Goldman Sachs BDC, Inc. (NYSE:GSBD) Q4 2023 Earnings Call Transcript
Goldman Sachs BDC, Inc. (NYSE:GSBD) Q4 2023 Earnings Call Transcript February 29, 2024
Goldman Sachs BDC, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Austin Neri: Good morning. This is Austin Neri, a member of the Investor Relations team for Goldman Sachs BDC, Inc., and I would like to welcome everyone to the Goldman Sachs BDC, Inc. Fourth Quarter 2023 Earnings Conference Call. Please note that all participants will be in a listen-only mode until the end of the call when we will open up the line for questions. Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the Company's belief regarding future events that by their nature are uncertain and outside of the Company's control. The Company's actual results and financial condition may differ, possibly materially from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the Company's SEC filings.
This audio cast is copyrighted material of Goldman Sachs BDC, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. Yesterday, after the market close, the Company issued an earnings press release and posted a supplemental earnings presentation, both of which can be found on the homepage of our website at www.goldmansachsbdc.com under the Investor Resources section, and, which include reconciliations of non-GAAP measures to the most directly comparable GAAP measures. These documents should be reviewed in conjunction with the Company's annual report on Form 10-K filed yesterday with the SEC. This conference call is being recorded today, Thursday, February 29, 2024, for replay purposes. I will now turn the call over to Alex Chi, Co-Chief Executive Officer of Goldman Sachs BDC, Inc.
Alex Chi: Thank you, Austin. Good morning, everyone, and thank you for joining us for our fourth quarter and 2023 fiscal year-end earnings conference call. I'm here today with David Miller, our Co-Chief Executive Officer; Tucker Greene, our Chief Operating Officer; and Stan Matuszewski, our Chief Financial Officer. I'll begin the call by providing an update on the Goldman Sachs private credit platform before providing a brief overview of our fourth quarter results and then discuss the current market environment in more detail. I'll then turn the call over to David and Tucker to describe our portfolio activity and performance before handing it off to Stan, to take us through our financial results. And then finally, we'll open the line for Q&A.
So with that, I'd like to provide a brief update of the Goldman Sachs private credit platform and the positive impact on GSBD of being part of it. We are proud to announce that next week marks the second anniversary of our platform integration process. This endeavor brought all of Goldman Sachs' private credit origination and underwriting capabilities as well as various pools of capital with track records that stretch back over 28 years under a single roof within our asset management business. As you may recall, historically, our BDC complex, including GSBD, operated as a separate and distinct platform on the public side of the house that was walled off from the rest of the firm and could not take full advantage of being part of the Goldman Sachs ecosystem.
In these two short years, GSBD has been able to take advantage of the full origination capabilities of the broader private credit platform and its scale, enhance our infrastructure and improve upon our underwriting capabilities. I'd like to highlight a few examples. Amidst the volatile market and muted deal environment, the Goldman Sachs private credit platform remained active deploying $12 billion in 2023. The Direct Lending Americas platform comprised the majority of activity with over $6 billion deployed. Furthermore, taking advantage of the broader scale and origination capabilities, GSBD served as agent or lead lender and well above the majority of its new deals in 2023. Second, the team has spent the past two years actively upgrading GSBD's portfolio quality.
See also 30 Worst Countries for Women’s Rights and 16 Best Mountain Towns for Retirement.
To continue reading the Q&A session, please click here.
