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, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-00998

Goldman Sachs BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	46-2176593
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.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 6, 2025, there were 114,113,096 shares of the registrant’s common stock outstanding.

	GOLDMAN SACHS BDC, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025
	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	41
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	83
ITEM 4.	Controls and Procedures	83
PART II	OTHER INFORMATION	84
ITEM 1.	Legal Proceedings	84
ITEM 1A.	Risk Factors	84
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
ITEM 3.	Defaults Upon Senior Securities	84
ITEM 4.	Mine Safety Disclosures	84
ITEM 5.	Other Information	84
ITEM 6.	Exhibits	84
SIGNATURES		86

2

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, 2024, 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 and China, 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;

•actual and potential conflicts of interest with the Investment Adviser and its affiliates;

3

•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 by us under 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; and

•the increased public scrutiny of and regulation related to corporate social responsibility.

4

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, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $3,245,930 and $3,533,627)	$	3,161,700		$	3,368,503
Non-controlled affiliated investments (cost of $109,957 and $139,955)		102,806			106,755
Total investments, at fair value (cost of $3,355,887 and $3,673,582)	$	3,264,506		$	3,475,258
Investments in affiliated money market fund (cost of $67 and $25,238)		67			25,238
Cash		108,036			61,795
Interest and dividends receivable		21,079			28,092
Deferred financing costs		14,801			11,897
Other assets		1,749			1,103
Total assets	$	3,410,238		$	3,603,383
Liabilities
Debt (net of debt issuance costs of $5,709 and $8,176)	$	1,797,397		$	1,926,452
Interest and other debt expenses payable		15,516			21,289
Management fees payable		8,408			8,780
Incentive fees payable		8,526			6,330
Distribution payable		55,859			52,784
Unrealized depreciation on foreign currency forward contracts		308			38
Secured borrowings		3,060			2,920
Accrued expenses and other liabilities		7,775			12,090
Total liabilities	$	1,896,849		$	2,030,683
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, 116,250,039 and 117,297,222 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)		116			117
Paid-in capital in excess of par		1,934,128			1,946,253
Distributable earnings (loss)		(420,855	)		(373,670	)
Total net assets	$	1,513,389		$	1,572,700
Total liabilities and net assets	$	3,410,238		$	3,603,383
Net asset value per share	$	13.02		$	13.41

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

5

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, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	81,060		$	94,358		$	165,264		$	191,268
Payment-in-kind income		6,808			11,845			16,433			24,491
Other income		865			776			1,850			1,633
From non-controlled affiliated investments:
Interest income		1,269			834			2,630			1,490
Dividend income		208			770			381			1,182
Payment-in-kind income		711			10			1,267			65
Other income		49			24			85			31
Total investment income	$	90,970		$	108,617		$	187,910		$	220,160
Expenses:
Interest and other debt expenses	$	26,416		$	29,103		$	54,721		$	56,717
Incentive fees		8,526			—			15,330			10,882
Management fees		8,408			8,865			17,089			17,597
Professional fees		781			1,206			1,745			2,316
Directors’ fees		207			207			414			414
Other general and administrative expenses		1,273			1,035			2,316			2,097
Total expenses	$	45,611		$	40,416		$	91,615		$	90,023
Net expenses	$	45,611		$	40,416		$	91,615		$	90,023
Net investment income before taxes	$	45,359		$	68,201		$	96,295		$	130,137
Income tax expense, including excise tax	$	906		$	1,243		$	2,228		$	2,319
Net investment income after taxes	$	44,453		$	66,958		$	94,067		$	127,818
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(70,297	)	$	(30,004	)	$	(91,867	)	$	(47,650	)
Non-controlled affiliated investments		(10,922	)		(2,673	)		(33,824	)		(2,015	)
Foreign currency and other transactions		225			4,258			464			4,444
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		73,271			(89,023	)		80,860			(91,118	)
Non-controlled affiliated investments		6,148			(486	)		26,049			(1,462	)
Foreign currency forward contracts		(181	)		41			(270	)		186
Foreign currency translations and other transactions		(3,408	)		(3,505	)		(4,565	)		(2,155	)
Net realized and unrealized gains (losses)	$	(5,164	)	$	(121,392	)	$	(23,153	)	$	(139,770	)
(Provision) benefit for taxes on realized gain/loss on investments	$	—		$	(160	)	$	(72	)	$	(144	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			381			—			335
Net increase (decrease) in net assets from operations	$	39,289		$	(54,213	)	$	70,842		$	(11,761	)
Weighted average shares outstanding		117,204,952			114,363,722			117,250,832			112,220,299
Basic and diluted net investment income per share	$	0.38		$	0.59		$	0.80		$	1.14
Basic and diluted earnings (loss) per share	$	0.34		$	(0.47	)	$	0.60		$	(0.10	)

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

6

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, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net assets at beginning of period	$	1,547,950		$	1,631,606		$	1,572,700		$	1,601,825
Increase (decrease) in net assets from operations:
Net investment income	$	44,453		$	66,958		$	94,067		$	127,818
Net realized gain (loss)		(80,994	)		(28,419	)		(125,227	)		(45,221	)
Net change in unrealized appreciation (depreciation)		75,830			(92,973	)		102,074			(94,549	)
(Provision) benefit for taxes on realized gain/loss on investments		—			(160	)		(72	)		(144	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			381			—			335
Net increase (decrease) in net assets from operations	$	39,289		$	(54,213	)	$	70,842		$	(11,761	)
Distributions to stockholders from:
Distributable earnings	$	(61,724	)	$	(52,534	)	$	(118,027	)	$	(102,981	)
Total distributions to stockholders	$	(61,724	)	$	(52,534	)	$	(118,027	)	$	(102,981	)
Capital transactions:
Issuance of common stock (net of offering and underwriting costs)	$	—		$	69,249		$	—		$	105,284
Reinvestment of stockholder distributions		—			1,786			—			3,527
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	)	$	71,035		$	(12,126	)	$	108,811
Total increase (decrease) in net assets	$	(34,561	)	$	(35,712	)	$	(59,311	)	$	(5,931	)
Net assets at end of period	$	1,513,389		$	1,595,894		$	1,513,389		$	1,595,894
Distributions per share	$	0.53		$	0.45		$	1.01		$	0.90

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

7

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, 2025			June 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets from operations:	$	70,842		$	(11,761	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments		(286,193	)		(538,697	)
Payment-in-kind interest capitalized		(17,943	)		(28,194	)
Investments in affiliated money market fund, net		25,171			—
Proceeds from sales of investments and principal repayments		507,307			333,508
Net realized (gain) loss on investments		125,691			49,665
Net change in unrealized (appreciation) depreciation on investments		(106,909	)		92,580
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions		99			(131	)
Amortization of premium and accretion of discount, net		(11,062	)		(13,274	)
Amortization of deferred financing and debt issuance costs		4,088			4,152
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		7,013			4,604
(Increase) decrease in other assets		(646	)		720
Increase (decrease) in interest and other debt expenses payable		(5,444	)		7,792
Increase (decrease) in management fees payable		(372	)		157
Increase (decrease) in incentive fees payable		2,196			(13,041	)
Increase (decrease) in accrued expenses and other liabilities		(5,510	)		(2,813	)
Net cash provided by (used for) operating activities	$	308,328		$	(114,733	)
Cash flows from financing activities:
Proceeds from issuance of common stock (net of underwriting costs)	$	—		$	105,939
Offering costs paid		(229	)		(346	)
Repurchases of common stock (including commissions and direct acquisition costs)		(10,700	)		—
Distributions paid		(114,952	)		(96,224	)
Deferred financing and debt issuance costs paid		(4,854	)		(8,159	)
Borrowings on debt		697,477			810,824
Repayments of debt		(829,000	)		(687,997	)
Net cash provided by (used for) financing activities	$	(262,258	)	$	124,037
Net increase (decrease) in cash	$	46,070		$	9,304
Effect of foreign exchange rate changes on cash		171			(55	)
Cash, beginning of period		61,795			52,363
Cash, end of period	$	108,036		$	61,612
Supplemental and non-cash activities
Interest expense paid	$	54,324		$	43,387
Accrued but unpaid excise tax expense	$	2,487		$	3,019
Accrued but unpaid distributions	$	55,859		$	52,534
Reinvestment of stockholder distributions	$	—		$	3,527
Exchange of investments	$	97,654		$	103,279

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

8

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025

(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 - 210.7%
Canada - 6.9%
1st Lien/Senior Secured Debt - 6.9%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	10.03%	S + 5.75%	11/01/30		$	13,125	$	12,894		$	13,092		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.74%	C + 5.75%	11/01/30	CAD		7,871		5,584			5,766		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.74%	C + 5.75%	11/01/30	CAD		1,941		25			34		(6) (7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	10.03%	S + 5.75%	11/01/30			1,740		1,711			1,735		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		C + 5.75%	11/01/30	CAD		1,294		(14	)		(2	)	(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.83%	S + 6.00%	02/01/27			13,488		13,445			13,420		(6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.83%	S + 6.00%	02/01/27			1,294		566			559		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	12.50%	P + 5.00%	02/01/27			730		118			114		(6) (7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.93%	C + 5.25%	06/30/31	CAD		45,804		33,132			33,132		(6) (8)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%	06/30/31	CAD		9,957		(55	)		(55	)	(6) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.93%	C + 5.25%	06/30/31	CAD		6,638		739			739		(6) (8) (9)
Everest Clinical Research Corporation	Professional Services	9.95%	S + 5.50%	11/06/26			5,655		5,611			5,627		(6) (7) (8)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	9.95%	S + 5.50%	11/06/26			8,628		8,594			8,585		(6) (7) (8)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 5.50%	11/06/26			1,260		(3	)		(6	)	(6) (7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.70%	S + 6.25%	05/25/27			21,167		21,007			21,008		(6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,387		(22	)		(25	)	(6) (7) (8) (9)
iWave Information Systems, Inc.	Software	10.59%	S + 6.25%	11/23/28			869		855			856		(6) (7) (8)
iWave Information Systems, Inc.	Software		S + 6.25%	11/23/28			438		(1	)		(7	)	(6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									104,186			104,572
Total Canada								$	104,186		$	104,572
United Kingdom - 2.2%
1st Lien/Senior Secured Debt - 2.2%
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.25%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		16,140	$	19,423		$	21,491		(6) (7) (8)
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.21%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		12,947		11,838			12,545		(6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									31,261			34,036
Total United Kingdom								$	31,261		$	34,036
United States - 201.6%
1st Lien/Senior Secured Debt - 185.4%
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.32%	S + 5.00%	01/09/30		$	957	$	937		$	943		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.32%	S + 5.00%	01/09/30			732		720			721		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.31%	S + 5.00%	01/09/30			327		324			322		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28			250		(3	)		(4	)	(6) (7) (9)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.82%	S + 5.50%	04/19/30			8,077		7,941			7,916		(6) (7)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/19/30			1,219		(20	)		(24	)	(6) (7) (9)

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

9

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025 (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
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32	$	13,203	$	—		$	—		(6) (9)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32		4,042		—			—		(6) (9)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32		2,021		—			—		(6) (9)
Thrasio, LLC	Broadline Retail		S + 10.00% PIK	06/18/29		16,409		12,309			10,009		(6) (7) (10) (11)
Thrasio, LLC	Broadline Retail	14.44%	S + 10.11% PIK	06/18/29		5,288		5,220			5,156		(6) (7) (10)
Elemica Parent, Inc.	Chemicals	9.92%	S + 5.50%	09/18/26		6,749		6,648			6,614		(6) (7)
Elemica Parent, Inc.	Chemicals	9.95%	S + 5.50%	09/18/26		1,443		1,434			1,415		(6) (7)
Elemica Parent, Inc.	Chemicals	9.91%	S + 5.50%	09/18/26		1,324		1,309			1,297		(6) (7)
Elemica Parent, Inc.	Chemicals	9.96%	S + 5.50%	09/18/26		930		860			849		(6) (7) (9)
Elemica Parent, Inc.	Chemicals	9.91%	S + 5.50%	09/18/26		540		537			530		(6) (7)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.49%	S + 6.00%	12/16/26		12,233		12,031			11,622		(7)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.49%	S + 6.00%	12/16/26		1,863		1,815			1,770		(7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		3,930		3,856			3,910		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.18%	S + 5.75%	08/01/29		2,178		2,148			2,107		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.18%	S + 5.75%	08/01/29		1,853		100			53		(6) (7) (9)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		1,194		1,168			1,188		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		1,063		313			325		(6) (7) (9)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		593		581			590		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		198		193			197		(6) (7)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		9,849		2,587			2,550		(6) (7) (9)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		3,435		3,403			3,401		(6) (7)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		584		122			122		(6) (7) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.53%	S + 5.25%	02/07/31		9,427		9,267			9,380		(6) (7)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.53%	S + 5.25%	02/07/31		4,211		398			415		(6) (7) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31		1,264		(20	)		(6	)	(6) (7) (9)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.82%	S + 5.50% (Incl. 2.75% PIK)	08/22/31		8,636		8,425			8,528		(6) (7)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.32%	S + 5.00%	08/22/30		1,000		383			388		(6) (7) (9)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies		S + 5.50% (Incl. 2.75% PIK)	08/22/31		500		(4	)		(6	)	(6) (7) (9)
Sweep Purchaser LLC	Commercial Services & Supplies	10.17%	S + 5.75% PIK	06/30/27		21,540		21,421			21,325		(6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	10.17%	S + 5.75%	06/30/27		10,570		10,536			10,517		(6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	10.05%	S + 5.75%	06/30/27		4,541		883			885		(6) (7) (9)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.05%	S + 4.75%	12/15/31		19,478		19,294			19,283		(6) (7)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies		S + 4.75%	12/15/31		6,233		(29	)		(62	)	(6) (7) (9)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.03%	S + 4.75%	12/15/31		2,649		349			347		(6) (7) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.53%	S + 5.25%	04/30/31		8,850		8,734			8,806		(6) (7)
USA DeBusk, LLC	Commercial Services & Supplies	9.57%	S + 5.25%	04/30/31		3,277		445			452		(6) (7) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.58%	S + 5.25%	04/30/30		1,230		518			527		(6) (7) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29		24,906		24,768			24,533		(6) (7)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29		2,641		1,388			1,363		(6) (7) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 6.00%	05/01/29		2,201		(12	)		(33	)	(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.53%	S + 5.25%	06/29/27		31,756		31,569			31,597		(6) (7)

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

10

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025 (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
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.52%	S + 5.25%	06/29/27		$	9,642	$	8,968		$	8,984		(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.25%	06/29/27			944		(5	)		(5	)	(6) (7) (9)
ATX Networks Corp.	Communications Equipment		S + 7.00% PIK	09/01/26			4,248		3,719			1,550		(6) (7) (11)
ATX Networks Corp.	Communications Equipment	10.32%	S + 6.00% PIK	09/01/26			613		613			598		(6) (7) (8)
ATX Networks Corp.	Communications Equipment	10.32%	S + 6.00% PIK	09/01/26			368		367			358		(6) (7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.85%	S + 4.75%	10/15/31			663		657			653		(6) (7)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	9.04%	S + 4.75%	10/15/31			245		104			102		(6) (7) (9)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	9.08%	S + 4.75%	10/15/31			92		30			29		(6) (7) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.07%	S + 4.75%	10/24/30			11,321		2,579			2,528		(6) (7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.41%	B + 4.75%	10/24/30	AUD		11,199		7,369			7,297		(6) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		S + 4.75%	10/24/30			1,132		(10	)		(11	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			10,155		10,109			10,105		(6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			3,312		2,103			2,099		(6) (7) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			1,471		(7	)		(7	)	(6) (7) (9)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.30%	S + 6.00%	10/04/30			4,422		4,331			4,322		(6) (7)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			522		(9	)		(12	)	(6) (7) (9)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging	9.51%	S + 5.25%	11/01/30			44,568		43,963			43,788		(6) (7)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30			5,208		(69	)		(91	)	(6) (7) (9)
A Place For Mom, Inc.	Diversified Consumer Services	8.94%	S + 4.50%	02/10/26			7,093		7,090			6,473		(7)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29			8,199		8,067			7,994		(6) (7) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.29%	S + 6.00%	04/26/29			3,834		1,428			1,392		(6) (7) (9) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29			767		364			357		(6) (7) (9) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31			7,583		7,546			7,545		(6) (7)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			4,321		(22	)		(22	)	(6) (7) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31			1,515		265			278		(6) (7) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.32%	S + 5.00%	06/06/31			835		97			100		(6) (7) (9)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	9.43%	S + 5.00%	11/01/28			891		860			886		(6) (7)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28			86		(3	)		—		(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			14,184		13,974			14,042		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.00%	12/21/29			6,283		(60	)		(63	)	(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			4,762		4,689			4,714		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			4,731		4,661			4,684		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.00%	12/21/29			2,340		(32	)		(23	)	(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			2,223		2,186			2,201		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			1,888		1,848			1,869		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			18,504		18,406			17,856		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			14,473		14,426			13,967		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			7,625		7,577			7,359		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.32%	S + 6.00%	12/15/26			2,363		832			761		(6) (7) (9)

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

11

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025 (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
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.55%	S + 5.25%	10/19/27	$	43,991	$	43,593		$	43,991		(6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.55%	S + 5.25%	10/19/27		8,798		8,713			8,798		(6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services		S + 5.25%	10/19/27		4,399		(35	)		—		(6) (7) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		17,089		4,002			4,022		(6) (7) (9) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		10,476		10,379			10,397		(6) (7) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		7,345		7,267			7,289		(6) (7) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		1,900		136			138		(6) (7) (9) (10)
Splash Car Wash, Inc.	Diversified Consumer Services	9.30%	S + 5.00%	03/17/32		665		660			660		(6) (7)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32		210		(1	)		(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	9.77%	S + 5.50%	07/25/28		951		652			651		(6) (7) (9)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28		211		206			211		(6) (7)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28		33		32			33		(6) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.28%	S + 5.00%	05/01/31		10,536		10,444			10,430		(6) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.29%	S + 5.00%	05/01/31		2,761		1,090			1,072		(6) (7) (9)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30		1,615		(13	)		(16	)	(6) (7) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28		4,098		3,998			4,077		(6) (7)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28		714		463			473		(6) (7) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 7.50%	08/14/28		119		(3	)		(1	)	(6) (7) (9)
Trystar, LLC	Electrical Equipment	8.78%	S + 4.50%	08/06/31		463		459			457		(6) (7)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31		233		(1	)		(3	)	(6) (7) (9)
Trystar, LLC	Electrical Equipment	8.78%	S + 4.50%	08/06/31		185		183			183		(6) (7)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31		116		(1	)		(1	)	(6) (7) (9)
Iracore International Holdings, Inc.	Energy Equipment & Services	13.45%	S + 9.00%	04/12/26		1,502		1,502			1,487		(7) (10)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	10.40%	S + 6.00%	12/31/27		30,394		30,096			30,014		(6) (7)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27		3,140		(27	)		(39	)	(6) (7) (9)
Streamland Media Midco LLC	Entertainment	11.06%	S + 6.50% (Incl. 10.06% PIK)	04/02/29		16,935		16,630			16,596		(6) (7)
Streamland Media Midco LLC	Entertainment	10.07%	S + 5.50% (Incl. 9.07% PIK)	04/02/29		2,387		955			907		(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29		21,172		21,000			21,067		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29		2,976		2,948			2,961		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29		2,805		(22	)		(14	)	(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.31%	S + 5.00%	12/06/29		997		439			442		(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.32%	S + 5.00%	12/06/29		923		908			919		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29		558		(3	)		(3	)	(6) (7) (9)
Aria Systems, LLC	Financial Services	12.44%	S + 8.00%	06/30/26		26,573		26,460			26,440		(6) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28		1,038		(14	)		(10	)	(6) (7) (9)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.44%	S + 6.00%	01/25/28		962		954			952		(6) (7)
Celero Commerce LLC	Financial Services	9.28%	S + 5.00%	02/28/31		3,795		3,768			3,767		(6) (7)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31		904		(3	)		(7	)	(6) (7) (9)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31		301		(2	)		(2	)	(6) (7) (9)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29		14,830		(56	)		—		(6) (7) (9)
Computer Services, Inc.	Financial Services	9.58%	S + 5.25%	11/15/29		10,100		10,018			10,100		(6) (7)
Computer Services, Inc.	Financial Services	9.08%	S + 4.75%	11/15/29		9,930		9,843			9,732		(6) (7)
Computer Services, Inc.	Financial Services	9.58%	S + 5.25%	11/15/29		977		941			977		(6) (7)

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

12

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025 (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
Coretrust Purchasing Group LLC	Financial Services	9.58%	S + 5.25%	10/01/29		$	9,293	$	9,202		$	9,223		(6) (7)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			4,840		(39	)		(36	)	(6) (7) (9)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			113		(2	)		(1	)	(6) (7) (9)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			34,889		33,833			34,889		(6) (7)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29			25,712		15,563			15,497		(6) (7) (9)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			10,979		10,679			10,979		(6) (7)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			7,938		(52	)		(119	)	(6) (7) (9)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29			6,428		6,330			6,332		(6) (7)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			4,880		4,748			4,880		(6) (7)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			1,952		927			976		(6) (7) (9)
Fullsteam Operations LLC	Financial Services	11.48%	S + 8.25%	11/27/29			882		276			270		(6) (7) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.55%	S + 5.25%	05/25/28			27,647		27,475			27,509		(6)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.55%	S + 5.25%	05/25/28			2,382		165			165		(6) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.55%	S + 5.25%	05/25/28			1,845		679			678		(6) (9)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			19,879		19,671			18,090		(6) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			4,175		4,122			3,799		(6) (7)
Priority Holdings, LLC (dba Priority Payment)	Financial Services	9.08%	S + 4.75%	05/16/31			16,135		16,068			16,151		(6) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.57%	S + 5.25%	02/24/31			12,994		12,883			12,831		(6) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31			1,875		(15	)		(23	)	(6) (7) (9)
Eagle Family Foods Group LLC	Food Products	9.01%	S + 5.00%	08/12/30			864		856			851		(6) (7)
Eagle Family Foods Group LLC	Food Products		S + 5.00%	08/12/30			101		(1	)		(2	)	(6) (7) (9)
Rubix Foods, LLC	Food Products	9.08%	S + 4.75%	04/30/31			23,208		22,980			22,976		(6)
Rubix Foods, LLC	Food Products		S + 4.75%	04/30/31			1,792		(17	)		(18	)	(6) (9)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.05%	S + 4.75%	12/11/30			10,546		10,399			10,388		(6) (7)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%	12/11/30			1,674		(23	)		(25	)	(6) (7) (9)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.93%	S + 5.50%	12/06/27			10,103		10,037			9,749		(6) (7) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.46%	S + 6.00%	12/06/27			5,540		5,520			5,402		(6) (7) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.93%	S + 5.50%	12/06/27			4,754		4,743			4,588		(6) (7) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.93%	S + 5.50%	12/06/27			4,356		4,342			4,203		(6) (7) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.93%	S + 5.50%	12/06/27			2,269		2,255			2,189		(6) (7) (12)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.60%	E + 5.50%	11/28/31	EUR		10,215		10,592			11,762		(6) (7)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		S + 5.50%	11/28/31			6,387		(63	)		(144	)	(6) (7) (9)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.59%	E + 5.50%	11/28/31			5,128		3,747			3,679		(6) (7) (9)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.77%	S + 5.50%	11/28/31			3,760		3,690			3,676		(6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.30%	S + 5.00%	06/21/27			21,142		20,886			20,931		(6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.30%	S + 5.00%	06/21/27			5,081		5,028			5,030		(6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 5.00%	06/21/27			4,094		(27	)		(41	)	(6) (7) (9)

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

13

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025 (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	9.30%	S + 5.00%	06/21/27	$	1,602	$	1,593		$	1,586		(6) (7)
Zeus Company LLC	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31		24,305		23,992			24,001		(6) (7)
Zeus Company LLC	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31		4,564		2,236			2,223		(6) (7) (9)
Zeus Company LLC	Health Care Equipment & Supplies		S + 5.50%	02/28/30		3,426		(40	)		(43	)	(6) (7) (9)
Argos Health Holdings, Inc	Health Care Providers & Services	10.03%	S + 5.75%	12/03/27		21,230		21,031			20,593		(6) (7)
Bayside Opco, LLC (dba Pro-PT)	Health Care Providers & Services	11.70%	S + 7.25%	05/31/26		2,899		2,875			2,878		(7)
Bayside Opco, LLC (dba Pro-PT)	Health Care Providers & Services	11.70%	S + 7.25%	05/31/26		1,026		838			933		(7)
Bayside Opco, LLC (dba Pro-PT)	Health Care Providers & Services		S + 7.25%	05/31/26		415		—			—		(7) (9)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		20,622		20,573			18,560		(6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		3,580		3,579			3,222		(6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		2,120		2,120			1,908		(6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31		2,396		2,373			2,372		(6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		271		(5	)		(3	)	(6) (7) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		221		(3	)		(2	)	(6) (7) (9)
CORA Health Holdings Corp	Health Care Providers & Services	10.23%	S + 5.75%	06/15/27		22,533		22,405			18,928		(6) (7)
CORA Health Holdings Corp	Health Care Providers & Services	10.23%	S + 5.75%	06/15/27		372		370			313		(6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/28/28		20,857		20,636			20,231		(6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/28/28		2,195		2,173			2,130		(6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/26/27		1,711		1,697			1,659		(6) (7)
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.18%	S + 6.75%	06/13/28		2,756		2,702			2,708		(6) (7)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28		313		(6	)		(5	)	(6) (7) (9)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		23,504		23,293			23,445		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		14,864		14,721			14,827		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services		S + 5.75%	10/15/27		10,000		(38	)		(25	)	(6) (7) (9)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		9,837		9,725			9,812		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	12.25%	P + 4.75%	10/15/27		2,802		328			322		(6) (7) (9)
One GI LLC	Health Care Providers & Services	11.18%	S + 6.75%	12/22/25		22,067		22,016			20,743		(6) (7)
One GI LLC	Health Care Providers & Services	11.18%	S + 6.75%	12/22/25		11,781		11,749			11,074		(6) (7)
One GI LLC	Health Care Providers & Services	11.18%	S + 6.75%	12/22/25		9,073		9,052			8,528		(6) (7)
One GI LLC	Health Care Providers & Services	11.18%	S + 6.75%	12/22/25		6,466