Goldman Sachs BDC, Inc. GSBD
We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a RIC, and we expect to qualify annually for tax treatment as a RIC, commencing with our taxable year ended December 31, 2013. From our formation in 2012 through December 31, 2025, we originated approximately $9.88 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total operating expenses | $180.0M | $176.5M | $204.8M | $136.2M | $139.9M | $98.6M | — | — | — | — |
| Pre-tax income | — | $68.2M | $200.7M | $59.5M | $193.7M | $177.5M | — | — | — | — |
| Income tax | — | $5.3M | $4.8M | $4.5M | $1.3M | $1.4M | — | — | — | — |
| Net income | $119.3M | $62.9M | $195.9M | $55.0M | $192.4M | $176.1M | — | — | — | — |
| EPS, basic | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | — | — | — | — |
| EPS, diluted | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $115.6M | $114.7M | $108.3M | $102.3M | $101.7M | $53.9M | $40.3M | $40.2M | $38.6M | $36.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $43.2M | $61.8M | $52.4M | $39.6M | $33.8M | $32.1M | $9.4M | — | — | — |
| Total assets | $3.38B | $3.60B | $3.52B | $3.59B | $3.55B | — | — | — | — | — |
| Long-term debt | $1.87B | $1.93B | $1.83B | $2.01B | $1.86B | — | — | — | — | — |
| Total liabilities | $1.96B | $2.03B | $1.92B | $2.09B | $1.94B | — | — | — | — | — |
| Retained earnings | -$456.7M | -$373.7M | -$224.6M | -$206.2M | -$55.0M | -$5.4M | — | — | — | — |
| Total equity | $1.42B | $1.57B | $1.60B | $1.50B | $1.61B | $1.62B | $676.1M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $325.7M | $2.5M | $300.7M | $27.4M | -$29.9M | $165.8M | — | — | — | — |
| Financing cash flow | -$344.5M | $7.1M | -$288.0M | -$21.7M | $31.7M | -$143.1M | — | — | — | — |
| Buybacks | $52.2M | — | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-077458.