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  4. [10-Q] Goldman Sachs BDC, Inc. Quarterly Earnings Report

Goldman Sachs BDC (NYSE: GSBD) outlines diversified senior loan portfolio

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q

Rhea-AI Filing Summary

Goldman Sachs BDC’s quarterly report for GSBD provides an extensive schedule of investments, dominated by Debt Investments labeled at 232.7%, including United States exposure of 219.9% and 1st Lien/Senior Secured Debt of 205.5%, plus smaller 2nd lien, unsecured and unitranche positions.

The portfolio spans many private companies across software, health care, commercial services, industrials, consumer and energy-related sectors, with interest terms typically stated as floating spreads over reference rates such as “S + 4.50%” or “S + 7.00%”, sometimes with PIK components and maturities generally between 2026 and 2033. In addition to debt, GSBD holds equity securities (common stock, preferred stock and warrants) in several portfolio companies. The report also describes interest rate swaps with Bank of America, N.A. and BNP Paribas, under which the company receives fixed rates of 5.650% or 5.100% and pays floating “S +” spreads on 2029 and 2030 notes, as well as foreign currency forward contracts used alongside non‑U.S. investments.

Positive

  • None.

Negative

  • None.

Filing Explained

This unaudited quarterly report updates GSBD's interim liquidity position: at March 31, 2026, cash and equivalents were $41,851,000, while net income was -$13,631,000 and operating cash flow was $10,433,000.

Interest rate – Rotation Buyer senior debt 8.47% Interest Rate 8.47% on 1st Lien/Senior Secured Debt to Rotation Buyer, LLC, Reference Rate and Spread S + 4.75%
Interest rate – Engage2Excel senior debt 11.57% Engage2Excel, Inc. 1st Lien/Senior Secured Debt with Interest Rate 11.57% and Reference Rate and Spread S + 7.25%
Unsecured Wine.com debt spread S + 15.00% PIK Wine.com, Inc. Unsecured Debt with Reference Rate and Spread S + 15.00% PIK, initial acquisition date 11/03/23, maturity 04/03/27
Swap receive rate – 2030 Notes 5.650% Interest Rate Swaps, Counterparty Bank of America, N.A., Hedged Item 2030 Notes, Company Receives 5.650%
Swap pay rate – 2030 Notes S + 2.360% Same 2030 Notes swap, Company Pays S + 2.360% with semiannual frequency and maturity date 08/09/30
Swap receive rate – 2029 Notes 5.100% Interest Rate Swaps, Counterparty BNP Paribas, Hedged Item 2029 Notes, Company Receives 5.100%, Company Pays S + 1.598%
Debt Investments category label 232.7% Overall category line shows “Debt Investments – 232.7%” in the portfolio schedule
1st Lien/Senior Secured Debt label 205.5% Portfolio breakdown line shows “1st Lien/Senior Secured Debt – 205.5%”
1st Lien/Senior Secured Debt financial
"Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5%"
1st Lien/Last-Out Unitranche financial
"1st Lien/Last-Out Unitranche - 9.7% Skyway Towers Intermediate LLC"
PIK financial
"Reference Rate and Spread S + 7.00% (Incl. 3.50% PIK) Maturity 10/22/27"
Payment In Kind (PIK) refers to interest or dividends paid with additional securities instead of cash. The company adds interest to the principal or issues more bonds/shares rather than paying cash. PIK conserves cash short-term but is riskier as debt compounds over time.
Interest Rate Swaps financial
"Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2030 Notes"
A contract between two parties to exchange streams of interest payments, typically swapping a fixed-rate payment for a floating-rate payment or vice versa. Think of it like two neighbors agreeing to trade the type of mortgage payments they make to reduce uncertainty or take advantage of expected rate moves; investors care because swaps change a company’s borrowing costs and risk exposure, which can materially affect cash flow, creditworthiness, and valuation.
Foreign Currency Forward Contracts financial
"Foreign Currency Forward Contracts Level 3 Total Liabilities"
A foreign currency forward contract is a private agreement to buy or sell a specific amount of one currency for another at a fixed exchange rate on a set future date. Investors use these contracts to lock in the price they will get when converting foreign cash flows, reducing the risk that currency swings will erode revenue or raise costs; the tradeoff is giving up any benefit if exchange rates move in your favor.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How is GSBD’s (GSBD) investment portfolio primarily structured?
GSBD’s portfolio is dominated by Debt Investments, including large allocations to 1st Lien/Senior Secured Debt, with additional 2nd lien, unsecured and 1st Lien/Last-Out unitranche loans, plus a smaller sleeve of equity securities such as common and preferred stock and warrants.

What types of borrowers and sectors does GSBD (GSBD) lend to?
The schedule shows loans to companies in software, health care, commercial services, industrials, consumer products, energy equipment and logistics. Borrowers operate under various “dba” names and span industries like IT services, professional services, health care providers, chemicals and wireless telecommunication services.

What interest rate terms are common in GSBD’s (GSBD) loans?
Many loans carry floating rates expressed as a spread over a reference rate, such as “S + 4.50%” or “S + 7.00%”. Examples of stated interest rates include 8.47%, 9.83% and 13.82%, with some loans including payment-in-kind (PIK) components in the spread.

Does GSBD (GSBD) use derivatives to manage interest rate risk?
Yes. The report lists Interest Rate Swaps with Bank of America, N.A. and BNP Paribas hedging 2029 and 2030 notes, where the company receives fixed rates of 5.650% or 5.100% and pays floating “S +” spreads, with semiannual payment frequency and stated maturity dates.

How does GSBD (GSBD) handle foreign currency exposure?
Alongside Canadian and U.K. loans, the schedule includes Foreign Currency Forward Contracts and Currency Forward Contracts with Bank of America, N.A., with settlements in currencies such as USD and GBP and specified settlement dates, indicating use of forwards to address non‑U.S. currency positions.

What non-debt investments does GSBD (GSBD) hold in portfolio companies?
Beyond loans, GSBD holds equity securities including common and preferred stock and warrants in certain portfolio companies. Examples include holdings in entities such as Specialty Dental Brands, Power Factors, ABC Plumbing and MedeAnalytics, with initial acquisition dates disclosed for each position.
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Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:TextilesApparelAndLuxuryGoodsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2025-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:TwoThousandTwentySixNotesMember2025-12-310001572694gsbd:AQHeliosBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% CloudBees, Inc. Industry Software Interest Rate 10.83% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/262025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Engage2Excel, Inc. Industry Professional Services Interest Rate 11.57% Reference Rate and Spread S + 7.25% Maturity 07/02/292026-06-300001572694gsbd:BroadlineRetailMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Clearwater Analytics, LLC Three Industry Software Reference Rate and Spread S + 4.50% Maturity 06/27/332026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AAGKPBorrowerLLCMember2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.39% Reference Rate and Spread C + 4.75% Maturity 11/01/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.50% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272026-06-300001572694gsbd:SevenMayTwoThousandTwentyFiveSpecialMember2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.00% Maturity 09/03/30 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Ideal Components Acquisition, LLC (dba Ideal Tridon) Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001572694Investment Debt Investments - 232.7% United Kingdom - 3.6% 1st Lien/Senior Secured Debt - 3.6% SI Swan UK Bidco Limited (dba Sapiens International) Industry Software Reference Rate and Spread S + 4.75% Maturity 12/17/322026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:CstHoldingCompanyMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NorthStarAcquisitioncoLLCMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Mandrake Bidco, Inc. (dba Miratech) Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302025-12-310001572694gsbd:TowercoIvHoldingsLlcMembergsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694gsbd:ThreeMonthNiborMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% WebPT, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.25% (Incl. 3.13% PIK) Maturity 01/18/302026-06-300001572694Investment Debt Investments - 226.3% United Kingdom - 3.5% 1st Lien/Senior Secured Debt - 3.5% SI Swan UK Bidco Limited (dba Sapiens International) Industry Software Reference Rate and Spread S + 4.75% Maturity 06/17/262025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 05/25/28 One2025-12-310001572694us-gaap:WarrantMember2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.65% Reference Rate and Spread S + 5.00% Maturity 01/09/282026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.59% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/27 One2025-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:TwothousandTwentySevenNotesMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% PPT Management Holdings, LLC (dba Pro-PT) Industry Health Care Providers & Services Initial Acquisition Date 05/31/232025-01-012025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.22% Reference Rate and Spread S + 6.00% Maturity 04/24/302025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.50% Maturity 12/06/32 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Convenient Payments Acquisition, Inc, .Industry Software Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 12/31/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Chase Industries, Inc. (dba Senneca Holdings) Industry Building Products Interest Rate 10.00% Reference Rate and Spread 10.00% Maturity 11/12/292026-06-300001572694us-gaap:UnsecuredDebtMember2025-01-012025-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 12/21/262025-12-310001572694gsbd:ConsumerStaplesDistributionRetailMember2025-12-310001572694us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 11/28/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 9.34% Reference Rate and Spread S + 5.25% Maturity 06/29/272025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.67% Reference Rate and Spread S + 5.03% Maturity 12/22/282026-06-3000015726942026-04-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 09/30/31 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 06/03/322026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Acquia, Inc. Industry Software Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 10/30/26 One2026-06-300001572694us-gaap:DebtSecuritiesMembercountry:IN2026-06-300001572694us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2026-06-300001572694gsbd:TwoThousandThirtyNotesMember2026-06-300001572694gsbd:HealthCareEquipmentSuppliesMember2026-06-300001572694gsbd:OneMonthEuriborMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Interest Rate 10.00% Reference Rate and Spread 10.00% Maturity 05/23/302025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:InteractiveMediaServicesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242025-01-012025-12-310001572694gsbd:ProfessionalServicesMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.89% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Initial Acquisition Date 05/23/252025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RecordedBooksIncMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/332026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:OctanePurchaserIncMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Edko LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.60% Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.51% Reference Rate and Spread C + 5.25% Maturity 06/30/312025-12-310001572694gsbd:InteractiveMediaServicesMember2026-06-300001572694gsbd:IdealComponentsAcquisitionLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.76% Reference Rate and Spread S + 6.00% Maturity 07/06/272026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 10/04/302025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AbacusDataHoldingsIncMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/212026-06-300001572694gsbd:TwothousandTwentySevenNotesMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2024-12-310001572694gsbd:TwoZeroTwoFiveNotesMember2026-01-012026-06-300001572694gsbd:AffiliatedInvestmentMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WildcatSolutionsHoldingsLlcMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) IndustryHealth Care Providers & Services Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.05% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 0.00% Reference Rate and Spread S + 6.00% (Incl. 3.00% PIK) Maturity 02/28/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.66% Reference Rate and Spread S + 7.00% Maturity 07/07/282026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212025-12-310001572694gsbd:SpectrumSafetySolutionsPurchaserLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% PPT Management Holdings, LLC (dba Pro-PT) Industry Health Care Providers & Services Initial Acquisition Date 05/31/232026-01-012026-06-300001572694Investment Debt Investments - 232.9% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 5.00% Maturity 07/24/322026-06-300001572694us-gaap:WarrantMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Celero Commerce LLC Industry Financial Services Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.13% Reference Rate and Spread S + 5.25% Maturity 01/09/30 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Acquia, Inc. Industry Software Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 10/30/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Streamland Media Midco LLC Industry Entertainment Reference Rate and Spread S + 6.50% (Incl. 5.50% PIK) Maturity 04/02/292026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Diligent Corporation Industry Professional Services Interest Rate 8.76% Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.99% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/272026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001572694us-gaap:WarrantMembercountry:US2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.00% Maturity 09/03/30 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Four2026-06-300001572694gsbd:BuildingProductsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 03/12/322025-12-310001572694gsbd:TradingCompaniesAndDistributorsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.23% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2026-06-300001572694gsbd:WellnessAcquisitioncoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Foreign Currency Forward Contracts2025-12-310001572694us-gaap:FairValueInputsLevel1Member2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Lobos Parent, Inc. (dba NEOGOV) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/27/322025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001572694gsbd:CircustrixHoldingsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:PluralsightIncMember2025-12-310001572694Foreign Currency Forward Contracts Level 22026-01-012026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/242026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.49% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292026-06-300001572694gsbd:TwoZeroTwoSixNotesMember2025-01-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/292025-12-310001572694us-gaap:SecuritiesInvestmentMember2026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.43% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.39% Reference Rate and Spread S + 5.75% Maturity 10/07/302026-06-300001572694gsbd:ProjectAccelerateParentLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:BankOfAmericaNAMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/28 One2025-12-310001572694country:GBus-gaap:DebtSecuritiesMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/242026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Bayside Parent, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 13.82% Reference Rate and Spread S + 10.00% PIK Initial Acquisition Date 05/31/23 Maturity 05/31/262025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 03/01/282026-06-300001572694gsbd:SpectrumSafetySolutionsPurchaserLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/27 Two2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:MediaMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:EdkoLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 05/25/28 Two2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:BroadlineRetailMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:TwoZeroTwoFiveNotesMember2020-02-100001572694gsbd:IndustryConcentrationRiskMembergsbd:HouseholdProductsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Iracore International Holdings, Inc. Industry Energy Equipment & Services Initial Acquisition Date 04/13/172025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:CommunicationsEquipmentMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694us-gaap:CommonStockMember2026-01-012026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2030 Notes Company Receives 5.650% Company Pays S + 2.360% Frequency Semiannual Maturity Date 08/09/302026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 06/03/322026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S + 5.75% Maturity 10/07/302025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 8.70% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S + 4.25% Maturity 10/25/322026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:MlHoldcoLlcMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Paris US Holdco, Inc. (dba Precinmac) Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/02/312025-12-310001572694gsbd:HealthCareTechnologyMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694us-gaap:DebtMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 06/21/272026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:EDBParentLLCMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001572694gsbd:SecondLienOrSeniorSecuredDebtMembergsbd:WineDotComLlcMember2026-06-300001572694us-gaap:WarrantMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Edition Holdings, Inc. (dba Enverus) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/20/322025-12-310001572694Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-06-300001572694gsbd:OneMonthBBSWMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Xactly Corporation Industry IT Services Reference Rate and Spread S + 6.25% Maturity 07/30/272026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:IwaveInformationSystemsIncMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/242025-12-310001572694gsbd:MachineryMember2026-06-300001572694us-gaap:RevolvingCreditFacilityMembergsbd:LendersHoldEightyFourPercentageOfTotalLendingCommitmentsMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Two2025-12-310001572694Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Three2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.51% Reference Rate and Spread S + 5.75% Maturity 06/30/272026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.36% Reference Rate and Spread B + 5.00% Maturity 10/24/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 12.98% Reference Rate and Spread S + 9.25% Maturity 12/17/292026-06-300001572694gsbd:CommercialServicesSuppliesMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:JupiterRefuelCanadaBuyerIncMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/27 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2025-12-310001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-04-012026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Burgess Pigment, LLC Industry Chemicals Reference Rate and Spread S + 5.00% Maturity 06/30/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 01/24/332026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 7.58% Reference Rate and Spread S + 3.75% Maturity 08/31/282025-12-310001572694gsbd:ThreeMonthSOFRMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 11/01/282026-06-300001572694gsbd:TrystarLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.60% Reference Rate and Spread B + 5.00 Maturity 10/24/302025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50% PIK Maturity 08/11/27 Two2025-12-310001572694us-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001572694gsbd:VamosBidcoIncDbaVIPMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:MediaMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:JupiterRefuelCanadaBuyerIncMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 10/01/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 8.93% Reference Rate and Spread S + 5.25% Maturity 06/29/272026-06-300001572694gsbd:OmegaMidwestBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Non-Controlled Affiliates Iracore International Holdings, Inc.2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 09/26/302026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/242026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AuroraAcquirecoIncMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.27% Reference Rate and Spread S + 4.50% Maturity 05/03/292025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/292026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Pluralsight, Inc. Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PlanSource Holdings, Inc. Industry Health Care Technology Reference Rate and Spread S + 5.50% Maturity 12/30/262026-06-300001572694gsbd:StreamlandMediaMidcoLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/31 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:LegendsHospitalityHoldingCompanyLLCMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.62% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 06/30/312025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SplashCarWashIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/15/262026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001572694Non-Controlled Affiliates Conergy Asia & ME Pte. LTD2025-12-310001572694us-gaap:FairValueInputsLevel3Member2024-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Rotation Buyer, LLC (dba Rotating Machinery Services) Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/02/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ESO Solutions, Inc Industry Health Care Technology Interest Rate 10.58% Reference Rate and Spread S + 6.75% Maturity 05/03/27 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/302026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Mandrake Bidco, Inc. (dba Miratech) Machinery Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 08/20/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:TropicalBidcoLLCMember2026-06-300001572694gsbd:PacvueIntermediateLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Four2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.67% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Two2026-06-300001572694Investment Equity Securities - 2.6% Canada - 0.0% Common Stock - 0.0% Prairie Provident Resources, Inc. Industry Oil, Gas & Consumable Fuels Initial Acquisition Date 01/31/142026-01-012026-06-300001572694Non-Controlled Affiliates RPC ABC Investment Holdco LLC dba ABC Plumbing2026-01-012026-06-300001572694gsbd:SpecialtyRetailMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.39% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/32 One2025-12-310001572694us-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:PreferredStockMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2026-06-300001572694gsbd:TruistMembergsbd:TwoThousandTwentyThreeEquityDistributionAgreementMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/322026-06-3000015726942025-06-012025-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/232025-01-012025-12-310001572694Non-Controlled Affiliates Pluralsight, Inc.2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 09/30/31 Two2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Computer Services, Inc. Industry Financial Services Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 11/17/31 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Two2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/31 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:SkywayTowersIntermediateLlcMember2026-06-300001572694gsbd:LeisureProductsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.24% Reference Rate and Spread S + 5.50% Maturity 12/06/272026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242026-06-300001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/212026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RiverpointMedicalLLCMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Interest Rate 7.29% Reference Rate and Spread C + 5.00% Maturity 1/14/33 One2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:OctagonTowersLLCMember2026-06-300001572694gsbd:WellnessAcquisitioncoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:IndependentPowerAndRenewableElectricityProducersMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% (Incl. 3.00% PIK) Maturity 02/28/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 7.78% Reference Rate and Spread S + 4.50% Maturity 07/01/302026-06-300001572694us-gaap:ForeignExchangeForwardMembergsbd:BNPParibasMember2026-06-300001572694gsbd:AQHeliosBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMember2026-06-300001572694Non-Controlled Affiliates Pluralsight, Inc.2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EditionHoldingsIncMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Reference Rate and Spread S + 5.25% Maturity 03/31/272026-06-300001572694gsbd:OmegaMidwestBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001572694Non-Controlled Affiliates SEM Holdings, LLC dba Southeast Mechanical, LLC2025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 07/30/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.51% Reference Rate and Spread S + 5.75% Maturity 11/30/282026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Chase Industries, Inc. (dba Senneca Holdings) Industry Building Products Maturity 11/11/272025-12-310001572694Interest Rate Swaps Counterparty BNP Paribas Hedged Item 2029 Notes Company Receives 5.100% Company Pays S + 1.598% Frequency Semiannual Maturity Date 12/28/282026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.91% Reference Rate and Spread S + 4.25% Maturity 08/06/312026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.91% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2026-06-300001572694gsbd:BroadlineRetailMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.31% Reference Rate and Spread C + 4.75% Maturity 11/01/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 05/03/29 One2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 11/01/30 One2026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:GsAcquisitioncoIncMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ExperityIncMember2026-06-300001572694us-gaap:EntertainmentMember2025-12-310001572694gsbd:GovdeliveryHoldingsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/15/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Reference Rate and Spread S + 6.00% Maturity 09/10/272026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareProvidersServicesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:CommonStockMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Interest Rate 9.82% Reference Rate and Spread S + 6.00% Maturity 08/28/302025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272026-06-300001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001572694gsbd:AdmiralBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.73% Reference Rate and Spread S + 5.00% (Incl 2.75% PIK) Maturity 12/06/32 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/282025-12-310001572694Investment Debt Investments - 226.3% United Kingdom – 3.5% 1st Lien/Senior Secured Debt - 3.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/28 One2025-12-310001572694gsbd:PearlAcquisitionBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/2/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/31 One2025-12-310001572694gsbd:SevenMayTwoThousandTwentyFiveBaseMember2025-01-012025-06-300001572694gsbd:AutomobileComponentsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:RevolvingCreditFacilityMember2026-04-012026-06-300001572694Non-Controlled Affiliates Iracore International Holdings, Inc.2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.82% Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001572694us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2025-12-310001572694gsbd:RealEstateMgmtDevelopmentMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-06-300001572694us-gaap:WarrantMember2026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2030 Notes Company Receives 5.65% Company Pays S + 2.36% Frequency Semiannual Maturity Date 08/09/302025-12-310001572694us-gaap:InterestRateSwapMember2026-01-012026-06-3000015726942025-03-310001572694gsbd:ForeignCurrencyMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 02/10/28 One2026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694us-gaap:CommonStockMembercountry:CA2025-12-310001572694Foreign Currency Forward Contracts Level 32025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EditionHoldingsIncMember2025-12-310001572694Total Liabilities Level 22026-01-012026-06-300001572694gsbd:EdkoLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EverestClinicalResearchCorporationMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Summit Buyer, LLC (dba Classic Collision) Industry Diversified Consumer Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 06/02/31 One2026-06-300001572694gsbd:ForeignCurrencyTranslationsAndOtherTransactionsMember2026-04-012026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 10.93% Reference Rate and Spread S + 7.00% Maturity 12/31/262026-06-300001572694srt:MaximumMember2025-01-012025-06-300001572694gsbd:RocketBidcoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.26% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 12/30/262026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.40% Reference Rate and Spread S + 4.50% Maturity 10/15/20312025-12-310001572694gsbd:BlazingStarShieldsDirectParentLLCDbaShieldsHealthSolutionsMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:SevenMayTwoThousandTwentyFiveSupplementalMember2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 10/01/292026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembercountry:US2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:HouseholdProductsMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:SpendMendHoldingsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.54% Reference Rate and Spread C + 5.25% Maturity 06/30/312026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2025-06-3000015726942025-04-012025-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SiSwanUkBidcoLimitedMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% MPI Engineered Technologies, LLC Industry Automobile Components Reference Rate and Spread S + 17.00% PIK Initial Acquisition Date 01/15/20 Maturity 11/17/252026-06-300001572694gsbd:SinglewireSoftwareLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Four2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 One2025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% iWave Information Systems, Inc. Industry Software Interest Rate 9.98% Reference Rate and Spread S + 6.25% Maturity 11/23/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Celero Commerce LLC Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 10/01/292026-06-300001572694gsbd:CeleroCommerceLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/26/31 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.58% Reference Rate and Spread S + 5.75% Maturity 08/26/272026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2025-12-310001572694gsbd:QBSParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001572694us-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.33% Reference Rate and Spread S + 6.75% (Incl. 3.50% PIK) Maturity 10/12/27 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.39% Reference Rate and Spread S + 6.75% Maturity 07/18/282026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ark Data Centers, LLC Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 11/27/30 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% iCIMS, Inc. Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 08/18/282026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/30 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001572694gsbd:FullstreamOperationsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/212026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SupermanHoldingsLlcMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2026-06-300001572694Total Liabilities Level 12025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:IN2025-12-310001572694gsbd:TextilesApparelAndLuxuryGoodsMember2026-06-300001572694gsbd:AirFreightLogisticsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:XactlyCorporationMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001572694gsbd:DiversifiedConsumerServicesMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322026-06-300001572694gsbd:RealEstateMgmtDevelopmentMember2025-12-310001572694us-gaap:DebtSecuritiesMembercountry:US2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/312025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Thrasio, LLC Industry Broadline Retail Interest Rate 14.01% Reference Rate and Spread S + 10.26% Maturity 06/18/292026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/242025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Wine.com, LLC Industry Beverages Reference Rate and Spread S + 12.00% PIK Maturity 04/01/28 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Argos Health Holdings, Inc Industry Health Care Providers & Services Interest Rate 8.68% Reference Rate and Spread S + 5.00 % Maturity 12/03/29 One2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Singlewire Software, LLC Industry Software Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Smarsh, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 02/16/292026-06-300001572694gsbd:TwoThousandTwentyNineNotesMember2020-02-102020-02-100001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 06/21/272025-12-310001572694Investment Debt Investments - 226.3% United Kingdom – 3.5% 1st Lien/Senior Secured Debt - 3.5% SI Swan UK Bidco Limited (dba Sapiens International) Industry Software Reference Rate and Spread S + 4.75% Maturity 12/16/322025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.94% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.69% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 12/02/31 Two2026-06-300001572694gsbd:OliverPackagingAndEquipmentCompanyLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:InsuranceMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:AerospaceAndDefenseMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/26 Two2025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/29 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareTechnologyMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/342025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001572694Non-Controlled Affiliates Animal Supply Holdings, LLC2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/26 Two2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Bayside Parent, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 13.82% Reference Rate and Spread S + 10.00% PIK Initial Acquisition Date 05/31/23 Maturity 05/31/262025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/30/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/29/272026-06-300001572694gsbd:SoftwareMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001572694us-gaap:PreferredStockMember2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMember2025-01-012025-06-300001572694Non-Controlled Affiliates Thrasio Holdings, Inc.2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/29 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SoutheastMechanicalLLCMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/242025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.99% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.24% Reference Rate and Spread S + 5.50% Maturity 12/06/27 One2026-06-300001572694us-gaap:FairValueInputsLevel1Membergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 9.16% Reference Rate and Spread S + 5.50% Maturity 05/03/272026-06-300001572694gsbd:HealthCareProvidersServicesMember2026-06-300001572694gsbd:VisionsafeHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread S + 5.25% Maturity 06/30/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.56% Reference Rate and Spread S + 5.50% Maturity 09/18/26 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareTechnologyMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-06-300001572694Interest Rate Swaps2025-04-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.00% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001572694gsbd:GuidepointSecurityHoldingsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 08/28/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SoutheastMechanicalLLCMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.12% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.94% Reference Rate and Spread S + 5.00% Maturity 01/09/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.24% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Two2026-06-300001572694gsbd:IndustryConcentrationRiskMemberus-gaap:TechnologySectorMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 01/25/282025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EnvirosmartLlcMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/202025-12-310001572694us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.39% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 08/31/282025-12-3100015726942026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.40% Reference Rate and Spread S + 4.75% Maturity 12/15/312026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.91% Reference Rate and Spread S + 5.25% Maturity 04/30/312026-06-300001572694us-gaap:DebtSecuritiesMembercountry:CA2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2026-06-3000015726942024-01-012024-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Diligent Corporation Industry Professional Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/02/302026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AbcInvestmentHoldcoIncMember2026-06-300001572694country:GBus-gaap:DebtSecuritiesMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:ProphixSoftwareIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001572694us-gaap:FoodAndBeverageSectorMember2025-12-310001572694gsbd:ForeignCurrencyMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 11.13% Reference Rate and Spread S + 7.25% Maturity 06/01/27 One2026-06-300001572694gsbd:ChemicalsMember2026-06-300001572694gsbd:HouseholdProductsMember2026-06-300001572694gsbd:FinancialServicesMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/26/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SmarshIncorporationMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.63% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 10.92% Reference Rate and Spread S + 7.25% (Incl. 6.25% PIK) Maturity 06/18/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 10/01/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NcwsIntermediateIncMember2026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.60% Reference Rate and Spread S + 4.75% Maturity 11/01/30 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% Bayside Parent, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 13.88% Reference Rate and Spread S + 10.00% PIK Initial Acquisition Date 05/31/23 Maturity 06/01/272026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.48% Reference Rate and Spread SN + 4.75% Maturity 05/03/292026-06-300001572694gsbd:BurgessPigmentCoMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.24% Reference Rate and Spread S + 4.50% Maturity 07/14/312025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:K2TowersIiiLlcMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2026-06-300001572694us-gaap:SecuritiesInvestmentMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:VRCCompaniesLLCDbaVitalRecordsControlMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-3100015726942025-01-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ATX Networks Corp. Industry Communications Equipment Reference Rate and Spread S + 7.00% PIK Maturity 09/01/282025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:CstHoldingCompanyMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/312026-06-300001572694Non-Controlled Affiliates Animal Supply Holdings, LLC2024-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 9.25% Reference Rate and Spread S + 5.25% Maturity 06/30/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2026-06-300001572694us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) IndustryHealth Care Providers & Services Interest Rate 10.97% Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% WebPT, Inc. Industry Health Care Technology Interest Rate 10.20% Reference Rate and Spread S + 6.25% (Incl. 3.13% PIK) Maturity 01/18/30 One2026-06-300001572694gsbd:CapitalMarketsMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SiSwanUkBidcoLimitedMember2025-12-310001572694gsbd:ProfessionalServicesMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 09/01/312025-12-310001572694us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread B + 5.00% Maturity 10/24/302026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AAGKPBorrowerLLCMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 08/28/302026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/31 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Interest Rate 9.54% Reference Rate and Spread S + 6.00% Maturity 09/10/272026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% US Signal Company, LLC Industry IT Services Interest Rate 9.52% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/232026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.50% Maturity 06/29/272026-06-300001572694us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001572694gsbd:ZaryaHoldCoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:SpecialtyRetailMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 06/30/272025-12-310001572694Non-Controlled Affiliates Elah Holdings Inc.2026-06-300001572694Non-Controlled Affiliates SEM Holdings, LLC dba Southeast Mechanical, LLC2026-01-012026-06-300001572694Non-Controlled Affiliates Kawa Solar Holdings Limited2025-01-012025-12-310001572694gsbd:TruistMembergsbd:TwoThousandTwentyThreeEquityDistributionAgreementMember2026-01-012026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 10/15/262026-06-300001572694gsbd:AffiliatedInvestmentMember2025-01-012025-12-310001572694gsbd:TwoThousandThirtyNotesMember2025-09-090001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 10/02/29 Three2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 9.15% Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/242026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.73% Reference Rate and Spread E + 5.50% Maturity 11/28/312026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMemberus-gaap:UnsecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 10/02/29 Four2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.50% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.86% Reference Rate and Spread S + 5.75% Maturity 08/31/282025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 0.00% Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 05/03/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.17% Reference Rate and Spread E + 5.50% Maturity 11/28/312026-06-300001572694Non-Controlled Affiliates RPC ABC Investment Holdco LLC dba ABC Plumbing2026-06-3000015726942026-01-012026-06-300001572694Non-Controlled Affiliates Pluralsight, Inc.2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212025-01-012025-12-310001572694Foreign Currency Forward Contracts2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SupremeFitnessGroupNYHoldingsLLCMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Equipment & Supplies Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001572694gsbd:EsoSolutionsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/03/292026-06-300001572694gsbd:AqSunshineIncDbaRelationInsuranceMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001572694Investment Equity Securities - 2.6% Canada - 0.0% Common Stock - 0.0% Prairie Provident Resources, Inc. Industry Oil, Gas & Consumable Fuels Initial Acquisition Date 01/31/142026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 04/09/302026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2026-06-300001572694us-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:EagleFamilyFoodsGroupLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:IMOInvestorHoldingsIncMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-06-300001572694Foreign Currency Forward Contracts2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Everest Portfolio Company, LLC Industry Wireless Telecommunication Services Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/02/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% iWave Information Systems, Inc. Industry Software Interest Rate 9.40% Reference Rate and Spread S + 5.75% Maturity 11/22/282026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/30/262025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694gsbd:SecondLienSeniorSecuredLoanAndUnsecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/292025-12-310001572694us-gaap:RevolvingCreditFacilityMember2025-01-012025-06-300001572694us-gaap:FoodAndBeverageSectorMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Non-Controlled Affiliates Iracore International Holdings, Inc.2024-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/02/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2026-06-300001572694gsbd:ConstructionAndEngineeringMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.39% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement GBP Settlement Date 07/15/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 9.04% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-06-300001572694gsbd:FinancialServicesMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 02/10/282025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 06/15/27 One2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Interest Rate 7.29% Reference Rate and Spread C + 5.00% Maturity 1/14/33 Two2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:WirelessTelecommunicationServicesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S + 5.05% (Incl. 2.68% PIK) Maturity 04/01/33 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Ideal Components Acquisition, LLC (dba Ideal Tridon) Machinery Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:UnsecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% US Signal Company, LLC Industry IT Services Interest Rate 9.37% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Experity, Inc. Industry Health Care Technology Interest Rate 8.73% Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302026-06-300001572694gsbd:SweepPurchaserLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/02/29 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282026-06-300001572694us-gaap:FairValueInputsLevel2Member2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Gainsight, Inc. Industry Software Reference Rate and Spread S + 5.75% Maturity 07/30/272025-12-310001572694Non-Controlled Affiliates Pluralsight, Inc.2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.91% Reference Rate and Spread S + 5.25% Maturity 04/30/302026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.11% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Ark Data Centers, LLC Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/27/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.58% Reference Rate and Spread S + 5.75% Maturity 08/28/282026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/272025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 05/28/32 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% US Signal Company, LLC Industry IT Services Interest Rate 9.29% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Everest Clinical Research Corporation Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/18/2992026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001572694us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:UsnOpcoLlcMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 02/24/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Equipment & Supplies Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 03/12/322026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S + 4.50% Maturity 10/25/322025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WildcatSolutionsHoldingsLlcMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EnveroMidco2LLCDbaSunWorldMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.76% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/272025-12-310001572694gsbd:PearlAcquisitionBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Interest Rate Swaps2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK Maturity 12/15/312025-12-310001572694Interest Rate Swaps2025-01-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 05/03/27 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 05/28/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 8.16% Reference Rate and Spread S + 4.50% Maturity 08/20/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 9.89% Reference Rate and Spread S + 6.25% Maturity 12/07/28 One2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Everest Clinical Research Corporation Industry Professional Services Interest Rate 8.38% Reference Rate and Spread S + 4.50% Maturity 11/06/282026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.29% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Interest Rate 7.29% Reference Rate and Spread C + 5.00% Maturity 1/14/332026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.00% Maturity 09/03/302026-06-300001572694gsbd:AerospaceAndDefenseMember2026-06-300001572694us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Thrasio, LLC Industry Broadline Retail Interest Rate 13.84% Reference Rate and Spread S + 10.00% PIK Maturity 06/18/292025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2024-03-112024-03-110001572694Non-Controlled Affiliates Iracore International Holdings, Inc.2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:ValuationTechniqueCollateralAnalysisMembergsbd:MeasurementInputRecoveryRateMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694gsbd:AutomobileComponentsMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/31 One2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/212026-06-300001572694gsbd:TwothousandTwentySevenNotesMember2024-03-110001572694Non-Controlled Affiliates SEM Holdings, LLC dba Southeast Mechanical, LLC2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Three2026-06-300001572694Non-Controlled Affiliates Kawa Solar Holdings Limited2025-12-310001572694gsbd:MachineryMember2025-12-310001572694us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:FrontgradeTechnologiesHoldingsIncMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/03/29 Three2026-06-300001572694gsbd:SpendMendHoldingsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RecordedBooksIncMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Rubix Foods, LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 04/30/312026-06-300001572694gsbd:BlazingStarShieldsDirectParentLLCDbaShieldsHealthSolutionsMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 12/21/29 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 12/31/322026-06-300001572694gsbd:DiversifiedConsumerServicesMember2026-06-300001572694gsbd:SweepPurchaserLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:InterestRateSwapMembergsbd:BNPParibasMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S + 5.25% Maturity 12/14/292025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% iWave Information Systems, Inc. Industry Software Interest Rate 9.99% Reference Rate and Spread S + 6.25% Maturity 11/23/282025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S + 5.05% (Incl. 2.68% PIK) Maturity 04/01/332026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.40% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-06-300001572694Foreign Currency Forward Contracts Level 22025-01-012025-12-310001572694us-gaap:EntertainmentMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-01-012026-06-300001572694Investment Equity Securities - 2.5% United States - 2.5% Preferred Stock - 1.5% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 01/09/262026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:SecuredDebtMember2025-12-310001572694Total Liabilities Level 22025-01-012025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Interest Rate 10.59% Reference Rate and Spread S + 6.50% Maturity 12/16/262025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2026-06-300001572694gsbd:BctoBluebillBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:VasaFitnessBuyerIncMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/212025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.58% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% USA DeBusk, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001572694gsbd:PtIntermediateHoldingsIIILlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:UnsecuredDebtMembercountry:US2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242026-06-300001572694gsbd:AccommodationsPlusTechnologiesLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:UsaDebuskLlcMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 11/01/282025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.99% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eagle Family Foods Group LLC Industry Food Products Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 08/12/20302025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/19/27 One2025-12-310001572694Non-Controlled Affiliates Kawa Solar Holdings Limited2024-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Four2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Everest Portfolio Company, LLC Industry Wireless Telecommunication Services Reference Rate and Spread S + 5.00% Maturity 06/02/312026-06-300001572694Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.59% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/02/292025-12-310001572694us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Sweep Midco LLC Industry Commercial Services & Supplies Reference Rate and Spread Maturity 03/12/362026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% MedeAnalytics Parent, Inc. Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/282025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.06% Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001572694Investment Debt Investments - 233.2% United States - 220.5% 1st Lien/Senior Secured Debt - 206.5% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/18/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 06/21/27 Two2026-06-300001572694us-gaap:WarrantMembercountry:US2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.06% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001572694gsbd:FSWhiteWaterBorrowerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.5% 1st Lien/Senior Secured Debt - 205.5% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/20312026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.97% Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.17% Reference Rate and Spread S + 6.00% (Incl. 3.00% PIK) Maturity 02/28/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:CA2025-12-310001572694srt:MinimumMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.40% Reference Rate and Spread S + 4.75% Maturity 08/05/322026-06-300001572694gsbd:ICIMSIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/01/28 One2026-06-300001572694gsbd:TwoThousandThirtyNotesMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302026-06-300001572694us-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 232.9% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Interest Rate 10.00% Reference Rate and Spread 10.00% Maturity 05/23/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:MandrakeBidcoIncMember2026-06-300001572694gsbd:TwentyFifthFebruaryTwoThousandTwentySixBaseMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.93% Reference Rate and Spread C + 5.25% Maturity 06/30/312026-06-300001572694Non-Controlled Affiliates SEM Holdings, LLC dba Southeast Mechanical, LLC2026-06-300001572694gsbd:HealthCareEquipmentSuppliesMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Singlewire Software, LLC Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 05/10/30 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 08/28/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Computer Services, Inc. Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 11/17/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 12/16/262026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/31 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/03/29 Four2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 Two2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Rotation Buyer, LLC (dba Rotating Machinery Services) Machinery Interest Rate 8.43% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001572694gsbd:CodingSolutionsAcquisitionIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WestwoodProfessionalServicesIncMember2025-12-310001572694gsbd:ThreeMonthNiborMember2026-06-300001572694gsbd:PlanSourceHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AgsHealthBcpHoldingsIncMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/02/292025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2025-12-310001572694gsbd:SixMonthSOFRMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RiverpointMedicalLLCMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/10/28 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareEquipmentSuppliesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AiTitanParentIncMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.55% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.37% Reference Rate and Spread C + 4.75% Maturity 11/01/302026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/27 Two2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:GB2026-06-300001572694gsbd:VamosBidcoIncDbaVIPMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Summit Buyer, LLC (dba Classic Collision) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/02/312026-06-300001572694Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/242025-12-310001572694gsbd:AryehBidcoInvestmentLtdDbaDentalcorpMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Foreign Currency Forward Contracts Level 12025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RubixFoodsLLCMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Experity, Inc. Industry Health Care Technology Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.49% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694gsbd:CommunicationsEquipmentMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Rubix Foods, LLC Industry Food Products Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 04/30/312026-06-300001572694country:GBus-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Pluralsight, Inc. Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-12-310001572694gsbd:FoodProductsMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694gsbd:TarponTowersIiLlcMembergsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 09/19/312026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2025-01-012025-12-310001572694gsbd:PacvueIntermediateLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 07/01/30 Two2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.91% Reference Rate and Spread S + 6.50% Maturity 07/01/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:CA2026-06-300001572694us-gaap:DebtMember2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 12/16/26 One2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Elah Holdings, Inc. Industry Capital Markets Initial Acquisition Date 05/09/182026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BNI Intermediate Holdings LLC (dba Business Network International) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 06/20/33 One2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2025-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-310001572694gsbd:FebruaryTwentySixTwoThousandTwentyFiveSpecialMember2025-01-012025-06-300001572694Non-Controlled Affiliates Elah Holdings Inc.2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/01/312025-12-310001572694gsbd:ConsumerStaplesDistributionRetailMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:PharmaceuticalsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AirwavzSolutionsIncMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272025-12-310001572694Foreign Currency Forward Contracts2025-04-012025-06-300001572694us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001572694gsbd:TwoThousandThirtyNotesMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:MlHoldcoLlcMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% A Place For Mom, Inc. Industry Diversified Consumer Services Interest Rate 9.22% Reference Rate and Spread S + 5.50% Maturity 02/10/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.43% Reference Rate and Spread S + 4.75% Maturity 08/12/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:HeartlandHomeServicesIncMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 03/17/322026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% GovDelivery Holdings, LLC (dba Granicus, Inc.), Industry Software Interest Rate 9.41% Reference Rate and Spread S + 5.75% (Incl. 2.25% PIK), Maturity 01/17/312026-06-300001572694gsbd:KPAParentHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:SoftwareMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/02/322026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 11.16% Reference Rate and Spread S + 7.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 06/29/272025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% A Place For Mom, Inc. Industry Diversified Consumer Services Interest Rate 9.14% Reference Rate and Spread S + 5.50% Maturity 02/10/282026-06-300001572694us-gaap:FairValueMeasurementsRecurringMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.37% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-06-300001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.12% Reference Rate and Spread S + 5.25% Maturity 01/09/302025-12-310001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001572694us-gaap:PreferredStockMember2025-01-012025-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 11/01/282025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BuckeyeAcquirorLLCMember2026-06-300001572694Investment Debt Investments - 226.3% India – 1.2% 1st Lien/Senior Secured Debt – 1.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:RealEstateMgmtDevelopmentMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.51% Reference Rate and Spread S + 5.75% Maturity 11/30/28 One2026-06-300001572694Non-Controlled Affiliates Thrasio Holdings, Inc.2024-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.19% Reference Rate and Spread B + 5.00% Maturity 10/24/302026-06-300001572694gsbd:InsuranceMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:ContainersPackagingMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/282025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.50% Maturity 12/06/322026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Wine.com, LLC Industry Beverages Initial Acquisition Date 11/14/182026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.99% Reference Rate and Spread S + 4.35% Maturity 05/19/32 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:IwaveInformationSystemsIncMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2025-12-310001572694us-gaap:PreferredStockMembercountry:US2025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2025-12-310001572694gsbd:NewtekMerchantSolutionsLLCDbaNewtekOneMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Computer Services, Inc. Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 11/17/312025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Four2026-06-300001572694gsbd:RunwayBidcoLlcDbaRedwoodSoftwareMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:EipConsolidatedLlcDbaEverestInfrastructureMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 06/13/282026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/322026-06-300001572694us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:UFTBuyerLLCMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.91% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Three2026-06-300001572694gsbd:ElectricalEquipmentMember2026-06-300001572694gsbd:SoftwareMember2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:HamiltonThorneIncMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/01/282026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/302025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.93% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 Two2025-12-310001572694gsbd:QBSParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:EsoSolutionsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:TwoThousandThirtyNotesMember2026-06-300001572694gsbd:TwothousandTwentySevenNotesMember2025-01-012025-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:TwoThousandThirtyNotesMember2025-12-310001572694gsbd:SecondLienOrSeniorSecuredDebtMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ArtifactBidcoIncMember2025-12-310001572694us-gaap:MoneyMarketFundsMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.16% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/27 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 08/01/292026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/322025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Edition Holdings, Inc. (dba Enverus), Industry Software Interest Rate 8.15% Reference Rate and Spread S + 4.50% Maturity 12/20/322026-06-300001572694us-gaap:LetterOfCreditMember2026-06-300001572694us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:BroadlineRetailMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.50% Maturity 09/26/20302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% iCIMS, Inc. Industry Professional Services Interest Rate 9.41% Reference Rate and Spread S + 5.75% Maturity 08/18/282026-06-300001572694us-gaap:CommonStockMembercountry:CA2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Aria Systems, LLC Industry Financial Services Interest Rate 11.83% Reference Rate and Spread S + 8.00% Maturity 06/30/262025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Auctane, Inc. (dba ShipStation Global) Industry Air Freight & Logistics Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 06/01/332026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMember2026-06-3000015726942024-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.97% Reference Rate and Spread S + 5.00% Maturity 03/01/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% MPI Engineered Technologies, LLC Industry Automobile Components Reference Rate and Spread S + 17.00% PIK Initial Acquisition Date 01/15/20 Maturity 11/17/252026-01-012026-06-300001572694gsbd:InteractiveMediaServicesMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:VoltBidcoIncMember2025-12-310001572694gsbd:ElectricalEquipmentMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 02/01/29 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.73% Reference Rate and Spread E + 5.50% Maturity 11/28/31 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 07/01/302026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Two2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:ContainersPackagingMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:UnsecuredDebtMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMembergsbd:MachineryMember2025-01-012025-12-310001572694gsbd:ThreeMonthBBSWMember2025-12-310001572694gsbd:ForeignCurrencyTranslationsAndOtherTransactionsMember2025-04-012025-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.49% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/02/29 One2025-12-310001572694gsbd:RevolvingCreditsFacilityMember2026-01-012026-06-300001572694Interest Rate Swaps2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Smarsh, Inc. Industry Software Interest Rate 8.43% Reference Rate and Spread S + 4.75% Maturity 02/16/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:CommonStockMembercountry:US2025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 10/01/29 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:CommunicationsEquipmentMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Non-Controlled Affiliates Elah Holdings Inc.2024-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 10/15/262026-01-012026-06-300001572694Foreign Currency Forward Contracts Level 12026-01-012026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ConvenientPaymentsAcquisitionIncMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:CommercialServicesSuppliesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:ForeignCurrencyTranslationsAndOtherTransactionsMember2025-01-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Celero Commerce LLC Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.51% Reference Rate and Spread C + 5.25% Maturity 06/30/31 One2025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2025-12-310001572694Non-Controlled Affiliates Iracore International Holdings, Inc.2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:EnergyEquipmentAndServicesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2025-01-012025-06-300001572694gsbd:AiTitanParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 01/30/322026-06-300001572694gsbd:SpotlessBrandsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001572694gsbd:BctoBluebillBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 04/14/312026-06-300001572694gsbd:AdmiralBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.46% Reference Rate and Spread S + 4.75% Maturity 05/03/292026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Interest Rate 8.38% Reference Rate and Spread S + 4.50% Maturity 11/06/28 One2026-06-300001572694gsbd:TwoThousandThirtyNotesMember2026-04-012026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212026-01-012026-06-300001572694us-gaap:RevolvingCreditFacilityMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.27% Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/282026-06-300001572694gsbd:ComputerServicesIncOneMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:GuidepointSecurityHoldingsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001572694gsbd:SecondLienOrSeniorSecuredDebtMember2025-01-012025-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ATX Networks Corp. Industry Communications Equipment Interest Rate 9.73% Reference Rate and Spread S + 6.00% PIK Maturity 09/01/282026-06-300001572694gsbd:IndependentPowerAndRenewableElectricityProducersMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BaysideOpcoLlcMember2025-12-310001572694gsbd:ForeignCurrencyMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 03/17/322025-12-310001572694us-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/282025-12-310001572694gsbd:DiversifiedConsumerServicesMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Two2025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SpecialtyCareIncMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.39% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:PluralsightIncMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 9.16% Reference Rate and Spread S + 5.50% Maturity 06/29/272026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.96% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.99% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 Three2026-06-300001572694gsbd:OneMonthBBSYMember2026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 01/15/262025-01-012025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Wine.com, LLC Industry Beverages Initial Acquisition Date 03/03/212026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Summit Buyer, LLC (dba Classic Collision) Industry Diversified Consumer Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 06/02/312026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SunshineCadenceHoldcoLlcMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.99% Reference Rate and Spread S + 4.35% Maturity 05/19/322026-06-300001572694country:USus-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302025-12-310001572694gsbd:HotelsRestaurantsLeisureMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 10.88% Reference Rate and Spread S + 7.00% Maturity 06/01/272026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 05/03/272026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 10.59% Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.85% Reference Rate and Spread S + 6.00% Maturity 12/06/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BlastBidcoIncDbaBazookaCandyBrandsMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/28/282025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 07/30/322025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/17/31 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-06-300001572694Interest Rate Swaps2026-01-012026-06-300001572694gsbd:ContainersPackagingMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Gainsight, Inc. Industry Software Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 07/30/272025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Argos Health Holdings, Inc Industry Health Care Equipment & Supplies Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/03/292025-12-310001572694gsbd:GsGroupIncMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NorthStarAcquisitioncoLLCMember2025-12-310001572694gsbd:MriSoftwareLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 02/24/20312026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 05/25/282025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 06/22/202025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology and Spread S + 4.25% Maturity 08/02/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/17/312026-06-300001572694Interest Rate Swaps Level 12026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.49% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MedeAnalytics Parent, Inc. Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/282026-06-300001572694gsbd:MediaMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 8.91% Reference Rate and Spread S + 5.25% Maturity 12/31/292026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 12.98% Reference Rate and Spread S + 9.25% Maturity 06/18/292026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.18% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:ValuationTechniqueCollateralAnalysisMembersrt:WeightedAverageMembergsbd:MeasurementInputRecoveryRateMembergsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FoodAndBeverageSectorMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Gainsight, Inc., Industry Software Interest Rate 9.48% Reference Rate and Spread S + 5.50% Maturity 07/30/272026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 08/29/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.82% Reference Rate and Spread S + 6.00% Maturity 12/15/262026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/252025-01-012025-12-310001572694us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CURiO Brands LLC Industry Household Products Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001572694gsbd:BankOfAmericaNAMemberus-gaap:ForeignExchangeForwardMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/242025-01-012025-12-310001572694us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-06-300001572694gsbd:VisionsafeHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2027 Notes Company Receives 6.38% Company Pays S + 2.80% Frequency Semiannual Maturity Date 03/11/272025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/32 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 11.16% Reference Rate and Spread S + 7.50% (Incl. 2.25% PIK) Maturity 12/31/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/272025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Clearwater Analytics, LLC Industry Software Interest Rate 8.15% Reference Rate and Spread S + 4.50% Maturity 06/27/332026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.22% Reference Rate and Spread S + 5.50% Maturity 09/26/302025-12-310001572694gsbd:TradingCompaniesAndDistributorsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AbcInvestmentHoldcoIncMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2025-01-012025-06-300001572694us-gaap:DebtSecuritiesMembercountry:CA2026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembercountry:US2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 10/19/282026-06-300001572694us-gaap:ForeignExchangeForwardMember2025-01-012025-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2027 Notes Company Receives 6.38% Company Pays S + 2.80% Frequency Semiannual Maturity Date 03/11/272025-12-310001572694gsbd:ThreeMonthEuriborMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/332025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% PPT Management Holdings, LLC (dba Pro-PT) Industry Health Care Providers & Services Initial Acquisition Date 05/31/232025-12-310001572694gsbd:RotationBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 10.47% Reference Rate and Spread S + 6.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:DiligentCorporationMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.39% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Three2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Edko LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 8.37% Reference Rate and Spread S + 4.50% Maturity 10/25/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bells Parent, Inc. (dba Atwell, LLC) Industry Professional Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 04/25/332026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.59% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001572694Investment Debt Investments - 226.3% United Kingdom – 3.5% 1st Lien/Senior Secured Debt - 3.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/282025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.50% Maturity 01/30/322025-12-310001572694gsbd:GoldmanSachsFinancialSquareGovernmentFundMemberus-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/25/282026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Edition Holdings, Inc. (dba Enverus), Industry Software Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 12/20/322026-06-300001572694gsbd:OilGasAndConsumableFuelsMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BNI Intermediate Holdings LLC (dba Business Network International) Industry Diversified Consumer Services Reference Rate and Spread E + 5.25% Maturity 06/20/332026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2025-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-06-300001572694gsbd:AccommodationsPlusTechnologiesLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Diligent Corporation Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% WebPT, Inc. Industry Health Care Technology Interest Rate 10.20% Reference Rate and Spread S + 6.25% (Incl. 3.13% PIK) Maturity 01/18/302026-06-300001572694us-gaap:CommonStockMember2025-01-012025-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ParisUSHoldcoIncMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:MandrakeBidcoIncMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ATX Networks Corp. Industry Communications Equipment Reference Rate and Spread S + 7.00% PIK Maturity 09/01/282026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.60% Reference Rate and Spread S + 5.75% Maturity 07/25/282026-06-300001572694gsbd:ProphixSoftwareIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ESO Solutions, Inc Industry Health Care Technology Interest Rate 10.54% Reference Rate and Spread S + 6.75% Maturity 05/03/272025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ArtifactBidcoIncMember2026-06-300001572694gsbd:Rule10B5-1StockRepurchasePlanMembersrt:MaximumMember2024-08-080001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 8.91% Reference Rate and Spread S + 5.25% Maturity 05/01/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/2/29 One2025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.93% Reference Rate and Spread S + 8.00% Maturity 12/31/26 Three2026-06-300001572694gsbd:TwoThousandThirtyNotesMember2025-09-092025-09-090001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694gsbd:FoodProductsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/27 One2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001572694gsbd:O2026Q3DividendsMemberus-gaap:SubsequentEventMember2026-08-062026-08-060001572694us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/202026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 Two2026-06-300001572694Investment Debt Investments - 232.9% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.74% Reference Rate and Spread S + 5.00% Maturity 07/24/332026-06-300001572694us-gaap:TechnologySectorMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.79% Reference Rate and Spread S + 5.00% Maturity 08/12/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 12/02/312026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Interest Rate Swaps2026-04-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/01/31 One2025-12-310001572694gsbd:SpecialtyRetailMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.61% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/202026-01-012026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Wine.com, LLC Industry Beverages Initial Acquisition Date 11/14/182026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:IMOInvestorHoldingsIncMember2026-06-300001572694Investment Debt Investments - 226.3% India – 1.2% 1st Lien/Senior Secured Debt – 1.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Sweep Midco LLC Industry Commercial Services & Supplies Reference Rate and Spread Maturity 03/12/342026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Elah Holdings, Inc. Industry Capital Markets Initial Acquisition Date 05/09/182025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S + 4.75% Maturity 05/03/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.90% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001572694gsbd:FoodProductsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 232.9% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 07/24/332026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Interest Rate 8.77% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001572694gsbd:RodeoBuyerCompanyMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Total Liabilities Level 32026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 One2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:OilGasAndConsumableFuelsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Clearwater Analytics, LLC One Industry Software Interest Rate 8.15% Reference Rate and Spread S + 4.50% Maturity 06/27/332026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Octagon Towers LLC Industry Wireless Telecommunication Services Interest Rate 8.68% Reference Rate and Spread S + 4.98% Maturity 09/04/282025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate Reference Rate and Spread S + 4.35% Maturity 05/19/322026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EnvirosmartLlcMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ATX Networks Corp. Industry Communications Equipment Interest Rate 10.15% Reference Rate and Spread S + 6.00% PIK Maturity 09/01/282025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:CoretrustPurchasingGroupLLCMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Paris US Holdco, Inc. (dba Precinmac) Machinery Reference Rate and Spread S + 4.75% Maturity 12/02/312025-12-310001572694gsbd:SummitBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50% PIK Maturity 08/11/27 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:CapitalMarketsMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/31 Twoo2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 10/04/302026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.91% Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-06-300001572694us-gaap:PreferredStockMember2026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:RealEstateMgmtDevelopmentMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:GainsightIncMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/32 One2025-12-310001572694gsbd:OilGasAndConsumableFuelsMember2025-12-310001572694gsbd:SundanceGroupHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:TwoZeroTwoFiveNotesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Pluralsight, Inc. Industry Professional Services Interest Rate 8.14% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread C + 5.25% Maturity 06/30/312025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222025-01-012025-12-310001572694gsbd:FSWhiteWaterBorrowerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:DebtSecuritiesMembercountry:IN2025-12-310001572694us-gaap:UnsecuredDebtMember2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:EverestPortfolioCompanyLLCMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/252026-01-012026-06-300001572694gsbd:TwothousandTwentySevenNotesMember2024-09-110001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ArkDataCentersLLCMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/262025-12-310001572694us-gaap:EquitySecuritiesMembercountry:CA2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292026-06-300001572694us-gaap:FairValueInputsLevel3Member2025-12-310001572694us-gaap:PreferredStockMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AgsHealthBcpHoldingsIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 01/30/32 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/322026-06-300001572694gsbd:PharmaceuticalsMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.52% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001572694Non-Controlled Affiliates SDB HOLDCO, LLC dba Specialty Dental Brands2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Ark Data Centers, LLC Industry IT Services Interest Rate 8.72% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/302025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel1Member2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Computer Services, Inc. Industry Financial Services Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 11/17/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.48% Reference Rate and Spread S + 5.75% (Incl. 4.04% PIK) Maturity 06/15/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 06/15/272025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Rotation Buyer, LLC (dba Rotating Machinery Services) Machinery Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/312025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Convenient Payments Acquisition, Inc. Two, .Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Smarsh, Inc. Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 02/16/29 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.20% Reference Rate and Spread S + 5.50% Maturity 07/25/282026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:InvestmentAdviserDidNotDevelopUnobservableInputsMember2026-06-300001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.86% Reference Rate and Spread S + 5.00% Maturity 07/25/282025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Thrasio, LLC Industry Broadline Retail Reference Rate and Spread S + 10.00% PIK Maturity 06/18/292025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 07/30/322025-12-310001572694Interest Rate Swaps2026-06-300001572694gsbd:SonarAcquisitioncoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 11.00% Reference Rate and Spread P + 4.25% Maturity 01/17/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/322025-12-310001572694gsbd:BNPParibasMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Paris US Holdco, Inc. (dba Precinmac) Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/02/31 One2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/272025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2026-06-300001572694Interest Rate Swaps Level 32026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 4.75% Maturity 12/18/292026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S + 4.50% Maturity 05/03/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:TEIIntermediateLLCMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Machinery Interest Rate 7.80% Reference Rate and Spread S + 4.50% Maturity 07/01/302025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Chase Industries, Inc. (dba Senneca Holdings) Industry Building Products Reference Rate and Spread 10.00% PIK Maturity 05/11/272025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001572694Investment Debt Investments – 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two Three2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Interest Rate Swaps Level 22025-01-012025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:EnergyEquipmentAndServicesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.63% Reference Rate and Spread S + 6.00% Maturity 09/30/312026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:FrontgradeTechnologiesHoldingsIncMember2026-06-300001572694gsbd:EnergyEquipmentAndServicesMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 02/24/20312025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:UnsecuredDebtMember2025-12-310001572694Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2026-01-012026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2025-12-310001572694us-gaap:DebtSecuritiesMember2025-12-310001572694gsbd:TwoZeroTwoFiveNotesMember2025-01-012025-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-06-300001572694Investment Debt Investments - 233.3% United Kingdom – 3.5% 1st Lien/Senior Secured Debt - 3.5% SI Swan UK Bidco Limited (dba Sapiens International) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/322026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Singlewire Software, LLC Industry Software Interest Rate 10.50% Reference Rate and Spread P + 3.75% Maturity 05/10/302026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Initial Acquisition Date 05/23/252025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2025-12-310001572694gsbd:FullstreamOperationsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Smarsh, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 02/16/292025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Xactly Corporation Industry IT Services Reference Rate and Spread S + 6.25% Maturity 07/30/272025-12-310001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2027 Notes Company Receives 6.375% Company Pays S + 2.799% Frequency Semiannual Maturity Date 03/11/272026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BNI Intermediate Holdings LLC (dba Business Network International) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 06/20/33 Two2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 05/25/282026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.13% Reference Rate and Spread S + 5.25% Maturity 01/09/302025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.35 % Reference Rate and Spread S + 4.75% Maturity 11/01/302026-06-300001572694gsbd:GainsightIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpecialtyCare, Inc. LLC Industry Health Care Providers & Services Interest Rate 8.84% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001572694gsbd:HonorHNBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 08/02/322026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 05/29/20 One2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.34% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 10.72% Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 07/02/29 Three2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.50% Maturity 01/30/322026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Interest Rate 10.59% Reference Rate and Spread S + 6.50% Maturity 12/16/26 One2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Acquia, Inc. Industry Software Interest Rate 9.61% Reference Rate and Spread S + 5.50% Maturity 10/30/262025-12-310001572694gsbd:AerospaceAndDefenseMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 02/10/28 Two2026-06-300001572694country:USus-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.33% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694us-gaap:FairValueInputsLevel2Member2026-06-300001572694us-gaap:WarrantMember2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Experity, Inc. Industry Health Care Technology Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/31 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Rubix Foods, LLC Industry Food Products Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 12/18/292026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:CoretrustPurchasingGroupLLCMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 9.89% Reference Rate and Spread S + 6.25% Maturity 12/07/282026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 10.15% Reference Rate and Spread S + 5.75% Maturity 06/30/272026-06-300001572694gsbd:SixMayTwoThousandTwentySixBaseMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.88% Reference Rate and Spread S + 4.15% Maturity 07/28/312026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2030 Notes Company Receives 5.65% Company Pays S + 2.36% Frequency Semiannual Maturity Date 08/09/302025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Reference Rate and Spread S + 5.00% Maturity 07/14/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CURiO Brands LLC Industry Household Products Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 04/02/312026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/212025-12-310001572694gsbd:TwentyFifthFebruaryTwoThousandTwentySixSupplementalMember2026-01-012026-06-300001572694gsbd:ThreeMonthEuriborMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.16% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Two2026-06-300001572694us-gaap:FairValueInputsLevel1Membergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:RevolvingCreditFacilityMember2026-06-300001572694gsbd:O2026Q3DividendsMemberus-gaap:SubsequentEventMember2026-08-060001572694gsbd:ContainersPackagingMember2026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 1/14/33 Two2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Smarsh, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 02/16/29 One2025-12-310001572694gsbd:BankOfAmericaNAMemberus-gaap:ForeignExchangeForwardMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ark Data Centers, LLC Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 11/27/30 Two2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/332026-06-300001572694gsbd:SpotlessBrandsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.09% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:TwoThousandTwentyNineNotesMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2025-12-310001572694gsbd:AutomobileComponentsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Elah Holdings, Inc. Industry Capital Markets Initial Acquisition Date 05/09/182025-01-012025-12-310001572694us-gaap:UnsecuredDebtMember2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Three2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.63% Reference Rate and Spread P + 4.75% Maturity 10/15/27 Two2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BNI Intermediate Holdings LLC (dba Business Network International) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 06/20/332026-06-300001572694gsbd:Rule10B5-1StockRepurchasePlanMembersrt:MaximumMember2026-05-060001572694gsbd:ThreeMonthCdorMember2025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 1/14/332025-12-310001572694gsbd:ICIMSIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.39% Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:K2TowersIiiLlcMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S + 5.25% Maturity 12/14/29 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Argos Health Holdings, Inc Industry Health Care Equipment & Supplies Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/03/29 One2025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.33% Reference Rate and Spread C + 4.75% Maturity 11/01/302025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.01% Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-3100015726942026-08-050001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Reference Rate and Spread S + 6.00% Maturity 03/10/272025-12-310001572694gsbd:TradingCompaniesAndDistributorsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2025-12-310001572694Foreign Currency Forward Contracts2026-01-012026-06-300001572694gsbd:OneMonthSOFRMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001572694gsbd:ComputerServicesIncOneMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/30/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/252026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 10.93% Reference Rate and Spread S + 7.00% Maturity 12/31/26 One2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/202025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/03/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:LobosParentIncMember2025-12-310001572694gsbd:TwoThousandTwentyNineNotesMember2026-01-012026-06-300001572694gsbd:BSI3MenuBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 09/30/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/312026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:CapitalMarketsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/19/272025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-12-310001572694us-gaap:FairValueInputsLevel3Member2026-01-012026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BlastBidcoIncDbaBazookaCandyBrandsMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/262025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.99% Reference Rate and Spread S + 4.35% Maturity 05/19/32 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Celero Commerce LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SupremeFitnessGroupNYHoldingsLLCMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% GovDelivery Holdings, LLC (dba Granicus, Inc.), Industry Software Interest Rate 8.91% Reference Rate and Spread S + 5.00% (Incl. 2.00% PIK), Maturity 01/17/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/28 Two2025-12-310001572694gsbd:TLSapphireHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/32 One2025-12-310001572694Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-01-012025-12-310001572694gsbd:PlanSourceHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Wine.com, LLC Industry Beverages Initial Acquisition Date 03/03/212025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:VasaFitnessBuyerIncMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001572694us-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMembercountry:CA2025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Interest Rate 10.29% Reference Rate and Spread S + 6.00% Maturity 03/10/272025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/02/312026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ArkDataCentersLLCMember2025-12-310001572694us-gaap:DebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2026-06-300001572694us-gaap:DebtSecuritiesMember2026-06-300001572694Non-Controlled Affiliates Thrasio Holdings, Inc.2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001572694gsbd:AirFreightLogisticsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:TwoZeroTwoSixNotesMember2025-04-012025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Pluralsight, Inc. Industry Professional Services Interest Rate 8.14% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2026-06-300001572694country:USus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/322025-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.22% Reference Rate and Spread S + 6.00% Maturity 04/24/30 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Total Liabilities2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/33 Two2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50% PIK Maturity 08/11/272025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:TwoThousandTwentyFiveNotesMember2020-02-102020-02-100001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 06/29/272025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.65% Reference Rate and Spread S + 5.00% Maturity 01/09/302026-06-300001572694gsbd:WirelessTelecommunicationServicesMember2026-06-300001572694gsbd:PrecisionConceptsParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 02/01/292026-06-300001572694Investment Equity Securities - 2.9% Canada - 0.0% Common Stock - 0.0% Prairie Provident Resources, Inc. Industry Oil, Gas & Consumable Fuels Initial Acquisition Date 01/31/142025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 08/07/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 08/22/312026-06-300001572694us-gaap:InterestRateSwapMembergsbd:BankOfAmericaNAMember2025-12-310001572694Investment Debt Investments - 232.7% India – 1.3% 1st Lien/Senior Secured Debt – 1.3% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 08/02/32 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Edko LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-3100015726942026-03-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/232026-01-012026-06-300001572694Non-Controlled Affiliates RPC ABC Investment Holdco LLC dba ABC Plumbing2024-12-310001572694gsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Smarsh, Inc. Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 02/16/292026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread C + 5.25% Maturity 06/30/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% Octagon Towers LLC Industry Wireless Telecommunication Services Interest Rate 8.72% Reference Rate and Spread S + 4.98% Maturity 09/04/282026-06-300001572694us-gaap:InterestRateSwapMembergsbd:BankOfAmericaNAMember2026-06-300001572694gsbd:TwoThousandTwentyNineNotesMember2026-01-280001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Reference Rate and Spread S + 4.25% Maturity 07/28/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.24% Reference Rate and Spread S + 4.50% Maturity 07/14/31 One2025-12-310001572694gsbd:ProjectAccelerateParentLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694us-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-06-300001572694gsbd:SinglewireSoftwareLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001572694gsbd:HonorHNBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 07/14/31 One2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpecialtyCare, Inc. LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Singlewire Software, LLC Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-310001572694gsbd:ChemicalsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SonarAcquisitioncoIncMember2025-12-310001572694gsbd:HighfiveDentalHoldcoLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement GBP Settlement Date 07/15/262026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.39% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2026-06-300001572694us-gaap:RevolvingCreditFacilityMember2025-04-012025-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/242026-06-300001572694Interest Rate Swaps Level 12025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 05/03/29 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Diligent Corporation Industry Professional Services Interest Rate 12.09% Reference Rate and Spread S + 8.42% (Incl. 3.42% PIK) Maturity 08/02/302026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.76% Reference Rate and Spread S + 5.00% Maturity 12/05/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 8.34% Reference Rate and Spread S + 4.67% Maturity 12/06/282026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Argos Health Holdings, Inc Industry Health Care Providers & Services Interest Rate 8.68% Reference Rate and Spread S + 5.00 % Maturity 12/03/292026-06-300001572694gsbd:SpecialtyRetailMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:CrewlineBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Non-Controlled Affiliates SEM Holdings, LLC dba Southeast Mechanical, LLC2024-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/31 One2025-12-310001572694gsbd:PDDSHoldcoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 02/01/272025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Acquia, Inc. Industry Software Interest Rate 9.59% Reference Rate and Spread S + 5.50% Maturity 10/30/26 One2025-12-310001572694gsbd:GoldmanSachsFinancialSquareGovernmentFundMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 10/30/262025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BuckeyeAcquirorLLCMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242025-01-012025-12-310001572694Investment Equity Securities - 2.5% United States - 2.5% Preferred Stock - 1.5% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 01/09/262026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 12/30/26 Two2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BNIIntermediateHoldingsLLCDbaBusinessNetworkInternationalMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:DiligentCorporationMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.24% Reference Rate and Spread S + 4.50% Maturity 12/31/322026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Wine.com, LLC Industry Beverages Initial Acquisition Date 11/14/182025-12-310001572694gsbd:CommercialServicesSuppliesMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:US2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/27 Two2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001572694gsbd:TLSapphireHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2025-01-012025-12-310001572694gsbd:CapitalMarketsMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/212025-01-012025-12-310001572694gsbd:XactlyCorporationMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-06-300001572694Foreign Currency Forward Contracts2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 01/09/302026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-01-012026-06-300001572694gsbd:TextilesApparelAndLuxuryGoodsMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/322025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Iracore International Holdings, Inc. Industry Energy Equipment & Services Initial Acquisition Date 04/13/172025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 09/30/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 6.50% Maturity 08/01/292026-06-300001572694gsbd:ElectricalEquipmentMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel1Member2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2025-12-310001572694us-gaap:CommonStockMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% Wine.com, Inc. Industry Beverages Reference Rate and Spread S + 15.00% PIK Initial Acquisition Date 11/03/23 Maturity 04/01/28 Two2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Edko LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312026-06-300001572694Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2024-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 7.91% Reference Rate and Spread S + 4.25% Maturity 10/25/322026-06-300001572694gsbd:TwoThousandTwentySixNotesMember2020-11-242020-11-240001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Total Liabilities2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:JupiterRefuelUSBuyerIncMember2025-12-310001572694Investment Debt Investments - 226.3% United Kingdom – 3.5% 1st Lien/Senior Secured Debt - 3.5% SI Swan UK Bidco Limited (dba Sapiens International) Industry Software Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 12/16/322025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 05/01/292026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 01/25/28 One2025-12-310001572694Non-Controlled Affiliates SDB HOLDCO, LLC dba Specialty Dental Brands2024-12-310001572694gsbd:ClearwaterAnalyticsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Acquia, Inc. Industry Software Interest Rate 9.82% Reference Rate and Spread S + 6.00% Maturity 10/30/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 12/02/31 One2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:FinancialServicesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% Streamland Media Midco LLC Industry Entertainment Reference Rate and Spread S + 6.50% (Incl. 5.50% PIK) Maturity 04/02/292025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel1Member2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/31/272026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2025-01-012025-06-300001572694gsbd:PrecisionConceptsParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001572694gsbd:TwoThousandTwentySixNotesMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 8.74% Reference Rate and Spread S + 5.00% Maturity 11/01/282026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMembercountry:US2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/33 One2026-06-300001572694Interest Rate Swaps Level 32025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.14% Reference Rate and Spread S + 5.50% Maturity 04/18/302026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/212025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Reference Rate and Spread Initial Acquisition Date 09/05/24 Maturity 02/25/332026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.47% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Gainsight, Inc, Industry Software Reference Rate and Spread S + 5.50% Maturity 07/30/272026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694gsbd:TwoThousandTwentyNineNotesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-06-300001572694gsbd:ConsumerStaplesDistributionRetailMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:JupiterRefuelUSBuyerIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Crewline Buyer, Inc. (dba New Relic), Industry Software Interest Rate 10.41% Reference Rate and Spread S + 6.75% Maturity 11/08/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:IN2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 8.90% Reference Rate and Spread S + 5.25% Maturity 11/01/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:USSignalCompanyLLCMember2025-12-310001572694gsbd:SundanceGroupHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242025-01-012025-12-310001572694Investment Debt Investments - 216.5% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% iCIMS, Inc. Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 5.00% Maturity 12/05/31 One2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PlanSource Holdings, Inc. Industry Health Care Technology Reference Rate and Spread S + 5.50% Maturity 12/30/262025-12-310001572694us-gaap:FairValueInputsLevel3Membergsbd:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-06-300001572694gsbd:PPWAeroBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:SupplementalDistributionMemberus-gaap:SubsequentEventMember2026-08-062026-08-060001572694gsbd:NfmJLPMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:RubixFoodsLLCMember2025-12-310001572694gsbd:ForeignCurrencyTranslationsAndOtherTransactionsMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:LegendsHospitalityHoldingCompanyLLCMember2026-06-300001572694gsbd:ValuationTechniqueCollateralAnalysisMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembergsbd:MeasurementInputRecoveryRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:TradingCompaniesAndDistributorsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 06/15/29 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Wine.com, LLC Industry Beverages Reference Rate and Spread S + 12.00% PIK Maturity 04/01/282026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Edko LLC Industry Commercial Services & Supplies Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 10/02/312026-06-300001572694us-gaap:EquitySecuritiesMembercountry:CA2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% WebPT, Inc. Industry Health Care Technology Interest Rate 10.20% Reference Rate and Spread S + 6.25% (Incl. 3.13% PIK) Maturity 01/18/30 Two2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Lobos Parent, Inc. (dba NEOGOV) Industry Software Interest Rate 7.99% Reference Rate and Spread S + 4.25% Maturity 09/26/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Providers & Services Interest Rate 11.13% Reference Rate and Spread S + 7.25% Maturity 06/01/272026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:US2026-06-300001572694gsbd:EagleFamilyFoodsGroupLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SplashCarWashIncMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:CommercialServicesSuppliesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:ThreeMonthSnMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:OilGasAndConsumableFuelsMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Elah Holdings, Inc. Industry Capital Markets Initial Acquisition Date 05/09/182026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.63% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Three2026-06-300001572694us-gaap:EntertainmentMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.66% Reference Rate and Spread S + 7.00% Maturity 07/07/28 Two2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:UsaDebuskLlcMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/282025-12-310001572694gsbd:VRCCompaniesLLCDbaVitalRecordsControlMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 01/09/30 One2026-06-300001572694gsbd:TwoZeroTwoSixNotesMember2020-11-240001572694gsbd:OliverPackagingAndEquipmentCompanyLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Wine.com, LLC Industry Beverages Initial Acquisition Date 11/14/182025-01-012025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212026-06-300001572694gsbd:TwoThousandThirtyNotesMember2026-03-090001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 8.84% Reference Rate and Spread S + 5.00% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001572694gsbd:CeleroCommerceLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Experity, Inc. Industry Health Care Technology Interest Rate Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302026-06-300001572694gsbd:HealthCareProvidersServicesMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.76% Reference Rate and Spread S + 6.00% Maturity 07/06/27 Two2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 4.75% Maturity 12/05/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Xactly Corporation Industry IT Services Interest Rate 10.02% Reference Rate and Spread S + 6.25% Maturity 07/30/272026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.13% Reference Rate and Spread S + 5.40% Maturity 02/28/31 One2026-06-300001572694us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-01-012025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel1Member2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/312025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% iWave Information Systems, Inc. Industry Software Interest Rate 9.40% Reference Rate and Spread S + 5.75% Maturity 11/22/28 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272026-06-300001572694gsbd:OnwardAcquireCoIncDbaOneStreamMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 07/01/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.07% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.37% Reference Rate and Spread S + 5.00% Maturity 07/01/292025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 07/14/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/312026-06-300001572694gsbd:TwoThousandThirtyNotesMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001572694gsbd:PDDSHoldcoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread SN + 4.50% Maturity 05/03/292025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NCTopcoLLCMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:USSignalCompanyLLCMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.49% Reference Rate and Spread S + 4.75% Maturity 12/05/312026-06-300001572694Investment Debt Investments - 232.9% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ark Data Centers, LLC Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 11/27/302026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:RotationBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50% PIK Maturity 08/11/27 Three2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:AerospaceAndDefenseMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ZeppelinUSBuyerIncDbaGlobalCriticalLogisticsMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 07/02/29 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 04/14/312026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.56% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Iracore International Holdings, Inc. Industry Energy Equipment & Services Initial Acquisition Date 04/13/172026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2024-12-310001572694Investment Debt Investments - 232.7% United Kingdom – 3.6% 1st Lien/Senior Secured Debt - 3.6% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.51% Reference Rate and Spread SN + 7.78% (Incl. 0.28% PIK) Maturity 07/25/282026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Burgess Pigment, LLC Industry Chemicals Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 06/30/312026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ESO Solutions, Inc Industry Health Care Technology Interest Rate 10.58% Reference Rate and Spread S + 6.75% Maturity 05/03/272025-12-310001572694Foreign Currency Forward Contracts2026-04-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/362025-12-310001572694us-gaap:SecuredDebtMember2026-06-300001572694gsbd:SoftwareMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% Unsecured Debt - 0.6% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Reference Rate and Spread Initial Acquisition Date 09/05/24 Maturity 02/25/332026-01-012026-06-300001572694Investment Debt Investments - 232.7% India – 1.3% 1st Lien/Senior Secured Debt – 1.3% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/02/322026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.48%. Reference Rate and Spread S + 4.75% Maturity 12/31/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.93% Reference Rate and Spread S + 8.00% Maturity 12/31/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 07/01/31 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/312025-12-310001572694Total Liabilities Level 12026-01-012026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMembercountry:US2025-12-310001572694us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2026-04-012026-06-3000015726942025-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/242026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.50% Reference Rate and Spread S + 4.75% Maturity 11/30/272025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 09/19/312026-06-300001572694gsbd:BankOfAmericaNAMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 04/26/292026-06-300001572694gsbd:ConstructionAndEngineeringMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 Three2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.75% Maturity 06/30/272025-12-310001572694us-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMembercountry:IN2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.98% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK Maturity 12/15/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S + 4.25% Maturity 09/26/31 One2026-06-300001572694gsbd:TwoZeroTwoSixNotesMember2026-01-012026-06-300001572694us-gaap:ForeignExchangeForwardMember2025-04-012025-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% MPI Engineered Technologies, LLC Industry Automobile Components Reference Rate and Spread S + 12.00% (Incl. 6.00% PIK) Initial Acquisition Date 01/15/20 Maturity 11/17/252025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SunshineCadenceHoldcoLlcMember2026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AirwavzSolutionsIncMember2026-06-300001572694gsbd:ElemicaParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/302026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.23% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2025-12-310001572694gsbd:InsuranceMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 06/21/27 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% US Signal Company, LLC Industry IT Services Interest Rate 9.28% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-06-300001572694gsbd:WirelessTelecommunicationServicesMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.32% Reference Rate and Spread S + 4.50 Maturity 10/15/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 09/19/31 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 01/09/302026-06-300001572694gsbd:BuildingProductsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Reference Rate and Spread S + 4.50% Maturity 06/21/272026-06-300001572694Investment Debt Investments - 216.5% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% iCIMS, Inc. Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 5.75% Maturity 08/18/28 One2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/262025-12-310001572694gsbd:EnergyEquipmentAndServicesMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001572694Non-Controlled Affiliates Thrasio Holdings, Inc.2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 10/15/272025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 9.99% Reference Rate and Spread S + 6.25% Maturity 08/15/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 05/25/28 One2026-06-300001572694gsbd:ProfessionalServicesMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/17/312025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Diligent Corporation Industry Professional Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AbacusDataHoldingsIncMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:MachineryMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:TEIIntermediateLLCMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/31 One2025-12-310001572694gsbd:NewtekMerchantSolutionsLLCDbaNewtekOneMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S + 4.50% Maturity 05/03/29 One2025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2025-01-012025-12-310001572694Non-Controlled Affiliates Pluralsight, Inc.2024-12-310001572694Non-Controlled Affiliates Elah Holdings Inc.2025-01-012025-12-310001572694Non-Controlled Affiliates RPC ABC Investment Holdco LLC dba ABC Plumbing2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EngageTwoExcelIncMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/30 Two2025-12-310001572694us-gaap:CommonStockMember2025-12-310001572694gsbd:SummitBuyerLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212026-06-300001572694gsbd:FoodProductsMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Acquia, Inc. Industry Software Interest Rate 9.59% Reference Rate and Spread S + 5.50% Maturity 10/30/262025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2025-12-3100015726942025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 02/10/282026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.73% Reference Rate and Spread S + 5.00% (Incl 2.75% PIK) Maturity 12/06/322026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Smarsh, Inc. Industry Software Interest Rate 8.39% Reference Rate and Spread S + 4.75% Maturity 02/16/292026-06-300001572694us-gaap:InvestmentUnaffiliatedIssuerMember2026-04-012026-06-300001572694Investment Debt Investments – 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.74% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001572694gsbd:BellsParentIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001572694gsbd:AgsHealthBcpLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 12/11/302026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 11/01/302026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:KeneAcquisitionIncMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.06% Reference Rate and Spread S + 5.25% Maturity 03/31/272026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2026-06-300001572694Investment Equity Securities - 2.9% Canada - 0.0% Common Stock - 0.0% Prairie Provident Resources, Inc. Industry Oil, Gas & Consumable Fuels Initial Acquisition Date 01/31/142025-01-012025-12-310001572694us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/252026-06-300001572694Investment Debt Investments – 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:LobosParentIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/15/26 Two2026-06-300001572694gsbd:GsGroupIncMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 One2025-12-310001572694gsbd:GoldmanSachsFinancialSquareGovernmentFundMemberus-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Three2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Machinery Interest Rate 6.52% Reference Rate and Spread S + 4.50% Maturity 07/01/312025-12-310001572694us-gaap:ForeignExchangeForwardMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ChessComLLCMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EngageTwoExcelIncMember2026-06-300001572694us-gaap:MoneyMarketFundsMembercountry:USus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:ValuationTechniqueCollateralAnalysisMembergsbd:FirstLienOrSeniorSecuredDebtMembergsbd:MeasurementInputRecoveryRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:CrewlineBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.14% Reference Rate and Spread S + 5.50% Maturity 09/26/302026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292026-06-300001572694us-gaap:MoneyMarketFundsMembercountry:USus-gaap:InvestmentAffiliatedIssuerMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Chase Industries, Inc. (dba Senneca Holdings) Industry Building Products Reference Rate and Spread 10.00% PIK Maturity 11/12/292026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Five2026-06-300001572694gsbd:ForeignCurrencyMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eagle Family Foods Group LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 08/12/302026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 Two2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/262025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 07/02/292026-06-300001572694us-gaap:GeographicConcentrationRiskMembercountry:INgsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 05/29/202025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Three2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/26 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SmarshIncorporationMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Lobos Parent, Inc. (dba NEOGOV) Industry Software Interest Rate 7.98% Reference Rate and Spread S + 4.25% Maturity 09/27/322026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 5.00% Maturity 12/05/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:TropicalBidcoLLCMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Smarsh, Inc. Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/16/292025-12-310001572694gsbd:GovdeliveryHoldingsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/252025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 8.74% Reference Rate and Spread S + 5.00% Maturity 06/29/272025-12-310001572694gsbd:ZaryaHoldCoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Fullsteam Operations LLC Industry Financial Services Interest Rate 8.90% Reference Rate and Spread S + 5.25% Maturity 08/08/312026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Reference Rate and Spread S + 4.75% Maturity 11/01/302026-06-300001572694gsbd:AqSunshineIncDbaRelationInsuranceMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 01/09/282025-12-310001572694gsbd:ZeusCompanyLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueMeasurementsRecurringMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.38% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Equipment & Supplies Interest Rate 0.00% Reference Rate and Spread S + 7.25% Maturity 05/31/262025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/232025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/32 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/31 One2025-12-310001572694gsbd:RocketBidcoIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694gsbd:IndependentPowerAndRenewableElectricityProducersMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-06-300001572694Non-Controlled Affiliates SDB HOLDCO, LLC dba Specialty Dental Brands2025-01-012025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-12-310001572694us-gaap:PreferredStockMembercountry:US2026-06-300001572694gsbd:SixMonthSOFRMember2026-06-300001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.28% Reference Rate and Spread S + 4.50% Maturity 05/03/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% US Signal Company, LLC Industry IT Services Interest Rate 9.26% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-06-300001572694gsbd:PharmaceuticalsMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 6.25% Maturity 05/25/272026-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:EDBParentLLCMember2026-06-300001572694gsbd:AutomobileComponentsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bells Parent, Inc. (dba Atwell, LLC) Industry Professional Services Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 04/25/332026-06-300001572694Foreign Currency Forward Contracts2025-04-012025-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.65% Reference Rate and Spread S + 4.75% Maturity 12/05/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.58% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/32 Two2025-12-310001572694gsbd:IndependentPowerAndRenewableElectricityProducersMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:ThreeMonthSOFRMember2026-06-300001572694Investment Debt Investments - 226.3% India – 1.2% 1st Lien/Senior Secured Debt – 1.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 12/30/26 One2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-06-300001572694gsbd:RunwayBidcoLlcDbaRedwoodSoftwareMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrLastOutUnitrancheMember2024-12-310001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.22% Reference Rate and Spread S + 6.25% Maturity 05/25/272025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Admiral Buyer, Inc. (dba Fidelity Payment Services Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001572694gsbd:IndustryConcentrationRiskMemberus-gaap:TechnologySectorMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.38% Reference Rate and Spread S + 4.50% Maturity 05/03/292025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-06-300001572694gsbd:TwoThousandTwentyNineNotesMember2026-04-012026-06-300001572694us-gaap:DebtSecuritiesMembercountry:US2026-06-300001572694Total Liabilities Level 32025-01-012025-12-310001572694us-gaap:PreferredStockMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Honor HN Buyer, Inc Industry Health Care Providers & Services Reference Rate and Spread S + 4.75% Maturity 10/15/272026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-06-300001572694us-gaap:PrimeRateMember2025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2025-04-012025-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Summit Buyer, LLC (dba Classic Collision) Industry Diversified Consumer Services Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.60% Reference Rate and Spread S + 5.75% Maturity 07/25/28 One2026-06-300001572694us-gaap:PrimeRateMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SupermanHoldingsLlcMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% Iracore International Holdings, Inc. Industry Energy Equipment & Services Initial Acquisition Date 04/13/172026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.50% Maturity 01/30/322025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/242025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ParisUSHoldcoIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Convenient Payments Acquisition, Inc. One, .Industry Software Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 12/31/262026-06-300001572694gsbd:BuildingProductsMember2025-12-310001572694us-gaap:EntertainmentMember2026-06-300001572694gsbd:ElectricalEquipmentMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/10/282025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/312026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMembergsbd:WineDotComLlcMember2025-12-310001572694us-gaap:WarrantMember2026-06-300001572694us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:OctagonTowersLLCMember2025-12-310001572694gsbd:HealthCareTechnologyMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ValetWasteHoldingsIncDbaValetLivingMember2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Initial Acquisition Date 05/23/252026-01-012026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareEquipmentSuppliesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242026-06-300001572694Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2026-01-012026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:HealthCareProvidersServicesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-06-300001572694gsbd:ConstructionAndEngineeringMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.99% Reference Rate and Spread S + 7.25% Maturity 07/02/292026-06-300001572694gsbd:LeisureProductsMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:SecondLienOrSeniorSecuredDebtMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 06/30/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2025-12-310001572694gsbd:TwoZeroTwoSixNotesMember2025-12-310001572694gsbd:ZeusCompanyLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 07/14/312026-06-300001572694gsbd:AirFreightLogisticsMember2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 06/13/28 Two2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-01-012025-06-300001572694us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2026-01-012026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:WirelessTelecommunicationServicesMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:ThreeMonthCdorMember2026-06-300001572694gsbd:StreamlandMediaMidcoLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/282025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 07/02/29 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/27 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:GsAcquisitioncoIncMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312026-06-300001572694gsbd:ConsumerStaplesDistributionRetailMember2026-06-300001572694gsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.62% Reference Rate and Spread S + 5.00 Maturity 10/24/302025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.51% Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001572694gsbd:TwoZeroTwoFiveNotesMember2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/252025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.49% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/29 One2026-06-300001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% Diligent Corporation Industry Professional Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 08/02/30 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:SpecialtyCareIncMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2026-06-300001572694gsbd:TwothousandTwentySevenNotesMember2026-04-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.64% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.13% Reference Rate and Spread S + 5.40% Maturity 02/28/312026-06-300001572694gsbd:AryehBidcoInvestmentLtdDbaDentalcorpMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:EquitySecuritiesMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 12/21/292026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.76% Reference Rate and Spread S + 6.00% Maturity 01/25/282026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% ATX Networks Corp. Industry Communications Equipment Interest Rate 9.67% Reference Rate and Spread S + 6.00% PIK Maturity 09/01/282025-12-310001572694gsbd:LeisureProductsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/30/26 One2025-12-310001572694us-gaap:FairValueInputsLevel2Membergsbd:TwothousandTwentySevenNotesMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001572694Investment Debt Investments - 232.7% United Kingdom – 3.6% 1st Lien/Senior Secured Debt - 3.6% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.51% Reference Rate and Spread SN + 7.78% (Incl. 0.28% PIK) Maturity 07/25/28 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/31 One2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMembergsbd:SkywayTowersIntermediateLlcMember2025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Clearwater Analytics, LLC Two Industry Software Reference Rate and Spread S + 4.50% Maturity 06/27/332026-06-300001572694gsbd:TwoThousandTwentySixNotesMember2025-12-310001572694gsbd:FrontlineRoadSafetyOperationsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694gsbd:InsuranceMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembergsbd:FirstLienOrLastOutUnitrancheMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2026-06-300001572694Investment Debt Investments - 232.7% India – 1.3% 1st Lien/Senior Secured Debt – 1.3% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 08/02/322026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2027 Notes Company Receives 6.375% Company Pays S + 2.799% Frequency Semiannual Maturity Date 03/11/272026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread E + 5.50% Maturity 11/28/312026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 11/06/282026-06-300001572694us-gaap:TechnologySectorMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Bells Parent, Inc. (dba Atwell, LLC) Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 04/25/332026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.83% Reference Rate and Spread S + 5.00% Maturity 12/21/292026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 01/15/262025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001572694gsbd:OneMonthSOFRMember2025-12-310001572694gsbd:CiQuercusIntermediateHoldingsLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/03/29 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Three2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 06/22/202025-01-012025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 10/02/292026-06-300001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302026-06-300001572694us-gaap:FoodAndBeverageSectorMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/31 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 10/02/29 two2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/14/312025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 11/30/282026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2026-06-300001572694Interest Rate Swaps Counterparty Bank of America, N.A. Hedged Item 2030 Notes Company Receives 5.650% Company Pays S + 2.360% Frequency Semiannual Maturity Date 08/09/302026-01-012026-06-300001572694gsbd:RodeoBuyerCompanyMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:PPWAeroBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:IdealComponentsAcquisitionLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 10.99% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Accommodations Plus Technologies LLC Industry Software Interest Rate Reference Rate and Spread S + 5.25% Maturity 05/28/322026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/26/272025-12-310001572694gsbd:HighfiveDentalHoldcoLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/31 One2025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 12/31/292025-12-310001572694Non-Controlled Affiliates Animal Supply Holdings, LLC2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembercountry:GB2025-12-310001572694us-gaap:RevolvingCreditFacilityMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.93% Reference Rate and Spread S + 8.00% Maturity 12/31/26 Two2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 1.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242025-01-012025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Edition Holdings, Inc. (dba Enverus) One, Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/322026-06-300001572694gsbd:CodingSolutionsAcquisitionIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Foreign Currency Forward Contracts Level 32026-01-012026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2025-12-310001572694gsbd:FirstLienOrLastOutUnitrancheMember2025-12-310001572694Investment Debt Investments - 216.4% United States – 205.6% 1st Lien/Senior Secured Debt – 195.3% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 10.92% Reference Rate and Spread S + 7.25% (Incl. 6.25% PIK) Maturity 12/17/292025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Four2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/02/31 One2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:AuroraAcquirecoIncMember2025-12-310001572694gsbd:TarponTowersIiLlcMembergsbd:FirstLienOrLastOutUnitrancheMember2026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 07/15/262026-01-012026-06-300001572694gsbd:HotelsRestaurantsLeisureMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:UnsecuredDebtMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% MPI Engineered Technologies, LLC Industry Automobile Components Reference Rate and Spread S + 12.00% (Incl. 6.00% PIK) Initial Acquisition Date 01/15/20 Maturity 11/17/252025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ExperityIncMember2025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2026-06-300001572694Non-Controlled Affiliates Conergy Asia & ME Pte. LTD2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WebPTIncMember2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:BuildingProductsMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:ChemicalsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:TwoThousandTwentyNineNotesMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Four2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.63% Reference Rate and Spread S + 5.75% Maturity 10/15/272026-06-300001572694us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001572694us-gaap:MoneyMarketFundsMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/28 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Interest Rate 8.69% Reference Rate and Spread S + 5.05% (Incl. 2.68% PIK) Maturity 04/01/332026-06-300001572694gsbd:AgsHealthBcpLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 One2025-12-310001572694gsbd:MriSoftwareLlcMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Foreign Currency Forward Contracts2026-04-012026-06-300001572694Non-Controlled Affiliates SDB HOLDCO, LLC dba Specialty Dental Brands2026-06-300001572694Non-Controlled Affiliates Elah Holdings Inc.2025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% Wine.com, LLC Industry Beverages Initial Acquisition Date 03/03/212025-12-310001572694Foreign Currency Forward Contracts2025-01-012025-06-300001572694gsbd:TwoThousandTwentyFiveNotesMember2026-01-012026-06-300001572694us-gaap:FairValueInputsLevel3Membergsbd:FirstLienOrSeniorSecuredDebtMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:VardimanBlackHoldingsLLCMember2025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 9.99% Reference Rate and Spread S + 6.25% Maturity 08/15/30 One2026-06-300001572694gsbd:ClearwaterAnalyticsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2025-12-310001572694us-gaap:UnsecuredDebtMembercountry:US2026-06-300001572694country:GBus-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 10/19/28 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NcwsIntermediateIncMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Reference Rate and Spread S + 6.50% PIK Maturity 08/11/272025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 1.9% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/272025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ConvenientPaymentsAcquisitionIncMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ChessComLLCMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:InteractiveMediaServicesMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694us-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001572694Foreign Currency Forward Contracts Counterparty Bank of America, N.A. Settlement USD Settlement Date 07/15/262026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 01/22/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Xactly Corporation Industry IT Services Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 07/30/272025-12-310001572694Non-Controlled Affiliates Thrasio Holdings, Inc.2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/312026-06-300001572694gsbd:ConstructionAndEngineeringMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% ATX Networks Corp. Industry Communications Equipment Interest Rate 9.73% Reference Rate and Spread S + 6.00% PIK Maturity 09/01/28 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.29% Reference Rate and Spread S + 4.50% Maturity 10/15/20312025-12-310001572694gsbd:HotelsRestaurantsLeisureMember2025-12-310001572694gsbd:HotelsRestaurantsLeisureMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694gsbd:BSI3MenuBuyerIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-01-012025-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-06-300001572694gsbd:ChemicalsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 08/22/302026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 One2025-12-310001572694gsbd:FrontlineRoadSafetyOperationsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Interest Rate Swaps Level 22026-01-012026-06-300001572694Non-Controlled Affiliates Conergy Asia & ME Pte. LTD2024-12-310001572694gsbd:RevolvingCreditsFacilityMember2013-09-192013-09-190001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/31 One2025-12-310001572694gsbd:IndustryConcentrationRiskMembergsbd:TextilesApparelAndLuxuryGoodsMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:OctanePurchaserIncMember2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.14% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-06-300001572694us-gaap:FairValueInputsLevel2Membergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FebruaryTwentySixTwoThousandTwentyFiveBaseMember2025-01-012025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2025-12-310001572694gsbd:GeoTopCoCorporationMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.75% (Incl. 2.25% PIK) Maturity 01/17/312026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% CloudBees, Inc. Industry Software Interest Rate 10.83% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2025-12-310001572694us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembergsbd:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2026-01-012026-06-300001572694us-gaap:LetterOfCreditMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 9.07% Reference Rate and Spread N + 4.75% Maturity 05/03/292026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:UFTBuyerLLCMember2026-06-300001572694gsbd:LeisureProductsMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Wine.com, LLC Industry Beverages Initial Acquisition Date 03/03/212026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.81% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 05/29/20 One2025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001572694us-gaap:ForeignExchangeForwardMember2026-04-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Aria Systems, LLC Industry Financial Services Interest Rate 13.76% Reference Rate and Spread S + 10.00% (Incl. 2.00% PIK) Maturity 06/30/262026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:HamiltonThorneIncMember2026-06-300001572694gsbd:HouseholdProductsMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.98% Reference Rate and Spread S + 5.25% Maturity 05/25/28 Two2026-06-300001572694gsbd:KPAParentHoldingsIncMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 6.79% Reference Rate and Spread E + 4.50% Maturity 07/01/312026-06-300001572694gsbd:DiversifiedConsumerServicesMember2025-12-310001572694us-gaap:InterestRateSwapMember2025-01-012025-12-310001572694Interest Rate Swaps2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Diligent Corporation Industry Professional Services Interest Rate 8.65% Reference Rate and Spread S + 5.00% Maturity 08/02/302026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Three2025-12-310001572694gsbd:FinancialServicesMember2025-12-310001572694Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 10/02/29 One2026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:BaysideOpcoLlcMember2026-06-300001572694us-gaap:FairValueInputsLevel3Member2026-06-300001572694us-gaap:DebtMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/03/302026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Three2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.36% Reference Rate and Spread S + 5.50% Maturity 07/25/282025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.14% Reference Rate and Spread S + 5.40% Maturity 02/28/302026-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242026-01-012026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.50% Maturity 01/30/32 One2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-06-300001572694gsbd:TrystarLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Wine.com, LLC Industry Beverages Interest Rate 16.15% Reference Rate and Spread S + 12.00% PIK Maturity 04/03/272025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Edko LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WebPTIncMember2026-06-300001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.69% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/26 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Last-Out Unitranche - 9.7% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.66% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2026-06-300001572694Non-Controlled Affiliates RPC ABC Investment Holdco LLC dba ABC Plumbing2025-12-310001572694country:USus-gaap:EquitySecuritiesMember2026-06-300001572694gsbd:ThreeMonthSnMember2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.24% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Three2026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Pluralsight, Inc. Industry Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Rubix Foods, LLC Industry Food Products Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001572694gsbd:TwothousandTwentySevenNotesMember2026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ZeppelinUSBuyerIncDbaGlobalCriticalLogisticsMember2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001572694gsbd:MediaMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% Unsecured Debt - 0.6% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 07/30/322025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.23% Reference Rate and Spread S + 4.50% Maturity 12/17/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Last-Out Unitranche (14) - 9.5% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 8.37% Reference Rate and Spread S + 4.67% Maturity 12/06/282025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Equipment & Supplies Interest Rate 11.07% Reference Rate and Spread S + 7.25% Maturity 05/31/26 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:OnyxCentersourceIncMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 2nd Lien/Senior Secured Debt - 3.4% Wine.com, LLC Industry Beverages Interest Rate 16.15% Reference Rate and Spread S + 12.00% PIK Maturity 04/03/27 One2025-12-310001572694us-gaap:CommonStockMember2025-12-310001572694gsbd:AirFreightLogisticsMember2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMembergsbd:SecondLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:NfmJLPMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMember2025-01-012025-06-300001572694Investment Equity Securities - 2.6% United States - 2.6% Common Stock - 1.1% PPT Management Holdings, LLC (dba Pro-PT) Industry Health Care Providers & Services Initial Acquisition Date 05/31/232026-06-300001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% PlanSource Holdings, Inc. Industry Health Care Technology Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/30/26 Two2025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 09/03/302026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembergsbd:FirstLienOrLastOutUnitrancheMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembergsbd:BankLoansCorporateDebtAndOtherDebtObligationsMember2025-12-310001572694Investment Debt Investments - 232.7% Canada – 7.9% 1st Lien/Senior Secured Debt – 7.9% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 05/01/292026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.40% Reference Rate and Spread S + 6.75% Maturity 07/18/282026-06-300001572694gsbd:CURiOBrandsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2026-06-300001572694gsbd:IndustryConcentrationRiskMembergsbd:PharmaceuticalsMembergsbd:InvestmentsAtFairValueMember2025-01-012025-12-310001572694gsbd:TwoThousandThirtyNotesMember2025-12-310001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.64% Reference Rate and Spread S + 5.00% Maturity 12/02/312026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/03/29 Two2026-06-300001572694Interest Rate Swaps Counterparty BNP Paribas Hedged Item 2029 Notes Company Receives 5.100% Company Pays S + 1.598% Frequency Semiannual Maturity Date 12/28/282026-01-012026-06-300001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:ValetWasteHoldingsIncDbaValetLivingMember2026-06-300001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% HowlCO LLC (dba Lone Wolf) Industry Real Estate Mgmt. & Development Interest Rate 10.51% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Preferred Stock - 1.5% Khoros, LLC (fka Lithium Technologies, Inc.) Industry Interactive Media & Services Initial Acquisition Date 05/23/252026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.79% Reference Rate and Spread S + 6.00% Maturity 12/31/272025-12-310001572694Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.0% KDOR Holdings Inc. (dba Senneca Holdings) Industry Building Products Initial Acquisition Date 05/29/202025-01-012025-12-310001572694Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2025-12-310001572694Investment Debt Investments - 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/26 One2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:EverestClinicalResearchCorporationMember2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Ark Data Centers, LLC Industry IT Services Interest Rate 8.71% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001572694Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Bayside Opco, LLC (dba Pro-PT) Industry Health Care Equipment & Supplies Interest Rate 11.07% Reference Rate and Spread S + 7.25% Maturity 05/31/262025-12-310001572694gsbd:CommunicationsEquipmentMember2025-12-310001572694gsbd:GeoTopCoCorporationMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/322025-12-310001572694gsbd:CURiOBrandsLLCMembergsbd:FirstLienOrSeniorSecuredDebtMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:NCTopcoLLCMember2026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Singlewire Software, LLC Industry Software Interest Rate 8.48% Reference Rate and Spread S + 4.75% Maturity 05/10/302026-06-300001572694Investment Debt Investments - 226.3% Canada – 7.3% 1st Lien/Senior Secured Debt – 7.3% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 1/14/33 One2025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Celero Commerce LLC Industry Financial Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-06-300001572694Foreign Currency Forward Contracts2026-01-012026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.82% Reference Rate and Spread S + 6.00% Maturity 12/06/272026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% GS Fullsteam Operation LLC Industry Financial Services Interest Rate 8.88% Reference Rate and Spread S + 5.25% Maturity 08/08/312026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 8.43% Reference Rate and Spread S + 4.50% Maturity 04/02/292025-12-310001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.91% Reference Rate and Spread S + 5.25% Maturity 04/30/30 One2026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S + 4.25% Maturity 09/27/322026-06-300001572694Investment Debt Investments – 226.3% United States – 214.3% 1st Lien/Senior Secured Debt – 200.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.75% Maturity 10/15/272025-12-310001572694gsbd:ProfessionalServicesMembergsbd:IndustryConcentrationRiskMembergsbd:InvestmentsAtFairValueMember2026-01-012026-06-300001572694us-gaap:GeographicConcentrationRiskMembergsbd:InvestmentsAtFairValueMembercountry:CA2026-01-012026-06-300001572694Investment Debt Investments – 232.7% United States – 219.9% 1st Lien/Senior Secured Debt – 205.5% Crewline Buyer, Inc. (dba New Relic), Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302026-06-300001572694Non-Controlled Affiliates SDB HOLDCO, LLC dba Specialty Dental Brands2025-12-310001572694Investment Equity Securities - 2.6% United States - 2.6% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212026-06-300001572694us-gaap:FairValueInputsLevel3Member2025-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 1st Lien/Senior Secured Debt - 205.5% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.23% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282026-06-300001572694Investment Debt Investments - 232.7% United States - 219.9% 2nd Lien/Senior Secured Debt - 4.1% Tiger Acquisition, LLC (dba Sabre Industries) Industry Wireless Telecommunication Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 05/01/342026-06-300001572694us-gaap:CommonStockMembercountry:US2026-06-300001572694us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-12-310001572694gsbd:FirstLienOrSeniorSecuredDebtMembergsbd:WestwoodProfessionalServicesIncMember2026-06-30iso4217:AUDiso4217:EURutr:Ratexbrli:puregsbd:Componentxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDiso4217:NOK

Table of Contents

 

 

 

 

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, 2026

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.S. Employer

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

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, par value

$0.001 per share

GSBD

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:

☐

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 5, 2026, there were 112,569,067 shares of the registrant’s common stock outstanding.

 

 

Table of Contents

 

 

GOLDMAN SACHS BDC, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

 

 

INDEX

PAGE

 

Cautionary Statement Regarding Forward-Looking Statements

3

PART I

FINANCIAL INFORMATION

5

ITEM 1.

Financial Statements (Unaudited)

5

 

Consolidated Statements of Assets and Liabilities

5

 

Consolidated Statements of Operations

6

 

Consolidated Statements of Changes in Net Assets

7

 

Consolidated Statements of Cash Flows

8

 

Consolidated Schedules of Investments

9

 

Notes to the Consolidated Financial Statements

43

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

73

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

87

ITEM 4.

Controls and Procedures

87

 

 

 

PART II

OTHER INFORMATION

88

ITEM 1.

Legal Proceedings

88

ITEM 1A.

Risk Factors

88

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

ITEM 3.

Defaults Upon Senior Securities

88

ITEM 4.

Mine Safety Disclosures

88

ITEM 5.

Other Information

88

ITEM 6.

Exhibits

90

 

 

 

SIGNATURES

91

 

2

 

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, 2025, 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:

•
our future operating results;
•
disruptions in the capital markets, market conditions, and general economic uncertainty;
•
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;
•
United States trade policy developments, tariffs and other trade restrictions;
•
uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, Latin America and Asia, the war between Russia and Ukraine and conflict in the Middle East;
•
our business prospects and the prospects of our portfolio companies;
•
the impact of investments that we expect to make;
•
the impact of increased competition;
•
our contractual arrangements and relationships with third parties, including our ability to enter into transactions involving derivatives and contracting with certain investors;
•
the dependence of our future success on the general economy and its impact on the industries in which we invest;
•
the ability of our current and prospective portfolio companies to achieve their objectives;
•
the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”);
•
the use of borrowed money to finance a portion of our investments;
•
our ability to make distributions;
•
the adequacy of our cash resources and working capital;
•
changes in interest rates;
•
the timing of cash flows, if any, from the operations of our portfolio companies;
•
the impact of future acquisitions and divestitures;
•
the effect of changes in tax laws and regulations and interpretations thereof;
•
our ability to maintain our status as a BDC;
•
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;

3

 

Table of Contents

•
actual and potential conflicts of interest with the Investment Adviser and its affiliates;
•
general price and volume fluctuations in the stock market;
•
the ability of the Investment Adviser to attract and retain highly talented professionals;
•
the impact on our business from new or amended legislation or regulations;
•
the availability of credit and/or our ability to access the equity and capital markets;
•
currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•
the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;
•
the effect of global climate change on our portfolio companies;
•
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;
•
purchases of our common stock pursuant to any 10b5-1 plan or otherwise may result in dilution to our net asset value ("NAV") per share;
•
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•
the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence; and
•
the increased public scrutiny of and regulation related to corporate social responsibility.

 

4

 

Table of Contents

PART I. FINANCIAL 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, 2026
(Unaudited)

 

 

December 31, 2025

 

Assets

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $3,328,296 and $3,285,039)

 

$

3,146,544

 

 

$

3,171,677

 

Non-controlled affiliated investments (cost of $82,680 and $110,127)

 

 

48,704

 

 

 

90,044

 

Total investments, at fair value (cost of $3,410,976 and $3,395,166)

 

$

3,195,248

 

 

$

3,261,721

 

Investments in affiliated money market fund (cost of $36,226 and $35,724)

 

 

36,226

 

 

 

35,724

 

Cash

 

 

14,430

 

 

 

43,211

 

Interest and dividends receivable

 

 

23,886

 

 

 

26,927

 

Deferred financing costs

 

 

15,438

 

 

 

13,245

 

Other assets

 

 

2,576

 

 

 

2,419

 

Total assets

 

$

3,287,804

 

 

$

3,383,247

 

Liabilities

 

 

 

 

 

 

Debt (net of debt issuance costs of $12,777 and $8,169)

 

$

1,850,308

 

 

$

1,874,620

 

Interest and other debt expenses payable

 

 

26,279

 

 

 

25,546

 

Management fees payable

 

 

8,182

 

 

 

8,181

 

Incentive fees payable

 

 

—

 

 

 

3,844

 

Distribution payable

 

 

36,022

 

 

 

36,022

 

Secured borrowings

 

 

2,361

 

 

 

3,366

 

Accrued expenses and other liabilities

 

 

7,002

 

 

 

8,649

 

Total liabilities

 

$

1,930,154

 

 

$

1,960,228

 

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, 112,569,067 shares issued and outstanding as of June 30, 2026 and December 31, 2025)

 

 

113

 

 

 

113

 

Paid-in capital in excess of par

 

 

1,879,601

 

 

 

1,879,601

 

Distributable earnings (loss)

 

 

(522,064

)

 

 

(456,695

)

Total net assets

 

$

1,357,650

 

 

$

1,423,019

 

Total liabilities and net assets

 

$

3,287,804

 

 

$

3,383,247

 

Net asset value per share

 

$

12.06

 

 

$

12.64

 

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

 

5

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

70,345

 

 

$

81,060

 

 

$

139,451

 

 

$

165,264

 

Payment-in-kind income

 

 

4,827

 

 

 

6,808

 

 

 

12,331

 

 

 

16,433

 

Other income

 

 

1,778

 

 

 

865

 

 

 

2,749

 

 

 

1,850

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3,686

 

 

 

1,269

 

 

 

4,685

 

 

 

2,630

 

Payment-in-kind income

 

 

2,856

 

 

 

711

 

 

 

2,914

 

 

 

1,267

 

Dividend income

 

 

204

 

 

 

208

 

 

 

329

 

 

 

381

 

Other income

 

 

28

 

 

 

49

 

 

 

58

 

 

 

85

 

Total investment income

 

$

83,724

 

 

$

90,970

 

 

$

162,517

 

 

$

187,910

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

30,100

 

 

$

26,416

 

 

$

60,141

 

 

$

54,721

 

Management fees

 

 

8,182

 

 

 

8,408

 

 

 

16,445

 

 

 

17,089

 

Incentive fees

 

 

—

 

 

 

8,526

 

 

 

12,438

 

 

 

15,330

 

Professional fees

 

 

1,117

 

 

 

781

 

 

 

1,954

 

 

 

1,745

 

Directors’ fees

 

 

151

 

 

 

207

 

 

 

303

 

 

 

414

 

Other general and administrative expenses

 

 

1,116

 

 

 

1,273

 

 

 

2,412

 

 

 

2,316

 

Total expenses

 

$

40,666

 

 

$

45,611

 

 

$

93,693

 

 

$

91,615

 

Net investment income before taxes

 

$

43,058

 

 

$

45,359

 

 

$

68,824

 

 

$

96,295

 

Income tax expense, including excise tax

 

$

844

 

 

$

906

 

 

$

1,826

 

 

$

2,228

 

Net investment income after taxes

 

$

42,214

 

 

$

44,453

 

 

$

66,998

 

 

$

94,067

 

Net realized and unrealized gains (losses) on investment transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

21,376

 

 

$

(70,297

)

 

$

21,330

 

 

$

(91,867

)

Non-controlled affiliated investments

 

 

—

 

 

 

(10,922

)

 

 

—

 

 

 

(33,824

)

Foreign currency forward contracts

 

 

(20

)

 

 

—

 

 

 

(273

)

 

 

—

 

Foreign currency and other transactions

 

 

(52

)

 

 

225

 

 

 

1,190

 

 

 

464

 

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

(33,889

)

 

 

73,271

 

 

 

(67,288

)

 

 

80,860

 

Non-controlled affiliated investments

 

 

(6,865

)

 

 

6,148

 

 

 

(13,893

)

 

 

26,049

 

Foreign currency forward contracts

 

 

11

 

 

 

(181

)

 

 

314

 

 

 

(270

)

Foreign currency translations and other transactions

 

 

892

 

 

 

(3,408

)

 

 

1,676

 

 

 

(4,565

)

Net realized and unrealized gains (losses)

 

$

(18,547

)

 

$

(5,164

)

 

$

(56,944

)

 

$

(23,153

)

(Provision) benefit for taxes on realized gain/loss on investments

 

$

16

 

 

$

—

 

 

$

(2

)

 

$

(72

)

Net increase (decrease) in net assets from operations

 

$

23,683

 

 

$

39,289

 

 

$

10,052

 

 

$

70,842

 

Weighted average shares outstanding

 

 

112,569,067

 

 

 

117,204,952

 

 

 

112,569,067

 

 

 

117,250,832

 

Basic and diluted net investment income per share

 

$

0.38

 

 

$

0.38

 

 

$

0.60

 

 

$

0.80

 

Basic and diluted earnings (loss) per share

 

$

0.21

 

 

$

0.34

 

 

$

0.09

 

 

$

0.60

 

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

6

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

June 30, 2026

 

 

June 30, 2025

 

Net assets at beginning of period

 

$

1,369,989

 

 

$

1,547,950

 

$

1,423,019

 

 

$

1,572,700

 

Increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

42,214

 

 

$

44,453

 

$

66,998

 

 

$

94,067

 

Net realized gain (loss)

 

 

21,304

 

 

 

(80,994

)

 

22,247

 

 

 

(125,227

)

Net change in unrealized appreciation (depreciation)

 

 

(39,851

)

 

 

75,830

 

 

(79,191

)

 

 

102,074

 

(Provision) benefit for taxes on realized gain/loss on investments

 

 

16

 

 

 

—

 

 

(2

)

 

 

(72

)

Net increase (decrease) in net assets from operations

 

$

23,683

 

 

$

39,289

 

$

10,052

 

 

$

70,842

 

Distributions to stockholders from:

 

 

 

 

 

 

 

 

 

 

 

Distributable earnings

 

$

(36,022

)

 

$

(61,724

)

$

(75,421

)

 

$

(118,027

)

Total distributions to stockholders

 

$

(36,022

)

 

$

(61,724

)

$

(75,421

)

 

$

(118,027

)

Capital transactions:

 

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock (including commissions and direct acquisition costs)

 

$

—

 

 

$

(12,126

)

$

—

 

 

$

(12,126

)

Net increase (decrease) in net assets from capital transactions

 

$

—

 

 

$

(12,126

)

$

—

 

 

$

(12,126

)

Total increase (decrease) in net assets

 

$

(12,339

)

 

$

(34,561

)

$

(65,369

)

 

$

(59,311

)

Net assets at end of period

 

$

1,357,650

 

 

$

1,513,389

 

$

1,357,650

 

 

$

1,513,389

 

Distributions per share

 

$

0.32

 

 

$

0.53

 

$

0.67

 

 

$

1.01

 

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

7

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets from operations:

 

$

10,052

 

 

$

70,842

 

Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:

 

 

 

 

 

 

Purchases of investments

 

 

(230,941

)

 

 

(286,193

)

Payment-in-kind interest capitalized

 

 

(15,553

)

 

 

(17,943

)

Investments in affiliated money market fund, net

 

 

(502

)

 

 

25,171

 

Proceeds from sales of investments and principal repayments

 

 

259,932

 

 

 

507,307

 

Net realized (gain) loss on investments

 

 

(21,330

)

 

 

125,691

 

Net change in unrealized (appreciation) depreciation on investments

 

 

81,181

 

 

 

(106,909

)

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions

 

 

(235

)

 

 

99

 

Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items

 

 

(108

)

 

 

—

 

Amortization of premium and accretion of discount, net

 

 

(7,820

)

 

 

(11,062

)

Amortization of deferred financing and debt issuance costs

 

 

4,635

 

 

 

4,088

 

Change in operating assets and liabilities:

 

 

 

 

 

 

(Increase) decrease in interest and dividends receivable

 

 

3,041

 

 

 

7,013

 

(Increase) decrease in other assets

 

 

(13,332

)

 

 

(646

)

Increase (decrease) in interest and other debt expenses payable

 

 

537

 

 

 

(5,444

)

Increase (decrease) in management fees payable

 

 

1

 

 

 

(372

)

Increase (decrease) in incentive fees payable

 

 

(3,844

)

 

 

2,196

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(1,647

)

 

 

(5,510

)

Net cash provided by (used for) operating activities

 

$

64,067

 

 

$

308,328

 

Cash flows from financing activities:

 

 

 

 

 

 

Offering costs paid

 

$

—

 

 

$

(229

)

Repurchases of common stock (including commissions and direct acquisition costs)

 

 

—

 

 

 

(10,700

)

Distributions paid

 

 

(75,421

)

 

 

(114,952

)

Deferred financing and debt issuance costs paid

 

 

(11,239

)

 

 

(4,854

)

Borrowings on debt

 

 

1,111,683

 

 

 

697,477

 

Repayments of debt

 

 

(1,117,792

)

 

 

(829,000

)

Net cash provided by (used for) financing activities

 

$

(92,769

)

 

$

(262,258

)

Net increase (decrease) in cash

 

$

(28,702

)

 

$

46,070

 

Effect of foreign exchange rate changes on cash

 

 

(79

)

 

 

171

 

Cash, beginning of period

 

 

43,211

 

 

 

61,795

 

Cash, end of period

 

$

14,430

 

 

$

108,036

 

Supplemental and non-cash activities

 

 

 

 

 

 

Interest expense paid

 

$

53,044

 

 

$

54,324

 

Accrued but unpaid excise tax expense

 

$

2,047

 

 

$

2,487

 

Accrued but unpaid distributions

 

$

36,022

 

 

$

55,859

 

Exchange of investments

 

$

35,977

 

 

$

97,654

 

 

 

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

8

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Debt Investments - 232.7%

 

 

 

 

 

 

 

 

 

 

 

 

Canada - 7.9%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 7.9%

 

 

 

 

 

 

 

 

 

 

 

 

Rocket Bidco, Inc. (dba Recochem)

Chemicals

8.41%

S + 4.75%

11/01/30

 

$

14,347

 

$

14,154

 

$

14,203

 

 (6) (7) (8)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

7.39%

C + 4.75%

11/01/30

CAD

 

7,791

 

 

5,542

 

 

5,439

 

 (6) (7) (8)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

7.37%

C + 4.75%

11/01/30

CAD

 

1,937

 

 

792

 

 

760

 

 (6) (7) (8) (9)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

8.41%

S + 4.75%

11/01/30

 

 

1,722

 

 

1,698

 

 

1,705

 

 (6) (7) (8)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

7.35%

C + 4.75%

11/01/30

CAD

 

776

 

 

32

 

 

28

 

 (6) (7) (8) (9)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

 

C + 4.75%

11/01/30

CAD

 

518

 

 

(7

)

 

(4

)

 (6) (7) (8) (9)

Prophix Software Inc. (dba Pound Bidco)

Financial Services

8.89%

S + 5.25%

05/01/29

 

 

14,515

 

 

14,434

 

 

14,370

 

 (6) (7) (8)

Prophix Software Inc. (dba Pound Bidco)

Financial Services

8.91%

S + 5.25%

05/01/29

 

 

730

 

 

492

 

 

487

 

 (6) (7) (8) (9)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

7.29%

C + 5.00%

01/14/33

CAD

 

5,206

 

 

3,715

 

 

3,634

 

 (6) (7) (8)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

7.29%

C + 5.00%

01/14/33

CAD

 

969

 

 

97

 

 

91

 

 (6) (7) (8) (9)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

7.29%

C + 5.00%

01/14/33

CAD

 

692

 

 

56

 

 

54

 

 (6) (7) (8) (9)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

7.54%

C + 5.25%

06/30/31

CAD

 

45,461

 

 

32,955

 

 

31,573

 

 (6) (7) (8)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

 

C + 5.25%

06/30/31

CAD

 

9,957

 

 

(45

)

 

(105

)

 (6) (7) (8) (9)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

7.93%

C + 5.25%

06/30/31

CAD

 

6,638

 

 

1,195

 

 

1,136

 

 (6) (7) (8) (9)

Everest Clinical Research Corporation

Professional Services

8.38%

S + 4.50%

11/06/28

 

 

4,656

 

 

4,614

 

 

4,609

 

 (6) (7) (8)

Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)

Professional Services

8.38%

S + 4.50%

11/06/28

 

 

7,098

 

 

7,051

 

 

7,027

 

 (6) (7) (8)

Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)

Professional Services

 

S + 4.50%

11/06/28

 

 

1,260

 

 

(7

)

 

(13

)

 (6) (7) (8) (9)

Rodeo Buyer Company (dba Absorb Software)

Professional Services

10.07%

S + 6.25%

05/25/27

 

 

21,167

 

 

21,088

 

 

20,690

 

 (6) (7) (8)

Rodeo Buyer Company (dba Absorb Software)

Professional Services

 

S + 6.25%

05/25/27

 

 

3,387

 

 

(11

)

 

(76

)

 (6) (7) (8) (9)

iWave Information Systems, Inc.

Software

9.40%

S + 5.75%

11/22/28

 

 

860

 

 

851

 

 

847

 

 (6) (7) (8)

iWave Information Systems, Inc.

Software

9.40%

S + 5.75%

11/22/28

 

 

438

 

 

87

 

 

81

 

 (6) (7) (8) (9)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

108,783

 

 

106,536

 

 

Total Canada

 

 

 

 

 

 

 

$

108,783

 

$

106,536

 

 

India - 1.3%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 1.3%

 

 

 

 

 

 

 

 

 

 

 

 

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

7.92%

S + 4.25%

08/02/32

 

$

17,615

 

$

17,576

 

$

17,483

 

 (6) (7) (8)

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

 

S + 4.25%

08/02/32

 

 

6,249

 

 

(7

)

 

(47

)

 (6) (7) (8) (9)

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

 

S + 4.25%

08/02/32

 

 

2,273

 

 

(5

)

 

(17

)

 (6) (7) (8) (9)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

17,564

 

 

17,419

 

 

Total India

 

 

 

 

 

 

 

$

17,564

 

$

17,419

 

 

United Kingdom - 3.6%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 3.6%

 

 

 

 

 

 

 

 

 

 

 

 

Clearcourse Partnership Acquireco Finance Limited

IT Services

11.51%

SN + 7.78% (Incl. 0.28% PIK)

07/25/28

GBP

 

16,832

 

$

20,427

 

$

21,545

 

 (6) (7) (8)

Clearcourse Partnership Acquireco Finance Limited

IT Services

11.51%

SN + 7.78% (Incl. 0.28% PIK)

07/25/28

GBP

 

9,936

 

 

12,603

 

 

12,718

 

 (6) (7) (8)

SI Swan UK Bidco Limited (dba Sapiens International)

Software

8.42%

S + 4.75%

12/17/32

 

 

15,104

 

 

15,033

 

 

14,991

 

 (6) (7) (8)

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

9

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

SI Swan UK Bidco Limited (dba Sapiens International)

Software

 

S + 4.75%

12/17/32

 

$

2,619

 

$

(6

)

$

(20

)

 (6) (7) (8) (9)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

48,057

 

 

49,234

 

 

Total United Kingdom

 

 

 

 

 

 

 

$

48,057

 

$

49,234

 

 

United States - 219.9%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 205.5%

 

 

 

 

 

 

 

 

 

 

 

 

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.64%

S + 5.00%

01/09/30

 

$

955

 

$

939

 

$

933

 

 (6) (7)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.64%

S + 5.00%

01/09/30

 

 

730

 

 

721

 

 

713

 

 (6) (7)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.65%

S + 5.00%

01/09/30

 

 

326

 

 

323

 

 

319

 

 (6) (7)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.65%

S + 5.00%

01/09/28

 

 

250

 

 

61

 

 

57

 

 (6) (7) (9)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.68%

S + 5.00%

01/09/30

 

 

58

 

 

58

 

 

57

 

 (6) (7)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

8.73%

S + 5.00%

09/30/31

 

 

11,323

 

 

11,221

 

 

11,209

 

 (6) (7)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

8.73%

S + 5.00%

09/30/31

 

 

4,595

 

 

477

 

 

451

 

 (6) (7) (9)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

8.73%

S + 5.00%

09/30/31

 

 

2,706

 

 

1,005

 

 

1,001

 

 (6) (7) (9)

VisionSafe Holdings, Inc.

Aerospace & Defense

9.14%

S + 5.50%

04/18/30

 

 

6,660

 

 

6,567

 

 

6,527

 

 (6) (7)

VisionSafe Holdings, Inc.

Aerospace & Defense

 

S + 5.50%

04/18/30

 

 

1,219

 

 

(16

)

 

(24

)

 (6) (7) (9)

Auctane, Inc. (dba ShipStation Global)

Air Freight & Logistics

9.42%

S + 5.75%

06/01/33

 

 

5,000

 

 

4,926

 

 

4,925

 

 (6)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

8.48%

S + 4.75%

08/02/32

 

 

13,203

 

 

13,084

 

 

13,071

 

 (6) (7)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

 

S + 4.75%

08/02/32

 

 

4,042

 

 

(18

)

 

(40

)

 (6) (7) (9)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

8.44%

S + 4.75%

08/02/32

 

 

1,573

 

 

604

 

 

602

 

 (6) (7) (9)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

 

S + 4.75%

08/02/32

 

 

448

 

 

(4

)

 

(4

)

 (6) (7) (9)

Thrasio, LLC

Broadline Retail

14.01%

S + 10.26%

06/18/29

 

 

4,007

 

 

3,191

 

 

3,986

 

 (6) (7) (10)

Burgess Pigment, LLC

Chemicals

8.73%

S + 5.00%

06/30/31

 

 

4,505

 

 

4,460

 

 

4,460

 

 (6)

Burgess Pigment, LLC

Chemicals

 

S + 5.00%

06/30/31

 

 

495

 

 

(5

)

 

(5

)

 (6) (9)

3SI Security Systems, Inc.

Commercial Services & Supplies

 

S + 6.50%

12/16/26

 

 

11,895

 

 

11,763

 

 

7,583

 

 (7) (11)

3SI Security Systems, Inc.

Commercial Services & Supplies

 

S + 6.50%

12/16/26

 

 

1,812

 

 

1,780

 

 

1,155

 

 (7) (11)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.24%

S + 6.50%

08/01/29

 

 

3,890

 

 

3,829

 

 

3,871

 

 (6) (7)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

9.49%

S + 5.75%

08/01/29

 

 

2,156

 

 

2,131

 

 

2,097

 

 (6) (7)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

9.49%

S + 5.75%

08/01/29

 

 

1,847

 

 

751

 

 

716

 

 (6) (7) (9)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.24%

S + 6.50%

08/01/29

 

 

1,182

 

 

1,162

 

 

1,176

 

 (6) (7)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.24%

S + 6.50%

08/01/29

 

 

1,063

 

 

683

 

 

692

 

 (6) (7) (9)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.24%

S + 6.50%

08/01/29

 

 

587

 

 

577

 

 

584

 

 (6) (7)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

 

S + 6.50%

08/01/29

 

 

506

 

 

(3

)

 

(14

)

 (6) (7) (9)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.24%

S + 6.50%

08/01/29

 

 

196

 

 

191

 

 

195

 

 (6) (7)

Edko, LLC

Commercial Services & Supplies

8.48%

S + 4.75%

10/02/31

 

 

23,635

 

 

23,422

 

 

23,398

 

 (6) (7)

Edko, LLC

Commercial Services & Supplies

 

S + 4.75%

10/02/31

 

 

8,446

 

 

(37

)

 

(84

)

 (6) (7) (9)

Edko, LLC

Commercial Services & Supplies

 

S + 4.75%

10/02/31

 

 

4,223

 

 

(37

)

 

(42

)

 (6) (7) (9)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.73%

S + 5.00%

09/24/31

 

 

5,822

 

 

5,756

 

 

5,749

 

 (6) (7)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.67%

S + 5.00%

09/24/31

 

 

3,344

 

 

1,414

 

 

1,409

 

 (6) (7) (9)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.69%

S + 5.00%

09/24/31

 

 

1,676

 

 

568

 

 

566

 

 (6) (7) (9)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.39%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

9,016

 

 

8,939

 

 

8,701

 

 (6) (7)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.39%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

3,516

 

 

3,487

 

 

3,393

 

 (6) (7)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.37%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

3,227

 

 

3,170

 

 

3,086

 

 (6) (7) (9)

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

10

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.39%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

$

1,847

 

$

1,830

 

$

1,783

 

 (6) (7)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.39%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

1,032

 

 

1,023

 

 

996

 

 (6) (7)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

 

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

584

 

 

(5

)

 

(20

)

 (6) (7) (9)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

9.16%

S + 5.50% (Incl. 2.75% PIK)

08/22/31

 

 

8,780

 

 

8,598

 

 

8,648

 

 (6) (7)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

8.64%

S + 5.00%

08/22/30

 

 

1,000

 

 

261

 

 

260

 

 (6) (7) (9)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

8.66%

S + 5.00%

08/22/31

 

 

496

 

 

488

 

 

488

 

 (6) (7)

Sweep Purchaser LLC

Commercial Services & Supplies

9.52%

S + 5.75% PIK

06/30/27

 

 

23,495

 

 

23,433

 

 

23,201

 

 (6) (7)

Sweep Purchaser LLC

Commercial Services & Supplies

9.51%

S + 5.75%

06/30/27

 

 

10,463

 

 

10,446

 

 

10,358

 

 (6) (7)

Sweep Purchaser LLC

Commercial Services & Supplies

10.15%

S + 5.75%

06/30/27

 

 

4,541

 

 

1,350

 

 

1,317

 

 (6) (7) (9)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.98%

S + 5.25% (Incl. 2.88% PIK)

12/15/31

 

 

19,906

 

 

19,745

 

 

19,806

 

 (6) (7)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.40%

S + 4.75%

12/15/31

 

 

6,233

 

 

4,417

 

 

4,432

 

 (6) (7) (9)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.42%

S + 4.75%

12/15/31

 

 

2,649

 

 

306

 

 

314

 

 (6) (7) (9)

USA DeBusk, LLC

Commercial Services & Supplies

8.91%

S + 5.25%

04/30/31

 

 

11,033

 

 

10,914

 

 

10,923

 

 (6) (7)

USA DeBusk, LLC

Commercial Services & Supplies

8.92%

S + 5.25%

04/30/31

 

 

2,089

 

 

2,064

 

 

2,068

 

 (6) (7)

USA DeBusk, LLC

Commercial Services & Supplies

8.91%

S + 5.25%

04/30/30

 

 

1,230

 

 

1,054

 

 

1,054

 

 (6) (7) (9)

USA DeBusk, LLC

Commercial Services & Supplies

8.91%

S + 5.25%

04/30/30

 

 

777

 

 

395

 

 

392

 

 (6) (7) (9)

Valet Waste Holdings, Inc. (dba Valet Living)

Commercial Services & Supplies

9.64%

S + 6.00%

05/01/29

 

 

25,074

 

 

24,967

 

 

24,698

 

 (6) (7)

Valet Waste Holdings, Inc. (dba Valet Living)

Commercial Services & Supplies

9.64%

S + 6.00%

05/01/29

 

 

2,641

 

 

2,536

 

 

2,507

 

 (6) (7) (9)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

9.16%

S + 5.50%

06/29/27

 

 

31,425

 

 

31,330

 

 

31,347

 

 (6) (7)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

8.67%

S + 5.00%

06/29/27

 

 

14,925

 

 

14,827

 

 

14,813

 

 (6) (7)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

8.93%

S + 5.25%

06/29/27

 

 

9,547

 

 

9,489

 

 

9,499

 

 (6) (7)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

 

S + 5.50%

06/29/27

 

 

944

 

 

(2

)

 

(2

)

 (6) (7) (9)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

8.40%

S + 4.75%

08/05/32

 

 

6,733

 

 

6,673

 

 

6,666

 

 (6) (7)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

 

S + 4.75%

08/05/32

 

 

2,056

 

 

(9

)

 

(21

)

 (6) (7) (9)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

 

S + 4.75%

08/05/32

 

 

1,799

 

 

(16

)

 

(18

)

 (6) (7) (9)

ATX Networks Corp.

Communications Equipment

 

S + 7.00% PIK

09/01/28

 

 

4,714

 

 

640

 

 

—

 

 (6) (7) (11)

ATX Networks Corp.

Communications Equipment

9.73%

S + 6.00% PIK

09/01/28

 

 

690

 

 

672

 

 

535

 

 (6) (7) (8)

ATX Networks Corp.

Communications Equipment

9.73%

S + 6.00% PIK

09/01/28

 

 

416

 

 

405

 

 

322

 

 (6) (7) (8)

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.17%

S + 4.50%

10/15/31

 

 

663

 

 

657

 

 

656

 

 (6) (7)

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.17%

S + 4.50%

10/15/31

 

 

245

 

 

137

 

 

136

 

 (6) (7) (9)

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.17%

S + 4.50%

10/15/31

 

 

92

 

 

21

 

 

21

 

 (6) (7) (9)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

9.36%

B + 5.00%

10/24/30

 

 

11,321

 

 

11,231

 

 

11,208

 

 (6) (7) (8)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

9.36%

B + 5.00%

10/24/30

AUD

 

11,199

 

 

7,380

 

 

7,676

 

 (6) (7) (8)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

 

B + 5.00%

10/24/30

 

 

1,132

 

 

(8

)

 

(11

)

 (6) (7) (8) (9)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

8.23%

S + 4.50%

08/29/31

 

 

10,053

 

 

10,014

 

 

9,928

 

 (6) (7)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

8.23%

S + 4.50%

08/29/31

 

 

3,282

 

 

3,262

 

 

3,241

 

 (6) (7)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

 

S + 4.50%

08/29/31

 

 

1,471

 

 

(5

)

 

(18

)

 (6) (7) (9)

Blast Bidco Inc. (dba Bazooka Candy Brands)

Consumer Staples Distribution & Retail

9.73%

S + 6.00%

10/04/30

 

 

4,377

 

 

4,301

 

 

4,278

 

 (6) (7)

Blast Bidco Inc. (dba Bazooka Candy Brands)

Consumer Staples Distribution & Retail

 

S + 6.00%

10/05/29

 

 

522

 

 

(7

)

 

(12

)

 (6) (7) (9)

Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)

Containers & Packaging

8.90%

S + 5.25%

11/01/30

 

 

44,120

 

 

43,613

 

 

43,458

 

 (6) (7)

Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)

Containers & Packaging

 

S + 5.25%

11/01/30

 

 

5,208

 

 

(56

)

 

(78

)

 (6) (7) (9)

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

11

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Precision Concepts Parent Inc.

Containers & Packaging

8.41%

S + 4.75%

08/02/32

 

$

3,741

 

$

3,707

 

$

3,685

 

 (6) (7)

Precision Concepts Parent Inc.

Containers & Packaging

8.41%

S + 4.75%

08/02/32

 

 

3,308

 

 

3,278

 

 

3,258

 

 (6) (7)

Precision Concepts Parent Inc.

Containers & Packaging

8.41%

S + 4.75%

08/02/32

 

 

1,853

 

 

1,836

 

 

1,825

 

 (6) (7)

Precision Concepts Parent Inc.

Containers & Packaging

8.69%

S + 4.75%

08/02/32

 

 

1,634

 

 

287

 

 

277

 

 (6) (7) (9)

Precision Concepts Parent Inc.

Containers & Packaging

8.41%

S + 4.75%

08/02/32

 

 

1,633

 

 

1,618

 

 

1,608

 

 (6) (7)

A Place For Mom, Inc.

Diversified Consumer Services

9.14%

S + 5.50%

02/10/28

 

 

7,046

 

 

7,032

 

 

6,130

 

 (7)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

9.73%

S + 6.00%

04/26/29

 

 

8,117

 

 

8,015

 

 

7,954

 

 (6) (7)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

9.64%

S + 6.00%

04/26/29

 

 

5,368

 

 

2,056

 

 

2,009

 

 (6) (7) (9)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

 

S + 6.00%

04/26/29

 

 

767

 

 

(9

)

 

(15

)

 (6) (7) (9)

BNI Intermediate Holdings LLC (dba Business Network International)

Diversified Consumer Services

 

S + 5.25%

06/20/33

 

 

420

 

 

—

 

 

—

 

 (6) (9)

BNI Intermediate Holdings LLC (dba Business Network International)

Diversified Consumer Services

 

E + 5.25%

06/20/33

EUR

 

250

 

 

—

 

 

—

 

 (6) (9)

BNI Intermediate Holdings LLC (dba Business Network International)

Diversified Consumer Services

 

S + 5.25%

06/20/33

 

 

92

 

 

—

 

 

—

 

 (6) (9)

BNI Intermediate Holdings LLC (dba Business Network International)

Diversified Consumer Services

 

S + 5.25%

06/20/33

 

 

46

 

 

—

 

 

—

 

 (6) (9)

CST Holding Company (dba Intoxalock)

Diversified Consumer Services

8.74%

S + 5.00%

11/01/28

 

 

882

 

 

859

 

 

869

 

 (6) (7)

CST Holding Company (dba Intoxalock)

Diversified Consumer Services

 

S + 5.00%

11/01/28

 

 

86

 

 

(2

)

 

(1

)

 (6) (7) (9)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

14,009

 

 

13,841

 

 

13,869

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.83%

S + 5.00%

12/21/29

 

 

6,614

 

 

6,108

 

 

6,162

 

 (6) (7) (9)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

6,253

 

 

6,151

 

 

6,191

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

4,703

 

 

4,645

 

 

4,656

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

4,673

 

 

4,617

 

 

4,626

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

 

S + 5.00%

12/21/29

 

 

2,590

 

 

(30

)

 

(26

)

 (6) (7) (9)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

2,196

 

 

2,167

 

 

2,174

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

8.88%

S + 5.00%

12/21/29

 

 

1,865

 

 

1,833

 

 

1,847

 

 (6) (7)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

 

S + 5.00%

12/21/29

 

 

750

 

 

(7

)

 

(4

)

 (6) (7) (9)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.83%

S + 6.00%

12/15/26

 

 

18,310

 

 

18,279

 

 

17,806

 

 (6) (7)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.83%

S + 6.00%

12/15/26

 

 

14,323

 

 

14,308

 

 

13,929

 

 (6) (7)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.83%

S + 6.00%

12/15/26

 

 

7,546

 

 

7,530

 

 

7,338

 

 (6) (7)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.82%

S + 6.00%

12/15/26

 

 

2,433

 

 

2,429

 

 

2,366

 

 (6) (7)

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

8.98%

S + 5.25%

10/19/28

 

 

43,991

 

 

43,678

 

 

43,551

 

 (6) (7)

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

8.98%

S + 5.25%

10/19/28

 

 

8,798

 

 

8,733

 

 

8,710

 

 (6) (7)

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

 

S + 5.25%

10/19/28

 

 

4,399

 

 

(27

)

 

(44

)

 (6) (7) (9)

Southeast Mechanical, LLC

Diversified Consumer Services

9.76%

S + 6.00%

07/06/27

 

 

17,089

 

 

4,075

 

 

4,022

 

 (6) (7) (9) (10)

Southeast Mechanical, LLC

Diversified Consumer Services

9.76%

S + 6.00%

07/06/27

 

 

10,368

 

 

10,318

 

 

10,290

 

 (6) (7) (10)

Southeast Mechanical, LLC

Diversified Consumer Services

9.76%

S + 6.00%

07/06/27

 

 

7,271

 

 

7,230

 

 

7,216

 

 (6) (7) (10)

Southeast Mechanical, LLC

Diversified Consumer Services

 

S + 6.00%

07/06/27

 

 

1,900

 

 

(8

)

 

(14

)

 (6) (7) (9) (10)

Splash Car Wash, Inc.

Diversified Consumer Services

8.73%

S + 5.00%

03/17/32

 

 

1,060

 

 

1,053

 

 

1,052

 

 (6) (7)

Splash Car Wash, Inc.

Diversified Consumer Services

 

S + 5.00%

03/17/32

 

 

246

 

 

(2

)

 

(2

)

 (6) (7) (9)

Splash Car Wash, Inc.

Diversified Consumer Services

 

S + 5.00%

03/17/31

 

 

123

 

 

(1

)

 

(1

)

 (6) (7) (9)

Spotless Brands, LLC

Diversified Consumer Services

8.70%

S + 5.00%

07/25/28

 

 

1,648

 

 

615

 

 

593

 

 (6) (7) (9)

Spotless Brands, LLC

Diversified Consumer Services

9.20%

S + 5.50%

07/25/28

 

 

943

 

 

939

 

 

933

 

 (6) (7)

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

12

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Spotless Brands, LLC

Diversified Consumer Services

9.60%

S + 5.75%

07/25/28

 

$

209

 

$

209

 

$

207

 

 (6) (7)

Spotless Brands, LLC

Diversified Consumer Services

9.60%

S + 5.75%

07/25/28

 

 

32

 

 

32

 

 

32

 

 (6) (7)

Summit Buyer, LLC (dba Classic Collision)

Diversified Consumer Services

 

S + 5.00%

06/02/31

 

 

21,475

 

 

(44

)

 

(215

)

 (6) (7) (9)

Summit Buyer, LLC (dba Classic Collision)

Diversified Consumer Services

8.73%

S + 5.00%

06/02/31

 

 

16,817

 

 

16,689

 

 

16,649

 

 (6) (7)

Summit Buyer, LLC (dba Classic Collision)

Diversified Consumer Services

8.73%

S + 5.00%

06/02/31

 

 

8,516

 

 

8,449

 

 

8,431

 

 (6) (7)

Summit Buyer, LLC (dba Classic Collision)

Diversified Consumer Services

10.75%

P + 4.00%

05/31/30

 

 

2,178

 

 

748

 

 

741

 

 (6) (7) (9)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

8.67%

S + 5.00%

05/01/31

 

 

10,430

 

 

10,351

 

 

10,325

 

 (6) (7)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

8.69%

S + 5.00%

05/01/31

 

 

2,747

 

 

2,724

 

 

2,720

 

 (6) (7)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

8.68%

S + 5.00%

05/01/31

 

 

2,631

 

 

533

 

 

522

 

 (6) (7) (9)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

 

S + 5.00%

05/01/30

 

 

1,615

 

 

(10

)

 

(16

)

 (6) (7) (9)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

9.99%

S + 6.25%

08/15/30

 

 

4,764

 

 

4,647

 

 

4,740

 

 (6) (7)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

9.99%

S + 6.25%

08/15/30

 

 

2,043

 

 

2,016

 

 

2,032

 

 (6) (7) (9)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

 

S + 6.25%

08/15/30

 

 

253

 

 

(4

)

 

(1

)

 (6) (7) (9)

Trystar, LLC

Electrical Equipment

7.91%

S + 4.25%

08/06/31

 

 

429

 

 

426

 

 

425

 

 (6) (7)

Trystar, LLC

Electrical Equipment

 

S + 4.25%

08/06/31

 

 

248

 

 

(1

)

 

(2

)

 (6) (7) (9)

Trystar, LLC

Electrical Equipment

7.91%

S + 4.25%

08/06/31

 

 

232

 

 

230

 

 

229

 

 (6) (7)

Trystar, LLC

Electrical Equipment

7.91%

S + 4.25%

08/06/31

 

 

183

 

 

182

 

 

181

 

 (6) (7)

Trystar, LLC

Electrical Equipment

 

S + 4.25%

08/06/31

 

 

116

 

 

(1

)

 

(1

)

 (6) (7) (9)

Trystar, LLC

Electrical Equipment

 

S + 4.25%

08/06/31

 

 

66

 

 

—

 

 

(1

)

 (6) (7) (9)

Trystar, LLC

Electrical Equipment

7.91%

S + 4.25%

08/06/31

 

 

66

 

 

66

 

 

65

 

 (6) (7)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

8.23%

S + 4.50%

12/31/32

 

 

3,547

 

 

3,530

 

 

3,511

 

 (6) (7)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

 

S + 4.50%

12/31/32

 

 

1,022

 

 

(3

)

 

(10

)

 (6) (7) (9)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

8.24%

S + 4.50%

12/31/32

 

 

431

 

 

114

 

 

112

 

 (6) (7) (9)

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

Entertainment

9.83%

S + 6.00%

12/31/27

 

 

24,111

 

 

23,963

 

 

23,990

 

 (6) (7)

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

Entertainment

 

S + 6.00%

12/31/27

 

 

3,140

 

 

(16

)

 

(16

)

 (6) (7) (9)

Streamland Media Midco LLC

Entertainment

9.49%

S + 5.50% (Incl. 1.00% PIK)

04/02/29

 

 

18,475

 

 

18,243

 

 

17,182

 

 (6) (7)

Streamland Media Midco LLC

Entertainment

9.47%

S + 5.50% (Incl. 1.00% PIK)

04/02/29

 

 

3,638

 

 

3,240

 

 

3,240

 

 (6) (7) (9)

Streamland Media Midco LLC

Entertainment

9.49%

S + 5.50% (Incl. 1.00% PIK)

04/02/29

 

 

2,606

 

 

2,606

 

 

2,424

 

 (6) (7)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.73%

S + 5.00%

12/06/29

 

 

20,957

 

 

20,820

 

 

20,853

 

 (6) (7)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.73%

S + 5.00%

12/06/29

 

 

2,946

 

 

2,924

 

 

2,931

 

 (6) (7)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

 

S + 5.00%

12/06/29

 

 

2,805

 

 

(17

)

 

(14

)

 (6) (7) (9)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.66%

S + 5.00%

12/06/29

 

 

992

 

 

436

 

 

437

 

 (6) (7) (9)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.66%

S + 5.00%

12/06/29

 

 

914

 

 

902

 

 

909

 

 (6) (7)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

 

S + 5.00%

12/06/29

 

 

558

 

 

(2

)

 

(3

)

 (6) (7) (9)

Aria Systems, LLC

Financial Services

13.76%

S + 10.00% (Incl. 2.00% PIK)

06/30/26

 

 

26,772

 

 

26,772

 

 

26,504

 

 (6) (7) (12)

BCTO Bluebill Buyer, Inc. (dba Ren)

Financial Services

8.17%

S + 4.50%

07/30/32

 

 

18,162

 

 

17,999

 

 

17,890

 

 (6) (7)

BCTO Bluebill Buyer, Inc. (dba Ren)

Financial Services

 

S + 4.50%

07/30/32

 

 

2,270

 

 

(20

)

 

(34

)

 (6) (7) (9)

BSI3 Menu Buyer, Inc (dba Kydia)

Financial Services

 

S + 6.00%

01/25/28

 

 

1,038

 

 

(8

)

 

(13

)

 (6) (7) (9)

BSI3 Menu Buyer, Inc (dba Kydia)

Financial Services

9.76%

S + 6.00%

01/25/28

 

 

962

 

 

957

 

 

950

 

 (6) (7)

Celero Commerce LLC

Financial Services

8.66%

S + 5.00%

02/28/31

 

 

3,795

 

 

3,772

 

 

3,786

 

 (6) (7)

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

13

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Celero Commerce LLC

Financial Services

8.73%

S + 5.00%

02/28/31

 

$

904

 

$

250

 

$

251

 

 (6) (7) (9)

Celero Commerce LLC

Financial Services

 

S + 5.00%

02/28/31

 

 

301

 

 

(2

)

 

(1

)

 (6) (7) (9)

Computer Services, Inc.

Financial Services

8.23%

S + 4.50%

11/17/31

 

 

41,858

 

 

41,852

 

 

41,439

 

 (6) (7)

Computer Services, Inc.

Financial Services

 

S + 4.50%

11/17/31

 

 

4,294

 

 

(10

)

 

(43

)

 (6) (7) (9)

Computer Services, Inc.

Financial Services

 

S + 4.50%

11/17/31

 

 

2,668

 

 

(6

)

 

(27

)

 (6) (7) (9)

Coretrust Purchasing Group LLC

Financial Services

8.89%

S + 5.25%

10/01/29

 

 

12,784

 

 

12,691

 

 

12,720

 

 (6) (7)

Coretrust Purchasing Group LLC

Financial Services

 

S + 5.25%

10/01/29

 

 

113

 

 

(2

)

 

(1

)

 (6) (7) (9)

Fullsteam Operations LLC

Financial Services

8.90%

S + 5.25%

08/08/31

 

 

26,716

 

 

26,481

 

 

26,249

 

 (6) (7)

Fullsteam Operations LLC

Financial Services

 

S + 5.25%

08/08/31

 

 

8,905

 

 

(38

)

 

(156

)

 (6) (7) (9)

Fullsteam Operations LLC

Financial Services

8.88%

S + 5.25%

08/08/31

 

 

2,968

 

 

939

 

 

913

 

 (6) (7) (9)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.98%

S + 5.25%

05/25/28

 

 

27,355

 

 

27,238

 

 

24,620

 

 (6) (7)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.98%

S + 5.25%

05/25/28

 

 

2,382

 

 

2,373

 

 

2,142

 

 (6) (7) (9)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.98%

S + 5.25%

05/25/28

 

 

681

 

 

678

 

 

613

 

 (6) (7)

MerchantWise Solutions, LLC (dba HungerRush)

Financial Services

11.23%

S + 7.50% (Incl. 4.50% PIK)

06/01/28

 

 

20,802

 

 

20,658

 

 

16,641

 

 (6) (7)

MerchantWise Solutions, LLC (dba HungerRush)

Financial Services

11.23%

S + 7.50% (Incl. 4.50% PIK)

06/01/28

 

 

4,369

 

 

4,332

 

 

3,495

 

 (6) (7)

Newtek Merchant Solutions, LLC (dba NewtekOne)

Financial Services

9.14%

S + 5.50%

09/26/30

 

 

16,715

 

 

16,569

 

 

16,548

 

 (6) (7) (8)

Newtek Merchant Solutions, LLC (dba NewtekOne)

Financial Services

 

S + 5.50%

09/26/30

 

 

936

 

 

(8

)

 

(9

)

 (6) (7) (8) (9)

Project Accelerate Parent, LLC (dba ABC Fitness)

Financial Services

8.89%

S + 5.25%

02/24/31

 

 

12,863

 

 

12,768

 

 

12,766

 

 (6) (7)

Project Accelerate Parent, LLC (dba ABC Fitness)

Financial Services

 

S + 5.25%

02/24/31

 

 

1,875

 

 

(13

)

 

(14

)

 (6) (7) (9)

Eagle Family Foods Group LLC

Food Products

8.43%

S + 4.75%

08/12/30

 

 

797

 

 

791

 

 

789

 

 (6) (7)

Eagle Family Foods Group LLC

Food Products

 

S + 4.75%

08/12/30

 

 

101

 

 

(1

)

 

(1

)

 (6) (7) (9)

Envero Midco 2 LLC (dba Sun World)

Food Products

 

S + 4.75%

03/02/33

 

 

3,372

 

 

—

 

 

—

 

 (6) (9)

Envero Midco 2 LLC (dba Sun World)

Food Products

 

S + 4.75%

03/02/33

 

 

1,163

 

 

—

 

 

—

 

 (6) (9)

Envero Midco 2 LLC (dba Sun World)

Food Products

 

S + 4.75%

03/02/33

 

 

465

 

 

—

 

 

—

 

 (6) (9)

Rubix Foods, LLC

Food Products

8.39%

S + 4.75%

04/30/31

 

 

22,976

 

 

22,782

 

 

22,516

 

 (6) (7)

Rubix Foods, LLC

Food Products

 

S + 4.75%

04/30/31

 

 

1,792

 

 

(14

)

 

(36

)

 (6) (7) (9)

Tropical Bidco, LLC (dba Tropical Cheese)

Food Products

8.48%

S + 4.75%

12/11/30

 

 

14,395

 

 

14,217

 

 

14,107

 

 (6) (7)

Tropical Bidco, LLC (dba Tropical Cheese)

Food Products

 

S + 4.75%

12/11/30

 

 

1,674

 

 

(19

)

 

(33

)

 (6) (7) (9)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.24%

S + 5.50%

12/06/27

 

 

9,996

 

 

9,955

 

 

9,171

 

 (6) (7) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.82%

S + 6.00%

12/06/27

 

 

5,483

 

 

5,470

 

 

5,059

 

 (6) (7) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.24%

S + 5.50%

12/06/27

 

 

4,705

 

 

4,697

 

 

4,317

 

 (6) (7) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.24%

S + 5.50%

12/06/27

 

 

4,310

 

 

4,301

 

 

3,955

 

 (6) (7) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.24%

S + 5.50%

12/06/27

 

 

2,269

 

 

2,262

 

 

2,081

 

 (6) (7) (13)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

7.73%

E + 5.50%

11/28/31

EUR

 

10,215

 

 

10,620

 

 

11,438

 

 (6) (7)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

 

S + 5.50%

11/28/31

 

 

6,387

 

 

(54

)

 

(128

)

 (6) (7) (9)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

7.73%

E + 5.50%

11/28/31

 

 

5,128

 

 

3,721

 

 

3,692

 

 (6) (7) (9)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

9.17%

S + 5.50%

11/28/31

 

 

3,760

 

 

3,698

 

 

3,685

 

 (6) (7)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.14%

S + 4.50%

06/21/27

 

 

19,038

 

 

18,920

 

 

18,990

 

 (6) (7)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.14%

S + 4.50%

06/21/27

 

 

4,576

 

 

4,551

 

 

4,564

 

 (6) (7)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

 

S + 4.50%

06/21/27

 

 

4,094

 

 

(13

)

 

(10

)

 (6) (7) (9)

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

14

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.14%

S + 4.50%

06/21/27

 

$

1,443

 

$

1,439

 

$

1,439

 

 (6) (7)

Zeus Company LLC

Health Care Equipment & Supplies

9.13%

S + 5.40%

02/28/31

 

 

24,433

 

 

24,169

 

 

22,601

 

 (6) (7)

Zeus Company LLC

Health Care Equipment & Supplies

9.14%

S + 5.40%

02/28/30

 

 

3,426

 

 

539

 

 

314

 

 (6) (7) (9)

Zeus Company LLC

Health Care Equipment & Supplies

9.13%

S + 5.40%

02/28/31

 

 

2,259

 

 

2,234

 

 

2,089

 

 (6) (7)

Argos Health Holdings, Inc

Health Care Providers & Services

8.68%

S + 5.00%

12/03/29

 

 

21,010

 

 

20,812

 

 

20,800

 

 (6) (7)

Argos Health Holdings, Inc

Health Care Providers & Services

8.68%

S + 5.00%

12/03/29

 

 

9,350

 

 

9,274

 

 

9,257

 

 (6) (7)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

11.13%

S + 7.25%

06/01/27

 

 

2,873

 

 

2,867

 

 

2,866

 

 (7)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

11.13%

S + 7.25%

06/01/27

 

 

1,016

 

 

982

 

 

973

 

 (7)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

10.88%

S + 7.00%

06/01/27

 

 

415

 

 

74

 

 

74

 

 (7) (9)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.49%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

21,356

 

 

21,346

 

 

17,832

 

 (6) (7)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.49%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

3,707

 

 

3,708

 

 

3,096

 

 (6) (7)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.49%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

2,202

 

 

2,202

 

 

1,839

 

 (6) (7)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

8.64%

S + 5.00%

08/07/31

 

 

2,542

 

 

2,520

 

 

2,517

 

 (6) (7)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

 

S + 5.00%

08/07/31

 

 

221

 

 

(2

)

 

(2

)

 (6) (7) (9)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

 

S + 5.00%

08/07/31

 

 

99

 

 

(2

)

 

(1

)

 (6) (7) (9)

CORA Health Holdings Corp

Health Care Providers & Services

9.48%

S + 5.75% (Incl. 4.04% PIK)

06/15/29

 

 

22,881

 

 

22,729

 

 

19,734

 

 (6) (7)

CORA Health Holdings Corp

Health Care Providers & Services

9.49%

S + 5.75%

06/15/29

 

 

370

 

 

368

 

 

319

 

 (6) (7)

DECA Dental Holdings LLC

Health Care Providers & Services

9.58%

S + 5.75%

08/28/28

 

 

20,694

 

 

20,538

 

 

18,625

 

 (6) (7)

DECA Dental Holdings LLC

Health Care Providers & Services

9.58%

S + 5.75%

08/28/28

 

 

2,178

 

 

2,162

 

 

1,961

 

 (6) (7)

DECA Dental Holdings LLC

Health Care Providers & Services

9.58%

S + 5.75%

08/26/27

 

 

1,711

 

 

1,703

 

 

1,540

 

 (6) (7)

Highfive Dental Holdco, LLC

Health Care Providers & Services

9.49%

S + 5.75%

06/13/28

 

 

2,728

 

 

2,691

 

 

2,701

 

 (6) (7)

Highfive Dental Holdco, LLC

Health Care Providers & Services

9.49%

S + 5.75%

06/13/28

 

 

1,386

 

 

66

 

 

64

 

 (6) (7) (9)

Highfive Dental Holdco, LLC

Health Care Providers & Services

9.49%

S + 5.75%

06/13/28

 

 

313

 

 

121

 

 

122

 

 (6) (7) (9)

Honor HN Buyer, Inc

Health Care Providers & Services

9.63%

S + 5.75%

10/15/27

 

 

23,261

 

 

23,138

 

 

23,202

 

 (6) (7)

Honor HN Buyer, Inc

Health Care Providers & Services

9.63%

S + 5.75%

10/15/27

 

 

14,711

 

 

14,628

 

 

14,675

 

 (6) (7)

Honor HN Buyer, Inc

Health Care Providers & Services

9.63%

S + 5.75%

10/15/27

 

 

9,995

 

 

2,077

 

 

2,083

 

 (6) (7) (9)

Honor HN Buyer, Inc

Health Care Providers & Services

9.63%

S + 5.75%

10/15/27

 

 

9,737

 

 

9,672

 

 

9,713

 

 (6) (7)

Honor HN Buyer, Inc

Health Care Providers & Services

 

S + 5.75%

10/15/27

 

 

2,802

 

 

(13

)

 

(7

)

 (6) (7) (9)

One GI LLC

Health Care Providers & Services

 

S + 6.75%

12/22/25

 

 

21,894

 

 

21,700

 

 

16,749

 

 (6) (7) (11) (12)

One GI LLC

Health Care Providers & Services

 

S + 6.75%

12/22/25

 

 

11,689

 

 

11,586

 

 

8,942

 

 (6) (7) (11) (12)

One GI LLC

Health Care Providers & Services

 

S + 6.75%

12/22/25

 

 

9,001

 

 

8,922

 

 

6,886

 

 (6) (7) (11) (12)

One GI LLC

Health Care Providers & Services

 

S + 6.75%

12/22/25

 

 

6,416

 

 

6,360

 

 

4,908

 

 (6) (7) (11) (12)

One GI LLC

Health Care Providers & Services

 

S + 6.75%

12/22/25

 

 

3,610

 

 

3,578

 

 

2,762

 

 (6) (7) (11) (12)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.99%

S + 6.00% (Incl. 3.27% PIK)

10/31/27

 

 

30,010

 

 

30,010

 

 

22,207

 

 (6) (7)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.99%

S + 6.00% (Incl. 3.27% PIK)

10/31/27

 

 

8,306

 

 

8,306

 

 

6,147

 

 (6) (7)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.99%

S + 6.00% (Incl. 3.27% PIK)

10/31/27

 

 

6,637

 

 

6,637

 

 

4,912

 

 (6) (7)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.99%

S + 6.00% (Incl. 3.27% PIK)

10/31/27

 

 

1,781

 

 

1,781

 

 

1,318

 

 (6) (7)

SpecialtyCare, Inc.

Health Care Providers & Services

8.44%

S + 4.75%

12/18/29

 

 

8,985

 

 

8,968

 

 

8,918

 

 (6) (7)

SpecialtyCare, Inc.

Health Care Providers & Services

 

S + 4.75%

12/18/29

 

 

634

 

 

(2

)

 

(5

)

 (6) (7) (9)

SpecialtyCare, Inc.

Health Care Providers & Services

8.41%

S + 4.75%

12/18/29

 

 

312

 

 

79

 

 

79

 

 (6) (7) (9)

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

15

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

SpendMend Holdings LLC

Health Care Providers & Services

8.88%

S + 5.00%

03/01/28

 

$

4,254

 

$

1,439

 

$

1,412

 

 (6) (7) (9)

SpendMend Holdings LLC

Health Care Providers & Services

8.88%

S + 5.00%

03/01/28

 

 

612

 

 

608

 

 

606

 

 (6) (7)

SpendMend Holdings LLC

Health Care Providers & Services

8.88%

S + 5.00%

03/01/28

 

 

168

 

 

167

 

 

167

 

 (6) (7)

SpendMend Holdings LLC

Health Care Providers & Services

8.88%

S + 5.00%

03/01/28

 

 

83

 

 

13

 

 

13

 

 (6) (7) (9)

Vardiman Black Holdings, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

 

S + 7.00% PIK

03/18/27

 

 

871

 

 

793

 

 

333

 

 (6) (7) (10) (11)

Vardiman Black Holdings, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

10.72%

S + 7.00% PIK

03/18/27

 

 

98

 

 

104

 

 

102

 

 (6) (7) (10) (13)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

7.92%

S + 4.25%

08/02/32

 

 

33,523

 

 

33,448

 

 

33,272

 

 (6) (7)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

 

S + 4.25%

08/02/32

 

 

11,363

 

 

(12

)

 

(85

)

 (6) (7) (9)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

 

S + 4.25%

08/02/32

 

 

3,977

 

 

(9

)

 

(30

)

 (6) (7) (9)

Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)

Health Care Technology

9.67%

S + 6.00%

08/28/30

 

 

39,229

 

 

38,551

 

 

38,837

 

 (6) (7)

Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)

Health Care Technology

 

S + 6.00%

08/28/30

 

 

1,582

 

 

(26

)

 

(16

)

 (6) (7) (9)

ESO Solutions, Inc.

Health Care Technology

9.17%

S + 5.50%

05/03/27

 

 

39,908

 

 

39,766

 

 

39,608

 

 (6) (7)

ESO Solutions, Inc.

Health Care Technology

9.17%

S + 5.50%

05/03/27

 

 

4,498

 

 

4,469

 

 

4,465

 

 (6) (7)

ESO Solutions, Inc.

Health Care Technology

9.16%

S + 5.50%

05/03/27

 

 

3,620

 

 

2,450

 

 

2,434

 

 (6) (7) (9)

Experity, Inc.

Health Care Technology

 

S + 5.00% (Incl. 2.25% PIK)

02/22/30

 

 

1,315

 

 

(11

)

 

(20

)

 (6) (7) (9)

Experity, Inc.

Health Care Technology

8.73%

S + 5.00% (Incl. 2.25% PIK)

02/22/30

 

 

608

 

 

604

 

 

599

 

 (6) (7)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

8.57%

S + 5.00%

05/11/29

 

 

12,055

 

 

11,938

 

 

11,874

 

 (6) (7)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

 

S + 5.00%

05/11/28

 

 

1,490

 

 

(10

)

 

(22

)

 (6) (7) (9)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

8.58%

S + 5.00%

05/11/29

 

 

1,092

 

 

1,080

 

 

1,075

 

 (6) (7)

MedeAnalytics Parent, Inc.

Health Care Technology

 

3.00% PIK

10/23/28

 

 

240

 

 

142

 

 

121

 

 (6) (7) (11)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

7.99%

S + 4.35%

05/19/32

 

 

5,348

 

 

5,325

 

 

5,215

 

 (6) (7)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

7.99%

S + 4.35%

05/19/32

 

 

2,815

 

 

2,801

 

 

2,744

 

 (6) (7)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

7.99%

S + 4.35%

05/19/32

 

 

1,251

 

 

1,245

 

 

1,220

 

 (6) (7)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

 

S + 4.35%

05/19/32

 

 

1,126

 

 

(5

)

 

(28

)

 (6) (7) (9)

PDDS Holdco, Inc. (dba Planet DDS)

Health Care Technology

9.63%

S + 6.00%

09/30/31

 

 

22,988

 

 

22,780

 

 

22,528

 

 (6) (7)

PDDS Holdco, Inc. (dba Planet DDS)

Health Care Technology

9.64%

S + 6.00%

09/30/31

 

 

3,284

 

 

218

 

 

181

 

 (6) (7) (9)

PlanSource Holdings, Inc.

Health Care Technology

9.17%

S + 5.50%

12/30/26

 

 

56,720

 

 

56,591

 

 

56,295

 

 (6) (7)

PlanSource Holdings, Inc.

Health Care Technology

 

S + 5.50%

12/30/26

 

 

7,824

 

 

(10

)

 

(59

)

 (6) (7) (9)

PlanSource Holdings, Inc.

Health Care Technology

9.17%

S + 5.50%

12/30/26

 

 

905

 

 

903

 

 

898

 

 (6) (7)

PlanSource Holdings, Inc.

Health Care Technology

9.17%

S + 5.50%

12/30/26

 

 

905

 

 

904

 

 

898

 

 (6) (7)

WebPT, Inc.

Health Care Technology

10.20%

S + 6.25% (Incl. 3.13% PIK)

01/18/30

 

 

25,670

 

 

25,015

 

 

22,333

 

 (6) (7)

WebPT, Inc.

Health Care Technology

10.20%

S + 6.25% (Incl. 3.13% PIK)

01/18/30

 

 

5,654

 

 

5,609

 

 

4,919

 

 (6) (7)

WebPT, Inc.

Health Care Technology

 

S + 6.25% (Incl. 3.13% PIK)

01/18/30

 

 

2,617

 

 

(24

)

 

(340

)

 (6) (7) (9)

WebPT, Inc.

Health Care Technology

10.20%

S + 6.25% (Incl. 3.13% PIK)

01/18/30

 

 

2,252

 

 

2,234

 

 

1,959

 

 (6) (7)

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

8.48%

S + 4.75%

12/31/31

 

 

4,110

 

 

4,058

 

 

4,058

 

 (6) (7)

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

8.40%

S + 4.75%

12/31/31

 

 

652

 

 

160

 

 

157

 

 (6) (7) (9)

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

8.38%

S + 4.75%

12/31/31

 

 

217

 

 

63

 

 

62

 

 (6) (7) (9)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

8.69%

S + 5.00%

04/14/31

 

 

10,821

 

 

10,708

 

 

10,686

 

 (6) (7)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

8.70%

S + 5.00%

04/14/31

 

 

2,513

 

 

1,693

 

 

1,682

 

 (6) (7) (9)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

 

S + 5.00%

04/14/31

 

 

1,261

 

 

(13

)

 

(16

)

 (6) (7) (9)

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

16

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

CURiO Brands LLC

Household Products

8.73%

S + 5.00%

04/02/31

 

$

776

 

$

769

 

$

768

 

 (6) (7)

CURiO Brands LLC

Household Products

 

S + 5.00%

04/02/31

 

 

131

 

 

(1

)

 

(1

)

 (6) (7) (9)

CURiO Brands LLC

Household Products

 

S + 5.00%

04/02/31

 

 

65

 

 

(1

)

 

(1

)

 (6) (7) (9)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

8.66%

S + 5.00%

07/24/33

 

 

3,679

 

 

3,661

 

 

3,661

 

 (6)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

8.74%

S + 5.00%

07/24/33

 

 

826

 

 

40

 

 

40

 

 (6) (9)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

 

S + 5.00%

07/24/32

 

 

413

 

 

(3

)

 

(3

)

 (6) (9)

Khoros, LLC (fka Lithium Technologies, Inc.)

Interactive Media & Services

10.00%

10.00%

05/23/30

 

 

18,973

 

 

18,388

 

 

18,262

 

 (6) (7)

Ark Data Centers, LLC

IT Services

8.48%

S + 4.75%

11/27/30

 

 

8,500

 

 

8,367

 

 

8,202

 

 (6) (7)

Ark Data Centers, LLC

IT Services

8.48%

S + 4.75%

11/27/30

 

 

5,000

 

 

1,103

 

 

975

 

 (6) (7) (9)

Ark Data Centers, LLC

IT Services

8.48%

S + 4.75%

11/27/30

 

 

1,500

 

 

1,427

 

 

1,397

 

 (6) (7) (9)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.64%

S + 5.00%

10/02/29

 

 

3,326

 

 

3,279

 

 

3,310

 

 (6) (7)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.64%

S + 5.00%

10/02/29

 

 

2,319

 

 

2,300

 

 

2,308

 

 (6) (7)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.65%

S + 5.00%

10/02/29

 

 

1,297

 

 

245

 

 

253

 

 (6) (7) (9)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.64%

S + 5.00%

10/02/29

 

 

1,175

 

 

1,160

 

 

1,169

 

 (6) (7)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.64%

S + 5.00%

10/02/29

 

 

882

 

 

210

 

 

216

 

 (6) (7) (9)

QBS Parent, Inc. (dba Quorum Software)

IT Services

8.23%

S + 4.50%

06/03/32

 

 

19,960

 

 

19,877

 

 

19,860

 

 (6)

QBS Parent, Inc. (dba Quorum Software)

IT Services

 

S + 4.50%

06/03/32

 

 

2,009

 

 

(8

)

 

(10

)

 (6) (9)

QBS Parent, Inc. (dba Quorum Software)

IT Services

8.48%

S + 4.75%

06/03/32

 

 

370

 

 

22

 

 

20

 

 (6) (9)

US Signal Company, LLC

IT Services

9.26%

S + 5.50%

09/04/29

 

 

6,842

 

 

6,795

 

 

6,774

 

 (6) (7)

US Signal Company, LLC

IT Services

9.28%

S + 5.50%

09/04/29

 

 

2,105

 

 

1,565

 

 

1,558

 

 (6) (7) (9)

US Signal Company, LLC

IT Services

9.29%

S + 5.50%

09/04/29

 

 

1,053

 

 

520

 

 

516

 

 (6) (7) (9)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.48%

S + 4.75%

01/22/29

 

 

3,827

 

 

3,820

 

 

3,789

 

 (6) (7)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.48%

S + 4.75%

01/22/29

 

 

1,746

 

 

1,739

 

 

1,729

 

 (6) (7)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

 

S + 4.75%

01/22/29

 

 

439

 

 

(1

)

 

(4

)

 (6) (7) (9)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.48%

S + 4.75%

01/22/29

 

 

367

 

 

363

 

 

363

 

 (6) (7)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.48%

S + 4.75%

01/22/29

 

 

300

 

 

298

 

 

297

 

 (6) (7)

Xactly Corporation

IT Services

10.02%

S + 6.25%

07/30/27

 

 

62,025

 

 

61,743

 

 

56,443

 

 (6) (7)

Xactly Corporation

IT Services

 

S + 6.25%

07/30/27

 

 

3,874

 

 

(15

)

 

(349

)

 (6) (7) (9)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.39%

S + 6.75%

07/18/28

 

 

4,078

 

 

4,025

 

 

3,874

 

 (6) (7)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.40%

S + 6.75%

07/18/28

 

 

528

 

 

521

 

 

502

 

 (6) (7)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.39%

S + 6.75%

07/18/28

 

 

269

 

 

266

 

 

255

 

 (6) (7)

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

8.64%

S + 5.00%

06/30/32

 

 

14,501

 

 

14,372

 

 

14,356

 

 (6) (7)

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

 

S + 5.00%

06/30/32

 

 

2,684

 

 

(12

)

 

(27

)

 (6) (7) (9)

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

9.04%

S + 5.00%

06/30/32

 

 

2,236

 

 

845

 

 

842

 

 (6) (7) (9)

Mandrake Bidco, Inc. (dba Miratech)

Machinery

8.16%

S + 4.50%

08/20/31

 

 

759

 

 

753

 

 

751

 

 (6) (7)

Mandrake Bidco, Inc. (dba Miratech)

Machinery

 

S + 4.50%

08/20/30

 

 

138

 

 

(1

)

 

(1

)

 (6) (7) (9)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.39%

S + 4.75%

12/02/31

 

 

14,238

 

 

14,121

 

 

13,918

 

 (6) (7)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.39%

S + 4.75%

12/02/31

 

 

3,717

 

 

3,684

 

 

3,633

 

 (6) (7)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.39%

S + 4.75%

12/02/31

 

 

1,860

 

 

125

 

 

98

 

 (6) (7) (9)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.64%

S + 5.00%

12/02/31

 

 

1,000

 

 

159

 

 

154

 

 (6) (7) (9)

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

17

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.48%

S + 4.75%

12/26/31

 

$

19,613

 

$

19,450

 

$

19,368

 

 (6) (7)

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.42%

S + 4.75%

12/26/31

 

 

5,077

 

 

1,227

 

 

1,189

 

 (6) (7) (9)

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.47%

S + 4.75%

12/26/31

 

 

2,546

 

 

1,059

 

 

1,048

 

 (6) (7) (9)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

8.23%

S + 4.50%

07/01/31

 

 

548

 

 

542

 

 

543

 

 (6) (7) (8)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

7.78%

S + 4.50%

07/01/30

 

 

148

 

 

86

 

 

86

 

 (6) (7) (8) (9)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

8.23%

S + 4.50%

07/01/31

 

 

147

 

 

28

 

 

28

 

 (6) (7) (8) (9)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

6.79%

E + 4.50%

07/01/31

EUR

 

136

 

 

144

 

 

154

 

 (6) (7) (8)

Recorded Books Inc. (dba RBMedia)

Media

8.67%

S + 5.00%

09/03/30

 

 

12,896

 

 

12,702

 

 

12,767

 

 (6) (7)

Recorded Books Inc. (dba RBMedia)

Media

 

S + 5.00%

08/31/29

 

 

2,286

 

 

(31

)

 

(23

)

 (6) (7) (9)

Recorded Books Inc. (dba RBMedia)

Media

8.66%

S + 5.00%

09/03/30

 

 

1,513

 

 

1,495

 

 

1,498

 

 (6) (7)

Recorded Books Inc. (dba RBMedia)

Media

 

S + 5.00%

09/03/30

 

 

973

 

 

(14

)

 

(10

)

 (6) (7) (9)

Recorded Books Inc. (dba RBMedia)

Media

 

S + 5.00%

09/03/30

 

 

405

 

 

(6

)

 

(4

)

 (6) (7) (9)

Jupiter Refuel US Buyer, Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

8.98%

S + 5.25%

06/30/31

 

 

3,705

 

 

3,657

 

 

3,649

 

 (6) (7) (8)

Jupiter Refuel US Buyer, Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

 

S + 5.25%

06/30/31

 

 

811

 

 

(5

)

 

(12

)

 (6) (7) (8) (9)

LS Clinical Services Holdings, Inc (dba CATO)

Pharmaceuticals

12.98%

S + 9.25%

12/17/29

 

 

20,202

 

 

20,055

 

 

14,192

 

 (6) (7)

LS Clinical Services Holdings, Inc (dba CATO)

Pharmaceuticals

12.98%

S + 9.25%

06/18/29

 

 

1,263

 

 

1,255

 

 

887

 

 (6) (7)

Bells Parent, Inc. (dba Atwell, LLC)

Professional Services

8.68%

S + 5.00%

04/25/33

 

 

3,042

 

 

3,005

 

 

3,004

 

 (6)

Bells Parent, Inc. (dba Atwell, LLC)

Professional Services

8.73%

S + 5.00%

04/25/33

 

 

902

 

 

891

 

 

896

 

 (6)

Bells Parent, Inc. (dba Atwell, LLC)

Professional Services

 

S + 5.00%

04/25/33

 

 

481

 

 

(6

)

 

(6

)

 (6) (9)

Diligent Corporation

Professional Services

8.67%

S + 5.00%

08/02/30

 

 

49,253

 

 

48,989

 

 

48,760

 

 (6) (7)

Diligent Corporation

Professional Services

12.09%

S + 8.42% (Incl. 3.42% PIK)

08/02/30

 

 

8,443

 

 

8,398

 

 

8,359

 

 (6) (7)

Diligent Corporation

Professional Services

8.65%

S + 5.00%

08/02/30

 

 

7,450

 

 

2,906

 

 

2,868

 

 (6) (7) (9)

Engage2Excel, Inc.

Professional Services

10.99%

S + 7.25%

07/02/29

 

 

815

 

 

807

 

 

795

 

 (6) (7)

Engage2Excel, Inc.

Professional Services

11.57%

S + 7.25%

07/02/29

 

 

75

 

 

52

 

 

51

 

 (6) (7) (9)

iCIMS, Inc.

Professional Services

9.42%

S + 5.75%

08/18/28

 

 

47,432

 

 

47,120

 

 

43,637

 

 (6) (7)

iCIMS, Inc.

Professional Services

9.41%

S + 5.75%

08/18/28

 

 

4,199

 

 

1,190

 

 

882

 

 (6) (7) (9)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

9.51%

S + 5.75%

11/30/28

 

 

16,750

 

 

16,621

 

 

16,666

 

 (6) (7)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

9.51%

S + 5.75%

11/30/28

 

 

16,477

 

 

16,355

 

 

16,394

 

 (6) (7)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

11.50%

P + 4.75%

11/30/28

 

 

2,992

 

 

1,572

 

 

1,581

 

 (6) (7) (9)

Pluralsight, Inc.

Professional Services

 

S + 7.50% PIK

08/22/29

 

 

18,047

 

 

15,642

 

 

857

 

 (6) (7) (10) (11)

Pluralsight, Inc.

Professional Services

8.14%

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

9,852

 

 

9,788

 

 

9,064

 

 (6) (7) (10)

Pluralsight, Inc.

Professional Services

 

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

6,046

 

 

—

 

 

(484

)

 (6) (7) (9) (10)

Pluralsight, Inc.

Professional Services

8.14%

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

4,926

 

 

4,926

 

 

4,532

 

 (6) (7) (10)

Pluralsight, Inc.

Professional Services

 

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

2,418

 

 

—

 

 

(193

)

 (6) (7) (9) (10)

Westwood Professional Services Inc.

Professional Services

8.48%

S + 4.75%

09/19/31

 

 

11,621

 

 

11,535

 

 

11,563

 

 (6) (7)

Westwood Professional Services Inc.

Professional Services

8.48%

S + 4.75%

09/19/31

 

 

2,842

 

 

1,491

 

 

1,493

 

 (6) (7) (9)

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

18

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Westwood Professional Services Inc.

Professional Services

 

S + 4.75%

09/19/31

 

$

1,479

 

$

(11

)

$

(7

)

 (6) (7) (9)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.33%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

38,097

 

 

37,924

 

 

34,669

 

 (6) (7) (8)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.50%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

12,331

 

 

12,288

 

 

11,221

 

 (6) (7) (8)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.33%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

11,686

 

 

11,647

 

 

10,634

 

 (6) (7) (8)

MRI Software LLC

Real Estate Mgmt. & Development

8.48%

S + 4.75%

02/10/28

 

 

33,738

 

 

33,714

 

 

32,894

 

 (6)

MRI Software LLC

Real Estate Mgmt. & Development

8.48%

S + 4.75%

02/10/28

 

 

1,824

 

 

1,003

 

 

963

 

 (6) (9)

MRI Software LLC

Real Estate Mgmt. & Development

8.48%

S + 4.75%

02/10/28

 

 

273

 

 

67

 

 

61

 

 (6) (9)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

10.17%

S + 6.50%

07/01/27

 

 

74,941

 

 

74,941

 

 

74,191

 

 (6) (7)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

10.16%

S + 6.50%

07/01/27

 

 

7,987

 

 

3,423

 

 

3,343

 

 (6) (7) (9)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

10.17%

S + 6.50%

07/01/27

 

 

6,106

 

 

6,065

 

 

6,045

 

 (6) (7)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

9.54%

S + 6.00%

09/10/27

 

 

2,837

 

 

2,821

 

 

2,582

 

 (6) (7)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

 

S + 6.00%

09/10/27

 

 

1,220

 

 

(6

)

 

(110

)

 (6) (7) (9)

Accommodations Plus Technologies LLC

Software

8.95%

S + 5.25%

05/28/32

 

 

2,301

 

 

2,276

 

 

2,266

 

 (6) (7)

Accommodations Plus Technologies LLC

Software

8.95%

S + 5.25%

05/28/32

 

 

2,237

 

 

2,213

 

 

2,204

 

 (6) (7)

Accommodations Plus Technologies LLC

Software

 

S + 5.25%

05/28/32

 

 

439

 

 

(4

)

 

(7

)

 (6) (7) (9)

Acquia, Inc.

Software

9.83%

S + 6.00%

10/30/26

 

 

42,164

 

 

42,082

 

 

41,110

 

 (6) (7)

Acquia, Inc.

Software

9.83%

S + 6.00%

10/30/26

 

 

10,554

 

 

10,533

 

 

10,290

 

 (6) (7)

Acquia, Inc.

Software

9.82%

S + 6.00%

10/30/26

 

 

3,268

 

 

3,264

 

 

3,186

 

 (6) (7)

AI Titan Parent, Inc. (dba Prometheus)

Software

8.14%

S + 4.50%

08/29/31

 

 

7,167

 

 

7,110

 

 

7,024

 

 (6) (7)

AI Titan Parent, Inc. (dba Prometheus)

Software

8.11%

S + 4.50%

08/29/31

 

 

1,433

 

 

316

 

 

294

 

 (6) (7) (9)

AI Titan Parent, Inc. (dba Prometheus)

Software

 

S + 4.50%

08/29/31

 

 

896

 

 

(7

)

 

(18

)

 (6) (7) (9)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

10.93%

S + 7.00%

12/31/26

 

 

39,210

 

 

39,129

 

 

38,132

 

 (6) (7)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.93%

S + 8.00%

12/31/26

 

 

13,403

 

 

13,392

 

 

13,225

 

 (6) (7) (9)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.93%

S + 8.00%

12/31/26

 

 

12,500

 

 

12,500

 

 

12,344

 

 (6) (7)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.93%

S + 8.00%

12/31/26

 

 

6,600

 

 

6,600

 

 

6,517

 

 (6) (7)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

10.93%

S + 7.00%

12/31/26

 

 

4,570

 

 

3,648

 

 

3,530

 

 (6) (7) (9)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.93%

S + 8.00%

12/31/26

 

 

2,339

 

 

2,339

 

 

2,310

 

 (6) (7)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.73%

S + 5.00%

07/01/30

 

 

2,868

 

 

2,821

 

 

2,839

 

 (6) (7)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.73%

S + 5.00%

07/01/30

 

 

188

 

 

187

 

 

186

 

 (6) (7)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.73%

S + 5.00%

07/01/30

 

 

182

 

 

179

 

 

180

 

 (6) (7)

Artifact Bidco, Inc. (dba Avetta)

Software

7.88%

S + 4.15%

07/28/31

 

 

10,567

 

 

10,484

 

 

10,408

 

 (6) (7)

Artifact Bidco, Inc. (dba Avetta)

Software

 

S + 4.15%

07/28/31

 

 

2,586

 

 

(9

)

 

(39

)

 (6) (7) (9)

Artifact Bidco, Inc. (dba Avetta)

Software

 

S + 4.15%

07/26/30

 

 

1,256

 

 

(9

)

 

(19

)

 (6) (7) (9)

Artifact Bidco, Inc. (dba Avetta)

Software

 

S + 4.15%

07/26/30

 

 

591

 

 

(4

)

 

(9

)

 (6) (7) (9)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.73%

S + 5.00%

07/14/31

 

 

600

 

 

595

 

 

586

 

 (6) (7) (8)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.73%

S + 5.00%

07/14/31

 

 

286

 

 

283

 

 

279

 

 (6) (7) (8)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.23%

S + 4.50%

07/14/31

 

 

148

 

 

147

 

 

145

 

 (6) (7) (8)

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

 

19

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

Aurora Acquireco, Inc. (dba AuditBoard)

Software

 

S + 5.00%

07/14/31

 

$

114

 

$

(1

)

$

(3

)

 (6) (7) (8) (9)

Clearwater Analytics, LLC

Software

8.15%

S + 4.50%

06/27/33

 

 

57,447

 

 

57,160

 

 

57,160

 

 (6)

Clearwater Analytics, LLC

Software

 

S + 4.50%

06/27/33

 

 

10,638

 

 

(27

)

 

(27

)

 (6) (9)

Clearwater Analytics, LLC

Software

 

S + 4.50%

06/27/33

 

 

4,486

 

 

(22

)

 

(22

)

 (6) (9)

Clearwater Analytics, LLC

Software

 

S + 4.50%

06/27/33

 

 

2,429

 

 

(12

)

 

(12

)

 (6) (9)

Convenient Payments Acquisition, Inc.

Software

9.64%

S + 6.00%

12/31/26

 

 

5,040

 

 

5,027

 

 

4,989

 

 (6) (7)

Convenient Payments Acquisition, Inc.

Software

9.64%

S + 6.00%

12/31/26

 

 

656

 

 

654

 

 

650

 

 (6) (7)

Convenient Payments Acquisition, Inc.

Software

 

S + 6.00%

12/31/26

 

 

393

 

 

(1

)

 

(4

)

 (6) (7) (9)

Crewline Buyer, Inc. (dba New Relic)

Software

10.41%

S + 6.75%

11/08/30

 

 

3,631

 

 

3,566

 

 

3,449

 

 (6) (7)

Crewline Buyer, Inc. (dba New Relic)

Software

 

S + 6.75%

11/08/30

 

 

363

 

 

(6

)

 

(18

)

 (6) (7) (9)

Edition Holdings, Inc. (dba Enverus)

Software

8.14%

S + 4.50%

12/20/32

 

 

3,859

 

 

3,846

 

 

3,801

 

 (6) (7)

Edition Holdings, Inc. (dba Enverus)

Software

 

S + 4.50%

12/20/32

 

 

806

 

 

(1

)

 

(12

)

 (6) (7) (9)

Edition Holdings, Inc. (dba Enverus)

Software

8.15%

S + 4.50%

12/20/32

 

 

335

 

 

11

 

 

7

 

 (6) (7) (9)

Gainsight, Inc.

Software

9.48%

S + 5.50%

07/30/27

 

 

29,079

 

 

28,976

 

 

28,788

 

 (6) (7)

Gainsight, Inc.

Software

 

S + 5.50%

07/30/27

 

 

5,708

 

 

(18

)

 

(57

)

 (6) (7) (9)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

9.41%

S + 5.75% (Incl. 2.25% PIK)

01/17/31

 

 

11,979

 

 

11,897

 

 

11,919

 

 (6) (7)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

8.91%

S + 5.00% (Incl. 2.00% PIK)

01/17/31

 

 

2,658

 

 

2,642

 

 

2,592

 

 (6) (7)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

11.00%

P + 4.25%

01/17/31

 

 

1,645

 

 

121

 

 

119

 

 (6) (7) (9)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

 

S + 5.75% (Incl. 2.25% PIK)

01/17/31

 

 

133

 

 

(2

)

 

(3

)

 (6) (7) (9)

KPA Parent Holdings, Inc.

Software

8.14%

S + 4.50%

03/12/32

 

 

796

 

 

789

 

 

784

 

 (6) (7)

KPA Parent Holdings, Inc.

Software

 

S + 4.50%

03/12/32

 

 

104

 

 

—

 

 

(2

)

 (6) (7) (9)

KPA Parent Holdings, Inc.

Software

 

S + 4.50%

03/12/32

 

 

79

 

 

(1

)

 

(1

)

 (6) (7) (9)

Lobos Parent, Inc. (dba NEOGOV)

Software

7.98%

S + 4.25%

09/27/32

 

 

27,938

 

 

27,752

 

 

27,379

 

 (6) (7)

Lobos Parent, Inc. (dba NEOGOV)

Software

 

S + 4.25%

09/27/32

 

 

4,493

 

 

(22

)

 

(90

)

 (6) (7) (9)

Lobos Parent, Inc. (dba NEOGOV)

Software

7.99%

S + 4.25%

09/26/31

 

 

3,164

 

 

454

 

 

411

 

 (6) (7) (9)

Lobos Parent, Inc. (dba NEOGOV)

Software

 

S + 4.25%

09/26/31

 

 

1,424

 

 

(9

)

 

(28

)

 (6) (7) (9)

ML Holdco, LLC (dba MeridianLink)

Software

7.91%

S + 4.25%

10/25/32

 

 

12,786

 

 

12,727

 

 

12,594

 

 (6) (7)

ML Holdco, LLC (dba MeridianLink)

Software

 

S + 4.25%

10/25/32

 

 

3,326

 

 

(7

)

 

(50

)

 (6) (7) (9)

NC Topco, LLC (dba NContracts)

Software

8.17%

S + 4.50%

09/02/31

 

 

25,187

 

 

24,992

 

 

24,872

 

 (6) (7)

NC Topco, LLC (dba NContracts)

Software

8.17%

S + 4.50%

09/02/31

 

 

7,221

 

 

7,160

 

 

7,131

 

 (6) (7)

NC Topco, LLC (dba NContracts)

Software

 

S + 4.50%

09/02/31

 

 

2,889

 

 

(21

)

 

(36

)

 (6) (7) (9)

North Star Acquisitionco, LLC (dba Everway)

Software

9.07%

N + 4.75%

05/03/29

NOK

 

53,835

 

 

5,037

 

 

5,384

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.45%

S + 4.75%

05/03/29

 

 

31,667

 

 

31,667

 

 

31,350

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.45%

S + 4.75%

05/03/29

 

 

21,786

 

 

21,728

 

 

21,568

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.45%

S + 4.75%

05/03/29

 

 

7,214

 

 

7,214

 

 

7,142

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.45%

S + 4.75%

05/03/29

 

 

5,100

 

 

5,086

 

 

5,049

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

 

S + 4.75%

05/03/29

 

 

4,836

 

 

(12

)

 

(48

)

 (6) (7) (8) (9)

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

 

20

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

North Star Acquisitionco, LLC (dba Everway)

Software

8.48%

SN + 4.75%

05/03/29

GBP

 

2,456

 

$

3,122

 

$

3,226

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.45%

S + 4.75%

05/03/29

 

 

661

 

 

661

 

 

654

 

 (6) (7) (8)

North Star Acquisitionco, LLC (dba Everway)

Software

8.46%

S + 4.75%

05/03/29

 

 

529

 

 

479

 

 

473

 

 (6) (7) (8) (9)

Onward AcquireCo, Inc. (dba OneStream)

Software

8.69%

S + 5.05% (Incl. 2.68% PIK)

04/01/33

 

 

3,132

 

 

3,109

 

 

3,108

 

 (6)

Onward AcquireCo, Inc. (dba OneStream)

Software

 

S + 5.05% (Incl. 2.68% PIK)

04/01/33

 

 

1,333

 

 

(5

)

 

(5

)

 (6) (9)

Onward AcquireCo, Inc. (dba OneStream)

Software

 

S + 5.05% (Incl. 2.68% PIK)

04/01/33

 

 

556

 

 

(4

)

 

(4

)

 (6) (9)

Runway Bidco, LLC (dba Redwood Software)

Software

8.23%

S + 4.50%

12/17/31

 

 

12,044

 

 

11,944

 

 

11,924

 

 (6) (7)

Runway Bidco, LLC (dba Redwood Software)

Software

 

S + 4.50%

12/17/31

 

 

3,030

 

 

(12

)

 

(30

)

 (6) (7) (9)

Runway Bidco, LLC (dba Redwood Software)

Software

 

S + 4.50%

12/17/31

 

 

1,515

 

 

(12

)

 

(15

)

 (6) (7) (9)

Singlewire Software, LLC

Software

8.48%

S + 4.75%

05/10/30

 

 

1,878

 

 

1,861

 

 

1,859

 

 (6) (7)

Singlewire Software, LLC

Software

8.48%

S + 4.75%

05/10/30

 

 

684

 

 

669

 

 

677

 

 (6) (7)

Singlewire Software, LLC

Software

10.50%

P + 3.75%

05/10/30

 

 

252

 

 

13

 

 

14

 

 (6) (7) (9)

Smarsh, Inc.

Software

8.48%

S + 4.75%

02/16/29

 

 

35,000

 

 

34,768

 

 

34,300

 

 (6) (7)

Smarsh, Inc.

Software

8.39%

S + 4.75%

02/16/29

 

 

5,000

 

 

2,839

 

 

2,767

 

 (6) (7) (9)

Smarsh, Inc.

Software

 

S + 4.75%

02/16/29

 

 

3,333

 

 

(8

)

 

(67

)

 (6) (7) (9)

Smarsh, Inc.

Software

8.48%

S + 4.75%

02/16/29

 

 

3,333

 

 

716

 

 

673

 

 (6) (7) (9)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.48%

S + 4.75%

07/02/29

 

 

52,422

 

 

52,004

 

 

51,767

 

 (6) (7)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.48%

S + 4.75%

07/02/29

 

 

12,085

 

 

12,025

 

 

11,934

 

 (6) (7)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.48%

S + 4.75%

07/02/29

 

 

8,744

 

 

482

 

 

429

 

 (6) (7) (9)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.48%

S + 4.75%

07/02/29

 

 

1,315

 

 

1,313

 

 

1,299

 

 (6) (7)

Vamos Bidco, Inc. (dba VIP)

Software

8.23%

S + 4.50%

01/30/32

 

 

16,054

 

 

15,919

 

 

15,813

 

 (6) (7)

Vamos Bidco, Inc. (dba VIP)

Software

 

S + 4.50%

01/30/32

 

 

6,757

 

 

(27

)

 

(101

)

 (6) (7) (9)

Vamos Bidco, Inc. (dba VIP)

Software

8.23%

S + 4.50%

01/30/32

 

 

2,027

 

 

322

 

 

307

 

 (6) (7) (9)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

8.65%

S + 4.75%

12/05/31

 

 

17,914

 

 

17,644

 

 

17,645

 

 (6) (7)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

8.49%

S + 4.75%

12/05/31

 

 

3,946

 

 

1,003

 

 

999

 

 (6) (7) (9)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

 

S + 4.75%

12/05/31

 

 

252

 

 

(3

)

 

(4

)

 (6) (7) (9)

BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)

Trading Companies & Distributors

9.39%

S + 5.75%

10/07/30

 

 

16,183

 

 

15,906

 

 

16,183

 

 (6)

BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)

Trading Companies & Distributors

9.39%

S + 5.75%

10/07/30

 

 

9,071

 

 

8,911

 

 

9,071

 

 (6)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

11.16%

S + 7.50% (Incl. 2.25% PIK)

12/31/29

 

 

26,296

 

 

26,041

 

 

23,732

 

 (6) (7)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

8.91%

S + 5.25%

12/31/29

 

 

2,988

 

 

1,023

 

 

760

 

 (6) (7) (9)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

11.16%

S + 7.50% (Incl. 2.25% PIK)

12/31/29

 

 

206

 

 

204

 

 

186

 

 (6) (7)

PT Intermediate Holdings III, LLC (dba Parts Town)

Trading Companies & Distributors

8.48%

S + 4.75%

04/09/30

 

 

34,754

 

 

34,712

 

 

34,232

 

 (6) (7)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

8.66%

S + 5.00%

01/24/33

 

 

12,367

 

 

12,249

 

 

12,244

 

 (6) (7)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

8.66%

S + 5.00%

01/24/33

 

 

2,173

 

 

1,502

 

 

1,498

 

 (6) (7) (9)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

 

S + 5.00%

01/24/33

 

 

2,088

 

 

(20

)

 

(21

)

 (6) (7) (9)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

 

S + 5.00%

01/24/33

 

 

522

 

 

(5

)

 

(5

)

 (6) (7) (9)

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

8.73%

S + 5.00% (Incl. 2.75% PIK)

12/06/32

 

 

10,548

 

 

10,451

 

 

10,416

 

 (6) (7)

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

8.73%

S + 5.00% (Incl. 2.75% PIK)

12/06/32

 

 

3,810

 

 

889

 

 

863

 

 (6) (7) (9)

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

21

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Initial
Acquisition
Date

Maturity

Par(5)

 

Cost

 

Fair
Value

 

Footnotes

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

 

S + 4.50%

 

12/06/32

$

1,429

 

$

(13

)

$

(18

)

 (6) (7) (9)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.06%

S + 5.25%

 

03/31/27

 

3,922

 

 

2,529

 

 

2,510

 

 (6) (7) (9)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

3,912

 

 

3,895

 

 

3,873

 

 (6) (7)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

3,912

 

 

3,895

 

 

3,873

 

 (6) (7)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

2,445

 

 

2,434

 

 

2,421

 

 (6) (7)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

 

S + 5.25%

 

03/31/27

 

490

 

 

(2

)

 

(5

)

 (6) (7) (9)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

2,901,630

 

 

2,790,142

 

 

1st Lien/Last-Out Unitranche - 9.7%

 

 

 

 

 

 

 

 

 

 

 

 

Streamland Media Midco LLC

Entertainment

 

S + 6.50% (Incl. 5.50% PIK)

 

04/02/29

$

17,974

 

$

14,791

 

$

7,234

 

 (6) (7) (11) (14)

EDB Parent, LLC (dba Enterprise DB)

Software

10.66%

S + 7.00%

 

07/07/28

 

19,504

 

 

19,290

 

 

19,260

 

 (6) (7) (14)

EDB Parent, LLC (dba Enterprise DB)

Software

10.66%

S + 7.00%

 

07/07/28

 

12,678

 

 

11,604

 

 

11,446

 

 (6) (7) (9) (14)

EDB Parent, LLC (dba Enterprise DB)

Software

10.66%

S + 7.00%

 

07/07/28

 

4,720

 

 

4,678

 

 

4,661

 

 (6) (7) (14)

EIP Consolidated, LLC (dba Everest Infrastructure)

Wireless Telecommunication Services

9.89%

S + 6.25%

 

12/07/28

 

6,255

 

 

6,221

 

 

6,224

 

 (6) (7) (14)

EIP Consolidated, LLC (dba Everest Infrastructure)

Wireless Telecommunication Services

9.89%

S + 6.25%

 

12/07/28

 

3,745

 

 

3,725

 

 

3,726

 

 (6) (7) (14)

Everest Portfolio Company, LLC

Wireless Telecommunication Services

8.69%

S + 5.00%

 

06/02/31

 

570

 

 

563

 

 

563

 

 (6) (14)

Everest Portfolio Company, LLC

Wireless Telecommunication Services

 

S + 5.00%

 

06/02/31

 

430

 

 

(5

)

 

(5

)

 (6) (9) (14)

K2 Towers III, LLC

Wireless Telecommunication Services

8.34%

S + 4.67%

 

12/06/28

 

52,609

 

 

45,332

 

 

45,089

 

 (6) (7) (9) (14)

Octagon Towers LLC

Wireless Telecommunication Services

8.72%

S + 4.98%

 

09/04/28

 

11,658

 

 

9,607

 

 

9,549

 

 (6) (7) (9) (14)

Skyway Towers Intermediate LLC

Wireless Telecommunication Services

8.67%

S + 5.03%

 

12/22/28

 

10,181

 

 

10,133

 

 

10,130

 

 (6) (7) (14)

Skyway Towers Intermediate LLC

Wireless Telecommunication Services

8.67%

S + 5.03%

 

12/22/28

 

8,339

 

 

1,688

 

 

1,697

 

 (6) (7) (9) (14)

Tarpon Towers II LLC

Wireless Telecommunication Services

8.39%

S + 4.75%

 

02/01/29

 

9,428

 

 

9,373

 

 

9,380

 

 (6) (7) (14)

Tarpon Towers II LLC

Wireless Telecommunication Services

8.39%

S + 4.75%

 

02/01/29

 

5,573

 

 

3,199

 

 

3,201

 

 (6) (7) (9) (14)

Total 1st Lien/Last-Out Unitranche

 

 

 

 

 

 

 

 

140,199

 

 

132,155

 

 

2nd Lien/Senior Secured Debt - 4.1%

 

 

 

 

 

 

 

 

 

 

 

 

MPI Engineered Technologies, LLC

Automobile Components

 

S + 17.00% PIK

01/15/20

11/17/25

$

24,519

 

$

20,012

 

$

7,355

 

 (7) (11) (12) (15)

Wine.com, LLC

Beverages

 

S + 12.00% PIK

 

04/01/28

 

14,532

 

 

14,613

 

 

7,731

 

 (6) (7) (11)

Wine.com, LLC

Beverages

 

S + 12.00% PIK

 

04/01/28

 

4,027

 

 

3,208

 

 

4,795

 

 (6) (7) (9) (11) (16)

Chase Industries, Inc. (dba Senneca Holdings)

Building Products

10.00%

10.00%

 

11/12/29

 

16,576

 

 

16,101

 

 

16,079

 

 (6) (7)

Chase Industries, Inc. (dba Senneca Holdings)

Building Products

 

10.00% PIK

 

11/12/29

 

15,800

 

 

13,960

 

 

14,220

 

 (6) (7) (11)

Sweep Midco LLC

Commercial Services & Supplies

 

 

 

03/12/36

 

16,360

 

 

—

 

 

—

 

 (6) (7) (17)

Sweep Midco LLC

Commercial Services & Supplies

 

 

 

03/12/34

 

5,621

 

 

4,216

 

 

1,138

 

 (6) (7) (17)

Tiger Acquisition, LLC (dba Sabre Industries)

Wireless Telecommunication Services

8.89%

S + 5.25%

 

05/01/34

 

3,838

 

 

3,800

 

 

3,800

 

 (6)

Total 2nd Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

75,910

 

 

55,118

 

 

Unsecured Debt - 0.6%

 

 

 

 

 

 

 

 

 

 

 

 

Wine.com, Inc.

Beverages

 

S + 15.00% PIK

 

04/01/28

$

45,676

 

$

—

 

$

—

 

 (6) (7) (11) (16)

Wine.com, Inc.

Beverages

 

S + 15.00% PIK

 

04/01/28

 

26,345

 

 

6,488

 

 

—

 

 (6) (7) (11) (16)

Wine.com, Inc.

Beverages

 

S + 15.00% PIK

 

04/01/28

 

16,021

 

 

15,229

 

 

—

 

 (6) (7) (11)

Bayside Parent, LLC (dba Pro-PT)

Health Care Providers & Services

13.88%

S + 10.00% PIK

 

06/01/27

 

1,470

 

 

1,442

 

 

1,394

 

 (7)

mPulse Mobile, Inc. (dba Zipari Inc.)

Health Care Technology

 

 

09/05/24

02/25/33

 

8,247

 

 

7,072

 

 

7,175

 

 (7) (15) (17)

Total Unsecured Debt

 

 

 

 

 

 

 

 

30,231

 

 

8,569

 

 

Total United States

 

 

 

 

 

 

 

$

3,147,970

 

$

2,985,984

 

 

Total Debt Investments

 

 

 

 

 

 

 

$

3,322,374

 

$

3,159,173

 

 

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

22

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)

Industry(3)

Initial
Acquisition
Date

Shares(5)

 

Cost

 

Fair
Value

 

Footnotes

Equity Securities - 2.6%

 

 

 

 

 

 

 

 

 

Canada - 0.0%

 

 

 

 

 

 

 

 

 

Common Stock - 0.0%

 

 

 

 

 

 

 

 

 

Prairie Provident Resources, Inc.

Oil, Gas & Consumable Fuels

01/31/14

 

119,332

 

$

9,237

 

$

49

 

 (8) (15) (17)

Total Common Stock

 

 

 

 

 

9,237

 

 

49

 

 

Total Canada

 

 

 

 

$

9,237

 

$

49

 

 

United States - 2.6%

 

 

 

 

 

 

 

 

 

Common Stock - 1.1%

 

 

 

 

 

 

 

 

 

VisionSafe Parent, LLC

Aerospace & Defense

04/19/24

 

610

 

$

610

 

$

712

 

 (6) (7) (15) (17)

Thrasio Holdings, Inc.

Broadline Retail

06/18/24

 

252,754

 

 

—

 

 

—

 

 (6) (7) (10) (15) (17)

Elah Holdings, Inc.

Capital Markets

05/09/18

 

111,650

 

 

5,238

 

 

5,396

 

 (6) (7) (10) (15) (17)

RPC ABC Investment Holdings LLC (dba ABC Plumbing)

Diversified Consumer Services

04/26/24

 

2,116,564

 

 

2,117

 

 

2,042

 

 (6) (7) (15) (17)

SEM Holdings, LLC (dba Southeast Mechanical, LLC)

Diversified Consumer Services

07/06/22

 

1,100

 

 

1,100

 

 

1,364

 

 (6) (7) (10) (15) (17)

Whitewater Holding Company LLC

Diversified Consumer Services

12/21/21

 

23,400

 

 

2,340

 

 

2,438

 

 (6) (7) (15) (17)

Iracore International Holdings, Inc.

Energy Equipment & Services

04/13/17

 

28,898

 

 

7,003

 

 

2,233

 

 (7) (10) (15) (17)

Streamland Media Holdings LLC

Entertainment

03/31/25

 

159,126

 

 

6,393

 

 

—

 

 (6) (7) (15) (17)

PPT Management Holdings, LLC (dba Pro-PT)

Health Care Providers & Services

05/31/23

 

1,293

 

 

—

 

 

345

 

 (7) (15) (17)

SDB HOLDCO, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

03/29/24

 

731,038

 

 

—

 

 

—

 

 (7) (10) (15) (17)

MedeAnalytics Group Holdings, LLC

Health Care Technology

04/21/23

 

9

 

 

—

 

 

—

 

 (6) (7) (15) (17)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

08/11/21

 

3,355

 

 

3,406

 

 

789

 

 (6) (7) (15) (17)

Pluralsight, Inc.

Professional Services

08/22/24

 

4,836,698

 

 

13,167

 

 

—

 

 (6) (7) (10) (15) (17)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

03/10/21

 

29,326

 

 

2,933

 

 

69

 

 (6) (7) (15) (17)

Total Common Stock

 

 

 

 

 

44,307

 

 

15,388

 

 

 

Preferred Stock - 1.5%

 

 

 

 

 

 

 

 

 

Wine.com, LLC

Beverages

11/14/18

 

535,226

 

$

8,225

 

$

—

 

 (6) (7) (15) (17)

Wine.com, LLC

Beverages

03/03/21

 

124,040

 

 

3,066

 

 

—

 

 (6) (7) (15) (17)

FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

10/02/24

 

759

 

 

100

 

 

139

 

 (6) (7) (15) (17)

RPC ABC Investment Holdings LLC (dba ABC Plumbing)

Diversified Consumer Services

01/09/26

 

107,891

 

 

108

 

 

110

 

 (6) (7) (15) (17)

SDB HOLDCO, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

03/29/24

 

354,698

 

 

113

 

 

—

 

 (7) (10) (15) (17)

MedeAnalytics Group Holdings, LLC

Health Care Technology

10/09/20

 

—

 

 

—

 

 

—

 

 (6) (7) (15) (17) (18)

Khoros, LLC (fka Lithium Technologies, Inc.)

Interactive Media & Services

05/23/25

 

202,383

 

 

8,698

 

 

4,342

 

 (6) (7) (15) (17)

CloudBees, Inc.

Software

11/24/21

 

1,152,957

 

 

12,899

 

 

15,640

 

 (6) (7) (15) (17)

Total Preferred Stock

 

 

 

 

 

33,209

 

 

20,231

 

 

Warrants - 0.0%

 

 

 

 

 

 

 

 

 

CloudBees, Inc.

Software

11/24/21

 

333,980

 

$

1,849

 

$

407

 

 (6) (7) (15) (17)

Total Warrants

 

 

 

 

 

1,849

 

 

407

 

 

Total United States

 

 

 

 

$

79,365

 

$

36,026

 

 

Total Equity Securities

 

 

 

 

$

88,602

 

$

36,075

 

 

Total Investments - 235.3%

 

 

 

 

$

3,410,976

 

$

3,195,248

 

 

Investments in Affiliated Money Market Fund - 2.7%

 

 

 

 

 

 

 

 

 

United States - 2.7%

 

 

 

 

 

 

 

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 

 

 

36,226,298

 

$

36,226

 

$

36,226

 

 (19) (20)

Total United States

 

 

 

 

$

36,226

 

$

36,226

 

 

Total Investments in Affiliated Money Market Fund

 

 

 

 

$

36,226

 

$

36,226

 

 

Total Investments and Investments in Affiliated Money Market Fund - 238.0%

 

 

 

 

$

3,447,202

 

$

3,231,474

 

 

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

23

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (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”), BBSY ("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, 2026, 1 month E was 2.20%, 3 month E was 2.32%, 1 month S was 3.65%, 3 month S was 3.73%, 6 month S was 3.85%, 3 month SN was 3.73%, 3 month C was 2.29%, 3 month N was 4.57%, 1 month B was 4.36% and P was 6.75%. 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, 2026.
(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, 2026, the aggregate fair value of these non-qualifying assets is $346,284 or 10.5% of the Company’s total assets.
(9)
Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded 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 a loan. The negative fair value, if applicable, is the result of the capitalized discount on a 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 Company is in discussions with the portfolio company to extend the maturity date through an amendment.
(13)
The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
(14)
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.
(15)
Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a “restricted security”. As of June 30, 2026, the aggregate fair value of these securities is $50,605 or 3.7% of the Company's net assets. The initial acquisition dates have been included for such securities.
(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 in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $2,361 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of June 30, 2026, the interest rate in effect for the secured borrowing was S + 12% PIK and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 “Significant Accounting Policies".
(17)
Non-income producing security.
(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 June 30, 2026 is 3.53%.

PIK – Payment-In-Kind

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

24

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized
Appreciation
(Depreciation)

 

Bank of America, N.A.

GBP 2,161

USD 2,865

07/15/26

$

1

 

Bank of America, N.A.

USD 2,929

GBP 2,161

07/15/26

 

63

 

Bank of America, N.A.

USD 2,865

GBP 2,161

10/15/26

 

(2

)

Total Foreign Currency Forward Contracts

 

 

$

62

 

Interest Rate Swaps

Counterparty

Hedged Item

Company Receives

Company Pays

Frequency

Maturity Date

Notional Amount

 

Fair Market
Value

 

Upfront Payments / Receipts

 

Unrealized Appreciation (Depreciation)

 

Bank of America, N.A.

2027 Notes

6.375%

S + 2.799%

Semiannual

03/11/27

$

400,000

 

$

(1,161

)

$

—

 

$

(1,161

)

BNP Paribas

2029 Notes

5.100%

S + 1.598%

Semiannual

12/28/28

 

400,000

 

 

(4,933

)

 

—

 

 

(4,933

)

Bank of America, N.A.

2030 Notes

5.650%

S + 2.360%

Semiannual

08/09/30

 

400,000

 

 

(10,356

)

 

—

 

 

(10,356

)

Total Interest Rate Swaps

 

 

 

 

 

$

1,200,000

 

$

(16,450

)

$

—

 

$

(16,450

)

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

25

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Debt Investments - 226.3%

 

 

 

 

 

 

 

 

 

 

 

 

Canada - 7.3%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 7.3%

 

 

 

 

 

 

 

 

 

 

 

 

Rocket Bidco, Inc. (dba Recochem)

Chemicals

8.60%

S + 4.75%

11/01/30

 

$

14,420

 

$

14,208

 

$

14,384

 

 (7) (8) (9)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

7.33%

C + 4.75%

11/01/30

CAD

 

7,831

 

 

5,563

 

 

5,691

 

 (7) (8) (9)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

7.31%

C + 4.75%

11/01/30

CAD

 

1,940

 

 

26

 

 

34

 

 (7) (8) (9) (10)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

8.60%

S + 4.75%

11/01/30

 

 

1,731

 

 

1,705

 

 

1,727

 

 (7) (8) (9)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

8.59%

S + 4.75%

11/01/30

CAD

 

776

 

 

88

 

 

90

 

 (7) (8) (9) (10)

Rocket Bidco, Inc. (dba Recochem)

Chemicals

S + 4.75%

11/01/30

CAD

 

518

 

 

(8

)

 

(1

)

 (7) (8) (9) (10)

Prophix Software Inc. (dba Pound Bidco)

Financial Services

10.22%

S + 6.00%

04/24/30

 

 

13,488

 

 

13,458

 

 

13,420

 

 (7) (8) (9)

Prophix Software Inc. (dba Pound Bidco)

Financial Services

10.22%

S + 6.00%

04/24/30

 

 

1,294

 

 

819

 

 

812

 

 (7) (8) (9) (10)

Prophix Software Inc. (dba Pound Bidco)

Financial Services

9.80%

S + 6.00%

02/01/27

 

 

730

 

 

495

 

 

491

 

 (7) (8) (9) (10)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

C + 5.00%

01/14/33

CAD

 

25,305

 

 

—

 

 

—

 

 (7) (9) (10)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

C + 5.00%

01/14/33

CAD

 

4,866

 

 

—

 

 

—

 

 (7) (9) (10)

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

Health Care Providers & Services

C + 5.00%

01/14/33

CAD

 

3,476

 

 

—

 

 

—

 

 (7) (9) (10)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

7.51%

C + 5.25%

06/30/31

CAD

 

45,690

 

 

33,087

 

 

32,872

 

 (7) (8) (9)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

C + 5.25%

06/30/31

CAD

 

9,957

 

 

(50

)

 

(91

)

 (7) (8) (9) (10)

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

7.51%

C + 5.25%

06/30/31

CAD

 

6,638

 

 

747

 

 

746

 

 (7) (8) (9) (10)

Everest Clinical Research Corporation

Professional Services

8.32%

S + 4.50%

11/06/28

 

 

4,685

 

 

4,635

 

 

4,661

 

 (7) (8) (9)

Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)

Professional Services

8.32%

S + 4.50%

11/06/28

 

 

7,146

 

 

7,089

 

 

7,110

 

 (7) (8) (9)

Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)

Professional Services

S + 4.50%

11/06/28

 

 

1,260

 

 

(8

)

 

(6

)

 (7) (8) (9) (10)

Rodeo Buyer Company (dba Absorb Software)

Professional Services

10.22%

S + 6.25%

05/25/27

 

 

21,167

 

 

21,047

 

 

21,061

 

 (7) (8) (9)

Rodeo Buyer Company (dba Absorb Software)

Professional Services

S + 6.25%

05/25/27

 

 

3,387

 

 

(16

)

 

(17

)

 (7) (8) (9) (10)

iWave Information Systems, Inc.

Software

9.98%

S + 6.25%

11/23/28

 

 

865

 

 

852

 

 

856

 

 (7) (8) (9)

iWave Information Systems, Inc.

Software

9.99%

S + 6.25%

11/23/28

 

 

438

 

 

42

 

 

39

 

 (7) (8) (9) (10)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

103,779

 

 

103,879

 

 

Total Canada

 

 

 

 

 

 

 

$

103,779

 

$

103,879

 

 

India - 1.2%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 1.2%

 

 

 

 

 

 

 

 

 

 

 

 

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

8.32%

S + 4.50%

08/02/32

 

$

17,615

 

$

17,573

 

$

17,571

 

 (7) (8) (9)

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

S + 4.50%

08/02/32

 

 

6,249

 

 

(8

)

 

(15

)

 (7) (8) (9) (10)

AGS Health BCP LLC (dba AGS Health)

Health Care Technology

S + 4.50%

08/02/32

 

 

2,273

 

 

(5

)

 

(6

)

 (7) (8) (9) (10)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

17,560

 

 

17,550

 

 

Total India

 

 

 

 

 

 

 

$

17,560

 

$

17,550

 

 

United Kingdom - 3.5%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 3.5%

 

 

 

 

 

 

 

 

 

 

 

 

Clearcourse Partnership Acquireco Finance Limited

IT Services

11.47%

SN + 7.50% (Incl. 0.50% PIK)

07/25/28

GBP

 

16,616

 

$

20,095

 

$

21,726

 

 (7) (8) (9)

Clearcourse Partnership Acquireco Finance Limited

IT Services

11.47%

SN + 7.50% (Incl. 0.50% PIK)

07/25/28

GBP

 

9,809

 

 

12,416

 

 

12,825

 

 (7) (8) (9)

SI Swan UK Bidco Limited (dba Sapiens International)

Software

8.59%

S + 4.75%

12/16/32

 

 

15,104

 

 

15,029

 

 

15,028

 

 (7) (9)

SI Swan UK Bidco Limited (dba Sapiens International)

Software

S + 4.75%

12/16/32

 

 

2,619

 

 

(6

)

 

(7

)

 (7) (9) (10)

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

26

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

SI Swan UK Bidco Limited (dba Sapiens International)

Software

S + 4.75%

06/17/26

 

$

2,270

 

$

—

 

$

—

 

 (7) (9) (10)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

47,534

 

 

49,572

 

 

Total United Kingdom

 

 

 

 

 

 

 

$

47,534

 

$

49,572

 

 

United States - 214.3%

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 200.8%

 

 

 

 

 

 

 

 

 

 

 

 

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

9.13%

S + 5.25% (Incl. 1.50% PIK)

01/09/30

 

$

956

 

$

938

 

$

937

 

 (7) (8)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

9.13%

S + 5.25% (Incl. 1.50% PIK)

01/09/30

 

 

731

 

 

720

 

 

716

 

 (7) (8)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

9.12%

S + 5.25% (Incl. 1.50% PIK)

01/09/30

 

 

326

 

 

324

 

 

320

 

 (7) (8)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.85%

S + 5.00% (Incl. 1.50% PIK)

01/09/28

 

 

250

 

 

35

 

 

33

 

 (7) (8) (10)

Frontgrade Technologies Holdings Inc.

Aerospace & Defense

8.94%

S + 5.00% (Incl. 1.50% PIK)

01/09/30

 

 

59

 

 

58

 

 

57

 

 (7) (8)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

8.67%

S + 5.00%

09/30/31

 

 

11,381

 

 

11,271

 

 

11,324

 

 (7) (8)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

S + 5.00%

09/30/31

 

 

4,596

 

 

(22

)

 

(23

)

 (7) (8) (10)

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

Aerospace & Defense

S + 5.00%

09/30/31

 

 

2,706

 

 

(26

)

 

(14

)

 (7) (8) (10)

VisionSafe Holdings, Inc.

Aerospace & Defense

9.39%

S + 5.50%

04/19/30

 

 

7,727

 

 

7,607

 

 

7,572

 

 (7) (8)

VisionSafe Holdings, Inc.

Aerospace & Defense

S + 5.50%

04/19/30

 

 

1,219

 

 

(18

)

 

(24

)

 (7) (8) (10)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

8.42%

S + 4.75%

08/02/32

 

 

13,203

 

 

13,077

 

 

13,071

 

 (7)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

S + 4.75%

08/02/32

 

 

4,042

 

 

(19

)

 

(20

)

 (7) (10)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

S + 4.75%

07/30/32

 

 

1,573

 

 

(15

)

 

(16

)

 (7) (10)

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

Air Freight & Logistics

S + 4.75%

08/02/32

 

 

448

 

 

(4

)

 

(4

)

 (7) (10)

Thrasio, LLC

Broadline Retail

S + 10.00% PIK

06/18/29

 

 

17,646

 

 

12,309

 

 

13,278

 

 (7) (8) (11) (12)

Thrasio, LLC

Broadline Retail

13.84%

S + 10.00% PIK

06/18/29

 

 

5,687

 

 

5,620

 

 

5,630

 

 (7) (8) (11)

Elemica Parent, Inc.

Chemicals

9.52%

S + 5.50%

09/18/26

 

 

6,713

 

 

6,653

 

 

6,646

 

 (7) (8)

Elemica Parent, Inc.

Chemicals

9.49%

S + 5.50%

09/18/26

 

 

1,436

 

 

1,430

 

 

1,421

 

 (7) (8)

Elemica Parent, Inc.

Chemicals

9.56%

S + 5.50%

09/18/26

 

 

1,317

 

 

1,308

 

 

1,304

 

 (7) (8)

Elemica Parent, Inc.

Chemicals

9.50%

S + 5.50%

09/18/26

 

 

930

 

 

863

 

 

859

 

 (7) (8) (10)

Elemica Parent, Inc.

Chemicals

9.56%

S + 5.50%

09/18/26

 

 

538

 

 

535

 

 

532

 

 (7) (8)

3SI Security Systems, Inc.

Commercial Services & Supplies

10.59%

S + 6.50%

12/16/26

 

 

12,064

 

 

11,930

 

 

10,254

 

 (8)

3SI Security Systems, Inc.

Commercial Services & Supplies

10.59%

S + 6.50%

12/16/26

 

 

1,838

 

 

1,806

 

 

1,562

 

 (8)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.32%

S + 6.50%

08/01/29

 

 

3,910

 

 

3,841

 

 

3,890

 

 (7) (8)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

9.57%

S + 5.75%

08/01/29

 

 

2,167

 

 

2,139

 

 

2,102

 

 (7) (8)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

9.57%

S + 5.75%

08/01/29

 

 

1,851

 

 

477

 

 

437

 

 (7) (8) (10)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.32%

S + 6.50%

08/01/29

 

 

1,188

 

 

1,162

 

 

1,182

 

 (7) (8)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.32%

S + 6.50%

08/01/29

 

 

1,063

 

 

379

 

 

389

 

 (7) (8) (10)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.32%

S + 6.50%

08/01/29

 

 

590

 

 

579

 

 

587

 

 (7) (8)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

S + 6.50%

08/01/29

 

 

506

 

 

(4

)

 

(15

)

 (7) (8) (10)

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

Commercial Services & Supplies

10.32%

S + 6.50%

08/01/29

 

 

197

 

 

192

 

 

196

 

 (7) (8)

Edko, LLC

Commercial Services & Supplies

8.42%

S + 4.75%

10/02/31

 

 

23,754

 

 

23,524

 

 

23,516

 

 (7)

Edko, LLC

Commercial Services & Supplies

S + 4.75%

10/02/31

 

 

8,446

 

 

(41

)

 

(42

)

 (7) (10)

Edko, LLC

Commercial Services & Supplies

S + 4.75%

10/02/31

 

 

4,223

 

 

(41

)

 

(42

)

 (7) (10)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.44%

S + 4.75%

09/24/31

 

 

5,851

 

 

5,780

 

 

5,792

 

 (7) (8)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.55%

S + 4.75%

09/24/31

 

 

3,352

 

 

1,049

 

 

1,056

 

 (7) (8) (10)

EnviroSmart, LLC (dba ES Integrated)

Commercial Services & Supplies

8.74%

S + 4.75%

09/24/31

 

 

1,676

 

 

315

 

 

318

 

 (7) (8) (10)

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

27

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.47%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

$

8,915

 

$

8,832

 

$

8,826

 

 (7) (8)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.47%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

3,477

 

 

3,446

 

 

3,443

 

 (7) (8)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.47%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

3,204

 

 

1,228

 

 

1,217

 

 (7) (8) (10)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

10.47%

S + 6.75% (Incl. 2.00% PIK)

03/04/32

 

 

1,827

 

 

1,809

 

 

1,809

 

 (7) (8)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

8.47%

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

1,020

 

 

1,011

 

 

1,010

 

 (7) (8)

Frontline Road Safety Operations, LLC

Commercial Services & Supplies

S + 4.75% (Incl. 2.00% PIK)

03/04/32

 

 

584

 

 

(5

)

 

(6

)

 (7) (8) (10)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

8.42%

S + 4.75%

12/17/32

 

 

2,762

 

 

2,754

 

 

2,753

 

 (7)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

8.42%

S + 4.75%

12/17/32

 

 

795

 

 

791

 

 

791

 

 (7)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

S + 4.75%

12/17/32

 

 

522

 

 

(2

)

 

(2

)

 (7) (10)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

8.42%

S + 4.75%

12/17/32

 

 

490

 

 

484

 

 

484

 

 (7)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

8.44%

S + 4.75%

12/17/32

 

 

204

 

 

36

 

 

36

 

 (7) (10)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

S + 4.75%

12/17/32

 

 

146

 

 

(1

)

 

(1

)

 (7) (10)

Kene Acquisition, Inc. (dba Entrust)

Commercial Services & Supplies

8.44%

S + 4.75%

12/17/32

 

 

75

 

 

13

 

 

13

 

 (7) (10)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

9.23%

S + 5.50% (Incl. 2.75% PIK)

08/22/31

 

 

8,736

 

 

8,539

 

 

8,627

 

 (7) (8)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

8.73%

S + 5.00%

08/22/30

 

 

1,000

 

 

310

 

 

312

 

 (7) (8) (10)

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

Commercial Services & Supplies

8.73%

S + 5.00%

08/22/31

 

 

498

 

 

405

 

 

407

 

 (7) (8) (10)

Sweep Purchaser LLC

Commercial Services & Supplies

9.58%

S + 5.75% PIK

06/30/27

 

 

22,526

 

 

22,435

 

 

22,301

 

 (7) (8)

Sweep Purchaser LLC

Commercial Services & Supplies

9.58%

S + 5.75%

06/30/27

 

 

10,517

 

 

10,491

 

 

10,464

 

 (7) (8)

Sweep Purchaser LLC

Commercial Services & Supplies

9.42%

S + 5.75%

06/30/27

 

 

4,541

 

 

889

 

 

885

 

 (7) (8) (10)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.85%

S + 5.25% (Incl. 2.88% PIK)

12/15/31

 

 

19,621

 

 

19,449

 

 

19,523

 

 (7) (8)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.61%

S + 4.75%

12/15/31

 

 

6,233

 

 

764

 

 

764

 

 (7) (8) (10)

TEI Intermediate LLC (dba Triumvirate Environmental)

Commercial Services & Supplies

8.62%

S + 4.75%

12/15/31

 

 

2,649

 

 

710

 

 

719

 

 (7) (8) (10)

USA DeBusk, LLC

Commercial Services & Supplies

9.00%

S + 5.25%

04/30/31

 

 

11,089

 

 

10,959

 

 

11,034

 

 (7) (8)

USA DeBusk, LLC

Commercial Services & Supplies

9.12%

S + 5.25%

04/30/31

 

 

3,274

 

 

505

 

 

511

 

 (7) (8) (10)

USA DeBusk, LLC

Commercial Services & Supplies

9.06%

S + 5.25%

04/30/30

 

 

1,230

 

 

1,196

 

 

1,203

 

 (7) (8) (10)

USA DeBusk, LLC

Commercial Services & Supplies

S + 5.25%

04/30/30

 

 

666

 

 

(5

)

 

(3

)

 (7) (8) (10)

Valet Waste Holdings, Inc. (dba Valet Living)

Commercial Services & Supplies

9.72%

S + 6.00%

05/01/29

 

 

25,202

 

 

25,078

 

 

24,824

 

 (7) (8)

Valet Waste Holdings, Inc. (dba Valet Living)

Commercial Services & Supplies

9.72%

S + 6.00%

05/01/29

 

 

2,641

 

 

1,610

 

 

1,583

 

 (7) (8) (10)

Valet Waste Holdings, Inc. (dba Valet Living)

Commercial Services & Supplies

S + 6.00%

05/01/29

 

 

1,778

 

 

(16

)

 

(27

)

 (7) (8) (10)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

9.34%

S + 5.25%

06/29/27

 

 

31,591

 

 

31,449

 

 

31,433

 

 (7) (8)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

8.74%

S + 5.00%

06/29/27

 

 

15,000

 

 

14,855

 

 

14,850

 

 (7) (8)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

9.07%

S + 5.25%

06/29/27

 

 

9,595

 

 

9,510

 

 

9,547

 

 (7) (8)

VRC Companies, LLC (dba Vital Records Control)

Commercial Services & Supplies

S + 5.25%

06/29/27

 

 

944

 

 

(4

)

 

(5

)

 (7) (8) (10)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

8.51%

S + 4.75%

08/05/32

 

 

6,733

 

 

6,669

 

 

6,666

 

 (7) (8)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

S + 4.75%

08/05/32

 

 

2,056

 

 

(10

)

 

(21

)

 (7) (8) (10)

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

Commercial Services & Supplies

S + 4.75%

08/05/32

 

 

1,799

 

 

(17

)

 

(18

)

 (7) (8) (10)

ATX Networks Corp.

Communications Equipment

S + 7.00% PIK

09/01/28

 

 

4,469

 

 

640

 

 

648

 

 (7) (8) (12)

ATX Networks Corp.

Communications Equipment

9.67%

S + 6.00% PIK

09/01/28

 

 

658

 

 

635

 

 

635

 

 (7) (8) (9)

ATX Networks Corp.

Communications Equipment

10.15%

S + 6.00% PIK

09/01/28

 

 

380

 

 

367

 

 

367

 

 (7) (8) (9)

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.40%

S + 4.50%

10/15/31

 

 

663

 

 

657

 

 

659

 

 (7) (8)

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.29%

S + 4.50%

10/15/31

 

 

245

 

 

119

 

 

119

 

 (7) (8) (10)

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

28

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

Construction & Engineering

8.32%

S + 4.50%

10/15/31

 

$

92

 

$

21

 

$

21

 

 (7) (8) (10)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

8.62%

S + 5.00%

10/24/30

 

 

11,321

 

 

11,223

 

 

11,264

 

 (7) (8) (9)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

8.60%

B + 5.00%

10/24/30

AUD

 

11,199

 

 

7,374

 

 

7,436

 

 (7) (8) (9)

Sonar Acquisitionco, Inc. (dba SimPRO)

Construction & Engineering

S + 5.00%

10/24/30

 

 

1,132

 

 

(9

)

 

(6

)

 (7) (8) (9) (10)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

8.17%

S + 4.50%

08/29/31

 

 

10,104

 

 

10,061

 

 

10,054

 

 (7) (8)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

8.17%

S + 4.50%

08/29/31

 

 

3,298

 

 

3,277

 

 

3,282

 

 (7) (8)

Superman Holdings, LLC (dba Foundation Software)

Construction & Engineering

S + 4.50%

08/29/31

 

 

1,471

 

 

(6

)

 

(7

)

 (7) (8) (10)

Blast Bidco Inc. (dba Bazooka Candy Brands)

Consumer Staples Distribution & Retail

9.67%

S + 6.00%

10/04/30

 

 

4,399

 

 

4,316

 

 

4,300

 

 (7) (8)

Blast Bidco Inc. (dba Bazooka Candy Brands)

Consumer Staples Distribution & Retail

S + 6.00%

10/05/29

 

 

522

 

 

(8

)

 

(12

)

 (7) (8) (10)

Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)

Containers & Packaging

9.15%

S + 5.25%

11/01/30

 

 

44,344

 

 

43,787

 

 

43,679

 

 (7) (8)

Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)

Containers & Packaging

S + 5.25%

11/01/30

 

 

5,208

 

 

(62

)

 

(78

)

 (7) (8) (10)

Precision Concepts Parent Inc.

Containers & Packaging

8.57%

S + 4.75%

08/02/32

 

 

3,760

 

 

3,724

 

 

3,722

 

 (7) (8)

Precision Concepts Parent Inc.

Containers & Packaging

8.59%

S + 4.75%

08/02/32

 

 

3,325

 

 

3,292

 

 

3,291

 

 (7) (8)

Precision Concepts Parent Inc.

Containers & Packaging

8.59%

S + 4.75%

08/02/32

 

 

1,862

 

 

1,844

 

 

1,844

 

 (7) (8)

Precision Concepts Parent Inc.

Containers & Packaging

8.57%

S + 4.75%

08/02/32

 

 

1,641

 

 

1,625

 

 

1,625

 

 (7) (8)

Precision Concepts Parent Inc.

Containers & Packaging

8.59%

S + 4.75%

08/02/32

 

 

1,634

 

 

143

 

 

142

 

 (7) (8) (10)

A Place For Mom, Inc.

Diversified Consumer Services

9.22%

S + 5.50%

02/10/28

 

 

7,093

 

 

7,076

 

 

6,632

 

 (8)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

9.67%

S + 6.00%

04/26/29

 

 

8,158

 

 

8,041

 

 

7,934

 

 (7) (8) (11)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

9.89%

S + 6.00%

04/26/29

 

 

3,834

 

 

1,742

 

 

1,689

 

 (7) (8) (10) (11)

ABC Investment Holdco Inc. (dba ABC Plumbing)

Diversified Consumer Services

9.81%

S + 6.00%

04/26/29

 

 

767

 

 

733

 

 

723

 

 (7) (8) (10) (11)

CI (Quercus) Intermediate Holdings, LLC (dba SavATree)

Diversified Consumer Services

8.69%

S + 5.00%

06/06/31

 

 

8,343

 

 

8,298

 

 

8,301

 

 (7) (8)

CI (Quercus) Intermediate Holdings, LLC (dba SavATree)

Diversified Consumer Services

S + 5.00%

06/06/31

 

 

4,321

 

 

(20

)

 

(22

)

 (7) (8) (10)

CI (Quercus) Intermediate Holdings, LLC (dba SavATree)

Diversified Consumer Services

S + 5.00%

06/06/31

 

 

835

 

 

(7

)

 

(4

)

 (7) (8) (10)

CI (Quercus) Intermediate Holdings, LLC (dba SavATree)

Diversified Consumer Services

8.68%

S + 5.00%

06/06/31

 

 

715

 

 

387

 

 

397

 

 (7) (8) (10)

CST Holding Company (dba Intoxalock)

Diversified Consumer Services

8.82%

S + 5.00%

11/01/28

 

 

886

 

 

859

 

 

882

 

 (7) (8)

CST Holding Company (dba Intoxalock)

Diversified Consumer Services

S + 5.00%

11/01/28

 

 

86

 

 

(2

)

 

—

 

 (7) (8) (10)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.07%

S + 5.25%

12/21/29

 

 

14,096

 

 

13,907

 

 

13,955

 

 (7) (8)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

S + 5.25%

12/21/29

 

 

6,614

 

 

(66

)

 

(66

)

 (7) (8) (10)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.01%

S + 5.25%

12/21/29

 

 

6,283

 

 

5,733

 

 

5,780

 

 (7) (8) (10)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.07%

S + 5.25%

12/21/29

 

 

4,733

 

 

4,667

 

 

4,685

 

 (7) (8)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.07%

S + 5.25%

12/21/29

 

 

4,702

 

 

4,639

 

 

4,655

 

 (7) (8)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

S + 5.25%

12/21/29

 

 

2,340

 

 

(29

)

 

(23

)

 (7) (8) (10)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.07%

S + 5.25%

12/21/29

 

 

2,210

 

 

2,177

 

 

2,188

 

 (7) (8)

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

9.07%

S + 5.25%

12/21/29

 

 

1,877

 

 

1,841

 

 

1,858

 

 (7) (8)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.77%

S + 6.00%

12/15/26

 

 

18,407

 

 

18,342

 

 

17,855

 

 (7) (8)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.77%

S + 6.00%

12/15/26

 

 

14,398

 

 

14,367

 

 

13,966

 

 (7) (8)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.77%

S + 6.00%

12/15/26

 

 

7,586

 

 

7,553

 

 

7,358

 

 (7) (8)

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

Diversified Consumer Services

9.72%

S + 6.00%

12/15/26

 

 

2,433

 

 

1,045

 

 

979

 

 (7) (8) (10)

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

8.92%

S + 5.25%

10/19/27

 

 

43,991

 

 

43,674

 

 

43,991

 

 (7) (8)

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

8.92%

S + 5.25%

10/19/27

 

 

8,798

 

 

8,731

 

 

8,798

 

 (7) (8)

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

29

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

Diversified Consumer Services

S + 5.25%

10/19/27

 

$

4,399

 

$

(27

)

$

—

 

 (7) (8) (10)

Southeast Mechanical, LLC

Diversified Consumer Services

9.83%

S + 6.00%

07/06/27

 

 

17,089

 

 

4,038

 

 

4,022

 

 (7) (8) (10) (11)

Southeast Mechanical, LLC

Diversified Consumer Services

9.83%

S + 6.00%

07/06/27

 

 

10,422

 

 

10,348

 

 

10,344

 

 (7) (8) (11)

Southeast Mechanical, LLC

Diversified Consumer Services

9.83%

S + 6.00%

07/06/27

 

 

7,308

 

 

7,248

 

 

7,253

 

 (7) (8) (11)

Southeast Mechanical, LLC

Diversified Consumer Services

S + 6.00%

07/06/27

 

 

1,900

 

 

(12

)

 

(14

)

 (7) (8) (10) (11)

Splash Car Wash, Inc.

Diversified Consumer Services

8.67%

S + 5.00%

03/17/32

 

 

792

 

 

787

 

 

786

 

 (7) (8)

Splash Car Wash, Inc.

Diversified Consumer Services

S + 5.00%

03/17/31

 

 

123

 

 

(1

)

 

(1

)

 (7) (8) (10)

Splash Car Wash, Inc.

Diversified Consumer Services

S + 5.00%

03/17/32

 

 

79

 

 

(1

)

 

(1

)

 (7) (8) (10)

Spotless Brands, LLC

Diversified Consumer Services

8.86%

S + 5.00%

07/25/28

 

 

1,649

 

 

232

 

 

201

 

 (7) (8) (10)

Spotless Brands, LLC

Diversified Consumer Services

9.36%

S + 5.50%

07/25/28

 

 

947

 

 

942

 

 

936

 

 (7) (8)

Spotless Brands, LLC

Diversified Consumer Services

9.62%

S + 5.75%

07/25/28

 

 

210

 

 

210

 

 

209

 

 (7) (8)

Spotless Brands, LLC

Diversified Consumer Services

9.62%

S + 5.75%

07/25/28

 

 

33

 

 

32

 

 

32

 

 (7) (8)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

8.96%

S + 5.00%

05/01/31

 

 

10,483

 

 

10,397

 

 

10,378

 

 (7) (8)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

8.90%

S + 5.00%

05/01/31

 

 

2,754

 

 

1,961

 

 

1,951

 

 (7) (8) (10)

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

Diversified Consumer Services

S + 5.00%

05/01/30

 

 

1,615

 

 

(12

)

 

(16

)

 (7) (8) (10)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

10.07%

S + 6.25%

08/15/30

 

 

4,788

 

 

4,659

 

 

4,764

 

 (7) (8)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

10.08%

S + 6.25%

08/15/30

 

 

2,043

 

 

749

 

 

758

 

 (7) (8) (10)

VASA Fitness Buyer, Inc.

Diversified Consumer Services

S + 6.25%

08/15/30

 

 

253

 

 

(5

)

 

(1

)

 (7) (8) (10)

Trystar, LLC

Electrical Equipment

8.09%

S + 4.25%

08/06/31

 

 

460

 

 

457

 

 

456

 

 (7) (8)

Trystar, LLC

Electrical Equipment

S + 4.50%

08/06/31

 

 

287

 

 

—

 

 

—

 

 (7) (10)

Trystar, LLC

Electrical Equipment

8.09%

S + 4.25%

08/06/31

 

 

232

 

 

53

 

 

52

 

 (7) (8) (10)

Trystar, LLC

Electrical Equipment

S + 4.25%

08/06/31

 

 

193

 

 

(1

)

 

(2

)

 (7) (8) (10)

Trystar, LLC

Electrical Equipment

8.09%

S + 4.25%

08/06/31

 

 

184

 

 

183

 

 

182

 

 (7) (8)

Trystar, LLC

Electrical Equipment

S + 4.50%

08/06/31

 

 

96

 

 

—

 

 

—

 

 (7) (10)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

8.17%

S + 4.50%

12/31/32

 

 

3,427

 

 

3,410

 

 

3,410

 

 (7)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

S + 4.50%

12/31/32

 

 

1,142

 

 

(3

)

 

(3

)

 (7) (10)

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

Energy Equipment & Services

8.17%

S + 4.50%

12/31/32

 

 

431

 

 

30

 

 

30

 

 (7) (10)

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

Entertainment

9.79%

S + 6.00%

12/31/27

 

 

28,300

 

 

28,073

 

 

28,158

 

 (7) (8)

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

Entertainment

S + 6.00%

12/31/27

 

 

3,140

 

 

(21

)

 

(16

)

 (7) (8) (10)

Streamland Media Midco LLC

Entertainment

9.43%

S + 5.50% (Incl. 1.00% PIK)

04/02/29

 

 

17,715

 

 

17,446

 

 

16,829

 

 (7) (8)

Streamland Media Midco LLC

Entertainment

8.70%

S + 5.50% (Incl. 1.00% PIK)

04/02/29

 

 

2,499

 

 

2,499

 

 

2,374

 

 (7) (8)

Streamland Media Midco LLC

Entertainment

8.43%

S + 4.50%

04/02/29

 

 

1,944

 

 

1,308

 

 

1,308

 

 (7) (8) (10)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.67%

S + 5.00%

12/06/29

 

 

21,065

 

 

20,909

 

 

20,960

 

 (7) (8)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.67%

S + 5.00%

12/06/29

 

 

2,961

 

 

2,936

 

 

2,946

 

 (7) (8)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

S + 5.00%

12/06/29

 

 

2,805

 

 

(20

)

 

(14

)

 (7) (8) (10)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.77%

S + 5.00%

12/06/29

 

 

995

 

 

437

 

 

440

 

 (7) (8) (10)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

8.73%

S + 5.00%

12/06/29

 

 

919

 

 

905

 

 

914

 

 (7) (8)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Financial Services

S + 5.00%

12/06/29

 

 

558

 

 

(2

)

 

(3

)

 (7) (8) (10)

Aria Systems, LLC

Financial Services

11.83%

S + 8.00%

06/30/26

 

 

26,471

 

 

26,414

 

 

26,339

 

 (7) (8)

BCTO Bluebill Buyer, Inc. (dba Ren)

Financial Services

8.34%

S + 4.50%

07/30/32

 

 

18,162

 

 

17,989

 

 

17,980

 

 (7) (8)

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

30

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

BCTO Bluebill Buyer, Inc. (dba Ren)

Financial Services

S + 4.50%

07/30/32

 

$

2,270

 

$

(21

)

$

(23

)

 (7) (8) (10)

BSI3 Menu Buyer, Inc (dba Kydia)

Financial Services

9.83%

S + 6.00%

01/25/28

 

 

1,038

 

 

162

 

 

165

 

 (7) (8) (10)

BSI3 Menu Buyer, Inc (dba Kydia)

Financial Services

9.83%

S + 6.00%

01/25/28

 

 

962

 

 

955

 

 

955

 

 (7) (8)

Celero Commerce LLC

Financial Services

8.70%

S + 5.00%

02/28/31

 

 

3,795

 

 

3,770

 

 

3,767

 

 (7) (8)

Celero Commerce LLC

Financial Services

8.60%

S + 5.00%

02/28/31

 

 

904

 

 

103

 

 

99

 

 (7) (8) (10)

Celero Commerce LLC

Financial Services

S + 5.00%

02/28/31

 

 

301

 

 

(2

)

 

(2

)

 (7) (8) (10)

Computer Services, Inc.

Financial Services

8.17%

S + 4.50%

11/17/31

 

 

42,068

 

 

42,062

 

 

42,062

 

 (7)

Computer Services, Inc.

Financial Services

S + 4.50%

11/17/31

 

 

4,294

 

 

(11

)

 

(11

)

 (7) (10)

Computer Services, Inc.

Financial Services

S + 4.50%

11/17/31

 

 

2,668

 

 

(7

)

 

(7

)

 (7) (10)

Coretrust Purchasing Group LLC

Financial Services

8.72%

S + 5.00%

10/01/29

 

 

12,850

 

 

12,743

 

 

12,785

 

 (7) (8)

Coretrust Purchasing Group LLC

Financial Services

S + 5.00%

10/01/29

 

 

1,228

 

 

(9

)

 

(6

)

 (7) (8) (10)

Coretrust Purchasing Group LLC

Financial Services

S + 5.00%

10/01/29

 

 

113

 

 

(2

)

 

(1

)

 (7) (8) (10)

Fullsteam Operations LLC

Financial Services

9.11%

S + 5.25%

08/08/31

 

 

26,716

 

 

26,463

 

 

26,449

 

 (7) (8)

Fullsteam Operations LLC

Financial Services

S + 5.25%

08/08/31

 

 

8,905

 

 

(42

)

 

(89

)

 (7) (8) (10)

Fullsteam Operations LLC

Financial Services

S + 5.25%

08/08/31

 

 

2,968

 

 

(28

)

 

(30

)

 (7) (8) (10)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.92%

S + 5.25%

05/25/28

 

 

27,501

 

 

27,356

 

 

26,676

 

 (7)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.92%

S + 5.25%

05/25/28

 

 

2,382

 

 

873

 

 

811

 

 (7) (10)

GS AcquisitionCo, Inc. (dba Insightsoftware)

Financial Services

8.92%

S + 5.25%

05/25/28

 

 

1,841

 

 

677

 

 

629

 

 (7) (10)

MerchantWise Solutions, LLC (dba HungerRush)

Financial Services

11.17%

S + 7.50% (Incl. 4.50% PIK)

06/01/28

 

 

20,339

 

 

20,162

 

 

18,508

 

 (7) (8)

MerchantWise Solutions, LLC (dba HungerRush)

Financial Services

11.17%

S + 7.50% (Incl. 4.50% PIK)

06/01/28

 

 

4,271

 

 

4,226

 

 

3,887

 

 (7) (8)

Newtek Merchant Solutions, LLC (dba NewtekOne)

Financial Services

9.22%

S + 5.50%

09/26/30

 

 

16,800

 

 

16,639

 

 

16,632

 

 (7) (8) (9)

Newtek Merchant Solutions, LLC (dba NewtekOne)

Financial Services

S + 5.50%

09/26/30

 

 

936

 

 

(9

)

 

(9

)

 (7) (8) (9) (10)

Project Accelerate Parent, LLC (dba ABC Fitness)

Financial Services

8.97%

S + 5.25%

02/24/31

 

 

12,928

 

 

12,825

 

 

12,863

 

 (7) (8)

Project Accelerate Parent, LLC (dba ABC Fitness)

Financial Services

S + 5.25%

02/24/31

 

 

1,875

 

 

(14

)

 

(9

)

 (7) (8) (10)

Eagle Family Foods Group LLC

Food Products

8.79%

S + 5.00%

08/12/30

 

 

809

 

 

802

 

 

801

 

 (7) (8)

Eagle Family Foods Group LLC

Food Products

S + 5.00%

08/12/30

 

 

101

 

 

(1

)

 

(1

)

 (7) (8) (10)

Rubix Foods, LLC

Food Products

8.47%

S + 4.75%

04/30/31

 

 

23,092

 

 

22,881

 

 

22,861

 

 (7)

Rubix Foods, LLC

Food Products

S + 4.75%

04/30/31

 

 

1,792

 

 

(16

)

 

(18

)

 (7) (10)

Tropical Bidco, LLC (dba Tropical Cheese)

Food Products

8.42%

S + 4.75%

12/11/30

 

 

10,100

 

 

9,970

 

 

9,999

 

 (7) (8)

Tropical Bidco, LLC (dba Tropical Cheese)

Food Products

S + 4.75%

12/11/30

 

 

1,674

 

 

(21

)

 

(17

)

 (7) (8) (10)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.32%

S + 5.50%

12/06/27

 

 

10,049

 

 

10,002

 

 

9,647

 

 (7) (8) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.85%

S + 6.00%

12/06/27

 

 

5,512

 

 

5,498

 

 

5,333

 

 (7) (8) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.32%

S + 5.50%

12/06/27

 

 

4,729

 

 

4,723

 

 

4,540

 

 (7) (8) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.32%

S + 5.50%

12/06/27

 

 

4,333

 

 

4,324

 

 

4,160

 

 (7) (8) (13)

Eptam Plastics, Ltd.

Health Care Equipment & Supplies

9.32%

S + 5.50%

12/06/27

 

 

2,269

 

 

2,258

 

 

2,178

 

 (7) (8) (13)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

7.32%

E + 5.25%

11/28/31

EUR

 

10,215

 

 

10,606

 

 

11,764

 

 (7) (8)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

E + 5.25%

11/28/31

 

 

6,387

 

 

(58

)

 

(128

)

 (7) (8) (10)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

7.32%

E + 5.25%

11/28/31

 

 

5,128

 

 

3,750

 

 

3,692

 

 (7) (8) (10)

Hamilton Thorne, Inc.

Health Care Equipment & Supplies

9.07%

S + 5.25%

11/28/31

 

 

3,760

 

 

3,694

 

 

3,685

 

 (7) (8)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.17%

S + 4.50%

06/21/27

 

 

20,111

 

 

19,926

 

 

19,960

 

 (7) (8)

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

31

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.17%

S + 4.50%

06/21/27

 

$

4,834

 

$

4,795

 

$

4,798

 

 (7) (8)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

S + 4.50%

06/21/27

 

 

4,094

 

 

(20

)

 

(31

)

 (7) (8) (10)

Riverpoint Medical, LLC

Health Care Equipment & Supplies

8.17%

S + 4.50%

06/21/27

 

 

1,524

 

 

1,517

 

 

1,513

 

 (7) (8)

Zeus Company LLC

Health Care Equipment & Supplies

9.67%

S + 6.00% (Incl. 3.00% PIK)

02/28/31

 

 

24,556

 

 

24,267

 

 

23,083

 

 (7) (8)

Zeus Company LLC

Health Care Equipment & Supplies

9.17%

S + 6.00% (Incl. 3.00% PIK)

02/28/31

 

 

4,554

 

 

2,229

 

 

1,997

 

 (7) (8) (10)

Zeus Company LLC

Health Care Equipment & Supplies

S + 6.00% (Incl. 3.00% PIK)

02/28/30

 

 

3,426

 

 

(36

)

 

(206

)

 (7) (8) (10)

Argos Health Holdings, Inc

Health Care Providers & Services

8.88%

S + 5.00%

12/03/29

 

 

21,120

 

 

20,896

 

 

20,909

 

 (7) (8)

Argos Health Holdings, Inc

Health Care Providers & Services

8.88%

S + 5.00%

12/03/29

 

 

9,397

 

 

9,311

 

 

9,303

 

 (7) (8)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

11.07%

S + 7.25%

05/31/26

 

 

2,886

 

 

2,875

 

 

2,879

 

 (8)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

11.07%

S + 7.25%

05/31/26

 

 

1,021

 

 

935

 

 

978

 

 (8)

Bayside Opco, LLC (dba Pro-PT)

Health Care Providers & Services

S + 7.25%

05/31/26

 

 

415

 

 

—

 

 

—

 

 (8) (10)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.43%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

20,910

 

 

20,879

 

 

17,459

 

 (7) (8)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.43%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

3,630

 

 

3,630

 

 

3,031

 

 (7) (8)

CFS Management, LLC (dba Center for Sight Management)

Health Care Providers & Services

12.43%

S + 8.50% (Incl. 2.25% PIK)

09/30/26

 

 

2,153

 

 

2,153

 

 

1,798

 

 (7) (8)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

8.72%

S + 5.00%

08/07/31

 

 

2,555

 

 

2,531

 

 

2,530

 

 (7) (8)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

S + 5.00%

08/07/31

 

 

221

 

 

(3

)

 

(2

)

 (7) (8) (10)

Coding Solutions Acquisition, Inc. (dba CorroHealth)

Health Care Providers & Services

S + 5.00%

08/07/31

 

 

99

 

 

(2

)

 

(1

)

 (7) (8) (10)

CORA Health Holdings Corp

Health Care Providers & Services

9.72%

S + 5.75%

06/15/27

 

 

22,419

 

 

22,322

 

 

19,337

 

 (7) (8)

CORA Health Holdings Corp

Health Care Providers & Services

9.72%

S + 5.75%

06/15/27

 

 

371

 

 

369

 

 

320

 

 (7) (8)

DECA Dental Holdings LLC

Health Care Providers & Services

9.52%

S + 5.75%

08/28/28

 

 

20,749

 

 

20,559

 

 

19,192

 

 (7) (8)

DECA Dental Holdings LLC

Health Care Providers & Services

9.52%

S + 5.75%

08/28/28

 

 

2,184

 

 

2,165

 

 

2,020

 

 (7) (8)

DECA Dental Holdings LLC

Health Care Providers & Services

9.52%

S + 5.75%

08/26/27

 

 

1,711

 

 

1,700

 

 

1,582

 

 (7) (8)

Highfive Dental Holdco, LLC

Health Care Providers & Services

9.57%

S + 5.75%

06/13/28

 

 

2,742

 

 

2,696

 

 

2,715

 

 (7) (8)

Highfive Dental Holdco, LLC

Health Care Providers & Services

S + 5.75%

06/13/28

 

 

1,386

 

 

(14

)

 

(14

)

 (7) (8) (10)

Highfive Dental Holdco, LLC

Health Care Providers & Services

S + 5.75%

06/13/28

 

 

313

 

 

(5

)

 

(3

)

 (7) (8) (10)

Honor HN Buyer, Inc

Health Care Providers & Services

9.57%

S + 5.75%

10/15/27

 

 

23,382

 

 

23,215

 

 

23,324

 

 (7) (8)

Honor HN Buyer, Inc

Health Care Providers & Services

9.57%

S + 5.75%

10/15/27

 

 

14,788

 

 

14,675

 

 

14,751

 

 (7) (8)

Honor HN Buyer, Inc

Health Care Providers & Services

S + 5.75%

10/15/27

 

 

10,000

 

 

(30

)

 

(25

)

 (7) (8) (10)

Honor HN Buyer, Inc

Health Care Providers & Services

9.57%

S + 5.75%

10/15/27

 

 

9,787

 

 

9,698

 

 

9,763

 

 (7) (8)

Honor HN Buyer, Inc

Health Care Providers & Services

11.50%

P + 4.75%

10/15/27

 

 

2,802

 

 

333

 

 

343

 

 (7) (8) (10)

One GI LLC

Health Care Providers & Services

10.57%

S + 6.75%

12/22/25

 

 

21,951

 

 

21,951

 

 

19,976

 

 (7) (8) (14)

One GI LLC

Health Care Providers & Services

10.57%

S + 6.75%

12/22/25

 

 

11,720

 

 

11,713

 

 

10,665

 

 (7) (8) (14)

One GI LLC

Health Care Providers & Services

10.57%

S + 6.75%

12/22/25

 

 

9,025

 

 

9,021

 

 

8,213

 

 (7) (8) (14)

One GI LLC

Health Care Providers & Services

10.57%

S + 6.75%

12/22/25

 

 

6,433

 

 

6,429

 

 

5,854

 

 (7) (8) (14)

One GI LLC

Health Care Providers & Services

10.57%

S + 6.75%

12/22/25

 

 

3,610

 

 

3,610

 

 

3,285

 

 (7) (8) (14)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.93%

S + 6.00% (Incl. 3.27% PIK)

03/31/26

 

 

31,802

 

 

31,802

 

 

23,772

 

 (7) (8)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.93%

S + 6.00% (Incl. 3.27% PIK)

03/31/26

 

 

8,802

 

 

8,802

 

 

6,580

 

 (7) (8)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.93%

S + 6.00% (Incl. 3.27% PIK)

03/31/26

 

 

7,034

 

 

7,034

 

 

5,258

 

 (7) (8)

Premier Imaging, LLC (dba Lucid Health)

Health Care Providers & Services

9.93%

S + 6.00% (Incl. 3.27% PIK)

03/31/26

 

 

1,887

 

 

1,887

 

 

1,410

 

 (7) (8)

SpecialtyCare, Inc.

Health Care Providers & Services

8.99%

S + 5.00%

12/18/29

 

 

9,030

 

 

9,011

 

 

8,985

 

 (7) (8)

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

32

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

SpecialtyCare, Inc.

Health Care Providers & Services

S + 5.00%

12/18/29

 

$

634

 

$

(2

)

$

(3

)

 (7) (8) (10)

SpecialtyCare, Inc.

Health Care Providers & Services

8.84%

S + 5.00%

12/18/29

 

 

313

 

 

79

 

 

80

 

 (7) (8) (10)

SpendMend Holdings LLC

Health Care Providers & Services

8.97%

S + 5.00%

03/01/28

 

 

4,261

 

 

1,441

 

 

1,441

 

 (7) (8) (10)

SpendMend Holdings LLC

Health Care Providers & Services

8.82%

S + 5.00%

03/01/28

 

 

615

 

 

610

 

 

612

 

 (7) (8)

SpendMend Holdings LLC

Health Care Providers & Services

8.82%

S + 5.00%

03/01/28

 

 

169

 

 

168

 

 

168

 

 (7) (8)

SpendMend Holdings LLC

Health Care Providers & Services

8.82%

S + 5.00%

03/01/28

 

 

83

 

 

13

 

 

13

 

 (7) (8) (10)

USN Opco LLC (dba Global Nephrology Solutions)

Health Care Providers & Services

9.49%

S + 5.50%

12/21/26

 

 

20,991

 

 

20,908

 

 

20,676

 

 (7) (8)

USN Opco LLC (dba Global Nephrology Solutions)

Health Care Providers & Services

9.49%

S + 5.50%

12/21/26

 

 

9,417

 

 

9,379

 

 

9,276

 

 (7) (8)

USN Opco LLC (dba Global Nephrology Solutions)

Health Care Providers & Services

9.49%

S + 5.50%

12/21/26

 

 

7,298

 

 

7,267

 

 

7,188

 

 (7) (8)

USN Opco LLC (dba Global Nephrology Solutions)

Health Care Providers & Services

S + 5.50%

12/21/26

 

 

3,023

 

 

(11

)

 

(45

)

 (7) (8) (10)

Vardiman Black Holdings, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

S + 7.00% PIK

03/18/27

 

 

825

 

 

793

 

 

505

 

 (7) (8) (11) (12)

Vardiman Black Holdings, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

10.97%

S + 7.00% PIK

03/18/27

 

 

97

 

 

99

 

 

97

 

 (7) (8) (10) (11) (13)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

8.32%

S + 4.50%

08/02/32

 

 

33,523

 

 

33,443

 

 

33,439

 

 (7) (8)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

S + 4.50%

08/02/32

 

 

11,363

 

 

(13

)

 

(28

)

 (7) (8) (10)

AGS Health BCP Holdings, Inc. (dba AGS Health)

Health Care Technology

S + 4.50%

08/02/32

 

 

3,977

 

 

(9

)

 

(10

)

 (7) (8) (10)

Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)

Health Care Technology

9.82%

S + 6.00%

08/28/30

 

 

39,426

 

 

38,680

 

 

38,638

 

 (7) (8)

Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)

Health Care Technology

S + 6.00%

08/28/30

 

 

1,582

 

 

(30

)

 

(32

)

 (7) (8) (10)

ESO Solutions, Inc.

Health Care Technology

10.58%

S + 6.75%

05/03/27

 

 

39,908

 

 

39,686

 

 

39,708

 

 (7) (8)

ESO Solutions, Inc.

Health Care Technology

10.58%

S + 6.75%

05/03/27

 

 

4,498

 

 

4,453

 

 

4,476

 

 (7) (8)

ESO Solutions, Inc.

Health Care Technology

10.54%

S + 6.75%

05/03/27

 

 

3,620

 

 

3,240

 

 

3,240

 

 (7) (8) (10)

Experity, Inc.

Health Care Technology

S + 5.00% (Incl. 2.25% PIK)

02/22/30

 

 

1,315

 

 

(12

)

 

(10

)

 (7) (8) (10)

Experity, Inc.

Health Care Technology

8.67%

S + 5.00% (Incl. 2.25% PIK)

02/22/30

 

 

601

 

 

597

 

 

597

 

 (7) (8)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

8.57%

S + 5.00%

05/11/29

 

 

12,118

 

 

11,982

 

 

11,997

 

 (7) (8)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

S + 5.00%

05/11/28

 

 

1,490

 

 

(12

)

 

(15

)

 (7) (8) (10)

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

Health Care Technology

8.99%

S + 5.00%

05/11/29

 

 

1,241

 

 

1,226

 

 

1,228

 

 (7) (8)

MedeAnalytics Parent, Inc.

Health Care Technology

3.00% PIK

10/23/28

 

 

236

 

 

142

 

 

158

 

 (7) (8) (11) (12)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

7.97%

S + 4.25%

05/19/32

 

 

5,348

 

 

5,323

 

 

5,321

 

 (7)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

S + 4.25%

05/19/32

 

 

2,815

 

 

—

 

 

(14

)

 (7) (10)

Octane Purchaser, Inc. (dba Office Ally)

Health Care Technology

S + 4.25%

05/19/32

 

 

1,126

 

 

(5

)

 

(6

)

 (7) (10)

PDDS Holdco, Inc. (dba Planet DDS)

Health Care Technology

9.72%

S + 6.00%

09/30/31

 

 

22,988

 

 

22,765

 

 

22,758

 

 (7) (8)

PDDS Holdco, Inc. (dba Planet DDS)

Health Care Technology

S + 6.00%

09/30/31

 

 

3,284

 

 

(31

)

 

(33

)

 (7) (8) (10)

PlanSource Holdings, Inc.

Health Care Technology

9.32%

S + 5.50%

12/30/26

 

 

56,720

 

 

56,466

 

 

56,153

 

 (7) (8)

PlanSource Holdings, Inc.

Health Care Technology

S + 5.50%

12/30/26

 

 

7,824

 

 

(19

)

 

(78

)

 (7) (8) (10)

PlanSource Holdings, Inc.

Health Care Technology

9.32%

S + 5.50%

12/30/26

 

 

905

 

 

902

 

 

896

 

 (7) (8)

PlanSource Holdings, Inc.

Health Care Technology

9.32%

S + 5.50%

12/30/26

 

 

905

 

 

903

 

 

896

 

 (7) (8)

WebPT, Inc.

Health Care Technology

10.17%

S + 6.25%

01/18/28

 

 

24,937

 

 

24,226

 

 

21,695

 

 (7) (8)

WebPT, Inc.

Health Care Technology

10.17%

S + 6.25%

01/18/28

 

 

5,492

 

 

5,458

 

 

4,778

 

 (7) (8)

WebPT, Inc.

Health Care Technology

10.26%

S + 6.25%

01/18/28

 

 

2,617

 

 

2,255

 

 

1,940

 

 (7) (8) (10)

WebPT, Inc.

Health Care Technology

10.18%

S + 6.25%

01/18/28

 

 

2,194

 

 

2,180

 

 

1,909

 

 (7) (8)

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

8.42%

S + 4.75%

12/31/31

 

 

4,130

 

 

4,079

 

 

4,079

 

 (7)

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

33

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

S + 4.75%

12/31/31

 

$

652

 

$

(4

)

$

(4

)

 (7) (10)

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

Hotels, Restaurants & Leisure

8.42%

S + 4.75%

12/31/31

 

 

217

 

 

106

 

 

106

 

 (7) (10)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

8.99%

S + 5.00%

04/14/31

 

 

10,876

 

 

10,752

 

 

10,740

 

 (7) (8)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

8.94%

S + 5.00%

04/14/31

 

 

2,521

 

 

1,700

 

 

1,691

 

 (7) (8) (10)

Supreme Fitness Group NY Holdings, LLC

Hotels, Restaurants & Leisure

S + 5.00%

04/14/31

 

 

1,261

 

 

(14

)

 

(16

)

 (7) (8) (10)

CURiO Brands LLC

Household Products

8.92%

S + 5.25%

04/02/31

 

 

800

 

 

793

 

 

792

 

 (7)

CURiO Brands LLC

Household Products

S + 5.25%

04/02/31

 

 

131

 

 

(1

)

 

(1

)

 (7) (10)

CURiO Brands LLC

Household Products

S + 5.25%

04/02/31

 

 

65

 

 

(1

)

 

(1

)

 (7) (10)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

10.17%

S + 6.50% PIK

08/11/27

 

 

39,102

 

 

38,863

 

 

35,974

 

 (7) (8)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

10.17%

S + 6.50% PIK

08/11/27

 

 

7,460

 

 

7,460

 

 

6,863

 

 (7) (8)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

10.17%

S + 6.50% PIK

08/11/27

 

 

5,948

 

 

5,948

 

 

5,472

 

 (7) (8)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

10.17%

S + 6.50% PIK

08/11/27

 

 

4,596

 

 

4,321

 

 

3,953

 

 (7) (8) (10)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

S + 6.50% PIK

08/11/27

 

 

3,685

 

 

(22

)

 

(295

)

 (7) (8) (10)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

8.67%

S + 5.00%

07/24/31

 

 

672

 

 

667

 

 

669

 

 (7) (8)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

8.67%

S + 5.00%

07/24/31

 

 

285

 

 

164

 

 

164

 

 (7) (8) (10)

AQ Sunshine, Inc. (dba Relation Insurance)

Insurance

8.67%

S + 5.00%

07/24/30

 

 

53

 

 

17

 

 

17

 

 (7) (8) (10)

Khoros, LLC (fka Lithium Technologies, Inc.)

Interactive Media & Services

10.00%

10.00%

05/23/30

 

 

18,973

 

 

18,329

 

 

18,262

 

 (7) (8)

Ark Data Centers, LLC

IT Services

8.42%

S + 4.75%

11/27/30

 

 

8,500

 

 

8,355

 

 

8,245

 

 (7) (8)

Ark Data Centers, LLC

IT Services

8.71%

S + 4.75%

11/27/30

 

 

5,000

 

 

1,098

 

 

1,000

 

 (7) (8) (10)

Ark Data Centers, LLC

IT Services

8.72%

S + 4.75%

11/27/30

 

 

1,500

 

 

675

 

 

655

 

 (7) (8) (10)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.97%

S + 5.25%

10/02/29

 

 

3,344

 

 

3,289

 

 

3,327

 

 (7) (8)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.97%

S + 5.25%

10/02/29

 

 

2,331

 

 

2,309

 

 

2,319

 

 (7) (8)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

S + 5.25%

10/02/29

 

 

1,297

 

 

(16

)

 

(7

)

 (7) (8) (10)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

8.97%

S + 5.25%

10/02/29

 

 

1,181

 

 

1,164

 

 

1,175

 

 (7) (8)

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

IT Services

S + 5.25%

10/02/29

 

 

882

 

 

(8

)

 

(4

)

 (7) (8) (10)

QBS Parent, Inc. (dba Quorum Software)

IT Services

8.17%

S + 4.50%

06/03/32

 

 

20,060

 

 

19,972

 

 

19,960

 

 (7)

QBS Parent, Inc. (dba Quorum Software)

IT Services

8.22%

S + 4.50%

06/03/32

 

 

2,009

 

 

174

 

 

173

 

 (7) (10)

QBS Parent, Inc. (dba Quorum Software)

IT Services

S + 4.50%

06/03/32

 

 

371

 

 

—

 

 

(2

)

 (7) (10)

US Signal Company, LLC

IT Services

9.37%

S + 5.50%

09/04/29

 

 

6,842

 

 

6,789

 

 

6,774

 

 (7) (8)

US Signal Company, LLC

IT Services

9.52%

S + 5.50%

09/04/29

 

 

2,103

 

 

1,560

 

 

1,555

 

 (7) (8) (10)

US Signal Company, LLC

IT Services

S + 5.50%

09/04/29

 

 

1,053

 

 

(8

)

 

(11

)

 (7) (8) (10)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.42%

S + 4.75%

01/22/29

 

 

3,847

 

 

3,838

 

 

3,828

 

 (7) (8)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

S + 4.75%

01/22/29

 

 

439

 

 

(1

)

 

(2

)

 (7) (8) (10)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.42%

S + 4.75%

01/22/29

 

 

369

 

 

364

 

 

367

 

 (7) (8)

Wellness AcquisitionCo, Inc. (dba SPINS)

IT Services

8.42%

S + 4.75%

01/22/29

 

 

302

 

 

299

 

 

300

 

 (7) (8)

Xactly Corporation

IT Services

10.17%

S + 6.25%

07/30/27

 

 

62,025

 

 

61,621

 

 

60,785

 

 (7) (8)

Xactly Corporation

IT Services

S + 6.25%

07/30/27

 

 

3,874

 

 

(21

)

 

(78

)

 (7) (8) (10)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.47%

S + 6.75%

07/18/28

 

 

4,099

 

 

4,034

 

 

4,058

 

 (7) (8)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.47%

S + 6.75%

07/18/28

 

 

531

 

 

522

 

 

525

 

 (7) (8)

Circustrix Holdings, LLC (dba SkyZone)

Leisure Products

10.47%

S + 6.75%

07/18/28

 

 

269

 

 

104

 

 

105

 

 (7) (8) (10)

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

8.67%

S + 5.00%

06/30/32

 

 

14,574

 

 

14,436

 

 

14,428

 

 (7)

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

34

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

S + 5.00%

06/30/32

 

$

2,684

 

$

(12

)

$

(27

)

 (7) (10)

Ideal Components Acquisition, LLC (dba Ideal Tridon)

Machinery

8.72%

S + 5.00%

06/30/32

 

 

2,236

 

 

277

 

 

276

 

 (7) (10)

Mandrake Bidco, Inc. (dba Miratech)

Machinery

8.34%

S + 4.50%

08/20/31

 

 

759

 

 

752

 

 

755

 

 (7) (8)

Mandrake Bidco, Inc. (dba Miratech)

Machinery

S + 4.50%

08/20/30

 

 

138

 

 

(1

)

 

(1

)

 (7) (8) (10)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.47%

S + 4.75%

12/02/31

 

 

14,310

 

 

14,184

 

 

14,167

 

 (7) (8)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

S + 4.75%

12/02/31

 

 

3,721

 

 

(16

)

 

(37

)

 (7) (8) (10)

Paris US Holdco, Inc. (dba Precinmac)

Machinery

8.47%

S + 4.75%

12/02/31

 

 

1,860

 

 

124

 

 

121

 

 (7) (8) (10)

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.42%

S + 4.75%

12/26/31

 

 

19,712

 

 

19,537

 

 

19,515

 

 (7) (8)

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.57%

S + 4.75%

12/26/31

 

 

5,083

 

 

1,231

 

 

1,208

 

 (7) (8) (10)

Rotation Buyer, LLC (dba Rotating Machinery Services)

Machinery

8.43%

S + 4.75%

12/26/31

 

 

2,546

 

 

803

 

 

800

 

 (7) (8) (10)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

8.17%

S + 4.50%

07/01/31

 

 

549

 

 

542

 

 

544

 

 (7) (8) (9)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

7.80%

S + 4.50%

07/01/30

 

 

148

 

 

43

 

 

43

 

 (7) (8) (9) (10)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

8.17%

S + 4.50%

07/01/31

 

 

148

 

 

28

 

 

28

 

 (7) (8) (9) (10)

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

Machinery

6.52%

E + 4.50%

07/01/31

EUR

 

137

 

 

145

 

 

159

 

 (7) (8) (9)

Recorded Books Inc. (dba RBMedia)

Media

9.57%

S + 5.75%

09/03/30

 

 

9,066

 

 

8,873

 

 

8,976

 

 (7) (8)

Recorded Books Inc. (dba RBMedia)

Media

S + 5.75%

08/31/28

 

 

1,792

 

 

(31

)

 

(18

)

 (7) (8) (10)

Recorded Books Inc. (dba RBMedia)

Media

9.59%

S + 5.75%

09/03/30

 

 

1,064

 

 

1,046

 

 

1,053

 

 (7) (8)

Recorded Books Inc. (dba RBMedia)

Media

S + 5.75%

09/03/30

 

 

835

 

 

(15

)

 

(8

)

 (7) (8) (10)

Recorded Books Inc. (dba RBMedia)

Media

S + 5.75%

09/03/30

 

 

348

 

 

(6

)

 

(3

)

 (7) (8) (10)

Jupiter Refuel US Buyer, Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

8.92%

S + 5.25%

06/30/31

 

 

3,724

 

 

3,671

 

 

3,668

 

 (7) (8) (9)

Jupiter Refuel US Buyer, Inc. (dba 4Refuel)

Oil, Gas & Consumable Fuels

S + 5.25%

06/30/31

 

 

811

 

 

(6

)

 

(12

)

 (7) (8) (9) (10)

LS Clinical Services Holdings, Inc (dba CATO)

Pharmaceuticals

10.92%

S + 7.25% (Incl. 6.25% PIK)

12/17/29

 

 

19,229

 

 

19,064

 

 

14,999

 

 (7) (8)

LS Clinical Services Holdings, Inc (dba CATO)

Pharmaceuticals

10.92%

S + 7.25% (Incl. 6.25% PIK)

06/18/29

 

 

2,082

 

 

2,066

 

 

1,624

 

 (7) (8)

Diligent Corporation

Professional Services

8.82%

S + 5.00%

08/02/30

 

 

58,189

 

 

57,846

 

 

57,753

 

 (7) (8)

Diligent Corporation

Professional Services

S + 5.00%

08/02/30

 

 

13,585

 

 

(75

)

 

(102

)

 (7) (8) (10)

Diligent Corporation

Professional Services

8.82%

S + 5.00%

08/02/30

 

 

9,975

 

 

9,916

 

 

9,900

 

 (7) (8)

Diligent Corporation

Professional Services

8.76%

S + 5.00%

08/02/30

 

 

7,450

 

 

1,710

 

 

1,695

 

 (7) (8) (10)

Engage2Excel, Inc.

Professional Services

10.37%

S + 6.50%

07/01/29

 

 

910

 

 

899

 

 

887

 

 (7) (8)

Engage2Excel, Inc.

Professional Services

10.91%

S + 6.50%

07/01/29

 

 

75

 

 

52

 

 

51

 

 (7) (8) (10)

iCIMS, Inc.

Professional Services

9.61%

S + 5.75%

08/18/28

 

 

47,432

 

 

47,055

 

 

45,297

 

 (7) (8)

iCIMS, Inc.

Professional Services

9.59%

S + 5.75%

08/18/28

 

 

4,199

 

 

1,352

 

 

1,197

 

 (7) (8) (10)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

9.67%

S + 5.75%

11/30/27

 

 

16,837

 

 

16,704

 

 

16,753

 

 (7) (8)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

9.69%

S + 5.75%

11/30/27

 

 

16,563

 

 

16,437

 

 

16,480

 

 (7) (8)

NFM & J, L.P. (dba the Facilities Group)

Professional Services

11.50%

P + 4.75%

11/30/27

 

 

2,992

 

 

1,027

 

 

1,032

 

 (7) (8) (10)

Pluralsight, Inc.

Professional Services

S + 7.50% PIK

08/22/29

 

 

16,892

 

 

15,642

 

 

13,006

 

 (7) (8) (11) (12)

Pluralsight, Inc.

Professional Services

8.32%

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

9,813

 

 

9,739

 

 

9,715

 

 (7) (8) (11)

Pluralsight, Inc.

Professional Services

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

6,046

 

 

—

 

 

(60

)

 (7) (8) (10) (11)

Pluralsight, Inc.

Professional Services

8.32%

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

4,907

 

 

4,907

 

 

4,857

 

 (7) (8) (11)

Pluralsight, Inc.

Professional Services

S + 4.50% (Incl. 1.50% PIK)

08/22/29

 

 

2,418

 

 

—

 

 

(24

)

 (7) (8) (10) (11)

Westwood Professional Services Inc.

Professional Services

8.17%

S + 4.50%

09/19/31

 

 

9,735

 

 

9,652

 

 

9,638

 

 (7) (8)

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

35

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Westwood Professional Services Inc.

Professional Services

8.17%

S + 4.50%

09/19/31

 

$

2,848

 

$

947

 

$

933

 

 (7) (8) (10)

Westwood Professional Services Inc.

Professional Services

S + 4.50%

09/19/31

 

 

1,479

 

 

(12

)

 

(15

)

 (7) (8) (10)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.59%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

37,432

 

 

37,197

 

 

34,812

 

 (7) (8) (9)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.51%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

12,115

 

 

12,057

 

 

11,267

 

 (7) (8) (9)

HowlCO LLC (dba Lone Wolf)

Real Estate Mgmt. & Development

10.59%

S + 6.50% (Incl. 3.50% PIK)

10/22/27

 

 

11,482

 

 

11,428

 

 

10,678

 

 (7) (8) (9)

MRI Software LLC

Real Estate Mgmt. & Development

8.42%

S + 4.75%

02/10/28

 

 

33,917

 

 

33,887

 

 

33,748

 

 (7)

MRI Software LLC

Real Estate Mgmt. & Development

8.42%

S + 4.75%

02/10/28

 

 

1,826

 

 

215

 

 

210

 

 (7) (10)

MRI Software LLC

Real Estate Mgmt. & Development

8.44%

S + 4.75%

02/10/28

 

 

273

 

 

53

 

 

53

 

 (7) (10)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

10.32%

S + 6.50%

07/01/27

 

 

75,324

 

 

75,324

 

 

74,571

 

 (7) (8)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

S + 6.50%

07/01/27

 

 

7,987

 

 

—

 

 

(80

)

 (7) (8) (10)

Zarya HoldCo, Inc. (dba Eptura)

Real Estate Mgmt. & Development

10.32%

S + 6.50%

07/01/27

 

 

6,138

 

 

6,077

 

 

6,076

 

 (7) (8)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

10.29%

S + 6.00%

03/10/27

 

 

2,837

 

 

2,820

 

 

2,589

 

 (7) (8)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

S + 6.00%

03/10/27

 

 

1,220

 

 

(7

)

 

(107

)

 (7) (8) (10)

Accommodations Plus Technologies LLC

Software

8.94%

S + 5.25%

05/28/32

 

 

2,312

 

 

2,286

 

 

2,286

 

 (7)

Accommodations Plus Technologies LLC

Software

8.94%

S + 5.25%

05/28/32

 

 

2,249

 

 

2,223

 

 

2,223

 

 (7)

Accommodations Plus Technologies LLC

Software

S + 5.25%

05/28/32

 

 

439

 

 

(4

)

 

(4

)

 (7) (10)

Acquia, Inc.

Software

9.59%

S + 5.50%

10/30/26

 

 

42,164

 

 

41,960

 

 

41,743

 

 (7) (8)

Acquia, Inc.

Software

9.59%

S + 5.50%

10/30/26

 

 

10,554

 

 

10,501

 

 

10,448

 

 (7) (8)

Acquia, Inc.

Software

9.61%

S + 5.50%

10/30/26

 

 

3,268

 

 

3,257

 

 

3,235

 

 (7) (8)

AI Titan Parent, Inc. (dba Prometheus)

Software

8.22%

S + 4.50%

08/29/31

 

 

7,167

 

 

7,106

 

 

7,095

 

 (7) (8)

AI Titan Parent, Inc. (dba Prometheus)

Software

8.32%

S + 4.50%

08/29/31

 

 

1,433

 

 

315

 

 

308

 

 (7) (8) (10)

AI Titan Parent, Inc. (dba Prometheus)

Software

S + 4.50%

08/29/31

 

 

896

 

 

(7

)

 

(9

)

 (7) (8) (10)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

10.99%

S + 7.00%

12/31/26

 

 

39,210

 

 

39,049

 

 

38,426

 

 (7) (8)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.99%

S + 8.00%

12/31/26

 

 

13,403

 

 

13,392

 

 

13,258

 

 (7) (8) (10)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.99%

S + 8.00%

12/31/26

 

 

12,500

 

 

12,500

 

 

12,375

 

 (7) (8)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.99%

S + 8.00%

12/31/26

 

 

6,600

 

 

6,600

 

 

6,534

 

 (7) (8)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.05%

S + 7.00%

12/31/26

 

 

4,570

 

 

3,640

 

 

3,565

 

 (7) (8) (10)

AQ Helios Buyer, Inc. (dba SurePoint)

Software

11.99%

S + 8.00%

12/31/26

 

 

2,339

 

 

2,339

 

 

2,316

 

 (7) (8)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.67%

S + 5.00%

07/01/30

 

 

2,883

 

 

2,831

 

 

2,868

 

 (7) (8)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.67%

S + 5.00%

07/01/30

 

 

189

 

 

187

 

 

188

 

 (7) (8)

Arrow Buyer, Inc. (dba Archer Technologies)

Software

8.67%

S + 5.00%

07/01/30

 

 

183

 

 

179

 

 

182

 

 (7) (8)

Artifact Bidco, Inc. (dba Avetta)

Software

7.82%

S + 4.15%

07/28/31

 

 

10,567

 

 

10,478

 

 

10,514

 

 (7) (8)

Artifact Bidco, Inc. (dba Avetta)

Software

S + 4.15%

07/28/31

 

 

2,586

 

 

(10

)

 

(13

)

 (7) (8) (10)

Artifact Bidco, Inc. (dba Avetta)

Software

S + 4.15%

07/26/30

 

 

1,256

 

 

(10

)

 

(6

)

 (7) (8) (10)

Artifact Bidco, Inc. (dba Avetta)

Software

S + 4.15%

07/26/30

 

 

591

 

 

(5

)

 

(3

)

 (7) (8) (10)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.17%

S + 4.50%

07/14/31

 

 

600

 

 

595

 

 

595

 

 (7) (8) (9)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.24%

S + 4.50%

07/14/31

 

 

286

 

 

283

 

 

284

 

 (7) (8) (9)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

8.24%

S + 4.50%

07/14/31

 

 

148

 

 

147

 

 

147

 

 (7) (8) (9)

Aurora Acquireco, Inc. (dba AuditBoard)

Software

S + 4.50%

07/14/31

 

 

114

 

 

(1

)

 

(1

)

 (7) (8) (9) (10)

Clearwater Analytics, LLC

Software

S + 4.50%

03/31/32

 

 

57,447

 

 

—

 

 

—

 

 (7) (10)

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

36

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Clearwater Analytics, LLC

Software

S + 4.50%

03/31/32

 

$

10,638

 

$

—

 

$

—

 

 (7) (10)

Clearwater Analytics, LLC

Software

S + 4.50%

03/31/32

 

 

6,915

 

 

—

 

 

—

 

 (7) (10)

CloudBees, Inc.

Software

10.83%

S + 7.00% (Incl. 2.50% PIK)

11/24/26

 

 

15,913

 

 

15,705

 

 

15,913

 

 (7) (8)

CloudBees, Inc.

Software

10.83%

S + 7.00% (Incl. 2.50% PIK)

11/24/26

 

 

6,800

 

 

6,708

 

 

6,800

 

 (7) (8)

Convenient Payments Acquisition, Inc.

Software

9.73%

S + 6.00%

12/31/26

 

 

5,066

 

 

5,041

 

 

5,028

 

 (7) (8)

Convenient Payments Acquisition, Inc.

Software

9.73%

S + 6.00%

12/31/26

 

 

660

 

 

656

 

 

655

 

 (7) (8)

Convenient Payments Acquisition, Inc.

Software

S + 6.00%

12/31/26

 

 

393

 

 

(2

)

 

(3

)

 (7) (8) (10)

Crewline Buyer, Inc. (dba New Relic)

Software

10.59%

S + 6.75%

11/08/30

 

 

3,631

 

 

3,561

 

 

3,595

 

 (7) (8)

Crewline Buyer, Inc. (dba New Relic)

Software

S + 6.75%

11/08/30

 

 

363

 

 

(6

)

 

(4

)

 (7) (8) (10)

Edition Holdings, Inc. (dba Enverus)

Software

8.20%

S + 4.50%

12/20/32

 

 

3,295

 

 

3,283

 

 

3,283

 

 (7)

Edition Holdings, Inc. (dba Enverus)

Software

S + 4.50%

12/20/32

 

 

893

 

 

(2

)

 

(2

)

 (7) (10)

Edition Holdings, Inc. (dba Enverus)

Software

S + 4.50%

12/20/32

 

 

477

 

 

(1

)

 

(1

)

 (7) (10)

Edition Holdings, Inc. (dba Enverus)

Software

S + 4.50%

12/20/32

 

 

335

 

 

(1

)

 

(1

)

 (7) (10)

Gainsight, Inc.

Software

9.72%

S + 5.75%

07/30/27

 

 

29,079

 

 

28,932

 

 

28,788

 

 (7) (8)

Gainsight, Inc.

Software

S + 5.75%

07/30/27

 

 

5,708

 

 

(26

)

 

(57

)

 (7) (8) (10)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

9.34%

S + 5.50% (Incl. 2.00% PIK)

01/17/31

 

 

11,915

 

 

11,826

 

 

11,915

 

 (7) (8)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

8.84%

S + 5.00% (Incl. 2.00% PIK)

01/17/31

 

 

2,644

 

 

2,627

 

 

2,591

 

 (7) (8)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

S + 5.50% (Incl. 2.00% PIK)

01/17/31

 

 

1,645

 

 

(12

)

 

(4

)

 (7) (8) (10)

GovDelivery Holdings, LLC (dba Granicus, Inc.)

Software

S + 5.50% (Incl. 2.00% PIK)

01/17/31

 

 

133

 

 

(2

)

 

(3

)

 (7) (8) (10)

KPA Parent Holdings, Inc.

Software

8.22%

S + 4.50%

03/12/32

 

 

788

 

 

780

 

 

780

 

 (7) (8)

KPA Parent Holdings, Inc.

Software

S + 4.50%

03/12/32

 

 

113

 

 

(1

)

 

(1

)

 (7) (8) (10)

KPA Parent Holdings, Inc.

Software

S + 4.50%

03/12/32

 

 

79

 

 

(1

)

 

(1

)

 (7) (8) (10)

Lobos Parent, Inc. (dba NEOGOV)

Software

8.17%

S + 4.50%

09/27/32

 

 

26,103

 

 

25,913

 

 

25,907

 

 (7) (8)

Lobos Parent, Inc. (dba NEOGOV)

Software

S + 4.50%

09/27/32

 

 

6,328

 

 

(23

)

 

(47

)

 (7) (8) (10)

Lobos Parent, Inc. (dba NEOGOV)

Software

S + 4.50%

09/26/31

 

 

3,164

 

 

(23

)

 

(24

)

 (7) (8) (10)

Lobos Parent, Inc. (dba NEOGOV)

Software

S + 4.50%

09/26/31

 

 

1,424

 

 

(10

)

 

(11

)

 (7) (8) (10)

ML Holdco, LLC (dba MeridianLink)

Software

8.37%

S + 4.50%

10/25/32

 

 

12,786

 

 

12,723

 

 

12,722

 

 (7)

ML Holdco, LLC (dba MeridianLink)

Software

S + 4.50%

10/25/32

 

 

3,326

 

 

(8

)

 

(8

)

 (7) (10)

NC Topco, LLC (dba NContracts)

Software

8.22%

S + 4.50%

09/01/31

 

 

25,312

 

 

25,102

 

 

25,186

 

 (7)

NC Topco, LLC (dba NContracts)

Software

S + 4.50%

09/01/31

 

 

7,221

 

 

(29

)

 

(36

)

 (7) (10)

NC Topco, LLC (dba NContracts)

Software

S + 4.50%

09/01/31

 

 

2,889

 

 

(23

)

 

(14

)

 (7) (10)

North Star Acquisitionco, LLC (dba Everway)

Software

8.38%

N + 4.50%

05/03/29

NOK

 

53,835

 

 

5,035

 

 

5,314

 

 (7) (8) (9)

North Star Acquisitionco, LLC (dba Everway)

Software

8.27%

S + 4.50%

05/03/29

 

 

31,667

 

 

23,940

 

 

23,782

 

 (7) (8) (9) (10)

North Star Acquisitionco, LLC (dba Everway)

Software

8.22%

S + 4.50%

05/03/29

 

 

21,786

 

 

21,719

 

 

21,677

 

 (7) (8) (9)

North Star Acquisitionco, LLC (dba Everway)

Software

8.22%

S + 4.50%

05/03/29

 

 

7,214

 

 

7,214

 

 

7,178

 

 (7) (8) (9)

North Star Acquisitionco, LLC (dba Everway)

Software

8.28%

S + 4.50%

05/03/29

 

 

5,100

 

 

4,801

 

 

4,791

 

 (7) (8) (9) (10)

North Star Acquisitionco, LLC (dba Everway)

Software

S + 4.50%

05/03/29

 

 

4,836

 

 

(14

)

 

(24

)

 (7) (8) (9) (10)

North Star Acquisitionco, LLC (dba Everway)

Software

8.22%

SN + 4.50%

05/03/29

GBP

 

2,456

 

 

3,121

 

 

3,294

 

 (7) (8) (9)

North Star Acquisitionco, LLC (dba Everway)

Software

8.22%

S + 4.50%

05/03/29

 

 

661

 

 

661

 

 

657

 

 (7) (8) (9)

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

37

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Maturity

 

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

North Star Acquisitionco, LLC (dba Everway)

Software

S + 4.50%

05/03/29

 

$

529

 

$

—

 

$

(3

)

 (7) (8) (9) (10)

Onyx CenterSource, Inc.

Software

9.39%

S + 5.25%

12/14/29

 

 

13,814

 

 

13,555

 

 

13,676

 

 (7) (8)

Onyx CenterSource, Inc.

Software

9.39%

S + 5.25%

12/14/29

 

 

1,047

 

 

958

 

 

966

 

 (7) (8) (10)

Runway Bidco, LLC (dba Redwood Software)

Software

8.67%

S + 5.00%

12/17/31

 

 

12,105

 

 

11,998

 

 

12,045

 

 (7) (8)

Runway Bidco, LLC (dba Redwood Software)

Software

S + 5.00%

12/17/31

 

 

3,030

 

 

(13

)

 

(15

)

 (7) (8) (10)

Runway Bidco, LLC (dba Redwood Software)

Software

S + 5.00%

12/17/31

 

 

1,515

 

 

(13

)

 

(8

)

 (7) (8) (10)

Singlewire Software, LLC

Software

8.59%

S + 4.75%

05/10/30

 

 

1,887

 

 

1,869

 

 

1,873

 

 (7) (8)

Singlewire Software, LLC

Software

8.42%

S + 4.75%

05/10/30

 

 

688

 

 

672

 

 

683

 

 (7) (8)

Singlewire Software, LLC

Software

S + 4.75%

05/10/30

 

 

252

 

 

(4

)

 

(2

)

 (7) (8) (10)

Smarsh, Inc.

Software

8.42%

S + 4.75%

02/16/29

 

 

35,000

 

 

34,730

 

 

34,650

 

 (7) (8)

Smarsh, Inc.

Software

8.43%

S + 4.75%

02/16/29

 

 

5,000

 

 

1,901

 

 

1,883

 

 (7) (8) (10)

Smarsh, Inc.

Software

S + 4.75%

02/16/29

 

 

3,333

 

 

(26

)

 

(33

)

 (7) (8) (10)

Smarsh, Inc.

Software

S + 4.75%

02/16/29

 

 

3,333

 

 

(10

)

 

(33

)

 (7) (8) (10)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.17%

S + 4.50%

07/02/29

 

 

52,689

 

 

52,208

 

 

52,162

 

 (7) (8)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

S + 4.75%

07/02/29

 

 

12,115

 

 

—

 

 

—

 

 (7) (10)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

8.17%

S + 4.50%

07/02/29

 

 

7,398

 

 

1,332

 

 

1,315

 

 (7) (8) (10)

Sundance Group Holdings, Inc. (dba NetDocuments)

Software

S + 4.75%

07/02/29

 

 

1,346

 

 

—

 

 

—

 

 (7) (10)

Vamos Bidco, Inc. (dba VIP)

Software

8.42%

S + 4.75%

01/30/32

 

 

16,135

 

 

15,990

 

 

15,974

 

 (7) (8)

Vamos Bidco, Inc. (dba VIP)

Software

S + 4.75%

01/30/32

 

 

6,757

 

 

(29

)

 

(68

)

 (7) (8) (10)

Vamos Bidco, Inc. (dba VIP)

Software

S + 4.75%

01/30/32

 

 

2,027

 

 

(18

)

 

(20

)

 (7) (8) (10)

Summit Buyer, LLC (dba Classic Collision)

Specialty Retail

S + 5.00%

06/02/31

 

 

21,475

 

 

(48

)

 

(268

)

 (7) (8) (10)

Summit Buyer, LLC (dba Classic Collision)

Specialty Retail

8.67%

S + 5.00%

06/02/31

 

 

16,903

 

 

16,763

 

 

16,903

 

 (7) (8)

Summit Buyer, LLC (dba Classic Collision)

Specialty Retail

8.69%

S + 5.00%

06/02/31

 

 

9,266

 

 

7,545

 

 

7,616

 

 (7) (8) (10)

Summit Buyer, LLC (dba Classic Collision)

Specialty Retail

10.75%

P + 4.00%

05/31/30

 

 

2,178

 

 

513

 

 

529

 

 (7) (8) (10)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

8.76%

S + 5.00%

12/05/31

 

 

24,347

 

 

23,954

 

 

23,950

 

 (7)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

S + 5.00%

12/05/31

 

 

3,106

 

 

(46

)

 

(47

)

 (7) (10)

AAG KP Borrower LLC (dba KUIU)

Textiles, Apparel & Luxury Goods

S + 5.00%

12/05/31

 

 

252

 

 

(4

)

 

(4

)

 (7) (10)

BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)

Trading Companies & Distributors

9.47%

S + 5.75%

10/07/30

 

 

16,266

 

 

15,961

 

 

16,104

 

 (7) (8)

BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)

Trading Companies & Distributors

9.47%

S + 5.75%

10/07/30

 

 

9,117

 

 

8,942

 

 

9,026

 

 (7) (8)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

9.17%

S + 5.50% (Incl. 2.25% PIK)

12/31/29

 

 

26,100

 

 

25,814

 

 

24,208

 

 (7) (8)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

8.94%

S + 5.25%

12/31/29

 

 

2,988

 

 

326

 

 

142

 

 (7) (8) (10)

NCWS Intermediate, Inc. (dba National Carwash Solutions)

Trading Companies & Distributors

9.17%

S + 5.50% (Incl. 2.25% PIK)

12/31/29

 

 

1,799

 

 

194

 

 

74

 

 (7) (8) (10)

PT Intermediate Holdings III, LLC (dba Parts Town)

Trading Companies & Distributors

8.67%

S + 5.00% (Incl. 1.75% PIK)

04/09/30

 

 

44,559

 

 

44,501

 

 

43,890

 

 (7) (8)

PT Intermediate Holdings III, LLC (dba Parts Town)

Trading Companies & Distributors

S + 5.00% (Incl. 1.75% PIK)

04/09/30

 

 

2,601

 

 

(2

)

 

(39

)

 (7) (8) (10)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

S + 5.00%

01/24/33

 

 

12,398

 

 

—

 

 

—

 

 (7) (10)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

S + 5.00%

01/24/33

 

 

2,610

 

 

—

 

 

—

 

 (7) (10)

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

Trading Companies & Distributors

S + 5.00%

01/24/33

 

 

2,175

 

 

—

 

 

—

 

 (7) (10)

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

8.27%

S + 4.50%

12/06/32

 

 

10,383

 

 

10,280

 

 

10,279

 

 (7)

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

S + 4.50%

12/06/32

 

 

3,810

 

 

(19

)

 

(19

)

 (7) (10)

UFT Buyer LLC (dba United Flow Technologies)

Trading Companies & Distributors

S + 4.50%

12/06/32

 

 

1,429

 

 

(14

)

 

(14

)

 (7) (10)

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

38

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Interest
Rate(4)

Reference Rate
and Spread(4)

Initial
Acquisition
Date

Maturity

Par(6)

 

Cost

 

Fair
Value

 

Footnotes

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

$

3,922

 

$

1,835

 

$

1,824

 

 (7) (8) (10)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

3,912

 

 

3,883

 

 

3,873

 

 (7) (8)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

3,912

 

 

3,883

 

 

3,873

 

 (7) (8)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

9.07%

S + 5.25%

 

03/31/27

 

2,445

 

 

2,427

 

 

2,421

 

 (7) (8)

Airwavz Solutions, Inc.

Wireless Telecommunication Services

S + 5.25%

 

03/31/27

 

490

 

 

(4

)

 

(5

)

 (7) (8) (10)

Total 1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

2,919,435

 

 

2,857,787

 

 

1st Lien/Last-Out Unitranche - 9.5%

 

 

 

 

 

 

 

 

 

 

 

 

Streamland Media Midco LLC

Entertainment

S + 6.50% (Incl. 5.50% PIK)

 

04/02/29

$

17,149

 

$

14,834

 

$

11,833

 

 (7) (8) (12) (15)

EDB Parent, LLC (dba Enterprise DB)

Software

10.84%

S + 7.00%

 

07/07/28

 

19,504

 

 

19,244

 

 

19,309

 

 (7) (8) (15)

EDB Parent, LLC (dba Enterprise DB)

Software

10.84%

S + 7.00%

 

07/07/28

 

12,678

 

 

8,982

 

 

8,856

 

 (7) (8) (10) (15)

EDB Parent, LLC (dba Enterprise DB)

Software

10.84%

S + 7.00%

 

07/07/28

 

4,720

 

 

4,669

 

 

4,673

 

 (7) (8) (15)

EIP Consolidated, LLC (dba Everest Infrastructure)

Wireless Telecommunication Services

10.09%

S + 6.25%

 

12/07/28

 

6,255

 

 

6,215

 

 

6,224

 

 (7) (8) (15)

EIP Consolidated, LLC (dba Everest Infrastructure)

Wireless Telecommunication Services

10.08%

S + 6.25%

 

12/07/28

 

3,745

 

 

3,555

 

 

3,559

 

 (7) (8) (10) (15)

K2 Towers III, LLC

Wireless Telecommunication Services

8.37%

S + 4.67%

 

12/06/28

 

52,609

 

 

43,681

 

 

43,666

 

 (7) (10) (15)

Octagon Towers LLC

Wireless Telecommunication Services

8.68%

S + 4.98%

 

09/04/28

 

11,658

 

 

9,607

 

 

9,607

 

 (7) (10) (15)

Skyway Towers Intermediate LLC

Wireless Telecommunication Services

8.74%

S + 5.03%

 

12/22/28

 

10,181

 

 

10,124

 

 

10,130

 

 (7) (8) (15)

Skyway Towers Intermediate LLC

Wireless Telecommunication Services

8.74%

S + 5.03%

 

12/22/28

 

8,339

 

 

651

 

 

670

 

 (7) (8) (10) (15)

Tarpon Towers II LLC

Wireless Telecommunication Services

8.30%

S + 4.58%

 

02/01/29

 

9,428

 

 

9,363

 

 

9,380

 

 (7) (8) (15)

Tarpon Towers II LLC

Wireless Telecommunication Services

8.30%

S + 4.58%

 

02/01/29

 

5,573

 

 

2,724

 

 

2,732

 

 (7) (8) (10) (15)

Towerco IV Holdings, LLC

Wireless Telecommunication Services

7.58%

S + 3.75%

 

08/31/28

 

5,000

 

 

4,499

 

 

4,517

 

 (7) (8) (10) (15)

Total 1st Lien/Last-Out Unitranche

 

 

 

 

 

 

 

 

138,148

 

 

135,156

 

 

2nd Lien/Senior Secured Debt - 3.4%

 

 

 

 

 

 

 

 

 

 

 

 

MPI Engineered Technologies, LLC

Automobile Components

S + 12.00% (Incl. 6.00% PIK)

01/15/20

11/17/25

$

23,049

 

$

20,011

 

$

9,220

 

 (5) (8) (12) (14)

Wine.com, LLC

Beverages

16.15%

S + 12.00% PIK

 

04/03/27

 

13,424

 

 

13,663

 

 

14,163

 

 (7) (8)

Wine.com, LLC

Beverages

16.15%

S + 12.00% PIK

 

04/03/27

 

3,779

 

 

3,009

 

 

6,807

 

 (7) (8) (10) (16)

Chase Industries, Inc. (dba Senneca Holdings)

Building Products

 

 

11/11/27

 

15,511

 

 

—

 

 

—

 

 (7) (8) (17)

Chase Industries, Inc. (dba Senneca Holdings)

Building Products

10.00% PIK

 

05/11/27

 

12,150

 

 

9,714

 

 

14,914

 

 (7) (8) (12)

Sweep Midco LLC

Commercial Services & Supplies

 

 

03/12/36

 

16,360

 

 

—

 

 

—

 

 (7) (8) (17)

Sweep Midco LLC

Commercial Services & Supplies

 

 

03/12/34

 

5,621

 

 

4,216

 

 

2,810

 

 (7) (8) (17)

Total 2nd Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

50,613

 

 

47,914

 

 

Unsecured Debt - 0.6%

 

 

 

 

 

 

 

 

 

 

 

 

Wine.com, Inc.

Beverages

S + 15.00% PIK

11/03/23

04/03/27

$

41,599

 

$

—

 

$

—

 

 (5) (7) (8) (12) (16)

Wine.com, Inc.

Beverages

S + 15.00% PIK

11/03/23

04/03/27

 

23,994

 

 

6,488

 

 

—

 

 (5) (7) (8) (12) (16)

Wine.com, Inc.

Beverages

S + 15.00% PIK

11/03/23

04/03/27

 

14,591

 

 

15,230

 

 

—

 

 (5) (7) (8) (12)

Bayside Parent, LLC (dba Pro-PT)

Health Care Providers & Services

13.82%

S + 10.00% PIK

05/31/23

05/31/26

 

1,373

 

 

813

 

 

1,301

 

 (5) (8)

mPulse Mobile, Inc. (dba Zipari Inc.)

Health Care Technology

 

09/05/24

02/25/33

 

8,247

 

 

7,072

 

 

7,175

 

 (5) (8) (17)

Total Unsecured Debt

 

 

 

 

 

 

 

 

29,603

 

 

8,476

 

 

Total United States

 

 

 

 

 

 

 

$

3,137,799

 

$

3,049,333

 

 

Total Debt Investments

 

 

 

 

 

 

 

$

3,306,672

 

$

3,220,334

 

 

 

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

 

39

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment(1)(2)

Industry(3)

Initial
Acquisition
Date

Shares(6)

 

Cost

 

Fair
Value

 

Footnotes

Equity Securities - 2.9%

 

 

 

 

 

 

 

 

 

Canada - 0.0%

 

 

 

 

 

 

 

 

 

Common Stock - 0.0%

 

 

 

 

 

 

 

 

 

Prairie Provident Resources, Inc.

Oil, Gas & Consumable Fuels

01/31/14

 

3,579,988

 

$

9,237

 

$

52

 

 (5) (9) (17)

Total Common Stock

 

 

 

 

 

9,237

 

 

52

 

 

Total Canada

 

 

 

 

$

9,237

 

$

52

 

 

United States - 2.9%

 

 

 

 

 

 

 

 

 

Common Stock - 1.0%

 

 

 

 

 

 

 

 

 

VisionSafe Parent, LLC

Aerospace & Defense

04/19/24

 

610

 

$

610

 

$

573

 

 (5) (7) (8) (17)

Thrasio Holdings, Inc.

Broadline Retail

06/18/24

 

252,754

 

 

—

 

 

—

 

 (5) (7) (8) (11) (17)

Elah Holdings, Inc.

Capital Markets

05/09/18

 

111,650

 

 

5,238

 

 

5,396

 

 (5) (7) (8) (11) (17)

RPC ABC Investment Holdings LLC (dba ABC Plumbing)

Diversified Consumer Services

04/26/24

 

2,116,564

 

 

2,117

 

 

1,228

 

 (5) (7) (8) (11) (17)

SEM Holdings, LLC (dba Southeast Mechanical, LLC)

Diversified Consumer Services

07/06/22

 

1,100

 

 

1,100

 

 

1,579

 

 (5) (7) (8) (11) (17)

Whitewater Holding Company LLC

Diversified Consumer Services

12/21/21

 

23,400

 

 

2,340

 

 

1,951

 

 (5) (7) (8) (17)

Iracore International Holdings, Inc.

Energy Equipment & Services

04/13/17

 

28,898

 

 

7,003

 

 

2,728

 

 (5) (8) (11) (17)

Streamland Media Holdings LLC

Entertainment

03/31/25

 

159,126

 

 

6,393

 

 

—

 

 (5) (7) (8) (17)

PPT Management Holdings, LLC (dba Pro-PT)

Health Care Providers & Services

05/31/23

 

1,293

 

 

—

 

 

338

 

 (5) (8) (17)

SDB HOLDCO, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

03/29/24

 

731,038

 

 

—

 

 

—

 

 (5) (8) (11) (17)

MedeAnalytics Group Holdings, LLC

Health Care Technology

04/21/23

 

9

 

 

—

 

 

—

 

 (5) (7) (8) (11) (17)

Volt Bidco, Inc. (dba Power Factors)

Independent Power and Renewable Electricity Producers

08/11/21

 

3,355

 

 

3,406

 

 

798

 

 (5) (7) (8) (17)

Pluralsight, Inc.

Professional Services

08/22/24

 

4,836,698

 

 

13,167

 

 

—

 

 (5) (7) (8) (11) (17)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

03/10/21

 

29,326

 

 

2,933

 

 

71

 

 (5) (7) (8) (17)

Total Common Stock

 

 

 

 

 

44,307

 

 

14,662

 

 

 

Preferred Stock - 1.9%

 

 

 

 

 

 

 

 

 

Wine.com, LLC

Beverages

11/14/18

 

535,226

 

$

8,225

 

$

—

 

 (5) (7) (8) (17)

Wine.com, LLC

Beverages

03/03/21

 

124,040

 

 

3,066

 

 

—

 

 (5) (7) (8) (17)

FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)

Diversified Consumer Services

10/02/24

 

759

 

 

100

 

 

127

 

 (5) (7) (8) (17)

SDB HOLDCO, LLC (dba Specialty Dental Brands)

Health Care Providers & Services

03/29/24

 

354,698

 

 

113

 

 

—

 

 (5) (8) (11) (17)

MedeAnalytics Group Holdings, LLC

Health Care Technology

10/09/20

 

—

 

 

—

 

 

—

 

 (5) (7) (8) (11) (17) (18)

Khoros, LLC (fka Lithium Technologies, Inc.)

Interactive Media & Services

05/23/25

 

202,383

 

 

8,698

 

 

8,682

 

 (5) (7) (8) (17)

CloudBees, Inc.

Software

11/24/21

 

1,152,957

 

 

12,899

 

 

17,617

 

 (5) (7) (8) (17)

Total Preferred Stock

 

 

 

 

 

33,101

 

 

26,426

 

 

Warrants - 0.0%

 

 

 

 

 

 

 

 

 

KDOR Holdings Inc. (dba Senneca Holdings)

Building Products

05/29/20

 

2,812

 

$

—

 

$

—

 

 (5) (7) (8) (17)

KDOR Holdings Inc. (dba Senneca Holdings)

Building Products

05/29/20

 

294

 

 

—

 

 

—

 

 (5) (7) (8) (17)

KDOR Holdings Inc. (dba Senneca Holdings)

Building Products

06/22/20

 

59

 

 

—

 

 

—

 

 (5) (7) (8) (17)

CloudBees, Inc.

Software

11/24/21

 

333,980

 

 

1,849

 

 

247

 

 (5) (7) (8) (17)

Total Warrants

 

 

 

 

 

1,849

 

 

247

 

 

Total United States

 

 

 

 

$

79,257

 

$

41,335

 

 

Total Equity Securities

 

 

 

 

$

88,494

 

$

41,387

 

 

Total Investments - 229.2%

 

 

 

 

$

3,395,166

 

$

3,261,721

 

 

Investments in Affiliated Money Market Fund - 2.5%

 

 

 

 

 

 

 

 

 

United States - 2.5%

 

 

 

 

 

 

 

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 

 

 

35,724,048

 

$

35,724

 

$

35,724

 

 (19) (20)

Total United States

 

 

 

 

$

35,724

 

$

35,724

 

 

Total Investments in Affiliated Money Market Fund

 

 

 

 

$

35,724

 

$

35,724

 

 

Total Investments and Investments in Affiliated Money Market Fund - 231.7%

 

 

 

 

$

3,430,890

 

$

3,297,445

 

 

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

40

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

(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 December 31, 2025, 3 month E was 2.03%, 1 month S was 3.69%, 3 month S was 3.65%, 6 month S was 3.57%, 3 month SN was 3.73%, 3 month C was 2.26%, 3 month N was 4.07%, 1 month B was 3.55%, 3 month B was 3.74% and P was 6.75%. 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, 2025.
(5)
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 December 31, 2025, the aggregate fair value of these securities is $59,083 or 4.2% of the Company's net assets. The initial acquisition dates have been included for such securities.
(6)
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or “USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Norwegian Kroner (“NOK”), Canadian Dollars (“CAD”) or Australian Dollars (“AUD”).
(7)
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”.
(8)
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
(9)
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 December 31, 2025, the aggregate fair value of these non-qualifying assets is $336,250 or 9.9% of the Company’s total assets.
(10)
Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded 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 a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies”.
(11)
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”.
(12)
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.
(13)
The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
(14)
The Company is in discussions with the portfolio company to extend the maturity date through an amendment.
(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 in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $3,366 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the interest rate in effect for the secured borrowing was 16.15% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 “Significant Accounting Policies".
(17)
Non-income producing security.
(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, 2025 is 3.67%.

PIK – Payment-In-Kind

 

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

41

 

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

ADDITIONAL INFORMATION

 

Foreign Currency Forward Contracts

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized
Appreciation
(Depreciation)

 

Bank of America, N.A.

USD 2,661

GBP 2,161

01/15/26

$

(252

)

Total Foreign Currency Forward Contracts

 

 

$

(252

)

 

 

 

 

 

 

 

Interest Rate Swaps

Counterparty

Hedged Item

Company Receives

Company Pays

Frequency

Maturity Date

Notional Amount

 

Fair Market
Value

 

Upfront Payments / Receipts

 

Unrealized Appreciation (Depreciation)

 

Bank of America, N.A.

2027 Notes

6.38%

S + 2.80%

Semiannual

03/11/27

$

400,000

 

$

607

 

$

—

 

$

607

 

Bank of America, N.A.

2030 Notes

5.65%

S + 2.36%

Semiannual

08/09/30

 

400,000

 

 

(3,570

)

 

—

 

 

(3,570

)

Total Interest Rate Swaps

 

 

 

 

 

$

800,000

 

$

(2,963

)

$

—

 

$

(2,963

)

 

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

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated 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, 2025, included in the Company’s annual report on Form 10-K, which was filed with the SEC on February 26, 2026. The results for the three and six months ended June 30, 2026 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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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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:

 

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Prepayment premiums

 

$

97

 

 

$

513

 

 

$

253

 

 

$

655

 

Accelerated amortization of upfront loan origination fees and unamortized discounts

 

$

2,851

 

 

$

3,371

 

 

$

3,642

 

 

$

5,086

 

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 in Note 3 “Significant Agreements and Related Party Transactions”) 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 in Other income when earned. Administrative agent fees received by the Company are recorded in Other income when the services are rendered over time.

At times, Goldman Sachs, GSAM or their affiliates earn fees for transaction services provided to portfolio companies that are non-recurring and non-refundable. For certain transactions, where the Company participates as a co-lender, Goldman Sachs, GSAM or their affiliates may share a portion of the fees with the Company. For further details, see Note 3 “Significant Agreements and Related Party Transactions — Co-Investment Activity.” The fees are capitalized into the loan balance and recognized over the life of the loan when deemed yield enhancing, otherwise, they are recorded as “Other Income” when earned. For the three and six months ended June 30, 2026, Goldman Sachs, GSAM or their affiliates shared a portion of fees with the Company in the amount of $809 and $809 which are included in Other Income in the Consolidated Statements of Operations. No portions of such amounts were capitalized into a loan balance and recognized over the life of the loan. For the three and six months ended June 30, 2025, no such fees were shared with the Company.

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026 was $663 and $754. Amortization income of the Purchase Discount for the three and six months ended June 30, 2025 was $1,001 and $1,806. 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.

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, 2026, the Company had certain investments held in 10 portfolio companies on non-accrual status, which represented 5.0% and 2.9% of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status, which represented 2.8% and 1.9% 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.

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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:

(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;
(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;
(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;
(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;
(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
(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, 2026 and December 31, 2025, the Company held an aggregate cash balance of $14,430 and $43,211. Foreign currency of $5 and $4,896 (acquisition costs of $5 and $4,817) is included in cash as of June 30, 2026 and December 31, 2025.

46

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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.

Derivatives

The Company recognizes its derivatives at fair value. The unrealized appreciation (depreciation) on derivatives is recorded on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) and net of cash collateral received and posted in the Consolidated Statements of Assets and Liabilities when a legal right of setoff exists under an enforceable netting agreement. Any over-collateralized amounts posted or received are included in the Consolidated Statements of Assets and Liabilities in Other assets or Accrued expenses and other liabilities. Notional amounts and fair market values of derivatives are presented separately on the Consolidated Schedules of Investments.

From time to time, the Company enters 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. 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 for foreign currency forward contracts and, as such, the Company records changes in fair value of its foreign currency forward contracts in the net change in unrealized appreciation (depreciation) from foreign currency forward contracts in the Consolidated Statements of Operations.

Additionally, the Company enters into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting. Gains and losses on these interest rate swaps are included in Interest and other debt expenses in the Consolidated Statements of Operations and changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are reported as an adjustment to the carrying value of the liabilities in the Consolidated Statements of Assets and Liabilities and also included in Interest and other debt expenses in the Consolidated Statements of Operations. See Note 6 “Debt” and Note 7 “Derivatives” for further information about such fair value hedge accounting relationships.

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 Other general and administrative 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.

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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 the Company’s required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required. For the three and six months ended June 30, 2026, the Company accrued excise taxes of $844 and $1,826. As of June 30, 2026, $2,047 of accrued excise taxes remained payable. For the three and six months ended June 30, 2025, the Company accrued excise taxes of $906 and $2,213.

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.

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.

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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.

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 financial condition, results of operations or cash flows.

In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

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, 2026, Management Fees amounted to $8,182 and $16,445. As of June 30, 2026, $8,182 remained payable. For the three and six months ended June 30, 2025, Management Fees amounted to $8,408 and $17,089.

Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independently 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:

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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 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:

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

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

“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, 2026, Incentive Fees based on income amounted to $0 and $12,438. As of June 30, 2026, $0 remained payable. For the three and six months ended June 30, 2025, Incentive Fees based on income amounted to $8,526 and $15,330.

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% for the periods through December 31, 2024 and 17.5% for the periods after December 31, 2024 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.

For the three and six months ended June 30, 2026 and 2025, 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 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 in Other general and administrative expenses.

For the three and six months ended June 30, 2026, the Company incurred expenses for services provided by the Administrator and the Custodian of $490 and $995. As of June 30, 2026, $839 remained payable. 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.

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 in Other general and administrative expenses.

For the three and six months ended June 30, 2026, the Company incurred expenses for services provided by the Transfer Agent of $7 and $13. As of June 30, 2026, $7 remained payable. 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.

51

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Affiliates

GS Group Inc., together with certain of its subsidiaries, owned 5.8% of the outstanding shares of the Company’s common stock as of June 30, 2026 and December 31, 2025. The table below presents the Company’s affiliated investments (including investments in money market funds, if any):

 

 

 

Beginning Fair Value Balance

 

 

Gross
Additions(1)

 

 

Gross
Reductions(2)

 

 

Net Realized
Gain(Loss)

 

 

Net Change in
Unrealized
Appreciation (Depreciation)

 

 

Ending Fair Value Balance

 

 

Dividend,
Interest, PIK
and Other
Income

 

For the Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs Financial Square Government Fund

 

$

35,724

 

 

$

471,372

 

 

$

(470,870

)

 

$

—

 

 

$

—

 

 

$

36,226

 

 

$

329

 

RPC ABC Investment Holdings LLC (dba ABC Plumbing)

 

 

11,574

 

 

 

—

 

 

 

(12,633

)

 

 

—

 

 

 

1,059

 

 

 

—

 

 

 

—

 

Elah Holdings, Inc.

 

 

5,396

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,396

 

 

 

—

 

Iracore International Holdings, Inc.

 

 

2,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(495

)

 

 

2,233

 

 

 

—

 

MedeAnalytics Group Holdings, LLC

 

 

158

 

 

 

—

 

 

 

(142

)

 

 

—

 

 

 

(16

)

 

 

—

 

 

 

—

 

SEM Holdings, LLC (dba Southeast Mechanical, LLC)

 

 

23,184

 

 

 

84

 

 

 

(91

)

 

 

—

 

 

 

(299

)

 

 

22,878

 

 

 

1,195

 

Thrasio Holdings, Inc.

 

 

18,908

 

 

 

4,607

 

 

 

(19,345

)

 

 

—

 

 

 

(184

)

 

 

3,986

 

 

 

5,812

 

SDB HOLDCO, LLC (dba Specialty Dental Brands)

 

 

602

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

(172

)

 

 

435

 

 

 

11

 

Pluralsight, Inc.

 

 

27,494

 

 

 

141

 

 

 

(73

)

 

 

—

 

 

 

(13,786

)

 

 

13,776

 

 

 

639

 

Total Non-Controlled Affiliates

 

$

125,768

 

 

$

476,209

 

 

$

(503,154

)

 

$

—

 

 

$

(13,893

)

 

$

84,930

 

 

$

7,986

 

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs Financial Square Government Fund

 

$

25,238

 

 

$

1,280,435

 

 

$

(1,269,949

)

 

$

—

 

 

$

—

 

 

$

35,724

 

 

$

785

 

RPC ABC Investment Holdings LLC (dba ABC Plumbing)

 

 

11,551

 

 

 

1,595

 

 

 

(543

)

 

 

—

 

 

 

(1,029

)

 

 

11,574

 

 

 

1,135

 

Animal Supply Holdings, LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,902

)

 

 

22,902

 

 

 

—

 

 

 

—

 

Conergy Asia & ME Pte. LTD

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,355

)

 

 

6,355

 

 

 

—

 

 

 

—

 

Elah Holdings, Inc.

 

 

5,396

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,396

 

 

 

—

 

Iracore International Holdings, Inc.

 

 

7,015

 

 

 

—

 

 

 

(1,502

)

 

 

—

 

 

 

(2,785

)

 

 

2,728

 

 

 

177

 

Kawa Solar Holdings Limited

 

 

741

 

 

 

—

 

 

 

(614

)

 

 

(4,567

)

 

 

4,440

 

 

 

—

 

 

 

—

 

MedeAnalytics Group Holdings, LLC

 

 

156

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

158

 

 

 

—

 

SEM Holdings, LLC (dba Southeast Mechanical, LLC)

 

 

21,130

 

 

 

4,262

 

 

 

(1,892

)

 

 

—

 

 

 

(316

)

 

 

23,184

 

 

 

2,458

 

Thrasio Holdings, Inc.

 

 

17,738

 

 

 

901

 

 

 

—

 

 

 

—

 

 

 

269

 

 

 

18,908

 

 

 

770

 

SDB HOLDCO, LLC (dba Specialty Dental Brands)

 

 

814

 

 

 

51

 

 

 

(1

)

 

 

—

 

 

 

(262

)

 

 

602

 

 

 

63

 

Pluralsight, Inc.

 

 

42,214

 

 

 

1,812

 

 

 

(73

)

 

 

—

 

 

 

(16,459

)

 

 

27,494

 

 

 

2,932

 

Total Non-Controlled Affiliates

 

$

131,993

 

 

$

1,289,056

 

 

$

(1,274,574

)

 

$

(33,824

)

 

$

13,117

 

 

$

125,768

 

 

$

8,320

 

 

(1)
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.
(2)
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.

52

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026 and December 31, 2025, there were $2,460 and $2,213 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. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

4.
INVESTMENTS

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

 

 

June 30, 2026

 

December 31, 2025

 

Investment Type

 

Cost

 

 

Fair Value

 

Cost

 

 

Fair Value

 

1st Lien/Senior Secured Debt

 

$

3,076,034

 

 

$

2,963,331

 

$

3,088,308

 

 

$

3,028,788

 

1st Lien/Last-Out Unitranche

 

 

140,199

 

 

 

132,155

 

 

138,148

 

 

 

135,156

 

2nd Lien/Senior Secured Debt

 

 

75,910

 

 

 

55,118

 

 

50,613

 

 

 

47,914

 

Unsecured Debt

 

 

30,231

 

 

 

8,569

 

 

29,603

 

 

 

8,476

 

Preferred Stock

 

 

33,209

 

 

 

20,231

 

 

33,101

 

 

 

26,426

 

Common Stock

 

 

53,544

 

 

 

15,437

 

 

53,544

 

 

 

14,714

 

Warrants

 

 

1,849

 

 

 

407

 

 

1,849

 

 

 

247

 

Total

 

$

3,410,976

 

 

$

3,195,248

 

$

3,395,166

 

 

$

3,261,721

 

 

53

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Industry

 

Fair Value

 

 

Net Assets

 

 

Fair Value

 

 

Net Assets

 

 

Software

 

 

19.6

%

 

 

46.0

%

 

 

17.6

%

 

 

40.2

%

 

Health Care Technology

 

 

8.6

 

 

 

20.3

 

 

 

8.4

 

 

 

19.3

 

 

Financial Services

 

 

7.8

 

 

 

18.2

 

 

 

7.7

 

 

 

17.6

 

 

Health Care Providers & Services

 

 

7.7

 

 

 

18.1

 

 

 

8.8

 

 

 

20.2

 

 

Commercial Services & Supplies

 

 

7.6

 

 

 

17.7

 

 

 

7.4

 

 

 

16.9

 

 

Diversified Consumer Services

 

 

7.1

 

 

 

16.7

 

 

 

6.1

 

 

 

14.0

 

 

Professional Services

 

 

6.4

 

 

 

14.9

 

 

 

6.8

 

 

 

15.6

 

 

Real Estate Mgmt. & Development

 

 

5.4

 

 

 

12.8

 

 

 

5.3

 

 

 

12.0

 

 

IT Services

 

 

4.5

 

 

 

10.5

 

 

 

4.4

 

 

 

10.2

 

 

Trading Companies & Distributors

 

 

3.4

 

 

 

8.0

 

 

 

3.2

 

 

 

7.3

 

 

Wireless Telecommunication Services

 

 

3.3

 

 

 

7.8

 

 

 

3.1

 

 

 

7.2

 

 

Health Care Equipment & Supplies

 

 

2.9

 

 

 

6.9

 

 

 

2.9

 

 

 

6.7

 

 

Machinery

 

 

1.8

 

 

 

4.1

 

 

 

1.6

 

 

 

3.7

 

 

Entertainment

 

 

1.7

 

 

 

4.0

 

 

 

1.9

 

 

 

4.3

 

 

Containers & Packaging

 

 

1.7

 

 

 

4.0

 

 

 

1.7

 

 

 

3.8

 

 

Food Products

 

 

1.2

 

 

 

2.8

 

 

 

1.0

 

 

 

2.4

 

 

Oil, Gas & Consumable Fuels

 

 

1.2

 

 

 

2.7

 

 

 

1.1

 

 

 

2.6

 

 

Construction & Engineering

 

 

1.0

 

 

 

2.4

 

 

 

1.0

 

 

 

2.3

 

 

Building Products

 

 

0.9

 

 

 

2.2

 

 

 

0.5

 

 

 

1.0

 

 

Chemicals

 

 

0.8

 

 

 

2.0

 

 

 

1.0

 

 

 

2.3

 

 

Interactive Media & Services

 

 

0.7

 

 

 

1.7

 

 

 

0.8

 

 

 

1.9

 

 

Aerospace & Defense

 

 

0.7

 

 

 

1.6

 

 

 

0.7

 

 

 

1.5

 

 

Textiles, Apparel & Luxury Goods

 

 

0.6

 

 

 

1.4

 

 

 

0.7

 

 

 

1.7

 

 

Air Freight & Logistics

 

 

0.6

 

 

 

1.4

 

 

 

0.4

 

 

 

0.9

 

 

Hotels, Restaurants & Leisure

 

 

0.5

 

 

 

1.2

 

 

 

0.5

 

 

 

1.2

 

 

Pharmaceuticals

 

 

0.5

 

 

 

1.1

 

 

 

0.5

 

 

 

1.2

 

 

Media

 

 

0.4

 

 

 

1.0

 

 

 

0.3

 

 

 

0.7

 

 

Beverages

 

 

0.4

 

 

 

0.9

 

 

 

0.6

 

 

 

1.5

 

 

Automobile Components

 

 

0.2

 

 

 

0.5

 

 

 

0.3

 

 

 

0.6

 

 

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

 

 

Broadline Retail

 

 

0.1

 

 

 

0.3

 

 

 

0.6

 

 

 

1.3

 

 

Insurance

 

 

0.1

 

 

 

0.3

 

 

 

—

 

(1)

 

0.1

 

 

Electrical Equipment

 

 

—

 

(1)

 

0.1

 

 

 

—

 

(1)

 

—

 

(1)

Communications Equipment

 

 

—

 

(1)

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

Independent Power and Renewable Electricity Producers

 

 

—

 

(1)

 

0.1

 

 

 

1.6

 

 

 

3.7

 

 

Household Products

 

 

—

 

(1)

 

0.1

 

 

 

—

 

(1)

 

0.1

 

 

Specialty Retail

 

 

—

 

 

 

—

 

 

 

0.8

 

 

 

1.7

 

 

Total

 

 

100.0

%

 

 

235.3

%

 

 

100.0

%

 

 

229.2

%

 

 

(1)
Amount rounds to less than 0.1%.

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

Geographic

 

June 30, 2026

 

 

December 31, 2025

 

 

United States

 

 

94.6

%

 

 

94.8

%

 

Canada

 

 

3.3

 

 

 

3.2

 

 

United Kingdom

 

 

1.5

 

 

 

1.5

 

 

India

 

 

0.6

 

 

 

0.5

 

 

Total

 

 

100.0

%

 

 

100.0

%

 

 

54

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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.

55

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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.

Level 2 Instruments

 

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.

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.

 

Level 3 Instruments

 

Valuation Techniques and Significant Inputs

Bank Loans, Corporate Debt, and Other Debt

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.

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.

 

 

56

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

The following is a summary of the Company’s assets categorized within the fair value hierarchy:

 

 

June 30, 2026

 

 

December 31, 2025

 

Assets

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

1st Lien/Senior Secured Debt

 

$

—

 

 

$

19,870

 

 

$

2,943,461

 

 

$

2,963,331

 

 

$

—

 

 

$

54,142

 

 

$

2,974,646

 

 

$

3,028,788

 

1st Lien/Last-Out Unitranche

 

 

—

 

 

 

—

 

 

 

132,155

 

 

 

132,155

 

 

 

—

 

 

 

—

 

 

 

135,156

 

 

 

135,156

 

2nd Lien/Senior Secured Debt

 

 

—

 

 

 

—

 

 

 

55,118

 

 

 

55,118

 

 

 

—

 

 

 

—

 

 

 

47,914

 

 

 

47,914

 

Unsecured Debt

 

 

—

 

 

 

—

 

 

 

8,569

 

 

 

8,569

 

 

 

—

 

 

 

—

 

 

 

8,476

 

 

 

8,476

 

Preferred Stock

 

 

—

 

 

 

—

 

 

 

20,231

 

 

 

20,231

 

 

 

—

 

 

 

—

 

 

 

26,426

 

 

 

26,426

 

Common Stock

 

 

49

 

 

 

—

 

 

 

15,388

 

 

 

15,437

 

 

 

52

 

 

 

—

 

 

 

14,662

 

 

 

14,714

 

Warrants

 

 

—

 

 

 

—

 

 

 

407

 

 

 

407

 

 

 

—

 

 

 

—

 

 

 

247

 

 

 

247

 

Affiliated Money Market Fund

 

 

36,226

 

 

 

—

 

 

 

—

 

 

 

36,226

 

 

 

35,724

 

 

 

—

 

 

 

—

 

 

 

35,724

 

Unrealized appreciation on interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

607

 

Unrealized appreciation on foreign currency forward contracts

 

 

—

 

 

 

64

 

 

 

—

 

 

 

64

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

36,275

 

 

$

19,934

 

 

$

3,175,329

 

 

$

3,231,538

 

 

$

35,776

 

 

$

54,749

 

 

$

3,207,527

 

 

$

3,298,052

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on interest rate swaps

 

$

—

 

 

$

(16,450

)

 

$

—

 

 

$

(16,450

)

 

$

—

 

 

$

(3,570

)

 

$

—

 

 

$

(3,570

)

Unrealized depreciation on foreign currency forward contracts

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(252

)

 

 

—

 

 

 

(252

)

Total Liabilities

 

$

—

 

 

$

(16,452

)

 

$

—

 

 

$

(16,452

)

 

$

—

 

 

$

(3,822

)

 

$

—

 

 

$

(3,822

)

 

57

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2026 and December 31, 2025. 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.

Level 3 Instruments

 

Fair Value(1)(2)

 

Valuation Techniques(3)

Significant Unobservable
Inputs

Range of Significant
Unobservable Inputs(4)

Weighted
Average(5)

As of June 30, 2026

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,683,536

 

Discounted cash flows

Discount Rate

7.6% - 27.7%

11.3%

 

 

$

122,605

 

Comparable multiples

EV/EBITDA(6)

5.3x - 10.0x

8.5x

 

 

$

978

 

Comparable multiples

EV/Revenue

0.2x - 0.8x

0.7x

1st Lien/Last-Out Unitranche

 

$

124,363

 

Discounted cash flows

Discount Rate

8.7% - 12.0%

9.9%

 

 

$

7,234

 

Comparable multiples

EV/EBITDA(6)

—

8.8x

2nd Lien/Senior Secured Debt

 

$

32,952

 

Discounted cash flows

Discount Rate

9.3% - 13.2%

11.8%

 

 

$

6,287

 

Comparable multiples

EV/EBITDA(6)

4.0x - 8.9x

4.9x

 

 

$

9,873

 

Comparable multiples

EV/Revenue

—

0.3x

 

 

$

2,207

 

Collateral analysis

Recovery Rate

—

36.4%

Unsecured Debt

 

$

8,569

 

Discounted cash flows

Discount Rate

18.4% - 20.1%

18.7%

Equity

Preferred Stock

 

$

4,342

 

Discounted cash flows

Discount Rate

—

38.6%

 

 

$

249

 

Comparable multiples

EV/EBITDA(6)

11.6x - 12.5x

12.1x

 

 

$

15,640

 

Comparable multiples

EV/Revenue

—

3.0x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

27.4%

 

 

$

9,203

 

Comparable multiples

EV/EBITDA(6)

2.6x - 12.5x

9.0x

 

 

$

789

 

Comparable multiples

EV/Revenue

—

6.8x

Warrants

 

$

407

 

Comparable multiples

EV/Revenue

—

3.0x

As of December 31, 2025

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,637,872

 

Discounted cash flows

Discount Rate

7.9% - 21.4%

10.5%

 

 

$

13,278

 

Collateral analysis

Recovery Rate

—

75.3%

 

 

$

66,612

 

Comparable multiples

EV/EBITDA(6)

4.8x - 10.0x

7.2x

 

 

$

158

 

Comparable multiples

EV/Revenue

—

0.3x

1st Lien/Last-Out Unitranche

 

$

70,050

 

Discounted cash flows

Discount Rate

8.1% - 11.3%

9.9%

 

 

$

11,833

 

Comparable multiples

EV/EBITDA(6)

—

8.7x

2nd Lien/Senior Secured Debt

 

$

20,970

 

Discounted cash flows

Discount Rate

19.3% - 23.6%

22.2%

 

 

$

26,944

 

Comparable multiples

EV/EBITDA(6)

3.7x - 9.0x

6.9x

Unsecured Debt

 

$

8,476

 

Discounted cash flows

Discount Rate

14.7% - 26.7%

16.5%

Equity

Preferred Stock

 

$

8,682

 

Discounted cash flows

Discount Rate

—

20.6%

 

 

$

127

 

Comparable multiples

EV/EBITDA(6)

—

13.0x

 

 

$

17,617

 

Comparable multiples

EV/Revenue

—

3.9x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

28.5%

 

 

$

8,468

 

Comparable multiples

EV/EBITDA(6)

3.5x - 13.0x

7.5x

 

 

$

798

 

Comparable multiples

EV/Revenue

—

7.3x

Warrants

 

$

247

 

Comparable multiples

EV/Revenue

—

3.9x

 

(1)
As of June 30, 2026, included within the fair value of Level 3 assets of $3,175,329 is an amount of $140,700 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,849,420 or 90.8% of Level 3 bank loans, corporate debt, and other debt obligations.
(2)
As of December 31, 2025, included within the fair value of Level 3 assets of $3,207,527 is an amount of $309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,737,368 or 86.5% of Level 3 bank loans, corporate debt, and other debt obligations.
(3)
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.
(4)
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.
(5)
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.

58

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

(6)
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

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, 2026 and December 31, 2025. 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 table presents a summary of changes in fair value of Level 3 assets by investment type:

 

 

Beginning Balance

 

 

Purchases
(1)

 

 

Net
Realized
Gain
(Loss)

 

 

Net Change in
Unrealized
Appreciation
(Depreciation)

 

 

Sales and
Settlements(2)

 

 

Net
Amortization
of
Premium/
Discount

 

 

Transfers
In(3)

 

 

Transfers
Out(3)

 

 

Ending
Balance

 

 

Net Change
in Unrealized
Appreciation
(Depreciation)
for assets
still held

 

For the Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

2,974,646

 

 

$

239,414

 

 

$

(174

)

 

$

(53,176

)

 

$

(258,087

)

 

$

6,827

 

 

$

34,011

 

 

$

—

 

 

$

2,943,461

 

 

$

(57,871

)

1st Lien/Last-Out Unitranche

 

 

135,156

 

 

 

6,550

 

 

 

—

 

 

 

(5,051

)

 

 

(4,646

)

 

 

146

 

 

 

—

 

 

 

—

 

 

 

132,155

 

 

 

(5,034

)

2nd Lien/Senior Secured Debt

 

 

47,914

 

 

 

34,926

 

 

 

21,504

 

 

 

(18,093

)

 

 

(31,548

)

 

 

415

 

 

 

—

 

 

 

—

 

 

 

55,118

 

 

 

(12,893

)

Unsecured Debt

 

 

8,476

 

 

 

1,549

 

 

 

—

 

 

 

(536

)

 

 

(1,346

)

 

 

426

 

 

 

—

 

 

 

—

 

 

 

8,569

 

 

 

(536

)

Preferred Stock

 

 

26,426

 

 

 

108

 

 

 

—

 

 

 

(6,303

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,231

 

 

 

(6,303

)

Common Stock

 

 

14,662

 

 

 

—

 

 

 

—

 

 

 

726

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,388

 

 

 

726

 

Warrants

 

 

247

 

 

 

—

 

 

 

—

 

 

 

160

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

407

 

 

 

160

 

Total Assets

 

$

3,207,527

 

 

$

282,547

 

 

$

21,330

 

 

$

(82,273

)

 

$

(295,627

)

 

$

7,814

 

 

$

34,011

 

 

$

—

 

 

$

3,175,329

 

 

$

(81,751

)

For the Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

3,136,683

 

 

$

365,336

 

 

$

(94,768

)

 

$

78,152

 

 

$

(588,881

)

 

$

10,421

 

 

$

18,015

 

 

$

—

 

 

$

2,924,958

 

 

$

(6,586

)

1st Lien/Last-Out Unitranche

 

 

165,905

 

 

 

19,162

 

 

 

—

 

 

 

2,181

 

 

 

(371

)

 

 

459

 

 

 

—

 

 

 

—

 

 

 

187,336

 

 

 

2,182

 

2nd Lien/Senior Secured Debt

 

 

46,786

 

 

 

1,819

 

 

 

(9,031

)

 

 

9,865

 

 

 

—

 

 

 

(80

)

 

 

—

 

 

 

—

 

 

 

49,359

 

 

 

835

 

Unsecured Debt

 

 

16,790

 

 

 

109

 

 

 

(1,055

)

 

 

1,553

 

 

 

(9,366

)

 

 

250

 

 

 

—

 

 

 

—

 

 

 

8,281

 

 

 

432

 

Preferred Stock

 

 

31,246

 

 

 

8,698

 

 

 

(778

)

 

 

2,064

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,230

 

 

 

1,286

 

Common Stock

 

 

34,166

 

 

 

6,393

 

 

 

(20,059

)

 

 

12,876

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,376

 

 

 

(7,183

)

Warrants

 

 

421

 

 

 

—

 

 

 

—

 

 

 

(23

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

398

 

 

 

(23

)

Total Assets

 

$

3,431,997

 

 

$

401,517

 

 

$

(125,691

)

 

$

106,668

 

 

$

(598,618

)

 

$

11,050

 

 

$

18,015

 

 

$

—

 

 

$

3,244,938

 

 

$

(9,057

)
(1)
Purchases may include PIK, securities received in corporate actions and restructurings.
(2)
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.
(3)
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.

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

 

 

 

Level

 

June 30, 2026

 

 

December 31, 2025

 

Revolving Credit Facility

 

3

 

$

679,641

 

 

$

585,750

 

2026 Notes

 

2

 

$

—

 

 

$

499,700

 

2027 Notes

 

2

 

$

405,320

 

 

$

409,080

 

2029 Notes

 

2

 

$

390,880

 

 

$

—

 

2030 Notes

 

2

 

$

393,400

 

 

$

402,240

 

 

59

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026 and December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 172% and 175%.

The Company’s outstanding debt was as follows:

 

 

As of

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Aggregate
Borrowing
Amount
Committed

 

 

Amount
Available

 

 

Carrying
Value(1)

 

 

Aggregate
Borrowing
Amount
Committed

 

 

Amount
Available

 

 

Carrying
Value(1)

 

Revolving Credit Facility(2)

 

$

1,475,000

 

 

$

795,613

 

 

$

679,641

 

 

$

1,695,000

 

 

$

1,109,997

 

 

$

585,750

 

2026 Notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

500,000

 

 

 

—

 

 

 

499,921

 

2027 Notes

 

 

400,000

 

 

 

—

 

 

 

396,874

 

 

 

400,000

 

 

 

—

 

 

 

397,333

 

2029 Notes

 

 

400,000

 

 

 

—

 

 

 

388,565

 

 

 

—

 

 

 

—

 

 

 

—

 

2030 Notes

 

 

400,000

 

 

 

—

 

 

 

385,228

 

 

 

400,000

 

 

 

—

 

 

 

391,616

 

Total Debt

 

$

2,675,000

 

 

$

795,613

 

 

$

1,850,308

 

 

$

2,995,000

 

 

$

1,109,997

 

 

$

1,874,620

 

 

(1)
The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.
(2)
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, 2026, the Company had outstanding borrowings denominated in USD of $583,674, in EUR of EUR 13,700, in GBP of GBP 17,450, in CAD of CAD 57,020 and in AUD of AUD 24,500. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $489,674, in EUR of EUR 13,700, in GBP of GBP 18,950, in CAD of CAD 52,270 and in AUD of AUD 24,500.

The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2026 was 5.77% and for the year ended December 31, 2025 was 5.36%. The combined average debt of the aggregate borrowings outstanding for the six months ended June 30, 2026 was $1,882,869 and for the year ended December 31, 2025 was $1,860,251.

In connection with each of the 2027 Notes, 2029 Notes, and 2030 Notes (as defined below), the Company has entered into separate interest rate swaps to more closely align the interest rates of the Company's fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to these interest rate swaps are settled semi-annually. The Company designated each interest rate swap and the respective notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying values of each of the 2027 Notes, 2029 Notes, and 2030 Notes are inclusive of adjustments for the changes in fair value of these notes attributable to the interest rate risk being hedged.

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 May 5, 2026.

The aggregate committed borrowing amount under the Revolving Credit Facility is $1,475,000. 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.

60

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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 1.775% or 1.65% (subject to certain gross borrowing base conditions) 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 0.775% or 0.65% (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 1.775% or 1.65% (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). 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 0.325% per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in arrears. Amounts borrowed under the Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 5, 2031.

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, (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, 2026, the Company was in compliance with these covenants.

Costs of $41,912 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, 2026 and December 31, 2025, the unamortized deferred financing costs were $15,438 and $13,245.

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

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

9,013

 

 

$

13,683

 

 

$

19,131

 

 

$

27,693

 

Facility fees

 

 

778

 

 

 

787

 

 

 

1,673

 

 

 

1,539

 

Amortization of financing costs

 

 

802

 

 

 

815

 

 

 

1,610

 

 

 

1,621

 

Total

 

$

10,593

 

 

$

15,285

 

 

$

22,414

 

 

$

30,853

 

Weighted average interest rate

 

 

5.41

%

 

 

6.33

%

 

 

5.48

%

 

 

6.35

%

Average outstanding balance

 

$

668,364

 

 

$

866,395

 

 

$

703,863

 

 

$

879,113

 

 

2025 Notes

On February 10, 2020, the Company closed an offering of $360,000 aggregate principal amount of its 3.750% 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 3.750% 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.

As of June 30, 2026 and December 31, 2025, the carrying value of the 2025 Notes were $0.

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

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,463

 

Amortization of debt issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

155

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,618

 

 

61

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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 bore 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 matured and were fully repaid on January 15, 2026, in accordance with their terms, using proceeds from the Revolving Credit Facility.

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

 

 

June 30, 2026

 

 

December 31, 2025

 

Principal amount of debt

 

$

—

 

 

$

500,000

 

Unamortized debt issuance costs

 

 

—

 

 

 

(79

)

Carrying Value

 

$

—

 

 

$

499,921

 

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

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

—

 

 

$

3,594

 

 

$

559

 

 

$

7,188

 

Amortization of debt issuance costs

 

 

—

 

 

 

477

 

 

 

79

 

 

 

948

 

Total

 

$

—

 

 

$

4,071

 

 

$

638

 

 

$

8,136

 

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 in arrears on March 11 and September 11 of each year. 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, 2026

 

 

December 31, 2025

 

Principal amount of debt

 

$

400,000

 

 

$

400,000

 

Unamortized debt issuance costs

 

 

(1,914

)

 

 

(3,279

)

Cumulative hedging adjustments

 

 

(1,212

)

 

 

612

 

Carrying Value

 

$

396,874

 

 

$

397,333

 

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

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

6,543

 

 

$

6,375

 

 

$

13,054

 

 

$

12,750

 

(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 

479

 

 

 

—

 

 

 

1,768

 

 

 

—

 

Hedged item

 

 

(502

)

 

 

—

 

 

 

(1,824

)

 

 

—

 

Amortization of debt issuance costs

 

 

686

 

 

 

685

 

 

 

1,365

 

 

 

1,364

 

Total

 

$

7,206

 

 

$

7,060

 

 

$

14,363

 

 

$

14,114

 

 

62

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

2029 Notes

On January 28, 2026, the Company closed an offering of $400,000 aggregate principal amount of its 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100% per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 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 2029 Notes:

 

 

June 30, 2026

 

 

December 31, 2025

 

Principal amount of debt

 

$

400,000

 

 

$

—

 

Unamortized debt issuance costs

 

 

(6,488

)

 

 

—

 

Cumulative hedging adjustments

 

 

(4,947

)

 

 

—

 

Carrying Value

 

$

388,565

 

 

$

—

 

The following table presents the components of interest and other debt expenses related to the 2029 Notes:

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

5,325

 

 

$

—

 

 

$

9,013

 

 

$

—

 

(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 

3,536

 

 

 

—

 

 

 

4,933

 

 

 

—

 

Hedged item

 

 

(3,528

)

 

 

—

 

 

 

(4,947

)

 

 

—

 

Amortization of debt issuance costs

 

 

626

 

 

 

—

 

 

 

1,059

 

 

 

—

 

Total

 

$

5,959

 

 

$

—

 

 

$

10,058

 

 

$

—

 

2030 Notes

On September 9, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650% per year, payable semi-annually in arrears on March 9 and September 9 of each year. The 2030 Notes will mature on September 9, 2030 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 2030 Notes:

 

 

June 30, 2026

 

 

December 31, 2025

 

Principal amount of debt

 

$

400,000

 

 

$

400,000

 

Unamortized debt issuance costs

 

 

(4,375

)

 

 

(4,811

)

Cumulative hedging adjustments

 

 

(10,397

)

 

 

(3,573

)

Carrying Value

 

$

385,228

 

 

$

391,616

 

The following table presents the components of interest and other debt expenses related to the 2030 Notes:

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Borrowing interest expense

 

$

6,094

 

 

$

—

 

 

$

12,184

 

 

$

—

 

(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 

4,436

 

 

 

—

 

 

 

6,786

 

 

 

—

 

Hedged item

 

 

(4,457

)

 

 

—

 

 

 

(6,824

)

 

 

—

 

Amortization of debt issuance costs

 

 

269

 

 

 

—

 

 

 

522

 

 

 

—

 

Total

 

$

6,342

 

 

$

—

 

 

$

12,668

 

 

$

—

 

 

63

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

7.
DERIVATIVES

From time to time, the Company enters into foreign currency forward contracts 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. The Company enters into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans.

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 bilateral uncleared OTC derivatives, including foreign currency forward contracts, as well as interest rate swaps, 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. 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.

The table below presents the average notional amounts, as an indicator for volume, for each derivative type:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Foreign Currency Forward Contracts

 

$

4,357

 

 

$

2,661

 

 

$

3,702

 

 

$

2,661

 

Interest Rate Swaps

 

$

1,200,000

 

 

$

—

 

 

$

1,142,857

 

 

$

—

 

The table below presents the gross fair value of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the Consolidated Statements of Assets and Liabilities.

June 30, 2026

 

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Foreign currency forward contracts

 

 

Interest rate swaps

 

 

Total

 

 

Foreign currency forward contracts

 

 

Interest rate swaps

 

 

Total

 

 

Net Derivative Asset (Liabilities)

 

 

Cash collateral netting(1)

 

 

Net Amount(2)

 

Bank of America, N.A.

 

$

64

 

 

$

—

 

 

$

64

 

 

$

(2

)

 

$

(11,517

)

 

$

(11,519

)

 

$

(11,455

)

 

$

11,455

 

 

$

—

 

BNP Paribas

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(4,933

)

 

$

(4,933

)

 

$

(4,933

)

 

$

4,933

 

 

$

—

 

 

 

December 31, 2025

 

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Foreign currency forward contracts

 

 

Interest rate swaps

 

 

Total

 

 

Foreign currency forward contracts

 

 

Interest rate swaps

 

 

Total

 

 

Net Derivative Asset (Liabilities)

 

 

Cash collateral netting(1)

 

 

Net Amount(2)

 

Bank of America, N.A.

 

$

—

 

 

$

607

 

 

$

607

 

 

$

(252

)

 

$

(3,570

)

 

$

(3,822

)

 

$

(3,215

)

 

$

3,215

 

 

$

—

 
(1)
Amount excludes excess cash collateral received or paid, if any.
(2)
Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts.

As the Company does not utilize hedge accounting for foreign currency forward contracts, the effect of transactions in foreign currency forward contracts on the Consolidated Statements of Operations was as follows:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Net realized gain (loss) on foreign currency forward contracts

 

$

(20

)

 

$

—

 

 

$

(273

)

 

$

—

 

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

 

 

11

 

 

 

(181

)

 

 

314

 

 

 

(270

)

Total net realized and unrealized gains (losses) on foreign currency forward contracts

 

$

(9

)

 

$

(181

)

 

$

41

 

 

$

(270

)

Hedging

The Company designated its interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting.

64

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

For the interest rate swaps designated in qualifying fair value hedging relationships, the gains and losses on these interest rate swaps and the changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are included in Interest and other debt expenses in the Consolidated Statements of Operations.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Interest rate swaps

 

$

(8,451

)

 

$

—

 

 

$

(13,487

)

 

$

—

 

Hedged liabilities

 

 

8,487

 

 

 

—

 

 

 

13,595

 

 

 

—

 

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Carrying Value

 

 

Cumulative hedging adjustments

 

 

Carrying Value

 

 

Cumulative hedging adjustments

 

Hedged liabilities

 

$

1,170,667

 

 

$

(16,556

)

 

$

788,949

 

 

$

(2,961

)

 

65

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026, 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(1)

 

 

 

June 30, 2026

 

 

December 31, 2025

 

1st Lien/Senior Secured Debt

 

 

 

 

 

 

AAG KP Borrower LLC (dba KUIU)

 

$

3,140

 

 

$

3,358

 

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

 

 

1,220

 

 

 

1,220

 

ABC Investment Holdco Inc. (dba ABC Plumbing)

 

 

4,019

 

 

 

2,063

 

Accommodations Plus Technologies LLC

 

 

439

 

 

 

439

 

Admiral Buyer, Inc. (dba Fidelity Payment Services)

 

 

3,913

 

 

 

3,914

 

AGS Health BCP Holdings, Inc. (dba AGS Health)

 

 

15,340

 

 

 

15,340

 

AGS Health BCP LLC (dba AGS Health)

 

 

8,522

 

 

 

8,522

 

AI Titan Parent, Inc. (dba Prometheus)

 

 

2,007

 

 

 

2,007

 

Airwavz Solutions, Inc.

 

 

1,863

 

 

 

2,549

 

AQ Helios Buyer, Inc. (dba SurePoint)

 

 

925

 

 

 

925

 

AQ Sunshine, Inc. (dba Relation Insurance)

 

 

1,196

 

 

 

155

 

Ark Data Centers, LLC

 

 

3,900

 

 

 

4,650

 

Artifact Bidco, Inc. (dba Avetta)

 

 

4,433

 

 

 

4,433

 

Aryeh Bidco Investment Ltd. (dba Dentalcorp)

 

 

1,016

 

 

 

24,285

 

Aurora Acquireco, Inc. (dba AuditBoard)

 

 

114

 

 

 

114

 

Bayside Opco, LLC (dba Pro-PT)

 

 

341

 

 

 

415

 

BCTO Bluebill Buyer, Inc. (dba Ren)

 

 

2,270

 

 

 

2,270

 

Bells Parent, Inc. (dba Atwell, LLC)

 

 

481

 

 

 

—

 

Blast Bidco Inc. (dba Bazooka Candy Brands)

 

 

522

 

 

 

522

 

Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)

 

 

1,582

 

 

 

1,582

 

BNI Intermediate Holdings LLC (dba Business Network International)

 

 

831

 

 

 

—

 

BSI3 Menu Buyer, Inc (dba Kydia)

 

 

1,038

 

 

 

865

 

Buckeye Acquiror LLC (dba Superior Environmental Solutions)

 

 

1,952

 

 

 

2,532

 

Burgess Pigment Co.

 

 

495

 

 

 

—

 

Celero Commerce LLC

 

 

952

 

 

 

1,099

 

Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)

 

 

3,140

 

 

 

3,140

 

Clearwater Analytics, LLC

 

 

17,553

 

 

 

74,652

 

Coding Solutions Acquisition, Inc. (dba CorroHealth)

 

 

320

 

 

 

320

 

Computer Services, Inc.

 

 

6,962

 

 

 

6,961

 

Convenient Payments Acquisition, Inc.

 

 

393

 

 

 

393

 

Coretrust Purchasing Group LLC

 

 

113

 

 

 

1,340

 

Crewline Buyer, Inc. (dba New Relic)

 

 

362

 

 

 

363

 

CST Holding Company (dba Intoxalock)

 

 

86

 

 

 

86

 

CURiO Brands LLC

 

 

196

 

 

 

196

 

Diligent Corporation

 

 

4,507

 

 

 

19,285

 

Eagle Family Foods Group LLC

 

 

101

 

 

 

101

 

Edition Holdings, Inc. (dba Enverus)

 

 

1,129

 

 

 

1,705

 

Edko, LLC

 

 

12,669

 

 

 

12,669

 

Engage2Excel, Inc.

 

 

23

 

 

 

23

 

Envero Midco 2 LLC (dba Sun World)

 

 

4,949

 

 

 

—

 

EnviroSmart, LLC (dba ES Integrated)

 

 

2,983

 

 

 

3,603

 

ESO Solutions, Inc.

 

 

1,158

 

 

 

362

 

Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)

 

 

1,260

 

 

 

1,260

 

Experity, Inc.

 

 

1,315

 

 

 

1,315

 

 

 

66

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Unfunded Commitment Balances(1)

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Frontgrade Technologies Holdings Inc.

 

$

188

 

 

$

213

 

Frontline Road Safety Operations, LLC

 

 

612

 

 

 

2,539

 

FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)

 

 

3,726

 

 

 

9,394

 

Fullsteam Operations LLC

 

 

10,909

 

 

 

11,874

 

Gainsight, Inc.

 

 

5,708

 

 

 

5,708

 

Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)

 

 

178

 

 

 

196

 

GovDelivery Holdings, LLC (dba Granicus, Inc.)

 

 

1,646

 

 

 

1,777

 

GS AcquisitionCo, Inc. (dba Insightsoftware)

 

 

2

 

 

 

2,657

 

Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)

 

 

1,700

 

 

 

2,180

 

Hamilton Thorne, Inc.

 

 

7,720

 

 

 

7,720

 

Highfive Dental Holdco, LLC

 

 

1,496

 

 

 

1,698

 

Honor HN Buyer, Inc

 

 

10,689

 

 

 

12,452

 

iCIMS, Inc.

 

 

2,981

 

 

 

2,813

 

Ideal Components Acquisition, LLC (dba Ideal Tridon)

 

 

4,056

 

 

 

4,622

 

IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)

 

 

1,490

 

 

 

1,490

 

iWave Information Systems, Inc.

 

 

350

 

 

 

394

 

Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)

 

 

10,496

 

 

 

11,284

 

Jupiter Refuel US Buyer, Inc. (dba 4Refuel)

 

 

811

 

 

 

811

 

KPA Parent Holdings, Inc.

 

 

183

 

 

 

191

 

Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)

 

 

725

 

 

 

760

 

Lobos Parent, Inc. (dba NEOGOV)

 

 

8,606

 

 

 

10,916

 

Mandrake Bidco, Inc. (dba Miratech)

 

 

138

 

 

 

138

 

ML Holdco, LLC (dba MeridianLink)

 

 

3,326

 

 

 

3,326

 

MRI Software LLC

 

 

1,021

 

 

 

1,826

 

NC Topco, LLC (dba NContracts)

 

 

2,889

 

 

 

10,110

 

NCWS Intermediate, Inc. (dba National Carwash Solutions)

 

 

1,936

 

 

 

4,224

 

Newtek Merchant Solutions, LLC (dba NewtekOne)

 

 

936

 

 

 

936

 

NFM & J, L.P. (dba the Facilities Group)

 

 

1,396

 

 

 

1,945

 

North Star Acquisitionco, LLC (dba Everway)

 

 

4,886

 

 

 

13,375

 

Octane Purchaser, Inc. (dba Office Ally)

 

 

1,126

 

 

 

3,941

 

Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)

 

 

5,208

 

 

 

5,208

 

Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)

 

 

639

 

 

 

761

 

Onward AcquireCo, Inc. (dba OneStream)

 

 

1,889

 

 

 

—

 

Pacvue Intermediate LLC (fka Assembly Intermediate LLC)

 

 

4,399

 

 

 

4,399

 

Paris US Holdco, Inc. (dba Precinmac)

 

 

2,554

 

 

 

5,442

 

PDDS Holdco, Inc. (dba Planet DDS)

 

 

3,038

 

 

 

3,284

 

Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)

 

 

1,337

 

 

 

1,541

 

PlanSource Holdings, Inc.

 

 

7,823

 

 

 

7,824

 

Pluralsight, Inc.

 

 

8,464

 

 

 

8,464

 

PPW Aero Buyer, Inc. (dba Pursuit Aerospace)

 

 

5,776

 

 

 

7,303

 

Precision Concepts Parent Inc.

 

 

1,333

 

 

 

1,476

 

Project Accelerate Parent, LLC (dba ABC Fitness)

 

 

1,875

 

 

 

1,875

 

Prophix Software Inc. (dba Pound Bidco)

 

 

236

 

 

 

710

 

QBS Parent, Inc. (dba Quorum Software)

 

 

2,357

 

 

 

2,197

 

Recorded Books Inc. (dba RBMedia)

 

 

3,664

 

 

 

2,974

 

Riverpoint Medical, LLC

 

 

4,094

 

 

 

4,094

 

Rocket Bidco, Inc. (dba Recochem)

 

 

1,471

 

 

 

2,227

 

Rodeo Buyer Company (dba Absorb Software)

 

 

3,387

 

 

 

3,387

 

Rotation Buyer, LLC (dba Rotating Machinery Services)

 

 

5,292

 

 

 

5,546

 

Rubix Foods, LLC

 

 

1,792

 

 

 

1,792

 

Runway Bidco, LLC (dba Redwood Software)

 

 

4,545

 

 

 

4,545

 

SI Swan UK Bidco Limited (dba Sapiens International)

 

 

2,619

 

 

 

4,889

 

Singlewire Software, LLC

 

 

235

 

 

 

252

 

Smarsh, Inc.

 

 

8,059

 

 

 

9,733

 

Sonar Acquisitionco, Inc. (dba SimPRO)

 

 

1,132

 

 

 

1,132

 

Southeast Mechanical, LLC

 

 

14,839

 

 

 

14,839

 

SpecialtyCare, Inc.

 

 

865

 

 

 

866

 

Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)

 

 

178

 

 

 

222

 

 

 

67

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Unfunded Commitment Balances(1)

 

 

 

June 30, 2026

 

 

December 31, 2025

 

SpendMend Holdings LLC

 

$

2,868

 

 

$

2,869

 

Splash Car Wash, Inc.

 

 

369

 

 

 

202

 

Spotless Brands, LLC

 

 

1,026

 

 

 

1,411

 

Streamland Media Midco LLC

 

 

398

 

 

 

637

 

Summit Buyer, LLC (dba Classic Collision)

 

 

22,891

 

 

 

24,774

 

Sundance Group Holdings, Inc. (dba NetDocuments)

 

 

8,206

 

 

 

19,389

 

Sunshine Cadence HoldCo, LLC (dba Cadence Education)

 

 

3,698

 

 

 

2,391

 

Superman Holdings, LLC (dba Foundation Software)

 

 

1,471

 

 

 

1,471

 

Supreme Fitness Group NY Holdings, LLC

 

 

2,060

 

 

 

2,060

 

Sweep Purchaser LLC

 

 

3,179

 

 

 

3,633

 

TEI Intermediate LLC (dba Triumvirate Environmental)

 

 

4,092

 

 

 

7,355

 

TL Sapphire Holdings, Inc. (dba SouthernCarlson)

 

 

3,263

 

 

 

17,023

 

Tropical Bidco, LLC (dba Tropical Cheese)

 

 

1,674

 

 

 

1,674

 

Trystar, LLC

 

 

430

 

 

 

752

 

UFT Buyer LLC (dba United Flow Technologies)

 

 

4,329

 

 

 

5,239

 

US Signal Company, LLC

 

 

1,052

 

 

 

1,579

 

USA DeBusk, LLC

 

 

542

 

 

 

3,434

 

Valet Waste Holdings, Inc. (dba Valet Living)

 

 

94

 

 

 

2,797

 

Vamos Bidco, Inc. (dba VIP)

 

 

8,446

 

 

 

8,784

 

VASA Fitness Buyer, Inc.

 

 

253

 

 

 

1,527

 

VisionSafe Holdings, Inc.

 

 

1,219

 

 

 

1,219

 

VRC Companies, LLC (dba Vital Records Control)

 

 

944

 

 

 

944

 

WebPT, Inc.

 

 

2,617

 

 

 

337

 

Wellness AcquisitionCo, Inc. (dba SPINS)

 

 

439

 

 

 

439

 

Westwood Professional Services Inc.

 

 

2,814

 

 

 

3,366

 

Wildcat Solutions Holdings, LLC (dba O6 Environmental)

 

 

3,855

 

 

 

3,855

 

Xactly Corporation

 

 

3,874

 

 

 

3,874

 

Zarya HoldCo, Inc. (dba Eptura)

 

 

4,564

 

 

 

7,987

 

Zeppelin US Buyer Inc. (dba Global Critical Logistics)

 

 

5,445

 

 

 

6,062

 

Zeus Company LLC

 

 

2,855

 

 

 

5,709

 

CI (Quercus) Intermediate Holdings, LLC (dba SavATree)

 

 

—

 

 

 

5,471

 

Circustrix Holdings, LLC (dba SkyZone)

 

 

—

 

 

 

161

 

Elemica Parent, Inc.

 

 

—

 

 

 

62

 

Heartland Home Services, Inc. (fka Helios Buyer, Inc.)

 

 

—

 

 

 

1,380

 

Kene Acquisition, Inc. (dba Entrust)

 

 

—

 

 

 

897

 

Onyx CenterSource, Inc.

 

 

—

 

 

 

70

 

PT Intermediate Holdings III, LLC (dba Parts Town)

 

 

—

 

 

 

2,601

 

USN Opco LLC (dba Global Nephrology Solutions)

 

 

—

 

 

 

3,023

 

Vardiman Black Holdings, LLC (dba Specialty Dental Brands)

 

 

—

 

 

 

3

 

Volt Bidco, Inc. (dba Power Factors)

 

 

—

 

 

 

3,960

 

Total 1st Lien/Senior Secured Debt

 

$

411,723

 

 

$

609,946

 

 

1st Lien/Last-Out Unitranche

 

 

 

 

 

 

EDB Parent, LLC (dba Enterprise DB)

 

$

1,074

 

 

$

3,696

 

Everest Portfolio Company, LLC

 

 

430

 

 

 

—

 

K2 Towers III, LLC

 

 

7,257

 

 

 

8,904

 

Octagon Towers LLC

 

 

2,051

 

 

 

2,051

 

Skyway Towers Intermediate LLC

 

 

6,600

 

 

 

7,628

 

Tarpon Towers II LLC

 

 

2,344

 

 

 

2,813

 

EIP Consolidated, LLC (dba Everest Infrastructure)

 

—

 

 

 

167

 

Towerco IV Holdings, LLC

 

 

—

 

 

 

458

 

Total 1st Lien/Last-Out Unitranche

 

$

19,756

 

 

$

25,717

 

2nd Lien/Senior Secured Debt

 

 

 

 

 

 

Wine.com, LLC

 

$

770

 

 

$

770

 

Total 2nd Lien/Senior Secured Debt

 

$

770

 

 

$

770

 

Total

 

$

432,249

 

 

$

636,433

 

 

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

68

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

The Company may itself commit, or commit alongside one or more other Accounts, to issue standby letters of credit in connection with an investment or it may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of the Company or the Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer or its designee as defined in the relevant credit agreement. As of June 30, 2026 and December 31, 2025, the Company has committed to fund letters of credit of $5,478 on behalf of the Accounts.

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.

During the three and six months ended June 30, 2026, there was no equity distribution agreement in effect.

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.

During the three and six months ended June 30, 2025, the Company did not issue or sell any shares of common stock through ATM offerings.

69

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026

 

 

 

 

 

 

 

 

 

February 25, 2026 (Supplemental)

 

March 9, 2026

 

March 20, 2026

 

$

0.03

 

 

 

15,967

 

*

February 25, 2026 (Base)

 

March 31, 2026

 

April 28, 2026

 

$

0.32

 

 

 

156,728

 

*

May 6, 2026 (Base)

 

June 30, 2026

 

July 28, 2026

 

$

0.32

 

 

 

150,971

 

*

For the Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

February 26, 2025 (Base)

 

March 31, 2025

 

April 28, 2025

 

$

0.32

 

 

 

131,367

 

*

February 26, 2025 (Special)

 

March 31, 2025

 

April 28, 2025

 

$

0.16

 

 

 

65,684

 

*

May 7, 2025 (Supplemental)

 

May 30, 2025

 

June 13, 2025

 

$

0.05

 

 

 

20,996

 

*

May 7, 2025 (Base)

 

June 30, 2025

 

July 28, 2025

 

$

0.32

 

 

 

102,019

 

*

May 7, 2025 (Special)

 

June 30, 2025

 

July 28, 2025

 

$

0.16

 

 

 

51,010

 

*

* In accordance with the Company’s DRIP, shares were purchased in the open market.

Common Stock Repurchase Plan

2025 Stock Repurchase Program

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”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of the Company’s common stock during the period from June 16, 2025 through June 13, 2026. On and effective June 13, 2026, the 2025 10b5-1 Plan expired in accordance with its terms.

Under the 2025 10b5-1 Plan, no purchases were permitted to be made if such purchases would have caused 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” meant 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” meant 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 were 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.

For the three and six months ended June 30, 2026, the Company did not repurchase any of its shares under the 2025 10b5-1 plan.

For the three and six months ended June 30, 2025, the shares of common stock repurchased 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

 

1,047,183

 

$

11.55

 

$

12,095

 

 

62,905

 

Total

 

1,047,183

 

 

 

$

12,095

 

 

 

 

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%.

 

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Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

2026 Stock Repurchase Program

On May 6, 2026, the Board of Directors approved and authorized a 10b5-1 stock repurchase program, which allows the Company to enter into a 10b5-1 stock repurchase plan (the “2026 10b5-1 Plan”) 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.

During the three months ended June 30, 2026, the Company did not enter into the 2026 10b5-1 Plan and therefore did not repurchase any of its shares thereunder.

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.

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 Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Net increase (decrease) in net assets from operations

 

$

23,683

 

 

$

39,289

 

 

$

10,052

 

 

$

70,842

 

Weighted average shares outstanding

 

 

112,569,067

 

 

 

117,204,952

 

 

 

112,569,067

 

 

 

117,250,832

 

Basic and diluted earnings (loss) per share

 

$

0.21

 

 

$

0.34

 

 

$

0.09

 

 

$

0.60

 

 

11. FINANCIAL HIGHLIGHTS

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

 

 

For the Six Months Ended

 

 

June 30, 2026

 

 

June 30, 2025

 

 

Per Share Data:(1)

 

 

 

 

 

 

 

NAV, beginning of period

 

$

12.64

 

 

$

13.41

 

 

Net investment income

 

 

0.60

 

 

 

0.80

 

 

Net realized and unrealized gains (losses)(2)

 

 

(0.51

)

 

 

(0.19

)

 

(Provision) benefit for taxes on realized and unrealized gains (losses) on investments(3)

 

 

—

 

 

 

—

 

 

Net increase (decrease) in net assets from operations

 

 

0.09

 

 

 

0.61

 

 

Repurchases of common stock, including commissions and direct acquisition costs

 

 

—

 

 

 

0.01

 

 

Distributions to common stockholders

 

 

(0.67

)

 

 

(1.01

)

 

Total increase (decrease) in net assets

 

 

(0.58

)

 

 

(0.39

)

 

NAV, end of period

 

$

12.06

 

 

$

13.02

 

 

Market price, end of period

 

$

9.48

 

 

$

11.25

 

 

Shares outstanding, end of period

 

 

112,569,067

 

 

 

116,250,039

 

 

Weighted average shares outstanding

 

 

112,569,067

 

 

 

117,250,832

 

 

Total return based on NAV(4)

 

 

2.37

%

 

 

6.04

%

 

Total return based on market value(5)

 

 

9.61

%

 

 

1.55

%

 

Supplemental Data/Ratio:(6)

 

 

 

 

 

 

 

Net assets, end of period

 

$

1,357,650

 

 

$

1,513,389

 

 

Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets

 

 

3.35

%

 

 

3.10

%

 

Ratio of interest and other debt expenses to average net assets

 

 

8.79

%

 

 

7.13

%

 

Ratio of net incentive fees to average net assets

 

 

1.82

%

 

 

2.00

%

 

Ratio of total expenses to average net assets

 

 

13.96

%

 

 

12.23

%

 

Ratio of net investment income to average net assets

 

 

9.73

%

 

 

12.26

%

 

Portfolio turnover

 

 

8

%

 

 

11

%

 

 

(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, except for non-recurring fees that Goldman Sachs, GSAM or their affiliates have shared with the Company.

71

 

Table of Contents

Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

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, 2026, the Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about October 28, 2026 to holders of record as of September 30, 2026. In addition, the Board declared a quarterly supplemental distribution of $0.03 per share, payable on or about September 15, 2026 to holders of record as of August 31, 2026.

 

72

 

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,”

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Filing: 10-Q - Goldman Sachs BDC, Inc. (GSBD)
Accession Number: 0001193125-26-338331

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