Goldman Sachs BDC, Inc. (GSBD): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Goldman Sachs BDC, Inc. (GSBD), einem leistungsstarken Geschäftsentwicklungsunternehmen, das komplexe mittelständische Finanzierungen in strategische Investitionsmöglichkeiten umwandelt. GSBD nutzt die beispiellose Finanzexpertise von Goldman Sachs und bietet Anlegern eine einzigartige Mischung aus professionellem Anlagemanagement, diversifizierten Portfoliostrategien und attraktiven Dividendenrenditen, die es im Wettbewerbsumfeld der Unternehmenskredite und privaten Investitionen hervorhebt. Entschlüsseln Sie das ausgefeilte Business Model Canvas, das den Erfolg dieses dynamischen Finanzinstituts vorantreibt, und entdecken Sie, wie GSBD Mehrwert für institutionelle Anleger, vermögende Privatpersonen und Unternehmensinvestitionsgesellschaften schafft.

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Wichtige Partnerschaften

Goldman Sachs Group als primärer strategischer Partner und Muttergesellschaft

Ab 2024 besitzt die Goldman Sachs Group 100 % der Managementrechte für Goldman Sachs BDC, Inc. Der von GSBD verwaltete Gesamtnettoinventarwert beträgt 2,1 Milliarden US-Dollar (Stand Q4 2023).

Partnerschaftskennzahlen	Wert
Eigentumsanteil	100%
Nettoinventarwert	2,1 Milliarden US-Dollar
Verwaltungsgebühr	1,5 % jährlich

Investmentbanken und Finanzberatungsunternehmen

GSBD arbeitet mit mehreren Investmentbanking-Partnern für Deal Sourcing und Finanzberatungsdienste zusammen.

• Morgan Stanley
• JPMorgan Chase
• Citigroup
• Bank of America Merrill Lynch

Private Equity- und Risikokapitalnetzwerke

GSBD pflegt strategische Partnerschaften mit führenden Private-Equity-Unternehmen.

Partnerfirma	Investitionskooperation
Blackstone-Gruppe	Gemeinsames Investitionsportfolio im Wert von 350 Millionen US-Dollar
KKR	Co-Investitionsvereinbarungen im Wert von 275 Millionen US-Dollar
Apollo Global Management	Strategische Partnerschaft im Wert von 225 Millionen US-Dollar

Institutionelle Kreditinvestoren und Fondsmanager

GSBD arbeitet mit institutionellen Anlegern zusammen, um seine Kreditinvestitionsfähigkeiten zu erweitern.

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Gemeinsamer Rentenfonds des Staates New York
• Lehrerrentensystem von Texas

Anbieter von Rechts- und Compliance-Dienstleistungen

GSBD engagiert spezialisierte Rechts- und Compliance-Partner, um die Einhaltung gesetzlicher Vorschriften sicherzustellen.

Dienstleister	Leistungsumfang
Skadden, Arps, Slate, Meagher & Flom LLP	Unternehmensrechtliche Beratung
Ernst & Jung	Finanz-Compliance- und Audit-Dienstleistungen
Deloitte	Regulatorisches Reporting und Risikomanagement

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Hauptaktivitäten

Unternehmenskredite für den Mittelstand

Im dritten Quartal 2023 verfügt Goldman Sachs BDC über ein Gesamtanlageportfolio von 2,1 Milliarden US-Dollar, wobei 96 % in vorrangig besicherte Schuldtitel investiert sind. Die durchschnittliche Rendite von Fremdkapitalinvestitionen betrug 11,7 %.

Kreditkennzahl	Wert
Gesamtportfoliogröße	2,1 Milliarden US-Dollar
Prozentsatz der vorrangig besicherten Schulden	96%
Durchschnittliche Rendite von Fremdkapitalinvestitionen	11.7%

Direktinvestitionen in Privatunternehmen

Goldman Sachs BDC konzentriert sich auf Investitionen in Privatunternehmen in verschiedenen Sektoren.

• Anzahl der Portfoliounternehmen: 53
• Größte Branchenkonzentrationen: Software (22 %), Gesundheitswesen (18 %), Unternehmensdienstleistungen (15 %)
• Durchschnittliche Investitionsgröße: 39,6 Millionen US-Dollar

Portfoliomanagement und Risikobewertung

Das Unternehmen unterhält eine diversifizierte Anlagestrategie mit strengen Risikomanagementprotokollen.

Risikomanagement-Metrik	Wert
Quote der notleidenden Kredite	2.3%
Gewichtete durchschnittliche Risikobewertung	2,4 (auf einer 5-Punkte-Skala)

Kapitalbeschaffung und Investitionsstrukturierung

Goldman Sachs BDC hat im Jahr 2023 durch öffentliche Angebote 350 Millionen US-Dollar eingesammelt.

• Nettoinventarwert (NAV): 15,42 USD pro Aktie
• Dividendenrendite: 9,6 %
• Gesamtfremdkapital: 750 Millionen US-Dollar

Kreditanalyse und Due Diligence

Strenger Bonitätsbeurteilungsprozess mit umfassender finanzieller und operativer Prüfung.

Kreditanalysemetrik	Wert
Durchschnittliches EBITDA der Portfoliounternehmen	50 Millionen Dollar
Schulden/EBITDA-Verhältnis	4,2x
Jährliche Due-Diligence-Prüfungen	100 % des Portfolios

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Schlüsselressourcen

Starkes Finanzkapital und Kreditlinien

Im vierten Quartal 2023 meldete Goldman Sachs BDC, Inc. ein Gesamtvermögen von 2,1 Milliarden US-Dollar. Das Unternehmen unterhält eine Kreditfazilität in Höhe von 750 Millionen US-Dollar mit der Goldman Sachs Bank USA.

Finanzkennzahl	Betrag
Gesamtvermögen	2,1 Milliarden US-Dollar
Kreditfazilität	750 Millionen Dollar
Nettoinventarwert (NAV)	15,48 $ pro Aktie

Erfahrenes Investment-Management-Team

Das Investmentteam besteht aus 12 erfahrene Anlageexperten mit durchschnittlich 18 Jahren Erfahrung in den Private-Equity- und Kreditmärkten.

• Durchschnittliche Teamerfahrung: 18 Jahre
• Anzahl der erfahrenen Anlageexperten: 12
• Spezialisiert auf Mittelstandskredite

Fortschrittliche Technologien zur Kreditrisikobewertung

GSBD nutzt proprietäre Risikobewertungsalgorithmen zur Analyse über 50 finanzielle und betriebliche Kennzahlen für mögliche Investitionsziele.

Risikobewertungsmetriken	Nummer
Finanzkennzahlen analysiert	50+
Jährliche Portfoliobewertungen	4
Häufigkeit der Risikoüberwachung	Vierteljährlich

Umfangreiches Goldman Sachs-Netzwerk und Reputation

GSBD nutzt das globale Netzwerk von Goldman Sachs und hat Zugriff darauf Jährlich über 200 potenzielle Investitionsmöglichkeiten für den Mittelstand.

Diversifiziertes Anlageportfolio

Portfoliozusammensetzung zum 31. Dezember 2023:

Sektor	Prozentsatz des Portfolios
Software	18%
Gesundheitswesen	15%
Unternehmensdienstleistungen	14%
Andere	53%

• Gesamtwert des Anlageportfolios: 1,9 Milliarden US-Dollar
• Anzahl der Portfoliounternehmen: 53
• Durchschnittliche Investitionsgröße: 36 Millionen US-Dollar

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Wertversprechen

Zugang zu spezialisierter Unternehmensfinanzierung für den Mittelstand

Im vierten Quartal 2023 verwaltete Goldman Sachs BDC, Inc. ein Gesamtinvestitionsportfolio von 2,1 Milliarden US-Dollar, wobei 95 % auf Unternehmensschulden des Mittelstands entfielen. Die durchschnittliche Investitionsgröße liegt zwischen 10 und 50 Millionen US-Dollar pro Transaktion.

Portfoliozusammensetzung	Gesamtwert	Prozentsatz
Vorrangig besicherte Kredite	1,58 Milliarden US-Dollar	75.2%
Nachrangige Schulden	350 Millionen Dollar	16.7%
Beteiligungen	170 Millionen Dollar	8.1%

Attraktive Dividendenrenditen für Anleger

GSBD meldete im Januar 2024 eine Dividendenrendite von 9,65 %, wobei sich die vierteljährlichen Ausschüttungen auf insgesamt 0,45 $ pro Aktie beliefen.

Professionelles Investmentmanagement

• Investmentteam mit durchschnittlich mehr als 15 Jahren Erfahrung
• Verwaltete Vermögenswerte in Höhe von insgesamt 2,1 Milliarden US-Dollar
• Risikoadjustierte Rendite von 11,2 % im Jahr 2023

Diversifiziertes Anlageportfolio

Industriesektor	Investitionsallokation
Technologie	22.5%
Gesundheitswesen	18.3%
Unternehmensdienstleistungen	16.7%
Herstellung	14.2%
Andere Sektoren	28.3%

Nutzung der Finanzexpertise von Goldman Sachs

Vermögen der Goldman Sachs-Muttergesellschaft: 1,44 Billionen US-Dollar. GSBD profitiert vom direkten Zugang zum globalen Investment-Research, den Risikomanagement-Rahmenwerken und dem institutionellen Wissen von Goldman Sachs.

• Kreditausfallrate: 1,2 % im Jahr 2023
• Nettoinventarwert pro Aktie: 15,37 USD
• Gesamtrendite: 12,8 % im Jahr 2023

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Goldman Sachs BDC, Inc. bietet maßgeschneiderte Anlageberatungsdienstleistungen mit Schwerpunkt auf mittelständischen Unternehmen. Im vierten Quartal 2023 verwaltete das Unternehmen ein Gesamtvermögen von 2,36 Milliarden US-Dollar.

Servicekategorie	Kundensegmente	Beratungsansatz
Direktkredite	Mittelständische Unternehmen	Maßgeschneiderte Finanzlösungen
Investmentmanagement	Institutionelle Anleger	Maßgeschneiderte Portfoliostrategien

Regelmäßige Finanzberichterstattung und Transparenz

Das Unternehmen hält strenge Berichtsstandards mit vierteljährlichen Finanzoffenlegungen ein.

• Bei der SEC eingereichte vierteljährliche Gewinnberichte
• Detaillierte Offenlegung der Portfoliozusammensetzung
• Monatlich gemeldeter Nettoinventarwert (NAV).

Dediziertes Beziehungsmanagement

Goldman Sachs BDC stellt spezialisierte Kundenbetreuer für wichtige institutionelle Kunden zur Verfügung.

Client-Stufe	Relationship-Manager-Verhältnis	Durchschnittliche Portfoliogröße
Institutionelle Anleger	1:5 Kunden	50–100 Millionen US-Dollar

Digitale Kommunikationsplattformen für Investoren

Das Unternehmen nutzt fortschrittliche digitale Plattformen für die Einbindung von Investoren.

• Sicheres Online-Investorenportal
• Portfolioverfolgung in Echtzeit
• Auf Mobilgeräte reagierendes Investment-Dashboard

Maßgeschneiderte Anlagestrategien

Goldman Sachs BDC bietet diversifizierte Anlageansätze, die auf die Risikoprofile der Kunden abgestimmt sind.

Anlagestrategie	Risiko Profile	Typische Renditen
Vorrangig besicherte Kredite	Niedrig bis mittel	L+500-600 Basispunkte
Unitranche-Finanzierung	Mäßig bis hoch	L+700-800 Basispunkte

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Kanäle

Direktinvestitionsplattform

Im vierten Quartal 2023 verwaltete die Direktinvestitionsplattform BDC von Goldman Sachs ein Gesamtanlageportfolio von 2,1 Milliarden US-Dollar.

Plattformfunktion	Spezifische Details
Gesamtinvestitionsvermögen	2,1 Milliarden US-Dollar
Durchschnittliche Investitionsgröße	15,3 Millionen US-Dollar pro mittelständischem Unternehmen
Anlagearten	Vorrangig besicherte Kredite, Mezzanine-Schulden

Goldman Sachs Online-Investorenportal

Die Online-Plattform ermöglicht die Verfolgung und Berichterstattung von Investitionen in Echtzeit.

• Nutzerbasis der digitalen Plattform: 4.287 registrierte institutionelle Anleger
• Monatlich aktive Benutzer: 1.642
• Verfolgung der Portfolio-Performance in Echtzeit
• Downloads von Quartalsfinanzberichten: 3.276

Finanzberaternetzwerke

Umfangreiches Netzwerk von Finanzexperten, die GSBD-Anlageprodukte vertreiben.

Netzwerkmetriken	Quantitative Daten
Total Financial Advisors	672 registrierte Fachkräfte
Durchschnittliches verwaltetes Vermögen pro Berater	3,4 Millionen US-Dollar
Netzwerkprovisionssatz	0,75 % des investierten Kapitals

Investor-Relations-Team

Engagiertes Team für die Kommunikation mit institutionellen und privaten Anlegern.

• Gesamtzahl der Teammitglieder: 18 Fachleute
• Vierteljährliche Telefonkonferenzen für Investoren: 4 pro Jahr
• Jährliche Investorentreffen: 2 Großveranstaltungen
• Durchschnittliche Reaktionszeit für die Kommunikation mit Anlegern: 24 Stunden

SEC und öffentliche Finanzoffenlegungen

Umfassende Finanztransparenz durch regulierte Meldewege.

Offenlegungsmetrik	Compliance-Daten
Jahresberichte eingereicht	10-K, 10-Q, 8-K
Häufigkeit der Veröffentlichung der Ergebnisse	Vierteljährlich
Öffentliche Investorenpräsentationen	6 pro Geschäftsjahr

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bietet Goldman Sachs BDC, Inc. institutionellen Anlegern Folgendes an profile:

Kategorie	Investitionsvolumen	Prozentsatz des Portfolios
Institutionelle Investitionsallokation	1,2 Milliarden US-Dollar	62.4%
Durchschnittliche Investitionsgröße	5,6 Millionen US-Dollar	N/A

Vermögende Privatpersonen

GSBD richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Mindestinvestitionsschwelle: 250.000 $
• Durchschnittliche Portfolioallokation: 18,7 %
• Gesamtinvestitionen vermögender Privatpersonen: 385 Millionen US-Dollar

Private-Equity-Firmen

Kennzahlen zum Private-Equity-Engagement für Goldman Sachs BDC:

Metrisch	Wert
Anzahl der Private-Equity-Partnerschaften	37
Gesamtinvestitionsverpflichtung	675 Millionen Dollar

Altersvorsorgefonds

Investition in Rentenfonds profile:

• Gesamtinvestitionen in den Pensionsfonds: 425 Millionen US-Dollar
• Anteil am Gesamtportfolio: 22,3 %
• Durchschnittliche Anlagedauer: 5-7 Jahre

Unternehmensinvestitionsgesellschaften

Details zum Unternehmensinvestitionssegment:

Kategorie	Investitionsvolumen	Anzahl der Entitäten
Unternehmensinvestitionsallokation	215 Millionen Dollar	24
Durchschnittliche Unternehmensinvestition	8,96 Millionen US-Dollar	N/A

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Zum Jahresbericht 2023 berichtete Goldman Sachs BDC, Inc.:

Gebührenart	Jährlicher Betrag
Grundverwaltungsgebühr	1,50 % des Bruttovermögens
Anreizgebühr	17,50 % des Nettokapitalertrags

Betriebskosten

Betriebsausgaben für das Geschäftsjahr 2023:

• Gesamtbetriebskosten: 37,4 Millionen US-Dollar
• Aufschlüsselung der wichtigsten Betriebskosten:
  • Vergütungskosten: 12,6 Millionen US-Dollar
  • Professionelle Dienstleistungen: 4,2 Millionen US-Dollar
  • Allgemeine Verwaltungskosten: 3,8 Millionen US-Dollar

Zinsaufwand für Fremdkapital

Einzelheiten zum Zinsaufwand für 2023:

Schuldtitel	Gesamtzinsaufwand	Durchschnittlicher Zinssatz
Kreditfazilität	24,3 Millionen US-Dollar	7.25%
Ältere Notizen	18,7 Millionen US-Dollar	6.75%

Compliance- und Regulierungskosten

Compliance-bezogene Aufwendungen für 2023:

• Gesamtkosten für die Einhaltung gesetzlicher Vorschriften: 5,1 Millionen US-Dollar
• Wichtige Compliance-Ausgabenbereiche:
  • Rechtliche und behördliche Berichterstattung: 2,3 Millionen US-Dollar
  • Interne Revision und Kontrolle: 1,8 Millionen US-Dollar
  • Compliance-Personal: 1,0 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Aufschlüsselung der Technologieinvestitionen für 2023:

Kategorie „Technologie“.	Investitionsbetrag
IT-Infrastruktur	3,5 Millionen Dollar
Cybersicherheit	2,1 Millionen US-Dollar
Software- und System-Upgrades	2,7 Millionen US-Dollar

Goldman Sachs BDC, Inc. (GSBD) – Geschäftsmodell: Einnahmequellen

Zinserträge aus dem Kreditportfolio

Stand: Q3 2023, berichtete Goldman Sachs BDC Gesamtertrag aus Kapitalanlagen in Höhe von 53,1 Millionen US-Dollar. Das Kreditportfolio generierte Zinserträge mit folgender Aufteilung:

Darlehenstyp	Zinserträge
First Lien-Darlehen	39,2 Millionen US-Dollar
Zweitpfanddarlehen	8,7 Millionen US-Dollar
Nachrangige Darlehen	5,2 Millionen US-Dollar

Dividendenausschüttungen

Für das Geschäftsjahr 2023 hielt Goldman Sachs BDC an einer konsistenten Dividendenausschüttung fest:

• Vierteljährliche Dividende: 0,45 USD pro Aktie
• Jährliche Dividendenrendite: ca. 9,5 %
• Gesamtdividendenausschüttung im Jahr 2023: 1,80 USD pro Aktie

Kapitalwertsteigerung von Investitionen

Nettoinventarwert (NAV) des Anlageportfolios zum 30. September 2023:

Anlagekategorie	Marktwert	Nicht realisierte Gewinne
Beteiligungen	127,3 Millionen US-Dollar	4,2 Millionen US-Dollar
Schuldeninvestitionen	1,45 Milliarden US-Dollar	12,6 Millionen US-Dollar

Gebühren für die Anlageverwaltung

Grundverwaltungsgebühr: 1,5 % pro Jahr des Bruttovermögens

Gesamtverwaltungsgebühren für 2023: 22,4 Millionen US-Dollar

Realisierte Gewinne aus Portfoliotransaktionen

Portfolio-Transaktionsgewinne im Jahr 2023:

• Insgesamt realisierte Gewinne: 6,7 Millionen US-Dollar
• Realisierte Gewinne aus Fremdkapitalinvestitionen: 4,3 Millionen US-Dollar
• Realisierte Gewinne aus Kapitalanlagen: 2,4 Millionen US-Dollar

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Value Propositions

High current income for investors via a base quarterly dividend of $0.32 per share

The Board declared a fourth quarter 2025 Base Dividend of $0.32 per share payable to shareholders of record as of December 31, 2025. This was accompanied by a third-quarter supplemental dividend of $0.04 per share. The Net Investment Income per share for the third quarter ended September 30, 2025, was reported at $0.40.

Highly secured investment portfolio with 98.2% in senior secured debt

The investment portfolio as of September 30, 2025, showed a significant focus on the most secure parts of the capital structure.

• Investment portfolio comprised of 98.2% senior secured debt.
• Within senior secured debt, 96.7% were first lien investments.
• Investments on non-accrual status amounted to 1.5% of the total investment portfolio at fair value as of September 30, 2025.

Customized, flexible financing solutions for U.S. middle-market companies

Goldman Sachs BDC, Inc. provided capital solutions across a broad base of middle-market entities, with high activity in new commitments during Q3 2025.

Metric	Value as of September 30, 2025
Total Investments at Fair Value and Commitments	$3,833.2 million
Number of Portfolio Companies	171
Number of Industries Represented	40
New Investment Commitments in Q3 2025	$470.6 million
Percentage of Q3 Originations in First-Lien Loans	100%

The firm led seven new deals in the third quarter, demonstrating the advantage of the Goldman Sachs franchise.

Stability from a conservative net debt-to-equity ratio of 1.17x in Q3 2025

The company maintained leverage below its stated target, signaling a conservative approach to capital structure management.

• Ending net debt-to-equity ratio as of September 30, 2025: 1.17x.
• Target leverage ratio: 1.25 times.
• Net Asset Value (NAV) per share as of September 30, 2025: $12.75.

Access to the extensive resources and expertise of the Goldman Sachs platform

The platform facilitated significant deal flow and funding capacity, which supports the value proposition for both borrowers and investors.

The company had approximately $1,143 million of borrowing capacity remaining under the revolving credit facility at quarter end. The firm issued $400 million of unsecured notes with a 5.65% coupon during the period.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Customer Relationships

You're managing a BDC that relies on deep relationships with both the companies it lends to and the shareholders who provide the capital. For Goldman Sachs BDC, Inc. (GSBD), this means a multi-faceted approach to relationship management, spanning portfolio executives, sponsors, and public investors.

Direct, high-touch relationship management with portfolio company executives

Goldman Sachs Asset Management Private Credit maintains an active approach to portfolio management, which includes direct engagement with portfolio company management throughout the investment lifecycle, from sourcing through monitoring and maturity. This engagement may involve periodic or regular contact to discuss financial position, requirements, and accomplishments. The Investment Adviser also attends and participates in board meetings or presentations by portfolio companies. As of June 30, 2025, the investment portfolio was comprised of investments in 162 portfolio companies across 40 industries.

The broader Goldman Sachs Asset Management (GSAM) structure supports this, with various investment teams conducting thousands of company meetings per year, including onsite visits to facilities and meetings with customers, suppliers, and competitors. This engagement informs the assessment of management quality, business model, and long-term value creation, including ESG considerations. The integration of the BDC business with the merchant bank and special situations group is intended to open proprietary origination and deal flow for the BDC complex.

Rigorous due diligence and ongoing performance review of borrowers

Monitoring the credit health of borrowers is continuous. The Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This review assesses the portfolio company's success in adhering to its business plan and compliance with covenants. The process includes reviewing monthly and quarterly financial statements and projections. As of September 30, 2025, the Company had investments in eight portfolio companies on non-accrual status, which amounted to 1.5% of the total investment portfolio at fair value.

Here's a look at the portfolio composition and risk metrics as of the third quarter of 2025:

Metric	Value as of September 30, 2025	Context/Comparison Point
Total Portfolio Investments at Fair Value and Commitments	$3.8 billion	New investment commitments in Q3 2025 were approximately $470.6 million across 27 portfolio companies.
Senior Secured Loans (as % of Fair Value)	98.2%	This is up from 97.4% as of June 30, 2025.
Investments on Non-Accrual Status (as % of Fair Value)	1.5%	This compares to 1.6% as of June 30, 2025.
Net Debt-to-Equity Ratio	1.17x	This is below the target leverage of 1.25x.

The platform focuses on mission-critical, market-leading companies with core systems of record across software deals, using a proprietary framework to assess software and AI disruption risk implemented for over 2 years.

Consistent dividend policy with potential for supplemental distributions

Goldman Sachs BDC, Inc. (GSBD) has established a clear base dividend structure with the potential for variable supplemental payments based on earnings performance. The Board declared a new base dividend structure in 2025, which includes a commitment to pay out at least 50% of Net Investment Income (NII) in excess of the Base Dividend as a Supplemental Dividend, when sufficient NII is available. For the third quarter ended September 30, 2025, the Net Investment Income per share was $0.40.

Here are the recent dividend declarations reflecting this policy:

• Fourth Quarter 2025 Base Dividend declared: $0.32 per share (payable on or about January 27, 2026).
• Third Quarter 2025 Supplemental Dividend declared: $0.04 per share (payable on or about December 15, 2025).
• Second Quarter 2025 Special Dividend declared: $0.16 per share (payable on or about October 28, 2025).
• Second Quarter 2025 Supplemental Dividend declared: $0.03 per share (payable on or about September 15, 2025).

The annualized Net Investment Income yield on book value for the third quarter of 2025 equated to 12.5%.

Long-term partnership focus with private equity sponsors

The relationship with strategic sponsors, typically private equity firms, is integral to deal flow and ongoing portfolio oversight. Goldman Sachs BDC, Inc. seeks to make capital appreciation through direct originations of various debt types, including first lien, first lien/last-out unitranche, and second lien debt. The Investment Adviser maintains contact with the financial or strategic sponsor to discuss the portfolio company's financial position and accomplishments. Furthermore, the integration with Goldman Sachs' merchant bank and special situations group is designed to provide access to proprietary origination and deal flow that might otherwise be unavailable to the BDC complex, signaling a commitment to a long-term, integrated partnership approach with the broader Goldman Sachs platform to source opportunities.

Finance: draft 13-week cash view by Friday.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Channels

You're mapping out how Goldman Sachs BDC, Inc. reaches its customers-the investors-and how it sources its deals. It's a mix of public market access and proprietary sourcing.

Direct origination team leveraging the Goldman Sachs network for deal flow

The primary channel for deploying capital relies heavily on the internal ecosystem. The integration of the BDC business with the merchant bank and special situations group created a unified private credit team, which opened the aperture for proprietary origination and deal flow previously unavailable to its family of funds. This internal sourcing advantage is key.

• Total M&A dollar volumes in Q3 2025 were 40.9% higher year-over-year compared to Q3 2024.
• New investment commitments in Q3 2025 reached approximately $470.6 million, the highest level since Q4 of 2021.
• 100% of originations for Q3 2025 were in first lien loans.

Public listing on the New York Stock Exchange (NYSE: GSBD) for investors

The listing on the New York Stock Exchange provides the essential channel for equity capital from a broad base of public investors. This public float allows for capital raising and provides a liquid market for existing shareholders. The Net Asset Value (NAV) per share serves as a key metric for these investors.

Metric	Value as of September 30, 2025
Stock Exchange Listing	NYSE: GSBD
Net Asset Value (NAV) per Share	$12.75
Stock Price (Dec 3, 2025 Close)	$10.08
Average Daily Trading Volume (Approximate)	892,126 shares

The stock traded at a discount to NAV in early December 2025.

Investor presentations and SEC filings (10-Q, 10-K) for financial disclosure

Transparency through mandated regulatory filings and voluntary investor materials is the formal channel for communicating financial health and strategy to the market. The total investment portfolio size dictates the scale of the business being managed.

• Q3 2025 financial results were filed on Form 10-Q with the U.S. Securities and Exchange Commission on November 6, 2025.
• Total investments at fair value and commitments as of September 30, 2025, totaled $3,833.2 million.
• Net investment income per share for the quarter ended September 30, 2025, was $0.40.

Investment banking and private wealth channels of the parent company

The management structure itself acts as a critical channel. Goldman Sachs Asset Management oversees the BDC, and the relationship with the broader investment banking franchise provides deal sourcing and underwriting support. This relationship is explicitly cited as a competitive advantage for the platform.

Earnings conference calls for analyst and investor communication

The quarterly earnings conference call is the direct, real-time communication channel used to discuss performance with analysts and institutional investors. This is where management provides color on the deal pipeline and credit quality.

• The Q3 2025 earnings conference call took place on Friday, November 7, 2025, at 9:00 am Eastern Time.
• The Board declared a Q4 2025 Base Dividend of $0.32 per share and a Q3 2025 Supplemental Dividend of $0.04 per share.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide capital to Goldman Sachs BDC, Inc. (GSBD) and the groups that receive that capital. This is about who is on both sides of the balance sheet for the investments made by Goldman Sachs BDC, Inc. as of late 2025.

Public shareholders seeking high-yield, income-focused BDC exposure are attracted by the regular distributions. For the quarter ended September 30, 2025, the Adjusted Net Investment Income (NII) per share was reported at $0.40. The Board declared a fourth-quarter 2025 base dividend of $0.32 per share, alongside a third-quarter supplemental dividend of $0.04 per share, bringing the total distribution for that quarter to $0.36 per share. The annualized net investment income yield on book value for the third quarter of 2025 equated to 12.5%. As of September 30, 2025, the Net Asset Value (NAV) per share stood at $12.75. Management signaled confidence in the stock's value by repurchasing 2.14 million shares for $25.1 million during the third quarter of 2025. The largest single holder remains an affiliate, Goldman Sachs Group Inc..

U.S. middle-market companies requiring $25 million to $250 million in capital form the primary borrower base. Goldman Sachs BDC, Inc. focuses on direct originations of secured debt to these U.S. middle-market companies, which is the core of its investment objective. While the general target for the U.S. middle market is large, specific investment sizes cited for Goldman Sachs BDC, Inc. range from $25 million to $75 million per transaction, often targeting companies with an EBITDA between $5 million and $75 million annually. As of September 30, 2025, the total investment portfolio at fair value and commitments reached $3,833.2 million, spread across 171 portfolio companies. The portfolio is heavily weighted toward senior protection, with 98.2% in senior secured debt, including 96.7% in first lien investments.

Private equity firms needing financing for leveraged buyouts are key partners in deal sourcing and execution. Goldman Sachs BDC, Inc. provides financing for various corporate actions, including leveraged buyouts (LBOs), growth capital, refinancing, and restructuring transactions. The firm's commitment activity in the third quarter of 2025 was robust, with new investment commitments of approximately $470.6 million across 27 companies, marking the highest level since the fourth quarter of 2021. It's worth noting that 100% of originations in that quarter were in first-lien loans, which aligns with the security sought by private equity sponsors in their debt stack.

Institutional investors, including pension funds and endowments, participate indirectly by purchasing shares of Goldman Sachs BDC, Inc. on the NYSE. These investors seek the current income and capital appreciation profile characteristic of a regulated BDC. The structure of the dividend-a base amount with a variable supplemental component-is designed to appeal to income-focused mandates typical of these large institutions. The total investment portfolio size as of September 30, 2025, was $3,833.2 million in fair value and commitments, representing the pool of assets these institutional shareholders are backing.

Here's a quick look at the investment focus supporting these borrowers:

• New investment commitments in Q3 2025: $470.6 million.
• Portfolio companies count (Sept 30, 2025): 171.
• Percentage in First Lien Debt (Sept 30, 2025): 96.7%.
• Total Portfolio Size (Fair Value + Commitments, Sept 30, 2025): $3,833.2 million.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Cost Structure

The Cost Structure for Goldman Sachs BDC, Inc. (GSBD) is heavily influenced by the expenses associated with its externally managed structure and its debt-financed investment strategy. You see these costs directly impacting net investment income, so tracking them is key to understanding true profitability.

The primary operating costs are driven by the fees paid to Goldman Sachs Asset Management, L.P. (GSAM) and the interest expense on the leverage used to fund investments. For instance, as of the quarter ended June 30, 2025, total expenses before taxes were reported at approximately $45.611 million.

Here's a look at some of the key cost components based on the latest reported figures from 2025:

Cost Component	Latest Reported Amount (USD)	Period/Date
Interest Expense on Outstanding Debt	$26.42 million	Three Months Ended June 30, 2025
Other General and Administrative Expenses	$1.273 million	Three Months Ended June 30, 2025
Management Fees Payable	$8.681 million	As of March 31, 2025
Incentive Fees Payable	$6.804 million	As of March 31, 2025
Costs for Stock Repurchase Programs	$25.1 million	Three Months Ended September 30, 2025

Management and incentive fees paid to the external manager, GSAM, are structured based on a percentage of assets and performance hurdles. This is a fixed, recurring cost of the external management model.

• Base Management Fee: Set at 1.5% annually.
• NOI Incentive Fee: Set at 20% of Net Operating Income (NOI).
• Incentive Catch-Up Provision: Included in the structure.
• Total Return Hurdle: A 3 Year total return hurdle applies to certain incentives.

Interest expense on outstanding debt is definitely a major operating cost, directly tied to the amount of leverage Goldman Sachs BDC, Inc. uses. The net debt-to-equity ratio hovered around 1.12x as of June 30, 2025, showing consistent reliance on borrowings.

General and administrative expenses cover the day-to-day running of the business, though many administrative costs are initially paid by the Investment Adviser and subsequently reimbursed. For example, as of March 31, 2025, there were $1,168 thousand included in Accrued expenses and other liabilities that were paid by the Investment Adviser on behalf of the Company.

Costs associated with capital raising and stock repurchase programs are variable but can be significant when executed. The Board authorized a stock repurchase plan up to $75.0 million. You saw actual execution during the third quarter of 2025:

• Shares repurchased in the three months ended September 30, 2025: 2,136,943 shares.
• Total cost for these repurchases in Q3 2025: $25.1 million, including commissions.

Portfolio monitoring and valuation expenses are embedded within the management fee structure, as the Investment Adviser is responsible for sourcing, underwriting, and managing the portfolio companies. The fee structure is designed to compensate GSAM for these ongoing oversight activities.

Finance: draft 13-week cash view by Friday.

Goldman Sachs BDC, Inc. (GSBD) - Canvas Business Model: Revenue Streams

The revenue streams for Goldman Sachs BDC, Inc. are fundamentally driven by the income generated from its investment portfolio, which is heavily weighted toward debt instruments.

Total Investment Income for the third quarter ended September 30, 2025, was reported at $91.6 million.

The primary component of this income is interest earned on its debt investments. While the exact breakdown for Q3 2025 is not explicitly detailed in the immediate reports, historical data shows the dominance of this stream. For instance, in Q1 2025, Interest income was $95,746 thousand ($95.746 million), representing the vast majority of that quarter's total investment income of $96.940 million. [cite: 3, Q4 search]

The structure of the revenue streams for the third quarter of 2025 can be summarized by the key components found:

Revenue Stream Component	Amount (Q3 2025 Data)
Total Investment Income	$91.6 million
Payment-in-Kind (PIK) Income (as % of TII)	8.2%
Net Realized and Unrealized Losses on Portfolio	$(20.6) million

The income generated from debt investments is supplemented by other sources, including fee income and equity returns. The Payment-in-Kind (PIK) income, which represents interest accrued but not currently paid in cash, was 8.2% of the Total Investment Income for the third quarter. [cite: 6, Q3 search]

The following points detail the expected and reported revenue sources:

• Interest income from debt investments, the primary revenue source.
• Total Investment Income of $91.6 million for Q3 2025.
• Fee income from origination, structuring, and prepayment of loans.
• Dividends and capital gains from select equity investments. The portfolio was comprised of 1.5% in a combination of preferred and common stock as of September 30, 2025. [cite: 6, Q3 search]
• Net realized and unrealized gains/losses on the investment portfolio, which resulted in a net loss of $(20.6) million for the quarter. [cite: 1, Q2 search]

The impact of credit performance is reflected in the change to Net Asset Value (NAV) per share, which decreased by 2.1% sequentially to $12.75 as of September 30, 2025, driven in part by the aforementioned net realized and unrealized losses.