Company Quick10K Filing
Goldman Sachs BDC
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-02
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-14
8-K 2020-05-11 Earnings, Regulation FD, Exhibits
8-K 2020-04-20 Earnings, Regulation FD, Exhibits
8-K 2020-03-19 Other Events, Exhibits
8-K 2020-03-16 Officers
8-K 2020-02-24 Enter Agreement, Off-BS Arrangement, Officers, Other Events, Exhibits
8-K 2020-02-20 Earnings, Regulation FD, Exhibits
8-K 2020-02-20 Earnings, Exhibits
8-K 2020-02-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-01-22 Regulation FD, Exhibits
8-K 2019-12-09 Enter Agreement, Regulation FD, Exhibits
8-K 2019-11-07 Earnings, Regulation FD, Exhibits
8-K 2019-10-03 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-07-15 Regulation FD, Exhibits
8-K 2019-05-17 Shareholder Vote
8-K 2019-05-09 Earnings, Regulation FD, Exhibits
8-K 2019-04-17 Regulation FD, Exhibits
8-K 2019-02-28 Earnings, Regulation FD, Exhibits
8-K 2019-02-05 Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-10-04 Regulation FD, Exhibits
8-K 2018-09-17 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-08-24 Enter Agreement, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-07-13 Other Events
8-K 2018-07-09 Regulation FD, Exhibits
8-K 2018-07-02 Enter Agreement, Off-BS Arrangement
8-K 2018-06-18 Other Events, Exhibits
8-K 2018-06-15 Enter Agreement, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-03 Earnings, Regulation FD, Exhibits
8-K 2018-05-03 Other Events, Exhibits
8-K 2018-04-05 Regulation FD, Exhibits
8-K 2018-03-02 Enter Agreement, Exhibits
8-K 2018-02-22 Earnings, Regulation FD, Exhibits
8-K 2018-01-23 Regulation FD, Exhibits
8-K 2018-01-02 Enter Agreement, Exhibits

GSBD 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
EX-31.1 gsbd-ex311_6.htm
EX-31.2 gsbd-ex312_7.htm
EX-32.1 gsbd-ex321_8.htm

Goldman Sachs BDC Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 gsbd-10q_20200331.htm 10-Q gsbd-10q_20200331.htm

 

 

 

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, 2020

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. Employer

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

 

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class 

 

Trading Symbol(s) 

 

Name of each exchange

on which registered

Common Stock, par value

$0.001 per share

 

GSBD

 

The New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer:

X

Accelerated filer:

Non-accelerated filer:

Smaller reporting company:

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    YES      NO  X

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 11, 2020 was 40,401,637.

 

 

 

 


 

GOLDMAN SACHS BDC, INC.

 

 

 

 

 

INDEX

 

PAGE

 

 

Cautionary Statement Regarding Forward-Looking Statements

3

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Financial Statements

4

 

Consolidated Statements of Assets and Liabilities as of March 31, 2020 (Unaudited) and December 31, 2019

4

 

Consolidated Statements of Operations for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)

5

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)

6

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)

7

 

Consolidated Schedules of Investments as of March 31, 2020 (Unaudited) and December 31, 2019

8

 

Notes to the Consolidated Financial Statements (Unaudited)

21

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

60

ITEM 4.

Controls and Procedures

60

 

 

 

PART II

OTHER INFORMATION

61

ITEM 1.

Legal Proceedings

61

ITEM 1A.

Risk Factors

61

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

ITEM 3.

Defaults Upon Senior Securities

64

ITEM 4.

Mine Safety Disclosures

64

ITEM 5.

Other Information

64

ITEM 6.

Exhibits

65

 

 

SIGNATURES

66

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains 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 of, or other variations on, these terms 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. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. Under Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in periodic reports we file under the Exchange Act, such as this quarterly report on Form 10-Q.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

 

our future operating results;

 

the impact of the novel coronavirus (“COVID-19”) pandemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;

 

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the current COVID-19 pandemic;

 

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, including the effect of the current COVID-19 pandemic;

 

our business prospects and the prospects of our portfolio companies;

 

the impact of investments that we expect to make;

 

the impact of increased competition;

 

our contractual arrangements and relationships with third parties;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

the ability of our current and prospective portfolio companies to achieve their objectives;

 

the relative and absolute performance of Goldman Sachs Asset Management, L.P., the investment adviser (the “Investment Adviser”) of the Company;

 

the use of borrowed money to finance a portion of our investments;

 

our ability to make distributions;

 

the adequacy of our cash resources and working capital;

 

changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”);

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the impact of future acquisitions and divestitures;

 

the effect of changes in tax laws and regulations and interpretations thereof;

 

our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);

 

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

 

general price and volume fluctuations in the stock market;

 

the ability of the Investment Adviser to attract and retain highly talented professionals;

 

the impact on our business from new or amended legislation or regulations;

 

the availability of credit and/or our ability to access the equity and capital markets;

 

currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

 

the ability of the parties to consummate the Merger (as defined below) on the expected timeline, or at all;

 

the ability to realize the anticipated benefits of the proposed Merger;

 

the effects of disruption on our business from the proposed Merger;

 

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger; and

 

any potential termination of the Merger Agreement (as defined below) or action of our stockholders or the stockholders of Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) with respect to any proposed transaction.

 

 

 

3


 

PART I. FINANCIAL INFORMATION

 

ITEM 1.

  FINANCIAL STATEMENTS

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

 

 

March 31, 2020

(Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $1,382,391 and $1,338,268)

 

$

1,269,212

 

 

$

1,298,133

 

Non-controlled affiliated investments (cost of $83,509 and $83,460)

 

 

86,422

 

 

 

82,580

 

Controlled affiliated investments (cost of $85,092 and $88,119)

 

 

67,113

 

 

 

73,539

 

Investments in affiliated money market fund (cost of $64,306 and $—)

 

 

64,306

 

 

 

 

Cash

 

 

22,047

 

 

 

9,409

 

Receivable for investments sold

 

 

6,648

 

 

 

93

 

Unrealized appreciation on foreign currency forward contracts

 

 

114

 

 

 

32

 

Interest and dividends receivable from non-controlled/affiliated investments and non-controlled/non-affiliated investments

 

 

6,583

 

 

 

5,702

 

Deferred financing costs

 

 

8,950

 

 

 

4,427

 

Deferred offering costs

 

 

 

 

 

276

 

Other assets

 

 

2,079

 

 

 

1,084

 

Total assets

 

$

1,533,474

 

 

$

1,475,275

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of debt issuance costs of $9,726 and $3,680)

 

$

908,071

 

 

$

769,727

 

Interest and other debt expenses payable

 

 

7,203

 

 

 

2,304

 

Management fees payable

 

 

3,006

 

 

 

3,653

 

Incentive fees payable

 

 

 

 

 

1,850

 

Distribution payable

 

 

18,181

 

 

 

18,165

 

Directors’ fees payable

 

 

139

 

 

 

 

Accrued offering costs

 

 

 

 

 

28

 

Accrued expenses and other liabilities

 

 

2,015

 

 

 

3,423

 

Total liabilities

 

$

938,615

 

 

$

799,150

 

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, 40,401,637 and 40,367,071 shares issued and outstanding as of March 31, 2020 and December 31, 2019)

 

 

40

 

 

 

40

 

Paid-in capital in excess of par

 

 

778,827

 

 

 

778,132

 

Distributable earnings

 

 

(182,587

)

 

 

(100,626

)

Allocated income tax expense

 

 

(1,421

)

 

 

(1,421

)

TOTAL NET ASSETS

 

$

594,859

 

 

$

676,125

 

TOTAL LIABILITIES AND NET ASSETS

 

$

1,533,474

 

 

$

1,475,275

 

Net asset value per share

 

$

14.72

 

 

$

16.75

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

4


 

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31,

2020

 

 

March 31,

2019

 

Investment Income:

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

Interest income

 

$

29,515

 

 

$

31,569

 

Payment-in-kind

 

 

614

 

 

 

302

 

Other income

 

 

247

 

 

 

651

 

Total investment income from non-controlled/non-affiliated investments

 

 

30,376

 

 

 

32,522

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

Interest income

 

 

665

 

 

 

618

 

Payment-in-kind

 

 

190

 

 

 

369

 

Dividend income

 

 

5

 

 

 

32

 

Other income

 

 

5

 

 

 

11

 

Total investment income from non-controlled affiliated investments

 

 

865

 

 

 

1,030

 

From controlled affiliated investments:

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

426

 

 

 

535

 

Interest income

 

 

305

 

 

 

 

Dividend income

 

 

 

 

 

2,450

 

Total investment income from controlled affiliated investments

 

 

731

 

 

 

2,985

 

Total investment income

 

$

31,972

 

 

$

36,537

 

Expenses:

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

8,894

 

 

$

8,453

 

Management fees

 

 

3,666

 

 

 

3,536

 

Incentive fees

 

 

 

 

 

493

 

Professional fees

 

 

714

 

 

 

642

 

Administration, custodian and transfer agent fees

 

 

241

 

 

 

240

 

Directors’ fees

 

 

139

 

 

 

113

 

Other expenses

 

 

372

 

 

 

336

 

Total expenses

 

$

14,026

 

 

$

13,813

 

Fee waiver

 

 

(660

)

 

 

 

Net expenses

 

$

13,366

 

 

$

13,813

 

NET INVESTMENT INCOME BEFORE TAXES

 

$

18,606

 

 

$

22,724

 

Income tax expense, including excise tax

 

$

427

 

 

$

439

 

NET INVESTMENT INCOME AFTER TAXES

 

$

18,179

 

 

$

22,285

 

Net realized and unrealized gains (losses) on investment transactions:

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

(5,434

)

 

$

(24,722

)

Controlled affiliated investments

 

 

(4,704

)

 

 

 

Foreign currency forward contracts

 

 

28

 

 

 

18

 

Foreign currency transactions

 

 

5

 

 

 

(6

)

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

Non controlled/non-affiliated investments

 

 

(73,044

)

 

 

7,206

 

Non-controlled affiliated investments

 

 

3,793

 

 

 

(2,756

)

Controlled affiliated investments

 

 

(3,399

)

 

 

(894

)

Foreign currency forward contracts

 

 

82

 

 

 

78

 

Foreign currency translations

 

 

615

 

 

 

802

 

Net realized and unrealized gains (losses)

 

$

(82,058

)

 

$

(20,274

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

99

 

 

 

204

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

 

$

(63,780

)

 

$

2,215

 

Weighted average shares outstanding

 

 

40,396,319

 

 

 

40,261,057

 

Net investment income per share (basic and diluted)

 

$

0.45

 

 

$

0.55

 

Earnings (loss) per share (basic and diluted)

 

$

(1.58

)

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

5


 

Goldman Sachs BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31,

2020

 

 

March 31,

2019

 

Net assets at beginning of period

 

$

676,125

 

 

$

709,892

 

Increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

18,179

 

 

$

22,285

 

Net realized gain (loss)

 

 

(10,105

)

 

 

(24,710

)

Net change in unrealized appreciation (depreciation)

 

 

(71,953

)

 

 

4,436

 

(Provision) benefit for taxes on unrealized appreciation/depreciation

   on investments

 

 

99

 

 

 

204

 

Net increase (decrease) in net assets resulting from operations

 

$

(63,780

)

 

$

2,215

 

Distributions to stockholders from:

 

 

 

 

 

 

 

 

Distributable earnings

 

$

(18,181

)

 

$

(18,120

)

Total distributions to stockholders

 

$

(18,181

)

 

$

(18,120

)

Capital transactions:

 

 

 

 

 

 

 

 

Reinvestment of stockholder distributions

 

 

695

 

 

 

759

 

Net increase (decrease) in net assets resulting from capital transactions

 

$

695

 

 

$

759

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

 

$

(81,266

)

 

$

(15,146

)

Net assets at end of period

 

$

594,859

 

 

$

694,746

 

Distributions declared per share

 

$

0.45

 

 

$

0.45

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

6


 

Goldman Sachs BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31,

2020

 

 

March 31,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations:

 

$

(63,780

)

 

$

2,215

 

Adjustments to reconcile net increase (decrease) in net assets

   resulting from operations to net cash provided by (used for)

   operating activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(99,268

)

 

 

(126,114

)

Payment-in-kind interest capitalized

 

 

(903

)

 

 

(937

)

Investments in affiliated money market fund, net

 

 

(64,306

)

 

 

 

Proceeds from sales of investments and principal repayments

 

 

50,323

 

 

 

79,048

 

Net realized (gain) loss on investments

 

 

10,140

 

 

 

24,722

 

Net change in unrealized (appreciation) depreciation on investments

 

 

72,650

 

 

 

(3,556

)

Net change in unrealized (appreciation) depreciation on

   foreign currency forward contracts and transactions

 

 

(62

)

 

 

(71

)

Amortization of premium and accretion of discount, net

 

 

(1,437

)

 

 

(2,816

)

Amortization of deferred financing and debt issuance costs

 

 

891

 

 

 

638

 

Amortization of original issue discount on convertible notes

 

 

110

 

 

 

104

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) decrease in receivable for investments sold

 

 

(6,555

)

 

 

35

 

(Increase) decrease in interest and dividends receivable

 

 

(881

)

 

 

(1,759

)

(Increase) decrease in other assets

 

 

(995

)

 

 

25

 

Increase (decrease) in interest and other debt expenses payable

 

 

3,685

 

 

 

1,574

 

Increase (decrease) in management fees payable

 

 

(647

)

 

 

102

 

Increase (decrease) in incentive fees payable

 

 

(1,850

)

 

 

493

 

Increase (decrease) in directors’ fees payable

 

 

139

 

 

 

113

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(1,408

)

 

 

(1,085

)

Net cash provided by (used for) operating activities

 

$

(104,154

)

 

$

(27,269

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid

 

$

(17,470

)

 

$

(17,343

)

Deferred financing and debt issuance costs paid

 

 

(10,108

)

 

 

(494

)

Borrowings on debt

 

 

553,066

 

 

 

130,891

 

Repayments of debt

 

 

(408,676

)

 

 

(86,000

)

Net cash provided by (used for) financing activities

 

$

116,812

 

 

$

27,054

 

Net increase (decrease) in cash

 

 

12,658

 

 

 

(215

)

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(20

)

 

 

(7

)

Cash, beginning of period

 

 

9,409

 

 

 

6,113

 

Cash, end of period

 

$

22,047

 

 

$

5,891

 

Supplemental and non-cash activities

 

 

 

 

 

 

 

 

Interest expense paid

 

$

4,209

 

 

$

5,765

 

Accrued but unpaid excise tax expense

 

$

622

 

 

$

625

 

Accrued but unpaid deferred financing and debt issuance costs

 

$

1,214

 

 

$

 

Accrued but unpaid offering costs

 

$

 

 

$

2

 

Accrued but unpaid distributions

 

$

18,181

 

 

$

18,120

 

Reinvestment of stockholder distributions

 

$

695

 

 

$

759

 

Exchange of investments

 

$

33,524

 

 

$

35,230

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

7


 

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of March 31, 2020

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/Shares

(++)

Cost

Fair Value

1st Lien/Senior Secured Debt * # - 180.63%

3SI Security Systems, Inc.(1)

Commercial Services & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/16/2023

$       14,736

$     14,618

$    14,183

A Place For Mom, Inc.

Diversified Consumer Services

4.75%

L + 3.75%; 1.00% Floor

08/10/2024

8,820

8,813

7,497

Accuity Delivery Systems, LLC^ (1) (2)

Health Care Providers & Services

8.00%

L + 7.00%; 1.00% Floor

06/13/2023

10,170

9,959

10,272

Acquia, Inc.(1) (2)

Software

8.58%

L + 7.00%; 1.00% Floor

10/31/2025

12,364

12,130

11,746

Acquia, Inc.(1) (2) (3)

Software

 

L + 7.00%; 1.00% Floor

10/31/2025

1,322

(25)

(66)

Animal Supply Holdings, LLC^^ (1) (4)

Distributors

11.78%

L + 10.00% (incl. 2.50% PIK); 1.50% Floor

02/22/2022

3,894

3,869

3,641

Ansira Partners, Inc.

Professional Services

7.36%

L + 5.75%; 1.00% Floor

12/20/2022

4,566

4,543

4,018

Ansira Partners, Inc.(3)

Professional Services

6.98%

L + 5.75%; 1.00% Floor

12/20/2022

281

184

152

Apptio, Inc.(1) (2)

IT Services

8.25%

L + 7.25%; 1.00% Floor

01/10/2025

32,702

32,149

31,803

Apptio, Inc.(1) (2) (3)

IT Services

 

L + 7.25%; 1.00% Floor

01/10/2025

2,225

(36)

(61)

Associations, Inc.(1) (2)

Real Estate Management & Development

8.91%

L + 7.00% (incl. 3.00% PIK); 1.00% Floor

07/30/2024

13,650

13,523

12,660

Associations, Inc.(1) (2) (3)

Real Estate Management & Development

8.91%

L + 7.00% (incl. 3.00% PIK); 1.00% Floor

07/30/2024

2,995

2,117

1,928

Associations, Inc.(1) (2)

Real Estate Management & Development

8.00%

L + 6.00%; 1.00% Floor

07/30/2024

587

581

544

ATX Networks Corp.

Communications Equipment

8.45%

L + 7.00% (incl. 1.00% PIK); 1.00% Floor

06/11/2021

7,303

7,285

5,697

ATX Networks Corp.

Communications Equipment

8.45%

L + 7.00% (incl. 1.00% PIK); 1.00% Floor

06/11/2021

464

460

362

Badger Sportswear, Inc.

Textiles, Apparel & Luxury Goods

6.25%

L + 5.00%; 1.00% Floor

09/11/2023

7,150

7,095

5,506

Barbri, Inc.

Diversified Consumer Services

5.77%

L + 4.25%; 1.00% Floor

12/01/2023

6,243

6,223

5,119

BJH Holdings III Corp. (dba Jack's Family Restaurants)(1) (2)

Hotels, Restaurants & Leisure

7.20%

L + 5.75%; 1.00% Floor

08/19/2025

6,193

6,136

5,899

Brillio, LLC(1) (2)

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

4,486

4,448

4,239

Brillio, LLC(1) (2) (3)

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

1,510

755

672

Bullhorn, Inc.(1) (2)

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

10,967

10,814

10,474

Bullhorn, Inc.(1) (2)

Professional Services

6.50%

L + 5.50%; 1.00% Floor

10/01/2025

545

538

521

Bullhorn, Inc.(1) (2)

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

181

179

173

Bullhorn, Inc.(1) (2) (3)

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

727

126

104

Businessolver.com, Inc.(1) (2)

Health Care Technology

9.19%

L + 7.50%; 1.00% Floor

05/15/2023

12,549

12,379

11,922

Businessolver.com, Inc.(1) (2)

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

11,175

10,955

10,616

Businessolver.com, Inc.(1) (2)

Health Care Technology

9.15%

L + 7.50%; 1.00% Floor

05/15/2023

1,882

1,855

1,788

Businessolver.com, Inc.(1) (2) (3)

Health Care Technology

 

L + 7.50%; 1.00% Floor

05/15/2023

1,569

(20)

(78)

CFS Management, LLC (dba Center for Sight Management)(1) (2)

Health Care Providers & Services

7.34%

L + 5.75%; 1.00% Floor

07/01/2024

4,785

4,743

4,558

CFS Management, LLC (dba Center for Sight Management)(1) (2) (3)

Health Care Providers & Services

 

L + 5.75%; 1.00% Floor

07/01/2024

1,418

(12)

(67)

Chronicle Bidco Inc. (dba Lexitas)(1) (2)

Professional Services

7.45%

L + 5.75%; 1.00% Floor

11/14/2025

6,983

6,850

6,738

Chronicle Bidco Inc. (dba Lexitas)(1) (2) (3)

Professional Services

7.38%

L + 5.75%; 1.00% Floor

11/14/2025

2,936

1,540

1,481

Chronicle Bidco Inc. (dba Lexitas)(1) (2) (3)

Professional Services

 

L + 5.75%; 1.00% Floor

11/14/2025

880

(17)

(31)

Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)

Health Care Providers & Services

8.12%

L + 6.50%; 1.00% Floor

03/28/2025

8,900

8,797

8,611

Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)

Health Care Providers & Services

8.12%

L + 6.50%; 1.00% Floor

03/28/2025

6,602

6,510

6,387

ConnectWise, LLC(1) (2)

IT Services

7.07%

L + 6.00%; 1.00% Floor

02/28/2025

13,532

13,276

12,551

ConnectWise, LLC(1) (2) (3)

IT Services

 

L + 6.00%; 1.00% Floor

02/28/2025

1,036

(19)

(75)

Convene 237 Park Avenue, LLC (dba Convene)(1) (2)

Real Estate Management & Development

9.09%

L + 7.50%; 1.50% Floor

08/30/2024

21,200

20,816

18,020

Convene 237 Park Avenue, LLC (dba Convene)(1) (2) (3)

Real Estate Management & Development

9.24%

L + 7.50%; 1.50% Floor

08/30/2024

6,220

3,148

2,301

CorePower Yoga LLC(2)

Diversified Consumer Services

5.47%

L + 4.50%

05/14/2025

9,939

9,809

8,945

CorePower Yoga LLC(2) (3)

Diversified Consumer Services

 

L + 4.50%

05/14/2025

158

(2)

(16)

CorePower Yoga LLC(2) (3)

Diversified Consumer Services

 

L + 4.75%

05/14/2025

678

(9)

(68)

CST Buyer Company (dba Intoxalock)(2)

Diversified Consumer Services

6.82%

L + 5.75%; 1.00% Floor

10/03/2025

12,311

12,163

10,464

CST Buyer Company (dba Intoxalock) (2) (3)

Diversified Consumer Services

6.82%

L + 5.75%; 1.00% Floor

10/03/2025

876

515

394

 

The accompanying notes are part of these unaudited consolidated financial statements.

8


 

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of March 31, 2020

(in thousands, except share and per share amounts) (continued)

(Unaudited)

 

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/Shares

(++)

Cost

Fair Value

DDS USA Holding, Inc.(1) (2)

Health Care Equipment & Supplies

6.13%

L + 4.75%; 1.00% Floor

06/30/2022

$        3,795

$    3,783

$    3,662

DDS USA Holding, Inc.(1) (2)

Health Care Equipment & Supplies

6.13%

L + 4.75%; 1.00% Floor

06/30/2022

3,589

3,577

3,463

DDS USA Holding, Inc.(1) (2)

Health Care Equipment & Supplies

7.00%

P + 3.75%; 1.00% Floor

06/30/2022

1,079

1,076

1,041

Diligent Corporation(1) (2)

Professional Services

7.42%

L + 5.50%; 1.00% Floor

04/14/2022

€      15,975

18,349

17,443

Diligent Corporation(1) (2)

Professional Services

6.93%

L + 5.50%; 1.00% Floor

04/14/2022

3,821

3,791

3,783

Diligent Corporation(1) (2)

Professional Services

7.42%

L + 5.50%; 1.00% Floor

04/14/2022

1,472

1,460

1,457

Diligent Corporation(1) (2) (3)

Professional Services

6.92%

L + 5.50%; 1.00% Floor

04/14/2022

1,300

1,125

1,131

Diligent Corporation(1) (2)

Professional Services

6.57%

L + 5.50%; 1.00% Floor

04/14/2022

505

501

500

Diligent Corporation(1) (2)

Professional Services

7.42%

L + 5.50%; 1.00% Floor

04/14/2022

245

242

242

Diligent Corporation(1) (2) (3)

Professional Services

 

L + 5.50%; 1.00% Floor

04/14/2022

4,268

(33)

(43)

DocuTAP, Inc.(1) (2)

Health Care Technology

6.50%

L + 5.50%; 1.00% Floor

05/12/2025

24,033

23,505

23,012

E2open, LLC(1) (2)

Software

7.36%

L + 5.75%; 1.00% Floor

11/26/2024

16,219

16,075

15,489

Elemica Parent, Inc.(1) (2)

Chemicals

6.39%

L + 5.50%

09/18/2025

2,898

2,831

2,681

Elemica Parent, Inc.(1) (2) (3)

Chemicals

6.68%

L + 5.50%

09/18/2025

380

270

250

Elemica Parent, Inc.(1) (2) (3)

Chemicals

 

L + 5.50%

09/18/2025

560

(6)

(42)

Empirix, Inc.(1) (2)

Diversified Telecommunication Services

7.71%

L + 6.25%; 1.00% Floor

09/25/2024

22,030

21,725

19,387

Empirix, Inc.(1) (2)

Diversified Telecommunication Services

7.63%

L + 6.25%; 1.00% Floor

09/25/2023

1,300

1,284

1,144

Eptam Plastics, Ltd.(1) (2)

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

4,300

4,238

4,117

Eptam Plastics, Ltd.(1) (2)

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

915

902

876

Eptam Plastics, Ltd.(1) (2) (3)

Health Care Equipment & Supplies

 

L + 5.50%; 1.00% Floor

12/06/2025

1,830

(13)

(78)

Fenergo Finance 3 Limited(1) (2) (5)

Diversified Financial Services

7.70%

L + 6.25%; 1.00% Floor

09/05/2024

€      17,800

20,404

18,699

Fenergo Finance 3 Limited(1) (2) (3) (5)

Diversified Financial Services

 

L + 6.25%; 1.00% Floor

09/05/2024

1,182

(15)

(56)

Fenergo Finance 3 Limited(1) (2) (3) (5)

Diversified Financial Services

 

L + 6.25%; 1.00% Floor

09/05/2024

€        1,500

(23)

(79)

FWR Holding Corporation (dba First Watch Restaurants)(1)

Hotels, Restaurants & Leisure

6.77%

L + 5.50%; 1.00% Floor

08/21/2023

4,438

4,369

4,182

FWR Holding Corporation (dba First Watch Restaurants)(1)

Hotels, Restaurants & Leisure

6.77%

L + 5.50%; 1.00% Floor

08/21/2023

887

873

836

FWR Holding Corporation (dba First Watch Restaurants)(1)

Hotels, Restaurants & Leisure

6.77%

L + 5.50%; 1.00% Floor

08/21/2023

561

552

528

FWR Holding Corporation (dba First Watch Restaurants)(1) (3)

Hotels, Restaurants & Leisure

6.77%

L + 5.50%; 1.00% Floor

08/21/2023

587

388

363

Gastro Health Holdco, LLC(1) (2)

Health Care Providers & Services

6.86%

L + 5.50%; 1.00% Floor

09/04/2024

9,728

9,576

9,242

Gastro Health Holdco, LLC(1) (2)

Health Care Providers & Services

6.95%

L + 5.50%; 1.00% Floor

09/04/2024

5,071

4,990

4,818

Gastro Health Holdco, LLC(1) (2)

Health Care Providers & Services

7.71%

L + 5.50%; 1.00% Floor

09/04/2024

4,865

4,798

4,622

Gastro Health Holdco, LLC(1) (2)

Health Care Providers & Services

6.95%

L + 5.50%; 1.00% Floor

09/04/2023

2,000

1,972

1,900

GH Holding Company (dba Grace Hill)(1)

Real Estate Management & Development

5.49%

L + 4.50%