[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)

Core Insights - Business Development Companies (BDCs) are perceived as risky investments due to their unique business models, which involve lending to private, smaller, and sometimes financially distressed companies [1]. Group 1 - BDCs function similarly to banks but focus on private and smaller enterprises [1]. - The sector attracts investors who are interested in dividend investing, particularly in high-quality, dividend-paying companies [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]

Group 1: Analyst Ratings and Market Sentiment - Wall Street analysts have "Buy" ratings on 388 stocks in the S&P 500, representing over 76% of the index, indicating a general optimism among analysts [1] - The prevalence of "Buy" ratings means that any upgrades are limited, as most stocks are already rated highly, while "Holds" and "Sells" present potential for improvement [2] - The article suggests that contrarian investors should consider stocks with lower ratings, as they may present better buying opportunities [2] Group 2: National Storage Affiliates Trust (NSA) - NSA is a self-storage REIT with 1,075 properties across 41 states and Puerto Rico, known for being recession-resistant [3][4] - Despite a historical competence in operations, NSA faces a bearish consensus with only one "Buy" rating against 10 "Holds" and four "Sells" [6] - NSA's dividend yield is over 6%, but its payout is tight at 97% of its 2025 FFO estimates, and the stock trades at approximately 15 times those estimates [6][7] Group 3: CNA Financial (CNA) - CNA is a major commercial property and casualty insurer in the U.S., with 90% ownership by conglomerate Loews [8] - The company pays a regular dividend of 46 cents per share, yielding 3.9%, along with a special dividend that has been consistent for the past decade [9][11] - CNA has a bearish consensus rating, but only one analyst covers it, indicating a lack of interest from analysts [12][13] Group 4: Cricut (CRCT) - Cricut is known for its crafting machines and software, and it has recently initiated a special dividend of 40 cents per share and a regular semiannual dividend of 10 cents [14][15] - Despite the dividend announcements, Cricut's revenues have declined by 7% in 2024, and profits are expected to decrease in the coming years [17][18] - The stock currently has three "Sell" calls and one "Hold," reflecting negative sentiment among analysts [18] Group 5: Goldman Sachs BDC (GSBD) - GSBD is a business development company targeting firms with annual EBITDA between $5 million and $75 million, primarily dealing in debt [19][20] - The company has faced challenges, including a nearly 30% cut to its regular dividend due to high non-accruals and declining net investment income [22][23] - Despite these issues, GSBD offers a high yield of 16.5% based on promised dividends for 2025, trading at a 17% discount to NAV [24]

Core Insights - Goldman Sachs BDC Inc. (NYSE: GSBD) is recommended as a 'Buy' for passive income investors due to a reduction in its incentive fee, which enhances its attractiveness [1] Company Summary - The company has lowered its incentive fee, which is a significant factor in making its stock appealing to investors seeking passive income [1] Industry Context - The article reflects a broader trend in the business development company sector, where financial adjustments can create new investment opportunities for income-focused investors [1]

Goldman Sachs BDC (GSBD) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.65%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.50 per share when it actually produced earnings of $0.47, delivering a surprise of -6%.Over the last four quart ...

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. ...

Market Overview - The market is experiencing a rebound during the earnings season as tariff and trade pressures appear to be less concerning than previously [1] - The Federal Reserve has kept interest rates unchanged but is anticipated to begin cutting rates in the summer [1] Investment Strategy - The focus is on growth and dividend income, with a strategy aimed at creating a portfolio that supports an easy retirement through compounding dividend income and growth [1] - The portfolio is structured to provide monthly dividend income that grows through reinvestment and annual increases [1] Stock Positions - The company has disclosed beneficial long positions in several stocks, including OBDC, ARCC, FSK, MAIN, BXSL, PSEC, and GSBD, either through stock ownership, options, or other derivatives [1]

Company Performance - PhenixFIN reported quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.82 per share, representing an earnings surprise of -41.46% [1] - The company posted revenues of $6.02 million for the quarter, missing the Zacks Consensus Estimate by 7.68%, compared to revenues of $4.66 million a year ago [2] - Over the last four quarters, PhenixFIN has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Market Comparison - PhenixFIN shares have lost about 3.2% since the beginning of the year, while the S&P 500 has declined by 3.9% [3] - The current consensus EPS estimate for the coming quarter is $0.83 on revenues of $6.46 million, and for the current fiscal year, it is $3.71 on revenues of $25.65 million [7] Industry Outlook - The Financial - SBIC & Commercial Industry, to which PhenixFIN belongs, is currently in the bottom 45% of the Zacks industry rankings, indicating potential challenges ahead [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact PhenixFIN's stock performance [5]