Goldman Sachs BDC announces executive changes as Alex Chi resigns as co-CEO

Goldman Sachs BDC, Inc. (NYSE:GSBD), a business development company with a market capitalization of $1.39 billion and an impressive dividend yield of 10.78%, announced a series of executive leadership changes, according to a press release statement based on a recent SEC filing. InvestingPro data shows the company maintains a "GOOD" overall financial health score, suggesting strong operational fundamentals.

On July 15, Alex Chi notified the company of his intention to resign from his roles as Co-Chief Executive Officer and Co-President. Chi will step down as the company’s principal executive officer, Co-Chief Executive Officer, and Co-President effective on or about August 7, or an earlier date as determined by the board of directors. The company stated that Chi’s resignation is not a result of any disagreement with the company and that he will assist with the transition during this period.

On July 18, the board appointed Vivek Bantwal, age 48, as Co-Chief Executive Officer, effective on or about August 7, succeeding Chi. Bantwal will also serve as co-principal executive officer and has been named Co-Chief Executive Officer of several affiliated entities, including Silver Capital Holdings LLC, Goldman Sachs Private Middle Market Credit II LLC, Goldman Sachs Middle Market Lending Corp. II, Phillip Street Middle Market Lending Fund LLC, Goldman Sachs Private Credit Corp., and West Bay BDC LLC.

Bantwal is currently global co-head of Private Credit within Goldman Sachs Asset Management and has held various leadership positions at Goldman Sachs since joining in 1999.

David Miller will continue as Co-Chief Executive Officer of the company and its affiliates. Effective on or about August 7, Miller will cease serving as Co-President.

The board also appointed Tucker Greene, age 50, as President of the company, effective on or about August 7. Greene will succeed both Chi and Miller in the President role and will continue as Chief Operating Officer of the company and its affiliates. Greene has served as COO since June 2023 and previously held other management positions within the firm.

The company stated that neither Bantwal nor Greene have any family relationships with current directors or executive officers, and there are no related party transactions involving either executive that require disclosure under SEC rules.

These details are based on a press release statement and the company’s filing with the Securities and Exchange Commission.

In other recent news, Goldman Sachs BDC, Inc. reported its financial results for the first quarter of 2025, showing a slight earnings miss. The company posted an earnings per share (EPS) of $0.42, just below the analyst forecast of $0.425, and reported revenue of $96.9 million, which fell short of the anticipated $105.62 million. Despite these results, Moody’s has affirmed Goldman Sachs BDC’s Baa3 long-term issuer and senior unsecured debt ratings, maintaining a stable outlook. The company’s portfolio remains strong, with 98% in senior secured loans, but it faces challenges with higher non-accrual loans at 4.6% at cost. Goldman Sachs BDC’s net asset value per share decreased by 1.6% to $13.20 from the previous quarter. The company continues to focus on first-lien loans, with 100% of its new originations in this category. Analysts from Bank of America have noted that the portfolio yield declined due to the exit of non-accrual positions with high coupons. The company has a $500 million unsecured note maturing in January 2026, with $83 million in cash and $720 million available under its revolving credit facility to address this.

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