Q4 2024 Goldman Sachs BDC Inc Earnings Call Transcript

Feb 28, 2025 / 02:00 PM GMT

Release Date Price: $13.04 (+1.56%)

Transcript 8-K10-K

Key Points

Positve

Goldman Sachs BDC Inc (GSBD) committed approximately $13 billion and deployed $10.8 billion in 2024, more than doubling the activity from 2023.
The company increased the percentage of first lien positions in its portfolio to 96.3% by year-end 2024, enhancing portfolio security.
GSBD's net investment income per share for Q4 2024 was $0.48, exceeding the fixed dividend rate of $0.45 per share.
The board approved a new dividend structure with a base of $0.32 per share and supplemental variable distributions, ensuring flexibility and alignment with market conditions.
GSBD maintained a shareholder-friendly incentive fee structure, reducing the fee from 20% to 17.5% starting Q1 2025.

Negative

Net asset value per share decreased by approximately 1% relative to the third quarter, due to net realized and unrealized losses.
The weighted average yield of the investment portfolio decreased from 10.9% to 10.1% quarter-over-quarter.
Non-accrual investments remained at 4.5% of the total investment portfolio at amortized cost, indicating ongoing credit quality concerns.
The company anticipates muted deal activity in the first quarter of 2025, potentially impacting short-term growth.
There is exposure to potential policy changes, with a low to mid-single-digit percentage of the portfolio potentially affected by tariffs and government contracts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GSBD.N - Goldman Sachs BDC Inc
Q4 2024 Goldman Sachs BDC Inc Earnings Call
Feb 28, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. This is John Silos, 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. 4th quarter and fiscal year end 2024 earnings conference call.

Please note that all participants will be in listen-only mode until the end of the call when we will open 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 disbelief regarding future events that by by their nature are uncertain and outside of the company's control.

The company's actual results and financial condition may differ,

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