GSBD

EX-99.1

2 d117157dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

Goldman Sachs BDC, Inc. Reports March 31, 2026 Financial Results and Announces Second Quarterly 2026 Base Dividend of $0.32 Per Share.

Company Release – May 7, 2026

NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”,

“us”, or “our”) (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

•

Net investment income and adjusted net investment income per share for the quarter ended March 31, 2026 was $0.22, equating to an annualized net investment income yield on book value of 7.2%.1 Earnings per share for the quarter ended March 31, 2026 was $(0.12).

•

Net asset value (“NAV”) per share as of March 31, 2026 decreased 3.7% to $12.17 from $12.64 as of December 31, 2025.

•

As of March 31, 2026, the Company’s total investments at fair value and unfunded commitments were $3,803.8 million, comprised of investments in 173 portfolio companies across 40 industries. The investment portfolio was comprised of 98.7% senior secured debt, including 97.1% in first lien investments2.

•

During the quarter, the Company had new investment commitments of approximately $46.5 million of which $16.3 million were funded. Fundings of previously unfunded commitments for the quarter were $64.2 million and sales and repayments activity totaled $82.8 million, resulting in net funded investment activity of $(2.3) million.

•

During the quarter, the Company’s 1st Lien/Senior Secured Debt positions in One GI LLC and 3SI Security Systems, Inc. were placed on non-accrual status due to financial underperformance. As of March 31, 2026, the Company had certain investments held in 11 portfolio companies on non-accrual status. As of March 31, 2026, investments on non-accrual status amounted to 3.2% and 4.7% of the total investment portfolio at fair value and amortized cost, respectively.

•

The Company’s ending net debt-to-equity ratio was 1.37x as of March 31, 2026 compared to 1.27x as of December 31, 2025.

•

As of March 31, 2026, 62.5% of the Company’s approximately 1,920.5 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 37.5% was comprised of secured debt.3

•

The Company’s Board of Directors declared a second quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of June 30, 2026.4

•

On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.00 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended March 31, 2026, the Company did not repurchase any of its shares.

SELECTED FINANCIAL HIGHLIGHTS

(in $ millions, except per share data)

As of March 31, 2026

As of December 31, 2025

Investment portfolio, at fair value2

$ 3,228.9

$ 3,261.7

Total debt outstanding3

$ 1,920.5

$ 1,885.8

Net assets

$ 1,370.0

$ 1,423.0

Ending net debt to equity11

1.37x

1.27x

Net asset value per share

$ 12.17

$ 12.64

Less: Supplemental Dividend per share declared post-quarter

$ —

$ 0.03

Adjusted net asset value per share5

$ 12.17

$ 12.61

(in $ millions, except per share data)

Three Months Ended

March 31, 2026

Three Months Ended

December 31, 2025

Total investment income

$ 78.8

$ 86.1

Net investment income after taxes

$ 24.8

$ 42.2

Less: Purchase discount amortization

0.1

0.4

Adjusted net investment income after taxes1

$ 24.7

$ 41.8

Net realized and unrealized gains (losses)

$ (38.4 )

$ (18.5 )

Add: Realized/Unrealized depreciation from the purchase discount

0.1

0.4

Adjusted net realized and unrealized gains (losses)1

$ (38.3 )

$ (18.1 )

Net investment income per share (basic and diluted)

$ 0.22

$ 0.37

Less: Purchase discount amortization per share

—

—

Adjusted net investment income per share1

$ 0.22

$ 0.37

Weighted average shares outstanding

112.6

113.5

Total Quarterly Distributions per share

$ 0.35

$ 0.36

Total investment income for the three months ended March 31, 2026 and December 31, 2025 was $78.8 million and $86.1 million, respectively. The decrease in total investment income was primarily due to a decline in base interest rates and tightening of credit spreads.

Net expenses before taxes for the three months ended March 31, 2026 and December 31, 2025 were $53.0 million and $43.0 million, respectively. Net expenses increased by $10.0 million, primarily driven by higher incentive fees due to the performance of the investment portfolio for the twelve quarters ended March 31, 2026, as compared to the twelve quarters ended December 31, 2025, as well as an increase in interest and other debt expenses.

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended March 3

8-K

false 0001572694 0001572694 2026-02-26 2026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 26, 2026

GOLDMAN SACHS BDC, INC.

(Exact name of registrant as specified in charter)

Delaware

814-00998

46-2176593

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. 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. ☐

Item 2.02 - Results of Operations and Financial Condition. On February 26, 2026, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 7.01 - Regulation FD Disclosure. On February 26, 2026, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2026 base dividend of $0.32 per share, which will be payable on or about April 28, 2026 to shareholders of record as of March 31, 2026. The Company also announced that the board declared a fourth quarter 2025 supplemental dividend of $0.03 per share, which will be payable on or about March 20, 2026 to shareholders of record as of March 9, 2026. In addition, the Company is furnishing the following additional information regarding its investment portfolio: Loans underwritten by the Company based on the portfolio company’s annualized recurring revenue rather than its EBITDA represented 11.0% of the Company’s total portfolio at fair value as of December 31, 2025. Additionally, the Company’s portfolio contains investments with payment-in-kind (“PIK”) terms, where borrowers pay accrued interest not with cash, but by adding the accrued interest to the principal balance of the loan. Investments with PIK may be a proactive financing strategy structured into the loan agreement from the outset or it may be introduced as a loan modification or amendment after the initial agreement. During the fourth quarter of 2025, 9.0% of the Company’s total investment income was derived from investments with PIK terms, of which 5.5% of the Company’s total investment income was from PIK that was introduced as a loan modification or amendment after the initial agreement. The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01 - Financial Statements and Exhibits. (d) Exhibits:

Exhibit Number

Description

99.1

Press Release of Goldman Sachs BDC, Inc., dated February 26, 2026.

104

Cover Page Interactive Data File (embedded within the Inline X

8-K

false 0001572694 0001572694 2025-11-06 2025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 6, 2025

GOLDMAN SACHS BDC, INC.

(Exact name of registrant as specified in charter)

Delaware

814-00998

46-2176593

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. 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. ☐

Item 2.02 - Results of Operations and Financial Condition. On November 6, 2025, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 7.01 - Regulation FD Disclosure. On November 6, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a fourth quarter 2025 base dividend of $0.32 per share, which will be payable on or about January 27, 2026 to shareholders of record as of December 31, 2025. The Company also announced that the board declared a third quarter 2025 supplemental dividend of $0.04 per share, which will be payable on or about December 15, 2025 to shareholders of record as of November 28, 2025. The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01 - Financial Statements and Exhibits. (d) Exhibits:

Exhibit Number

Description

99.1

Press Release of Goldman Sachs BDC, Inc., dated November 6, 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GOLDMAN SACHS BDC, INC.

(Registrant)

Date: November 6, 2025

By:

/s/ Vivek Bantwal

Name:

Vivek Bantwal

Title:

Co-Chief Executive Officer

By:

/s/ David Miller

Name:

David Miller

Title:

Co-Chief Executive Officer