Group 1: Earnings Performance - Goldman Sachs BDC reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, but down from $0.58 per share a year ago, representing an earnings surprise of 9.62% [1] - The company posted revenues of $108.62 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.08% and down from $112.08 million year-over-year [2] - Over the last four quarters, Goldman Sachs BDC has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Group 2: Stock Performance and Outlook - Goldman Sachs BDC shares have declined approximately 2.5% since the beginning of the year, while the S&P 500 has gained 9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.55 on revenues of $114.94 million, and for the current fiscal year, it is $2.14 on revenues of $454.64 million [7] Group 3: Industry Context - The Financial - SBIC & Commercial Industry, to which Goldman Sachs BDC belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5][6]

Financial Performance - Net investment income per share for Q2 2024 was $0.59, with adjusted net investment income per share at $0.57, yielding an annualized net investment income yield of 16.7%[2] - Total investment income for Q2 2024 was $108.6 million, down from $111.5 million in Q1 2024, primarily due to investments placed on non-accrual status[4] - Total investment income for Q2 2024 was $108,617,000, a decrease of 3.1% from $112,083,000 in Q2 2023[14] - Net investment income after taxes for the six months ended June 30, 2024, was $127,818,000, compared to $112,488,000 for the same period in 2023, reflecting a 13.7% increase[14] - Basic and diluted net investment income per share for Q2 2024 was $0.59, unchanged from Q2 2023[14] Asset and Liability Management - Net asset value (NAV) per share decreased by 6.0% to $13.67 from $14.55 as of March 31, 2024[3] - Total assets reached $3,629,325,000 as of June 30, 2024, up from $3,522,819,000 at the end of 2023, indicating an increase of about 3.0%[13] - Total liabilities rose to $2,033,431,000 as of June 30, 2024, compared to $1,920,994,000 as of December 31, 2023, representing an increase of approximately 5.8%[13] - The company had $1,955.1 million in total debt outstanding, with a combined weighted average interest rate of 5.35%[9] - The company’s total debt outstanding was $1,943,587,000 as of June 30, 2024, compared to $1,826,794,000 as of December 31, 2023, marking an increase of approximately 6.4%[13] Investment Activity - Gross originations for the quarter were $440.0 million, with net funded investment activity of $180.1 million[2] - New investment commitments were made across ten new portfolio companies and fifteen existing portfolio companies during the quarter[6] - Total investments at fair value and commitments amounted to $3,998.2 million, with 98.0% in senior secured debt[2] - Total investments at fair value increased to $3,518,742,000 as of June 30, 2024, compared to $3,414,329,000 as of December 31, 2023, reflecting a growth of approximately 3.1%[13] Dividend Information - The Company declared a regular third quarter 2024 dividend of $0.45 per share, payable to shareholders of record as of September 30, 2024[2] - The company declared a dividend of $0.45 per share, payable on October 28, 2024, to stockholders of record as of September 30, 2024[12] Non-Accrual Investments - As of June 30, 2024, investments on non-accrual status represented 3.4% and 7.6% of the total investment portfolio at fair value and amortized cost, respectively[8] - Net realized and unrealized losses on investment transactions for Q2 2024 amounted to $(121,392,000), compared to a gain of $1,332,000 in Q2 2023[14] - The company reported a net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments of $(89,023,000) in Q2 2024[14] Operational Metrics - The ending net debt-to-equity ratio increased to 1.19x as of June 30, 2024, compared to 1.10x as of March 31, 2024[3][9] - The weighted average net debt to EBITDA ratio and interest coverage ratio are calculated based on the fair value of debt investments, excluding certain investments where these measures may not apply[1] - The ending net debt-to-equity leverage ratio was calculated using total borrowings net of cash, excluding unfunded commitments, as of June 30, 2024[12] Management Fees and Expenses - Total expenses for Q2 2024 were $40,416,000, down 13.4% from $46,704,000 in Q2 2023[14] - Management fees for Q2 2024 were $8,865,000, slightly down from $8,970,000 in Q2 2023[14] Company Focus - Goldman Sachs BDC, Inc. focuses on investing in middle-market companies primarily through secured and unsecured debt[15]

Investment Overview - The company has originated approximately $8.13 billion in aggregate principal amount of debt and equity investments from its formation in 2012 through June 30, 2024[151]. - As of June 30, 2024, the total investments amounted to $3,770.78 million, with a fair value of $3,518.74 million[160]. - The portfolio includes $3,423.49 million in first lien/senior secured debt, with a fair value of $3,245.85 million[160]. - The company focuses on lending to middle-market companies, defined as those with annual EBITDA between $5 million and $200 million[151]. - The company expects to qualify annually for tax treatment as a regulated investment company (RIC) under the Internal Revenue Code[151]. Financial Performance - Total investment income for the three months ended June 30, 2024, was $108.62 million, a decrease from $112.08 million for the same period in 2023[171]. - Net investment income after taxes for the three months ended June 30, 2024, was $66.96 million, compared to $64.50 million for the same period in 2023[172]. - Net realized and unrealized gains (losses) for the three months ended June 30, 2024, were $(121.39) million, a significant decline from $1.33 million for the same period in 2023[171]. - Interest income from investments decreased to $95.19 million for the three months ended June 30, 2024, down from $102.48 million for the same period in 2023[174]. - Payment-in-kind (PIK) income increased to $11.86 million for the three months ended June 30, 2024, compared to $8.79 million for the same period in 2023[174]. - The company reported a net increase (decrease) in net assets from operations of $(54.21) million for the three months ended June 30, 2024, compared to an increase of $65.66 million for the same period in 2023[171]. - The company experienced a net unrealized depreciation on investments of $(89.51) million for the three months ended June 30, 2024, compared to an appreciation of $6.35 million for the same period in 2023[171]. Investment Quality and Risk - Non-accrual investments rose to $284.73 million, accounting for 7.6% of total investments as of June 30, 2024, compared to 3.8% as of December 31, 2023[168]. - The median EBITDA for portfolio companies increased to $63.11 million as of June 30, 2024, from $53.98 million as of December 31, 2023[163]. - The percentage of performing debt bearing a floating rate was 99.5% as of June 30, 2024, compared to 99.9% as of December 31, 2023[163]. - The company may invest in covenant-lite loans, which have fewer financial maintenance covenants, potentially increasing risk in case of borrower default[151]. - The weighted average leverage (net debt/EBITDA) remained stable at 6.1x as of June 30, 2024[163]. Expenses and Fees - The management fee and incentive fee are the primary operating expenses, compensating the investment adviser for investment management[157]. - Total net expenses for the three months ended June 30, 2024, were $40.42 million, down from $46.70 million for the same period in 2023[171]. - Incentive fees decreased to $0 million and $10.88 million for the three and six months ended June 30, 2024, down from $7.84 million and $30.14 million for the same periods in 2023, driven by the performance of the investment portfolio[175]. Debt and Leverage - The company utilizes leverage through a revolving credit facility and various notes, aiming for an asset coverage ratio of at least 150% after borrowing[159]. - As of June 30, 2024, the asset coverage ratio based on the aggregate amount outstanding of senior securities was 181%, compared to 187% as of December 31, 2023[181]. - The company has a Revolving Credit Facility with a committed borrowing amount of $1,695.00 million, which can be increased to $2,542.50 million under certain conditions[188]. - The company issued $360.00 million of 3.75% unsecured notes due 2025, with interest payable semi-annually[191]. - The company issued $500.00 million of 2.875% unsecured notes due 2026, with interest payable semi-annually[192]. - The company issued $400.00 million of 6.375% unsecured notes due 2027, with interest payable semi-annually starting September 11, 2024[193]. Market and Interest Rate Sensitivity - A 300 basis point increase in interest rates would result in an increase of $81.08 million in interest income and a net income of $61.73 million[200]. - A 200 basis point increase would yield $54.05 million in interest income and a net income of $41.15 million[200]. - A 100 basis point increase would generate $27.03 million in interest income and a net income of $20.58 million[200]. - A 25 basis point decrease in interest rates would lead to a decrease of $6.76 million in interest income and a net income loss of $5.15 million[200]. - The company regularly measures its exposure to interest rate risk and manages it by comparing interest rate sensitive assets to liabilities[199]. - Interest rate sensitivity is a key factor in the company's earnings, influenced by the difference between investment and borrowing rates[199]. - The company acknowledges that significant changes in market interest rates could materially affect net investment income[199]. Shareholder Returns - The company declared a quarterly distribution of $0.45 per share on August 8, 2024, payable on October 28, 2024[198]. - The company has a voluntary dividend reinvestment plan (DRIP) for automatic reinvestment of cash distributions, with certain stockholders opting out[185]. - The company had a stock repurchase plan authorized for up to $75.00 million, which was temporarily suspended during the March Offering and expired on August 17, 2023[184]. Future Outlook - The company expects to generate cash from future offerings of securities, borrowings, and cash flows from operations to fund investments and operating expenses[180]. - The company may enter into credit facilities secured by certain assets, with terms depending on market conditions and business performance[181]. - Future hedging against interest rate fluctuations may involve using futures, options, and forward contracts[200].

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Goldman Sachs BDC, Inc. Investor Presentation Disclaimer and Forward-Looking Statement This investor presentation may contain 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 thereof or other variations thereon or comparable terminology. You should read statements t ...

Goldman Sachs BDC (NYSE:GSBD) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET Company Participants Austin Neri – Investor Relations Alex Chi – Co-Chief Executive Officer David Miller – Co-Chief Executive Officer Tucker Greene – Chief Operating Officer Stan Matuszewski – Chief Financial Officer Conference Call Participants Mark Hughes – Truist Sean-Paul Adams – Raymond James Austin Neri Good morning. This is Austin Neri, a member of the Investor Relations team for Goldman Sachs BDC, Inc., and I woul ...

Goldman Sachs BDC (GSBD) came out with quarterly earnings of $0.54 per share, missing the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.82%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.57 per share when it actually produced earnings of $0.55, delivering a surprise of -3.51%.Over the last four qu ...

Exhibit 99.1 Goldman Sachs BDC, Inc. Reports March 31, 2024 Financial Results and Announces Quarterly Dividend of $0.45 Per Share Company Release – May 7, 2024 NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. ("GSBD", the "Company", "we", "us", or "our") (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2024 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. QUARTERLY HIGHLIGHTS SELECTED FINANCIAL HIGHLIGHTS | | | | | As of | | --- | --- | --- | - ...

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) 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, 2024 Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) (I.R. ...