Goldman Sachs BDC (NYSE:GSBD) Q4 2022 Earnings Conference Call February 24, 2023 9:00 AM ET Company Participants Austin Neri - Investor Relations Alex Chi - Co-Chief Executive Officer David Miller - Co-Chief Executive Officer David Pessah - Chief Financial Officer Gabriella Skirnick - Chief Operating Officer Austin Neri Good morning. This is Austin Neri, a member of the Investor Relations team for Goldman Sachs BDC, Inc. and I would like to welcome everyone to the Goldman Sachs BDC, Inc. Fourth Quarter and ...

Investment Overview - The company has originated over $6.91 billion in aggregate principal amount of debt and equity investments from its formation in 2012 through December 31, 2022[365]. - As of December 31, 2022, the total investments amounted to $3,691.04 million, an increase from $3,506.22 million as of December 31, 2021[383]. - The company primarily invests in U.S. middle-market companies, defined as those with annual EBITDA between $5 million and $200 million[368]. - The portfolio includes $3,174.53 million in first lien/senior secured debt, $120.25 million in first lien/last-out unitranche, and $255.35 million in second lien/senior secured debt as of December 31, 2022[383]. - The number of portfolio companies increased to 134 as of December 31, 2022, compared to 121 as of December 31, 2021[386]. - The total investments as of December 31, 2022, were valued at $3,506.22 million, an increase from $3,478.44 million as of December 31, 2021[394]. - The company has a diversified investment portfolio across various sectors, including software, healthcare, and construction[490]. Financial Performance - The company generates revenues primarily through interest income from investments, with additional income from various fees and capital gains[375]. - Total investment income increased to $357.45 million in 2022 from $346.98 million in 2021, driven by higher interest income[402]. - Net investment income after taxes decreased to $228.57 million in 2022 from $237.38 million in 2021, reflecting a decline in net realized and unrealized gains[401]. - The net increase in net assets from operations was $55,003,000 in 2022, compared to $192,427,000 in 2021, reflecting a decline in operational performance[464]. - The company reported a net realized gain of $19,005,000 in 2022, contrasting with a net loss of $(40,485,000) in 2021[464]. - The company incurred total expenses of $136,152 thousand in 2022, a slight decrease from $139,900 thousand in 2021, reflecting a reduction of 2.00%[459]. Investment Quality - Performing investments accounted for 97.9% of total investments at an amortized cost of $3,613.76 million as of December 31, 2022, compared to 97.5% at $3,418.82 million in the previous year[395]. - Non-accrual investments decreased to $77.28 million, representing 2.1% of total investments as of December 31, 2022, down from $88.97 million or 2.5% in the prior year[395]. - The investment performance grading system showed that 97.1% of investments were rated Grade 2 as of December 31, 2022, compared to 94.9% in the previous year[394]. - The weighted average yield on debt and income-producing investments at amortized cost rose to 11.7% as of December 31, 2022, from 8.4% in the previous year[386]. - The median EBITDA of portfolio companies increased to $49.62 million as of December 31, 2022, compared to $38.97 million as of December 31, 2021[386]. Debt and Leverage - The company’s leverage strategy includes a senior secured revolving credit agreement and notes due in 2025 and 2026, allowing for increased yield[381]. - The weighted average leverage (net debt/EBITDA) improved to 6.1x as of December 31, 2022, down from 6.4x as of December 31, 2021[386]. - The company has a total of $1,695.00 million committed borrowing amount under the Revolving Credit Facility, with an uncommitted accordion feature allowing an increase to $2,250.00 million[422]. - Interest and other debt expenses rose to $79.46 million in 2022 from $58.99 million in 2021, attributed to increased debt borrowing and rising interest rates[405]. Tax and Regulatory Compliance - The company expects to qualify annually for tax treatment as a regulated investment company (RIC) under the Internal Revenue Code[365]. - The company must distribute at least 90% of its investment company taxable income annually to maintain its RIC status, which includes net ordinary income and excess short-term capital gains[556]. - The company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination[553]. - The company is subject to potential examination by various taxing authorities, and its tax positions are subject to ongoing interpretation of laws and regulations[554]. Market Conditions and Risks - The company expects that a 300 basis point increase in interest rates could result in a net income increase of $53.03 million, while a 300 basis point decrease could lead to a net income decrease of $52.80 million[437]. - The financial underperformance of National Spine and Pain Centers, LLC and Zep Inc. contributed significantly to the net change in unrealized appreciation (depreciation) for 2022[409]. - The company anticipates entering into hedging transactions to manage interest rate risk, subject to regulatory compliance[429]. - The company operates as a "limited derivatives user," which may restrict its ability to use derivatives and enter into certain financial contracts[430]. Shareholder Returns and Distributions - The company declared a quarterly distribution of $0.45 per share on February 22, 2023, payable on April 27, 2023, to holders of record as of March 31, 2023[433]. - Distributions to stockholders from distributable earnings amounted to $184,315 thousand in 2022, compared to $198,332 thousand in 2021, a decrease of 7.06%[462]. - The company has a voluntary dividend reinvestment plan (DRIP) that allows stockholders to automatically reinvest cash distributions into additional shares unless they opt out[559]. Operational Efficiency - The company anticipates general and administrative expenses to remain stable or decline as a percentage of total assets during periods of asset growth[380]. - Adjusted net investment income after taxes increased to $215.10 million in 2022 from $194.93 million in 2021, reflecting improved operational efficiency[401]. - The company’s management and incentive fees compensate the Investment Adviser for investment-related activities, impacting overall expenses[377].

Financial Data and Key Metrics Changes - Net investment income per share was $0.60, with adjusted net investment income at $0.56 per share, resulting in an annualized net investment income yield on book value of 14.9% [7] - Net asset value per share decreased to $15.02, a decline of approximately 3.3% from the previous quarter [8][29] - GAAP net investment income for Q3 was $61.2 million, up from $49.6 million in the prior quarter, while adjusted after-tax net investment income increased to $56.7 million from $45.9 million [27][28] Business Line Data and Key Metrics Changes - The company originated $205 million in new investment commitments, with $136 million in new investments to 6 new portfolio companies and $69 million in follow-on investments to 10 existing portfolio companies [16] - Total investments in the portfolio were $3.6 billion at fair value, with 97.7% in senior secured loans [18] - The weighted average yield of the investment portfolio at cost increased to 9.9% from 8.6% in the prior quarter [19] Market Data and Key Metrics Changes - The market exhibited volatility, impacting net asset value and leading to unrealized losses [9][10] - The syndicated loan market remained largely shut, pushing borrowers towards private credit markets [10] Company Strategy and Development Direction - The company aims to maintain a focus on selective capital deployment and enhancing investor protections in deals [10] - The strategy includes a focus on senior parts of the capital structure and a commitment to reducing leverage metrics over time [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile environment and continue providing attractive investment opportunities [31] - The company anticipates further volatility but believes its differentiated private credit platform will remain advantageous [31] Other Important Information - The company had $436 million of unfunded commitments as of September 30, bringing total investments and commitments to $4.1 billion [18] - The ending net debt to equity ratio increased to 1.34x from 1.25x, slightly above the target level [24] Q&A Session Summary Question: Interest coverage for the software portfolio - Management noted that they do not break out interest coverage by portfolio but provided aggregate numbers, indicating a decline from 2.1 to 1.8 [34][36] Question: Nonaccruals and their causes - Management clarified that the nonaccruals were primarily due to operational issues rather than just valuation environment changes [38][39]

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 September 30, 2022 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) 2 ...

Financial Data and Key Metrics Changes - Net investment income per share was $0.49, with adjusted net investment income at $0.45 per share for the quarter [8] - Net asset value per share decreased to $15.53, a decline of approximately 1.7% from the previous quarter [9] - GAAP net investment income for Q2 was $49.6 million, compared to $50.2 million in the prior quarter [30] - The weighted average yield of the investment portfolio increased to 8.6% from 7.9% in the prior quarter [22] Business Line Data and Key Metrics Changes - The company originated $366 million in new investment commitments, with $197 million in new investments to six new portfolio companies and $169 million in follow-on investments to 12 existing companies [19] - Total investments in the portfolio were $3.6 billion, with 97.4% in senior secured loans [21] - Sales and repayment activity totaled $106 million, driven by full repayment from two portfolio companies [20] Market Data and Key Metrics Changes - The weighted average net debt-to-EBITDA ratio decreased to 6.0 times from 6.2 times in the prior quarter [23] - The weighted average interest coverage of the companies in the investment portfolio was 2.1 times, down from 2.5 times in the prior quarter [23] - As of quarter end, 42% of the company's total principal amount of debt outstanding was unsecured [27] Company Strategy and Development Direction - The company focuses on investing in non-cyclical businesses with strong pricing power to navigate economic slowdowns [11] - The integration of the BDC platform into the broader direct lending business has enhanced access to potential transactions [12] - The company aims to achieve at least $0.45 of quarterly adjusted net investment income per share without additional waivers in the second half of the year [17] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges posed by market volatility and inflationary pressures but expressed confidence in the portfolio's resilience [10] - The company anticipates further volatility in the environment ahead but remains optimistic about investment opportunities [36] Other Important Information - The company announced the resignation of the CFO, effective August 10, and welcomed a new CFO [35] - An at-the-market equity offering program was launched with an aggregate offering price of up to $200 million [31] Q&A Session Summary Question: Can you touch on the cross-platform co-investing? - The company did not have any cross-allocated deals this quarter but had several cross-originated deals that were beneficial to the BDC platform [39] Question: What are the parameters looked at outside of risk-adjusted yield? - The focus is on middle-market companies with maintenance covenants and defensive industries that have protected cash flows [40] Question: Are there emerging challenges in the software sector? - The company has been selective in underwriting recurring revenue loans and has not seen issues in its portfolio despite market challenges [42] Question: What are the plans for the at-the-market offering program? - The company expects to raise between $10 million to $20 million in any given open trading window through the program [44]

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, 2022 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 ...

Start Time: 09:00 January 1, 0000 9:20 AM ET Goldman Sachs BDC (NYSE:GSBD) Q1 2022 Earnings Conference Call May 06, 2022, 09:00 AM ET Company Participants Alex Chi - Co-CEO and Co-President David Miller - Co-CEO and Co-President Gabriella Skirnick - COO Carmine Rossetti - CFO, Treasurer and Principal Financial Officer Conference Call Participants Finian O’Shea - Wells Fargo Operator Good morning. This is Erica, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman ...

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, 2022 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 ...

Asset Management Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended December 31, 2021 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 February 25, 2022 and the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The information contained herein may not be used, reproduced or ...

Goldman Sachs BDC (NYSE:GSBD) Q4 2021 Earnings Conference Call February 25, 2022 9:00 AM ET Company Participants Brendan McGovern – President & Chief Executive Office Jon Yoder – Chief Operating Officer Carmine Rossetti – Chief Financial Officer Conference Call Participants Robert Dodd – Raymond James Finian O'Shea – Wells Fargo Operator Good morning. This is Gemaria (ph), and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs BDC Incorporated Fourth Quarter a ...