Goldman Sachs BDC

What Goldman Sachs BDC does

Goldman Sachs BDC, Inc. (NYSE: GSBD) is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940 and is treated as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. Formed in 2012 by The Goldman Sachs Group and IPO'd in March 2015, it is externally managed by Goldman Sachs Asset Management, L.P. (200 West Street, New York). The vehicle provides direct-origination financing to U.S. middle-market companies with EBITDA of $5M–$75M, deploying $25M–$75M per investment with the ability to syndicate larger deals. Its product set spans first lien senior secured debt, first lien/last-out unitranche, second lien, mezzanine/junior secured debt, and select equity. As of Q1 2026 the portfolio totaled approximately $3.2 billion across 171 portfolio companies spanning software, healthcare, and financial services.

The business model is a spread-lending and income vehicle: the bulk of revenue is current interest income on secured debt instruments, supplemented by dividend income and capital appreciation from equity positions plus structuring and amendment fees. Total investment income was $78.8M in Q1 2026, down from $86.1M in Q4 2025 as base rates fell and credit spreads tightened. Returns are distributed to shareholders as quarterly dividends (with an opt-out DRIP and occasional supplemental/special dividends), and the firm finances its balance sheet with a mix of a senior secured revolving credit facility and unsecured notes, operating at 1.37x net debt-to-equity as of Q1 2026.

The structure leverages Goldman Sachs' origination network, industry expertise, and institutional infrastructure for sourcing and underwriting, and carries investment-grade credit ratings from S&P (2015) and Fitch (2018). Recent performance has deteriorated: NAV per share fell 3.7% to $12.17, the stock trades at roughly a 27–29% discount to NAV (0.71x–0.74x book), the non-accrual rate rose to 4.7% at amortized cost from 2.8% (driven by two legacy loans, One GI LLC and 3SI Security Systems), and the base dividend was cut 29% from $0.45 to $0.32 per share effective Q1 2025, with dividend coverage falling toward ~69% on Q1 2026 NII of $0.22 per share.

Name

Goldman Sachs BDC

Legal name

Goldman Sachs BDC, Inc.

Website

https://goldmansachsbdc.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Goldman Sachs BDC (NYSE: GSBD) is an externally managed business development company that provides direct-origination secured debt, unitranche, mezzanine, and select equity financing to U.S. middle-market companies with $5M–$75M of EBITDA.

Ownership category

akta.pro rank

Product category

Business Development Company (Direct Lending)

NAICS

Other Financial Investment Activities (5239), Miscellaneous Intermediation (523910)

SIC

Miscellaneous Business Credit Institution (6159), Finance Services (6199), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industries

Mezzanine / Subordinated Debt (FSANADAC), Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Middle-market lending
• Business development company
• Direct lending financing
• Senior secured debt
• Mezzanine debt investing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Interest Income from Debt Investments: Goldman Sachs BDC generates current income primarily through interest payments on its portfolio of secured debt instruments including first lien, first lien/last-out unitranche, second lien, and mezzanine debt investments made in middle-market companies.
2. Dividend Income from Equity Investments: To a lesser extent, the company generates capital appreciation through select equity investments in portfolio companies, receiving dividend payments and realizing gains upon exits.
3. Capital Appreciation: The company also seeks capital appreciation through direct originations of debt and equity investments, benefiting from structuring fees, amendment fees, and potential appreciation in portfolio company valuations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Goldman Sachs BDC, Inc. is a publicly traded Business Development Company that provides tailored financing solutions primarily to U.S. middle-market companies with EBITDA between $5 million and $75 million. Its offerings include first lien senior secured debt, first lien/last-out unitranche debt, second lien debt, mezzanine debt, and select equity investments, with typical investment sizes of $25 million to $75 million per transaction. The company is externally managed by Goldman Sachs Asset Management, L.P., leveraging Goldman Sachs' origination network, institutional resources, and industry expertise.

Product overview

Goldman Sachs BDC, Inc. is a specialty finance company structured as a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940 and treated as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. The company offers a suite of direct lending products consisting of secured debt financing (first lien senior secured debt, first lien/last-out unitranche, and second lien debt), unsecured debt financing (mezzanine debt), and select equity investments. The company's investment strategy focuses on US middle-market companies with EBITDA of $5 million to $75 million, with investment sizes ranging from $25 million to $75 million. Financing solutions are tailored to meet specific objectives including acquisitions, refinancing, capital for growth, leveraged buyouts, dividend recapitalization, and restructuring. The company also offers a Dividend Reinvestment Plan (DRIP) as a shareholder service.

Differentiator

Problem solved

Functional benefit

Products and services

• Secured Debt Financing Direct origination of secured debt investments, including first lien senior secured debt, first lien/last-out unitranche debt, and second lien debt, provided to U.S. middle-market companies with EBITDA between $5 million and $75 million. Designed to support acquisitions, refinancings, growth capital, leveraged buyouts, dividend recapitalizations, and restructurings.
• Unsecured Debt Financing Provision of unsecured mezzanine financing to U.S. middle-market companies, complementing the BDC's secured debt offerings to provide junior capital for tailored financing solutions.
• Equity Investments Select equity investments made alongside debt financings in U.S. middle-market companies, intended to provide capital appreciation and dividend income in addition to the BDC's primary interest income.
• Dividend Reinvestment Plan (DRIP) An opt-out Dividend Reinvestment Plan allowing common shareholders to automatically reinvest cash dividend distributions in additional shares of Goldman Sachs BDC common stock.

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Prospect Capital Corp: Long-standing public BDC (NASDAQ: PSEC) investing in senior secured loans and mezzanine debt to U.S. middle-market companies; same regulatory BDC structure (RIC/1940 Act), serving as a same-model peer though with broader/untraditional scope than GSBD's middle-market focus.
• Ares Capital Corp: The largest publicly traded BDC (NASDAQ: ARCC), focused on first lien senior secured loans to U.S. middle-market companies; nearly identical GTM motion and product mix (first lien, unitranche, mezzanine) to Goldman Sachs BDC, serving the same $5–75M EBITDA borrower cohort.
• Sixth Street Specialty Lending (TSLX): Externally managed BDC by Sixth Street focused on directly originated first lien loans to middle-market borrowers; similar investment size, hold-to-maturity approach, and middle-market niche as GSBD.
• Bain Capital Specialty Finance: Middle-market-focused BDC (NYSE: BCSF) affiliated with Bain Capital; provides senior secured loans to sponsor-backed U.S. companies in roughly the same EBITDA range as GSBD's target segment.
• Oaktree Specialty Lending: Public BDC (NASDAQ: OCSL) externally managed by Oaktree Fund Advisors; focuses on senior loans to U.S. middle-market companies and complements its public BDC with a small business lending vertical, parallel to GSBD's middle-market lending core.
• New Mountain Finance Corp: Public BDC (NASDAQ: NMFC) managed by New Mountain Finance Advisers, providing senior secured loans to defensive middle-market U.S. businesses; comparable deal sourcing, target borrower profile, and direct origination approach.
• Golub Capital BDC: Public BDC (NASDAQ: GBDC) specializing in one-stop loans (unitranche) to U.S. middle-market companies; one of the most direct analogues in target customer profile (EBITDA $5M–$75M) and direct origination strategy.
• Blue Owl Capital Corp (OBDC): Major publicly traded BDC formed from the merger of Owl Rock Capital, OBDC, and CNF Finance; sponsored by Blue Owl, it offers directly originated senior secured loans to U.S. middle-market borrowers with comparable investment-size targets to GSBD.
• FS KKR Capital Corp: Public BDC (NYSE: FSK) providing senior secured loans to middle-market U.S. borrowers; recently merged with Blackstone Secured Lending Fund affiliate transactions, representing one of the largest BDC platforms with significant overlap to GSBD's product mix.
• Blackstone Private Credit Fund: Non-traded BDC affiliated with Blackstone Credit that invests in senior secured loans to middle-market companies; directly comparable to GSBD's investment strategy though distributed to wealth investors via private placement rather than public listing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Goldman Sachs BDC