Goldman Sachs BDC Q2 2024 Update: Debt Investments Detailed

TL;DR

**GSBD Q2 2024:** Debt portfolio strong, with key holdings in Fullsteam & Clutch. Rates look good.

AI Summary

Goldman Sachs BDC, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported investments in debt, with a significant portion, 198.50%, in the United States. Key investments include debt in Fullsteam Operations LLC with an interest rate of 13.78% and a maturity date of November 27, 2029, and in Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) with an interest rate of 11.71% and a maturity date of March 10, 2027.

Why It Matters

This filing provides insight into Goldman Sachs BDC's investment portfolio and its exposure to various companies and debt instruments, which can impact its financial performance and investor returns.

Risk Assessment

Risk Level: medium — The company's performance is tied to the creditworthiness of its borrowers and broader economic conditions affecting interest rates and investment values.

Key Numbers

• 208.88% — Investment Debt (Overall investment debt percentage)
• 198.50% — US Investment (Percentage of investments located in the United States)
• 186.10% — 1st Lien/Senior Secured Debt (Percentage of investments in 1st Lien/Senior Secured Debt)

Key Players & Entities

• Goldman Sachs BDC, Inc. (company) — Filer of the 10-Q
• Fullsteam Operations LLC (company) — Company with debt investment
• Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) (company) — Company with debt investment
• Elemica Parent, Inc. (company) — Company with debt investment
• 13.78% (dollar_amount) — Interest rate for Fullsteam Operations LLC debt
• 11.71% (dollar_amount) — Interest rate for Abacus Data Holdings, Inc. debt
• 11.02% (dollar_amount) — Interest rate for Elemica Parent, Inc. debt
• November 27, 2029 (date) — Maturity date for Fullsteam Operations LLC debt
• March 10, 2027 (date) — Maturity date for Abacus Data Holdings, Inc. debt
• September 18, 2025 (date) — Maturity date for Elemica Parent, Inc. debt

FAQ

Key Financial Figures

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

Filing Documents

• gsbd-20240630.htm (10-Q) — 11245KB
• 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
• 0000950170-24-094144.txt ( ) — 39108KB
• gsbd-20240630.xsd (EX-101.SCH) — 2103KB
• gsbd-20240630_htm.xml (XML) — 13500KB

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 37 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 62 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 ITEM 4.

Controls and Procedures

Controls and Procedures 75 PART II OTHER INFORMATION 76 ITEM 1.

Legal Proceedings

Legal Proceedings 76 ITEM 1A.

Risk Factors

Risk Factors 76 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 ITEM 3. Defaults Upon Senior Securities 76 ITEM 4. Mine Safety Disclosures 76 ITEM 5. Other Information 76 ITEM 6. Exhibits 76

SIGNATURES

SIGNATURES 78 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) 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 The accompanying notes are an integral part of these unaudited consolidated financ