Goldman Sachs BDC, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
GSBD$8.58-0.7%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
nts of Operations
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment income: | |||
| From non-controlled/non-affiliated investments: | |||
| Interest income | $322,663 | $374,200 | $414,711 |
| Payment-in-kind income | 30,413 | 50,094 | 33,662 |
| Other income | 4,172 | 3,733 | 3,099 |
| Dividend income | — | 2 | — |
| From non-controlled affiliated investments: | |||
| Interest income | 4,882 | 3,912 | 2,286 |
| Dividend income | 785 | 1,970 | 908 |
| Payment-in-kind income | 2,488 | 335 | 207 |
| Other income | 165 | 128 | 41 |
| Total investment income | $365,568 | $434,374 | $454,914 |
| Expenses: | |||
| Interest and other debt expenses | $111,558 | $113,718 | $111,302 |
| Management fees | 33,449 | 35,232 | 35,470 |
| Incentive fees | 26,224 | 17,212 | 49,417 |
| Professional fees | 3,324 | 4,998 | 3,536 |
| Directors’ fees | 828 | 828 | 823 |
| Other general and administrative expenses | 4,592 | 4,535 | 4,269 |
| Total expenses | $179,975 | $176,523 | $204,817 |
| Fee waivers | $— | $— | $(1,986) |
| Net expenses | $179,975 | $176,523 | $202,831 |
| Net investment income before taxes | $185,593 | $257,851 | $252,083 |
| Income tax expense, including excise tax | $4,026 | $5,298 | $4,842 |
| Net investment income after taxes | $181,567 | $252,553 | $247,241 |
| Net realized and unrealized gains (losses) on investment transactions: | |||
| Net realized gain (loss) from: | |||
| Non-controlled/non-affiliated investments | $(89,292) | $(155,950) | $(49,409) |
| Non-controlled affiliated investments | (33,824) | (2,015) | — |
| Controlled affiliated investments | — | — | (22,366) |
| Foreign currency forward contracts | — | (703) | — |
| Foreign currency and other transactions | 506 | 5,236 | 404 |
| Net change in unrealized appreciation (depreciation) from: | |||
| Non-controlled/non-affiliated investments | 51,535 | (35,110) | 5,529 |
| Non-controlled affiliated investments | 13,117 | (1,947) | (2,532) |
| Controlled affiliated investments | — | — | 22,366 |
| Foreign currency forward contracts | (214) | 688 | (242) |
| Foreign currency translations and other transactions | (4,048) | 299 | (4,482) |
| Net realized and unrealized gains (losses) | $(62,220) | $(189,502) | $(50,732) |
| (Provision) benefit for taxes on realized gain/loss on investments | $(80) | $(492) | $(1,210) |
| (Provision) benefit for taxes on unrealized appreciation/depreciation on investments | — | 308 | 575 |
| Net increase (decrease) in net assets from operations | $119,267 | $62,867 | $195,874 |
| Weighted average shares outstanding | 115,576,890 | 114,673,460 | 108,305,428 |
| Basic and diluted net investment income per share | $1.57 | $2.20 | $2.28 |
| Basic and diluted earnings (loss) per share | $1.03 | $0.55 | $1.81 |
Consolidated Statements o
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