Goldman Sachs BDC Reports Q3 2024 Investments

TL;DR

**GSBD** Q3 2024: Debt investments strong, Onyx & ProCare Software paying well.

AI Summary

Goldman Sachs BDC, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its investment portfolio, which includes significant holdings in debt instruments. Key investments mentioned are Onyx CenterSource, Inc. with a 12.25% interest rate and Genesis Acquisition Co. (dba ProCare Software) with a 14.47% interest rate.

Why It Matters

This filing provides insight into Goldman Sachs BDC's investment strategy and the performance of its debt portfolio, which can impact investor returns.

Risk Assessment

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

Key Numbers

• 208.88% — Investment Debt (Represents a significant portion of the company's assets.)
• 198.50% — United States (Geographic concentration of investments.)
• 186.10% — 1st Lien/Senior Secured Debt (Type of debt investment with high allocation.)

Key Players & Entities

• Goldman Sachs BDC, Inc. (company) — Filer of the 10-Q
• Onyx CenterSource, Inc. (company) — Portfolio company with debt investment
• Genesis Acquisition Co. (dba ProCare Software) (company) — Portfolio company with debt investment
• 12.25% (dollar_amount) — Interest rate for Onyx CenterSource, Inc. investment
• 14.47% (dollar_amount) — Interest rate for Genesis Acquisition Co. investment

FAQ

Key Financial Figures

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

Filing Documents

• gsbd-20240930.htm (10-Q) — 11738KB
• 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
• 0000950170-24-123412.txt ( ) — 41247KB
• gsbd-20240930.xsd (EX-101.SCH) — 2161KB
• gsbd-20240930_htm.xml (XML) — 14054KB

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 38 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 63 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 ITEM 4.

Controls and Procedures

Controls and Procedures 77 PART II OTHER INFORMATION 78 ITEM 1.

Legal Proceedings

Legal Proceedings 78 ITEM 1A.

Risk Factors

Risk Factors 78 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 ITEM 3. Defaults Upon Senior Securities 78 ITEM 4. Mine Safety Disclosures 78 ITEM 5. Other Information 78 ITEM 6. Exhibits 78

SIGNATURES

SIGNATURES 80 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) September 30, 2024 (Unaudited) December 31, 2023 Assets Investments, at fair value Non-controlled/non-affiliated investments (cost of $ 3,502,026 and $ 3,500,119 ) $ 3,336,893 $ 3,371,910 Non-controlled affiliated investments (cost of $ 138,303 and $ 73,672 ) 105,236 42,419 Total investments, at fair value (cost of $ 3,640,329 and $ 3,573,791 ) $ 3,442,129 $ 3,414,329 Investments in affiliated money market fund (cost of $ 1,527 and $—) 1,527 — Cash 52,957 52,363 Interest and dividends receivable 32,789 38,534 Deferred financing costs 12,721 14,937 Other assets 3,371 2,656 Total assets $ 3,545,494 $ 3,522,819 Liabilities Debt (net of debt issuance costs of $ 9,700 and $ 5,447 ) $ 1,878,107 $ 1,826,794 Interest and other debt expenses payable 8,186 13,369 Management fees payable 8,855 8,708 Incentive fees payable — 13,041 Distribution payable 52,723 49,304 Unrealized depreciation on foreign currency forward contracts 917 726 Secured borrowings 2,473 — Accrued expenses and other liabilities 8,145 9,052 Total liabilities $ 1,959,406 $ 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, 117,161,940 and 109,563,525 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 117 110 Paid-in capital in excess of par 1,940,934 1,826,294 Distributable earnings (loss) ( 354,963 ) ( 224,579 ) Total net assets $ 1,586,088 $ 1,601,825 Total liabilities and net assets $ 3,545,494 $ 3,522,819 Net asse