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Goldman Alternatives Sachs Goldman Sachs BDC , Inc. Investor Presentation Quarter Ended June 30 , 2026 www.goldmansachsbdc.com
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Disclaimer and Forward-Looking Statement Quarter Ended June 30, 2026 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 August 7, 2026, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 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
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Quarterly Highlights Quarter Ended June 30, 2026 • Net investment income per share for the quarter ended June 30,2026 was $0.38. Excluding purchase discount amortization per sh are of $0.01 from the Merger, adjusted net investment income per share was $0.37 for the quarter ended June 30, 2026, equating to an annualized net investm ent income yield on book value of 12.3%.1 Earnings per share for the quarter ended June 30, 2026 was $0.21. • Net asset value ("NAV") per share as of June 30, 2026 decreased 0.9% to $12.06 from $12.17 as of March 31, 2026. • As of June 30, 2026, the Company’s total investments at fair value and unfunded commitments were $3,627.5 million, comprised of investments in 173 portfolio companies across 39 industries. The investment portfolio was comprised of 98.6% senior secured debt, including 96.9% in first lien investments.2 • During the quarter, the Company had new investment commitments of approximately $12.9 million of which $5.0 million were fund ed. Fundings of previously unfunded commitments for the quarter were $114.3 million and sales and repayments activity totaled $145.9 million, resulting in net funded investment activity of $(26.6) million • During the quarter, the Company’s 2nd Lien/Senior Secured Debt position in Chase Industries, Inc. (dba Senneca Holdings), whi ch had previously been on non- accrual status, was restructured during the period and subsequently restored to accrual status. The Company’s 2nd Lien/Senior Secured Debt position in Chase Industries, Inc. (dba Senneca Holdings), which had previously been non- income producing, was also restructured to an income -producing position and subsequently placed on non-accrual status. In addition, the Company’s 1st Lien/Senior Secured Debt investment in Thrasio was returned to accrual status following improved performance. The Company also placed two 2nd Lien/Senior Secured Debt investments in Wine.com Inc. on non -accrual status due to financial underperformance. As of June 30, 2026, the Company had certain investments held in 10 portfolio companies on non- accrual status. As of June 30, 2026, investments on non-accrual status decreased to 2.9% of the total investment portfolio at fair value from 3.2% as of March 31, 2026; and investments on non-accrual status increased to 5.0% from 4.7% of the total investment portfolio at amortized cost as of March 31, 2026. • The Company’s ending net debt-to-equity ratio was 1.35x as of June 30, 2026 compared to 1.37x as of March 31, 2026. As of August 6, 2026, our net debt-to- equity ratio decreased below our target of 1.25x, primarily due to repayments and sales. • As of June 30, 2026, 63.9% of the Company’s approximately $1,879.6 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 36.1% was comprised of secured debt.3 • The Company’s Board of Directors declared a third quarter 2026 Base Dividend of $0.32 per share payable to shareholders of recor d as of September 30, 2026.4 • The Company’s Board of Directors also declared a second quarter 2026 Supplemental Dividend of $0.03 per share payable on or abou t September 15, 2026 to shareholders of record as of August 31, 2026. Adjusted for the impact of the Supplemental Dividend related to the second quar ter’s earnings, the Company’s second quarter adjusted NAV per share was $12.03.1 • On May 6, 2026, the Board approved and authorized a new 10b5 -1 stock repurchase program to allow the Company to repurchase up to $75 million of shares of the Company’s common stock, subject to certain limitations. 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, if any, in a money market fund managed by an affiliate of Goldman Sachs Group, Inc. (the “Money Market Fund”). As of June 30, 2026, the Company had an investment of $36.2 million in the Money Market Fund. 3 Total debt outstanding excludes netting of debt issuance costs of $12.8 million and $14.3 million as of June 30, 2026 and March 31, 2026, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(16.6) million and $(8.1) million as of June 30, 2026 and March 31, 2026, respectively. The Company entered 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 consists of predominately floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship. 4 The $0.32 per share Base Dividend is payable on or about October 28, 2026 to shareholders of record as of September 30, 2026. 3
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Selected Financial Highlights Quarter Ended June 30, 2026 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) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investment portfolio, at fair value $3,264.5 $3,196.9 $3,261.7 $3,228.9 $3,195.2 Total debt outstanding1 $1,803.1 $1,853.0 $1,885.8 $1,920.5 $1,879.6 Net assets $1,513.4 $1,454.8 $1,423.0 $1,370.0 $1,357.7 Gross debt to equity 1.19x 1.27x 1.33x 1.40x 1.38x Net debt to equity2 1.12x 1.17x 1.27x 1.37x 1.35x Total investment income $91.0 $91.6 $86.1 $78.8 $83.7 Net investment income after taxes $44.5 $45.3 $42.2 $24.8 $42.2 Adjusted net investment income after taxes3 $43.5 $44.8 $41.8 $24.7 $41.5 Net increase in net assets resulting from operations $39.3 $24.7 $23.7 $(13.6) $23.7 Adjusted net increase in net assets resulting from operations3 $39.3 $24.7 $23.7 $(13.6) $23.7 Per Share Data: Net Asset Value per share $13.02 $12.75 $12.64 $12.17 $12.06 Adjusted Net Asset Value per share3 $12.99 $12.71 $12.61 $12.17 $12.03 Net investment income per share (basic and diluted) $0.38 $0.40 $0.37 $0.22 $0.38 Adjusted Net Investment Income per share3 $0.37 $0.40 $0.37 $0.22 $0.37 Earnings (loss) per share (basic and diluted) $0.34 $0.22 $0.21 $(0.12) $0.21 Adjusted earnings (loss) per share (basic and diluted)3 $0.34 $0.22 $0.21 $(0.12) $0.21 Total Distribution per share Recorded During the Quarter $0.53 $0.51 $0.36 $0.35 $0.32
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Investment Activity Quarter Ended June 30, 2026 The discussion of the investment portfolio excludes the investment in a money market fund, if any, managed by an affiliate of The 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 $12.9 million, funded new investment commitments of $5 million, and had fundings of previously unfunded commitments of $114.3 million. • New investment commitments were across 2 new portfolio companies and 7 existing portfolio companies, comprised of 92.2% First Lien Senior Secured Debt, and 7.8% of First Lien Last-Out Unitranche. • Sales and repayment activity totaled $145.9 million during the quarter, primarily driven by the exits, partial repayments, and refinancing of our investments in 8 portfolio companies. (in $ millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investments in Goldman Sachs BDC, Inc. Gross Originations $247.9 $470.6 $394.9 $46.5 $12.9 New Investment Commitments 247.9 470.6 394.9 46.5 12.9 Funded 126.7 266.9 230.2 16.3 5.0 Unfunded 121.2 203.7 164.7 30.2 7.9 Fundings of Previously Unfunded Commitments 30.6 47.7 90.9 64.2 114.3 Sales and Repayments (288.8) (374.4) (251.6) (82.8) (145.9) Net Funded Investment Activity1 $(131.5) $(59.8) $69.5 $(2.3) $(26.6)
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Portfolio Asset Composition Quarter Ended June 30, 2026 End of Period Investments (at fair value, $mm) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1st Lien 90% 94% 93% 93% 93% 1st Lien, Last-Out Unitranche 6% 3% 4% 4% 4% 2nd Lien 2% 2% 2% 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% - - $3,265 $3,197 $3,262 $3,229 $3,195 The discussion of the investment portfolio excludes the investment in a money market fund, if any, managed by an affiliate of Goldman Sachs Group, Inc. Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than the loan’s maturity date. 6
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Credit Quality of Investments Quarter Ended June 30, 2026 Non-Accrual Status: As of June 30, 2026, investments on non-accrual status represented 2.9% and 5.0% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating Definition 1 Total amount is rounded. All figures in millions ($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 Q4 2025 Q1 2026 Q2 2026 Rating Fair Value % of Total Portfolio Fair Value % of Total Portfolio Fair Value % of Total Portfolio 1 - - - - 54.3 1.7% 2 2,992.0 91.7% 2,953.4 91.5% 2,859.1 89.5% 3 194.7 6.0% 188.2 5.8% 198.9 6.2% 4 75.0 2.3% 87.3 2.7% 82.9 2.6% Total1 3,261.7 100.0% 3,228.9 100.0% 3,195.2 100.0% 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
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Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended June 30, 2026 Portfolio Characteristics Seniority3 Fixed/Floating3,4 Industry Diversification3 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 June 30, 2026, investments where EBITDA may not be the appropriate measure of credit risk represented 10.3% 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 unfunded commitments ($mm) $3,627.5 Unfunded commitments ($mm) $432.3 Investments at fair value ($mm) $3,195.2 Yield at fair value of total investments (%)1 10.8% Yield at amortized cost of total investments (%)1 8.8% Portfolio Companies Total Investments2 Number of portfolio companies 173 Weighted average leverage (net debt-to-EBITDA) 6.2x Weighted average interest coverage 2.0x Median EBITDA ($mm) $73.4 Industry % of Invested Portfolio Software 19.6% Health Care Technology 8.6% Financial Services 7.8% Health Care Providers & Services 7.7% Commercial Services & Supplies 7.6% Diversified Consumer Services 7.1% Professional Services 6.4% Other (≤ 5.4% each) 35.2% 92.8% 4.1% 1.7% 0.5% 0.6% 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 98.9% 1.1% Floating Fixed
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Quarterly Operating Results Quarter Ended June 30, 2026 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 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investment income Interest1 $89,848 $90,081 $84,771 $77,668 $81,714 Dividend income 208 225 179 125 204 Other income 914 1,290 1,112 1,000 1,806 Total investment income $90,970 $91,596 $86,062 $78,793 $83,724 Expenses Interest and other debt expenses $26,416 $28,079 $28,758 $30,041 $30,100 Management fees 8,408 8,179 8,181 8,263 8,182 Incentive fees 8,526 7,051 3,844 12,438 - Other operating expenses 2,261 2,070 2,198 2,284 2,384 Total expenses before taxes $45,611 $45,379 $42,981 $53,026 $40,666 Net expenses $45,611 $45,379 $42,981 $53,026 $40,666 Income tax expense, including excise tax 906 907 891 982 844 Net investment income after taxes $44,453 $45,310 $42,190 $24,785 $42,214 Less: Purchase discount amortization (1,001) (450) (376) (91) (662) Adjusted Net investment income after taxes2 $43,452 $44,860 $41,814 $24,694 $41,552 Net realized and unrealized gains (losses) Net realized gain (loss) (80,994) 5,437 (2,820) 943 21,304 Net change in unrealized appreciation (depreciation) 75,830 (25,993) (15,691) (39,341) (39,851) Net realized and unrealized gains (losses) $(5,164) $(20,556) $(18,511) $(38,398) $(18,547) Less: Realized/Unrealized gains from the purchase discount 1,001 450 376 91 662 Adjusted Net realized and unrealized gains (losses)2 $(4,163) $(20,106) $(18,135) $(38,307) $(17,885) (Provision) benefit for taxes on realized gain/loss on investments - (49) 41 (18) 16 (Provision) benefit for taxes on unrealized appreciation/depreciation on investments - - - - - Net increase (decrease) in net assets resulting from operations $39,289 $24,705 $23,720 $(13,631) $23,683 Adjusted Net increase (decrease) in net assets resulting from operations2 $39,289 $24,705 $23,720 $(13,631) $23,683 Per share data Net investment income $0.38 $0.40 $0.37 $0.22 $0.38 Adjusted Net Investment Income 2 $0.37 $0.40 $0.37 $0.22 $0.37 Earnings (loss) per share $0.34 $0.22 $0.21 $(0.12) $0.21 Adjusted Earnings (loss) per share2 $0.34 $0.22 $0.21 $(0.12) $0.21 Total Distribution per share Recorded During the Quarter $0.53 $0.51 $0.36 $0.35 $0.32 Weighted average shares outstanding 117,204,952 114,398,468 113,462,012 112,569,067 112,569,067 Shares outstanding, end of period 116,250,039 114,113,096 112,569,067 112,569,067 112,569,067
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Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Assets Investments at fair value $3,264,506 $3,196,933 $3,261,721 $3,228,940 $3,195,248 Investments in affiliated money market fund 67 32,693 35,724 2,476 36,226 Cash 108,036 115,183 43,211 41,851 14,430 Interest and dividends receivable 21,079 25,499 26,927 25,127 23,886 Deferred financing and offering costs 14,801 14,050 13,245 12,444 15,438 Other assets 1,749 643 2,419 32,019 2,576 Total Assets $3,410,238 $3,385,001 $3,383,247 $3,342,857 $3,287,804 Liabilities & Net Assets Debt (net of issuance costs) 1 $1,797,397 $1,840,781 $1,874,620 $1,898,158 $1,850,308 Interest and credit facility expense payable 15,516 8,099 25,546 8,757 26,279 Management fees payable 8,408 8,179 8,181 8,263 8,182 Incentive fees payable 8,526 7,051 3,844 12,438 - Distribution payable 55,859 54,774 36,022 36,022 36,022 Unrealized depreciation on derivatives 308 477 - - - Secured borrowing 3,060 3,209 3,366 3,127 2,361 Accrued expenses and other liabilities 7,775 7,602 8,649 6,103 7,002 Total Liabilities $1,896,849 $1,930,172 $1,960,228 $1,972,868 $1,930,154 Total Net Assets $1,513,389 $1,454,829 $1,423,019 $1,369,989 $1,357,650 Total Liabilities and Net Assets $3,410,238 $3,385,001 $3,383,247 $3,342,857 $3,287,804 Net Asset Value per share $13.02 $12.75 $12.64 $12.17 $12.06 Adjusted Net Asset Value per share2 $12.99 $12.71 $12.61 $12.17 $12.03 Quarterly Balance Sheet Quarter Ended June 30, 2026 All figures in thousands ($000), except per share data.1 The Company had debt issuance costs of $5,709 as of June 30, 2025, $9,602 as of September 30, 2025, $8,169 as of December 31, 2025, $14,272 as of March 31, 2026, and $12,777 as of June 30, 2026. The debt outstanding includes hedging adjustments of ($2,631) as of September 30, 2025, ($2,961) as of December 31, 2025, $(8,069) as of March 31, 2026, and ($16,556) as of June 30, 2026 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
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$12.17 $12.17 1 $12.06 $12.03 1 $(0.00) $0.37 1 $0.01 1 $(0.32) $(0.01)1 $(0.16)1 $0.00 Q1 '26 Ending Book NAV Q1 ’26 Supplemental Distribution Q1 '26 Ending Adjusted NAV Q2 '26 Adjusted Net Investment Income Q2 '26 Purchase Discount Amortization Q2 '26 Base Dividend Q2 '26 Realized/Unrealized Purchase Discount Q2 '26 Adjusted Net Change Realized & Unrealized Q2 '26 Repurchase of Shares Q2 '26 Ending Book NAV Q2 '26 Supplemental Dividend Declared in Q3 '26 Q2 '26 Ending Adjusted NAV Net Realized & Unrealized Loss $(0.17) Net Asset Value Bridge Quarter Ended June 30, 2026 June 30, 2026 NAV per share is based on June 30, 2026 shares outstanding as of such date. March 31, 2026 NAV per share is based on ending shares outstanding as of such date. Q2’26 per share data is based on weighted average shares outstanding for the quarter ended June 30, 2026. 1 These metrics include certain non-GAAP adjustments. See non-GAAP Disclosures on page 14. 11 Net Investment Income $0.38 $(0.03)
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GSBD Financing Snapshot As of June 30, 2026 1 Debt outstanding denominated in currencies other than U.S. Dollars (“USD”) have been converted to USD using the applicable fo reign currency exchange rate as of June 30, 2026. Total debt outstanding excludes netting of debt issuance costs of $12.8 million and excludes $(16.6) million hedging adjustment as of June 30, 2026. 2 The GSBD 2027 Notes, GSBD 2029 Notes, and GSBD 2030 Notes have been swapped post-issuance, with floating rates of 3M SOFR + 280bps, 3M SOFR + 160bps, and 3M SOFR + 236bps, respectively. 3 The stated interest rate of SOFR plus 1.65% or SOFR plus 1.775% is subject to borrowing base conditions. 4 Debt composition is calculated based on the amount of debt outstanding. Totals may not sum due to rounding. 12 Debt Type Commitment Amount ($mm) Debt Outstanding ($mm)1 Interest Rate2 Maturity Date Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility Secured $1,475.0 $679.6 SOFR + 177.5 bps / 165 bps3 5/5/2031 GSBD 2027 Notes Unsecured $400.0 $400.0 6.375% 3/11/2027 GSBD 2029 Notes Unsecured $400.0 $400.0 5.100% 1/28/2029 GSBD 2030 Notes Unsecured $400.0 $400.0 5.650% 9/9/2030 Total $2,675.0 $1,879.6 Debt Outstanding Composition4 Outstanding Debt Maturity Schedule ($mm) $1,879.6mm Senior Secured Revolving Credit Facility GSBD 2027 Notes GSBD 2029 Notes GSBD 2030 Notes $400.0 $400.0$400.0 679.6 $0 $300 $600 $900 2027 2028 2029 2030 2031 Senior Secured Revolving Credit Facility GSBD 2027 Notes GSBD 2029 Notes GSBD 2030 Notes 36.1% 21.3% 21.3% 21.3%
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Distribution and Common Stock Information Quarter Ended June 30, 2026 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-Jun-26 $10.15 $8.75 $9.48 31-Dec-24 $13.78 $12.10 $12.10 31-Mar-26 $9.50 $8.88 $8.88 30-Sep-24 $15.59 $13.62 $13.76 31-Dec-25 $10.14 $9.28 $9.28 30-Jun-24 $15.91 $14.84 $15.03 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 $- $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 $0.32 $0.32 $0.32 $- $0.051$0.051 $0.051 $0.16 $0.16 $0.16 $0.05 $0.03 $0.04 $0.03 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 Dec-25 Mar-26 Jun-26 Base Special Supplemental
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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