(in $ millions, except per share data)

As of

September 30, 2024

As of

June 30, 2024

Investment portfolio, at fair value2

$

3,442.1

$

3,518.7

Total debt outstanding4

$

1,887.8

$

1,955.1

Net assets

$

1,586.1

$

1,595.9

Net asset value per share

$

13.54

$

13.67

Ending net debt to equity

1.16x

1.19x

(in $ millions, except per share data)

Three Months Ended

September 30, 2024

Three Months Ended

June 30, 2024

Total investment income

$

110.4

$

108.6

Net investment income after taxes

$

68.2

$

67.0

Less: Purchase discount amortization

1.0

1.8

Adjusted net investment income after taxes1

$

67.2

$

65.2

Net realized and unrealized gains (losses)

$

(30.9)

$

(121.4)

Add: Realized/Unrealized depreciation from the purchase discount

1.0

1.8

Adjusted net realized and unrealized gains (losses)1

$

(29.9)

$

(119.6)

Net investment income per share (basic and diluted)

$

0.58

$

0.59

Less: Purchase discount amortization per share

0.01

0.02

Adjusted net investment income per share1

$

0.57

$

0.57

Weighted average shares outstanding

116.9

114.4

Regular distribution per share

$

0.45

$

0.45

New Investment

Commitments

Sales and

Repayments

Investment Type

$ Millions

% of Total

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

369.5

98.1%

$

319.6

97.2%

1st Lien/Last-Out Unitranche

—

—

0.1

— % 10

2nd Lien/Senior Secured Debt

—

—

—

—

Unsecured Debt

7.1

1.9

—

—

Preferred Stock

—

—

9.3

2.8

Common Stock

—

—

0.1

— % 10

Total

$

376.6

100.0%

$

329.1

100.0%

Investments at Fair Value

Investment Type

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

3,153.3

91.6%

1st Lien/Last-Out Unitranche

163.3

4.7

2nd Lien/Senior Secured Debt

42.9

1.3

Unsecured Debt

16.3

0.5

Preferred Stock

30.1

0.9

Common Stock

35.8

1.0

Warrants

0.4

—10

Total

$

3,442.1

100.0%

As of

September 30,

2024

December 31,

2023

Number of portfolio companies

167

144

Percentage of performing debt bearing a floating rate5

99.4%

99.9%

Percentage of performing debt bearing a fixed rate5

0.6%

0.1%

Weighted average yield on debt and income producing investments, at amortized cost6

11.8%

12.6%

Weighted average yield on debt and income producing investments, at fair value6

13.9%

13.8%

Weighted average leverage (net debt/EBITDA)7

6.3x

6.1x

Weighted average interest coverage7

1.7x

1.5x

Median EBITDA7

$

62.49 million

$

53.98 million

1)

On October 12, 2020, we completed our merger (the "Merger") with Goldman Sachs Middle Market Lending Corp. ("MMLC"). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to 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 MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors' understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

2)

The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. As of September 30, 2024, the Company had an investment of $1.5 million in the money market fund.

3)

The $0.45 per share dividend is payable on January 27, 2025 to stockholders of record as of December 31, 2024.

4)

Total debt outstanding excludes netting of debt issuance costs of $9.7 million and $11.5 million, respectively, as of September 30, 2024 and June 30, 2024.

5)

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual.

6)

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.

7)

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization ("EBITDA") for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company's contractual interest expense ("interest coverage ratio"). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2024 and June 30, 2024, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 24.9% and 27.8%, respectively, of total debt investments at fair value.

8)

The Company's Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars ("USD"). These balances have been converted to USD using applicable foreign currency exchange rates as of September 30, 2024. As a result, the Revolving Credit Facility's outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.

9)

The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash divided by equity as of September 30, 2024 and excludes unfunded commitments.

10)

Amount rounds to less than 0.1%.

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

September 30, 2024

(Unaudited)

December 31, 2023

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $3,502,026 and $3,500,119)

$

3,336,893

$

3,371,910

Non-controlled affiliated investments (cost of $138,303 and $73,672)

105,236

42,419

Total investments, at fair value (cost of $3,640,329 and $3,573,791)

$

3,442,129

$

3,414,329

Investments in affiliated money market fund (cost of $1,527 and $—)

1,527

—

Cash

52,957

52,363

Interest and dividends receivable

32,789

38,534

Deferred financing costs

12,721

14,937

Other assets

3,371

2,656

Total assets

$

3,545,494

$

3,522,819

Liabilities

Debt (net of debt issuance costs of $9,700 and $5,447)

$

1,878,107

$

1,826,794

Interest and other debt expenses payable

8,186

13,369

Management fees payable

8,855

8,708

Incentive fees payable

—

13,041

Distribution payable

52,723

49,304

Unrealized depreciation on foreign currency forward contracts

917

726

Secured borrowings

2,473

—

Accrued expenses and other liabilities

8,145

9,052

Total liabilities

$

1,959,406

$

1,920,994

Commitments and contingencies

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, 117,161,940 and 109,563,525 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)

117

110

Paid-in capital in excess of par

1,940,934

1,826,294

Distributable earnings (loss)

(354,963)

(224,579)

Total net assets

$

1,586,088

$

1,601,825

Total liabilities and net assets

$

3,545,494

$

3,522,819

Net asset value per share

$

13.54

$

14.62

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

2024

September 30,

2023

September 30,

2024

September 30,

2023

Investment income:

From non-controlled/non-affiliated investments:

Interest income

$

97,917

$

109,117

$

289,185

$

309,199

Payment-in-kind income

9,961

9,221

34,452

25,673

Dividend income

1

—

1

—

Other income

794

809

2,427

2,355

From non-controlled affiliated investments:

Dividend income

468

256

1,650

501

Interest income

1,218

590

2,708

1,629

Payment-in-kind income

20

53

85

153

Other income

34

10

65

33

Total investment income

$

110,413

$

120,056

$

330,573

$

339,543

Expenses:

Interest and other debt expenses

$

29,298

$

28,174

$

86,015

$

83,213

Incentive fees

—

6,237

10,882

36,376

Management fees

8,855

8,870

26,452

26,761

Professional fees

1,335

982

3,651

2,748

Directors' fees

207

204

621

619

Other general and administrative expenses

1,046

1,137

3,143

3,220

Total expenses

$

40,741

$

45,604

$

130,764

$

152,937

Fee waivers

$

—

$

—

$

—

$

(1,986)

Net expenses

$

40,741

$

45,604

$

130,764

$

150,951

Net investment income before taxes

$

69,672

$

74,452

$

199,809

$

188,592

Income tax expense, including excise tax

$

1,490

$

1,503

$

3,809

$

3,155

Net investment income after taxes

$

68,182

$

72,949

$

196,000

$

185,437

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

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

(83,796)

$

(5,180)

$

(131,446)

$

(44,394)

Non-controlled affiliated investments

—

—

(2,015)

—

Foreign currency and other transactions

60

(10)

4,504

185

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

56,413

(17,813)

(34,705)

6,578

Non-controlled affiliated investments

(352)

(2,089)

(1,814)

(1,912)

Foreign currency forward contracts

(377)

232

(191)

103

Foreign currency translations and other transactions

(2,813)

3,568

(4,968)

(57)

Net realized and unrealized gains (losses)

$

(30,865)

$

(21,292)

$

(170,635)

$

(39,497)

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

$

(189)

$

—

$

(333)

$

—

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

$

(47)

$

(62)

$

288

$

(618)

Net increase (decrease) in net assets from operations

$

37,081

$

51,595

$

25,320

$

145,322

Weighted average shares outstanding

116,942,390

109,535,156

113,805,819

107,881,454

Basic and diluted net investment income per share

$

0.58

$

0.67

$

1.72

$

1.72

Basic and diluted earnings (loss) per share

$

0.32

$

0.47

$

0.22

$

1.35