Goldman Sachs BDC
21 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Suppliers
State Street Bank and Trust Company
depends onPursuant to our administration agreement (the "Administration Agreement”) with State Street Bank and Trust Company (our “administrator”), our administrator is responsible for providing various accounting and administrative services to us.Business (Item 1)
Computershare Trust Company, N.A.
depends onComputershare Trust Company, N.A. serves as our transfer agent (the “Transfer Agent”), dividend agent and registrar.Business (Item 1)
Partners and platforms
Goldman Sachs Asset Management (GSAM)
depends on · $62.76 million in feesnamed as a riskWe depend on the experience, diligence, skill and network of business contacts of the Goldman Sachs Asset Management Private Credit Team together with other investment professionals that our Investment Adviser currently retains or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage our investments.Risk factors (Item 1A)
Bank of America, N.A.
depends onnamed as a riskFurthermore, our senior secured revolving credit agreement with Truist Bank (formerly known as SunTrust Bank), as administrative agent, and Bank of America, N.A., as syndication agent (as amended, the “Revolving Credit Facility”) imposes, and any credit agreement or other debt financing agreement into which we may enter may impose, financial and operating covenants that restrict our investment activities (including restrictions on industry concentrations), remedies on default and similar matters.Risk factors (Item 1A)
Truist Bank
depends onnamed as a riskFurthermore, our senior secured revolving credit agreement with Truist Bank (formerly known as SunTrust Bank), as administrative agent, and Bank of America, N.A., as syndication agent (as amended, the “Revolving Credit Facility”) imposes, and any credit agreement or other debt financing agreement into which we may enter may impose, financial and operating covenants that restrict our investment activities (including restrictions on industry concentrations), remedies on default and similar matters.Risk factors (Item 1A)
Other companies
Software industry
concentrated in · 17.6% of our portfolio at fair valuenamed as a riskIn addition, as of December 31, 2025, Software represented 17.6% of our portfolio at fair value.Risk factors (Item 1A)
Health care industry
concentrated in · 20.1% of our portfolio at fair valuenamed as a riskFor example, as of December 31, 2025, Health Care Providers & Services, together with Health Care Technology and Health Care Equipment & Supplies, represented 20.1% of our portfolio at fair value.Risk factors (Item 1A)
The Goldman Sachs Group, Inc.
5.8% of our outstanding common stocknamed as a riskAs of December 31, 2025, GS Group Inc., together with certain of its subsidiaries, owned 5.8% of our outstanding common stock.Risk factors (Item 1A)
Places
United States
concentrated in · 94.8%The geographic composition of our portfolio at fair value as of December 31, 2025 was primarily 94.8% in the United States, 3.2% in Canada, 1.5% in the United Kingdom and 0.5% in India.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its price · 99.4% of our performing debt investments bore interest at a floating ratenamed as a riskSince January 1, 2022, our new investments are generally indexed to SOFR and as of December 31, 2025, we have transitioned our investments and our Revolving Credit Facility to SOFR or to alternative risk-free reference rates.Risk factors (Item 1A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Regulators
Laws and programs
Investment Company Act of 1940
subject to · at least 70% of their total assetsnamed as a riskThe Investment Company Act imposes numerous constraints on the operations of BDCs.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Regulated Investment Company (RIC) tax status
subject to · at least 90% of our investment company taxable incomenamed as a riskWe will be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes) on all of our income if we are unable to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance.Risk factors (Item 1A)
Small Business Credit Availability Act
subject to · 150%The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements.Risk factors (Item 1A)
Bank Holding Company Act of 1956
subject tonamed as a riskBecause GS Group Inc. may be deemed to “control” us within the meaning of the BHCA, these restrictions could apply to us as well.Risk factors (Item 1A)
CFTC Rule 4.5
subject tonamed as a riskOur Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions.Risk factors (Item 1A)
Also named by TSLX
SEC co-investment exemptive relief
subject tonamed as a riskOn May 21, 2025, the SEC granted the Relief to our Investment Adviser, the BDCs advised by our Investment Adviser and certain other affiliated applicants, which superseded the Prior Relief.Risk factors (Item 1A)
Rule 18f-4 under the Investment Company Act
subject tonamed as a riskWe currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.Risk factors (Item 1A)
Goldman Sachs name license
depends onnamed as a riskUnder this agreement, we do not have a right to use the Goldman Sachs name if GSAM or another affiliate of Goldman Sachs is not our Investment Adviser or if our continued use of such license results in a violation of applicable law, results in a regulatory burden or has adverse regulatory consequences.Business (Item 1)