SELECTED FINANCIAL HIGHLIGHTS
| (in $ millions, except per share data) | As of
March 31, 2025 | | | As of
December 31, 2024 | |
| Investment portfolio, at fair value2 | $ | 3,384.7 | | | $ | 3,475.3 | |
| Total debt outstanding3 | $ | 1,874.9 | | | $ | 1,934.6 | |
| Net assets | $ | 1,548.0 | | | $ | 1,572.7 | |
| Ending net debt-to-equity11 | | 1.16x | | | | 1.17x | |
| Net asset value per share | $ | 13.20 | | | $ | 13.41 | |
| Less: Supplemental Dividend per share declared post-quarter | $ | 0.05 | | | $ | - | |
| Adjusted net asset value per share5 | $ | 13.15 | | | $ | 13.41 | |
| (in $ millions, except per share data) | Three Months Ended
March 31, 2025 | | | Three Months Ended
December 31, 2024 | |
| Total investment income | $ | 96.9 | | | $ | 103.8 | |
| | | | | | |
| Net investment income after taxes | $ | 49.6 | | | $ | 56.6 | |
| Less: Purchase discount amortization | $ | 0.8 | | | | 1.0 | |
| Adjusted net investment income after taxes1 | $ | 48.8 | | | $ | 55.6 | |
| | | | | | |
| Net realized and unrealized gains (losses) | $ | (18.0 | ) | | $ | (18.9 | ) |
| Add: Realized/Unrealized depreciation from the purchase discount | | 0.8 | | | | 1.0 | |
| Adjusted net realized and unrealized gains (losses)1 | $ | (17.2 | ) | | $ | (17.9 | ) |
| | | | | | |
| Net investment income per share (basic and diluted) | $ | 0.42 | | | $ | 0.48 | |
| Less: Purchase discount amortization per share | $ | 0.01 | | | | 0.01 | |
| Adjusted net investment income per share1 | $ | 0.41 | | | $ | 0.47 | |
| | | | | | |
| Weighted average shares outstanding | | 117.3 | | | | 117.3 | |
| Distribution per share | $ | 0.48 | | | $ | 0.45 | |
Total investment income for the three months ended March 31, 2025 and December 31, 2024 was $96.9 million and $103.8 million, respectively. The decrease in total investment income was due to a decrease in size of the portfolio, with the total investment at amortized cost at $3,555.5 million and $3,673.6 million as of March 31, 2025 and December 31, 2024, respectively. The decrease was also due to investments being placed on non-accrual status as a result of financial underperformance.
Net expenses before taxes for the three months ended March 31, 2025 and December 31, 2024 were $46.0 million and $45.8 million, respectively. Net expenses increased slightly by $0.2 million.
INVESTMENT ACTIVITY2
The following table summarizes investment activity for the three months ended March 31, 2025:
| | | New Investment Commitments | | | Sales and Repayments | |
| Investment Type | | $ Millions | | | % of Total | | | $ Millions | | | % of Total | |
| 1st Lien/Senior Secured Debt | | $ | 87.8 | | | | 100.0 | % | | $ | 179.2 | | | | 99.9 | % |
| 1st Lien/Last-Out Unitranche | | | — | | | | — | | | | 0.1 | | | | 0.1 | |
| 2nd Lien/Senior Secured Debt | | | — | | | | — | | | | — | | | | — | |
| Unsecured Debt | | | — | | | | — | | | | — | | | | — | |
| Preferred Stock | | | — | | | | — | | | | — | | | | — | |
| Common Stock | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 87.8 | | | | 100.0 | % | | $ | 179.3 | | | | 100.0 | % |
During the three months ended March 31, 2025, new investment commitments were across six new portfolio companies and eight existing portfolio companies. Sales and repayments were primarily driven by the repayment and refinancing of our investments in six portfolio companies.
PORTFOLIO SUMMARY2
As of March 31, 2025, the Company’s investments consisted of the following:
| | | Investments at Fair Value | |
| Investment Type | | $ Millions | | | % of Total | |
| 1st Lien/Senior Secured Debt | | $ | 3,068.5 | | | | 90.7 | % |
| 1st Lien/Last-Out Unitranche | | | 183.2 | | | | 5.4 | |
| 2nd Lien/Senior Secured Debt | | | 46.6 | | | | 1.4 | |
| Unsecured Debt | | | 17.0 | | | | 0.5 | |
| Preferred Stock | | | 32.0 | | | | 0.9 | |
| Common Stock | | | 36.9 | | | | 1.1 | |
| Warrants | | | 0.5 | | | | — | 6 |
| Total | | $ | 3,384.7 | | | | 100.0 | % |
The following table presents certain selected information regarding the Company’s investments:
| | | As of | |
| | | March 31, 2025 | | | December 31, 2024 | |
| Number of portfolio companies | | | 163 | | | | 164 | |
| Percentage of performing debt bearing a floating rate7 | | | 100.0 | % | | | 99.4 | % |
| Percentage of performing debt bearing a fixed rate7 | | | 0.0 | % | | | 0.6 | % |
| Weighted average yield on debt and income producing investments, at amortized cost8 | | | 10.8 | % | | | 11.2 | % |
| Weighted average yield on debt and income producing investments, at fair value8 | | | 11.8 | % | | | 14.1 | % |
| Weighted average leverage (net debt/EBITDA)9 | | 5.8x | | | 6.2x | |
| Weighted average interest coverage9 | | 1.9x | | | 1.8x | |
| Median EBITDA9 | $ | 67.56 million | | $ | 66.14 million | |
As of March 31, 2025, investments on non-accrual status represented 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2025, the Company had $1,874.9 million aggregate principal amount of debt outstanding, comprised of $974.9 million of outstanding borrowings under its senior secured revolving credit facility ("Revolving Credit Facility"), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026 and $400.0 million of unsecured notes due 2027. The combined weighted average interest rate on debt outstanding was 5.29% for the three months ended March 31, 2025. As of March 31, 2025, the Company had $720.1 million of availability under its Revolving Credit Facility and $82.8 million in cash and cash equivalents.3,10
The Company’s ending net debt-to-equity leverage ratio was 1.16x for the three months ended March 31, 2025, as compared to 1.17x for the three months ended December 31, 2024.11
CONFERENCE CALL
The Company will host an earnings conference call on Friday, May 9, 2025 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference "Goldman Sachs BDC, Inc." when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.
Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gsbdc-investor-relations@gs.com.
ENDNOTES
-
On October 12, 2020, we completed our merger (the "Merger") with Goldman Sachs Middle Market Lending Corp. ("MMLC"). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the "purchase discount"). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
-
The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. (the "Money Market Fund"). As of March 31, 2025, the Company had an investment of $0.03 million in the Money Market Fund.
-
Total debt outstanding excludes netting of debt issuance costs of $6.8 million and $8.2 million, respectively, as of March 31, 2025 and December 31, 2024.
-
The $0.32 per share Base Dividend and $0.16 per share special dividend are payable on or about July 28, 2025 to shareholders of record as of June 30, 2025.
-
On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.
As a supplement, we have provided a non-GAAP financial measure to our financial condition that adjusts the net asset value per share for the supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.
Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.
-
Amount rounds to less than 0.1%.
-
The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.
-
Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.
-
For a particular portfolio company, we calculate the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization ("EBITDA") for the trailing twelve month period. Weighted average net debt-to-EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense ("interest coverage ratio"). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of March 31, 2025 and December 31, 2024, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 21.9% and 20.5%, respectively, of total debt investments at fair value.
-
The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars ("USD"). These balances have been converted to USD using applicable foreign currency exchange rates as of March 31, 2025. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.
-
The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of March 31, 2025 and excludes unfunded commitments.
Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
| | | March 31, 2025
(Unaudited) | | | December 31, 2024 | |
| Assets | | | | | | |
| Investments, at fair value | | | | | | |
| Non-controlled/non-affiliated investments (cost of $3,436,737 and $3,533,627) | | $ | 3,279,219 | | | $ | 3,368,503 | |
| Non-controlled affiliated investments (cost of $118,749 and $139,955) | | | 105,450 | | | | 106,755 | |
| Total investments, at fair value (cost of $3,555,486 and $3,673,582) | | $ | 3,384,669 | | | $ | 3,475,258 | |
| Investments in affiliated money market fund (cost of $29 and $25,238) | | | 29 | | | | 25,238 | |
| Cash | | | 82,759 | | | | 61,795 | |
| Interest and dividends receivable | | | 23,588 | | | | 28,092 | |
| Deferred financing costs | | | 11,091 | | | | 11,897 | |
| Other assets | | | 1,692 | | | | 1,103 | |
| Total assets | | $ | 3,503,828 | | | $ | 3,603,383 | |
| Liabilities | | | | | | |
| Debt (net of debt issuance costs of $6,871 and $8,176) | | $ | 1,868,054 | | | $ | 1,926,452 | |
| Interest and other debt expenses payable | | | 5,446 | | | | 21,289 | |
| Management fees payable | | | 8,681 | | | | 8,780 | |
| Incentive fees payable | | | 6,804 | | | | 6,330 | |
| Distribution payable | | | 56,303 | | | | 52,784 | |
| Unrealized depreciation on foreign currency forward contracts | | | 127 | | | | 38 | |
| Secured borrowings | | | 2,989 | | | | 2,920 | |
| Accrued expenses and other liabilities | | | 7,474 | | | | 12,090 | |
| Total liabilities | | $ | 1,955,878 | | | $ | 2,030,683 | |
| 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, 117,297,222 and 117,297,222 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | | | 117 | | | | 117 | |
| Paid-in capital in excess of par | | | 1,946,253 | | | | 1,946,253 | |
| Distributable earnings (loss) | | | (398,420 | ) | | | (373,670 | ) |
| Total net assets | | $ | 1,547,950 | | | $ | 1,572,700 | |
| Total liabilities and net assets | | $ | 3,503,828 | | | $ | 3,603,383 | |
| Net asset value per share | | $ | 13.20 | | | $ | 13.41 | |
Goldman Sachs BDC, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| | | For the Three Months Ended | |
| | | March 31,
2025 | | | March 31,
2024 | |
| Investment income: | | | | | | |
| From non-controlled/non-affiliated investments: | | | | | | |
| Interest income | | $ | 84,204 | | | $ | 96,910 | |
| Payment-in-kind income | | | 9,625 | | | | 12,646 | |
| Other income | | | 985 | | | | 857 | |
| Dividend income | | | — | | | | — | |
| From non-controlled affiliated investments: | | | | | | |
| Interest income | | | 1,361 | | | | 656 | |
| Dividend income | | | 173 | | | | 412 | |
| Payment-in-kind income | | | 556 | | | | 55 | |
| Other income | | | 36 | | | | 7 | |
| Total investment income | | $ | 96,940 | | | $ | 111,543 | |
| Expenses: | | | | | | |
| Interest and other debt expenses | | $ | 28,305 | | | $ | 27,614 | |
| Incentive fees | | | 6,804 | | | | 10,882 | |
| Management fees | | | 8,681 | | | | 8,732 | |
| Professional fees | | | 964 | | | | 1,110 | |
| Directors’ fees | | | 207 | | | | 207 | |
| Other general and administrative expenses | | | 1,043 | | | | 1,062 | |
| Total expenses | | $ | 46,004 | | | $ | 49,607 | |
| Net expenses | | $ | 46,004 | | | $ | 49,607 | |
| Net investment income before taxes | | $ | 50,936 | | | $ | 61,936 | |
| Income tax expense, including excise tax | | $ | 1,322 | | | $ | 1,076 | |
| Net investment income after taxes | | $ | 49,614 | | | $ | 60,860 | |
| Net realized and unrealized gains (losses) on investment transactions: | | | | | | |
| Net realized gain (loss) from: | | | | | | |
| Non-controlled/non-affiliated investments | | $ | (21,570 | ) | | $ | (17,646 | ) |
| Non-controlled affiliated investments | | | (22,902 | ) | | | 658 | |
| Foreign currency and other transactions | | | 239 | | | | 186 | |
| Net change in unrealized appreciation (depreciation) from: | | | | | | |
| Non-controlled/non-affiliated investments | | | 7,589 | | | | (2,095 | ) |
| Non-controlled affiliated investments | | | 19,901 | | | | (976 | ) |
| Foreign currency forward contracts | | | (89 | ) | | | 145 | |
| Foreign currency translations and other transactions | | | (1,157 | ) | | | 1,350 | |
| Net realized and unrealized gains (losses) | | $ | (17,989 | ) | | $ | (18,378 | ) |
| (Provision) benefit for taxes on realized gain/loss on investments | | $ | (72 | ) | | $ | 16 | |
| (Provision) benefit for taxes on unrealized appreciation/depreciation on investments | | | — | | | | (46 | ) |
| Net increase (decrease) in net assets from operations | | $ | 31,553 | | | $ | 42,452 | |
| Weighted average shares outstanding | | | 117,297,222 | | | | 110,076,876 | |
| Basic and diluted net investment income per share | | $ | 0.42 | | | $ | 0.55 | |
| Basic and diluted earnings (loss) per share | | $ | 0.27 | | | $ | 0.39 | |
ABOUT GOLDMAN SACHS BDC, INC.
Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. ("Goldman Sachs") to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.
FORWARD-LOOKING STATEMENTS
This press release 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 that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition, dividends and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Contacts
Goldman Sachs BDC, Inc.
Investor Contact: Austin Neri, 212-902-1000
Media Contact: Victoria Zarella, 212-902-5400
