Exhibit 99.1 Goldman Sachs BDC, Inc. Reports March 31, 2025 Financial Results and Announces Second Quarterly Base Dividend of $0.32 Per Share, Special Dividend of $0.16 Per Share and First Quarter Supplemental Dividend of $0.05 Per Share. Company Release – May 8, 2025 NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. ("GSBD", the "Company", "we", "us", or "our") (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2025 and filed its Form 10-Q with the U.S. Securities and Ex ...

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 March 31, 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 Incorporation or Organization) (I.R. ...

Group 1 - The article discusses the recent changes in the valuation of Business Development Companies (BDCs), indicating that many were previously overvalued but the situation has now shifted [1] - The investment group Trade With Beta is mentioned, which focuses on identifying mispriced preferred stocks and baby bonds, along with providing weekly reviews of over 1200 equities and IPO previews [1] - The article highlights a beneficial long position in GSBD, indicating a positive outlook on this particular stock [1] Group 2 - There is a mention of a short position on OXSQ, suggesting a bearish outlook on this specific investment [2] - The article emphasizes that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [2] - It clarifies that the views expressed may not reflect those of Seeking Alpha as a whole, highlighting the diversity of opinions among analysts [2]

Core Viewpoint - Investors are increasingly shifting towards emerging market bonds as U.S. Treasurys lose their status as a safe haven due to recent tariff announcements by President Trump [1][2]. Group 1: Market Trends - Emerging market local currency bond yields decreased by 13 basis points from April 2 to April 25, while the benchmark 10-year Treasury yield increased by over 7 basis points during the same period [2]. - There is a notable increase in demand for bonds from countries like Mexico, Brazil, and South Africa, driven by overseas investors purchasing these bonds, which also boosts demand for local currencies [3][4]. - The sell-off in U.S. Treasurys has led to a movement towards alternative safe-haven assets such as Euro bonds and Japanese government bonds, although this is a typical behavior in developed markets [5]. Group 2: Investor Sentiment - Investors are beginning to view emerging markets with a new perspective, as previous assumptions about their performance during a potential U.S. recession are being challenged [6][8]. - Emerging market local currency fixed income is expected to outperform other fixed income assets in a weaker U.S. dollar environment, lower commodity prices, and global rate relief [7]. - The relative underperformance of U.S. risk assets has sparked interest among domestic investors in potential opportunities abroad [9]. Group 3: Investment Strategies - While there is a preference for emerging market local currency bonds, it is still early to determine the exact direction of global investors' bond rotations [10]. - Some investors are not completely exiting U.S. sovereign debt but are instead shifting from long-dated bonds to shorter-duration options like 2-year Treasurys [10][11]. - The recent changes in Treasury yields indicate a potential shift in the perception of U.S. Treasurys as the ultimate safe asset, prompting a reevaluation of asset allocation strategies [11].

John Silas Good morning. This is John Silos, a member of the Investor Relations team for Goldman Sachs BDC, Inc. And I would like to welcome everyone to the Goldman Sachs BDC, Inc. Fourth Quarter and Fiscal Year End 2024 Earnings Conference Call. Please note that all participants will be in listen-only mode until the end of the call when we will open the line for questions. Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These s ...

Group 1 - Goldman Sachs BDC reported quarterly earnings of $0.47 per share, missing the Zacks Consensus Estimate of $0.50 per share, and down from $0.55 per share a year ago, representing an earnings surprise of -6% [1] - The company posted revenues of $103.8 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 2.77%, and down from $115.4 million year-over-year [2] - Over the last four quarters, Goldman Sachs BDC has surpassed consensus EPS estimates two times, but has not beaten consensus revenue estimates [2] Group 2 - The stock has gained about 7.1% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the coming quarter is $0.47 on revenues of $108.97 million, and for the current fiscal year, it is $1.83 on revenues of $435.57 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Net investment income per share for Q4 2024 was $0.48, with adjusted net investment income per share at $0.47, reflecting an annualized yield of 14.0%[2] - Total investment income for Q4 2024 was $103.8 million, down from $110.4 million in Q3 2024, primarily due to exits and downsizing of certain investments[3] - The company's distributable earnings showed a loss of $(373,670) as of December 31, 2024, compared to a loss of $(224,579) as of December 31, 2023, indicating a worsening of approximately 66.5%[15] - Investment income for the year ended December 31, 2024, was $434.37 million, compared to $454.91 million in 2023, reflecting a decrease of approximately 4%[16] - Interest income increased to $374.20 million in 2024 from $329.64 million in 2023, representing a growth of about 13.5%[16] - Net investment income before taxes was $257.85 million, compared to $252.08 million in 2023, showing a slight increase of about 2.9%[16] - Net investment income after taxes was $252.5 million, compared to $247.2 million in the previous period, reflecting an increase of approximately 2.6%[1] - The company reported net realized and unrealized gains (losses) on investment transactions of $(155.9) million, compared to $(49.4) million in the prior period, indicating a significant decline[1] Investment and Asset Management - Total investments at fair value and commitments reached $3,968.2 million, with 97.6% in senior secured debt[2] - New investment commitments totaled $173.0 million, with sales and repayments amounting to $187.5 million during the quarter[5] - As of December 31, 2024, investments on non-accrual status represented 2.0% of the total investment portfolio at fair value[6] - The weighted average yield on debt and income-producing investments at fair value was 14.1%[6] - The company aims to generate current income primarily through direct originations of secured debt, including first lien and mezzanine debt, as well as select equity investments[18] - The company focuses on investing primarily in middle-market companies in the United States[18] Debt and Equity - The company's ending net debt-to-equity ratio was 1.17x, slightly up from 1.16x in the previous quarter[2] - The company's total debt outstanding as of December 31, 2024, was $1,926,452, compared to $1,826,794 as of December 31, 2023, indicating an increase of about 5.5%[15] - The weighted average net debt-to-EBITDA ratio is calculated based on the fair value of debt investments, with 20.5% of total debt investments at fair value as of December 31, 2024, being potentially inappropriate measures of credit risk[14] - The ending net debt-to-equity leverage ratio is calculated using total borrowings net of cash and cash equivalents, excluding unfunded commitments as of December 31, 2024[14] Dividends - The company declared a base dividend of $0.32 per share for Q1 2025, with additional special dividends of $0.16 per share for the next two quarters[2] - The company declared a base dividend of $0.32 per share and a special dividend of $0.16 per share, payable on April 28, 2025, to stockholders of record as of March 31, 2025[13] Cash and Assets - Cash and cash equivalents increased to $61,795 as of December 31, 2024, up from $52,363 as of December 31, 2023, marking a growth of approximately 17.5%[15] - The total assets of the company increased to $3,603,383 as of December 31, 2024, from $3,522,819 as of December 31, 2023, reflecting a growth of approximately 2.3%[15] Expenses - Total expenses for the year were $176.52 million, a decrease from $204.81 million in 2023, indicating a reduction of approximately 13.8%[16] - The company reported net expenses of $176.52 million for 2024, down from $202.83 million in 2023, which is a decrease of approximately 13%[16] - The company experienced a significant increase in management fees, which rose to $35.23 million in 2024 from $32.54 million in 2023, reflecting an increase of approximately 8.2%[16] - Interest and other debt expenses totaled $113.71 million, slightly up from $111.30 million in 2023, indicating a marginal increase of about 2.2%[16] Forward-Looking Statements - The forward-looking statements indicate potential risks and uncertainties that could materially affect actual results, including factors identified in the "Risk Factors" section of SEC filings[18] - The company has no obligation to update or revise forward-looking statements unless required by law, emphasizing the uncertainty of future events[18] Management - The company is externally managed by Goldman Sachs Asset Management, L.P., which is a wholly-owned subsidiary of Goldman Sachs[18] Unrealized Gains and Losses - The net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments was $(35.11) million, indicating a decrease in value[1] - The company reported a net increase (decrease) in net assets from operations of $62.86 million, compared to $19.58 million in the previous period[1]

Incentive Fees - For the years ended December 31, 2024 and 2023, Incentive Fees based on income amounted to $17.21 million and $49.42 million respectively, with the Investment Adviser waiving $1.99 million of Incentive Fees for 2023[105] - As of December 31, 2024, $6.33 million remained payable in Incentive Fees[105] - The Incentive Fee based on capital gains is calculated as 20% of the positive difference between aggregate realized capital gains and losses, excluding unrealized capital appreciation[106] - No Incentive Fees based on capital gains were accrued for the years ended December 31, 2024 and 2023[108] - In Quarter 1, the Incentive Fee based on income payable was $1.2 million, calculated from an Ordinary Income of $6.0 million exceeding the Hurdle Amount of $1.75 million[111] - In Quarter 2, the Incentive Fee based on income payable was $300,000, as the aggregate Ordinary Income for the Trailing Twelve Quarters exceeded the aggregate Hurdle Amount[112] - In Quarter 3, due to an aggregate Net Capital Loss of ($4.0) million, no Incentive Fee based on income was payable[113] - In Quarter 4, the Incentive Fee based on income payable was capped at $900,000 due to an aggregate Net Capital Loss of ($1.0) million[114] - The calculation of the Incentive Fee based on capital gains for Year 1 resulted in a fee of $1.0 million[118] Management Fees and Investment Management Agreement - The Board of Directors approved the continuation of the Investment Management Agreement, focusing on the quality of advisory services and comparative fee structures[120] - For the year ended December 31, 2024, the company paid a total of $59.08 million in fees to its Investment Adviser, a decrease from $70.22 million in 2023, representing a reduction of approximately 15%[122] - Management Fees for 2024 amounted to $35.16 million, while Incentive Fees were $23.92 million, compared to $35.83 million and $34.39 million respectively in 2023[122] - The Investment Management Agreement is set to continue until August 31, 2025, subject to annual approval by a majority of Independent Directors and the Board of Directors[123] Regulatory Compliance and Risk Management - The Investment Adviser is not liable for losses except in cases of willful misfeasance, bad faith, or gross negligence, which may lead to riskier investment behavior[124] - The company is subject to regulatory requirements under the Investment Company Act, including restrictions on transactions with affiliates and the need for majority approval for certain changes[132] - The company is required to adopt and implement written policies and procedures to prevent violations of federal securities laws and designate a chief compliance officer[158] - The Sarbanes-Oxley Act mandates that the principal executive officer and principal financial officer certify the accuracy of financial statements in periodic reports[159] - Compliance with the Bank Holding Company Act may impose restrictions on the company's investments and operations, potentially affecting its investment strategies[161] - The company is subject to supervision and regulation by the Federal Reserve, which may limit its ability to make certain investments[161] - There is a risk that regulatory requirements applicable to the company may change, potentially having a material adverse effect on its operations[161] Investment Strategy and Asset Management - The company may invest up to 100% of its assets in privately negotiated transactions, with specific limitations on investments in registered investment companies[134][135] - The company must maintain at least 70% of its total assets in qualifying assets as defined by the Investment Company Act[137] - The principal categories of qualifying assets include securities purchased in private transactions from eligible portfolio companies[137] - The company may invest in temporary investments such as cash equivalents and U.S. government securities to ensure that 70% of its assets are qualifying assets[142] - The company may borrow amounts up to 5% of the value of its total assets for temporary or emergency purposes without regard to asset coverage[143] - The company is permitted to issue multiple classes of indebtedness and one class of shares senior to common stock if the asset coverage ratio is at least 150% after issuance[143] - The Small Business Credit Availability Act allows the company to borrow amounts such that the asset coverage ratio is at least 150%, reduced from the previous requirement of 200%[143] Interest Rate Sensitivity - As of December 31, 2024, approximately 99.4% of the company's performing debt investments bore interest at a floating rate, while only 0.6% bore interest at a fixed rate[462] - The company expects that changes in interest rates will significantly impact its net investment income, particularly due to its reliance on borrowings for funding investments[461] - A 300 basis point increase in interest rates is projected to result in a net income increase of $60.31 million, while a 300 basis point decrease would lead to a net income decrease of $60.14 million[464] - The company regularly measures its exposure to interest rate risk and manages this exposure by comparing interest rate sensitive assets to liabilities[463] - The company may utilize hedging instruments such as futures, options, and forward contracts to mitigate interest rate fluctuations in the future[464] - The company’s borrowings under its Revolving Credit Facility bear interest at a floating rate, which adds to its interest rate sensitivity[462] Corporate Governance - The company’s common stock is listed on the NYSE under the symbol "GSBD" and is subject to various corporate governance listing standards[160] - The company has adopted a Code of Ethics to establish procedures for personal investments and restrict certain personal securities transactions[144] - The company has delegated the voting of portfolio securities to its Investment Adviser, which has adopted a Proxy Voting Policy to maximize stockholder value[146]

man Alternatives Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED SEPTEMBER 30, 2024 WWW.GOLDMANSACHSBDC.COM Disclaimer and Forward-Looking Statement The information contained in this presentation should be viewed in conjunction with the earnings conference call of Goldman Sachs BDC, Inc. ("GSBD" or the "Company") (NYSE: GSBD) held on November 8, 2024, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The information contained herein may not be used, reprod ...

Financial Data and Key Metrics Changes - The net investment income per share for Q3 2024 was $0.58, and the net asset value per share was $13.54, a decrease of approximately 1% from the previous quarter due to net realized and unrealized losses [8] - GAAP and adjusted after-tax net investment income for Q3 2024 were $68.2 million and $67.2 million respectively, compared to $67 million and $65.2 million in the prior quarter [24] - Total investment income for Q3 2024 was $110.4 million, an increase from $108.6 million in Q2 2024, primarily due to incremental deployment [25] Business Line Data and Key Metrics Changes - Gross originations more than doubled year-over-year, totaling approximately $376.6 million in 34 new investment commitments [11][13] - Sales and repayments activity increased by 45% from the prior quarter, totaling $329 million, with 72% of repayments coming from 2021 and older vintages [12] Market Data and Key Metrics Changes - Sponsor M&A volumes grew by 17.5% year-over-year in Q3 2024, driven by $1.4 trillion of private equity dry powder [9] - The weighted average yield of the investment portfolio at amortized cost was 10.9%, down from 11% in the prior quarter [18] Company Strategy and Development Direction - The company is focused on recycling older vintage investments into new originations, with a proactive portfolio management strategy [12][15] - The management anticipates a rebound in M&A activity in 2025, supported by the Goldman Sachs ecosystem [10][15] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about M&A activity post-election, indicating a positive sentiment in the market [31] - The company expects to be busy assessing new opportunities in Q1 2025, with actual deployment likely occurring in Q2 or later [36] Other Important Information - The company declared a fourth-quarter dividend of $0.45 per share, marking the 39th consecutive quarter of this dividend [8] - Investments on non-accrual status decreased to 2.2% of the total investment portfolio at fair value from 3.4% in the previous quarter [21] Q&A Session Summary Question: Recycling opportunities in the portfolio - Management noted a strong quarter of sales and repayments, with full exits in at least four portfolio companies from 2021 or earlier, indicating a positive pace of repayments and recycling [28] Question: Re-pricing activity in the portfolio - Management observed a stabilization in spreads during the quarter, with expectations for a slowdown in re-pricing activity [30] Question: Outlook for M&A activity post-election - Management reported an energetic and optimistic sentiment regarding M&A activity, particularly from the sponsor community, expected to increase in 2025 [31] Question: Credit quality and risk rating changes - A slight increase in risk-rated 3 and 4 categories was attributed to one underperforming name in the business services sector [33][34]