false0001572694 0001572694 2025-02-27 2025-02-27
 
 
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): February 27, 2025
 
 
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 February 27, 2025, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 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 February 27, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2025 distribution of $0.32 per share (the “Base Dividend”) and a special distribution of $0.16 per share (the “Special Dividend”), each of which will be payable on or about April 28, 2025 to shareholders of record as of March 31, 2025. The Company also announced that the board has authorized a future Special Dividend for each of the second quarter of 2025 and third quarter of 2025 and future quarterly supplemental distributions in the amount of at least 50% of the Company’s net investment income in excess of the amount of the
Base
Dividend to the extent there is sufficient net investment income.
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 February 27, 2025.
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: February 27, 2025     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 December 31, 2024 Financial Results and Announces Quarterly Dividend of $0.32 Per Share

Company Release – February 27, 2025

NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

 

●  

Net investment income per share for the quarter ended December 31, 2024 was $0.48. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment income per share was $0.47, equating to an annualized net investment income yield on book value of 14.0%.1 Earnings per share for the quarter ended December 31, 2024 was $0.32.

 

●  

Net asset value (“NAV”) per share as of December 31, 2024 decreased 1.0% to $13.41 from $13.54 as of September 30, 2024.

 

●  

As of December 31, 2024, the Company’s total investments at fair value and commitments were $3,968.2 million, comprised of investments in 164 portfolio companies across 39 industries. The investment portfolio was comprised of 97.6% senior secured debt, including 96.3% in first lien investments.2

 

●  

During the quarter, the Company had gross originations of approximately $173.0 million of which $102.5 million were funded. Fundings of previously unfunded commitments for the quarter were $123.5 million and sales and repayments activity totaled $187.5 million, resulting in net funded investment activity of $38.5 million.

 

●  

During the quarter, Bayside Opco, LLC’s (dba Pro-PT) 1st Lien/Senior Secured Debt position was restored to accrual status due to an improvement in performance. As of December 31, 2024, investments on non-accrual status amounted to 2.0% and 4.5% of the total investment portfolio at fair value and amortized cost, respectively.

 

●  

The Company’s ending net debt-to-equity ratio was 1.17x as of December 31, 2024 compared to 1.16x as of September 30, 2024.

 

●  

As of December 31, 2024, 65.1% of the Company’s approximately $1,934.6 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 34.9% was comprised of secured debt.3

 

●  

On February 7, 2025, the Company borrowed $365.0 million under its senior secured revolving credit agreement to repay $360.0 million aggregate principal amount outstanding, plus accrued and unpaid interest, on its 3.75% senior notes due February 10, 2025.

 

●  

On February 26, 2025 the Board of Directors approved two structural changes: 1) A reduction of the base quarterly dividend to $0.32 per share (the “Base Dividend”) with upside potential through quarterly supplemental variable distributions in the amount of at least 50% of the Company’s net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income and 2) permanent reduction of the income-based incentive fee and cap to 17.5% commencing with the calculation for the quarter ending March 31, 2025 and a reduction of the incentive fee on capital gains to 17.5%.

 

●  

The Company’s Board of Directors declared a base first quarter 2025 dividend of $0.32 per share payable to shareholders of record as of March 31, 2025.4

 

●  

The Company’s Board of Directors declared a special dividend of $0.16 per share payable to shareholders of record as of March 31, 20254 and authorized two additional special dividends of approximately $0.16 per share for each of the next two quarters.

 

●  

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. No shares were issued during the three months ended December 31, 2024.

SELECTED FINANCIAL HIGHLIGHTS

 

(in $ millions, except per share data)   

As of

  December 31, 2024  

     

As of

  September 30, 2024  

  

Investment portfolio, at fair value2

    $  3,475.3      $  3,442.1  
Total debt outstanding3    $ 1,934.6      $ 1,887.8  

Net assets

    $ 1,572.7      $ 1,586.1  

Net asset value per share

    $ 13.41      $ 13.54  

Ending net debt-to-equity

      1.17x        1.16x  

 

(in $ millions, except per share data)    Three Months Ended
December 31, 2024		    

Three Months

Ended

September 30,
2024

  

Total investment income

    $ 103.8     $ 110.4  
    

Net investment income after taxes

    $ 56.6     $ 68.2  

Less: Purchase discount amortization

      1.0       1.0  

Adjusted net investment income after taxes1

    $ 55.6     $ 67.2  
    

Net realized and unrealized gains (losses)

    $ (18.9 )    $ (30.9 ) 

Add: Realized/Unrealized depreciation from the purchase discount

      1.0       1.0  

Adjusted net realized and unrealized gains (losses)1

    $ (17.9 )    $ (29.9 ) 
    

Net investment income per share (basic and diluted)

    $ 0.48     $ 0.58  

Less: Purchase discount amortization per share

      0.01       0.01  

Adjusted net investment income per share1

    $ 0.47     $ 0.57  
    

Weighted average shares outstanding

      117.3       116.9  

Regular distribution per share

    $ 0.45     $ 0.45  

Total investment income for the three months ended December 31, 2024 and September 30, 2024 was $103.8 million and $110.4 million, respectively. The decrease in total investment income was due to exits and downsize on certain investments.

Net expenses before taxes for the three months ended December 31, 2024 and September 30, 2024 were $45.8 million and $40.7 million, respectively. Net expenses for the three months ended December 31, 2024 increased by $5.1 million, primarily driven by $6.3 million of accrued incentive fees, which were partially offset by lower interest expenses due to reduced average daily borrowing and a lower weighted average interest rate.

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended December 31, 2024:

 

     New Investment
Commitments		     Sales and
Repayments		  
Investment Type    $ Millions      % of Total     $
Millions		      % of
Total		  

1st Lien/Senior Secured Debt

    $ 172.9        99.9 %    $ 187.4        99.9 % 

1st Lien/Last-Out Unitranche

      —        —       0.1        0.1  

2nd Lien/Senior Secured Debt

      —        —       —        —  

Unsecured Debt

      —        —       —        —  

Preferred Stock

      0.1        0.1       —        —  

Common Stock

      —        —       —        —  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 173.0        100.0 %    $ 187.5        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

During the three months ended December 31, 2024, new investment commitments were across six new portfolio companies and twelve existing portfolio companies. Sales and repayments were primarily driven by the full repayment and exit of our investments in nine portfolio companies.

PORTFOLIO SUMMARY2

As of December 31, 2024, the Company’s investments consisted of the following:

 

     Investments at Fair Value  
Investment Type    $ Millions      % of Total  

1st Lien/Senior Secured Debt

    $ 3,179.8        91.5 % 

1st Lien/Last-Out Unitranche

      165.9        4.8  

2nd Lien/Senior Secured Debt

      46.8        1.3  

Unsecured Debt

      16.8        0.5  

Preferred Stock

      31.3        0.9  

Common Stock

      34.3        1.0  

Warrants

      0.4        —10  
  

 

 

     

 

 

  

Total

    $    3,475.3           100.0 % 
  

 

 

     

 

 

  

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

 

     As of  
     December 31,
2024		     December 31,
2023		  

Number of portfolio companies

      164       144  

Percentage of performing debt bearing a floating rate5

      99.4 %      99.9 % 

Percentage of performing debt bearing a fixed rate5

      0.6 %      0.1 % 

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

      11.2 %      12.6 % 

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

      14.1 %      13.8 % 

Weighted average leverage (net debt/EBITDA)7

      6.2x       6.1x  

Weighted average interest coverage7

      1.8x       1.5x  

Median EBITDA7

    $  66.14 million     $  53.98 million  

As of December 31, 2024, investments on non-accrual status represented 2.0% and 4.5% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, the Company had $1,934.6 million aggregate principal amount of debt outstanding, comprised of $674.6 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 5.07% for the three months ended December 31, 2024. As of December 31, 2024, the Company had $1,020.0 million of availability under its Revolving Credit Facility and $87.0 million in cash and cash equivalents.3,8

The Company’s ending net debt-to-equity leverage ratio was 1.17x for the three months ended December 31, 2024, as compared to 1.16x for the three months ended September 30, 2024.9

On February 7, 2025, the Company borrowed $365.0 million under its Revolving Credit Facility to repay $360.0 million aggregate principal amount outstanding, plus accrued and unpaid interest, on its 3.75% senior notes due 2025 (the “Notes”) which matured on February 10, 2025. The repayment resulted in full satisfaction of the Company’s obligations under the Notes.Following this drawdown, the Company had approximately $626.3 million of borrowing capacity remaining under the Revolving Credit Facility.

CONFERENCE CALL

The Company will host an earnings conference call on Friday, February 28, 2025 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 gscr-ir@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 December 31, 2024, the Company had an investment of $25.2 million in the money market fund.

 

3)

Total debt outstanding excludes netting of debt issuance costs of $8.2 million and $9.7 million, respectively, as of December 31, 2024 and September 30, 2024.

 

4)

The $0.32 per share Base Dividend and the $0.16 per share special dividend are payable on April 28, 2025 to stockholders of record as of March 31, 2025.

 

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 December 31, 2024 and September 30, 2024, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 20.5% and 24.9%, 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 December 31, 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 and cash equivalents divided by equity as of December 31, 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)

 

      December 31, 2024       December 31, 2023   

Assets

     

Investments, at fair value

     

Non-controlled/non-affiliated investments (cost of $3,533,627 and $3,500,119)

    $ 3,368,503     $ 3,371,910  

Non-controlled affiliated investments (cost of $139,955 and $73,672)

      106,755       42,419  
  

 

 

    

 

 

  

Total investments, at fair value (cost of $3,673,582 and $3,573,791)

    $ 3,475,258     $ 3,414,329  

Investments in affiliated money market fund (cost of $25,238 and $—)

      25,238       —  

Cash

      61,795       52,363  

Interest and dividends receivable

      28,092       38,534  

Deferred financing costs

      11,897       14,937  

Other assets

      1,103       2,656  
  

 

 

    

 

 

  

Total assets

    $ 3,603,383     $ 3,522,819  
  

 

 

    

 

 

  

Liabilities

     

Debt (net of debt issuance costs of $8,176 and $5,447)

    $ 1,926,452     $ 1,826,794  

Interest and other debt expenses payable

      21,289       13,369  

Management fees payable

      8,780       8,708  

Incentive fees payable

      6,330       13,041  

Distribution payable

      52,784       49,304  

Unrealized depreciation on foreign currency forward contracts

      38       726  

Secured borrowings

      2,920       —  

Accrued expenses and other liabilities

      12,090       9,052  
  

 

 

    

 

 

  

Total liabilities

    $ 2,030,683     $ 1,920,994  
  

 

 

    

 

 

  

Commitments and contingencies

     

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, 117,297,222 and 109,563,525 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)      117       110  

Paid-in capital in excess of par

      1,946,253       1,826,294  

Distributable earnings (loss)

      (373,670 )      (224,579 ) 
  

 

 

    

 

 

  

Total net assets

    $ 1,572,700     $ 1,601,825  
  

 

 

    

 

 

  

Total liabilities and net assets

    $     3,603,383     $     3,522,819  
  

 

 

    

 

 

  

Net asset value per share

    $ 13.41     $ 14.62  

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

     For the Years Ended December 31,  
     2024     2023     2022  

Investment income:

       

From non-controlled/non-affiliated investments:

       

Interest income

    $ 374,200     $ 414,711     $ 329,641  

Payment-in-kind income

      50,094       33,662       20,415  

Other income

      3,733       3,099       4,933  

Dividend income

      2       —       —  

From non-controlled affiliated investments:

       

Interest income

      3,912       2,286       1,236  

Dividend income

      1,970       908       382  

Payment-in-kind income

      335       207       547  

Other income

      128       41       23  

From controlled affiliated investments:

       

Payment-in-kind income

      —       —       259  

Interest income

      —       —       16  
  

 

 

    

 

 

    

 

 

  

Total investment income

    $ 434,374     $ 454,914     $ 357,452  
  

 

 

    

 

 

    

 

 

  

Expenses:

       

Interest and other debt expenses

    $ 113,718     $ 111,302     $ 79,464  

Incentive fees

      17,212       49,417       12,023  

Management fees

      35,232       35,470       35,996  

Professional fees

      4,998       3,536       3,466  

Directors’ fees

      828       823       833  

Other general and administrative expenses

      4,535       4,269       4,370  
  

 

 

    

 

 

    

 

 

  

Total expenses

    $ 176,523     $ 204,817     $ 136,152  
  

 

 

    

 

 

    

 

 

  

Fee waivers

    $ —     $ (1,986 )    $ (11,724 ) 
  

 

 

    

 

 

    

 

 

  

Net expenses

    $ 176,523     $ 202,831     $ 124,428  
  

 

 

    

 

 

    

 

 

  

Net investment income before taxes

    $ 257,851     $ 252,083     $ 233,024  
  

 

 

    

 

 

    

 

 

  

Income tax expense, including excise tax

    $ 5,298     $ 4,842     $ 4,453  
  

 

 

    

 

 

    

 

 

  

Net investment income after taxes

    $     252,553     $     247,241     $     228,571  
  

 

 

    

 

 

    

 

 

  

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

       

Net realized gain (loss) from:

       

Non-controlled/non-affiliated investments

    $ (155,950 )    $ (49,409 )    $ (4,548 ) 

Non-controlled affiliated investments

      (2,015 )      —       —  

Controlled affiliated investments

      —       (22,366 )      (14,414 ) 

Foreign currency forward contracts

      (703 )      —       283  

Foreign currency and other transactions

      5,236       404       (2,585 ) 

Net change in unrealized appreciation (depreciation) from:

       

Non-controlled/non-affiliated investments

      (35,110 )      5,529       (144,792 ) 

Non-controlled affiliated investments

      (1,947 )      (2,532 )      (3,319 ) 

Controlled affiliated investments

      —       22,366       (7,367 ) 

Foreign currency forward contracts

      688       (242 )      (584 ) 

Foreign currency translations and other transactions

      299       (4,482 )      3,997  
  

 

 

    

 

 

    

 

 

  

Net realized and unrealized gains (losses)

    $ (189,502 )    $ (50,732 )    $ (173,329 ) 
  

 

 

    

 

 

    

 

 

  

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

    $ (492 )    $ (1,210 )    $ —  

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

      308       575       (239 ) 
  

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

    $ 62,867     $ 195,874     $ 55,003  
  

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding

      114,673,460       108,305,428       102,258,701  

Basic and diluted net investment income per share

    $ 2.20     $ 2.28     $ 2.24  

Basic and diluted earnings (loss) per share

    $ 0.55     $ 1.81     $ 0.54  

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, dividends 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.

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Cover Page
Feb. 27, 2025
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Entity Central Index Key 0001572694
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name GOLDMAN SACHS BDC, INC.
Entity Incorporation State Country Code DE
Securities Act 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
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Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.001 per share
Trading Symbol GSBD
Security Exchange Name NYSE
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Feb. 27, 2025
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Document Type 8-K
Entity Registrant Name GOLDMAN SACHS BDC, INC.
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
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