Goldman Sachs BDC Inc 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 814-00998 Goldman Sachs BDC, Inc. The New York Stock Exchange None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. YES☒NO☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer:☒Accelerated filer:☐Non-accelerated filer:☐Smaller reporting company:Emerging growth company:☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).YES☐NO☒ As of June 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximatelyAs of February 25, 2026, there were 112,569,067 shares of the registrant’s common stock outstanding. Documents incorporated by reference: Portions of Goldman Sachs BDC, Inc.’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. GOLDMAN SACHS BDC, INC.Index to Annual Report on Form 10-K forYear Ended December 31, 2025 INDEXPAGECautionary Statement Regarding Forward-Looking Statements3PART I5ITEM 1.Business5ITEM 1A.Risk Factors29ITEM 1B.Unresolved Staff Comments62ITEM 1C.Cybersecurity62ITEM 2.Properties63ITEM 3.Legal Proceedings63ITEM 4.Mine Safety Disclosures63 PART II64ITEM 5.Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities64ITEM 6.[RESERVED]69ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations70ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk86ITEM 8.Consolidated Financial Statements and Supplementary Data87ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure159ITEM 9A.Controls and Procedures159ITEM 9B.Other Information159ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections159 PART IIIITEM 10.Directors, Executive Officers and Corporate Governance 160ITEM 11.Executive Compensation160ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters160ITEM 13.Certain Relationships and Related Transactions, and Director Independence160ITEM 14.Principal Accounting Fees and Services160 PART IV161ITEM 15.Exhibits, Financial Statement Schedules161ITEM 16.Form 10-K Summary165 SIGNATURES166 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and unce