Goldman Sachs BDC (GSBD) is a Business Development Company (BDC) that provides debt capital to U.S. middle-market companies — typically businesses with $5M–$200M in EBITDA, often backed by private equity sponsors. GSBD's portfolio is overwhelmingly first lien senior secured debt (~93% of fair value), with virtually all loans floating-rate and directly originated. The portfolio totals roughly $3.3B at fair value across 171 companies, concentrated in software, health care providers, and health care technology. GSBD earns money primarily through interest income, driven by portfolio size, loan yields (weighted average yield of ~10.3%), and leverage. GSBD borrows at lower rates and lends at higher ones, targeting a net debt-to-equity ratio of ~1.25x. GSBD is externally managed by Goldman Sachs Asset Management, paying a 1.00% management fee on gross assets plus an incentive fee. As a regulated investment company, GSBD passes through substantially all taxable income to shareholders as dividends, avoiding corporate-level tax. GSBD's core strategy centers on leveraging Goldman Sachs' investment banking relationships to source deals, lead loan structuring, and secure administrative agent roles — positioning GSBD as a lead lender rather than a passive participant. Management has been actively rotating legacy pre-2022 positions (more second lien and unsecured) into new first lien originations, while running leverage slightly below target at 1.17x as of year-end 2025.