Goldman Sachs BDC, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
GSBD$8.50-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
nts of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net increase (decrease) in net assets from operations: | $119,267 | $62,867 | $195,874 |
| Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: | |||
| Purchases of investments | (938,069) | (995,850) | (394,354) |
| Payment-in-kind interest capitalized | (33,559) | (55,067) | (32,351) |
| Investments in affiliated money market fund, net | (10,486) | (25,238) | — |
| Proceeds from sales of investments and principal repayments | 1,148,985 | 822,485 | 508,065 |
| Net realized (gain) loss on investments | 123,116 | 157,965 | 71,775 |
| Net change in unrealized (appreciation) depreciation on investments | (64,652) | 37,057 | (25,363) |
| Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions | 28 | (517) | 180 |
| Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items | 2 | — | — |
| Amortization of premium and accretion of discount, net | (21,839) | (25,824) | (35,885) |
| Amortization of deferred financing and debt issuance costs | 8,402 | 8,819 | 6,291 |
| Change in operating assets and liabilities: | |||
| (Increase) decrease in interest and dividends receivable | 1,165 | 10,442 | (6,755) |
| (Increase) decrease in other assets | (4,531) | 1,132 | (1,153) |
| Increase (decrease) in interest and other debt expenses payable | 4,167 | 7,590 | 173 |
| Increase (decrease) in management fees payable | (599) | 72 | (355) |
| Increase (decrease) in incentive fees payable | (2,486) | (6,711) | 13,041 |
| Increase (decrease) in accrued expenses and other liabilities | (3,229) | 3,235 | 1,509 |
| Net cash provided by (used for) operating activities | $325,682 | $2,457 | $300,692 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock (net of underwriting costs) | $— | $109,932 | $98,085 |
| Offering costs paid | (229) | (515) | (680) |
| Repurchases of common stock (including commissions and direct acquisition costs) | (52,175) | — | — |
| Distributions paid | (233,518) | (197,704) | (190,963) |
| Deferred financing and debt issuance costs paid | (9,652) | (8,178) | (5,275) |
| Borrowings on debt | 1,592,122 | 1,098,033 | 378,540 |
| Repayments of debt | (1,641,000) | (995,646) | (567,700) |
| Secured borrowings | — | 1,224 | — |
| Net cash provided by (used for) financing activities | $(344,452) | $7,146 | $(287,993) |
| Net increase (decrease) in cash | $(18,770) | $9,603 | $12,699 |
| Effect of foreign exchange rate changes on cash | 186 | (171) | 62 |
| Cash, beginning of period | 61,795 | 52,363 | 39,602 |
| Cash, end of period | $43,211 | $61,795 | $52,363 |
| Supplemental and non-cash activities | |||
| Interest expense paid | $95,612 | $93,942 | $102,574 |
| Accrued but unpaid excise tax expense | $4,300 | $6,000 | $5,079 |
| Accrued but unpaid distributions | $36,022 | $52,784 | $49,304 |
| Reinvestment of stockholder distributions | $— | $7,304 | $3,140 |
| Exchange of investments | $111,041 | $204,206 | $119,617 |
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