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 September 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 November 5, 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 SEPTEMBER 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	42
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	86
ITEM 4.	Controls and Procedures	86
PART II	OTHER INFORMATION	87
ITEM 1.	Legal Proceedings	87
ITEM 1A.	Risk Factors	87
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
ITEM 3.	Defaults Upon Senior Securities	87
ITEM 4.	Mine Safety Disclosures	87
ITEM 5.	Other Information	87
ITEM 6.	Exhibits	87
SIGNATURES		89

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 and a prolonged United States government shutdown;

•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 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; 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)

	September 30, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $3,204,888 and $3,533,627)	$	3,100,060		$	3,368,503
Non-controlled affiliated investments (cost of $110,611 and $139,955)		96,873			106,755
Total investments, at fair value (cost of $3,315,499 and $3,673,582)	$	3,196,933		$	3,475,258
Investments in affiliated money market fund (cost of $32,693 and $25,238)		32,693			25,238
Cash		115,183			61,795
Interest and dividends receivable		25,499			28,092
Deferred financing costs		14,050			11,897
Other assets		643			1,103
Total assets	$	3,385,001		$	3,603,383
Liabilities
Debt (net of debt issuance costs of $9,602 and $8,176)	$	1,840,781		$	1,926,452
Interest and other debt expenses payable		8,099			21,289
Management fees payable		8,179			8,780
Incentive fees payable		7,051			6,330
Distribution payable		54,774			52,784
Unrealized depreciation on derivatives		477			38
Secured borrowings		3,209			2,920
Accrued expenses and other liabilities		7,602			12,090
Total liabilities	$	1,930,172		$	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, 114,113,096 and 117,297,222 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		114			117
Paid-in capital in excess of par		1,909,063			1,946,253
Distributable earnings (loss)		(454,348	)		(373,670	)
Total net assets	$	1,454,829		$	1,572,700
Total liabilities and net assets	$	3,385,001		$	3,603,383
Net asset value per share	$	12.75		$	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 Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	81,197		$	97,917		$	246,461		$	289,185
Payment-in-kind income		6,854			9,961			23,287			34,452
Other income		1,247			794			3,097			2,427
Dividend income		—			1			—			1
From non-controlled affiliated investments:
Interest income		1,387			1,218			4,017			2,708
Dividend income		225			468			606			1,650
Payment-in-kind income		643			20			1,910			85
Other income		43			34			128			65
Total investment income	$	91,596		$	110,413		$	279,506		$	330,573
Expenses:
Interest and other debt expenses	$	28,079		$	29,298		$	82,800		$	86,015
Management fees		8,179			8,855			25,268			26,452
Incentive fees		7,051			—			22,381			10,882
Professional fees		698			1,335			2,443			3,651
Directors’ fees		206			207			620			621
Other general and administrative expenses		1,166			1,046			3,482			3,143
Total expenses	$	45,379		$	40,741		$	136,994		$	130,764
Net investment income before taxes	$	46,217		$	69,672		$	142,512		$	199,809
Income tax expense, including excise tax	$	907		$	1,490		$	3,135		$	3,809
Net investment income after taxes	$	45,310		$	68,182		$	139,377		$	196,000
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	5,418		$	(83,796	)	$	(86,449	)	$	(131,446	)
Non-controlled affiliated investments		—			—			(33,824	)		(2,015	)
Foreign currency and other transactions		19			60			483			4,504
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(20,690	)		56,413			60,170			(34,705	)
Non-controlled affiliated investments		(6,587	)		(352	)		19,462			(1,814	)
Foreign currency forward contracts		63			(377	)		(207	)		(191	)
Foreign currency translations and other transactions		1,221			(2,813	)		(3,344	)		(4,968	)
Net realized and unrealized gains (losses)	$	(20,556	)	$	(30,865	)	$	(43,709	)	$	(170,635	)
(Provision) benefit for taxes on realized gain/loss on investments	$	(49	)	$	(189	)	$	(121	)	$	(333	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			(47	)		—			288
Net increase (decrease) in net assets from operations	$	24,705		$	37,081		$	95,547		$	25,320
Weighted average shares outstanding		114,398,468			116,942,390			116,289,596			113,805,819
Basic and diluted net investment income per share	$	0.40		$	0.58		$	1.20		$	1.72
Basic and diluted earnings (loss) per share	$	0.22		$	0.32		$	0.82		$	0.22

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 Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net assets at beginning of period	$	1,513,389		$	1,595,894		$	1,572,700		$	1,601,825
Increase (decrease) in net assets from operations:
Net investment income	$	45,310		$	68,182		$	139,377		$	196,000
Net realized gain (loss)		5,437			(83,736	)		(119,790	)		(128,957	)
Net change in unrealized appreciation (depreciation)		(25,993	)		52,871			76,081			(41,678	)
(Provision) benefit for taxes on realized gain/loss on investments		(49	)		(189	)		(121	)		(333	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			(47	)		—			288
Net increase (decrease) in net assets from operations	$	24,705		$	37,081		$	95,547		$	25,320
Distributions to stockholders from:
Distributable earnings	$	(58,198	)	$	(52,723	)	$	(176,225	)	$	(155,704	)
Total distributions to stockholders	$	(58,198	)	$	(52,723	)	$	(176,225	)	$	(155,704	)
Capital transactions:
Issuance of common stock (net of offering and underwriting costs)	$	—		$	3,908		$	—		$	109,192
Reinvestment of stockholder distributions		—			1,928			—			5,455
Repurchases of common stock (including commissions and direct acquisition costs)		(25,067	)		—			(37,193	)		—
Net increase (decrease) in net assets from capital transactions	$	(25,067	)	$	5,836		$	(37,193	)	$	114,647
Total increase (decrease) in net assets	$	(58,560	)	$	(9,806	)	$	(117,871	)	$	(15,737	)
Net assets at end of period	$	1,454,829		$	1,586,088		$	1,454,829		$	1,586,088
Distributions per share	$	0.51		$	0.45		$	1.52		$	1.35

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 Nine Months Ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets from operations:	$	95,547		$	25,320
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments		(612,216	)		(756,664	)
Payment-in-kind interest capitalized		(25,897	)		(41,244	)
Investments in affiliated money market fund, net		(7,455	)		(1,527	)
Proceeds from sales of investments and principal repayments		893,248			621,415
Net realized (gain) loss on investments		120,273			133,461
Net change in unrealized (appreciation) depreciation on investments		(79,632	)		36,519
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions		61			215
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items		30			—
Amortization of premium and accretion of discount, net		(17,162	)		(20,038	)
Amortization of deferred financing and debt issuance costs		6,147			6,471
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		2,593			5,745
(Increase) decrease in other assets		(1,970	)		(1,136	)
Increase (decrease) in interest and other debt expenses payable		(13,842	)		(5,513	)
Increase (decrease) in management fees payable		(601	)		147
Increase (decrease) in incentive fees payable		721			(13,041	)
Increase (decrease) in accrued expenses and other liabilities		(4,285	)		(796	)
Net cash provided by (used for) operating activities	$	355,560		$	(10,666	)
Cash flows from financing activities:
Proceeds from issuance of common stock (net of underwriting costs)	$	—		$	109,932
Offering costs paid		(229	)		(431	)
Repurchases of common stock (including commissions and direct acquisition costs)		(37,166	)		—
Distributions paid		(174,235	)		(146,830	)
Deferred financing and debt issuance costs paid		(9,074	)		(8,178	)
Borrowings on debt		1,366,386			883,564
Repayments of debt		(1,448,000	)		(827,997	)
Secured borrowings		—			1,224
Net cash provided by (used for) financing activities	$	(302,318	)	$	11,284
Net increase (decrease) in cash	$	53,242		$	618
Effect of foreign exchange rate changes on cash		146			(24	)
Cash, beginning of period		61,795			52,363
Cash, end of period	$	115,183		$	52,957
Supplemental and non-cash activities
Interest expense paid	$	87,875		$	82,658
Accrued but unpaid excise tax expense	$	3,393		$	4,509
Accrued but unpaid distributions	$	54,774		$	52,723
Reinvestment of stockholder distributions	$	—		$	5,455
Exchange of investments	$	98,844		$	202,973

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

8

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of September 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 - 216.4%
Canada - 7.3%
1st Lien/Senior Secured Debt - 7.3%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.05%	S + 4.75%	11/01/30		$	14,456	$	14,234		$	14,420		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.80%	C + 4.75%	11/01/30	CAD		7,851		5,574			5,627		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.74%	C + 4.75%	11/01/30	CAD		1,940		26			33		(6) (7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.05%	S + 4.75%	11/01/30			1,735		1,708			1,731		(6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.43%	C + 5.75%	11/01/30	CAD		776		108			109		(6) (7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		C + 5.75%	11/01/30	CAD		518		(8	)		(1	)	(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.66%	S + 6.00%	02/01/27			13,488		13,451			13,420		(6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.66%	S + 6.00%	02/01/27			1,294		692			685		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.14%	S + 6.00%	02/01/27			730		118			114		(6) (7) (8) (9)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	09/26/32	CAD		25,305		—			—		(6) (8) (9)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	09/26/32	CAD		4,866		—			—		(6) (8) (9)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	09/26/32	CAD		3,476		—			—		(6) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.70%	C + 5.25%	06/30/31	CAD		45,804		33,153			32,419		(6) (7) (8)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%	06/30/31	CAD		9,957		(52	)		(107	)	(6) (7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.70%	C + 5.25%	06/30/31	CAD		6,638		744			724		(6) (7) (8) (9)
Everest Clinical Research Corporation	Professional Services	9.40%	S + 5.25%	11/06/28			5,641		5,592			5,612		(6) (7) (8)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	9.40%	S + 5.25%	11/06/28			8,605		8,554			8,562		(6) (7) (8)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 5.25%	11/06/28			1,260		(6	)		(6	)	(6) (7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.51%	S + 6.25%	05/25/27			21,167		21,026			21,008		(6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,387		(19	)		(25	)	(6) (7) (8) (9)
iWave Information Systems, Inc.	Software	10.42%	S + 6.25%	11/23/28			867		854			858		(6) (7) (8)
iWave Information Systems, Inc.	Software		S + 6.25%	11/23/28			438		(2	)		(4	)	(6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									105,747			105,179
Total Canada								$	105,747		$	105,179
India - 1.2%
1st Lien/Senior Secured Debt - 1.2%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.70%	S + 4.50%	08/02/32		$	17,615	$	17,572		$	17,571		(6) (8)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			6,249		(8	)		(8	)	(6) (8) (9)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			2,273		(5	)		(5	)	(6) (8) (9)
Total 1st Lien/Senior Secured Debt									17,559			17,558
Total India								$	17,559		$	17,558
United Kingdom - 2.3%
1st Lien/Senior Secured Debt - 2.3%
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.22%	SN + 8.00% (Incl. 0.50% PIK)	07/25/28	GBP		16,434	$	19,835		$	21,439		(6) (7) (8)
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.22%	SN + 8.00% (Incl. 0.50% PIK)	07/25/28	GBP		13,121		12,084			12,518		(6) (7) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	08/12/32			15,890		—			—		(6) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	08/12/32			2,755		—			—		(6) (8) (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 September 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
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	02/12/26	$	2,388	$	—		$	—		(6) (8) (9)
Total 1st Lien/Senior Secured Debt								31,919			33,957
Total United Kingdom							$	31,919		$	33,957
United States - 205.6%
1st Lien/Senior Secured Debt - 195.3%
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.19%	S + 5.00%	01/09/30	$	955	$	936		$	941		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.19%	S + 5.00%	01/09/30		730		719			719		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.19%	S + 5.00%	01/09/30		326		323			321		(6) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28		250		(3	)		(4	)	(6) (7) (9)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.29%	S + 5.00%	01/09/30		59		59			58		(6) (7)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense	9.00%	S + 5.00%	09/30/31		11,410		11,296			11,296		(6)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31		4,596		(23	)		(23	)	(6) (9)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31		2,706		(27	)		(27	)	(6) (9)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.70%	S + 5.50%	04/19/30		8,055		7,924			7,893		(6) (7)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/19/30		1,219		(19	)		(24	)	(6) (7) (9)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	9.06%	S + 4.75%	08/02/32		13,203		13,073			13,071		(6)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32		4,042		(20	)		(20	)	(6) (9)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	8.92%	S + 4.75%	08/02/32		1,573		546			546		(6) (9)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32		448		(4	)		(4	)	(6) (9)
Thrasio, LLC	Broadline Retail		S + 10.00% PIK	06/18/29		16,606		12,309			9,922		(6) (7) (10) (11)
Thrasio, LLC	Broadline Retail	14.58%	S + 10.26% PIK	06/18/29		5,352		5,284			5,218		(6) (7) (10)
Elemica Parent, Inc.	Chemicals	9.98%	S + 5.50%	09/18/26		6,731		6,650			6,630		(6) (7)
Elemica Parent, Inc.	Chemicals	9.88%	S + 5.50%	09/18/26		1,440		1,432			1,418		(6) (7)
Elemica Parent, Inc.	Chemicals	9.97%	S + 5.50%	09/18/26		1,320		1,308			1,300		(6) (7)
Elemica Parent, Inc.	Chemicals	9.83%	S + 5.50%	09/18/26		930		902			894		(6) (7) (9)
Elemica Parent, Inc.	Chemicals	9.97%	S + 5.50%	09/18/26		539		536			531		(6) (7)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.09%	S + 6.00%	12/16/26		12,064		11,897			11,461		(7)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.09%	S + 6.00%	12/16/26		1,838		1,798			1,746		(7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29		3,920		3,850			3,900		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.01%	S + 5.75%	08/01/29		2,172		2,145			2,107		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.01%	S + 5.75%	08/01/29		1,852		343			302		(6) (7) (9)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29		1,191		1,167			1,185		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29		1,063		314			325		(6) (7) (9)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29		591		580			588		(6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29		197		193			196		(6) (7)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.75%	S + 4.75%	09/24/31		5,866		5,792			5,792		(6)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies		S + 4.75%	09/24/31		3,352		(42	)		(42	)	(6) (9)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies		S + 4.75%	09/24/31		1,676		(21	)		(21	)	(6) (9)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		9,880		9,049			9,042		(6) (7) (9)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		3,457		3,426			3,423		(6) (7)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32		584		97			96		(6) (7) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.56%	S + 5.25%	02/07/31		9,403		9,249			9,356		(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 September 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
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.56%	S + 5.25%	02/07/31		$	4,210	$	398		$	414		(6) (7) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31			1,264		(19	)		(6	)	(6) (7) (9)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.71%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			8,675		8,471			8,567		(6) (7)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.16%	S + 5.00%	08/22/30			1,000		84			88		(6) (7) (9)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.19%	S + 5.00%	08/22/31			499		302			303		(6) (7) (9)
Sweep Purchaser LLC	Commercial Services & Supplies	9.91%	S + 5.75% PIK	06/30/27			22,038		21,933			21,818		(6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	9.91%	S + 5.75%	06/30/27			10,543		10,514			10,491		(6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	9.75%	S + 5.75%	06/30/27			4,541		886			885		(6) (7) (9)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.75%	S + 4.75%	12/15/31			19,478		19,300			19,283		(6) (7)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.96%	S + 4.75%	12/15/31			6,233		344			312		(6) (7) (9)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.64%	S + 4.75%	12/15/31			2,649		506			503		(6) (7) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.45%	S + 5.25%	04/30/31			8,828		8,716			8,784		(6) (7)
USA DeBusk, LLC	Commercial Services & Supplies	9.40%	S + 5.25%	04/30/31			3,276		505			512		(6) (7) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.41%	S + 5.25%	04/30/30			1,230		703			711		(6) (7) (9)
USA DeBusk, LLC	Commercial Services & Supplies		S + 5.25%	04/30/30			666		(5	)		(3	)	(6) (7) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.16%	S + 6.00%	05/01/29			24,844		24,713			24,471		(6) (7)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.16%	S + 6.00%	05/01/29			2,641		1,653			1,627		(6) (7) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 6.00%	05/01/29			2,201		(11	)		(33	)	(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.56%	S + 5.25%	06/29/27			31,673		31,508			31,515		(6) (7)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.55%	S + 5.25%	06/29/27			9,619		9,520			9,571		(6) (7)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.25%	06/29/27			944		(4	)		(5	)	(6) (7) (9)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	9.07%	S + 4.75%	08/05/32			6,733		6,667			6,666		(6)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			2,056		(10	)		(10	)	(6) (9)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	9.07%	S + 4.75%	08/05/32			1,799		496			496		(6) (9)
ATX Networks Corp.	Communications Equipment		S + 7.00% PIK	09/01/26			4,341		3,719			1,215		(6) (7) (11)
ATX Networks Corp.	Communications Equipment	10.14%	S + 6.00% PIK	09/01/26			630		630			608		(6) (7) (8)
ATX Networks Corp.	Communications Equipment	10.15%	S + 6.00% PIK	09/01/26			371		371			358		(6) (7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.60%	S + 4.50%	10/15/31			663		657			659		(6) (7)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.69%	S + 4.50%	10/15/31			245		119			119		(6) (7) (9)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.70%	S + 4.50%	10/15/31			92		21			21		(6) (7) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.45%	S + 4.75%	10/24/30			11,321		11,219			11,264		(6) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.34%	B + 4.75%	10/24/30	AUD		11,199		7,372			7,373		(6) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		S + 4.75%	10/24/30			1,132		(10	)		(6	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			10,130		10,085			10,079		(6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			3,306		2,098			2,094		(6) (7) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			1,471		(6	)		(7	)	(6) (7) (9)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.00%	S + 6.00%	10/04/30			4,410		4,324			4,311		(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	9.57%	S + 5.25%	11/01/30			44,456		43,875			43,789		(6) (7)

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

11

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of September 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
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30	$	5,208	$	(66	)	$	(78	)	(6) (7) (9)
Precision Concepts Parent Inc.	Containers & Packaging	8.95%	S + 4.75%	08/02/32		3,769		3,732			3,732		(6)
Precision Concepts Parent Inc.	Containers & Packaging		S + 4.75%	08/02/32		1,867		(9	)		(9	)	(6) (9)
Precision Concepts Parent Inc.	Containers & Packaging	8.95%	S + 4.75%	08/02/32		1,645		1,629			1,629		(6)
Precision Concepts Parent Inc.	Containers & Packaging		S + 4.75%	08/02/32		958		(9	)		(10	)	(6) (9)
A Place For Mom, Inc.	Diversified Consumer Services	9.66%	S + 5.50%	02/10/28		7,093		7,074			6,632		(7)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.00%	S + 6.00%	04/26/29		8,179		8,054			7,974		(6) (7) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.31%	S + 6.00%	04/26/29		3,834		1,432			1,392		(6) (7) (9) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.26%	S + 6.00%	04/26/29		767		556			548		(6) (7) (9) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.02%	S + 5.00%	06/06/31		8,227		8,182			8,186		(6) (7)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31		4,321		(21	)		(22	)	(6) (7) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.00%	S + 5.00%	06/06/31		852		11			22		(6) (7) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.00%	S + 5.00%	06/06/31		835		35			38		(6) (7) (9)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	9.26%	S + 5.00%	11/01/28		889		860			884		(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	9.15%	S + 5.00%	12/21/29		14,140		13,940			13,999		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.00%	12/21/29		6,283		(56	)		(63	)	(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29		4,747		4,678			4,700		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29		4,717		4,650			4,670		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.00%	12/21/29		2,340		(30	)		(23	)	(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29		2,217		2,182			2,195		(6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29		1,882		1,844			1,863		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26		18,455		18,374			17,809		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26		14,436		14,396			13,931		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26		7,606		7,565			7,339		(6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.16%	S + 6.00%	12/15/26		2,433		983			908		(6) (7) (9)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.25%	S + 5.25%	10/19/27		43,991		43,633			43,991		(6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.25%	S + 5.25%	10/19/27		8,798		8,722			8,798		(6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services		S + 5.25%	10/19/27		4,399		(31	)		—		(6) (7) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	10.28%	S + 6.00%	07/06/27		17,089		4,020			4,022		(6) (7) (9) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.28%	S + 6.00%	07/06/27		10,449		10,364			10,371		(6) (7) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.28%	S + 6.00%	07/06/27		7,326		7,258			7,271		(6) (7) (10)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27		1,900		(14	)		(14	)	(6) (7) (9) (10)
Splash Car Wash, Inc.	Diversified Consumer Services	9.03%	S + 5.00%	03/17/32		735		730			729		(6) (7)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32		138		(1	)		(1	)	(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		S + 5.75%	07/25/28		1,649		(6	)		(29	)	(6) (7) (9)
Spotless Brands, LLC	Diversified Consumer Services	9.68%	S + 5.50%	07/25/28		950		830			830		(6) (7) (9)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28		210		210			210		(6) (7)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28		33		33			33		(6) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.30%	S + 5.00%	05/01/31		10,509		10,420			10,404		(6) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.21%	S + 5.00%	05/01/31		2,758		1,525			1,512		(6) (7) (9)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30		1,615		(12	)		(16	)	(6) (7) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.51%	S + 6.25%	08/15/30		4,800		4,665			4,776		(6) (7)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.50%	S + 6.25%	08/15/30		2,043		86			91		(6) (7) (9)

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

12

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of September 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
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 6.25%	08/15/30	$	253	$	(5	)	$	(1	)	(6) (7) (9)
Trystar, LLC	Electrical Equipment	8.56%	S + 4.25%	08/06/31		462		458			457		(6) (7)
Trystar, LLC	Electrical Equipment	8.29%	S + 4.25%	08/06/31		232		53			52		(6) (7) (9)
Trystar, LLC	Electrical Equipment	8.56%	S + 4.25%	08/06/31		185		183			183		(6) (7)
Trystar, LLC	Electrical Equipment		S + 4.25%	08/06/31		116		(1	)		(1	)	(6) (7) (9)
Iracore International Holdings, Inc.	Energy Equipment & Services	13.15%	S + 9.00%	04/12/26		1,502		1,502			1,487		(7) (10)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	10.10%	S + 6.00%	12/31/27		28,300		28,047			28,158		(6) (7)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27		3,140		(24	)		(16	)	(6) (7) (9)
Streamland Media Midco LLC	Entertainment	9.76%	S + 6.50% (Incl. 10.06% PIK)	04/02/29		17,327		17,040			16,634		(6) (7)
Streamland Media Midco LLC	Entertainment	10.00%	S + 5.50% (Incl. 9.07% PIK)	04/02/29		2,409		2,408			2,313		(6) (7)
Streamland Media Midco LLC	Entertainment	9.82%	S + 5.50%	04/02/29		1,910		1,273			1,273		(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.00%	S + 5.00%	12/06/29		21,119		20,954			21,013		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.00%	S + 5.00%	12/06/29		2,968		2,942			2,953		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29		2,805		(21	)		(14	)	(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.12%	S + 5.00%	12/06/29		996		438			441		(6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.06%	S + 5.00%	12/06/29		921		907			916		(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	12.28%	S + 8.00%	06/30/26		26,522		26,436			26,389		(6) (7)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services	8.81%	S + 4.50%	07/30/32		18,162		17,984			17,980		(6)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services		S + 4.50%	07/30/32		2,270		(22	)		(23	)	(6) (9)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28		1,038		(12	)		(10	)	(6) (7) (9)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.28%	S + 6.00%	01/25/28		962		954			952		(6) (7)
Celero Commerce LLC	Financial Services	9.31%	S + 5.00%	02/28/31		3,795		3,769			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		(53	)		—		(6) (7) (9)
Computer Services, Inc.	Financial Services	9.42%	S + 5.25%	11/15/29		10,074		9,997			10,074		(6) (7)
Computer Services, Inc.	Financial Services	8.92%	S + 4.75%	11/15/29		9,906		9,823			9,856		(6) (7)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29		8,178		—			—		(6) (9)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29		3,717		—			—		(6) (9)
Computer Services, Inc.	Financial Services	9.42%	S + 5.25%	11/15/29		975		940			975		(6) (7)
Coretrust Purchasing Group LLC	Financial Services	9.41%	S + 5.25%	10/01/29		9,269		9,183			9,223		(6) (7)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29		4,840		(37	)		(24	)	(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	9.48%	S + 5.25%	08/08/31		26,716		26,454			26,449		(6)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31		8,905		(43	)		(45	)	(6) (9)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31		2,968		(29	)		(30	)	(6) (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 September 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
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.25%	S + 5.25%	05/25/28	$	27,574	$	27,415	$	27,436	(6)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.25%	S + 5.25%	05/25/28		2,382		784		782	(6) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.25%	S + 5.25%	05/25/28		1,843		678		677	(6) (9)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.50%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		20,108		19,915		18,298	(6) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.50%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		4,223		4,174		3,843	(6) (7)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.66%	S + 5.50%	09/26/30		16,842		16,674		16,673	(6) (8)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%	09/26/30		936