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Here are 1-3 brief analogies to describe Goldman Sachs BDC (GSBD):

1. Think of it as a **REIT (Real Estate Investment Trust) for private company loans** instead of properties. Just like a REIT invests in real estate and distributes most of its rental income, GSBD invests in debt (loans) to private companies and distributes most of the interest income to shareholders.

2. It's like a publicly traded **"private credit" firm**, similar to a specialized lending division within a large alternative asset manager such as **Blackstone (BX)** or **KKR (KKR)**, but specifically focused on providing loans to mid-sized private companies.

3. Imagine a publicly traded **bank**, but instead of consumer or large corporate loans, it specializes in providing financing and loans specifically to **private, mid-sized businesses** that may not have access to traditional bank lending.

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• First Lien Senior Secured Debt: Provides senior secured loans to middle-market companies, holding the highest priority claim on the borrower's assets.
• Equity Investments: Supplies capital in exchange for direct ownership stakes in middle-market companies, typically a smaller component of the portfolio.

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Goldman Sachs BDC (GSBD) operates as a Business Development Company (BDC). Its primary business model involves providing debt and equity financing to middle-market companies.

Therefore, GSBD's "major customers" are the portfolio companies in which it invests and to which it lends capital. These are predominantly private companies.

Due to the nature of a BDC's investments in private, middle-market businesses, the customer companies generally do not have public stock symbols. GSBD does not sell primarily to individuals; its investments are made directly into operating businesses.

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The Goldman Sachs Group, Inc. (GS)

U.S. Bancorp (USB)

Truist Financial Corporation (TFC)

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Vivek Bantwal, Co-Chief Executive Officer
Mr. Bantwal was appointed as Co-Chief Executive Officer in August 2025. He is the global co-Head of Private Credit within Goldman Sachs Asset Management and a member of several investment committees. Mr. Bantwal joined Goldman Sachs in 1999 and previously served as global head of the Financing Group within Investment Banking and Chief Operating Officer of the Global Markets Division. He held various roles in Structured Finance and Leveraged Finance earlier in his career.

David Miller, Co-Chief Executive Officer
Mr. Miller was appointed as Co-Chief Executive Officer in March 2022. He is also the Americas Head of Private Credit within Goldman Sachs Asset Management and has nearly 30 years of experience as an investor in middle market companies. Mr. Miller joined Goldman Sachs in 2004, co-founding the firm's middle market origination effort and leading that business since 2013. Prior to Goldman Sachs, he was Senior Vice President of Originations for GE Capital, focusing on media and telecommunications, and a Director at SunTrust Bank, where he originated and managed a portfolio of middle market loans. His extensive background in private credit and middle market origination indicates a pattern of managing companies backed by private equity or similar private financing structures.

Stanley Matuszewski, Chief Financial Officer and Treasurer
Mr. Matuszewski was appointed as Chief Financial Officer and Treasurer in November 2023. He is a vice president in Private Credit within the Goldman Sachs Asset Management Division. Prior to this role, he was in the Controllers group at Goldman Sachs from 2013 to 2023.

Tucker Greene, President and Chief Operating Officer
Mr. Greene was appointed President in August 2025 and has served as Chief Operating Officer since June 2023. He is a managing director in Private Credit within Goldman Sachs Asset Management, with a focus on fund management. Mr. Greene joined Goldman Sachs in 2004. Before joining the firm, he worked at GE Capital as an associate in underwriting and portfolio management within its Media and Communications Group. His roles within private credit indicate a focus on direct middle-market lending, often associated with private equity-backed firms.

John Lanza, Principal Accounting Officer
Mr. Lanza was appointed as Principal Accounting Officer in November 2023. He is a managing director within Goldman Sachs Asset Management, where he manages the Business Development Companies and Direct Hedge Funds Asset Management Fund Controllers teams. He joined Goldman Sachs in 1999. His previous roles include head of Operational Risk and Governance in the Consumer and Wealth Management Division, global head of Regulatory Reform and Control Oversight, and managing the Goldman Sachs Asset Management Alternative Investments Global Fund Services Group. Prior to joining Goldman Sachs, Mr. Lanza worked at Ernst and Young LLP.

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Key Risks to Goldman Sachs BDC (GSBD)

1. Interest Rate Risk: Goldman Sachs BDC is highly susceptible to fluctuations in interest rates, as approximately 99.4% to 100% of its loan portfolio consists of variable-rate investments. A potential contraction in federal fund rates, anticipated in 2026, poses a material interest rate risk that could lead to weaker net investment income growth and exert pressure on dividend payments.
2. Credit Quality Deterioration and Non-Accrual Loans: The company has experienced a significant increase in non-performing loans and non-accruals, which has contributed to a considerable reduction in its portfolio value and an "inferior net asset value growth record" over the last three years. This trend adversely impacts net investment income, potentially leading to higher investment losses and challenges in maintaining dividend coverage.
3. Origination Pressure and Declining Portfolio Value: Goldman Sachs BDC has faced difficulties with declining origination volumes and negative net funded investment activity in its primary first-lien business. This pressure on new loan originations and net investment activity contributes to a decrease in the BDC's overall portfolio value and investment income.

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The main products and services of Goldman Sachs BDC (GSBD) involve providing financing to U.S. middle-market companies, primarily through direct originations of secured debt, including first lien, unitranche, and second lien debt, and unsecured debt, with a lesser extent of investments in equities. GSBD focuses on companies in the United States with annual EBITDA generally ranging from $5 million to $75 million, with individual investment sizes typically between $25 million and $75 million.

The addressable market for these services falls under the broader U.S. private credit market and middle-market lending. The U.S. private credit market is a substantial segment of the global market.

• The U.S. private credit market was approximately $1.1 trillion in 2024 and approximately $1.25 trillion.
• It is estimated to be $1.67 trillion in 2025.
• The market is projected to reach US$3.5 trillion by 2028.
• North America accounts for the largest share of the private credit market.

More specifically, within the United States, the middle market consists of approximately 300,000 businesses, generating $13 trillion in annual revenue. The lower middle market, which comprises over 90% of all middle-market companies, includes businesses with annual revenues between $5 million and $50 million or $10 million and $150 million. This segment has seen transaction volumes exceeding $400 billion since 2021. Overall middle market lending in the U.S., encompassing syndicated non-sponsored, sponsored, and direct lending, reached US$280 billion in 2022.

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Goldman Sachs BDC (GSBD) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Increased Mergers and Acquisitions (M&A) Activity and New Investment Commitments: The company has observed a significant surge in M&A dollar volumes, with a 40.9% year-over-year increase in the third quarter of 2025 compared to the same period in 2024. This heightened activity has directly benefited GSBD, as new investment commitments reached approximately $470.6 million across 27 portfolio companies in Q3 2025, marking the highest level since the fourth quarter of 2021. These commitments contribute to growth in interest and fee income.
2. Strategic Investments and Portfolio Rotation: Goldman Sachs BDC continues to leverage its origination platform for strategic investments and is actively rotating its portfolio. The company reported $374.4 million in repayment activity for the quarter, with 86% of these repayments coming from pre-2022 investments. This capital is being recycled into new credits, enabling the company to pursue attractive investment opportunities and enhance its overall portfolio quality.
3. Improving Credit Quality and Reduced Non-Accruals: The firm has shown a consistent improvement in its credit profile, with investments on non-accrual status decreasing to 1.5% of fair value in Q3 2025 from 1.6% in the previous quarter. This sequential reduction in non-accruals over the past year indicates a healthier balance sheet and is expected to lead to more consistent income generation and fewer credit losses, thereby supporting revenue growth.
4. Favorable Market Environment and Lower Borrowing Costs: Management commentary highlights a renewed "risk-on" sentiment in the market and lower borrowing costs, which are conducive to increased deal activity and M&A. This environment is expected to create more opportunities for GSBD to deploy capital effectively and generate revenue from new loan originations.
5. Focus on First Lien Loans: Goldman Sachs BDC's strategy of originating 100% first lien loans in Q3 2025 demonstrates a focus on maintaining exposure to the top of the capital structure. While potentially impacting yield, this approach prioritizes capital preservation and credit stability, which can contribute to more predictable and reliable interest income over the next few years.

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Share Repurchases

• Goldman Sachs BDC executed $25.1 million in share repurchases during the third quarter of 2025.
• The company maintains an active share repurchase program.
• The 3-year buyback yield for GSBD is 0.42%.

Share Issuance

• Information on specific dollar amounts of shares issued over the last 3-5 years is not explicitly detailed as separate transactions in the provided search results. However, the "Net Common Equity Issued/Repurchased" metric from 2014 to 2025 implies both issuance and repurchases occur over time.
• Goldman Sachs BDC's shares outstanding were approximately 114.11 million as of August 6, 2025.

Outbound Investments

• Goldman Sachs BDC specializes in making investments in U.S. middle-market private companies, typically seeking to invest between $10 million and $75 million in companies with annual EBITDA of $5 million to $75 million.
• The company's investment objective is to generate current income and capital appreciation primarily through direct originations of secured debt (including first lien, unitranche, and second lien debt) and unsecured debt (mezzanine debt), with a lesser focus on equity investments.
• As of the third quarter of 2025, GSBD maintained a diversified portfolio of 171 companies, with 98.2% of its investments being in senior secured debt.

Capital Expenditures

• Specific dollar values for capital expenditures for Goldman Sachs BDC (GSBD) are not readily available within the provided search results. As a business development company focused on lending and investing, significant capital expenditures on physical assets are generally not a primary allocation of capital.