Goldman Sachs BDC, Inc. Q2 FY2025 earnings call

• Alex Chi stepped down after 31 years, proud of integrating GSBD into Goldman Sachs private credit platform. Vivek Bantwal to join as co-CEO, Tucker Greene to be sole President of GSBD. - Q2 market had resilient M&A with 29% YoY growth in first half, equity markets near all-time highs. Interplay between syndicated loan market and direct lenders strong. - Second quarter net investment income per share $0.38, NAV $13.02. Repurchased over 1 million shares for $12.1 million, NAV accretive. Made new investments of ~$247.9 million across 15 portfolio companies. - Credit quality: Nonaccrual status investments decreased to 1.6% from 1.9% due to restructurings and exits.

Net investment income per share for the quarter was $0.38 and net asset value per share was $13.02 as of quarter end, a decrease of 1.4% relative to the first quarter NAV due to a $0.16 per share special dividend. Excluding the special dividend, book NAV per share increased quarter-over-quarter. The Board declared a second quarter 2025 supplemental dividend of $0.03 per share and a third quarter base dividend of $0.32 per share and special dividend of $0.16 per share. New investment commitments of approximately $247.9 million across 15 portfolio companies were made, with 100% in first lien senior secured loans. Repayments totaled $288 million, with pre-2022 investments accounting for 80% of year-to-date repayments. The portfolio at fair value was comprised of 97.4% in senior secured loans, with weighted average spread of new portfolio companies at ~500 basis points over SOFR.

• Expect green shoots in deal environment by year-end and first half of next year to support active and high-quality deployment across credit complex. - Continued strong deal flow across the platform with new investment commitments seen as positive indicator in competitive environment.

• Policy volatility and tariff-sensitive industries pose uncertainties. Market uncertainties and macroeconomic factors could impact performance.

Q: The investment activity is strong but repayments exceeded, leverage still below target. Thoughts on getting leverage up in second half and pipeline?

A: Some commitments slipped into next quarter, strong deal flow expected to tick up as new deals and existing commitments are funded.

Q: Could you detail more on nonaccruals exited?

A: Pro-PT improved, Lithium restructured into take-back term loan debt and equity-linked security, Kawa Solar disposed, and one new nonaccrual added this quarter