Matthew Carter
Goldman Sachs BDCAbout Matthew Carter
Matthew Carter (age 38) is a Vice President of Goldman Sachs BDC, Inc. (GSBD) since February 2025 and a Managing Director and senior underwriter in Private Credit within Asset & Wealth Management at Goldman Sachs, where he leads workout and restructuring activities for the U.S. direct lending business . He joined Goldman Sachs in 2014 in the Specialty Lending Group within the Special Situations Group and was named Managing Director in 2023; prior roles include five years in the Investment Banking Division at Barclays Capital and the start of his career in the Private Fund Investments Group at Lehman Brothers . Education is not disclosed in Company filings; executive officers serve at the pleasure of the Board until the next election of officers and until their successors are duly elected and qualify . Individual performance metrics (TSR, revenue growth, EBITDA growth) tied to Carter are not disclosed; GSBD does not compensate its executive officers (compensation is at GSAM), so Company-level pay-for-performance linkages for executives are not provided .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs (Asset & Wealth Management – Private Credit) | Managing Director; Senior Underwriter; leads U.S. direct lending workout/restructuring | Joined 2014; MD 2023 | Workout/restructuring leadership for direct lending enhances portfolio recovery and risk mitigation |
| Barclays Capital (Investment Banking Division) | Investment Banker | Five years (dates not disclosed) | Deal execution and financing experience preceding special situations underwriting |
| Lehman Brothers (Private Fund Investments Group) | Analyst/Associate (career start) | Not disclosed | Early-stage private investments exposure |
External Roles
No public company board or external governance roles disclosed for Carter in GSBD filings .
Fixed Compensation
GSBD does not pay compensation to its executive officers; the Compensation Committee is responsible for determining executive officer compensation “if any,” and did not hold formal meetings in 2024 because executives are not compensated by the Company .
| Component | FY 2024 Status | Notes |
|---|---|---|
| Base Salary | Not paid by GSBD | Executives are GSAM employees; Company does not disclose their GSAM compensation |
| Target Bonus % | Not paid/disclosed by GSBD | — |
| Actual Bonus Paid | Not paid/disclosed by GSBD | — |
| Perquisites | Not disclosed by GSBD | — |
| Pension/SERP/Deferred Comp | Not disclosed by GSBD | — |
Performance Compensation
No Company-paid equity or cash incentive programs for executive officers are disclosed, and GSBD did not award director fees in stock or options in 2024. Executive pay-for-performance structures (e.g., PSUs, RSUs, options, metrics, vesting) are not disclosed at the Company level because executives are compensated by GSAM rather than GSBD .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable – Company does not compensate executive officers | — | — | — | — | — |
Equity Ownership & Alignment
| Holder | Title | As-of Date | Direct/Indirect Ownership | Shares | Ownership % | Vested vs Unvested | Options (Exercisable/Unexercisable) | Pledged/Hedged |
|---|---|---|---|---|---|---|---|---|
| Matthew Ryan Carter | Vice President | 02/26/2025 (Form 3) | Direct | 0 | 0.00% (of 117,297,222 shares outstanding) | Not disclosed | None disclosed | No pledging/hedging disclosed |
| All executive officers and directors (18 persons) | Group | 03/31/2025 | Beneficial | 143,542 | <1% | Not disclosed | Not disclosed | Not disclosed |
- GSBD’s beneficial ownership table shows no reported beneficial ownership for Carter as of the Record Date; Carter’s initial Section 16 filing (Form 3) reports zero shares beneficially owned .
- Stock ownership guidelines for executive officers, compliance status, and any pledging/hedging policies specific to Carter are not disclosed; GSBD maintains insider trading and Rule 10b5-1 repurchase policies and Codes of Ethics .
Employment Terms
| Item | Disclosure |
|---|---|
| Employment start date at GSBD | Vice President since February 2025 |
| Years in current role | ~2025–present (exact duration to date not quantified) |
| Contract term and expiration | Officers hold office at the pleasure of the Board until next election of officers and until successors are duly elected and qualify |
| Severance/change-of-control terms | Not disclosed at Company; executives are compensated by GSAM rather than GSBD |
| Non-compete / Non-solicit / Garden leave | Not disclosed |
| Clawbacks / tax gross-ups | Not disclosed for executives; GSBD has Codes of Ethics and governance policies |
| Post-termination consulting | Not disclosed |
Performance & Track Record
- Workout and restructuring lead for U.S. direct lending at Goldman Sachs; indicates expertise in credit work-outs, restructurings, and special situations within GSAM’s Private Credit platform .
- Named Managing Director in 2023, reflecting seniority and leadership within Goldman Sachs’ credit franchise .
- Prior investment banking experience at Barclays and early private investments experience at Lehman Brothers support execution capabilities across origination, underwriting, and portfolio remediation .
Related Party and Structure Context (Alignment Considerations)
- GSBD pays GSAM a management fee (1.00% annualized on average gross assets) and incentive fees based on ordinary income and capital gains; in FY 2024, GSBD paid $35.16 million in management fees and $23.92 million in incentive fees (total $59.08 million), underscoring that executive officers are GSAM personnel and compensated by the adviser rather than the Company .
- Co-investment exemptive relief with affiliated accounts was granted (amended June 25, 2024), permitting co-investments and certain follow-on investments, creating potential portfolio overlaps managed under Board-established criteria and compliance procedures .
Compensation Committee and Governance Notes
- Compensation Committee (all Independent Directors) determines or recommends executive compensation “if any,” but held no formal meetings in 2024 because GSBD’s executive officers are not compensated by the Company .
- Board and committee structures, Codes of Ethics, and Insider Trading Policy are in place; Insider Trading and repurchase policies are filed as exhibits to GSBD’s 2024 Form 10-K .
Investment Implications
- Alignment via direct GSBD equity appears minimal at present (Form 3 shows zero holdings), reducing near-term insider selling pressure but also limiting direct equity skin-in-the-game signaling at the Company level .
- Carter’s role leading workouts/restructurings is strategically valuable in a credit cycle, potentially supporting NAV preservation and recovery outcomes; however, individual incentive metrics/vesting at GSAM are not disclosed, so pay-for-performance alignment must be assessed at the adviser level rather than GSBD .
- The GSAM-managed structure, fee arrangement, and co-investment framework focus alignment through Goldman Sachs’ private credit platform governance rather than Company-specific executive compensation detail; monitoring future Section 16 filings for ownership changes and any disclosed Company-level incentive changes is recommended .