Financial Data and Key Metrics Changes - As of December 31, 2023, net asset value was $14.62 per share, an increase from $14.61 in the previous quarter, primarily due to net investment income exceeding the quarterly dividend, partially offset by net realized and unrealized losses [11][35] - GAAP net investment income for the quarter was $0.56 per share, while adjusted net investment income was $0.55 per share, resulting in an annualized net investment income yield on book value of 15% [18][35] - Total portfolio investments at fair value were $3.4 billion, with outstanding debt of $1.8 billion and net assets of $1.6 billion [17][35] Business Line Data and Key Metrics Changes - The portfolio quality has improved significantly, with 95.3% of investments in first lien senior secured loans as of Q4 2023, up from 89.3% in Q4 2021 [8] - The weighted average yield of the investment portfolio at cost increased to 11.8% from 11.6% in the prior quarter [30] - The weighted average net debt-to-EBITDA ratio increased to 6.1x from 5.9x, primarily due to a single position experiencing a dip in EBITDA [31] Market Data and Key Metrics Changes - The company originated $166.2 million in new investment commitments during the quarter, with sales and repayment activity totaling $224 million [13] - Investments on non-accrual status remained consistent at 2.3% of the total investment portfolio at fair value [32] - The company noted that while the broadly syndicated loan market has reopened, it primarily impacts the upper middle market, whereas the company focuses on the core middle market [12] Company Strategy and Development Direction - The integration of the Goldman Sachs private credit platform has allowed the company to enhance its origination capabilities and improve underwriting [7] - The company aims to capitalize on proprietary and unique direct lending opportunities, particularly in the middle market [9] - The company anticipates that as the overall deal environment improves, supply and demand for private credit will align to support spread premiums and tighter lending terms [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the portfolio and the outlook for deployment into attractive opportunities [36] - The company noted continued EBITDA growth among portfolio companies, with a weighted average EBITDA growth of 7.5% year-over-year [74] - Management highlighted that the backlog of companies to be sold remains near record levels, which could drive future activity [112] Other Important Information - The company declared a first-quarter dividend of $0.45 per share, marking the 36th consecutive quarter of this dividend [27] - The PIK percentage of total investment income decreased slightly quarter-over-quarter, remaining in the single digits [35] - The company has $724 million of capacity available under its secured revolving credit facility [34] Q&A Session Summary Question: Integration of private credit platform - Management confirmed that GSBD continues to focus on the core middle market while benefiting from the broader Goldman Sachs ecosystem for sourcing and origination [64] Question: Competitive landscape and deal sourcing - Management noted that while there is increased competition in the direct lending space, GSBD has not seen banks reentering the core middle market, which remains its focus [72] Question: Portfolio performance and EBITDA growth - Management reported continued EBITDA growth across portfolio companies, with a weighted average top-line growth of 16.5% and EBITDA margin expansion of 130 basis points [74] Question: Future leverage and market conditions - Management indicated that leverage is expected to approach the target level of 1.25x, depending on market activity and conditions [104] Question: Unsecured debt strategy - Management stated that they would evaluate market conditions for potential unsecured debt issuance, considering fixed versus floating rates based on investor benefits [117]

Goldman Sachs Alternatives 10 $14.61 $0.55 $0.01 $(0.45) $(0.01) $(0.09) $14.62 Goldman Sachs Alternatives 11 Debt Outstanding Composition3 Debt Maturity Schedule ($mm) Goldman Sachs Alternatives 12 Goldman Sachs Alternatives 13 | --- | --- | --- | --- | --- | --- | --- | |--------|----------------------|------------------------|----------------------|------------------------|----------------------|----------------------| | Rating | Q2 2023 \nFair Value | \n% of Total Portfolio | Q3 2023 \nFair Value | \n% ...

[Goldman Sachs BDC, Inc. Q4 2023 Financial Results](index=1&type=section&id=Goldman%20Sachs%20BDC%2C%20Inc.%20Q4%202023%20Financial%20Results) [Quarterly Highlights & Financial Summary](index=1&type=section&id=Quarterly%20Highlights%20%26%20Financial%20Summary) The company reported Q4 net investment income of $0.56 per share, a slight NAV increase, and an improved net debt-to-equity ratio Selected Financial Highlights (as of Q4 2023 vs Q3 2023) | (in $ millions, except per share data) | As of December 31, 2023 | As of September 30, 2023 | | :--- | :--- | :--- | | Investment portfolio, at fair value | $3,414.3 | $3,438.7 | | Total debt outstanding | $1,832.2 | $1,884.5 | | Net assets | $1,601.8 | $1,600.6 | | Net asset value per share | $14.62 | $14.61 | | Ending net debt to equity | 1.11x | 1.13x | Quarterly Operating Results (Q4 2023 vs Q3 2023) | (in $ millions, except per share data) | Three Months Ended December 31, 2023 | Three Months Ended September 30, 2023 | | :--- | :--- | :--- | | Total investment income | $115.4 | $120.1 | | Net investment income after taxes | $61.8 | $72.9 | | Adjusted net investment income after taxes | $60.7 | $69.7 | | Net investment income per share | $0.56 | $0.67 | | Adjusted net investment income per share | $0.55 | $0.64 | - The Board of Directors declared a regular first quarter 2024 dividend of **$0.45 per share**, payable on April 26, 2024, to shareholders of record as of March 28, 2024[4](index=4&type=chunk)[18](index=18&type=chunk) - Net asset value (NAV) per share increased by **0.07% to $14.62** in Q4 2023 from $14.61 in Q3 2023[4](index=4&type=chunk) [Investment Portfolio Analysis](index=2&type=section&id=Investment%20Portfolio%20Analysis) The $3.41 billion portfolio is concentrated in senior secured debt, with a 13.8% weighted average yield and a slight increase in non-accrual investments [Investment Activity](index=2&type=section&id=Investment%20Activity) Q4 saw $166.2 million in new commitments and $224.0 million in sales and repayments, resulting in a net portfolio decrease Investment Activity for Q4 2023 ($ Millions) | Investment Type | New Investment Commitments | % of Total | Sales and Repayments | % of Total | | :--- | :--- | :--- | :--- | :--- | | 1st Lien/Senior Secured Debt | $136.5 | 82.1% | $179.8 | 80.3% | | 1st Lien/Last-Out Unitranche | $29.7 | 17.9% | $0.1 | — | | 2nd Lien/Senior Secured Debt | — | — | $36.9 | 16.5% | | Preferred Stock | — | — | $7.1 | 3.2% | | Common Stock | — | — | $0.1 | — | | **Total** | **$166.2** | **100.0%** | **$224.0** | **100.0%** | - Net funded portfolio change for the quarter was a **decrease of $34.0 million**, resulting from $190.0 million in total fundings and $224.0 million in sales and repayments[4](index=4&type=chunk) - New investment commitments were made to fourteen new and four existing portfolio companies, while sales and repayments were primarily driven by the **full exit of seven portfolio companies**[7](index=7&type=chunk) [Portfolio Composition and Quality](index=3&type=section&id=Portfolio%20Composition%20and%20Quality) The portfolio remains concentrated in senior secured debt with a 13.8% yield, while non-accrual investments rose slightly to 2.3% of fair value Portfolio Composition by Investment Type (as of Dec 31, 2023) | Investment Type | $ Millions (Fair Value) | % of Total | | :--- | :--- | :--- | | 1st Lien/Senior Secured Debt | $3,107.5 | 91.1% | | 1st Lien/Last-Out Unitranche | $144.7 | 4.2% | | 2nd Lien/Senior Secured Debt | $66.5 | 1.9% | | Unsecured Debt | $27.3 | 0.8% | | Preferred Stock | $37.3 | 1.1% | | Common Stock | $30.7 | 0.9% | | **Total** | **$3,414.3** | **100.0%** | Selected Portfolio Metrics | | As of Dec 31, 2023 | As of Sep 30, 2023 | | :--- | :--- | :--- | | Number of portfolio companies | 144 | 137 | | W.A. yield on debt investments (fair value) | 13.8% | 13.3% | | W.A. leverage (net debt/EBITDA) | 6.1x | 5.9x | | W.A. interest coverage | 1.5x | 1.5x | | Median EBITDA | $53.98 million | $50.22 million | - As of December 31, 2023, non-accrual investments were **2.3% of the portfolio at fair value** and 3.8% at amortized cost[4](index=4&type=chunk)[9](index=9&type=chunk) - The investment portfolio is comprised of **97.2% senior secured debt**, which includes 95.3% in first lien investments[4](index=4&type=chunk) [Liquidity and Capital Resources](index=3&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained significant liquidity with $1.83 billion in total debt and an improved net debt-to-equity ratio of 1.11x - Total principal debt outstanding was **$1,832.2 million**, composed of $972.2 million from the Revolving Credit Facility and $860.0 million in unsecured notes[10](index=10&type=chunk) - As of December 31, 2023, the company had **$724.1 million of availability** under its Revolving Credit Facility and $52.4 million in cash[10](index=10&type=chunk) - The net debt-to-equity leverage ratio **decreased to 1.11x** as of December 31, 2023, compared to 1.13x at the end of the previous quarter[4](index=4&type=chunk)[10](index=10&type=chunk) - The combined weighted average interest rate on debt outstanding was **5.45% for Q4 2023**[10](index=10&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) Net assets grew to $1.60 billion, driven by a significant increase in total investment income and net assets from operations for FY2023 [Consolidated Statements of Assets and Liabilities](index=6&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total net assets increased to $1.60 billion year-over-year, as a significant decrease in liabilities offset a slight decline in total assets Consolidated Balance Sheet Summary (in thousands) | | December 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total investments, at fair value | $3,414,329 | $3,506,216 | | **Total assets** | **$3,522,819** | **$3,591,311** | | Debt (net of issuance costs) | $1,826,794 | $2,012,660 | | **Total liabilities** | **$1,920,994** | **$2,088,917** | | **Total net assets** | **$1,601,825** | **$1,502,394** | | Net asset value per share | $14.62 | $14.61 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) FY2023 total investment income grew 27% to $454.9 million, driving a substantial rebound in net increase in net assets from operations Consolidated Income Statement Summary (in thousands) | For the Years Ended December 31, | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Total investment income** | **$454,914** | **$357,452** | **$346,980** | | Net expenses | $202,831 | $124,428 | $108,322 | | **Net investment income after taxes** | **$247,241** | **$228,571** | **$237,375** | | Net realized and unrealized gains (losses) | $(50,732) | $(173,329) | $(44,592) | | **Net increase in net assets from operations** | **$195,874** | **$55,003** | **$192,427** | | Basic and diluted earnings (loss) per share | $1.81 | $0.54 | $1.89 | [Corporate Information and Conference Call](index=3&type=section&id=Corporate%20Information%20and%20Conference%20Call) The company, a BDC focused on U.S. middle-market lending, will host its Q4 2023 earnings call on February 29, 2024 - GSBD is a business development company managed by Goldman Sachs Asset Management, L.P., focusing on generating current income and capital appreciation by investing in **U.S. middle-market companies**[22](index=22&type=chunk) - The company's primary investment strategy involves direct originations of **secured debt**, including first lien, first lien/last-out unitranche, and second lien debt[22](index=22&type=chunk) - An earnings conference call is scheduled for **Thursday, February 29, 2024, at 9:00 am Eastern Time** to discuss the financial results[11](index=11&type=chunk)

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, 2023 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 | (I.R.S. Employer ...

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 September 30, 2023 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ 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) 2 ...

Management Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED JUNE 30, 2023 WWW.GOLDMANSACHSBDC.COM Disclaimer and Forward-Looking Statement The information contained in this presentation should be viewed in conjunction with the earnings conference call of Goldman Sachs BDC, Inc. ("GSBD" or the "Company") (NYSE: GSBD) held on August 4, 2023 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. The information contained herein may not be used, reproduced or distributed ...

Start Time: 09:00 January 1, 0000 9:22 AM ET Goldman Sachs BDC (NYSE:GSBD) Q2 2023 Earnings Conference Call August 04, 2023, 09:00 AM ET Company Participants Alex Chi - Co-CEO and Co-President David Miller - Co-CEO and Co-President Tucker Greene - COO David Pessah - CFO, Treasurer and Principal Financial Officer Austin Neri - IR Conference Call Participants Derek Hewett - Bank of America Merrill Lynch Maxwell Fritscher - Truist Securities Sean-Paul Adams - Raymond James Austin Neri Good morning. This is Aus ...

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, 2023 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) 200 We ...

Quarter Ended March 31, 2023 NII: $0.46 Net Realized & Unrealized Gain: $(0.21) $14.61 $0.45 $0.01 $(0.45) $(0.01) $(0.20) $0.03$14.44 $14.44 Q4' 22 Ending Book NAV Q1' 23 Adjusted Net Investment Income Q1' 23 Purchase Discount Amortization Q1' 23 Distribution Q1' 23 Realized/Unrealized Purchase Discount Q1' 23 Adjusted Net Change Realized & Unrealized Secondary Offering Proceeds (net underwriting and offering costs) Q1' 23 Ending Book NAV March 31, 2023 NAV is based on March 31, 2023 shares outstanding as ...

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, 2023 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) 200 W ...