false 0001572694 0001572694 2024-08-08 2024-08-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 8, 2024

 

 

GOLDMAN SACHS BDC, INC.

(Exact name of registrant as specified in charter)

 

 

 

Delaware   814-00998   46-2176593

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

200 West Street, New York, New York   10282
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (312) 655-4419

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange

on which registered

Common Stock, par value $0.001 per share   GSBD   The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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 with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02 - Results of Operations and Financial Condition.

On August 8, 2024, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 - Regulation FD Disclosure.

On August 8, 2024, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a third quarter 2024 distribution of $0.45 per share, which will be payable on October 28, 2024 to shareholders of record as of September 30, 2024.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit

Number

    Description
99.1    Press Release of Goldman Sachs BDC, Inc., dated August 8, 2024.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

GOLDMAN SACHS BDC, INC.

(Registrant)

Date: August 8, 2024     By:  

/s/ Alex Chi

            Name: Alex Chi
            Title: Co-Chief Executive Officer and Co-President
        By:  

/s/ David Miller

            Name: David Miller
            Title: Co-Chief Executive Officer and Co-President

Exhibit 99.1

 

LOGO

Goldman Sachs BDC, Inc. Reports June 30, 2024 Financial Results and Announces Quarterly Dividend of $0.45 Per Share

Company Release – August 8, 2024

NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the second quarter ended June 30, 2024 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

 

  •  

Net investment income per share for the quarter ended June 30, 2024 was $0.59. Excluding purchase discount amortization per share of $0.02 from the Merger (as defined below), adjusted net investment income per share was $0.57, equating to an annualized net investment income yield on book value of 16.7%.1 Earnings per share for the quarter ended June 30, 2024 was $(0.47).

 

  •  

Net asset value (“NAV”) per share for the quarter ended June 30, 2024 decreased 6.0% to $13.67 from $14.55 as of March 31, 2024.

 

  •  

As of June 30, 2024, the Company’s total investments at fair value and commitments were $3,998.2 million, comprised of investments in 155 portfolio companies across 38 industries. The investment portfolio was comprised of 98.0% senior secured debt, including 96.9% in first lien investments.2

 

  •  

During the quarter, the Company had gross originations of $440.0 million of which $317.0 million were funded. Fundings of previously unfunded commitments for the quarter were $89.6 million and sales and repayments activity totaled $226.5 million, resulting in net funded investment activity of $180.1 million.

 

  •  

During the quarter, two portfolio companies were placed on non-accrual status. As of June 30, 2024, investments on non-accrual status amounted to 3.4% and 7.6% of the total investment portfolio at fair value and amortized cost, respectively.

 

  •  

The Company’s ending net debt-to-equity ratio was 1.19x as of June 30, 2024 and 1.10x as of March 31, 2024.

 

  •  

As of June 30, 2024, 64.4% of the Company’s approximately $1,955.1 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 35.6% was comprised of secured debt.

 

  •  

The Company’s Board of Directors declared a regular third quarter 2024 dividend of $0.45 per share payable to shareholders of record as of September 30, 2024.3

 

  •  

On November 15, 2023, the Company entered into an equity distribution agreement, pursuant to which it may issue up to $200 million in aggregate offering price of shares of its common stock through at-the-market offerings. During the three months ended June 30, 2024, the Company issued and sold 4,521,185 shares for net proceeds of approximately $69.2 million, net of underwriting and offering costs of approximately $0.8 million.

SELECTED FINANCIAL HIGHLIGHTS

 

(in $ millions, except per share data)    As of
June 30, 2024		      As of
March 31, 2024		  

Investment portfolio, at fair value2

    $ 3,518.7      $ 3,440.1  

Total debt outstanding4

    $ 1,955.1      $ 1,843.8  

Net assets

    $ 1,595.9      $ 1,631.6  

Net asset value per share

    $ 13.67      $ 14.55  

Ending net debt to equity

      1.19x        1.10x  

(in $ millions, except per share data)    Three Months Ended
June 30, 2024		      Three Months
Ended
March 31, 2024		  

Total investment income

    $ 108.6      $ 111.5  
     

Net investment income after taxes

    $ 67.0      $ 60.8  

Less: Purchase discount amortization

      1.8        1.3  

Adjusted net investment income after taxes1

    $ 65.2      $ 59.5  
     

Net realized and unrealized gains (losses)

    $ (121.4 )     $ (18.4 ) 

Add: Realized/Unrealized depreciation from the purchase discount

      1.8        1.3  

Adjusted net realized and unrealized gains (losses)1

    $ (119.6 )     $ (17.1 ) 
     

Net investment income per share (basic and diluted)

    $ 0.59      $ 0.55  

Less: Purchase discount amortization per share

      0.02        0.01  

Adjusted net investment income per share1

    $ 0.57      $ 0.54  
     

Weighted average shares outstanding

      114.4        110.1  

Regular distribution per share

    $ 0.45      $ 0.45  

Total investment income for the three months ended June 30, 2024 and March 31, 2024 was $108.6 million and $111.5 million, respectively. The decrease in total investment income was primarily due to investments being placed on non-accrual status as a result of underperformance during the quarter.

Net expenses before taxes for the three months ended June 30, 2024 and March 31, 2024 were $40.4 million and $49.6 million, respectively. Net expenses decreased by $9.2 million primarily due to a decrease in the incentive fee.

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended June 30, 2024:

 

     New Investment
Commitments		     Sales and
Repayments		  

Investment Type

    $ Millions      % of Total     $ Millions      % of
Total		  

1st Lien/Senior Secured Debt

    $ 434.2        98.7 %    $ 226.4        100.0 % 

1st Lien/Last-Out Unitranche

      —         —        0.1        —  % 10 

2nd Lien/Senior Secured Debt

      3.1        0.7       —         —   

Preferred Stock

      —         —        —         —   

Common Stock

      2.7        0.6       —         —   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 440.0        100.0 %    $ 226.5        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

During the three months ended June 30, 2024, new investment commitments were across ten new portfolio companies and fifteen existing portfolio companies. Sales and repayments were primarily driven by the full repayment and restructuring of our investments in six portfolio companies.

PORTFOLIO SUMMARY2

As of June 30, 2024, the Company’s investments consisted of the following:

 

     Investments at Fair Value  

Investment Type

    $ Millions      % of Total  

1st Lien/Senior Secured Debt

    $ 3,245.9        92.3 % 

1st Lien/Last-Out Unitranche

      160.6        4.6  

2nd Lien/Senior Secured Debt

      40.2        1.1  

Unsecured Debt

      8.7        0.2  

Preferred Stock

      38.5        1.1  

Common Stock

      24.5        0.7  

Warrants

      0.3        —  10 
  

 

 

     

 

 

  

Total

    $ 3,518.7        100.0 % 
  

 

 

     

 

 

  

The following table presents certain selected information regarding the Company’s investments:

 

     As of  
     June 30, 2024     December 31,
2023		  

Number of portfolio companies

      155       144  

Percentage of performing debt bearing a floating rate5

      99.5 %      99.9 % 

Percentage of performing debt bearing a fixed rate5

      0.5 %      0.1 % 

Weighted average yield on debt and income producing investments, at amortized cost6

      12.3 %      12.6 % 

Weighted average yield on debt and income producing investments, at fair value6

      13.3 %      13.8 % 

Weighted average leverage (net debt/EBITDA)7

      6.1x       6.1x  

Weighted average interest coverage7

      1.5x       1.5x  

Median EBITDA7

    $ 63.11 million     $ 53.98 million  

As of June 30, 2024, investments on non-accrual status represented 3.4% and 7.6% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2024, the Company had $1,955.1 million aggregate principal amount of debt outstanding, comprised of $695.1 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), $360.0 million of unsecured notes due 2025, $500.0 million of unsecured notes due 2026 and $400.0 million of unsecured notes due 2027. The combined weighted average interest rate on debt outstanding was 5.35% for the three months ended June 30, 2024. As of June 30, 2024, the Company had $1,000.2 million of availability under its Revolving Credit Facility and $61.6 million in cash.4,8

The Company’s ending net debt-to-equity leverage ratio was 1.19x for the three months ended June 30, 2024, as compared to 1.10x for the three months ended March 31, 2024. 9

CONFERENCE CALL

The Company will host an earnings conference call on Friday, August 9, 2024, at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.

Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gsbdc-investor-relations@gs.com.

ENDNOTES

 

1)

On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

 

2)

The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. As of June 30, 2024, the Company did not have an investment in the money market fund.

3)

The $0.45 per share dividend is payable on October 28, 2024, to stockholders of record as of September 30, 2024.

4)

Total debt outstanding excludes netting of debt issuance costs of $11.5 million and $13.0 million, respectively, as of June 30, 2024 and March 31, 2024.

5)

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual.

6)

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.

7)

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of June 30, 2024 and March 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 27.8% and 39.9%, respectively, of total debt investments at fair value.

 

8)

The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of June 30, 2024. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.

9)

The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash divided by equity as of June 30, 2024 and excludes unfunded commitments.

10)

Amount rounds to less than 0.1%.

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

     June 30, 2024
(Unaudited)		     December 31, 2023  

Assets

     

Investments, at fair value

     

Non-controlled/non-affiliated investments (cost of $3,673,614 and $3,500,119)

    $ 3,454,287     $ 3,371,910  

Non-controlled affiliated investments (cost of $97,170 and $73,672)

      64,455       42,419  
  

 

 

    

 

 

  

Total investments, at fair value (cost of $3,770,784 and $3,573,791)

    $ 3,518,742     $ 3,414,329  

Cash

      61,612       52,363  

Interest and dividends receivable

      33,930       38,534  

Deferred financing costs

      13,526       14,937  

Other assets

      1,515       2,656  
  

 

 

    

 

 

  

Total assets

    $ 3,629,325     $ 3,522,819  
  

 

 

    

 

 

  

Liabilities

     

Debt (net of debt issuance costs of $11,480 and $5,447)

    $ 1,943,587     $ 1,826,794  

Interest and other debt expenses payable

      21,777       13,369  

Management fees payable

      8,865       8,708  

Incentive fees payable

      —        13,041  

Distribution payable

      52,534       49,304  

Unrealized depreciation on foreign currency forward contracts

      540       726  

Accrued expenses and other liabilities

      6,128       9,052  
  

 

 

    

 

 

  

Total liabilities

    $ 2,033,431     $ 1,920,994  
  

 

 

    

 

 

  

Commitments and contingencies (Note 8)

     

Net assets

     

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

    $ —      $ —   

Common stock, par value $0.001 per share (200,000,000 shares authorized, 116,744,389 and 109,563,525 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)

      117       110  

Paid-in capital in excess of par

      1,935,098       1,826,294  

Distributable earnings (loss)

      (339,321 )      (224,579 ) 
  

 

 

    

 

 

  

Total net assets

    $ 1,595,894     $ 1,601,825  
  

 

 

    

 

 

  

Total liabilities and net assets

    $ 3,629,325     $ 3,522,819  
  

 

 

    

 

 

  

Net asset value per share

    $ 13.67     $ 14.62  

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     June 30,
2024		     June 30,
2023		     June 30,
2024		     June 30,
2023		  

Investment income:

         

From non-controlled/non-affiliated investments:

         

Interest income

    $ 94,358     $ 101,952     $ 191,268     $ 200,082  

Payment-in-kind income

      11,845       8,735       24,491       16,452  

Other income

      776       664       1,633       1,546  

From non-controlled affiliated investments:

         

Dividend income

      770       138       1,182       245  

Interest income

      834       532       1,490       1,039  

Payment-in-kind income

      10       51       65       100  

Other income

      24       11       31       23  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

    $ 108,617     $ 112,083     $ 220,160     $ 219,487  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses:

         

Interest and other debt expenses

    $ 29,103     $ 27,775     $ 56,717     $ 55,039  

Incentive fees

      —        7,837       10,882       30,139  

Management fees

      8,865       8,970       17,597       17,891  

Professional fees

      1,206       888       2,316       1,766  

Directors’ fees

      207       208       414       415  

Other general and administrative expenses

      1,035       1,026       2,097       2,083  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

    $ 40,416     $ 46,704     $ 90,023     $ 107,333  
  

 

 

    

 

 

    

 

 

    

 

 

  

Fee waivers

    $ —      $ —      $ —      $ (1,986 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net expenses

    $ 40,416     $ 46,704     $ 90,023     $ 105,347  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income before taxes

    $ 68,201     $ 65,379     $ 130,137     $ 114,140  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income tax expense, including excise tax

    $ 1,243     $ 877     $ 2,319     $ 1,652  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income after taxes

    $ 66,958     $ 64,502     $ 127,818     $ 112,488  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gains (losses) on investment transactions:

         

Net realized gain (loss) from:

         

Non-controlled/non-affiliated investments

    $ (30,004 )    $ (2,953 )    $ (47,650 )    $ (39,214 ) 

Non-controlled affiliated investments

      (2,673 )      —        (2,015 )      —   

Foreign currency and other transactions

      4,258       (5 )      4,444       195  

Net change in unrealized appreciation (depreciation) from:

         

Non-controlled/non-affiliated investments

      (89,023 )      5,881       (91,118 )      24,391  

Non-controlled affiliated investments

      (486 )      472       (1,462 )      177  

Foreign currency forward contracts

      41       (88 )      186       (129 ) 

Foreign currency translations and other transactions

      (3,505 )      (1,975 )      (2,155 )      (3,625 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gains (losses)

    $ (121,392 )    $ 1,332     $ (139,770 )    $ (18,205 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

(Provision) benefit for taxes on realized gain/loss on investments

    $ (160 )    $ —      $ (144 )    $ —   

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

      381       (170 )    $ 335     $ (556 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

    $ (54,213 )    $ 65,664     $ (11,761 )    $ 93,727  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding

      114,363,722       109,463,144       112,220,299       107,040,899  

Basic and diluted net investment income per share

    $ 0.59     $ 0.59     $ 1.14     $ 1.05  

Basic and diluted earnings (loss) per share

    $ (0.47 )    $ 0.60     $ (0.10 )    $ 0.88  

ABOUT GOLDMAN SACHS BDC, INC.

Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Goldman Sachs BDC, Inc.

Investor Contact: Austin Neri, 212-902-1000

Media Contact: Victoria Zarella, 212-902-5400

Source: Goldman Sachs BDC, Inc.

v3.24.2.u1
Document and Entity Information
Aug. 08, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001572694
Document Type 8-K
Document Period End Date Aug. 08, 2024
Entity Registrant Name GOLDMAN SACHS BDC, INC.
Entity Incorporation State Country Code DE
Entity File Number 814-00998
Entity Tax Identification Number 46-2176593
Entity Address, Address Line One 200 West Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10282
City Area Code (312)
Local Phone Number 655-4419
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.001 per share
Trading Symbol GSBD
Security Exchange Name NYSE
Entity Emerging Growth Company false
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