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 March 31, 2026

☐ 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<br><br>Incorporation or Organization)	(I.R.S. Employer<br><br>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<br><br>on which registered
Common Stock, par value<br>$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 May 6, 2026, there were 112,569,067 shares of the registrant’s common stock outstanding.

Table of Contents

	GOLDMAN SACHS BDC, INC.<br><br>QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
	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	43
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	72
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

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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, 2025, 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, Latin America and Asia, 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;

Table of Contents
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;
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;
the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence; and
the increased public scrutiny of and regulation related to corporate social responsibility.

Table of Contents

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)

			December 31, 2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of 3,306,528 and 3,285,039)	3,159,468		$	3,171,677
Non-controlled affiliated investments (cost of 96,583 and 110,127)	69,472			90,044
Total investments, at fair value (cost of 3,403,111 and 3,395,166)	3,228,940		$	3,261,721
Investments in affiliated money market fund (cost of 2,476 and 35,724)	2,476			35,724
Cash	41,851			43,211
Interest and dividends receivable	25,127			26,927
Deferred financing costs	12,444			13,245
Other assets	32,019			2,419
Total assets	3,342,857		$	3,383,247
Liabilities
Debt (net of debt issuance costs of 14,272 and 8,169)	1,898,158		$	1,874,620
Interest and other debt expenses payable	8,757			25,546
Management fees payable	8,263			8,181
Incentive fees payable	12,438			3,844
Distribution payable	36,022			36,022
Secured borrowings	3,127			3,366
Accrued expenses and other liabilities	6,103			8,649
Total liabilities	1,972,868		$	1,960,228
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, 112,569,067 and 112,569,067 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	113			113
Paid-in capital in excess of par	1,879,601			1,879,601
Distributable earnings (loss)	(509,725	)		(456,695	)
Total net assets	1,369,989		$	1,423,019
Total liabilities and net assets	3,342,857		$	3,383,247
Net asset value per share	12.17		$	12.64

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity			Cost			Fair<br>Value			Footnotes
Debt Investments - 233.2%
Canada - 7.8%
1st Lien/Senior Secured Debt - 7.8%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.41%	S + 4.75%	11/01/30		14,383	$	14,181		$	14,239		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.33%	C + 4.75%	11/01/30	CAD	7,811		5,553			5,559		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.32%	C + 4.75%	11/01/30	CAD	1,940		793			776		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.41%	S + 4.75%	11/01/30		1,727		1,701			1,709		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.42%	S + 4.75%	11/01/30	CAD	776		19			16		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		S + 4.75%	11/01/30	CAD	518		(8	)		(4	)	(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.17%	S + 6.00%	02/01/27		13,488		13,465			13,353		(7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.17%	S + 6.00%	02/01/27		1,294		944			932		(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	9.69%	S + 6.00%	02/01/27		730		495			487		(7) (8) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services	7.31%	C + 5.00%	01/14/33	CAD	5,206		3,714			3,705		(7) (9)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services	7.27%	C + 5.00%	01/14/33	CAD	969		97			96		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	01/14/33	CAD	692		(30	)		(30	)	(7) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.56%	C + 5.25%	06/30/31	CAD	45,575		33,021			32,271		(7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%	06/30/31	CAD	9,957		(48	)		(107	)	(7) (8) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.56%	C + 5.25%	06/30/31	CAD	6,638		750			724		(7) (8) (9) (10)
Everest Clinical Research Corporation	Professional Services	8.35%	S + 4.50%	11/06/28		4,670		4,625			4,624		(7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	8.35%	S + 4.50%	11/06/28		7,122		7,070			7,051		(7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 4.50%	11/06/28		1,260		(8	)		(13	)	(7) (8) (9) (10)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.07%	S + 6.25%	05/25/27		21,167		21,067			20,955		(7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27		3,387		(13	)		(34	)	(7) (8) (9) (10)
iWave Information Systems, Inc.	Software	9.68%	S + 6.00%	11/24/28		862		851			849		(7) (8) (9)
iWave Information Systems, Inc.	Software	9.68%	S + 6.00%	11/24/28		438		43			37		(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt								108,282			107,195
Total Canada							$	108,282		$	107,195
India - 1.3%
1st Lien/Senior Secured Debt - 1.3%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.17%	S + 4.50%	08/02/32		17,615	$	17,574		$	17,483		(7) (8) (9)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32		6,249		(7	)		(47	)	(7) (8) (9) (10)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32		2,273		(5	)		(17	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt								17,562			17,419
Total India							$	17,562		$	17,419
United Kingdom - 3.6%
1st Lien/Senior Secured Debt - 3.6%
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.22%	SN + 7.50% (Incl. 0.50% PIK)	07/25/28		16,742	$	20,286		$	21,384		(7) (8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.22%	SN + 7.50% (Incl. 0.50% PIK)	07/25/28		9,883		12,524			12,623		(7) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software	8.42%	S + 4.75%	12/17/32		15,104		15,031			14,991		(7) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	12/17/32		2,619		(6	)		(20	)	(7) (8) (9) (10)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity		Cost			Fair<br>Value			Footnotes
Coretrust Purchasing Group LLC	Financial Services	8.92%	S + 5.25%	10/01/29	12,817	$	12,717		$	12,753		(7) (8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29	1,228		(9	)		(6	)	(7) (8) (10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29	113		(2	)		(1	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services	8.89%	S + 5.25%	08/08/31	26,716		26,471			26,382		(7) (8)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31	8,905		(40	)		(111	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31	2,968		(27	)		(37	)	(7) (8) (10)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.95%	S + 5.25%	05/25/28	27,428		27,297			24,685		(7)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.95%	S + 5.25%	05/25/28	2,382		1,241			1,011		(7) (10)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.95%	S + 5.25%	05/25/28	682		679			614		(7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)	06/01/28	20,568		20,407			16,968		(7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)	06/01/28	4,320		4,279			3,564		(7) (8)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.17%	S + 5.50%	09/26/30	16,757		16,604			16,590		(7) (8) (9)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%	09/26/30	936		(8	)		(9	)	(7) (8) (9) (10)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	8.92%	S + 5.25%	02/24/31	12,895		12,797			12,799		(7) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31	1,875		(13	)		(14	)	(7) (8) (10)
Eagle Family Foods Group LLC	Food Products	8.79%	S + 5.00%	08/12/30	799		793			791		(7) (8)
Eagle Family Foods Group LLC	Food Products		S + 5.00%	08/12/30	101		(1	)		(1	)	(7) (8) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%	03/02/33	3,372		—			—		(7) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%	03/02/33	1,163		—			—		(7) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%	03/02/33	465		—			—		(7) (10)
Rubix Foods, LLC	Food Products	8.42%	S + 4.75%	04/30/31	23,034		22,831			22,573		(7) (8)
Rubix Foods, LLC	Food Products		S + 4.75%	04/30/31	1,792		(15	)		(36	)	(7) (8) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	8.45%	S + 4.75%	12/11/30	14,395		14,209			14,251		(7) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%	12/11/30	1,674		(20	)		(17	)	(7) (8) (10)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27	10,023		9,984			9,196		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.84%	S + 6.00%	12/06/27	5,498		5,487			5,085		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27	4,717		4,713			4,328		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27	4,322		4,315			3,965		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27	2,269		2,260			2,081		(7) (8) (13)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.26%	E + 5.25%	11/28/31	10,215		10,613			11,571		(7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		E + 5.25%	11/28/31	6,387		(56	)		(128	)	(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.26%	E + 5.25%	11/28/31	5,128		3,718			3,692		(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	8.92%	S + 5.25%	11/28/31	3,760		3,696			3,685		(7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27	19,623		19,472			19,476		(7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27	4,717		4,685			4,681		(7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 4.50%	06/21/27	4,094		(17	)		(31	)	(7) (8) (10)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27	1,487		1,482			1,476		(7) (8)
Zeus Company LLC	Health Care Equipment & Supplies	9.10%	S + 5.50%	02/28/31	24,495		24,218			22,658		(7) (8)
Zeus Company LLC	Health Care Equipment & Supplies	9.21%	S + 5.50%	02/28/30	3,426		423			200		(7) (8) (10)
Zeus Company LLC	Health Care Equipment & Supplies	9.20%	S + 5.50%	02/28/31	2,264		2,238			2,095		(7) (8)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity		Cost			Fair<br>Value			Footnotes
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.67%	S + 5.00%	06/30/32	2,236	$	278		$	276		(7) (8) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	8.17%	S + 4.50%	08/20/31	759		752			751		(7) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.50%	08/20/30	138		(1	)		(1	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.42%	S + 4.75%	12/02/31	14,274		14,153			14,132		(7) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery		S + 4.75%	12/02/31	3,721		(15	)		(37	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.42%	S + 4.75%	12/02/31	1,860		124			121		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.45%	S + 4.75%	12/26/31	19,662		19,493			19,417		(7) (8)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.42%	S + 4.75%	12/26/31	5,080		1,229			1,192		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.45%	S + 4.75%	12/26/31	2,546		600			589		(7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.20%	S + 4.50%	07/01/31	549		543			542		(7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.82%	S + 4.50%	07/01/30	148		69			69		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.20%	S + 4.50%	07/01/31	147		28			27		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.63%	E + 4.50%	07/01/31	136		145			156		(7) (8) (9)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%	09/03/30	12,929		12,725			12,799		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%	08/31/29	2,286		1,030			1,040		(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%	09/03/30	1,517		1,498			1,502		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.00%	09/03/30	973		(15	)		(10	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.00%	09/03/30	405		(6	)		(4	)	(7) (8) (10)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	8.95%	S + 5.25%	06/30/31	3,714		3,664			3,658		(7) (8) (9)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		S + 5.25%	06/30/31	811		(5	)		(12	)	(7) (8) (9) (10)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.45%	S + 8.75% (Incl. 6.25% PIK)	12/17/29	19,706		19,550			14,730		(7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.45%	S + 8.75% (Incl. 6.25% PIK)	06/18/29	1,232		1,223			921		(7) (8)
Atwell, LLC	Professional Services		S + 4.75%	04/25/33	339		—			—		(7) (10)
Atwell, LLC	Professional Services		S + 4.75%	04/25/33	101		—			—		(7) (10)
Atwell, LLC	Professional Services		S + 4.75%	04/25/33	54		—			—		(7) (10)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30	49,253		48,976			48,760		(7) (8)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30	13,585		(71	)		(136	)	(7) (8) (10)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30	8,443		8,396			8,359		(7) (8)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30	7,450		1,600			1,565		(7) (8) (10)
Engage2Excel, Inc.	Professional Services	10.99%	S + 7.25%	07/01/29	907		897			884		(7) (8)
Engage2Excel, Inc.	Professional Services	10.99%	S + 7.25%	07/01/29	75		52			51		(7) (8) (10)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28	47,432		47,087			44,586		(7) (8)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28	4,199		557			336		(7) (8) (10)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28	16,793		16,653			16,709		(7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28	16,520		16,386			16,437		(7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/28	2,992		1,270			1,281		(7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29	17,548		15,642			4,957		(7) (8) (11) (12)
Pluralsight, Inc.	Professional Services	8.17%	S + 4.50% (Incl. 1.50% PIK)	08/22/29	9,839		9,770			9,347		(7) (8) (11)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29	6,046		—			(302	)	(7) (8) (10) (11)
Pluralsight, Inc.	Professional Services	8.17%	S + 4.50% (Incl. 1.50% PIK)	08/22/29	4,920		4,920			4,674		(7) (8) (11)

All values are in Euros.

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

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity	Par(6)		Cost			Fair<br>Value			Footnotes
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29	$	2,418	$	—		$	(121	)	(7) (8) (10) (11)
Westwood Professional Services Inc.	Professional Services	8.20%	S + 4.50%	09/19/31		11,651		11,561			11,593		(7) (8)
Westwood Professional Services Inc.	Professional Services	8.20%	S + 4.50%	09/19/31		2,846		945			945		(7) (8) (10)
Westwood Professional Services Inc.	Professional Services		S + 4.50%	09/19/31		1,479		(12	)		(7	)	(7) (8) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.30%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		37,767		37,562			34,368		(7) (8) (9)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.33%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		12,224		12,173			11,123		(7) (8) (9)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.30%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		11,585		11,538			10,542		(7) (8) (9)
MRI Software LLC	Real Estate Mgmt. & Development	8.45%	S + 4.75%	02/10/28		33,828		33,800			33,532		(7)
MRI Software LLC	Real Estate Mgmt. & Development	8.46%	S + 4.75%	02/10/28		1,826		700			690		(7) (10)
MRI Software LLC	Real Estate Mgmt. & Development	8.45%	S + 4.75%	02/10/28		273		67			66		(7) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27		75,133		75,133			74,381		(7) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.16%	S + 6.50%	07/01/27		7,987		1,141			1,061		(7) (8) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27		6,122		6,071			6,061		(7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	9.54%	S + 6.00%	03/10/27		2,837		2,823			2,582		(7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.00%	03/10/27		1,220		(5	)		(110	)	(7) (8) (10)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32		2,306		2,281			2,272		(7) (8)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32		2,243		2,218			2,209		(7) (8)
Accommodations Plus Technologies LLC	Software		S + 5.25%	05/28/32		439		(4	)		(7	)	(7) (8) (10)
Acquia, Inc.	Software	8.80%	S + 5.00%	10/30/26		42,164		42,020			41,110		(7) (8)
Acquia, Inc.	Software	8.80%	S + 5.00%	10/30/26		10,554		10,517			10,290		(7) (8)
Acquia, Inc.	Software	8.80%	S + 5.00%	10/30/26		3,268		3,260			3,186		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.17%	S + 4.50%	08/29/31		7,167		7,108			7,024		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.17%	S + 4.50%	08/29/31		1,433		315			294		(7) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31		896		(7	)		(18	)	(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.94%	S + 7.00%	12/31/26		39,210		39,088			38,034		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26		13,403		13,392			13,225		(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26		12,500		12,500			12,344		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26		6,600		6,600			6,517		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.93%	S + 7.00%	12/31/26		4,570		3,644			3,519		(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26		2,339		2,339			2,310		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30		2,876		2,826			2,847		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30		189		187			187		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30		182		179			181		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	7.85%	S + 4.15%	07/28/31		10,567		10,481			10,408		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/28/31		2,586		(10	)		(39	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30		1,256		(9	)		(19	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30		591		(4	)		(9	)	(7) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31		600		595			586		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31		286		283			279		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31		148		147			145		(7) (8) (9)

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

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity			Cost			Fair<br>Value			Footnotes
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31		114	$	(1	)	$	(3	)	(7) (8) (9) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		57,447		—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		10,638		—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		6,915		—			—		(7) (10)
Convenient Payments Acquisition, Inc.	Software	9.67%	S + 6.00%	12/31/26		5,053		5,034			5,002		(7) (8)
Convenient Payments Acquisition, Inc.	Software	9.67%	S + 6.00%	12/31/26		658		655			651		(7) (8)
Convenient Payments Acquisition, Inc.	Software		S + 6.00%	12/31/26		393		(1	)		(4	)	(7) (8) (10)
Crewline Buyer, Inc. (dba New Relic)	Software	10.42%	S + 6.75%	11/08/30		3,631		3,564			3,576		(7) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30		363		(6	)		(5	)	(7) (8) (10)
Edition Holdings, Inc. (dba Enverus)	Software	8.17%	S + 4.50%	12/20/32		3,859		3,845			3,821		(7) (8)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32		806		(1	)		(8	)	(7) (8) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32		335		(1	)		(3	)	(7) (8) (10)
Gainsight, Inc.	Software	9.32%	S + 5.50%	07/30/27		29,079		28,954			28,788		(7) (8)
Gainsight, Inc.	Software		S + 5.50%	07/30/27		5,708		(22	)		(57	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.17%	S + 5.50% (Incl. 2.00% PIK)	01/17/31		11,948		11,862			11,888		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.67%	S + 5.00% (Incl. 2.00% PIK)	01/17/31		2,651		2,635			2,585		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31		1,645		(11	)		(12	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31		133		(2	)		(3	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software	8.17%	S + 4.50%	03/12/32		788		781			776		(7) (8)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32		113		—			(2	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32		79		(1	)		(1	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software	8.20%	S + 4.50%	09/27/32		26,324		26,139			25,732		(7) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/27/32		6,106		(22	)		(137	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31		3,164		(22	)		(71	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31		1,424		(10	)		(32	)	(7) (8) (10)
ML Holdco, LLC (dba MeridianLink)	Software	8.17%	S + 4.50%	10/25/32		12,786		12,725			12,658		(7) (8)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32		3,326		(8	)		(33	)	(7) (8) (10)
NC Topco, LLC (dba NContracts)	Software	8.17%	S + 4.50%	09/02/31		25,250		25,047			24,934		(7) (8)
NC Topco, LLC (dba NContracts)	Software	8.42%	S + 4.75%	09/02/31		7,221		7,158			7,131		(7) (8)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/02/31		2,889		(22	)		(36	)	(7) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.82%	N + 4.50%	05/03/29	NOK	53,835		5,036			5,504		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.18%	S + 4.50%	05/03/29		31,667		31,667			31,350		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29		21,786		21,723			21,568		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29		7,214		7,214			7,142		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29		5,100		5,085			5,049		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29		4,836		(13	)		(48	)	(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.23%	SN + 4.50%	05/03/29		2,456		3,121			3,219		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29		661		661			654		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29		529		319			314		(7) (8) (9) (10)

Percentages are based on net assets.
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt”.
For Industry subtotal and percentage, see Note 4 "Investments."
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor ("E"), SOFR, including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), BBSW (“B”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of March 31, 2026, 3 month E was 2.08%, 1 month S was 3.66%, 3 month S was 3.68%, 6 month S was 3.70%, 3 month SN was 3.73%, 3 month C was 2.29%, 3 month N was 4.34%, 1 month B was 4.06%, 3 month B was 4.31% and P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.
Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of March 31, 2026, the aggregate fair value of these securities is $50,174 or 3.7% of the Company's net assets. The initial acquisition dates have been included for such securities.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or “USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Norwegian Kroner (“NOK”), Canadian Dollars (“CAD”) or Australian Dollars (“AUD”).
Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). See Note 3 “Significant Agreements and Related Party Transactions”.
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, the aggregate fair value of these non-qualifying assets is $346,110 or 10.4% of the Company’s total assets.
Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies”.
As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.
The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
The Company is in discussions with the investment to extend the maturity date through an amendment.
In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.
The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $3,127 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of March 31, 2026, the interest rate in effect for the secured borrowing was 15.93% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 “Significant Accounting Policies".
Non-income producing security.
Share amount rounds to less than 1.
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.
The annualized seven-day yield as of March 31, 2026 is 3.56%.

PIK – Payment-In-Kind

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

Table of Contents

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty	Currency Purchased	Currency Sold	Settlement Date	Unrealized <br>Appreciation <br>(Depreciation)
Bank of America, N.A.	USD 2,911	GBP 2,161	04/15/26	$	51
Total Foreign Currency Forward Contracts				$	51

Interest Rate Swaps

Counterparty	Hedged Item	Company Receives	Company Pays	Frequency	Maturity Date	Notional Amount		Fair Market<br>Value			Upfront Payments / Receipts		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	2027 Notes	6.375%	S + 2.799%	Semiannual	03/11/27	$	400,000	$	(682	)	$	—	$	(682	)
BNP Paribas	2029 Notes	5.100%	S + 1.598%	Semiannual	12/28/28		400,000		(1,397	)		—		(1,397	)
Bank of America, N.A.	2030 Notes	5.650%	S + 2.360%	Semiannual	08/09/30		400,000		(5,920	)		—		(5,920	)
Total Interest Rate Swaps						$	1,200,000	$	(7,999	)	$	—	$	(7,999	)

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

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025

(in thousands, except share and per share amounts)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity			Cost			Fair<br>Value			Footnotes
Debt Investments - 226.3%
Canada - 7.3%
1st Lien/Senior Secured Debt - 7.3%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.60%	S + 4.75%	11/01/30		14,420	$	14,208		$	14,384		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.33%	C + 4.75%	11/01/30	CAD	7,831		5,563			5,691		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.31%	C + 4.75%	11/01/30	CAD	1,940		26			34		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.60%	S + 4.75%	11/01/30		1,731		1,705			1,727		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.59%	S + 4.75%	11/01/30	CAD	776		88			90		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		S + 4.75%	11/01/30	CAD	518		(8	)		(1	)	(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.22%	S + 6.00%	04/24/30		13,488		13,458			13,420		(7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.22%	S + 6.00%	04/24/30		1,294		819			812		(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	9.80%	S + 6.00%	02/01/27		730		495			491		(7) (8) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	01/14/33	CAD	25,305		—			—		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	01/14/33	CAD	4,866		—			—		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%	01/14/33	CAD	3,476		—			—		(7) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.51%	C + 5.25%	06/30/31	CAD	45,690		33,087			32,872		(7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%	06/30/31	CAD	9,957		(50	)		(91	)	(7) (8) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.51%	C + 5.25%	06/30/31	CAD	6,638		747			746		(7) (8) (9) (10)
Everest Clinical Research Corporation	Professional Services	8.32%	S + 4.50%	11/06/28		4,685		4,635			4,661		(7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	8.32%	S + 4.50%	11/06/28		7,146		7,089			7,110		(7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 4.50%	11/06/28		1,260		(8	)		(6	)	(7) (8) (9) (10)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.22%	S + 6.25%	05/25/27		21,167		21,047			21,061		(7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27		3,387		(16	)		(17	)	(7) (8) (9) (10)
iWave Information Systems, Inc.	Software	9.98%	S + 6.25%	11/23/28		865		852			856		(7) (8) (9)
iWave Information Systems, Inc.	Software	9.99%	S + 6.25%	11/23/28		438		42			39		(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt								103,779			103,879
Total Canada							$	103,779		$	103,879
India - 1.2%
1st Lien/Senior Secured Debt - 1.2%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.32%	S + 4.50%	08/02/32		17,615	$	17,573		$	17,571		(7) (8) (9)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32		6,249		(8	)		(15	)	(7) (8) (9) (10)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32		2,273		(5	)		(6	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt								17,560			17,550
Total India							$	17,560		$	17,550
United Kingdom - 3.5%
1st Lien/Senior Secured Debt - 3.5%
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.47%	SN + 7.50% (Incl. 0.50% PIK)	07/25/28		16,616	$	20,095		$	21,726		(7) (8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.47%	SN + 7.50% (Incl. 0.50% PIK)	07/25/28		9,809		12,416			12,825		(7) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software	8.59%	S + 4.75%	12/16/32		15,104		15,029			15,028		(7) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	12/16/32		2,619		(6	)		(7	)	(7) (9) (10)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity		Cost			Fair<br>Value			Footnotes
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services		S + 4.50%	07/30/32	2,270	$	(21	)	$	(23	)	(7) (8) (10)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28	1,038		162			165		(7) (8) (10)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28	962		955			955		(7) (8)
Celero Commerce LLC	Financial Services	8.70%	S + 5.00%	02/28/31	3,795		3,770			3,767		(7) (8)
Celero Commerce LLC	Financial Services	8.60%	S + 5.00%	02/28/31	904		103			99		(7) (8) (10)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31	301		(2	)		(2	)	(7) (8) (10)
Computer Services, Inc.	Financial Services	8.17%	S + 4.50%	11/17/31	42,068		42,062			42,062		(7)
Computer Services, Inc.	Financial Services		S + 4.50%	11/17/31	4,294		(11	)		(11	)	(7) (10)
Computer Services, Inc.	Financial Services		S + 4.50%	11/17/31	2,668		(7	)		(7	)	(7) (10)
Coretrust Purchasing Group LLC	Financial Services	8.72%	S + 5.00%	10/01/29	12,850		12,743			12,785		(7) (8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.00%	10/01/29	1,228		(9	)		(6	)	(7) (8) (10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.00%	10/01/29	113		(2	)		(1	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services	9.11%	S + 5.25%	08/08/31	26,716		26,463			26,449		(7) (8)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31	8,905		(42	)		(89	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31	2,968		(28	)		(30	)	(7) (8) (10)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.92%	S + 5.25%	05/25/28	27,501		27,356			26,676		(7)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.92%	S + 5.25%	05/25/28	2,382		873			811		(7) (10)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.92%	S + 5.25%	05/25/28	1,841		677			629		(7) (10)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)	06/01/28	20,339		20,162			18,508		(7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)	06/01/28	4,271		4,226			3,887		(7) (8)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.22%	S + 5.50%	09/26/30	16,800		16,639			16,632		(7) (8) (9)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%	09/26/30	936		(9	)		(9	)	(7) (8) (9) (10)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	8.97%	S + 5.25%	02/24/31	12,928		12,825			12,863		(7) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31	1,875		(14	)		(9	)	(7) (8) (10)
Eagle Family Foods Group LLC	Food Products	8.79%	S + 5.00%	08/12/30	809		802			801		(7) (8)
Eagle Family Foods Group LLC	Food Products		S + 5.00%	08/12/30	101		(1	)		(1	)	(7) (8) (10)
Rubix Foods, LLC	Food Products	8.47%	S + 4.75%	04/30/31	23,092		22,881			22,861		(7)
Rubix Foods, LLC	Food Products		S + 4.75%	04/30/31	1,792		(16	)		(18	)	(7) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	8.42%	S + 4.75%	12/11/30	10,100		9,970			9,999		(7) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%	12/11/30	1,674		(21	)		(17	)	(7) (8) (10)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27	10,049		10,002			9,647		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.85%	S + 6.00%	12/06/27	5,512		5,498			5,333		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27	4,729		4,723			4,540		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27	4,333		4,324			4,160		(7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27	2,269		2,258			2,178		(7) (8) (13)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.32%	E + 5.25%	11/28/31	10,215		10,606			11,764		(7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		E + 5.25%	11/28/31	6,387		(58	)		(128	)	(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.32%	E + 5.25%	11/28/31	5,128		3,750			3,692		(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.07%	S + 5.25%	11/28/31	3,760		3,694			3,685		(7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.17%	S + 4.50%	06/21/27	20,111		19,926			19,960		(7) (8)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity		Cost			Fair<br>Value			Footnotes
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery		S + 5.00%	06/30/32	2,684	$	(12	)	$	(27	)	(7) (10)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.72%	S + 5.00%	06/30/32	2,236		277			276		(7) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	8.34%	S + 4.50%	08/20/31	759		752			755		(7) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.50%	08/20/30	138		(1	)		(1	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.47%	S + 4.75%	12/02/31	14,310		14,184			14,167		(7) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery		S + 4.75%	12/02/31	3,721		(16	)		(37	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.47%	S + 4.75%	12/02/31	1,860		124			121		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.42%	S + 4.75%	12/26/31	19,712		19,537			19,515		(7) (8)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.57%	S + 4.75%	12/26/31	5,083		1,231			1,208		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.43%	S + 4.75%	12/26/31	2,546		803			800		(7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.17%	S + 4.50%	07/01/31	549		542			544		(7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.80%	S + 4.50%	07/01/30	148		43			43		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.17%	S + 4.50%	07/01/31	148		28			28		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.52%	E + 4.50%	07/01/31	137		145			159		(7) (8) (9)
Recorded Books Inc. (dba RBMedia)	Media	9.57%	S + 5.75%	09/03/30	9,066		8,873			8,976		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	08/31/28	1,792		(31	)		(18	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media	9.59%	S + 5.75%	09/03/30	1,064		1,046			1,053		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	09/03/30	835		(15	)		(8	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	09/03/30	348		(6	)		(3	)	(7) (8) (10)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	8.92%	S + 5.25%	06/30/31	3,724		3,671			3,668		(7) (8) (9)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		S + 5.25%	06/30/31	811		(6	)		(12	)	(7) (8) (9) (10)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	10.92%	S + 7.25% (Incl. 6.25% PIK)	12/17/29	19,229		19,064			14,999		(7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	10.92%	S + 7.25% (Incl. 6.25% PIK)	06/18/29	2,082		2,066			1,624		(7) (8)
Diligent Corporation	Professional Services	8.82%	S + 5.00%	08/02/30	58,189		57,846			57,753		(7) (8)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30	13,585		(75	)		(102	)	(7) (8) (10)
Diligent Corporation	Professional Services	8.82%	S + 5.00%	08/02/30	9,975		9,916			9,900		(7) (8)
Diligent Corporation	Professional Services	8.76%	S + 5.00%	08/02/30	7,450		1,710			1,695		(7) (8) (10)
Engage2Excel, Inc.	Professional Services	10.37%	S + 6.50%	07/01/29	910		899			887		(7) (8)
Engage2Excel, Inc.	Professional Services	10.91%	S + 6.50%	07/01/29	75		52			51		(7) (8) (10)
iCIMS, Inc.	Professional Services	9.61%	S + 5.75%	08/18/28	47,432		47,055			45,297		(7) (8)
iCIMS, Inc.	Professional Services	9.59%	S + 5.75%	08/18/28	4,199		1,352			1,197		(7) (8) (10)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.67%	S + 5.75%	11/30/27	16,837		16,704			16,753		(7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.69%	S + 5.75%	11/30/27	16,563		16,437			16,480		(7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/27	2,992		1,027			1,032		(7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29	16,892		15,642			13,006		(7) (8) (11) (12)
Pluralsight, Inc.	Professional Services	8.32%	S + 4.50% (Incl. 1.50% PIK)	08/22/29	9,813		9,739			9,715		(7) (8) (11)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29	6,046		—			(60	)	(7) (8) (10) (11)
Pluralsight, Inc.	Professional Services	8.32%	S + 4.50% (Incl. 1.50% PIK)	08/22/29	4,907		4,907			4,857		(7) (8) (11)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29	2,418		—			(24	)	(7) (8) (10) (11)
Westwood Professional Services Inc.	Professional Services	8.17%	S + 4.50%	09/19/31	9,735		9,652			9,638		(7) (8)

All values are in Euros.

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

Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity	Par(6)		Cost			Fair<br>Value			Footnotes
Westwood Professional Services Inc.	Professional Services	8.17%	S + 4.50%	09/19/31	$	2,848	$	947		$	933		(7) (8) (10)
Westwood Professional Services Inc.	Professional Services		S + 4.50%	09/19/31		1,479		(12	)		(15	)	(7) (8) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.59%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		37,432		37,197			34,812		(7) (8) (9)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.51%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		12,115		12,057			11,267		(7) (8) (9)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.59%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		11,482		11,428			10,678		(7) (8) (9)
MRI Software LLC	Real Estate Mgmt. & Development	8.42%	S + 4.75%	02/10/28		33,917		33,887			33,748		(7)
MRI Software LLC	Real Estate Mgmt. & Development	8.42%	S + 4.75%	02/10/28		1,826		215			210		(7) (10)
MRI Software LLC	Real Estate Mgmt. & Development	8.44%	S + 4.75%	02/10/28		273		53			53		(7) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27		75,324		75,324			74,571		(7) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		7,987		—			(80	)	(7) (8) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27		6,138		6,077			6,076		(7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	10.29%	S + 6.00%	03/10/27		2,837		2,820			2,589		(7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.00%	03/10/27		1,220		(7	)		(107	)	(7) (8) (10)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32		2,312		2,286			2,286		(7)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32		2,249		2,223			2,223		(7)
Accommodations Plus Technologies LLC	Software		S + 5.25%	05/28/32		439		(4	)		(4	)	(7) (10)
Acquia, Inc.	Software	9.59%	S + 5.50%	10/30/26		42,164		41,960			41,743		(7) (8)
Acquia, Inc.	Software	9.59%	S + 5.50%	10/30/26		10,554		10,501			10,448		(7) (8)
Acquia, Inc.	Software	9.61%	S + 5.50%	10/30/26		3,268		3,257			3,235		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.22%	S + 4.50%	08/29/31		7,167		7,106			7,095		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.32%	S + 4.50%	08/29/31		1,433		315			308		(7) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31		896		(7	)		(9	)	(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.99%	S + 7.00%	12/31/26		39,210		39,049			38,426		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26		13,403		13,392			13,258		(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26		12,500		12,500			12,375		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26		6,600		6,600			6,534		(7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.05%	S + 7.00%	12/31/26		4,570		3,640			3,565		(7) (8) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26		2,339		2,339			2,316		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30		2,883		2,831			2,868		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30		189		187			188		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30		183		179			182		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	7.82%	S + 4.15%	07/28/31		10,567		10,478			10,514		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/28/31		2,586		(10	)		(13	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30		1,256		(10	)		(6	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30		591		(5	)		(3	)	(7) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.17%	S + 4.50%	07/14/31		600		595			595		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.24%	S + 4.50%	07/14/31		286		283			284		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.24%	S + 4.50%	07/14/31		148		147			147		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31		114		(1	)		(1	)	(7) (8) (9) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		57,447		—			—		(7) (10)

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

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Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

Investment(1)(2)	Industry(3)	Interest<br>Rate(4)	Reference Rate <br>and Spread(4)	Maturity			Cost			Fair<br>Value			Footnotes
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		10,638	$	—		$	—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32		6,915		—			—		(7) (10)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		15,913		15,705			15,913		(7) (8)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		6,800		6,708			6,800		(7) (8)
Convenient Payments Acquisition, Inc.	Software	9.73%	S + 6.00%	12/31/26		5,066		5,041			5,028		(7) (8)
Convenient Payments Acquisition, Inc.	Software	9.73%	S + 6.00%	12/31/26		660		656			655		(7) (8)
Convenient Payments Acquisition, Inc.	Software		S + 6.00%	12/31/26		393		(2	)		(3	)	(7) (8) (10)
Crewline Buyer, Inc. (dba New Relic)	Software	10.59%	S + 6.75%	11/08/30		3,631		3,561			3,595		(7) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30		363		(6	)		(4	)	(7) (8) (10)
Edition Holdings, Inc. (dba Enverus)	Software	8.20%	S + 4.50%	12/20/32		3,295		3,283			3,283		(7)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32		893		(2	)		(2	)	(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32		477		(1	)		(1	)	(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32		335		(1	)		(1	)	(7) (10)
Gainsight, Inc.	Software	9.72%	S + 5.75%	07/30/27		29,079		28,932			28,788		(7) (8)
Gainsight, Inc.	Software		S + 5.75%	07/30/27		5,708		(26	)		(57	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.34%	S + 5.50% (Incl. 2.00% PIK)	01/17/31		11,915		11,826			11,915		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.84%	S + 5.00% (Incl. 2.00% PIK)	01/17/31		2,644		2,627			2,591		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31		1,645		(12	)		(4	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31		133		(2	)		(3	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software	8.22%	S + 4.50%	03/12/32		788		780			780		(7) (8)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32		113		(1	)		(1	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32		79		(1	)		(1	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software	8.17%	S + 4.50%	09/27/32		26,103		25,913			25,907		(7) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/27/32		6,328		(23	)		(47	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31		3,164		(23	)		(24	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31		1,424		(10	)		(11	)	(7) (8) (10)
ML Holdco, LLC (dba MeridianLink)	Software	8.37%	S + 4.50%	10/25/32		12,786		12,723			12,722		(7)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32		3,326		(8	)		(8	)	(7) (10)
NC Topco, LLC (dba NContracts)	Software	8.22%	S + 4.50%	09/01/31		25,312		25,102			25,186		(7)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31		7,221		(29	)		(36	)	(7) (10)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31		2,889		(23	)		(14	)	(7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.38%	N + 4.50%	05/03/29	NOK	53,835		5,035			5,314		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.27%	S + 4.50%	05/03/29		31,667		23,940			23,782		(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29		21,786		21,719			21,677		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29		7,214		7,214			7,178		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.28%	S + 4.50%	05/03/29		5,100		4,801			4,791		(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29		4,836		(14	)		(24	)	(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	SN + 4.50%	05/03/29		2,456		3,121			3,294		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29		661		661			657		(7) (8) (9)

Percentages are based on net assets.
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt”.
For Industry subtotal and percentage, see Note 4 "Investments."
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor ("E"), SOFR, including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), BBSW (“B”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2025, 3 month E was 2.03%, 1 month S was 3.69%, 3 month S was 3.65%, 6 month S was 3.57%, 3 month SN was 3.73%, 3 month C was 2.26%, 3 month N was 4.07%, 1 month B was 3.55%, 3 month B was 3.74% and P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.
Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $59,083 or 4.2% of the Company's net assets. The initial acquisition dates have been included for such securities.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or “USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Norwegian Kroner (“NOK”), Canadian Dollars (“CAD”) or Australian Dollars (“AUD”).
Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). See Note 3 “Significant Agreements and Related Party Transactions”.
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, the aggregate fair value of these non-qualifying assets is $336,250 or 9.9% of the Company’s total assets.
Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies”.
As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.
The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
The Company is in discussions with the investment to extend the maturity date through an amendment.
In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.
The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined in Note 2 “Significant Accounting Policies”), the Company recorded a corresponding $3,366 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the interest rate in effect for the secured borrowing was 16.15% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 “Significant Accounting Policies".
Non-income producing security.
Share amount rounds to less than 1.
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.
The annualized seven-day yield as of December 31, 2025 is 3.67%.

PIK – Payment-In-Kind

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

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ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty	Currency Purchased	Currency Sold	Settlement Date	Unrealized <br>Appreciation <br>(Depreciation)
Bank of America, N.A.	USD 2,661	GBP 2,161	01/15/26	$	(252	)
Total Foreign Currency Forward Contracts				$	(252	)

Interest Rate Swaps

Counterparty	Hedged Item	Company Receives	Company Pays	Frequency	Maturity Date	Notional Amount		Fair Market<br>Value			Upfront Payments / Receipts		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	2027 Notes	6.38%	S + 2.80%	Semiannual	03/11/27	$	400,000	$	607		$	—	$	607
Bank of America, N.A.	2030 Notes	5.65%	S + 2.36%	Semiannual	08/09/30		400,000		(3,570	)		—		(3,570	)
Total Interest Rate Swaps						$	800,000	$	(2,963	)	$	—	$	(2,963	)

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

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Goldman Sachs BDC, Inc.

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

(Unaudited)

1.ORGANIZATION

Goldman Sachs BDC, Inc. (the “Company,” which term refers to either Goldman Sachs BDC, Inc. or Goldman Sachs BDC, Inc., together with its consolidated subsidiaries, as the context may require) was initially established as Goldman Sachs Liberty Harbor Capital, LLC, a single member Delaware limited liability company (“SMLLC”), on September 26, 2012 and commenced operations on November 15, 2012 with The Goldman Sachs Group, Inc. (“GS Group Inc.”) as its sole member. On March 29, 2013, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act. Effective April 1, 2013, the Company converted from a SMLLC to a Delaware corporation. In addition, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2013. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries.

On March 23, 2015, the Company completed its initial public offering and the Company’s common stock began trading on the New York Stock Exchange under the symbol “GSBD.”

The Company has formed wholly-owned subsidiaries, which are structured as Delaware limited liability companies, to hold certain equity or equity-like investments in portfolio companies.

2.SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2025, included in the Company’s annual report on Form 10-K, which was filed with the SEC on February 26, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiaries, BDC Blocker I, LLC, GSBD Blocker II, LLC, GSBD Wine I, LLC, GSBD Blocker III, LLC, GSBD Blocker IV, LLC, GSBD Blocker V, LLC, MMLC Blocker I, LLC, MMLC Blocker II, LLC, MMLC Wine I, LLC, and MMLC Blocker III, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

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Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Prepayment premiums	$	156	$	142
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	791	$	1,715

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined in Note 3 “Significant Agreements and Related Party Transactions”) managed by the Investment Adviser.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded in Other income when earned. Administrative agent fees received by the Company are recorded in Other income when the services are rendered over time.

Acquisition Accounting

On October 12, 2020, the Company completed its merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of June 11, 2020. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations—Related Issues. The consideration paid to GS MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “Purchase Discount”). The Purchase Discount was allocated to the cost of GS MMLC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with GS MMLC, the investments were marked to their respective fair values and, as a result, the Purchase Discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on the Consolidated Statements of Operations. The Purchase Discount allocated to the loan investments acquired is amortized over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. Amortization income of the Purchase Discount for the three months ended March 31, 2026 and 2025 was $91 and $805. The Purchase Discount allocated to equity investments acquired is not amortized over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

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Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31, 2026, the Company had certain investments held in 11 portfolio companies on non-accrual status, which represented 4.7% and 3.2% of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status, which represented 2.8% and 1.9% of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the “Valuation Designee”) designated by the board of directors of the Company (the “Board of Directors” or the “Board”), pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;
The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

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The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the “VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;
The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;
The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and
Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at NAV per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at State Street Bank and Trust Company (the “Custodian”). As of March 31, 2026 and December 31, 2025, the Company held an aggregate cash balance of $41,851 and $43,211. Foreign currency of $2,340 and $4,896 (acquisition costs of $2,377 and $4,817) is included in cash as of March 31, 2026 and December 31, 2025.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

Derivatives

The Company recognizes its derivatives at fair value. The unrealized appreciation (depreciation) on derivatives is recorded on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) and net of cash collateral received and posted in the Consolidated Statements of Assets and Liabilities when a legal right of setoff exists under an enforceable netting agreement. Any over-collateralized amounts posted or received are included in the Consolidated Statements of Assets and Liabilities in Other assets or Accrued expenses and other liabilities. Notional amounts and fair market values of derivatives are presented separately on the Consolidated Schedules of Investments.

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From time to time, the Company enters into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting for foreign currency forward contracts and, as such, the Company records changes in fair value of its foreign currency forward contracts in the net change in unrealized appreciation (depreciation) from foreign currency forward contracts in the Consolidated Statements of Operations.

Additionally, the Company enters into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting. Gains and losses on these interest rate swaps are included in Interest and other debt expenses in the Consolidated Statements of Operations and changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are reported as an adjustment to the carrying value of the liabilities in the Consolidated Statements of Assets and Liabilities and also included in Interest and other debt expenses in the Consolidated Statements of Operations. See Notes 6 “Debt” and Note 7 “Derivatives” for further information about such fair value hedge accounting relationships.

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties in Other general and administrative expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2013. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders without reducing the Company’s required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required. For the three months ended March 31, 2026 and 2025, the Company accrued excise taxes of $982 and $1,307. As of March 31, 2026, $1,203 of accrued excise taxes remained payable.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

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Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company has a voluntary dividend reinvestment plan (the “DRIP”) that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors unless a stockholder elects to “opt out” of the plan. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional shares. Stockholders who receive distributions in the form of shares of common stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, stockholders receiving distributions in the form of stock will generally be treated as receiving distributions equal to the amount of cash that the stockholders would have received if they had elected to receive the distributions in cash (or the fair market value of the shares received through the plan, if the Company issues additional shares with a fair market value equal to or greater than net asset value); however, since the cash distributions of participants in the plan will be reinvested, those stockholders will not receive cash with which to pay any applicable taxes. Due to regulatory considerations, GS Group Inc. and GS & Co. have opted out of the DRIP.

Deferred Financing and Debt Issuance Costs

Deferred financing and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.

Secured Borrowings

The Company may enter into sales agreements to participate all or a portion of its investments to third parties. Under Topic 860, Transfers and Servicing (“ASC 860”), certain loan sales do not qualify for sale accounting because these sales do not meet the definition of a “participating interest” as defined in the guidance, in order for sale treatment to be allowed. Sales that do not meet the definition of a participating interest or are not eligible for sales accounting remain as an investment on the Consolidated Statements of Assets and Liabilities as required under GAAP and the proceeds are recorded as secured borrowing. Secured borrowings are carried at fair value and have been categorized as Level 3 within the fair value hierarchy.

Segment Reporting

In accordance with ASC 280 – Segment reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in net assets from operations in the Company’s Consolidated Statements of Operations to assess the Company’s performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s financial condition, results of operations or cash flows.

In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

3.SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an investment management agreement (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), accrued and payable quarterly in arrears. The Management Fee is calculated at an annual rate of 1.00% (0.25% per quarter) of the average of the values of the Company’s gross assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three months ended March 31, 2026 and 2025, Management Fees amounted to $8,263 and $8,681. As of March 31, 2026, $8,263 remained payable.

Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. The Incentive Fee is calculated as follows:

A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below. The Investment Adviser is entitled to receive the Incentive Fee based on income if Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” of 1.75%. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account changes in the market price of the Company’s common stock.

The Incentive Fee based on income is determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the “Trailing Twelve Quarters”). The Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year by reference to an “Annual Period,” which means the period beginning on January 1 of each calendar year and ending on December 31 of such calendar year or, in the case of the first and last year, the appropriate portion thereof.

The hurdle amount for the Incentive Fee based on income is determined on a quarterly basis and is equal to 1.75% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which includes all of the Company’s issuances of shares of its common stock, including issuances pursuant to its DRIP) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated.

i. Quarterly Incentive Fee Based on Income

For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) aggregate net investment income (“Ordinary Income”) in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” Ordinary Income is net of all fees and expenses, including the Management Fee but excluding any Incentive Fee.

The Incentive Fee based on income for each quarter is determined as follows:

No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

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100% of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, referred to as the “Catch-up Amount,” determined as the sum of 2.1875% for the periods through December 31, 2024 and 2.12% for the periods after December 31, 2024, multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and
20% of the Ordinary Income for the periods through December 31, 2024 and 17.5% of Ordinary Income for the periods after December 31, 2024 that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.

The amount of the Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter equals the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but not in excess of the Incentive Fee Cap (as described below).

The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) the sum of 20% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters through December 31, 2024 and 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters after December 31, 2024, minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Cumulative Net Return” means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company pays no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company pays an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company pays an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

For the three months ended March 31, 2026 and 2025, Incentive Fees based on income amounted to $12,438 and $6,804. As of March 31, 2026, $12,438 remained payable.

ii. Annual Incentive Fee Based on Capital Gains

The portion of the Incentive Fee based on capital gains is calculated on an annual basis. For each Annual Period, the Company pays the Investment Adviser an amount equal to (A) 20% for the periods through December 31, 2024 and 17.5% for the periods after December 31, 2024 of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from April 1, 2013 until the end of such Annual Period minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from April 1, 2013. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A) above.

The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative net realized capital gains and losses and aggregate cumulative net unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 20% for the periods through December 31, 2024 and 17.5% for the periods after December 31, 2024 of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

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For the three months ended March 31, 2026 and 2025, the Company did not accrue or pay any Incentive Fees based on capital gains.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s Custodian. Administration and Custodian fees are included in the Consolidated Statements of Operations in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $505 and $525. As of March 31, 2026, $849 remained payable.

Transfer Agent Fees

The Company has entered into a transfer agency and services agreement pursuant to which Computershare Trust Company, N.A. serves as the Company’s transfer agent (the “Transfer Agent”), dividend agent and registrar. Transfer Agent fees are included in the Consolidated Statements of Operations in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Transfer Agent of $6 and $7. As of March 31, 2026, $5 remained payable.

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Affiliates

GS Group Inc., together with certain of its subsidiaries, owned 5.8% of the outstanding shares of the Company’s common stock as of March 31, 2026 and December 31, 2025. The table below presents the Company’s affiliated investments (including investments in money market funds, if any):

	Beginning Fair Value Balance		Gross<br>Additions(1)		Gross<br>Reductions(2)			Net Realized<br>Gain(Loss)		Net Change in<br>Unrealized<br>Appreciation (Depreciation)			Ending Fair Value Balance		Dividend,<br>Interest, PIK<br>and Other<br>Income
For the Three Months Ended March 31, 2026
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	35,724	$	143,427	$	(176,675	)	$	—	$	—		$	2,476	$	125
RPC ABC Investment Holdings LLC (dba ABC Plumbing)		11,574		—		(12,633	)		—		1,059			—		—
Elah Holdings, Inc.		5,396		—		—			—		—			5,396		—
Iracore International Holdings, Inc.		2,728		—		—			—		(331	)		2,397		—
MedeAnalytics Group Holdings, LLC		158		—		(142	)		—		(16	)		—		—
SEM Holdings, LLC (dba Southeast Mechanical, LLC)		23,184		42		(46	)		—		(543	)		22,637		596
Thrasio Holdings, Inc.		18,908		—		(811	)		—		1,918			20,015		166
SDB HOLDCO, LLC (dba Specialty Dental Brands)		602		3		(1	)		—		(132	)		472		5
Pluralsight, Inc.		27,494		80		(36	)		—		(8,983	)		18,555		320
Total Non-Controlled Affiliates	$	125,768	$	143,552	$	(190,344	)	$	—	$	(7,028	)	$	71,948	$	1,212
For the Year Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	25,238	$	1,280,435	$	(1,269,949	)	$	—		$	—		$	35,724	$	785
RPC ABC Investment Holdings LLC (dba ABC Plumbing)		11,551		1,595		(543	)		—			(1,029	)		11,574		1,135
Animal Supply Holdings, LLC		—		—		—			(22,902	)		22,902			—		—
Conergy Asia & ME Pte. LTD		—		—		—			(6,355	)		6,355			—		—
Elah Holdings, Inc.		5,396		—		—			—			—			5,396		—
Iracore International Holdings, Inc.		7,015		—		(1,502	)		—			(2,785	)		2,728		177
Kawa Solar Holdings Limited		741		—		(614	)		(4,567	)		4,440			—		—
MedeAnalytics Group Holdings, LLC		156		—		—			—			2			158		—
SEM Holdings, LLC (dba Southeast Mechanical, LLC)		21,130		4,262		(1,892	)		—			(316	)		23,184		2,458
Thrasio Holdings, Inc.		17,738		901		—			—			269			18,908		770
SDB HOLDCO, LLC (dba Specialty Dental Brands)		814		51		(1	)		—			(262	)		602		63
Pluralsight, Inc.		42,214		1,812		(73	)		—			(16,459	)		27,494		2,932
Total Non-Controlled Affiliates	$	131,993	$	1,289,056	$	(1,274,574	)	$	(33,824	)	$	13,117		$	125,768	$	8,320

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses on behalf of the Company in the ordinary course of business. As of March 31, 2026 and December 31, 2025, there were $2,204 and $2,213 included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-investment Activity

In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”, which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the “Relief”) to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the “Prior Relief”). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the

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Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company’s participation in the co-investment program. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

4.INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

	March 31, 2026				December 31, 2025
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	3,096,064	$	3,002,029	$	3,088,308	$	3,028,788
1st Lien/Last-Out Unitranche		137,070		130,886		138,148		135,156
2nd Lien/Senior Secured Debt		51,353		52,766		50,613		47,914
Unsecured Debt		30,022		8,521		29,603		8,476
Preferred Stock		33,209		20,124		33,101		26,426
Common Stock		53,544		14,153		53,544		14,714
Warrants		1,849		461		1,849		247
Total	$	3,403,111	$	3,228,940	$	3,395,166	$	3,261,721

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The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

	March 31, 2026							December 31, 2025
Industry	Fair Value				Net Assets			Fair Value				Net Assets
Software		17.4	%			40.8	%		17.6	%			40.2	%
Health Care Providers & Services		8.8				20.7			8.8				20.2
Health Care Technology		8.4				19.9			8.4				19.3
Financial Services		7.6				17.9			7.7				17.6
Commercial Services & Supplies		7.4				17.5			7.4				16.9
Professional Services		6.3				14.8			6.8				15.6
Diversified Consumer Services		6.2				14.6			6.1				14.0
Real Estate Mgmt. & Development		5.3				12.5			5.3				12.0
IT Services		4.5				10.6			4.4				10.2
Trading Companies & Distributors		3.7				8.7			3.2				7.3
Wireless Telecommunication Services		3.1				7.3			3.1				7.2
Health Care Equipment & Supplies		2.9				6.9			2.9				6.7
Independent Power and Renewable Electricity Producers		1.8				4.2			1.6				3.7
Entertainment		1.7				4.0			1.9				4.3
Containers & Packaging		1.7				4.0			1.7				3.8
Machinery		1.6				3.8			1.6				3.7
Food Products		1.2				2.7			1.0				2.4
Oil, Gas & Consumable Fuels		1.1				2.7			1.1				2.6
Construction & Engineering		1.0				2.4			1.0				2.3
Specialty Retail		0.8				1.9			0.8				1.7
Building Products		0.8				1.8			0.5				1.0
Textiles, Apparel & Luxury Goods		0.7				1.8			0.7				1.7
Interactive Media & Services		0.7				1.6			0.8				1.9
Chemicals		0.7				1.6			1.0				2.3
Aerospace & Defense		0.7				1.6			0.7				1.5
Broadline Retail		0.6				1.5			0.6				1.3
Beverages		0.6				1.3			0.6				1.5
Hotels, Restaurants & Leisure		0.5				1.2			0.5				1.2
Pharmaceuticals		0.5				1.1			0.5				1.2
Media		0.5				1.1			0.3				0.7
Air Freight & Logistics		0.4				0.9			0.4				0.9
Automobile Components		0.2				0.5			0.3				0.6
Energy Equipment & Services		0.2				0.4			0.2				0.4
Capital Markets		0.2				0.4			0.2				0.4
Leisure Products		0.1				0.3			0.1				0.3
Consumer Staples Distribution & Retail		0.1				0.3			0.1				0.3
Insurance		—		(1)		0.1			—		(1)		0.1
Electrical Equipment		—		(1)		0.1			—		(1)		—		(1)
Communications Equipment		—		(1)		0.1			0.1				0.1
Household Products		—		(1)		0.1			—		(1)		0.1
Total		100.0	%			235.7	%		100.0	%			229.2	%

Amount rounds to less than 0.1%.

The geographic composition of the Company’s investments at fair value was as follows:

Geographic
United States	94.6	%	94.8	%
Canada	3.3		3.2
United Kingdom	1.5		1.5
India	0.6		0.5
Total	100.0	%	100.0	%

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5.FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

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Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.<br><br><br><br>Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter (“OTC”) derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
Level 3 Instruments	Valuation Techniques and Significant Inputs
---	---
Bank Loans, Corporate Debt, and Other Debt<br><br>Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables.<br><br>Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of March 31, 2026 and December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

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Level 3 Instruments	Fair Value(1)(2)		Valuation Techniques(3)	Significant Unobservable<br>Inputs	Range of Significant<br>Unobservable Inputs(4)	Weighted<br>Average(5)
As of March 31, 2026
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	2,759,923	Discounted cash flows	Discount Rate	7.5% - 20.3%	10.1%
	$	14,999	Collateral analysis	Recovery Rate	—	85.0%
	$	124,277	Comparable multiples	EV/EBITDA(6)	6.0x - 10.0x	7.3x
	$	5,089	Comparable multiples	EV/Revenue	0.3x - 0.9x	0.9x
1st Lien/Last-Out Unitranche	$	121,802	Discounted cash flows	Discount Rate	8.0% - 11.1%	9.1%
	$	9,084	Comparable multiples	EV/EBITDA(6)	—	9.2x
2nd Lien/Senior Secured Debt	$	19,601	Discounted cash flows	Discount Rate	2.6% - 9.8%	8.6%
	$	17,878	Comparable multiples	EV/EBITDA(6)	3.5x - 9.0x	6.7x
	$	15,287	Comparable multiples	EV/Revenue	—	0.4x
Unsecured Debt	$	8,521	Discounted cash flows	Discount Rate	16.3% - 18.0%	16.6%
Equity
Preferred Stock	$	4,341	Discounted cash flows	Discount Rate	—	38.6%
	$	241	Comparable multiples	EV/EBITDA(6)	12.3x - 13.3x	12.7x
	$	15,542	Comparable multiples	EV/Revenue	—	3.0x
Common Stock	$	5,396	Discounted cash flows	Discount Rate	—	27.6%
	$	7,938	Comparable multiples	EV/EBITDA(6)	2.1x - 13.3x	8.5x
	$	789	Comparable multiples	EV/Revenue	—	6.8x
Warrants	$	461	Comparable multiples	EV/Revenue	—	3.0x
As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	2,637,872	Discounted cash flows	Discount Rate	7.9% - 21.4%	10.5%
	$	13,278	Collateral analysis	Recovery Rate	—	75.3%
	$	66,612	Comparable multiples	EV/EBITDA(6)	4.8x - 10.0x	7.2x
	$	158	Comparable multiples	EV/Revenue	—	0.3x
1st Lien/Last-Out Unitranche	$	70,050	Discounted cash flows	Discount Rate	8.1% - 11.3%	9.9%
	$	11,833	Comparable multiples	EV/EBITDA(6)	—	8.7x
2nd Lien/Senior Secured Debt	$	20,970	Discounted cash flows	Discount Rate	19.3% - 23.6%	22.2%
	$	26,944	Comparable multiples	EV/EBITDA(6)	3.7x - 9.0x	6.9x
Unsecured Debt	$	8,476	Discounted cash flows	Discount Rate	14.7% - 26.7%	16.5%
Equity
Preferred Stock	$	8,682	Discounted cash flows	Discount Rate	—	20.6%
	$	127	Comparable multiples	EV/EBITDA(6)	—	13.0x
	$	17,617	Comparable multiples	EV/Revenue	—	3.9x
Common Stock	$	5,396	Discounted cash flows	Discount Rate	—	28.5%
	$	8,468	Comparable multiples	EV/EBITDA(6)	3.5x - 13.0x	7.5x
	$	798	Comparable multiples	EV/Revenue	—	7.3x
Warrants	$	247	Comparable multiples	EV/Revenue	—	3.9x

As of March 31, 2026, included within the fair value of Level 3 assets of $3,148,414 is an amount of $17,245 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,909,847 or 93.5% of Level 3 bank loans, corporate debt, and other debt obligations.
As of December 31, 2025, included within the fair value of Level 3 assets of $3,207,527 is an amount of $309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,737,368 or 86.5% of Level 3 bank loans, corporate debt, and other debt obligations.
The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

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As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2026 and December 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.

The following is a summary of the Company’s assets and liabilities categorized within the fair value hierarchy:

	March 31, 2026										December 31, 2025
Assets	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	80,496		$	2,921,533	$	3,002,029		$	—	$	54,142		$	2,974,646	$	3,028,788
1st Lien/Last-Out Unitranche		—		—			130,886		130,886			—		—			135,156		135,156
2nd Lien/Senior Secured Debt		—		—			52,766		52,766			—		—			47,914		47,914
Unsecured Debt		—		—			8,521		8,521			—		—			8,476		8,476
Preferred Stock		—		—			20,124		20,124			—		—			26,426		26,426
Common Stock		30		—			14,123		14,153			52		—			14,662		14,714
Warrants		—		—			461		461			—		—			247		247
Affiliated Money Market Fund		2,476		—			—		2,476			35,724		—			—		35,724
Unrealized appreciation on interest rate swaps		—		—			—		—			—		607			—		607
Unrealized appreciation on foreign currency forward contracts		—		51			—		51			—		—			—		—
Total Assets	$	2,506	$	80,547		$	3,148,414	$	3,231,467		$	35,776	$	54,749		$	3,207,527	$	3,298,052
Liabilities
Unrealized depreciation on interest rate swaps	$	—	$	(7,999	)	$	—	$	(7,999	)	$	—	$	(3,570	)	$	—	$	(3,570	)
Unrealized depreciation on foreign currency forward contracts		—		—			—		—			—		(252	)		—		(252	)
Total Liabilities	$	—	$	(7,999	)	$	—	$	(7,999	)	$	—	$	(3,822	)	$	—	$	(3,822	)

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The following table presents a summary of changes in fair value of Level 3 assets by investment type:

	Beginning Balance		Purchases<br>(1)		Net<br>Realized<br>Gain<br>(Loss)			Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)			Sales and<br>Settlements(2)			Net<br>Amortization<br>of<br>Premium/<br>Discount			Transfers<br>In(3)		Transfers<br>Out(3)			Ending<br>Balance		Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>for assets<br>still held
For the Three Months Ended March 31, 2026
1st Lien/Senior Secured Debt	$	2,974,646	$	97,941	$	(46	)	$	(32,259	)	$	(93,352	)	$	2,719		$	—	$	(28,116	)	$	2,921,533	$	(31,868	)
1st Lien/Last-Out Unitranche		135,156		3,474		—			(3,192	)		(4,646	)		94			—		—			130,886		(3,174	)
2nd Lien/Senior Secured Debt		47,914		678		—			4,111			—			63			—		—			52,766		4,111
Unsecured Debt		8,476		111		—			(374	)		—			308			—		—			8,521		(374	)
Preferred Stock		26,426		108		—			(6,410	)		—			—			—		—			20,124		(6,410	)
Common Stock		14,662		—		—			(539	)		—			—			—		—			14,123		(539	)
Warrants		247		—		—			214			—			—			—		—			461		214
Total Assets	$	3,207,527	$	102,312	$	(46	)	$	(38,449	)	$	(97,998	)	$	3,184		$	—	$	(28,116	)	$	3,148,414	$	(38,040	)
For the Three Months Ended March 31, 2025
1st Lien/Senior Secured Debt	$	3,136,683	$	168,013	$	(20,682	)	$	7,078		$	(266,172	)	$	4,823		$	—	$	—		$	3,029,743	$	(11,362	)
1st Lien/Last-Out Unitranche		165,905		16,670		—			478			(103	)		225			—		—			183,175		479
2nd Lien/Senior Secured Debt		46,786		1,223		(9,031	)		7,661			—			(39	)		—		—			46,600		(1,370	)
Unsecured Debt		16,790		—		—			252			—			2			—		—			17,044		252
Preferred Stock		31,246		—		—			725			—			—			—		—			31,971		725
Common Stock		34,166		6,393		(14,759	)		11,053			—			—			—		—			36,853		(3,706	)
Warrants		421		—		—			40			—			—			—		—			461		40
Total Assets	$	3,431,997	$	192,299	$	(44,472	)	$	27,287		$	(266,275	)	$	5,011		$	—	$	—		$	3,345,847	$	(14,942	)

Purchases may include PIK, securities received in corporate actions and restructurings.
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.
Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

		As of
	Level	March 31, 2026		December 31, 2025
Revolving Credit Facility	3	$	720,499	$	585,750
2026 Notes	2	$	—	$	499,700
2027 Notes	2	$	402,080	$	409,080
2029 Notes	2	$	389,200	$	—
2030 Notes	2	$	385,520	$	402,240

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6.DEBT

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2026 and December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 171% and 175%.

The Company’s outstanding debt was as follows:

	As of
	March 31, 2026						December 31, 2025
	Aggregate<br>Borrowing<br>Amount<br>Committed		Amount<br>Available		Carrying<br>Value(1)		Aggregate<br>Borrowing<br>Amount<br>Committed		Amount<br>Available		Carrying<br>Value(1)
Revolving Credit Facility(2)	$	1,695,000	$	974,273	$	720,499	$	1,695,000	$	1,109,997	$	585,750
2026 Notes		—		—		—		500,000		—		499,921
2027 Notes		400,000		—		396,689		400,000		—		397,333
2029 Notes		400,000		—		391,468		—		—		—
2030 Notes		400,000		—		389,502		400,000		—		391,616
Total Debt	$	2,895,000	$	974,273	$	1,898,158	$	2,995,000	$	1,109,997	$	1,874,620

The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.
Provides, under certain circumstances, a total borrowing capacity of $2,542,500. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026, the Company had outstanding borrowings denominated in USD of $623,674, in EUR of EUR 13,700, in GBP of GBP 17,450, in CAD of CAD 57,020 and in AUD of AUD 24,500. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $489,674, in EUR of EUR 13,700, in GBP of GBP 18,950, in CAD of CAD 52,270 and in AUD of AUD 24,500.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2026 was 5.75% and for the year ended December 31, 2025 was 5.36%. The combined average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 was $1,897,534 and for the year ended December 31, 2025 was $1,860,251.

Revolving Credit Facility

On September 19, 2013, the Company entered into a senior secured revolving credit agreement (as amended, the “Revolving Credit Facility”) with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent under the Revolving Credit Facility. The Company has amended and restated the Revolving Credit Facility on numerous occasions between October 3, 2014 and January 14, 2026. See Note 12 “Subsequent Events.”

The aggregate committed borrowing amount under the Revolving Credit Facility is $1,695,000. The Revolving Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the borrowing capacity of the Revolving Credit Facility to up to $2,542,500.

Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company’s election) of either (i) Term SOFR plus a margin of either (x) 2.00%, (y) 1.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 1.75% (subject to certain gross borrowing base conditions), in each case, plus an additional 0.10% credit adjustment spread or (ii) an alternative base rate, which is the highest of (a) zero, (b) the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (iii) the rate per annum equal to (x) the greater of (A) Term SOFR for an interest period of one (1) month and (B) zero plus (y) 1.00%, plus a margin of either (x) 1.00%, (y) 0.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or the applicable risk-free rate (the “RFR rate”) plus a margin of either 2.00%, 1.875% or 1.75% (subject to the conditions applicable to borrowings denominated in USD that bear interest based on the applicable term benchmark rate or the applicable RFR rate), plus, (i) in the case of borrowings denominated in GBP only, an additional 0.1193% credit adjustment spread, (ii) in the case of borrowings denominated in CHF only, an additional 0.0031% and (iii) in the case of borrowings denominated in CAD only, an additional 0.29547% (one-month interest period) or an additional 0.32138% (three-month interest period) credit adjustment spread. Borrowings from certain lenders, which hold approximately 84% of total lending commitments (the "Extending Lenders"), bear interest at the applicable rates described above less 0.10%. With respect to borrowings denominated in USD, the Company may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. Interest is payable in arrears on the applicable interest payment date as specified therein. The Company pays a fee of 0.375% per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in arrears. Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and unpaid interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility, will mature, and all accrued and unpaid interest will be due and payable, with respect to certain remaining lenders, on May 5, 2027, and with respect to other remaining lenders, on October 18, 2028.

The Revolving Credit Facility may be guaranteed by certain of the Company’s domestic subsidiaries, including any that are formed or acquired by the Company in the future. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments.

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The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum stockholder’s equity, (ii) maintaining a minimum asset coverage ratio of at least 150%, (iii) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of the Company and its subsidiary guarantors to the secured debt of the Company and its subsidiary guarantors, and (iv) complying with restrictions on industry concentrations in the Company’s investment portfolio. As of March 31, 2026, the Company was in compliance with these covenants.

Costs of $38,116 were incurred in connection with obtaining and amending the Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Revolving Credit Facility using the straight-line method. As of March 31, 2026 and December 31, 2025, the unamortized deferred financing costs were $12,444 and $13,245.

The following table presents summary information regarding the Revolving Credit Facility:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	10,119		$	14,009
Facility fees		895			753
Amortization of financing costs		807			806
Total	$	11,821		$	15,568
Weighted average interest rate		5.55	%		6.37	%
Average outstanding balance	$	739,757		$	891,971

2025 Notes

On February 10, 2020, the Company closed an offering of $360,000 aggregate principal amount of its 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo Bank, National Association (“Wells Fargo”)). The 2025 Notes bore interest at a rate of 3.750% per year, payable semi-annually in arrears on February 10 and August 10 of each year. The 2025 Notes matured and were fully repaid on February 10, 2025, in accordance with their terms, using proceeds from the Revolving Credit Facility.

As of March 31, 2026 and December 31, 2025, the carrying value of the 2025 Notes were $0.

The following table presents the components of interest and other debt expenses related to the 2025 Notes:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Borrowing interest expense	$	—	$	1,463
Amortization of debt issuance costs		—		155
Total	$	—	$	1,618

2026 Notes

On November 24, 2020, the Company closed an offering of $500,000 aggregate principal amount of its 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2026 Notes bore interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. The 2026 Notes matured and were fully repaid on January 15, 2026, in accordance with their terms, using proceeds from the Revolving Credit Facility.

The following table presents the components of the carrying value of the 2026 Notes:

	March 31, 2026		December 31, 2025
Principal amount of debt	$	—	$	500,000
Unamortized debt issuance costs		—		(79	)
Carrying Value	$	—	$	499,921

The following table presents the components of interest and other debt expenses related to the 2026 Notes:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Borrowing interest expense	$	559	$	3,594
Amortization of debt issuance costs		79		472
Total	$	638	$	4,066

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2027 Notes

On March 11, 2024, the Company closed an offering of $400,000 aggregate principal amount of its 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2027 Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on March 11 and September 11 of each year. The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2027 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2027 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 2027 Notes:

	March 31, 2026			December 31, 2025
Principal amount of debt	$	400,000		$	400,000
Unamortized debt issuance costs		(2,601	)		(3,279	)
Cumulative hedging adjustments		(710	)		612
Carrying Value	$	396,689		$	397,333

The following table presents the components of interest and other debt expenses related to the 2027 Notes:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	6,511		$	6,375
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap		1,289			—
Hedged item		(1,322	)		—
Amortization of debt issuance costs		678			678
Total	$	7,156		$	7,053

2029 Notes

On January 28, 2026, the Company closed an offering of $400,000 aggregate principal amount of its 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100% per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2029 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2029 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 2029 Notes:

	March 31, 2026			December 31, 2025
Principal amount of debt	$	400,000		$	—
Unamortized debt issuance costs		(7,113	)		—
Cumulative hedging adjustments		(1,419	)		—
Carrying Value	$	391,468		$	—

The following table presents the components of interest and other debt expenses related to the 2029 Notes:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	3,688		$	—
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap		1,397			—
Hedged item		(1,419	)		—
Amortization of debt issuance costs		433			—
Total	$	4,099		$	—

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2030 Notes

On September 9, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650% per year, payable semi-annually in arrears on March 9 and September 9 of each year. The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2030 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 2030 Notes:

	March 31, 2026			December 31, 2025
Principal amount of debt	$	400,000		$	400,000
Unamortized debt issuance costs		(4,558	)		(4,811	)
Cumulative hedging adjustments		(5,940	)		(3,573	)
Carrying Value	$	389,502		$	391,616

The following table presents the components of interest and other debt expenses related to the 2030 Notes:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	6,091		$	—
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap		2,350			—
Hedged item		(2,367	)		—
Amortization of debt issuance costs		253			—
Total	$	6,327		$	—

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7.DERIVATIVES

From time to time, the Company enters into foreign currency forward contracts to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The Company enters into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs bilateral uncleared OTC derivatives, including foreign currency forward contracts, as well as interest rate swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.

The table below presents the average notional amounts, as an indicator for volume, for each derivative type:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Foreign Currency Forward Contracts	$	2,849	$	2,661
Interest Rate Swaps	$	1,100,000	$	—

The table below presents the gross fair value of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the Consolidated Statements of Assets and Liabilities.

March 31, 2026
	Derivative Assets						Derivative Liabilities
Counterparty	Foreign currency forward contracts		Interest rate swaps		Total		Foreign currency forward contracts		Interest rate swaps			Total			Net Derivative Asset (Liabilities)			Cash collateral netting(1)		Net Amount(2)
Bank of America, N.A.	$	51	$	—	$	51	$	—	$	(6,602	)	$	(6,602	)	$	(6,551	)	$	6,551	$	—
BNP Paribas	$	—	$	—	$	—	$	—	$	(1,397	)	$	(1,397	)	$	(1,397	)	$	1,397	$	—
December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Derivative Assets						Derivative Liabilities
Counterparty	Foreign currency forward contracts		Interest rate swaps		Total		Foreign currency forward contracts			Interest rate swaps			Total			Net Derivative Asset (Liabilities)			Cash collateral netting(1)		Net Amount(2)
Bank of America, N.A.	$	—	$	607	$	607	$	(252	)	$	(3,570	)	$	(3,822	)	$	(3,215	)	$	3,215	$	—

Amount excludes excess cash collateral received or paid, if any.
Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts.

As the Company does not utilize hedge accounting for foreign currency forward contracts, the effect of transactions in foreign currency forward contracts on the Consolidated Statements of Operations was as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Net realized gain (loss) on foreign currency forward contracts	$	(253	)	$	—
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		303			(89	)
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	50		$	(89	)

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Hedging

The Company designated its interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting.

For the interest rate swaps designated in qualifying fair value hedging relationships, the gains and losses on these interest rate swaps and the changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are included in Interest and other debt expenses in the Consolidated Statements of Operations.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Interest rate swaps	$	(5,036	)	$	—
Hedged liabilities		5,108			—

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

	March 31, 2026					December 31, 2025
	Carrying Value		Cumulative hedging adjustments			Carrying Value		Cumulative hedging adjustments
Hedged liabilities	$	1,177,659	$	(8,069	)	$	788,949	$	(2,961	)

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8.COMMITMENTS AND CONTINGENCIES

Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances, for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies.

The Company may itself commit, or commit alongside one or more other Accounts, to issue standby letters of credit in connection with an investment or it may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of the Company or the Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer or its designee as defined in the relevant credit agreement. As of March 31, 2026 and December 31, 2025, the Company has committed to fund letters of credit of $5,478 on behalf of the Accounts. As of March 31, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

	Unfunded Commitment Balances(1)
	March 31, 2026		December 31, 2025
1st Lien/Senior Secured Debt
AAG KP Borrower LLC (dba KUIU)	$	1,889	$	3,358
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)		1,220		1,220
ABC Investment Holdco Inc. (dba ABC Plumbing)		2,500		2,063
Accommodations Plus Technologies LLC		439		439
Admiral Buyer, Inc. (dba Fidelity Payment Services)		3,913		3,914
AGS Health BCP Holdings, Inc. (dba AGS Health)		15,340		15,340
AGS Health BCP LLC (dba AGS Health)		8,522		8,522
AI Titan Parent, Inc. (dba Prometheus)		2,007		2,007
Airwavz Solutions, Inc.		2,206		2,549
AQ Helios Buyer, Inc. (dba SurePoint)		925		925
AQ Sunshine, Inc. (dba Relation Insurance)		4,738		155
Ark Data Centers, LLC		4,100		4,650
Artifact Bidco, Inc. (dba Avetta)		4,433		4,433
Aryeh Bidco Investment Ltd. (dba Dentalcorp)		1,119		24,285
Atwell, LLC		488		—
Auctane, Inc.		4,925		—
Aurora Acquireco, Inc. (dba AuditBoard)		114		114
Bayside Opco, LLC (dba Pro-PT)		341		415
BCTO Bluebill Buyer, Inc. (dba Ren)		2,270		2,270
Blast Bidco Inc. (dba Bazooka Candy Brands)		522		522
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)		1,582		1,582
BSI3 Menu Buyer, Inc (dba Kydia)		1,038		865
Buckeye Acquiror LLC (dba Superior Environmental Solutions)		1,909		2,532
Burgess Pigment Co.		4,950		—
Celero Commerce LLC		952		1,099
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)		3,140		3,140
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)		5,247		5,471
Circustrix Holdings, LLC (dba SkyZone)		108		161
Clearwater Analytics, LLC		74,652		74,652
Coding Solutions Acquisition, Inc. (dba CorroHealth)		320		320
Computer Services, Inc.		6,962		6,961
Convenient Payments Acquisition, Inc.		393		393
Coretrust Purchasing Group LLC		1,341		1,340
Crewline Buyer, Inc. (dba New Relic)		363		363
CST Holding Company (dba Intoxalock)		60		86
CURiO Brands LLC		196		196
Diligent Corporation		19,396		19,285
Eagle Family Foods Group LLC		101		101
Edition Holdings, Inc. (dba Enverus)		1,141		1,705
Edko, LLC		12,669		12,669
Engage2Excel, Inc.		23		23
Envero Midco 2 LLC (dba Sun World)		4,949		—
EnviroSmart, LLC (dba ES Integrated)		3,025		3,603
ESO Solutions, Inc.		290		362
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)		1,260		1,260
Experity, Inc.		1,315		1,315
Frontgrade Technologies Holdings Inc.		225		213
Frontline Road Safety Operations, LLC		2,142		2,539
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)		9,394		9,394

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	Unfunded Commitment Balances(1)
	March 31, 2026		December 31, 2025
Fullsteam Operations LLC	$	11,873	$	11,874
Gainsight, Inc.		5,708		5,708
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)		196		196
GovDelivery Holdings, LLC (dba Granicus, Inc.)		1,778		1,777
GS AcquisitionCo, Inc. (dba Insightsoftware)		1,133		2,657
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)		1,959		2,180
Hamilton Thorne, Inc.		7,720		7,720
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)		288		1,380
Highfive Dental Holdco, LLC		1,496		1,698
Honor HN Buyer, Inc		12,452		12,452
iCIMS, Inc.		3,611		2,813
Ideal Components Acquisition, LLC (dba Ideal Tridon)		4,622		4,622
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)		1,490		1,490
iWave Information Systems, Inc.		394		394
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)		11,135		11,284
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)		811		811
KPA Parent Holdings, Inc.		192		191
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)		475		760
Lobos Parent, Inc. (dba NEOGOV)		10,694		10,916
Mandrake Bidco, Inc. (dba Miratech)		138		138
ML Holdco, LLC (dba MeridianLink)		3,326		3,326
MRI Software LLC		1,325		1,826
NC Topco, LLC (dba NContracts)		2,889		10,110
NCWS Intermediate, Inc. (dba National Carwash Solutions)		3,673		4,224
Newtek Merchant Solutions, LLC (dba NewtekOne)		936		936
NFM & J, L.P. (dba the Facilities Group)		1,695		1,945
North Star Acquisitionco, LLC (dba Everway)		5,046		13,375
Octane Purchaser, Inc. (dba Office Ally)		5,186		3,941
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)		5,208		5,208
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)		724		761
Onward AcquireCo, Inc. (dba OneStream)		4,967		—
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)		4,399		4,399
Paris US Holdco, Inc. (dba Precinmac)		5,442		5,442
PDDS Holdco, Inc. (dba Planet DDS)		3,284		3,284
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)		1,499		1,541
PlanSource Holdings, Inc.		7,824		7,824
Pluralsight, Inc.		8,464		8,464
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)		6,779		7,303
Precision Concepts Parent Inc.		1,271		1,476
Project Accelerate Parent, LLC (dba ABC Fitness)		1,875		1,875
Prophix Software Inc. (dba Pound Bidco)		585		710
PT Intermediate Holdings III, LLC (dba Parts Town)		2,601		2,601
QBS Parent, Inc. (dba Quorum Software)		2,380		2,197
Recorded Books Inc. (dba RBMedia)		2,601		2,974
Riverpoint Medical, LLC		4,094		4,094
Rocket Bidco, Inc. (dba Recochem)		1,514		2,227
Rodeo Buyer Company (dba Absorb Software)		3,387		3,387
Rotation Buyer, LLC (dba Rotating Machinery Services)		5,750		5,546
Rubix Foods, LLC		1,792		1,792
Runway Bidco, LLC (dba Redwood Software)		4,545		4,545
SI Swan UK Bidco Limited (dba Sapiens International)		4,889		4,889
Singlewire Software, LLC		252		252
Smarsh, Inc.		9,859		9,733
Sonar Acquisitionco, Inc. (dba SimPRO)		1,132		1,132
Southeast Mechanical, LLC		14,839		14,839
SpecialtyCare, Inc.		865		866
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)		195		222
SpendMend Holdings LLC		2,868		2,869
Splash Car Wash, Inc.		562		202
Spotless Brands, LLC		1,338		1,411
Streamland Media Midco LLC		796		637
Summit Buyer, LLC (dba Classic Collision)		23,830		24,774
Sundance Group Holdings, Inc. (dba NetDocuments)		8,744		19,389
Sunshine Cadence HoldCo, LLC (dba Cadence Education)		1,615		2,391

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	Unfunded Commitment Balances(1)
	March 31, 2026		December 31, 2025
Superman Holdings, LLC (dba Foundation Software)	$	1,471	$	1,471
Supreme Fitness Group NY Holdings, LLC		2,060		2,060
Sweep Purchaser LLC		3,633		3,633
TEI Intermediate LLC (dba Triumvirate Environmental)		4,083		7,355
TL Sapphire Holdings, Inc. (dba SouthernCarlson)		3,548		17,023
Tropical Bidco, LLC (dba Tropical Cheese)		1,674		1,674
Trystar, LLC		430		752
UFT Buyer LLC (dba United Flow Technologies)		4,700		5,239
US Signal Company, LLC		1,289		1,579
USA DeBusk, LLC		1,440		3,434
USN Opco LLC (dba Global Nephrology Solutions)		3,023		3,023
Valet Waste Holdings, Inc. (dba Valet Living)		755		2,797
Vamos Bidco, Inc. (dba VIP)		8,784		8,784
VASA Fitness Buyer, Inc.		860		1,527
VisionSafe Holdings, Inc.		1,219		1,219
Volt Bidco, Inc. (dba Power Factors)		2,304		3,960
VRC Companies, LLC (dba Vital Records Control)		944		944
WebPT, Inc.		2,617		337
Wellness AcquisitionCo, Inc. (dba SPINS)		439		439
Westwood Professional Services Inc.		3,366		3,366
Wildcat Solutions Holdings, LLC (dba O6 Environmental)		3,855		3,855
Xactly Corporation		3,874		3,874
Zarya HoldCo, Inc. (dba Eptura)		6,846		7,987
Zeppelin US Buyer Inc. (dba Global Critical Logistics)		6,063		6,062
Zeus Company LLC		2,969		5,709
Elemica Parent, Inc.		—		62
Kene Acquisition, Inc. (dba Entrust)		—		897
Onyx CenterSource, Inc.		—		70
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)		—		3
Total 1st Lien/Senior Secured Debt	$	548,410	$	609,946
1st Lien/Last-Out Unitranche
---	---	---	---	---
EDB Parent, LLC (dba Enterprise DB)	$	2,389	$	3,696
K2 Towers III, LLC		7,547		8,904
Octagon Towers LLC		2,051		2,051
Skyway Towers Intermediate LLC		7,351		7,628
Tarpon Towers II LLC		2,550		2,813
EIP Consolidated, LLC (dba Everest Infrastructure)		—		167
Towerco IV Holdings, LLC		—		458
Total 1st Lien/Last-Out Unitranche	$	21,888	$	25,717
2nd Lien/Senior Secured Debt
Tiger Acquisition, LLC (dba Sabre Industries)	$	3,800	$	—
Wine.com, LLC		770		770
Total 2nd Lien/Senior Secured Debt	$	4,570	$	770
Total	$	574,868	$	636,433

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

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9. NET ASSETS

At-the-market (“ATM”) Offering

The Company may, from time to time, issue and sell shares of its common stock through public or ATM offerings.

During the three months ended March 31, 2026, there was no equity distribution agreement in effect.

On November 15, 2023, the Company entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) by and among the Company, GSAM and Truist Securities Inc. (“Truist”). On and effective June 5, 2025, the Company terminated the 2023 Equity Distribution Agreement in accordance with its terms.

The 2023 Equity Distribution Agreement provided that the Company could, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $200,000, through Truist, or to Truist as principal for its own account. Sales of the shares, if any, were made in negotiated transactions or transactions that were deemed to be an ATM offering as defined in Rule 415(a)(4) under the Securities Act including sales made directly on or through the New York Stock Exchange or a similar securities exchange, sales made to or through a market maker other than on an exchange, at market prices related to prevailing market prices or negotiated prices, sales made through any other existing trading market or electronic communications network, or by any other method permitted by law, including but not limited to privately negotiated transactions, which may have included block trades, as the Company and Truist agreed. Truist received a commission from the Company of up to 1.00% of the gross sales price of any shares sold through or to Truist under the 2023 Equity Distribution Agreement.

During the three months ended March 31, 2025, the Company did not issue or sell any shares of common stock through ATM offerings.

Distributions

The Company has adopted a DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The shares distributed by the Transfer Agent in the Company’s DRIP are either through (i) newly issued shares or (ii) acquired by the Transfer Agent through the purchase of outstanding shares on the open market. If, on the payment date for any distribution, the most recently computed NAV per share as of the DRIP is equal to or less than the closing market price plus estimated per share fees, the Transfer Agent will invest the distribution amount in newly issued shares. Otherwise, the Transfer Agent will invest the dividend amount in shares acquired by purchasing shares on the open market. The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Three Months Ended March 31, 2026
February 25, 2026 (Supplemental)	March 9, 2026	March 20, 2026	$	0.03	15,967	*
February 25, 2026 (Base)	March 31, 2026	April 28, 2026	$	0.32	156,728	*
For the Three Months Ended March 31, 2025
February 26, 2025 (Base)	March 31, 2025	April 28, 2025	$	0.32	131,367	*
February 26, 2025 (Special)	March 31, 2025	April 28, 2025	$	0.16	65,684	*

* In accordance with the Company’s DRIP, shares were purchased in the open market.

Common Stock Repurchase Plan

On August 8, 2024, the Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows the Company to repurchase up to $75,000 of shares of the Company’s common stock if the stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan (the “2025 10b5-1 Plan”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of the Company’s common stock during the period from June 16, 2025 through June 13, 2026. Unless extended by the Board, the 2025 10b5-1 Plan will terminate 12 months from the date it was entered into.

Under the 2025 10b5-1 Plan, no purchases are permitted to be made if such purchases would cause the Company’s Debt/Equity Ratio to exceed the lower of (a) 1.20 or (b) the Maximum Debt/Equity Ratio. In the 2025 10b5-1 Plan, “Debt/Equity Ratio” means the sum of debt on the Consolidated Statements of Assets and Liabilities less cash and investments in affiliated money market funds divided by net assets, as of the most recent reported financial statement end date, and “Maximum Debt/Equity Ratio” means the sum of debt on the Consolidated Statements of Assets and Liabilities and committed uncalled debt less cash and investments in affiliated money market funds divided by net assets, as of the most recent reported financial statement end date. Purchases under the 2025 10b5-1 Plan are required to be conducted on a programmatic basis in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act and other applicable securities laws.

Any repurchase by the Company of its common stock under any 10b5-1 plan or otherwise may result in the price of the Company’s common stock being higher than the price that otherwise might have existed in the open market.

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For the three months ended March 31, 2026, the Company did not repurchase any of its shares.

For the three months ended March 31, 2025, there was no 10b5-1 stock repurchase plan in effect.

10.EARNINGS (LOSS) PER SHARE

The following information sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Net increase (decrease) in net assets from operations	$	(13,631	)	$	31,553
Weighted average shares outstanding		112,569,067			117,297,222
Basic and diluted earnings (loss) per share	$	(0.12	)	$	0.27

11. FINANCIAL HIGHLIGHTS

The following table presents the schedule of financial highlights of the Company:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Per Share Data:(1)
NAV, beginning of period	$	12.64		$	13.41
Net investment income		0.22			0.42
Net realized and unrealized gains (losses)(2)		(0.34	)		(0.15	)
(Provision) benefit for taxes on realized and unrealized gains (losses) on investments (3)		—			—
Net increase (decrease) in net assets from operations		(0.12	)		0.27
Distributions to common stockholders		(0.35	)		(0.48	)
Total increase (decrease) in net assets		(0.47	)		(0.21	)
NAV, end of period	$	12.17		$	13.20
Market price, end of period	$	8.88		$	11.63
Shares outstanding, end of period		112,569,067			117,297,222
Weighted average shares outstanding		112,569,067			117,297,222
Total return based on NAV(4)	(0.25%)				2.83	%
Total return based on market value(5)	(0.86%)				0.40	%
Supplemental Data/Ratio:(6)
Net assets, end of period	$	1,369,989		$	1,547,950
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets		3.35	%		3.18	%
Ratio of interest and other debt expenses to average net assets		8.72	%		7.36	%
Ratio of net incentive fees to average net assets		3.61	%		1.77	%
Ratio of total expenses to average net assets		15.68	%		12.31	%
Ratio of net investment income to average net assets		7.20	%		12.90	%
Portfolio turnover		3	%		5	%

The per share data was derived by using the weighted average shares outstanding during the applicable period that the shares were outstanding, except for distributions recorded, which reflects the actual amount per share for the applicable period.
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution, the issuance and the repurchase of common stock.
Amount rounds to less than $0.01.
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
Ratios are annualized.

12. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Other than the item discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

On May 6, 2026, the Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about July 28, 2026 to holders of record as of June 30, 2026.

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On May 5, 2026, the Company entered into that certain Fifteenth Amendment to Senior Secured Revolving Credit Agreement, by and among the Company, as Borrower, the lenders party thereto and Truist Bank, as Administrative Agent and as Collateral Agent and other parties thereto (the “Fifteenth Amendment”). The Fifteenth Amendment, among other things, (i) extends the final maturity date from June 24, 2030 to May 5, 2031, (ii) extends the commitment termination date from June 22, 2029 to May 3, 2030, (iii) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum and (b) with respect to any Term Benchmark Loan or Daily Simple RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (iv) reduces the commitment of each of Santander Bank, N.A., CIT Finance LLC and BankUnited, N.A. to zero on the Fifteenth Amendment Effective Date, (v) removes all credit adjustment spreads, (vi) increases the swingline sublimit from $150,000 to $200,000, (vii) increases the letter of credit sublimit from $150,000 to $200,000, (viii) reduces the commitment fee from 0.375% to 0.325%, and (ix) reduces letter of credit fronting fees from 0.25% per annum to 0.125% per annum. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Fifteenth Amendment.

On May 6, 2026, the Board approved and authorized an additional 10b5-1 stock repurchase program to allow the Company to repurchase up to $75,000 of shares of the Company’s common stock, subject to certain limitations. The Company expects to enter into this 10b5-1 stock repurchase program once the 2025 10b5-1 Plan has been fully utilized or expires, and in compliance with Rule 10b5-1.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs BDC, Inc. or Goldman Sachs BDC, Inc., together with its consolidated subsidiaries, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. “GS & Co.” refers to Goldman Sachs & Co. LLC and its predecessors. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) and we expect to qualify annually for tax treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013. From our formation in 2012 through March 31, 2026, we originated approximately $9.93 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

“Unitranche” loans are first lien loans that extend deeper in a borrower’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the “first-out” portion of a unitranche loan while we retain the “last-out” portion of such loan, in which case, the “first-out” portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the “last-out” portion that we would continue to hold. In exchange for taking greater risk of loss, the “last-out” portion generally earns a higher interest rate than the “first-out” portion of the loan. We use the term “mezzanine” to refer to debt that ranks senior in right of payment only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.

We may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We invest primarily in U.S. middle-market companies, which we believe are underserved by traditional providers of capital such as banks and the public debt markets. In this report, we generally use the term “middle market companies” to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) excluding certain one-time, and non-recurring items that are outside the operations of these companies. However, we may from time to time invest in larger or smaller companies. We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to us, unless, to the extent required by applicable law or exemptive relief therefrom, we only receive our allocable portion of such fees when invested in the same portfolio company as another client account managed by our Investment Adviser (collectively with us, the “Accounts”). The companies in which we invest use our capital for a variety of purposes, including to support organic growth, fund acquisitions, make capital investments or refinance indebtedness.

Our origination strategy focuses on leading the negotiation and structuring of the loans or securities in which we invest and holding the investments in our portfolio to maturity. In many cases, we are the sole investor in the loan or security in our portfolio. Where there are multiple investors, we generally seek to control or obtain significant influence over the rights of investors in the loan or security. We generally seek to make investments that have maturities of three to ten years and investment size ranges from $10 million to $75 million or above.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, 2025.

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KEY COMPONENTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other Accounts, which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other expenses of our operations and transactions in accordance with the investment management agreement (the “Investment Management Agreement”) and administration agreement (the “Administration Agreement”), including:

our operational expenses;
fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;
interest payable on debt, if any, incurred to finance our investments;
fees and expenses incurred by us in connection with membership in investment company organizations;
brokers’ commissions;
the expenses of and fees for registering or qualifying our shares for sale and of maintaining our registration and registering us as a broker or a dealer;
fees and expenses associated with calculating our net asset value (“NAV”) (including the costs and expenses of any independent valuation firm);
legal, auditing or accounting expenses;
taxes or governmental fees;
the fees and expenses of our administrator, transfer agent or sub-transfer agent;
the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our shares;
the fees and expenses of our directors who are not affiliated with our Investment Adviser;
the cost of preparing and distributing reports, proxy statements and notices to our stockholders, the SEC and other regulatory authorities;
costs of holding stockholder meetings;

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listing fees;
the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian;
insurance premiums; and
costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines. Costs relating to future offerings of securities would be incremental.

Leverage

Our senior secured revolving credit agreement (as amended, the “Revolving Credit Facility”) with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, our 6.375% Notes due 2027 (the “2027 Notes”), our 5.100% Notes due 2029 (the “2029 Notes”) and our 5.650% Notes due 2030 (the “2030 Notes”) allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. We are permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met).

Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the "Board of Directors" or the “Board”) of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

	As of
	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)				(in millions)
First Lien/Senior Secured Debt	$	3,096.07	$	3,002.03	$	3,088.32	$	3,028.79
First Lien/Last-Out Unitranche		137.07		130.89		138.15		135.15
Second Lien/Senior Secured Debt		51.35		52.77		50.61		47.91
Unsecured Debt		30.02		8.52		29.60		8.48
Preferred Stock		33.21		20.12		33.10		26.43
Common Stock		53.54		14.15		53.54		14.71
Warrants		1.85		0.46		1.85		0.25
Total Investments	$	3,403.11	$	3,228.94	$	3,395.17	$	3,261.72

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The weighted average yield by asset type of our total portfolio (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:

	As of
	March 31, 2026						December 31, 2025
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		9.5	%		10.6	%		9.6	%		10.7	%
First Lien/Last-Out Unitranche(2) (3)		8.5			9.0			9.2			9.5
Second Lien/Senior Secured Debt(2)		7.5			9.5			12.3			9.4
Unsecured Debt(2)		4.4			7.4			4.6			4.2
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Warrants(4)		—			—			—			—
Total Portfolio		9.1	%		10.4	%		9.3	%		10.5	%

The weighted average yield at amortized cost of our portfolio excludes the Purchase Discount (as defined below) and amortization related to our merger with Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) (the “Merger”) and does not represent the total return to our stockholders.
Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.
The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.
Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

As of March 31, 2026, the total portfolio weighted average yield measured at amortized cost and fair value was 9.1% and 10.4%, as compared to 9.3% and 10.5% as of December 31, 2025. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost was primarily due to a maturity extension of Wine.com, LLC. Within Unsecured Debt, the increase in weighted average yield at fair value was primarily due to the short duration of certain investments.

The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):

		As of
		March 31, 2026			December 31, 2025
Number of portfolio companies			173				171
Percentage of performing debt bearing a floating rate(1)			99.4	%			99.4	%
Percentage of performing debt bearing a fixed rate(1)(2)			0.6	%			0.6	%
Weighted average yield on debt and income producing investments, at amortized cost(3)			9.9	%			9.9	%
Weighted average yield on debt and income producing investments, at fair value(3)			11.0	%			10.9	%
Weighted average leverage (net debt/EBITDA)(4)		6.0x				5.9x
Weighted average interest coverage(4)		1.9x				2.0x
Median EBITDA(4)	$	73.93 million			$	71.75 million

Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.
Includes income producing preferred stock investments.
Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status). Excludes the Purchase Discount and amortization related to the Merger.
For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of March 31, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 13.7% and 14.2% of total debt investments.

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Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (e.g., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;
Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;
Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and
Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:

	As of
	March 31, 2026					December 31, 2025
Investment Performance Rating	Fair Value		Percentage <br>of Total			Fair Value		Percentage <br>of Total
	(in millions)					(in millions)
Grade 1	$	—		—	%	$	—		—	%
Grade 2		2,953.50		91.5			2,991.99		91.7
Grade 3		188.17		5.8			194.68		6.0
Grade 4		87.27		2.7			75.05		2.3
Total Investments	$	3,228.94		100.0	%	$	3,261.72		100.0	%

The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

	As of
	March 31, 2026					December 31, 2025
	Amortized<br>Cost		Percentage <br>of Total			Amortized<br>Cost		Percentage <br>of Total
	(in millions)					(in millions)
Performing	$	3,241.81		95.3	%	$	3,299.37		97.2	%
Non-accrual		161.30		4.7	%		95.80		2.8
Total Investments	$	3,403.11		100.0	%	$	3,395.17		100.0	%

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Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current.

The following table shows our investment activity by investment type(1):

	For the Three Months Ended
	March 31, 2026		March 31, 2025
	( in millions)
New investments committed at cost:
First Lien/Senior Secured Debt			$	87.92
Second Lien/Senior Secured Debt				—
Preferred Stock				—
Total			$	87.92
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt			$	179.41
First Lien/Last-Out Unitranche				0.10
Total			$	179.51
Net increase (decrease) in portfolio		)	$	(91.59	)
Number of new portfolio companies with new investment commitments				6
Total new investment commitment amount in new portfolio companies			$	51.19
Average new investment commitment amount in new portfolio companies			$	8.53
Number of existing portfolio companies with new investment commitments				8
Total new investment commitment amount in existing portfolio companies			$	36.73
Weighted average remaining term for new investment commitments (in years)(2)				4.9
Percentage of new debt investment commitments at cost for floating interest rates		%		100.0	%
Percentage of new debt investment commitments at cost for fixed interest rates(3)	—%		—%
Weighted average yield on new debt and income producing investment commitments(4)		%		9.9	%
Weighted average yield on new investment commitments(5)		%		9.9	%
Weighted average yield on debt and income producing investments sold or repaid(6)		%		11.9	%
Weighted average yield on investments sold or repaid(7)		%		11.9	%

All values are in US Dollars.

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.
Calculated as of the end of the relevant period and the maturity date of the individual investments.
May include preferred stock investments.
Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.
Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.
Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.
Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

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RESULTS OF OPERATIONS

Our operating results were as follows:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
	( in millions)
Total investment income			$	96.94
Net expenses				46.00
Net investment income before taxes				50.94
Income tax expense, including excise tax				1.33
Net investment income after taxes				49.61
Net realized gain (loss) on investments		)		(44.47	)
Net unrealized appreciation (depreciation) on investments		)		27.49
Net realized and unrealized gain (losses) on forward contracts, translations and other transactions				(1.01	)
Net realized and unrealized gains (losses)		)		(17.99	)
Income tax (provision) benefit for realized and unrealized gains		)		(0.07	)
Net increase (decrease) in net assets from operations		)	$	31.55

All values are in US Dollars.

Net increase (decrease) in net assets from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

On October 12, 2020, we completed our Merger with GS MMLC. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to GS MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “Purchase Discount”). The Purchase Discount was allocated to the cost of GS MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with GS MMLC, we marked the investments to their respective fair values and, as a result, the Purchase Discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statements of Operations. The Purchase Discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The Purchase Discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned Purchase Discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include (i) Adjusted net investment income after taxes; and (ii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the Purchase Discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

	For the Three Months Ended
	March 31, 2026		March 31, 2025
	( in millions)
Net investment income after taxes			$	49.61
Less: Purchase Discount amortization				0.80
Adjusted net investment income after taxes			$	48.81
Net realized and unrealized gains (losses)		)	$	(17.99	)
Less: Net change in unrealized appreciation (depreciation) due to the Purchase Discount		)		(0.80	)
Less: Realized gain (loss) due to the Purchase Discount				—		(1)
Adjusted net realized and unrealized gains (losses)		)	$	(17.19	)

All values are in US Dollars.

(1) Amount rounds to less than 0.01.

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Investment Income

Our investment income was as follows:

	For the Three Months Ended
	March 31, 2026	March 31, 2025
	( in millions)
Interest		$	85.57
Payment-in-kind income			10.18
Other income			1.02
Dividend income			0.17
Total Investment Income		$	96.94

All values are in US Dollars.

In the table above:

Interest income from investments decreased from $85.57 million for the three months ended March 31, 2025 to $70.11 million for the three months ended March 31, 2026, primarily due to a decline in base interest rates and tightening of credit spreads in addition to the decrease in the size of our portfolio. The amortized cost of the portfolio decreased from $3,555.49 million as of March 31, 2025 to $3,403.11 million as of March 31, 2026.
PIK income from investments decreased from $10.18 million for the three months ended March 31, 2025 to $7.56 million for the three months ended March 31, 2026. The decrease was primarily due to the restructuring and the exit of certain investments earning PIK interest in addition to a decline in base interest rates and tightening of credit spreads.

Expenses

Our expenses were as follows:

	For the Three Months Ended
	March 31, 2026	March 31, 2025
	( in millions)
Interest and other debt expenses		$	28.31
Management fees			8.68
Incentive fees			6.80
Professional fees			0.96
Directors’ fees			0.21
Other general and administrative expenses			1.04
Total Expenses		$	46.00

All values are in US Dollars.

In the table above:

Interest and other debt expenses increased from $28.31 million for the three months ended March 31, 2025 to $30.04 million for the three months ended March 31, 2026. The increase was mainly driven by the increase in the combined weighted average interest rate as result of repayment of the 2026 Notes and 2025 Notes.
Incentive fees increased from $6.80 million for the three months ended March 31, 2025 to $12.44 million for the three months ended March 31, 2026. The increase was driven by the performance of the investment portfolio for the twelve quarters ended March 31, 2026, as compared to the twelve quarters ended March 31, 2025. For additional information, see Note 3 “Significant Agreements and Related Party Transactions” in our consolidated financial statements included in this report.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments

The realized gains and losses on fully exited and partially exited portfolio companies consisted of the following:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
	( in millions)
Other, net		)	$	0.02
Diligent Corporation		)		—
Country Fresh Holding Company Inc.				(0.89	)
Animal Supply Intermediate, LLC				(9.03	)
Animal Supply Holdings, LLC				(13.87	)
Streamland Media Midco LLC				(20.70	)
Net Realized Gain (Loss) on Investments		)	$	(44.47	)

All values are in US Dollars.

For the three months ended March 31, 2025, net realized losses were primarily driven by the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC as well as the restructuring of Streamland Media Midco LLC.

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Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments consisted of the following:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
	( in millions)
Unrealized appreciation			$	49.58
Unrealized depreciation		)		(22.09	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		)	$	27.49

All values are in US Dollars.

The net change in unrealized appreciation (depreciation) on investments consisted of the following:

	For the ThreeMonths EndedMarch 31, 2026
Portfolio Company:	( in millions)
Chase Industries, Inc. (dba Senneca Holdings)
Volt Bidco, Inc. (dba Power Factors)
Thrasio, LLC
Premier Imaging, LLC (dba Lucid Health)
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)
Wine.com, LLC		)
Streamland Media Midco LLC		)
Khoros, LLC (fka Lithium Technologies, Inc.)		)
One GI LLC		)
Pluralsight, Inc.		)
Other, net(1)		)
Net Change in Unrealized Appreciation (Depreciation) on Investments		)

All values are in US Dollars.

For the three months ended March 31, 2026, Other, net includes gross unrealized appreciation of $1.15 million and gross unrealized depreciation of $(31.67) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2026 was primarily driven by market volatility during the period. The unrealized depreciation was further impacted by the financial underperformance of certain portfolio companies, most notably Pluralsight, Inc. and One GI LLC. These declines were partially offset by unrealized appreciation on Chase Industries, Inc. (dba Senneca Holdings), reflecting improved operating performance.

	For the ThreeMonths EndedMarch 31, 2025
Portfolio Company:	( in millions)
Streamland Media Midco LLC
Animal Supply Holdings, LLC
Animal Supply Intermediate, LLC
SPay, Inc. (dba Stack Sports)
Chase Industries, Inc. (dba Senneca Holdings)
Clearcourse Partnership Acquireco Finance Limited
Country Fresh Holding Company Inc.
Doxim, Inc.
Hamilton Thorne, Inc.
Northstar Acquisition HoldCo, LLC (dba n2y)
Xactly Corporation		)
MerchantWise Solutions, LLC (dba HungerRush)		)
Harrington Industrial Plastics, LLC		)
Pluralsight, Inc.		)
Total Vision LLC		)
Other, net(1)		)
ATX Networks Corp.		)
Volt Bidco, Inc. (dba Power Factors)		)
Iracore International Holdings, Inc.		)
MPI Engineered Technologies, LLC		)
Lithium Technologies, Inc.		)
Net Change in Unrealized Appreciation (Depreciation) on Investments

All values are in US Dollars.

For the three months ended March 31, 2025, Other, net includes gross unrealized appreciation of $2.84 million and gross unrealized depreciation of $(4.10) million.

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Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of the first lien debt investments in Streamland Media Midco LLC and the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC, partially offset by the financial underperformance of Lithium Technologies, Inc.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to our existing credit facilities, as discussed below, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of March 31, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 171% and 175%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We historically paid a distribution to our stockholders on a quarterly basis. On February 26, 2025, we announced that we would have a distribution framework that provides a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.

As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, a non-GAAP financial measure to our financial condition that adjusts the net asset value per share for the supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental distribution is meaningful because it aligns the supplemental distribution to its relevant quarter earnings. Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.

	March 31, 2026		December 31, 2025
Net asset value per share	$	12.17	$	12.64
Less: Supplemental distribution per share		—		0.03
Adjusted net asset value per share	$	12.17	$	12.61

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

At-the-market (“ATM”) Offering

We may, from time to time, issue and sell shares of our common stock through public or ATM offerings. On November 15, 2023, we entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) by and among us, GSAM and Truist Securities, Inc. (“Truist”). On and effective June 5, 2025, we terminated the 2023 Equity Distribution Agreement in accordance with its terms.

For further details, see Note 9 “Net Assets—At-the-market (“ATM”) Offering” to our consolidated financial statements included in this report.

Common Stock Repurchase Plan

On August 8, 2024, our Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows us to repurchase up to $75.00 million of shares of our common stock if our common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, we entered into a 10b5-1 stock repurchase plan (the “2025 10b5-1 Plan”) with Georgeson Securities Corporation (“Georgeson”) for repurchases of our common stock during the period from June 16, 2025 through June 13, 2026. Unless extended by the Board, the 2025 10b5-1 Plan will terminate 12 months from the date it was entered into.

For further details, see Note 9 “Net Assets—Common Stock Repurchase Plan” to our consolidated financial statements included in this report.

Dividend Reinvestment Plan

We have a voluntary dividend reinvestment plan (the “DRIP”) that provides for automatic reinvestment of all cash distributions declared by our Board of Directors unless a stockholder elects to “opt out” of the plan. As a result, if our Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of

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common stock, rather than receiving the cash distribution. Due to regulatory considerations, GS Group Inc. and GS & Co. have opted out of the DRIP.

For further details, see Note 9 “Net Assets—Distributions” to our consolidated financial statements included in this report.

All correspondence concerning the plan should be directed to the plan agent at Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078, with overnight correspondence being directed to the plan agent at Computershare Trust Company, N.A., 150 Royall St., Suite 101, Canton, MA 02021; by calling 855-807-2742; or through the plan agent’s website at www.computershare.com/investor. Participants who hold their shares through a broker or other nominee should direct correspondence or questions concerning the DRIP to their broker or nominee.

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our administrator such fees as may be agreed between us and our administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of March 31, 2026:

			Payments Due by Periods (in millions)
	Total		Less Than<br>1 Year		1 – 3 Years		3 – 5 Years		More Than<br>5 Years
2027 Notes	$	400.00	$	400.00	$	—	$	—	$	—
2029 Notes	$	400.00	$	—	$	400.00	$	—	$	—
2030 Notes	$	400.00	$	—	$	—	$	400.00	$	—
Revolving Credit Facility(1)	$	720.50	$	—	$	—	$	720.50	$	—

We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026, we had outstanding borrowings denominated in U.S. Dollars ("$" or "USD") of $623.67 million, in Euros ("EUR") of EUR of 13.70 million, in Great British Pounds ("GBP") of GBP 17.45 million, Canadian Dollars ("CAD") of CAD 57.02 million and Australian Dollars ("AUD") of AUD 24.50 million.

Revolving Credit Facility

On September 19, 2013, we entered into the Revolving Credit Facility with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent under the Revolving Credit Facility.

The aggregate committed borrowing amount under the Revolving Credit Facility is $1,695.00 million. The Revolving Credit Facility includes an uncommitted accordion feature that allows us, under certain circumstances, to increase the borrowing capacity of the Revolving Credit Facility to up to $2,542.50 million. We amended and restated the Revolving Credit Facility on numerous occasions between October 3, 2014 and January 14, 2026. Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at our election) of either (i) Term SOFR plus a margin of either (x) 2.00%, (y) 1.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 1.75% (subject to certain gross borrowing base conditions), in each case, plus an additional 0.10% credit adjustment spread, or (ii) an alternative base rate, which is the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (iii) the rate per annum equal to (x) the greater of (A) Term SOFR for an interest period of one (1) month and (B) zero plus (y) 1.00%, plus a margin of either (x) 1.00%, (y) 0.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or the applicable risk-free rate (“RFR rate”) plus a margin of either 2.00%, 1.875% or 1.75% (subject to the conditions applicable to borrowings denominated in USD that bear interest based on the applicable term benchmark rate or the applicable RFR rate), plus, (i) in the case of borrowings denominated in GBP only, an additional 0.1193% credit adjustment spread, (ii) in the case of borrowings denominated in CHF only, an additional 0.0031% and (iii) in the case of borrowings denominated in CAD only, an additional 0.29547% (one-month interest period) or an additional 0.32138% (three-month interest period) credit adjustment spread. Borrowings from certain lenders, which hold approximately 84% of total lending commitments (the "Extending Lenders"), bear interest at the applicable rates described above less 0.10%. With respect to borrowings denominated in USD, we may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. Interest is payable in arrears on the applicable interest payment date as specified therein. We pay a fee of 0.375% per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in arrears. Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and unpaid interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility will

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mature, and all accrued and unpaid interest will be due and payable, with respect to certain remaining lenders, on May 5, 2027, and with respect to other remaining lenders, on October 18, 2028. For further details, see Note 6 “Debt—Revolving Credit Facility” to our consolidated financial statements included in this report.

2025 Notes

On February 10, 2020, we closed an offering of $360.00 million aggregate principal amount of 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo Bank, National Association (“Wells Fargo”)). The 2025 Notes bore interest at a rate of 3.750% per year, payable semi-annually in arrears on February 10 and August 10 of each year. The 2025 Notes matured and were fully repaid on February 10, 2025 in accordance with their terms, using proceeds from the Revolving Credit Facility. For further details, see Note 6 “Debt—2025 Notes” to our consolidated financial statements included in this report.

2026 Notes

On November 24, 2020, we closed an offering of $500.00 million aggregate principal amount of 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2026 Notes bore interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. The 2026 Notes matured and were fully repaid on January 15, 2026 in accordance with their terms, using proceeds from the Revolving Credit Facility. For further details, see Note 6 “Debt—2026 Notes” to our consolidated financial statements included in this report.

2027 Notes

On March 11, 2024, we closed an offering of $400.00 million aggregate principal amount of 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2027 Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on March 11 and September 11 of each year. The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2027 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2027 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 “Significant Accounting Policies—Derivatives”, Note 6 “Debt—2027 Notes” and Note 7 "Derivatives" to our consolidated financial statements included in this report.

2029 Notes

On January 28, 2026, we closed an offering of $400.00 million aggregate principal amount of 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100% per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2029 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 “Significant Accounting Policies—Derivatives”, Note 6 “Debt—2029 Notes” and Note 7 "Derivatives" to our consolidated financial statements included in this report.

2030 Notes

On September 9, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650% per year, payable semi-annually in arrears on March 9 and September 9 of each year. The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 “Significant Accounting Policies—Derivatives”, Note 6 “Debt—2030 Notes” and Note 7 "Derivatives" to our consolidated financial statements included in this report.

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Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

We may ourselves commit, or commit alongside one or more other Accounts, to issue standby letters of credit in connection with an investment or we may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of us or such Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer or its designee as defined in the relevant credit agreement. As of March 31, 2026 and December 31, 2025, we have committed to fund letters of credit of $5.48 million on behalf of the Accounts. As of March 31, 2026, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

	As of
	March 31, 2026		December 31, 2025
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	548.41	$	609.94
First Lien/Last-Out Unitranche		21.89		25.72
Second Lien/Senior Secured Debt		4.57		0.77
Total	$	574.87	$	636.43

HEDGING

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission (“CFTC”) regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of

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investments. The critical accounting policies and estimate should be read in connection with our risk factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025.

Fair Value Measurement of Investments

Consistent with GAAP and the Investment Company Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the Investment Company Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market and as such their fair values are determined using valuation techniques, primarily discounted cash flows, market multiples, and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see Note 2 “Significant Accounting Policies—Investments” and Note 5 “Fair Value Measurement.”

RECENT DEVELOPMENTS

Effective as of the close of business on March 31, 2026, Susan B. McGee resigned from the Board and all committees thereof.

On May 6, 2026, our Board of Directors declared a quarterly base distribution of $0.32 per share payable on or about July 28, 2026 to holders of record as of June 30, 2026.

On May 5, 2026, we entered into that certain Fifteenth Amendment to Senior Secured Revolving Credit Agreement, by and among us, as Borrower, the lenders party thereto and Truist Bank, as Administrative Agent and as Collateral Agent and other parties thereto (the “Fifteenth Amendment”). The Fifteenth Amendment, among other things, (i) extends the final maturity date from June 24, 2030 to May 5, 2031, (ii) extends the commitment termination date from June 22, 2029 to May 3, 2030, (iii) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum and (b) with respect to any Term Benchmark Loan or Daily Simple RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (iv) reduces the commitment of each of Santander Bank, N.A., CIT Finance LLC and BankUnited, N.A. to zero on the Fifteenth Amendment Effective Date, (v) removes all credit adjustment spreads, (vi) increases the swingline sublimit from $150.00 million to $200.00 million, (vii) increases the letter of credit sublimit from $150.00 million to $200.00 million, (viii) reduces the commitment fee from 0.375% to 0.325%, and (ix) reduces letter of credit fronting fees from 0.25% per annum to 0.125% per annum. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Fifteenth Amendment.

On May 6, 2026, our Board approved and authorized an additional 10b5-1 stock repurchase program to allow us to repurchase up to $75.00 million of shares of our common stock, subject to certain limitations. We expect to enter into this 10b5-1 stock repurchase program once the 2025 10b5-1 Plan has been fully utilized or expires, and in compliance with Rule 10b5-1.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026 and December 31, 2025, on a fair value basis, approximately 0.6% and 0.6% of our performing debt investments bore interest at a fixed rate (including income producing preferred stock investments), and approximately 99.4% and 99.4% of our performing debt investments bore interest at a floating rate. Our borrowings under our Revolving Credit Facility bear interest at a floating rate and our 2027 Notes, 2029 Notes and 2030 Notes bear interest at a fixed rate. We have entered into interest rate swaps in an effort to help mitigate the impact of changes in market interest rates on our net asset value.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our March 31, 2026 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

As of March 31, 2026Basis Point Change			Interest<br>Expense			Net<br>Income
( in millions)
Up 300 basis points	74.19		$	(47.61	)	$	26.58
Up 200 basis points	49.46			(31.74	)		17.72
Up 100 basis points	24.73			(15.87	)		8.86
Up 75 basis points	18.55			(11.90	)		6.65
Up 50 basis points	12.37			(7.94	)		4.43
Up 25 basis points	6.18			(3.97	)		2.21
Down 25 basis points	(6.18	)		3.97			(2.21	)
Down 50 basis points	(12.31	)		7.94			(4.37	)
Down 75 basis points	(18.41	)		11.90			(6.51	)
Down 100 basis points	(24.51	)		15.87			(8.64	)
Down 200 basis points	(48.83	)		31.74			(17.09	)
Down 300 basis points	(67.97	)		47.61			(20.36	)

All values are in US Dollars.

We have and may in the future hedge against interest rate fluctuations by using standard hedging instruments such as additional interest rate swaps, futures, options and forward contracts, subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION.

ITEM 1. LEGAL PROCEEDINGS.

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

ITEM 1A. RISK FACTORS.

An investment in our securities involves a high degree of risk. There have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

We did not sell any unregistered equity securities.

On August 8, 2024, our Board of Directors approved and authorized a 10b5-1 stock repurchase program which allows us to repurchase up to $75.00 million of shares of our common stock if our common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. On June 13, 2025, we entered into the 2025 10b5-1 Plan with Georgeson for repurchases of our common stock during the period from June 16, 2025 through June 13, 2026. Unless extended by the Board, the 2025 10b5-1 Plan will terminate 12 months from the date it was entered into. For the three months ended March 31, 2026, we did not repurchase any of our shares.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

On May 5, 2026, the Company entered into that certain Fifteenth Amendment to Senior Secured Revolving Credit Agreement, by and among the Company, as Borrower, the lenders party thereto and Truist Bank, as Administrative Agent and as Collateral Agent and other parties thereto (the “Fifteenth Amendment”). The Fifteenth Amendment, among other things, (i) extends the final maturity date from June 24, 2030 to May 5, 2031, (ii) extends the commitment termination date from June 22, 2029 to May 3, 2030, (iii) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum and (b) with respect to any Term Benchmark Loan or Daily Simple RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (iv) reduces the commitment of each of Santander Bank, N.A., CIT Finance LLC and BankUnited, N.A. to zero on the Fifteenth Amendment Effective Date, (v) removes all credit adjustment spreads, (vi) increases the swingline sublimit from $150,000 to $200,000, (vii) increases the letter of credit sublimit from $150,000 to $200,000, (viii) reduces the commitment fee from 0.375% to 0.325%, and (ix) reduces letter of credit fronting fees from 0.25% per annum to 0.125% per annum. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Fifteenth Amendment.

The foregoing description is only a summary of the material provisions of the Fifteenth Amendment and is qualified in its entirety by reference to the full text of the Fifteenth Amendment filed as Exhibit 10.2 hereto and incorporated herein by reference.

None.
During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

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EXHIBIT NO.		EXHIBITS
3.1	Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814-00998), filed on October 13, 2020).
3.2	Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814-00998), filed on December 20, 2021).
4.1	Indenture, dated February 10, 2020, by and between the Company and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 814-00998), filed on February 11, 2020).
4.2	Fifth Supplemental Indenture, dated January 28, 2026, relating to the 5.100% Notes due 2029, by and between the Company and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-00998), filed on February 2, 2026).
4.3	Form of 5.100% Notes due 2029 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-00998), filed on February 2, 2026).
10.1*	Fourteenth Amendment to Senior Secured Revolving Credit Agreement, dated as of January 14, 2026, among Goldman Sachs BDC, Inc., as Borrower, the lenders party thereto, Truist Bank, as Administrative Agent and as Collateral Agent, and the other parties thereto.
10.2*	Fifteenth Amendment to Senior Secured Revolving Credit Agreement, dated as of May 5, 2026, among Goldman Sachs BDC, Inc., as Borrower, the lenders party thereto, Truist Bank, as Administrative Agent and as Collateral Agent, and the other parties thereto.
31.1*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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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, thereunto duly authorized.

	GOLDMAN SACHS BDC, INC.
Date: May 7, 2026	/s/ Vivek Bantwal
	Vivek Bantwal<br><br>Co-Chief Executive Officer<br><br>(Co-Principal Executive Officer)
Date: May 7, 2026	/s/ David Miller
	David Miller<br><br>Co-Chief Executive Officer<br><br>(Co-Principal Executive Officer)
Date: May 7, 2026	/s/ Stanley Matuszewski
	Stanley Matuszewski<br><br>Chief Financial Officer and Treasurer<br><br>(Principal Financial Officer)

EX-10.1

EXHIBIT 10.1

EXECUTION COPY

FOURTEENTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT

This FOURTEENTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of January 14, 2026 (this “Amendment”), is entered into among GOLDMAN SACHS BDC, INC., a Delaware corporation (the “Borrower”), solely for purposes of Section 5.9, each Subsidiary Guarantor party to the Guarantee and Security Agreement (collectively, the “Subsidiary Guarantors”, and each individually, a “Subsidiary Guarantor”), the LENDERS party hereto and TRUIST BANK, as Administrative Agent (in such capacity, the “Administrative Agent”).

RECITALS

WHEREAS, the Borrower, the lenders party thereto (the “Lenders”), the Issuing Banks, and the Administrative Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of September 19, 2013 (as amended by that certain First Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of October 3, 2014, by that certain Second Amendment to Senior Secured Revolving Credit Agreement, dated as of November 4, 2015, by that certain Third Amendment to Senior Secured Revolving Credit Agreement, dated as of December 16, 2016, by that certain Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 21, 2018, by that certain Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as of September 17, 2018, by that certain Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 25, 2020, by that certain Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of November 20, 2020, by that certain Eighth Amendment to Senior Secured Revolving Credit Agreement, dated as of August 13, 2021, by that certain Ninth Amendment to Senior Secured Revolving Credit Agreement, dated as of May 5, 2022, by that certain Tenth Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of October 18, 2023, by that certain Eleventh Amendment to Senior Secured Revolving Credit Agreement, dated as of June 28, 2024, by that certain Twelfth Amendment to Senior Secured Revolving Credit Agreement, dated as of June 24, 2025, by that certain Thirteenth Amendment to Senior Secured Revolving Credit Agreement, dated as of December 17, 2025, and as further amended or otherwise modified prior to the Fourteenth Amendment Effective Date, the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders extended certain commitments and made certain loans to the Borrower; and

WHEREAS, the Borrower and the other parties hereto desire to amend the Existing Credit Agreement to make certain changes, as set forth below;

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Existing Credit Agreement, the parties hereto agree as follows:

Definitions. All capitalized terms not otherwise defined herein are used as defined in (or by reference in) the Existing Credit Agreement as amended hereby.

DOCVARIABLE #DNDocID \* MERGEFORMAT 1755968949

Amendments to Existing Credit Agreement. Subject to the occurrence of the Fourteenth Amendment Effective Date (as hereinafter defined), the parties hereto hereby agree that the Existing Credit Agreement is hereby amended as follows:
Clause (j) of Section 6.01 of the Existing Credit Agreement is hereby amended by replacing the amount “1,000,000,000” with the amount $1,400,000,000” where it appears therein.
[Reserved].
Conditions Precedent. Section 2 hereof shall become effective on the date (the “Fourteenth Amendment Effective Date”) when the Administrative Agent shall have received:
from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; and
evidence of payment by the Borrower of any fees and expenses due and owing by the Borrower to the Administrative Agent as of the date hereof.
Miscellaneous.
Representations and Warranties. The Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) no Default or Event of Default shall have occurred and be continuing on the Fourteenth Amendment Effective Date, both immediately before and after giving effect to this Amendment and (iii) its representations and warranties as set forth in the Loan Documents, as applicable, are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day).
References to Existing Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Existing Credit Agreement, as amended hereby, and each reference to the Existing Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Existing Credit Agreement shall mean and be a reference to the Existing Credit Agreement, as amended hereby.
Effect on Existing Credit Agreement. Except as specifically amended above, the Existing Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. This Amendment does not constitute a novation or termination of the Credit
Agreement Obligations (as defined in the Guarantee and Security Agreement) under the Existing Credit Agreement as in effect immediately prior to the effectiveness of this Amendment and which remain outstanding.
No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent under the Existing Credit Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. The parties hereto hereby agree that this Amendment is a Loan Document.
Governing Law; Waiver of Jury Trial.
This Amendment shall be construed in accordance with and governed by the law of the State of New York.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.5(b).
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).
Headings. The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.
Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
Reaffirmation. The Subsidiary Guarantors each hereby consent to the terms of this Amendment, each confirm that its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and each hereby reaffirm, ratify and confirm the terms and conditions of the Guarantee and Security Agreement.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

GOLDMAN SACHS BDC, INC.,
as Borrower
By:	/s/ Tucker Greene
	Name:	Tucker Greene
	Title:	Chief Operating Officer