Slides
Page 1
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended September 30, 2025 www.goldmansachsbdc.com
Page 2
Disclaimer and Forward-Looking Statement The information contained in this presentation should be viewed in conjunction with the earnings conference call of Goldman Sachs BDC, Inc. (“GSBD” or the "Company”, "we“, "us“, or "our") (NYSE: GSBD) held on November 7, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company. This investor presentation may contain 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 thereof or other variations thereon 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, dividends and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this investor presentation speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify 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. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by GSBD or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. GSBD is managed by Goldman Sachs Asset Management, L.P. (“GSAM”), a wholly owned subsidiary of The Goldman Sachs Group, Inc. (“Goldman Sachs Group, Inc.”). Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. The information contained in this presentation is summary information that is intended to be considered in the context of other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this presentation, except as required by law. These materials contain information about GSBD, certain of its personnel and affiliates and its historical performance. You should not view information related to the past performance of GSBD as indicative of GSBD’s future results, the achievement of which cannot be assured. Further, an investment in GSBD is discrete from, and does not represent an interest in, any other Goldman Sachs entity. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. 2
Page 3
Quarterly Highlights Quarter Ended September 30, 2025 • Net investment income and adjusted net investment income per share for the quarter ended September 30, 2025 was $0.40, equati ng to an annualized net investment income yield on book value of 12.5%.1 Earnings per share for the quarter ended September 30, 2025 was $0.22. • Net asset value ("NAV") per share as of September 30, 2025 decreased 2.1% to $12.75 from $13.02 as of June 30, 2025. • As of September 30, 2025, the Company’s total investments at fair value and commitments were $3,833.2 million, comprised of i nvestments in 171 portfolio companies across 40 industries. The investment portfolio was comprised of 98.2% senior secured debt, including 96.7% in first lien investments.2 • During the quarter, the Company had new investment commitments of approximately $470.6 million of which $266.9 million were f unded. Fundings of previously unfunded commitments for the quarter were $47.7 million and sales and repayments activity totaled $374.4 million, resulting i n net funded investment activity of $(59.8) million. • During the quarter, the Company's 1st Lien/Senior Secured Debt position in Vardiman Black Holdings, LLC (dba Specialty Dental Brands) was placed on non- accrual status due to financial underperformance. As of September 30, 2025, the Company had certain investments held in eight portfolio companies on non- accrual status. As of September 30, 2025, investments on non-accrual status amounted to 1.5% and 2.5% of the total investment po rtfolio at fair value and amortized cost, respectively. • The Company’s ending net debt-to-equity ratio was 1.17x as of September 30, 2025 compared to 1.12x as of June 30, 2025. • As of September 30, 2025, 70.2% of the Company’s approximately $1,853.0 million aggregate principal amount of debt outstandin g was comprised of unsecured debt and 29.8% was comprised of secured debt. 3 • On February 26, 2025, the Company’s Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share (the “Base Dividend”) with upside potential through quarterly supplemental variable distributions (the “Supplemental Dividend”) in the amount of at leas t 50% of the Company’s net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income. • The Company’s Board of Directors declared a fourth quarter 2025 Base Dividend of $0.32 per share payable to shareholders of r ecord as of December 31, 2025.4 • The Company’s Board of Directors also declared a third quarter 2025 Supplemental Dividend of $0.04 per share payable on or ab out December 15, 2025 to shareholders of record as of November 28, 2025. Adjusted for the impact of the Supplemental Dividend related to the third qua rter’s earnings, the Company’s third quarter adjusted NAV per share was $12.71.5 • On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.0 mi llion of shares of the Company’s common stock if the common stock trades below the most recently announced quarter -end NAV per share, subject to certain limitations. During the three months ended September 30, 2025, the Company repurchased 2,136,943 shares for $25.1 million, inclusive of commission an d direct acquisition costs. 1 These metrics include certain non-GAAP adjustments. See non-GAAP Disclosures on page 14. 2 The discussion of the investment portfolio excludes the investment in a money market fund managed by an affiliate of Goldman Sachs Group, Inc. 3 Total debt outstanding excludes netting of debt issuance costs of $9.6 million and cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(2.6) million as of September 30, 2025. 4 The $0.32 per share Base Dividend is payable on or about January 27, 2026 to shareholders of record as of December 31, 2025. 3
Page 4
Selected Financial Highlights Quarter Ended September 30, 2025 1 Total debt outstanding excludes netting of debt issuance costs and cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship. 2 The ending net debt to equity leverage ratio is calculated by using the total borrowings net with cash and cash equivalents divided by equity. 3 These metrics include certain non-GAAP adjustments. See non-GAAP Disclosures on page 14. 4 (in $ millions, except per share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Investment portfolio, at fair value $3,442.1 $3,475.3 $3,384.7 $3,264.5 $3,196.9 Total debt oustanding1 $1,887.8 $1,934.6 $1,874.9 $1,803.1 $1,853.0 Net assets $1,586.1 $1,572.7 $1,548.0 $1,513.4 $1,454.8 Gross debt to equity 1.19x 1.23x 1.21x 1.19x 1.27x Net debt to equity2 1.16x 1.17x 1.16x 1.12x 1.17x Total investment income $110.4 $103.8 $96.9 $91.0 $91.6 Net investment income after taxes $68.2 $56.6 $49.6 $44.5 $45.3 Adjusted net investment income after taxes3 $67.2 $55.6 $48.8 $43.5 $44.8 Net increase in net assets resulting from operations $37.1 $37.5 $31.6 $39.3 $24.7 Adjusted net increase in net assets resulting from operations3 $37.1 $37.5 $31.6 $39.3 $24.7 Per Share Data: Net Asset Value per share $13.54 $13.41 $13.20 $13.02 $12.75 Adjusted Net Asset Value per share3 $13.54 $13.41 $13.15 $12.99 $12.71 Net investment income per share (basic and diluted) $0.58 $0.48 $0.42 $0.38 $0.40 Adjusted Net Investment Income per share 3 $0.57 $0.47 $0.41 $0.37 $0.40 Earnings (loss) per share (basic and diluted) $0.32 $0.32 $0.27 $0.34 $0.22 Adjusted earnings (loss) per share (basic and diluted)3 $0.32 $0.32 $0.27 $0.34 $0.22 Total Quarterly Distribution per share $0.45 $0.45 $0.48 $0.53 $0.51
Page 5
Investment Activity Quarter Ended September 30, 2025 The discussion of the investment portfolio excludes the investment in a money market fund, if any, managed by an affiliate of Goldman Sachs Group, Inc. Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than the loan’s maturity date. 1 Total Amount is rounded. 5 During the quarter, the Company made new investment commitments of approximately $470.6 million, funded new investment commitments of $266.9 million, and had fundings of previously unfunded commitments of $ 47.7 million • New investment commitments were across 13 new portfolio companies and 14 existing portfolio companies, comprised of 95.0% First Lien Senior Secured Debt and 5.0% First Lien, Last-Out Unitranche investments. • Sales and repayments totaled $374.4 million for the quarter, primarily driven by the repayment of four portfolio companies and refinance of four portfolio companies. (in $ millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Investments in Goldman Sachs BDC, Inc. Gross Originations $376.6 $173.0 $87.8 $247.9 $470.6 New Investment Commitments 376.6 173.0 87.8 247.9 470.6 Funded 212.7 102.5 53.8 126.7 266.9 Unfunded 163.9 70.5 34.0 121.2 203.7 Fundings of Previously Unfunded Commitments 47.0 123.5 37.8 30.6 47.7 Sales and Repayments (329.1) (187.5) (179.3) (288.8) (374.4) Net Funded Investment Activity1 $(69.4) $38.5 $(87.7) $(131.5) $(59.8)
Page 6
Portfolio Asset Composition Quarter Ended September 30, 2025 End of Period Investments (at fair value, $mm) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1st Lien 92% 92% 91% 90% 94% 1st Lien, Last-Out Unitranche 5% 5% 5% 6% 3% 2nd Lien 1% 1% 1% 2% 2% Unsecured Debt <1% <1% 1% <1% <1% Preferred Stock 1% 1% 1% 1% <1% Common Stock 1% 1% 1% 1% <1% Warrants <1% <1% <1% <1% <1% $3,442 $3,475 $3,385 $3,265 $3,197 The discussion of the investment portfolio excludes the investment in a money market fund, if any, managed by an affiliate of Goldman Sachs Group, Inc. Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than the loan’s maturity date. 6
Page 7
Credit Quality of Investments Quarter Ended September 30, 2025 Non-Accrual Status: As of September 30, 2025, investments on non-accrual status represented 1.5% and 2.5% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating Definition 1 Total amount is rounded. All figures in millions ($mm). The discussion of the investment portfolio excludes the investment in a money market fund, if any, managed by an affiliate of Goldman Sachs Group, Inc. 7 Q1 2025 Q2 2025 Q3 2025 Rating Fair Value % of Total Portfolio Fair Value % of Total Portfolio Fair Value % of Total Portfolio 1 48.7 1.4% - - 9.0 0.3% 2 3,172.6 93.8% 3,066.9 93.9% 2,986.6 93.4% 3 98.3 2.9% 121.2 3.7% 119.1 3.7% 4 65.1 1.9% 76.4 2.4% 82.2 2.6% Total1 3,384.7 100.0% 3,264.5 100.0% 3,196.9 100.0% Rating Definition 1 ◼ Involves the least amount of risk to our initial cost basis ◼ The trends and risk factors are generally favorable, which may include the performance of the portfolio company or a potential exit 2 ◼ Involves a level of risk that is similar to the risk to our initial cost basis at the time of origination or acquisition ◼ Borrower is generally performing as expected and the risk factors are neutral to favorable 3 ◼ Indicates that the investment’s risk has increased materially since origination or acquisition ◼ Borrower may be out of compliance with debt covenants; however, payments are generally not more than 120 days past due 4 ◼ Indicates that the investment’s risk has increased substantially since origination or acquisition ◼ In most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent; investments are not anticipated to be repaid in full and we may realize a substantial loss of our initial cost basis upon exit
Page 8
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2025 Portfolio Characteristics Seniority3 Fixed/Floating3,4 Industry Diversification 3 The discussion of the investment portfolio excludes an investment in a money market fund, if any, managed by an affiliate of Goldman Sachs Group, Inc. 1 Computed based on the (a) annual stated interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total investments (including investments on non-accrual and non-incoming producing investments) at amortized cost or fair value, respectively. 2 For a particular portfolio company, EBITDA typically represents net income before net interest expense, income tax expense, depreciation and amortization. The net debt to EBITDA represents the ratio of a portfolio company’s total debt (net of cash) and excluding debt subordinated to the Company’s investment in a portfolio company, to a portfolio company’s EBITDA. The interest coverage ratio represents the ratio of a portfolio company’s EBITDA as a multiple of a portfolio company’s interest expense. Weighted average net debt to EBITDA is weighted based on the fair value of the Company’s 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. Weighted average interest coverage is weighted based on the fair value of the Company’s performing debt investments, excluding investments where 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. Median EBITDA is based on the Company’s debt investments, excluding investments where 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. As of September 30, 2025, investments where EBITDA may not be the appropriate measure of credit risk represented 14.7% of total debt investments at fair value. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the respective reported end date. Portfolio company statistics have not been independently verified by us and may reflect a normalized or adjusted amount. 3 Measured on a fair value basis. 4 The fixed versus floating composition has been calculated as a percentage of performing debt investments, including income producing preferred stock investments. 8 Invested Portfolio Total investments and commitments ($mm) $3,833.2 Unfunded commitments ($mm) $636.3 Investments at fair value ($mm) $3,196.9 Yield at fair value of total investments (%)1 10.8% Yield at amortized cost of total investments (%)1 9.8% Portfolio Companies Total Investments2 Number of portfolio companies 171 Weighted average leverage (net debt-to-EBITDA) 5.8x Weighted average interest coverage 1.9x Median EBITDA ($mm) $70.85 Industry % of Invested Portfolio Software 18.9% Health Care Technology 9.9% Health Care Providers & Services 9.0% Professional Services 8.3% Financial Services 7.1% Other (≤ 6.3% each) 46.8%93.8% 2.9% 1.5% 0.7% 0.8% 0.3% <0.1% 1st Lien/Senior Secured Debt 1st Lien/Last-Out Unitranche 2nd Lien/Senior Secured Debt Common Stock Preferred Stock Unsecured Debt Warrants 99.4% 0.6% Floating Fixed
Page 9
Quarterly Operating Results Quarter Ended September 30, 2025 All figures in thousands ($000), except shares and per share data. 1 Includes certain prepayment fees, exit fees and PIK income. 2 These metrics include certain non-GAAP adjustments. See non-GAAP Disclosures on page 14. 9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Investment income Interest1 $109,116 $102,111 $95,746 $89,848 $90,081 Dividend income 469 320 173 208 225 Other income 828 1,369 1,021 914 1,290 Total investment income $110,413 $103,800 $96,940 $90,970 $91,596 Expenses Interest and other debt expenses $29,298 $27,703 $28,305 $26,416 $28,079 Management fees 8,855 8,780 8,681 8,408 8,179 Incentive fees - 6,330 6,804 8,526 7,051 Other operating expenses 2,588 2,946 2,214 2,261 2,070 Total expenses before taxes $40,741 $45,759 $46,004 $45,611 $45,379 Net expenses $40,741 $45,759 $46,004 $45,611 $45,379 Income tax expense, including excise tax 1,490 1,489 1,322 906 907 Net investment income after taxes $68,182 $56,552 $49,614 $44,453 $45,310 Less: Purchase discount amortization (994) (957) (805) (1,001) (450) Adjusted Net investment income after taxes2 $67,188 $55,595 $48,809 $43,452 $44,860 Net realized and unrealized gains (losses) Net realized gain (loss) (83,736) (24,475) (44,233) (80,994) 5,437 Net change in unrealized appreciation (depreciation) 52,871 5,608 26,244 75,830 (25,993) Net realized and unrealized gains (losses) $(30,865) $(18,867) $(17,989) $(5,164) $(20,556) Less: Realized/Unrealized gains from the purchase discount 994 957 805 1,001 450 Adjusted Net realized and unrealized gains (losses)2 $(29,871) $(17,910) $(17,184) $(4,163) $(20,106) (Provision) benefit for taxes on realized gain/loss on investments (189) (159) (72) - (49) (Provision) benefit for taxes on unrealized appreciation/depreciation on investments (47) 20 - - - Net increase (decrease) in net assets resulting from operations $37,081 $37,546 $31,553 $39,289 $24,705 Adjusted Net increase (decrease) in net assets resulting from operations2 $37,081 $37,546 $31,553 $39,289 $24,705 Per share data Net investment income $0.58 $0.48 $0.42 $0.38 $0.40 Adjusted Net Investment Income 2 $0.57 $0.47 $0.41 $0.37 $0.40 Earnings (loss) per share $0.32 $0.32 $0.27 $0.34 $0.22 Adjusted Earnings (loss) per share2 $0.32 $0.32 $0.27 $0.34 $0.22 Total Quarterly Distributions per share $0.45 $0.45 $0.48 $0.53 $0.51 Weighted average shares outstanding 116,942,390 117,257,520 117,297,222 117,204,952 114,398,468 Shares outstanding, end of period 117,161,940 117,297,222 117,297,222 116,250,039 114,113,096
Page 10
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Assets Investments at fair value $3,442,129 $3,475,258 $3,384,669 $3,264,506 $3,196,933 Investments in affiliated money market fund 1,527 25,238 29 67 32,693 Cash 52,957 61,795 82,759 108,036 115,183 Interest and dividends receivable 32,789 28,092 23,588 21,079 25,499 Deferred financing and offering costs 12,721 11,897 11,091 14,801 14,050 Other assets 3,371 1,103 1,692 1,749 643 Total Assets $3,545,494 $3,603,383 $3,503,828 $3,410,238 $3,385,001 Liabilities & Net Assets Debt (net of issuance costs)1 $1,878,107 $1,926,452 $1,868,054 $1,797,397 $1,840,781 Interest and credit facility expense payable 8,186 21,289 5,446 15,516 8,099 Management fees payable 8,855 8,780 8,681 8,408 8,179 Incentive fees payable - 6,330 6,804 8,526 7,051 Distribution payable 52,723 52,784 56,303 55,859 54,774 Unrealized depreciation on foreign currency forward contracts 917 38 127 308 477 Secured borrowing 2,473 2,920 2,989 3,060 3,209 Other costs and liabilities 8,145 12,090 7,474 7,775 7,602 Total Liabilities $1,959,406 $2,030,683 $1,955,878 $1,896,849 $1,930,172 Total Net Assets $1,586,088 $1,572,700 $1,547,950 $1,513,389 $1,454,829 Total Liabilities and Net Assets $3,545,494 $3,603,383 $3,503,828 $3,410,238 $3,385,001 Net Asset Value per share $13.54 $13.41 $13.20 $13.02 $12.75 Adjusted Net Asset Value per share2 $13.54 $13.41 $13.15 $12.99 $12.71 Quarterly Balance Sheet Quarter Ended September 30, 2025 All figures in thousands ($000), except per share data.1 The Company had debt issuance costs of $9,700 as of September 30, 2024, $8,176 as of December 31, 2024, $6,871 as of March 31, 2025, $5,709 as of June 30, 2025, and $9,602 as of September 30, 2025. The Company had cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(2,631) as of September 30, 2025. 2 Reflects Net Asset Value per share adjusted for the declared Supplemental Dividend related to the quarter’s earnings. Adjusted Net Asset Value per share is a non-GAAP financial measure. See Non-GAAP Disclosures on Page 14. 10
Page 11
$13.02 $12.99 1 $12.75 $12.711 $(0.03) $0.401 $0.00 $(0.32) $(0.16) $(0.00) $(0.18)1 $0.02 $(0.04) Q2 '25 Ending Book NAV Q2 ’25 Supplemental dividend declared in Q3’25 Q2 '25 Ending Adjusted NAV Q3 '25 Adjusted Net Investment Income Q3 '25 Purchase Discount Amortization Q3 '25 Base Dividend Q3 '25 Special Dividend Q3 '25 Realized/Unrealized Purchase Discount Q3 '25 Adjusted Net Change Realized & Unrealized Q3 '25 Repurchase of Shares Q3 '25 Ending Book NAV Q3’25 Supplemental dividend declared in Q4’25 Q3 '25 Ending Adjusted NAV Net Realized & Unrealized Loss $(0.18) Net Asset Value Bridge Quarter Ended September 30, 2025 September 30, 2025 NAV is based on September 30, 2025 shares outstanding as of such date. June 30, 2025 NAV is based on ending shares outstanding as of such date. Q3’25 per share data is based on weighted average shares outstanding for the quarter ended September 30, 2025. 1 These metrics include certain non-GAAP adjustments. See non-GAAP Disclosures on page 14. 11 Net Investment Income $0.40
Page 12
Debt Quarter Ended September 30, 2025 Debt Outstanding Composition3 Debt Maturity Schedule ($mm) 1 Total debt outstanding excludes netting of debt issuance costs and cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship. 2 The stated interest rate of SOFR plus 1.65% or SOFR plus 1.775% is subject to borrowing base conditions.3 Debt composition is calculated based on the amount of debt outstanding. Totals may not sum due to rounding. 4 2027 and 2030 notes have been swapped post-issuance, with floating rates of 3M SOFR + 280bps and 3M SOFR + 236bps, respectively. 12 Commitment Amount ($mm) Debt Outstanding ($mm)1 Interest Rate4 Maturity Date Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility $1,695 $553 SOFR + 177.5 bps / 165 bps2 6/24/2030 2026 Notes $500 $500 2.875% 1/15/2026 2027 Notes $400 $400 6.375% 3/11/2027 2030 Notes $400 $400 5.650% 9/9/2030 Total $2,995 $1,853 Senior Secured Revolving Credit Facility 29% 2026 Notes 27% 2027 Notes 22% 2030 Notes 22% $500 $400 $400 $553 $0 $300 $600 $900 $1,200 2026 2027 2030 Unsecured Debt Drawn Revolving Credit Facility
Page 13
Distribution and Common Stock Information Quarter Ended September 30, 2025 The common stock data reflects closing market prices on the New York Stock Exchange (NYSE) reported for “GSBD” and not NAV per share data. Please see prior investor presentations for historical information. 1 Three special dividends of $0.05 were paid intra-quarter as a result of the Merger. 13 Common Stock Data Quarter Ended High Low End of Period Quarter Ended High Low End of Period 30-Sep-25 $11.97 $10.17 $10.17 31-Mar-24 $15.57 $14.56 $14.98 30-Jun-25 $11.67 $9.85 $11.25 31-Dec-23 $15.44 $13.46 $14.65 31-Mar-25 $13.30 $11.63 $11.63 30-Sep-23 $15.13 $13.64 $14.56 31-Dec-24 $13.78 $12.10 $12.10 30-Jun-23 $14.33 $12.79 $13.86 30-Sep-24 $15.59 $13.62 $13.76 31-Mar-23 $16.40 $13.55 $13.65 30-Jun-24 $15.91 $14.84 $15.03 31-Dec-22 $16.07 $13.72 $13.72 $- $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.32 $0.32 $0.32 $0.051 $0.051$0.051 $0.16 $0.16 $0.16 $0.05 $0.03 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Base Special Supplemental
Page 14
Non-GAAP Disclosures As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, certain non-GAAP financial measures. 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 non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies. 1. On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholder 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 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 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 Statement 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 loan acquired through its 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, we have provided 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 per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures can be located on page 9. 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. 2. On February 26, 2025, we announced a distribution framework that is comprised of 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, we have provided a non-GAAP financial measure to our financial condition that adjusts the net asset value per share for the declared and unpaid supplemental distribution per share. A reconciliation of this non-GAAP measure to the most directly comparable GAAP measure can be located on page 11. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings. 14