Goldman Sachs BDC, Inc. Files 2023 Annual Report (10-K)

Ticker: GSBD · Form: 10-K · Filed: Feb 28, 2024

Sentiment: neutral

Topics: BDC, 10-K, Investment Portfolio, Senior Secured Debt, Goldman Sachs

TL;DR

<b>Goldman Sachs BDC, Inc. filed its 2023 10-K, highlighting a portfolio dominated by senior secured debt investments.</b>

AI Summary

Goldman Sachs BDC, Inc. (GSBD) filed a Annual Report (10-K) with the SEC on February 28, 2024. The filing is a 10-K annual report for Goldman Sachs BDC, Inc. for the fiscal year ending December 31, 2023. The company's primary investments include debt investments, with a significant portion in 1st Lien/Senior Secured Debt. Key debt investments detailed include those in One GI LLC (12.21% interest rate), Premier Imaging, LLC (10.13% interest rate), and CORA Health Holdings Corp (10.31% interest rate). Equity securities represent a smaller portion of the investment portfolio, with preferred stock noted. The report indicates geographic concentration in the United States, representing 198.50% of certain investments.

Why It Matters

For investors and stakeholders tracking Goldman Sachs BDC, Inc., this filing contains several important signals. This 10-K provides a comprehensive overview of Goldman Sachs BDC's investment strategy and portfolio composition for the fiscal year 2023, crucial for understanding its financial health and risk exposure. The detailed breakdown of debt investments, including interest rates and maturity dates, offers insight into the company's revenue generation and potential future cash flows.

Risk Assessment

Risk Level: medium — Goldman Sachs BDC, Inc. shows moderate risk based on this filing. The company's significant concentration in debt investments, particularly 1st Lien/Senior Secured Debt, exposes it to credit risk and interest rate fluctuations, as evidenced by the specific interest rates and maturity dates listed for various portfolio companies.

Analyst Insight

Investors should analyze the specific debt instruments and their associated risks, such as interest rate sensitivity and borrower creditworthiness, detailed within the 10-K to assess the company's future performance.

Key Numbers

Key Players & Entities

FAQ

When did Goldman Sachs BDC, Inc. file this 10-K?

Goldman Sachs BDC, Inc. filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Goldman Sachs BDC, Inc. (GSBD).

Where can I read the original 10-K filing from Goldman Sachs BDC, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Goldman Sachs BDC, Inc..

What are the key takeaways from Goldman Sachs BDC, Inc.'s 10-K?

Goldman Sachs BDC, Inc. filed this 10-K on February 28, 2024. Key takeaways: The filing is a 10-K annual report for Goldman Sachs BDC, Inc. for the fiscal year ending December 31, 2023.. The company's primary investments include debt investments, with a significant portion in 1st Lien/Senior Secured Debt.. Key debt investments detailed include those in One GI LLC (12.21% interest rate), Premier Imaging, LLC (10.13% interest rate), and CORA Health Holdings Corp (10.31% interest rate)..

Is Goldman Sachs BDC, Inc. a risky investment based on this filing?

Based on this 10-K, Goldman Sachs BDC, Inc. presents a moderate-risk profile. The company's significant concentration in debt investments, particularly 1st Lien/Senior Secured Debt, exposes it to credit risk and interest rate fluctuations, as evidenced by the specific interest rates and maturity dates listed for various portfolio companies.

What should investors do after reading Goldman Sachs BDC, Inc.'s 10-K?

Investors should analyze the specific debt instruments and their associated risks, such as interest rate sensitivity and borrower creditworthiness, detailed within the 10-K to assess the company's future performance. The overall sentiment from this filing is neutral.

Risk Factors

Filing Stats: 4,533 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-02-28 16:51:23

Key Financial Figures

Filing Documents

Business

Business 5 ITEM 1A.

Risk Factors

Risk Factors 29 ITEM 1B. Unresolved Staff Comments 61 ITEM 1C. Cybersecurity 61 ITEM 2.

Properties

Properties 62 ITEM 3.

Legal Proceedings

Legal Proceedings 63 ITEM 4. Mine Safety Disclosures 63 PART II 64 ITEM 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 ITEM 6. [RESERVED] 67 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 68 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 ITEM 8. Consolidated Financial Statements and Supplementary Data 82 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 139 ITEM 9A.

Controls and Procedures

Controls and Procedures 139 ITEM 9B. Other Information 139 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 139 PART III 140 ITEM 10. Directors, Executive Officers and Corporate Governance 140 ITEM 11.

Executive Compensation

Executive Compensation 140 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 140 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 140 ITEM 14. Principal Accounting Fees and Services 140 PART IV 141 ITEM 15. Exhibits, Financial Statement Schedules 141 ITEM 16. Form 10-K Summary 145

SIGNATURES

SIGNATURES 146 2 Table of Contents CAUTIONARY STATEMENT REGARDIN G FORWARD-LOOKING STATEMENTS This report contains 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 of, or other variations on, these terms 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. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company ("BDC") and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under "Risk Factors" in this annual report on Form 10-K, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to up

BUSINESS

ITEM 1. BUSINESS The Company 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, 2023, we originated approximately $7.33 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, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. "Unitranche" loans are first lien loans that may extend deeper in a borrower's capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the "first-out" portion of a unitranche loan while we retain the "last-out" portion of such loan, in which case, the "first-out" portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the "last-out" portion that we would continue to hold. In exchange for taking greater risk of loss, the "last-out" portion generally earns a higher interest rate than the "first-out" portion of the loan. We use the term "mezzanine" to refer to debt that ranks senior in right of payment only to a borrower's equity securities and ranks junior in right of payment to all of such borrower's other indebtedness. We may make multiple

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