Goldman Sachs BDC, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Goldman Sachs BDC, Inc. filed its Q1 2024 10-Q, highlighting its investment portfolio and financial position.</b>

AI Summary

Goldman Sachs BDC, Inc. (GSBD) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Goldman Sachs BDC, Inc. filed a 10-Q for the period ending March 31, 2024. The filing details various investments, including debt and equity securities. Key investments mentioned include Viant Medical Holdings, Inc., Intelligent Medical Objects, Inc., and Governmentjobs.com, Inc. The company's portfolio includes a significant portion of 1st Lien/Senior Secured Debt. Geographic concentration is noted, with a substantial percentage of investments in the United States.

Why It Matters

For investors and stakeholders tracking Goldman Sachs BDC, Inc., this filing contains several important signals. This filing provides investors with a detailed look into the company's current investment holdings, interest rate exposures, and maturity profiles, crucial for assessing risk and potential returns. Understanding the specific companies and debt instruments within the portfolio, along with their associated interest rates and maturities, is essential for evaluating the BDC's performance and future outlook.

Risk Assessment

Risk Level: medium — Goldman Sachs BDC, Inc. shows moderate risk based on this filing. The company's investment portfolio is concentrated in debt, with a significant portion being 1st Lien/Senior Secured Debt, which can be sensitive to economic downturns and interest rate fluctuations.

Analyst Insight

Investors should review the detailed breakdown of the investment portfolio, including industry and geographic concentrations, to assess potential risks and opportunities.

Key Numbers

• 206.87% — Investment Debt Percentage (Overall investment debt percentage)
• 196.58% — US Investment Percentage (Percentage of investments in the United States)
• 186.01% — 1st Lien/Senior Secured Debt Percentage (Percentage of 1st Lien/Senior Secured Debt)
• 11.58% — Viant Medical Holdings Interest Rate (Interest rate for Viant Medical Holdings, Inc.)
• 07/02/25 — Viant Medical Holdings Maturity (Maturity date for Viant Medical Holdings, Inc.)
• 11.31% — Intelligent Medical Objects Interest Rate (Interest rate for Intelligent Medical Objects, Inc.)
• 05/11/28 — Intelligent Medical Objects Maturity (Maturity date for Intelligent Medical Objects, Inc.)
• 4.27% — Equity Securities Percentage (Percentage of equity securities)

Key Players & Entities

• Goldman Sachs BDC, Inc. (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed As Of Date
• Viant Medical Holdings, Inc. (company) — Investment
• Intelligent Medical Objects, Inc. (company) — Investment
• Governmentjobs.com, Inc. (company) — Investment
• Harrington Industrial Plastics, LLC (company) — Investment
• SpendMend, LLC (company) — Investment

FAQ

Risk Factors

• Industry Concentration Risk [medium — financial]: The company's investments may be concentrated in certain industries, increasing exposure to industry-specific risks.
• Geographic Concentration Risk [medium — financial]: A significant portion of the company's investments are located in the United States, exposing it to risks associated with that specific geographic region.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.

Key Financial Figures

• $0.001 — registered Common Stock, par value $0.001 per share GSBD The New York Stock E

Filing Documents

• gsbd-20240331.htm (10-Q) — 10589KB
• gsbd-ex31_1.htm (EX-31.1) — 12KB
• gsbd-ex31_2.htm (EX-31.2) — 12KB
• gsbd-ex31_3.htm (EX-31.3) — 12KB
• gsbd-ex32_1.htm (EX-32.1) — 7KB
• gsbd-ex32_2.htm (EX-32.2) — 6KB
• gsbd-ex32_3.htm (EX-32.3) — 6KB
• 0000950170-24-054635.txt (&nbsp;) — 37456KB
• gsbd-20240331.xsd (EX-101.SCH) — 2083KB
• gsbd-20240331_htm.xml (XML) — 12865KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Consolidated Statements of Assets and Liabilities 5 Consolidated Statements of Operations 6 Consolidated Statements of Changes in Net Assets 7 Consolidated Statements of Cash Flows 8 Consolidated Schedules of Investments 9 Notes to the Consolidated Financial Statements 36 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 ITEM 4.

Controls and Procedures

Controls and Procedures 73 PART II OTHER INFORMATION 74 ITEM 1.

Legal Proceedings

Legal Proceedings 74 ITEM 1A.

Risk Factors

Risk Factors 74 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 74 ITEM 3. Defaults Upon Senior Securities 74 ITEM 4. Mine Safety Disclosures 74 ITEM 5. Other Information 74 ITEM 6. Exhibits 74

SIGNATURES

SIGNATURES 76 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 our annual report on Form 10-K for the year ended December 31, 2023, 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 the

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS Goldman Sachs BDC, Inc. Consolidated Statements o f Assets and Liabilities (in thousands, except share and per share amounts) March 31, 2024 (Unaudited) December 31, 2023 Assets Investments, at fair value Non-controlled/non-affiliated investments (cost of $ 3,531,330 and $ 3,500,119 ) $ 3,401,026 $ 3,371,910 Non-controlled affiliated investments (cost of $ 71,317 and $ 73,672 ) 39,088 42,419 Total investments, at fair value (cost of $ 3,602,647 and $ 3,573,791 ) $ 3,440,114 $ 3,414,329 Investments in affiliated money market fund (cost of $ 499 and $—) 499 — Cash 52,319 52,363 Interest and dividends receivable 38,214 38,534 Deferred financing costs 14,134 14,937 Other assets 1,922 2,656 Total assets $ 3,547,202 $ 3,522,819 Liabilities Debt (net of debt issuance costs of $ 13,012 and $ 5,447 ) $ 1,830,810 $ 1,826,794 Interest and other debt expenses payable 8,758 13,369 Management fees payable 8,732 8,708 Incentive fees payable 10,882 13,041 Distribution payable 50,447 49,304 Unrealized depreciation on foreign currency forward contracts 581 726 Accrued expenses and other liabilities 5,386 9,052 Total liabilities $ 1,915,596 $ 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, 112,103,346 and 109,563,525 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 112 110 Paid-in capital in excess of par 1,865,489 1,827,715 Distributable earnings (loss) ( 232,574 ) ( 224,579 ) Allocated income tax expense ( 1,421 ) ( 1,421 ) Total net assets $ 1,631,606 $ 1,601,825 Total liabilities and net assets $ 3,547,202 $ 3,