Goldman Sachs BDC, Inc.

The Company is a specialty finance company that lends to middle-market companies. It operates as a closed-end management investment company regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. The Company has also elected to be treated as a Regulated Investment Company (RIC) and expects to qualify annually for this tax treatment, starting with its taxable year ended December 31, 2013. From its formation in 2012 through December 31, 2025, the Company originated approximately $9.88 billion in total debt and equity investments before any subsequent exits and repayments. The Company aims to generate current income and, secondarily, capital appreciation. It achieves this primarily through directly originating secured debt, which includes first lien, unitranche debt (including last-out portions), and second lien debt. It also originates unsecured debt, such as mezzanine debt, and makes select equity investments. Unitranche loans are first lien loans that can extend deeper into a borrower's capital structure than traditional first lien debt and may have a cash flow priority waterfall among different lenders. The Company sometimes retains the "last-out" portion of a unitranche loan, which generally earns a higher interest rate in exchange for greater risk, while another lender provides the "first-out" portion with payment priority. Mezzanine debt ranks senior only to a borrower's equity securities and junior to all other indebtedness. The Company may make multiple investments in the same portfolio company and may also originate "covenant-lite" loans, which have fewer or no financial maintenance covenants.