8-K
Goldman Sachs BDC, Inc. (GSBD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENTREPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2021
GOLDMAN SACHS BDC, INC.
(Exact name of registrant as specified in charter)
| Delaware | 814-00998 | 46-2176593 |
|---|---|---|
| (State or Other Jurisdiction<br><br><br>of Incorporation) | (Commission<br><br><br>File Number) | (I.R.S. Employer<br><br><br>Identification No.) |
| 200 West Street, New York, New York | 10282 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212)902-0300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17<br>CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br><br>Symbol(s) | Name of each exchange<br><br><br>on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | GSBD | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b–2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 – Results of Operations and Financial Condition.
On November 4, 2021, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2021. The text of the press release is included as Exhibit 99.1 to this Form 8-K.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 – Regulation FD Disclosure.
On November 4, 2021, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a fourth quarter 2021 distribution of $0.45 per share, which will be payable on January 27, 2022 to shareholders of record as of December 31, 2021.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit<br><br><br>Number | Description |
|---|---|
| 99.1 | Press Release of Goldman Sachs BDC, Inc., dated November 4, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GOLDMAN SACHS BDC, INC.<br><br><br>(Registrant) | ||
|---|---|---|
| Date: November 4, 2021 | By: | /s/ Brendan McGovern |
| Name: Brendan McGovern | ||
| Title: Chief Executive Officer and President |
Press Release of Goldman Sachs BDC, Inc., dated November 4, 2021
Exhibit 99.1
Goldman Sachs BDC, Inc. Reports September 30, 2021 Financial Results and Announces Quarterly Dividend of $0.45 PerShare
Company Release – November 4, 2021
NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD” or the “Company”) (NYSE: GSBD) today reported financial results for the third quarter ended September 30, 2021 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
QUARTERLY HIGHLIGHTS
| • | Net investment income per share for the quarter ended September 30, 2021 was $0.63. Excluding purchase<br>discount amortization per share of $0.15 from the Merger (as defined below), adjusted net investment income per share was $0.48, equating to an annualized net investment income yield on book value of 12.1%.^1^ Earnings per share for the quarter ended September 30, 2021 was $0.37; |
|---|---|
| • | The Company’s Board of Directors declared a regular fourth quarter dividend of $0.45 per share payable to<br>shareholders of record as of December 31, 2021.^2^ In addition, the Company paid the final merger related special dividend of $0.05 per share on September 15, 2021 to shareholders of<br>record as of August 16, 2021; |
| --- | --- |
| • | Net asset value per share for the quarter ended September 30, 2021 decreased 0.8% to $15.92 from $16.05 as<br>of June 30, 2021; |
| --- | --- |
| • | During the quarter, the Company made new investment commitments of $670.0 million, funded new investment<br>commitments of $461.0, and had fundings of previously unfunded commitments of $152.1 million. Sales and repayments activity totaled $671.5 million, resulting in a net funded portfolio change of $(58.5) million; |
| --- | --- |
| • | The Company’s net debt to equity ratio was 0.91x as of September 30, 2021 and as of June 30, 2021;<br> |
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| • | As of September 30, 2021, the Company’s total investments at fair value and commitments were<br>$3,513.9 million, comprised of investments in 111 portfolio companies across 37 industries. The investment portfolio was comprised of 98.3% senior secured debt, including 89.5% in first lien investments;^3^ |
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| • | One new investment was placed on non-accrual during the quarter, and as<br>of September 30, 2021, investments on non-accrual status amounted to 0.1% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively; |
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| • | As of September 30, 2021, 62% of the Company’s approximately $1,639.9 million of total principal<br>amount of debt outstanding was in unsecured debt and 38% in secured debt. |
| --- | --- |
SELECTED FINANCIAL HIGHLIGHTS
| (in $ millions, except per share data) | As of<br><br><br>September 30, 2021 | As of<br><br><br>June 30, 2021 | ||||
|---|---|---|---|---|---|---|
| Investment portfolio, at fair value^3^ | $ | 3,112.1 | $ | 3,156.5 | ||
| Total debt outstanding^4^ | $ | 1,639.9 | $ | 1,598.6 | ||
| Net assets | $ | 1,620.1 | $ | 1,631.5 | ||
| Net asset value per share | $ | 15.92 | $ | 16.05 | ||
| Net debt to equity | 0.91x | 0.91x | ||||
| (in $ millions, except per share data) | Three Months Ended<br><br><br>September 30, 2021 | Three Months Ended<br><br><br>June 30, 2021 | ||||
| --- | --- | --- | --- | --- | --- | --- |
| Total investment income | $ | 96.7 | $ | 83.9 | ||
| Net investment income after taxes | $ | 64.3 | $ | 58.2 | ||
| Less: Purchase discount amortization | 15.5 | 9.4 | ||||
| Adjusted net investment income after<br>taxes^5^ | $ | 48.8 | $ | 48.8 | ||
| Net realized and unrealized gains (losses) | $ | (26.2 | ) | $ | (3.1 | ) |
| Add: Realized/Unrealized gains from the purchase discount | 15.5 | 9.4 | ||||
| Adjusted net realized and unrealized gains<br>(losses)^5^ | $ | (10.7 | ) | $ | 6.3 | |
| Net investment income per share (basic and diluted) | $ | 0.63 | $ | 0.57 | ||
| Less: Purchase discount amortization per share | 0.15 | 0.09 | ||||
| Adjusted net investment income per<br>share^5^ | $ | 0.48 | $ | 0.48 | ||
| Weighted average shares outstanding | 101.7 | 101.6 | ||||
| Distributions declared per share | $ | 0.50 | $ | 0.50 |
Total investment income for the three months ended September 30, 2021 and June 30, 2021 was $96.7 million and $83.9 million, respectively. The increase in investment income was primarily driven by an increase in accelerated accretion related to repayments.
Net expenses before taxes for the three months ended September 30, 2021 and June 30, 2021 were $32.0 million and $25.4 million, respectively. Net expenses increased by $6.6 million primarily as a result of an increase in net incentive fees, partially offset by a decrease in management fees and by a decrease in interest and other debt expenses.
INVESTMENT ACTIVITY^3^
Summary of Investment Activity for the three months ended September 30, 2021 was as follows:
| New InvestmentCommitments | Sales and Repayments | |||||||
|---|---|---|---|---|---|---|---|---|
| Investment Type | Millions | % of Total | Millions | % of Total | ||||
| 1st Lien/Senior Secured Debt | 94.4 | % | 74.9 | % | ||||
| 1st Lien/Last-Out Unitranche | 3.7 | — | ||||||
| 2nd Lien/Senior Secured Debt | 1.2 | 17.9 | ||||||
| Preferred Stock | — | 5.1 | ||||||
| Common Stock | 0.7 | 2.1 | ||||||
| Total | 100.0 | % | 100.0 | % |
All values are in US Dollars.
During the three months ended September 30, 2021, new investment commitments were across ten new portfolio companies and seventeen existing portfolio companies. Sales and repayments were primarily driven by the full repayment of investments in sixteen portfolio companies.^3^
PORTFOLIO SUMMARY^3^
As of September 30, 2021, the Company’s investments consisted of the following:
| Investments at Fair Value | ||||
|---|---|---|---|---|
| Investment Type | Millions | % of Total | ||
| 1st Lien/Senior Secured Debt | 84.3 | % | ||
| 1st Lien/Last-Out Unitranche | 5.2 | |||
| 2nd Lien/Senior Secured Debt | 8.8 | |||
| Unsecured Debt | 0.1 | |||
| Preferred Stock | 0.6 | |||
| Common Stock | 1.0 | |||
| Warrants | 0.0 | |||
| Total | 100.0 | % |
All values are in US Dollars.
The following table presents certain selected information regarding the Company’s investments:
| As of | ||||||
|---|---|---|---|---|---|---|
| September 30, 2021 | June 30, 2021 | |||||
| Number of portfolio companies | 111 | 114 | ||||
| Percentage of performing debt bearing a floating<br>rate^5^ | 99.3 | % | 99.1 | % | ||
| Percentage of performing debt bearing a fixed<br>rate^5^ | 0.7 | % | 0.9 | % | ||
| Weighted average yield on debt and income producing investments, at amortized cost^6^ | 8.6 | % | 8.7 | % | ||
| Weighted average yield on debt and income producing investments, at fair value^6^ | 8.5 | % | 8.7 | % | ||
| Weighted average leverage (net<br>debt/EBITDA)^7^ | 6.0x | 5.9x | ||||
| Weighted average interest coverage^7^ | 2.5x | 2.6x | ||||
| Median EBITDA^7^ | $ | 39.3 million | $ | 37.6 million |
As of September 30, 2021, investments on non-accrual status represented 0.1% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2021, the Company had $1,639.9 million of total principal amount of debt outstanding, comprised of $624.9 million of outstanding borrowings under its senior secured revolving credit facility (“Secured Revolving Credit Facility”), $155.0 million of convertible notes, $360.0 million of unsecured notes due 2025, and $500.0 million of unsecured notes due 2026.^^The combined weighted average interest rate on debt outstanding was 2.92% for the nine months ended September 30, 2021. As of September 30, 2021, the Company had $1,069.8 million of availability under its Senior Revolving Credit Facility and $171.6 million in cash.^4,8^
The Company’s average net and ending net debt to equity leverage ratio was 0.91x and 0.91x, respectively, for the three months ended September 30, 2021, as compared with 0.95x and 0.91x respectively, for the three months ended June 30, 2021. ^9^
CONFERENCE CALL
The Company will host an earnings conference call on Friday, November 5, 2021 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (866) 884-8289; international callers should dial +1 (631) 485-4531; conference ID 9062826. 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. The conference call will be webcast simultaneously on the Company’s website. An archived replay of the call will be available from approximately 12:00pm Eastern Time on November 5, 2021 through December 5, 2021. To hear the replay, participants should dial (855) 859-2056; international callers should dial +1 (404) 537-3406; conference ID 9062826. An archived replay will also 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 [email protected].
ENDNOTES
| ^1)^ | On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market<br>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<br>stockholders 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<br>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<br>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<br>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<br>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<br>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 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.
| ^2)^ | The $0.45 per share dividend is payable on January 27, 2022 to stockholders of record as of<br>December 31, 2021. |
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| ^3)^ | The discussion of the investment portfolio excludes the investment in a money market fund managed by an<br>affiliate of The Goldman Sachs Group, Inc. As of September 30, 2021, the Company did not have an investment in the money market fund. |
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| ^4)^ | Total debt outstanding excludes netting of debt issuance costs of $13.6 million and $14.8 million,<br>respectively, as of September 30, 2021 and June 30, 2021. |
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| ^5)^ | The fixed versus floating composition has been calculated as a percentage of performing debt investments<br>measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual. |
| --- | --- |
| ^6)^ | Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and<br>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<br>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<br>the Merger. |
| --- | --- |
| ^7)^ | For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net<br>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<br>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<br>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<br>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<br>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 September 30, 2021 and June 30, 2021, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 37.4% and 33.7%, respectively, of total debt investments at fair value.
| ^8)^ | The Company’s revolving credit facility has debt outstanding denominated in currencies other than U.S.<br>Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of September 30, 2021. As a result, the revolving credit facility’s outstanding borrowings and the available debt<br>amounts may not sum to the total debt commitment amount. |
|---|---|
| ^9)^ | The ending net debt to equity leverage ratios exclude unfunded commitments. |
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Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
(inthousands, except share and per share amounts)
| December 31, 2020 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Investments, at fair value | |||||
| Non-controlled/non-affiliated<br>investments (cost of 3,032,037 and 3,089,481) | 3,057,767 | $ | 3,135,745 | ||
| Non-controlled affiliated investments (cost of 58,629 and<br>64,699) | 33,862 | 87,211 | |||
| Controlled affiliated investments (cost of 32,651 and 28,400) | 20,495 | 19,810 | |||
| Total investments, at fair value (cost of 3,123,317 and 3,182,580) | 3,112,124 | $ | 3,242,766 | ||
| Cash | 171,600 | 32,137 | |||
| Receivable for investments sold | 455 | 2,600 | |||
| Unrealized appreciation on foreign currency forward contracts | 41 | — | |||
| Interest and dividends receivable | 21,583 | 21,593 | |||
| Deferred financing costs | 13,331 | 11,350 | |||
| Other assets | 3,826 | 1,916 | |||
| Total assets | 3,322,960 | $ | 3,312,362 | ||
| Liabilities | |||||
| Debt (net of debt issuance costs of 13,564 and 17,323) | 1,626,298 | $ | 1,627,060 | ||
| Interest and other debt expenses payable | 9,820 | 10,163 | |||
| Management fees payable | 7,962 | 5,945 | |||
| Incentive fees payable | 7,885 | 2,665 | |||
| Distribution payable | 45,789 | 45,690 | |||
| Payable for investments purchased | 388 | — | |||
| Unrealized depreciation on foreign currency forward contracts | — | 355 | |||
| Directors’ fees payable | 231 | — | |||
| Accrued expenses and other liabilities | 4,498 | 5,343 | |||
| Total liabilities | 1,702,871 | $ | 1,697,221 | ||
| Commitments and contingencies (Note 8) | |||||
| Net assets | |||||
| Preferred stock, par value 0.001 per share (1,000,000 shares authorized, no shares issued and<br>outstanding) | — | $ | — | ||
| Common stock, par value 0.001 per share (200,000,000 shares authorized, 101,753,598 and<br>101,534,370 shares issued and outstanding as of September 30, 2021 and December 31, 2020) | 102 | 102 | |||
| Paid-in capital in excess of par | 1,625,801 | 1,621,813 | |||
| Distributable earnings | (4,393 | ) | (5,353 | ) | |
| Allocated income tax expense | (1,421 | ) | (1,421 | ) | |
| Total net assets | 1,620,089 | $ | 1,615,141 | ||
| Total liabilities and net assets | 3,322,960 | $ | 3,312,362 | ||
| Net asset value per share | 15.92 | $ | 15.91 |
All values are in US Dollars.
Goldman Sachs BDC, Inc.
Consolidated Statements of Operations
(in thousands,except share and per share amounts)
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30,<br><br><br>2021 | September 30,<br><br><br>2020 | September 30,<br><br><br>2021 | September 30,<br><br><br>2020 | |||||||||
| Investment income: | ||||||||||||
| From<br>non-controlled/non-affiliated investments: | ||||||||||||
| Interest income | $ | 90,043 | $ | 27,907 | $ | 246,570 | $ | 85,528 | ||||
| Payment-in-kind | 4,768 | 1,057 | 11,179 | 2,609 | ||||||||
| Other income | 1,101 | 1,152 | 2,717 | 1,644 | ||||||||
| From non-controlled affiliated investments: | ||||||||||||
| Dividend income | 90 | 32 | 916 | 75 | ||||||||
| Interest income | 119 | 656 | 282 | 1,744 | ||||||||
| Payment-in-kind | 175 | 265 | 478 | 840 | ||||||||
| Other income | — | 5 | — | 51 | ||||||||
| From controlled affiliated investments: | ||||||||||||
| Payment-in-kind | 365 | 331 | 1,008 | 1,327 | ||||||||
| Interest income | 23 | 48 | 69 | 209 | ||||||||
| Total investment income | $ | 96,684 | $ | 31,453 | $ | 263,219 | $ | 94,027 | ||||
| Expenses: | ||||||||||||
| Interest and other debt expenses | $ | 14,449 | $ | 8,889 | $ | 43,953 | $ | 26,897 | ||||
| Incentive fees | 9,326 | 737 | 32,551 | 737 | ||||||||
| Management fees | 7,962 | 3,618 | 24,241 | 10,901 | ||||||||
| Professional fees | 724 | 554 | 2,257 | 1,891 | ||||||||
| Directors’ fees | 234 | 139 | 698 | 417 | ||||||||
| Other general and administrative expenses | 793 | 677 | 2,691 | 1,980 | ||||||||
| Total expenses | $ | 33,488 | $ | 14,614 | $ | 106,391 | $ | 42,823 | ||||
| Fee waivers | (1,441 | ) | (1,734 | ) | (24,192 | ) | (4,544 | ) | ||||
| Net expenses | $ | 32,047 | $ | 12,880 | $ | 82,199 | $ | 38,279 | ||||
| Net investment income before taxes | $ | 64,637 | $ | 18,573 | $ | 181,020 | $ | 55,748 | ||||
| Income tax expense, including excise tax | $ | 305 | $ | 375 | $ | 929 | $ | 1,191 | ||||
| Net investment income after taxes | $ | 64,332 | $ | 18,198 | $ | 180,091 | $ | 54,557 | ||||
| Net realized and unrealized gains (losses) on investment transactions: | ||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Non-controlled/non-affiliated<br>investments | $ | (1,606 | ) | $ | 1 | $ | 4,628 | $ | (6,615 | ) | ||
| Non-controlled affiliated investments | 35,916 | — | 35,916 | (211 | ) | |||||||
| Controlled affiliated investments | — | (35,984 | ) | — | (40,688 | ) | ||||||
| Foreign currency forward contracts | (49 | ) | 29 | (220 | ) | 109 | ||||||
| Foreign currency and other transactions | 69 | 34 | 113 | 16 | ||||||||
| Net change in unrealized appreciation (depreciation) from: | ||||||||||||
| Non-controlled/non-affiliated<br>investments | (21,412 | ) | 19,884 | (20,534 | ) | (21,362 | ) | |||||
| Non-controlled affiliated investments | (39,257 | ) | 1,149 | (47,279 | ) | 13,111 | ||||||
| Controlled affiliated investments | (1,391 | ) | 30,907 | (3,566 | ) | 6,294 | ||||||
| Foreign currency forward contracts | 122 | (132 | ) | 396 | (131 | ) | ||||||
| Foreign currency translations and other transactions | 1,392 | (1,639 | ) | 4,234 | (1,694 | ) | ||||||
| Net realized and unrealized gains (losses) | $ | (26,216 | ) | $ | 14,249 | $ | (26,312 | ) | $ | (51,171 | ) | |
| (Provision) benefit for taxes on realized gain/loss on investments | — | — | (53 | ) | — | |||||||
| (Provision) benefit for taxes on unrealized appreciation/depreciation on investments | (83 | ) | (7 | ) | (253 | ) | 92 | |||||
| Net increase in net assets from operations | $ | 38,033 | $ | 32,440 | $ | 153,473 | $ | 3,478 | ||||
| Weighted average shares outstanding | 101,727,464 | 40,440,982 | 101,654,241 | 40,413,082 | ||||||||
| Net investment income per share (basic and diluted) | $ | 0.63 | $ | 0.45 | $ | 1.77 | $ | 1.35 | ||||
| Earnings per share (basic and diluted) | $ | 0.37 | $ | 0.80 | $ | 1.51 | $ | 0.09 |
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, including the impact of COVID-19 on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies. 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 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.
Goldman Sachs BDC, Inc.
Investor Contact: Itai Baron, 212-855-9892
Media Contact: Avery Reed, 212-902-5400
Source: Goldman Sachs BDC, Inc.