Goldman Sachs BDC Business Summary

Goldman Sachs BDC, Inc. (GSBD) is a specialty finance company that operates as a closed-end, non-diversified management investment company under the Business Development Company (BDC) framework. The firm generates revenue primarily through interest income and fees derived from direct originations of secured debt, including first-lien, unitranche, and second-lien loans, as well as mezzanine debt and select equity investments in U.S. middle-market companies. Its portfolio is heavily weighted toward senior secured debt (approximately 98%) and is diversified across sectors such as software, healthcare, and professional services. GSBD competes directly with major BDCs like Ares Capital (ARCC), Oaktree Specialty Lending (OCSL), and Carlyle Secured Lending (CGBD); it distinguishes itself by leveraging the proprietary deal flow, global institutional infrastructure, and brand equity of its parent, The Goldman Sachs Group, Inc. The company is managed by Goldman Sachs Asset Management (GSAM) and is currently led by Co-CEOs David Nathan Miller and Vivek Bantwal, the latter of whom was appointed in August 2025 following a long tenure as Global Co-Head of Private Credit at GSAM. Tucker Greene serves as President and Chief Operating Officer, bringing over two decades of experience from GSAM and GE Capital, while Stanley Matuszewski serves as Chief Financial Officer and Treasurer. The leadership team is supported by a board of directors chaired by Jaime Ardila, a former General Motors executive, and benefits from the oversight of GSAM’s Private Credit Group. This executive pedigree ensures that GSBD maintains a conservative leverage profile and a disciplined investment approach consistent with Goldman Sachs’ broader alternative investment platform.