Goldman Sachs BDC Inc

goldmansachsbdc.com

What Do They Do?

Lends primarily to U.S. middle-market companies through secured and unsecured loans, with select equity investments.

How Do They Make Money?

Earns interest on debt investments, with principal and any unpaid interest generally due at maturity; additional income can come from loan fees, equity dividends and gains when investments are sold.

FY2025 revenue

Who Are Their Customers?

U.S. middle-market companies borrow through loans negotiated directly with the company. They use the capital for growth, acquisitions, capital investments or refinancing.

Do Revenues Turn Into Profits?

Yes. It kept 64 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

64% of revenue

▲ +90% vs FY2024 ($62.9M, 24%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $45.4M in Q2 FY2025
Net income: ▼ −40%; vs $39.3M in Q2 FY2025

Shrinking. Revenue fell 22% in 4 years, from $237.4M in FY2021 to $185.6M in FY2025, about 6% a year.

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