Goldman Sachs BDC 4Q15 Earnings Call Notes

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Goldman Sachs BDC’s (GSBD) CEO Brendan McGovern on Q4 2015 Results

Goldmann is the largest shareholder

“Goldman started the year as by far the largest shareholder of the company to be added to its ownership stake over the course of the year.”

Borrowers are finding fewer places to go for capital

“We would say that the opportunities are getting better. And I think as borrower’s survey the landscape of place they can go for capital, they’re finding fewer places to go. And as a consequence, we do believe that structure is in pricing, will be better as we do roll across forward.”

Jonathan Yoder

Public credit markets have exhibited escalating volatility, we expect private markets to follow as they usually do

“The fourth quarter was marked by escalating volatility in the public credit markets, a scene that continued into early 2016. As has been observed many times in the past, private credit markets tend to lag public credit markets. We expect that this time it is no different.”

Significantly reduced pace of new funding

“In light of this, we significantly reduced the pace of new funding activity to only $7.4 million during the quarter, in expectation of more attractive capital deployment opportunities in the months and quarters to come.”