June 2025[227](index=227&type=chunk)[295](index=295&type=chunk)[334](index=334&type=chunk) - As of June 30, 2025, the company had **$531.1 million** in unfunded commitments to portfolio companies, an increase from **$493.0 million** at year-end 2024[309](index=309&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, primarily interest rate risk, and provides a sensitivity analysis of its impact on net investment income - The company's main financial market risk is from changes in interest rates, with **99.4%** of its performing debt portfolio being floating-rate as of June 30, 2025, making its income sensitive to rate changes[325](index=325&type=chunk)[326](index=326&type=chunk) Interest Rate Sensitivity Analysis (Annual Impact on Net Income, in millions) | Basis Point Change | Net Income Impact | | :--- | :--- | | Up 100 bps | $16.76 | | Up 50 bps | $8.38 | | Down 50 bps | $(8.38) | | Down 100 bps | $(16.76) | [Controls and Procedures](index=83&type=section&id=ITEM%204.%20Controls%20and%20Procedures) This section confirms management's evaluation of the company's disclosure controls and procedures, concluding their effectiveness, and reports no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[329](index=329&type=chunk) - There were no material changes in the company's internal control over financial reporting during the quarter[330](index=330&type=chunk) [PART II OTHER INFORMATION](index=84&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, unregistered sales of equity securities, and other miscellaneous items [Legal Proceedings](index=84&type=section&id=ITEM%201.%20Legal%20Proceedings) This section confirms that the company is not currently involved in any material legal proceedings - The company reports that it is not currently a party to any material legal proceedings[331](index=331&type=chunk) [Risk Factors](index=84&type=section&id=ITEM%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have been made to the risk factors since the last annual report on Form 10-K[332](index=332&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms no unregistered equity sales and details the company's common stock repurchases under its 10b5-1 plan during the quarter - The company initiated a 10b5-1 stock repurchase plan on June 13, 2025, authorizing up to **$75 million** in share buybacks[334](index=334&type=chunk) Share Repurchases in Q2 2025 | Month | Total Shares Repurchased | Average Price Paid per Share | Total Value ($ millions) | | :--- | :--- | :--- | :--- | | June | 1,047,183 | $11.55 | $12.10 | [Other Items (3, 4, 5, 6)](index=84&type=section&id=Other%20Items%20(3%2C%204%2C%205%2C%206)) This section confirms no defaults on senior securities, no mine safety disclosures, no director or officer 10b5-1 trading arrangement changes, and lists the exhibits filed - Item 3 (Defaults Upon Senior Securities) and Item 4 (Mine Safety Disclosures) are not applicable[335](index=335&type=chunk)[336](index=336&type=chunk) - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement in Q2 2025[338](index=338&type=chunk)

Company Overview - Goldman Sachs BDC (NYSE: GSBD) declared a quarterly base cash dividend of $0.32 per share, unchanged from its prior distribution, resulting in an annualized dividend of $1.28 per share, which corresponds to a 10.85% dividend yield [1]. Market Insights - The equity market serves as a powerful mechanism where daily price fluctuations can lead to significant wealth creation or destruction over the long term [1]. - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend stocks, REITs, and green energy firms [1].

Group 1 - Goldman Sachs BDC reported weaker-than-expected net investment income (NII) results for the first fiscal quarter on May 8, 2025 [1] - The investment firm focuses on first-lien debt and supported its regular dividend with net investment income [1]