Goldman Sachs BDC Inc (NYSE: GSBD) is a business development company that lends capital to and invests in middle market companies in the United States. It generates income primarily through interest, fees, and dividends earned on its debt and equity investments in portfolio companies. GSBD is externally managed by Goldman Sachs Asset Management and operates as a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The portfolio is concentrated in directly originated, first lien secured loans to middle market borrowers. GSBD has elected to be treated as a regulated investment company for U.S. federal income tax purposes, which requires it to distribute substantially all of its taxable income to shareholders.

Revenue model

Interest income on debt investments, dividend income on equity investments, and origination and other fees from portfolio companies.

Products and services

Direct lending, first lien secured loans, second lien secured loans, mezzanine debt, equity co-investments, middle market credit.

Customers and end markets

Middle market companies in the United States seeking private credit and direct lending solutions.

Value-chain role

Direct lender and credit provider to middle market borrowers; externally managed by Goldman Sachs Asset Management.

Geographic exposure

United States.

Source: SEC 10-K, filed 2026-02-26

Industry: UNKNOWN Peers: AssetMark Financial Holdings, Inc. Artisan Partners Asset Management Inc Blackstone Inc Bridge Investment Group Holdings Inc. GCM Grosvenor Inc Golub Capital BDC Inc Hercules Capital Inc Sixth Street Specialty Lending Inc Victory Capital Holdings Inc