GSBD
Financial ServicesGoldman Sachs BDC, Inc. · Asset Management · $1B
What is Goldman Sachs BDC, Inc.?
Goldman Sachs BDC, Inc. is a business development company focused on providing debt financing to private, middle-market companies across the United States. Operating under the Goldman Sachs umbrella, it channels institutional-grade credit expertise into a publicly traded vehicle accessible to retail investors.
GSBD generates income by originating and holding loans to privately held companies — primarily those too small for public debt markets but too large for traditional bank lending. Its portfolio spans senior secured debt, first-lien loans, unitranche facilities, second-lien debt, and mezzanine instruments. A smaller allocation targets equity co-investments alongside its debt positions. The company earns interest income on its loan book and distributes the majority of that income to shareholders, as required by its regulated investment company structure.
The company was established in 2015 and is headquartered in New York City.
- Senior secured and first-lien direct loans to middle-market companies
- Unitranche and second-lien debt financing
- Mezzanine and unsecured debt investments
- Equity co-investments alongside debt positions
- Direct origination platform backed by Goldman Sachs credit infrastructure
Is GSBD a Good Stock to Buy?
UQS Score rates GSBD as Good overall, reflecting a mixed but noteworthy profile among business development companies.
The Quality pillar stands out as a clear strength, suggesting the underlying loan portfolio and income generation are above average relative to BDC peers. The Growth pillar also registers as Good, indicating the company has demonstrated meaningful expansion in its investment book and earnings capacity.
Both the Moat and Risk pillars register as Weak — a meaningful flag for investors. BDCs operate in a competitive lending environment with limited structural advantages, and credit risk in a middle-market portfolio can be elevated during economic downturns.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does GSBD pay dividends?
Yes — Goldman Sachs BDC, Inc. pays a dividend.
GSBD pays a regular dividend, which is central to its investment thesis. As a regulated investment company, it is required to distribute the substantial majority of its taxable income to shareholders. This makes dividend income the primary return driver for most holders. Investors should verify the current distribution rate and payment schedule directly through Goldman Sachs BDC's investor relations page, as rates can adjust with the interest rate environment.
When does GSBD report earnings?
Goldman Sachs BDC reports earnings on a quarterly cadence, consistent with US-listed regulated investment companies.
Quarterly results for BDCs like GSBD typically center on net investment income, net asset value per share, and portfolio credit quality. Performance tends to track the interest rate environment closely, given the floating-rate nature of most middle-market loans. Investors should monitor non-accrual rates as a key indicator of portfolio health.
For the most recent quarter's results and management commentary, visit Goldman Sachs BDC's official investor relations page.
GSBD Price History
-4.9% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Goldman Sachs BDC, Inc.?
Based on Goldman Sachs BDC, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
GSBD Long-term Outlook
The Good Growth pillar suggests GSBD has room to expand its portfolio as middle-market lending demand remains active. However, the Weak Risk pillar warrants attention — credit losses in a slowing economy could pressure net investment income and, by extension, dividend sustainability. The Attractive Valuation pillar indicates the market may already be pricing in some of these risks, potentially offering a margin of safety for income-focused investors willing to accept the credit exposure.
Growth drivers
- Continued demand for private credit from middle-market borrowers underserved by traditional banks
- Floating-rate loan structure that benefits net investment income in higher-rate environments
- Access to Goldman Sachs deal flow and origination network
Key risks
- Credit deterioration in the middle-market portfolio during an economic downturn
- Competitive pressure from other BDCs and private credit funds compressing loan spreads
- Leverage and funding costs that can squeeze net investment income if rates shift unfavorably
GSBD vs Peers
GSBD competes in the direct lending and private credit space alongside several other publicly traded vehicles.
MFIC focuses on upper-middle-market borrowers and is externally managed by Apollo, giving it a different sponsor ecosystem than GSBD's Goldman Sachs platform.
Burford operates in legal finance rather than traditional direct lending, making its risk and return profile structurally distinct from GSBD's loan-focused model.
Trinity Capital specializes in lending to venture-backed and growth-stage companies, targeting an earlier-stage borrower profile compared to GSBD's established middle-market focus.
Frequently Asked Questions
What does Goldman Sachs BDC do?
Goldman Sachs BDC is a business development company that lends money to privately held, middle-market US companies. It primarily originates secured loans — including first-lien, unitranche, and second-lien debt — and earns interest income that it distributes to shareholders as dividends.
Does GSBD pay dividends?
Yes, GSBD pays a regular dividend. As a regulated investment company, it must distribute the vast majority of its taxable income to shareholders. Dividend income is the primary reason most investors hold GSBD. Check the company's investor relations page for the current distribution rate and schedule.
When does GSBD report earnings?
Goldman Sachs BDC reports on a quarterly cadence, standard for US-listed BDCs. Key metrics to watch include net investment income per share, net asset value per share, and non-accrual rates. Visit the company's investor relations page for the latest release dates and results.
Is GSBD a good stock to buy?
UQS Score rates GSBD as Good overall. The Quality and Growth pillars are relative strengths, while the Moat and Risk pillars are Weak — a meaningful consideration for income investors. The Valuation pillar is Attractive. Whether it suits your portfolio depends on your income needs and tolerance for credit risk.
Is GSBD overvalued?
The UQS Valuation pillar for GSBD is rated Attractive, suggesting the stock is not trading at a premium relative to its fundamentals. For BDCs, valuation is often assessed relative to net asset value. The full valuation metrics are available to UQS Pro members.
How does GSBD compare to its competitors?
GSBD differentiates itself through its Goldman Sachs origination platform and focus on established middle-market borrowers. Peers like MFIC, TRIN, and BUR each target different borrower profiles or operate in distinct credit niches. The UQS Score provides a side-by-side pillar comparison for Pro members.
What is GSBD's market cap bracket?
GSBD is classified as a small-cap company. This is typical for business development companies, which tend to be smaller than traditional financial institutions. Small-cap status can mean lower liquidity and higher price volatility compared to large-cap peers.
Who founded Goldman Sachs BDC?
Goldman Sachs BDC was established in 2015 as an externally managed BDC sponsored by Goldman Sachs Asset Management. Founding context and management history are publicly available through the company's SEC filings and investor relations materials.
Is GSBD a long-term quality investment?
The UQS Score frames long-term quality through its five pillars. GSBD's Strong Quality pillar is a positive long-term signal, but the Weak Moat and Weak Risk pillars suggest the business lacks durable competitive advantages and carries meaningful credit exposure — factors that matter over a full economic cycle.
What is the main competitive advantage of Goldman Sachs BDC?
GSBD's primary differentiator is its access to Goldman Sachs's deal sourcing network and credit underwriting infrastructure. However, the UQS Moat pillar is rated Weak, indicating that this advantage may not translate into a durable structural edge over competing BDCs and private credit funds.
What sector does GSBD belong to?
GSBD operates in the Financial Services sector, specifically within the business development company and private credit sub-segment. BDCs are regulated under the Investment Company Act of 1940 and are required to distribute most of their income, making them income-oriented financial instruments.
Is GSBD a growth stock or income stock?
GSBD is primarily an income vehicle. Its mandatory dividend distributions make yield the central return driver. The UQS Growth pillar is rated Good, suggesting the portfolio has expanded meaningfully, but most investors hold BDCs for income rather than capital appreciation.
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Pro Analysis
GSBD — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 19, 2026 | 55.3 | 81.4 | 21.0 | 74.2 | 13.4 | 85.7 | 0.0 |
| May 14, 2026 | 55.3 | 81.4 | 21.0 | 74.2 | 13.4 | 85.4 | -1.1 |
| May 12, 2026 | 56.4 | 81.4 | 21.0 | 77.9 | 13.4 | 87.7 | -2.3 |
| May 3, 2026 | 58.7 | 85.0 | 21.0 | 77.9 | 21.6 | 89.1 | -0.1 |
| Apr 26, 2026 | 58.8 | 85.0 | 21.0 | 77.9 | 21.6 | 89.4 | +0.1 |
| Apr 25, 2026 | 58.7 | 85.0 | 21.0 | 77.9 | 21.6 | 89.3 | -0.3 |
| Apr 21, 2026 | 59.0 | 85.0 | 21.0 | 77.9 | 21.6 | 90.9 | +0.1 |
| Apr 19, 2026 | 58.9 | 85.0 | 21.0 | 77.9 | 21.6 | 90.7 | -0.1 |
| Apr 18, 2026 | 59.0 | 85.0 | 21.0 | 77.9 | 21.6 | 91.1 | -1.3 |
| Apr 2, 2026 | 60.3 | 85.0 | 21.0 | 77.9 | 21.6 | 100.0 | — |
GSBD — Pillar Breakdown
Quality
— 81.4/100 (25%)Goldman Sachs BDC, Inc. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 68.3/100 (20%)Goldman Sachs BDC, Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 21.0/100 (15%)Goldman Sachs BDC, Inc. presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 79.5/100 (15%)Goldman Sachs BDC, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 21/100 (25%)Goldman Sachs BDC, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for GSBD.
Score Composition
Financial Data
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How is the GSBD UQS Score Calculated?
The UQS (Unified Quality Score) for Goldman Sachs BDC, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Goldman Sachs BDC, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Goldman Sachs BDC, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.