For the quarterly period ended March 31, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 200 West Street, New York, New York 10282 (Address of Principal Executive Offices) (Zip Code) R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 814-00998 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or Organization) 46-2176593 (I.R.S. Em ...

Investment Overview - The company has originated over $3.53 billion in aggregate principal amount of debt and equity investments since its formation in 2012 through September 30, 2019[224]. - As of September 30, 2019, the total investments amounted to $1,474.40 million, with a fair value of $1,430.16 million[240]. - The company focuses on lending to middle-market companies, defined as those with annual EBITDA between $5 million and $200 million[226]. - The number of portfolio companies increased to 102 as of September 30, 2019, compared to 72 as of December 31, 2018[246]. - The total investments amounted to $1,430.16 million as of September 30, 2019, compared to $1,375.44 million at December 31, 2018[253]. - The company has a common stock repurchase plan authorized for up to $25.00 million, which has been renewed multiple times, with the latest expiration set for March 18, 2020[306]. Portfolio Performance - The weighted average yield of the total portfolio as of September 30, 2019, was 8.3% at amortized cost and 8.9% at fair value[240]. - The percentage of performing debt bearing a floating rate rose to 97.9% as of September 30, 2019, from 96.6% at December 31, 2018[246]. - The median EBITDA for portfolio companies increased to $37.74 million as of September 30, 2019, compared to $26.87 million at December 31, 2018[246]. - The weighted average leverage (net debt/EBITDA) improved to 5.4x as of September 30, 2019, from 5.6x[246]. - The percentage of non-accrual investments decreased to 1.4% of total investments as of September 30, 2019, down from 8.3%[254]. - The investment performance rating showed a decrease in grade 4 investments to 1.0% of total portfolio at fair value as of September 30, 2019, from 6.4%[253]. Income and Expenses - Total investment income for Q3 2019 was $36.86 million, a decrease of 2.95% from $37.98 million in Q3 2018[260]. - Net investment income after taxes for Q3 2019 was $18.97 million, down 12.03% from $21.56 million in Q3 2018[260]. - Total expenses for Q3 2019 were $17.43 million, an increase of 9.13% from $15.99 million in Q3 2018[270]. - Interest and other debt expenses rose to $9.90 million in Q3 2019 from $6.43 million in Q3 2018, driven by higher average daily borrowings[271]. - Management fees decreased from $12.54 million for the nine months ended September 30, 2018 to $11.04 million for the same period in 2019, primarily due to a reduction in the Management Fee rate from 1.50% to 1.00%[274]. Debt and Financing - The company has a Revolving Credit Facility that allows it to borrow money to leverage its investment portfolio, subject to Investment Company Act limitations[237]. - The company entered into a Revolving Credit Facility with a committed borrowing amount of $795.00 million, which can be increased to $1,000.00 million under certain conditions[316]. - The company has a fee of 0.375% per annum on committed but undrawn amounts under the Revolving Credit Facility[317]. - The company may pursue additional capital through securitization of investments or other debt financing options, subject to market conditions and regulatory approvals[302]. - The company issued $115.00 million in unsecured Convertible Notes, generating net proceeds of approximately $110.90 million, which were used to pay down debt under the Revolving Credit Facility[321]. Valuation and Risk Management - The majority of the company's investments fall within Level 3 of the fair value hierarchy, indicating a reliance on unobservable inputs for valuation[339]. - Fair value is determined based on market prices, broker quotations, or independent third-party valuations when market prices are not available[343]. - The company engages Independent Valuation Advisors to provide independent valuations for investments not readily priced in the market[340]. - The Audit Committee reviews valuation information and assesses recommendations from the Investment Management Division Valuation Committee[348]. - The company regularly measures its exposure to interest rate risk and manages it by comparing interest rate sensitive assets to liabilities[353]. Distributions and Compliance - The company declared a quarterly distribution of $0.45 per share, payable on January 15, 2020, to holders of record as of December 31, 2019[330]. - The company intends to pay quarterly distributions to stockholders, subject to lawfully available funds, with no assurance of future distributions[346]. - The company must distribute at least 90% of its investment company taxable income annually to maintain its RIC status[347]. - The company is in compliance with covenants requiring a minimum shareholder's equity of $500.00 million and a minimum asset coverage ratio of at least 150%[319].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 814-00998 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 814-00998 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) (I.R. ...

Investment Portfolio - As of December 31, 2018, the investment portfolio included 72 portfolio companies, with a median EBITDA of $26.87 million[21] - The Senior Credit Fund had total investments in senior secured debt at fair value of $451.80 million, with a median EBITDA of $52.70 million[27] - As of December 31, 2018, the Senior Credit Fund had ten portfolio companies with unfunded commitments totaling $17.12 million[26] - The largest industry in the Senior Credit Fund's portfolio was Commercial Services & Supplies, representing 18.0% of the portfolio at fair value[33] - The company has invested in various sectors, including Health Care Providers & Services, Aerospace & Defense, and Construction & Engineering, diversifying its portfolio[545] Financial Performance - Total investment income for the year ended December 31, 2018, was $146.731 million, an increase of 7.1% from $136.781 million in 2017[525] - Net investment income after taxes for the year ended December 31, 2018, was $82.836 million, up from $79.993 million in 2017, reflecting a growth of 3.6%[525] - The company reported a net increase in net assets resulting from operations of $53.678 million for the year ended December 31, 2018, compared to $49.548 million in 2017, an increase of 4.3%[528] - Distributions to stockholders totaled $72.339 million in 2018, slightly higher than $70.504 million in 2017[528] - The company reported net assets of $709,892,000 as of December 31, 2018, down from $725,830,000 in 2017, indicating a decrease of about 2.5%[522] Debt and Leverage - The weighted average yield on debt and income-producing investments at amortized cost was 10.9%, while at fair value it was 11.3%[21] - The weighted average leverage (net debt/EBITDA) for the Senior Credit Fund was 4.8x, and the weighted average interest coverage was 2.4x[27] - 96.6% of performing debt in the investment portfolio bore a floating rate, while 3.4% bore a fixed rate[21] - The company’s debt increased from $542,526,000 in 2017 to $659,101,000 in 2018, marking an increase of about 21.4%[522] Investment Strategy - GSAM aims to create a portfolio primarily consisting of secured debt, including first lien and mezzanine debt, as well as select equity investments[59] - The company seeks to invest in companies with strong competitive market positions and viable exit strategies, focusing on cash flow generation[72] - The company may invest up to 30% of total assets in opportunistic investments, including large U.S. companies and distressed debt[63] - The company may invest up to 100% of its assets in privately negotiated transactions[147] Fees and Expenses - Management Fees for the year ended December 31, 2018, amounted to $15.97 million, down from $17.83 million in 2017[106] - The company paid a total of $34.35 million in fees for the year ended December 31, 2018, which included $17.18 million in Management Fees and $17.17 million in Incentive Fees[131] - The Incentive Fee is based on income if Ordinary Income exceeds a quarterly hurdle rate of 1.75%[108] Regulatory Compliance - The company is subject to compliance with the Sarbanes-Oxley Act, requiring certification of the accuracy of financial statements by its principal executive and financial officers[170] - The company believes it is in compliance with the NYSE listing standards, including corporate governance requirements[172] - The company has adopted a Code of Ethics to establish procedures for personal investments and restrict certain personal securities transactions[154] Risk Management - The portfolio is regularly reviewed and stressed under various scenarios by senior risk management personnel to minimize capital loss risk[61] - The company has developed allocation policies to address potential conflicts of interest and ensure equitable investment opportunities among accounts[46] Market Environment - The U.S. middle market consists of approximately 200,000 companies, representing about 33% of the private sector GDP, generating over $6 trillion in annual revenue[56] - The consolidation of regional banks into money center banks has reduced the focus on middle-market lending, leading to fewer bank lenders available for these companies[56] - There is a significant amount of un-invested private equity capital for North America buyout funds, creating additional capacity for GSAM to provide debt capital[56] Investment Valuation - The net asset value per share decreased from $18.09 in 2017 to $17.65 in 2018, reflecting a decline of approximately 2.4%[522] - The company holds a significant investment in CB-HDT Holdings, Inc., with 1,108,333 shares of preferred stock valued at $15,794[545] - The fair value of restricted securities is $78,879, accounting for 11.11% of the company's net assets[550]