Tucker Greene

About Tucker Greene

Tucker Greene is President (appointed effective on or about August 7, 2025) and Chief Operating Officer of Goldman Sachs BDC, Inc. (GSBD); he was age 50 at appointment and has served as COO since June 2023 after previously serving as Vice President from August 2022 to June 2023 . He is a Managing Director in Goldman Sachs Asset Management (GSAM) Private Credit, a senior portfolio manager focused on fund management, and previously a senior originator and underwriter; he joined Goldman Sachs in 2004 in the Specialty Lending Group and earlier worked at GE Capital underwriting media and telecom loans; he was named MD in 2021 . Operationally, Greene highlights a first-lien-focused portfolio with weighted average yields of ~10.8% in Q1 2025 and 10.7% in Q2 2025, and portfolio leverage of ~5.8x net debt/EBITDA with interest coverage of ~1.9x→1.8x; total investments at fair value grew from ~$3.4B in Q1 to ~$3.8B in Q2 while nonaccruals edged down to ~1.9% of fair value in Q1 2025 . He executed NAV-accretive capital actions, including using a 10b5-1 stock repurchase plan to buy “north of 1,000,000 shares” for $12.1M in Q2 2025, and originated ~$247.9M of new commitments (100% first-lien) with ~500 bps spreads over SOFR, while repayments totaled ~$288M .

Past Roles

External Roles

• No external public-company directorships or board roles for Greene are disclosed in GSBD’s proxy or 8-K filings .

Fixed Compensation

• GSBD’s Compensation Committee states that “none of the Company’s executive officers currently is compensated by the Company,” so base salary, target/actual bonus, and perquisite details for Greene are not disclosed at the GSBD level .
• GSBD’s investment management agreement compensates GSAM via a 1.00% annual management fee on gross assets and performance-based incentive fees; GSBD paid $35.16M in management fees and $23.92M in incentive fees for FY 2024 .
• GSBD’s insider trading policy mandates repurchases be made under Rule 10b5-1; Greene noted utilizing the plan in Q2 2025 .

Performance Compensation

• Performance-based pay for Greene (e.g., PSUs, bonus scorecards) is not disclosed by GSBD because executive officers are compensated by GSAM, not the Company .
• Portfolio-level fee alignment actions disclosed by GSBD include revising dividend policy and reducing the adviser’s incentive fee rate to 17.5% over a 7% hurdle, aimed at aligning long-term earnings power; this is company/adviser-level, not individual executive compensation .

Equity Ownership & Alignment

Note: Beneficial ownership table lists GS Group Inc. as a 5.6% holder (6,511,381 shares) but shows “—” for Tucker Greene; David Miller shows 20,000 shares beneficially owned; figures are as of the Record Date .

Employment Terms

Performance & Track Record (Operating KPIs during Greene’s tenure)

Compensation Structure Analysis

• Executives compensated by GSAM rather than GSBD limits visibility into Greene’s pay mix, targets, and clawback provisions—a transparency gap for pay-for-performance assessment .
• GSBD-level fee and dividend actions suggest shareholder alignment at the company/adviser level (fee rate reduced to 17.5% over 7% hurdle; variable supplemental dividends), but they do not specify Greene’s personal incentives or vesting schedules .

Risk Indicators & Red Flags

• Related-party transactions: None for Greene under Item 404(a) .
• Hedging/pledging: No disclosures regarding Greene’s hedging or pledging; executive ownership appears unreported (“—” in proxy table) .
• Insider selling pressure: Company used a Rule 10b5-1 repurchase plan; no GSBD Form 4 filings for Greene were identified in document search during this review window .

Say-on-Pay & Shareholder Feedback

• GSBD’s executive officers are not compensated by the Company; accordingly, the Compensation Committee did not hold formal meetings in 2024 and does not produce an executive compensation report—say-on-pay context for Greene at GSBD is not applicable .

Expertise & Qualifications

• Private Credit and middle market underwriting expertise; senior fund management responsibilities; GSAM MD since 2021; joined GS in 2004; prior GE Capital underwriting in media/telecom .

Investment Implications

• Alignment and ownership: Greene reports no GSBD beneficial ownership in the proxy, and executive compensation is determined by GSAM, constraining direct pay-for-performance analysis and leaving unclear personal incentive alignment with GSBD shareholders .
• Execution: Operating metrics under Greene’s COO tenure show stable yields and leverage, modest improvement in nonaccruals, and disciplined first-lien origination; NAV-accretive buybacks (>1M shares for $12.1M) and recycling into higher-quality credits are positive capital allocation signals .
• Retention risk: Greene’s long GS tenure (since 2004) and recent elevation to President suggest continuity; however, absent disclosed employment terms (severance, CoC, non-compete), retention economics are opaque to public investors .
• Trading signals: Active 10b5-1 repurchases and reduced adviser incentive fee rate support near-term shareholder returns; lack of Form 4 activity and no disclosed personal holdings reduce insider-sentiment signals for Greene specifically .