Goldman Sachs BDC Inc

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, 2023, 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. 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. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or 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. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

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our future operating results;

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disruptions in the capital markets, market conditions, and general economic uncertainty;

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changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

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uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the war between Russia and Ukraine and the escalated conflict in the Middle East;

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our business prospects and the prospects of our portfolio companies;

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the impact of investments that we expect to make;

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the impact of increased competition;

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our contractual arrangements and relationships with third parties;

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

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

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

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

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our ability to make distributions;

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the adequacy of our cash resources and working capital;

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changes in interest rates;

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

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the impact of future acquisitions and divestitures;

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

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our ability to maintain our status as a BDC;

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

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

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general price and volume fluctuations in the stock market;

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

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the impact on our business from new or amended legislation or regulations, including the Inflation Reduction Act of 2022;

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

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

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the impact of elevated inflation and interest rates and the risk of recession on our portfolio companies;

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the effect of global climate change on our portfolio companies;

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the impact of interruptions in the supply chain on our portfolio companies;

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purchases of our common stock pursuant to any 10b5-1 plan or otherwise may result in the price of our common stock being higher than the price that otherwise might exist in the open market;

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purchases of our common stock by us under any 10b5-1 plan or otherwise may result in dilution to our NAV per share;

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the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

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the increased public scrutiny of and regulation related to corporate social responsibility.