Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Goldman Sachs BDC, Inc. (GSBD) is a publicly traded business development company (BDC) that provides private credit solutions to middle-market companies, primarily in the United States. The company operates within the asset management and private credit industry and is regulated under the Investment Company Act of 1940. GSBD focuses on generating current income and, to a lesser extent, capital appreciation through debt investments, with an emphasis on senior secured loans.
GSBD was formed in 2012 and completed its initial public offering in 2015. Since inception, it has been externally managed by an affiliate of The Goldman Sachs Group, Inc., leveraging the broader firm’s origination, underwriting, and risk management capabilities. The company’s strategic positioning is centered on disciplined credit selection, downside protection, and access to proprietary deal flow sourced through Goldman Sachs’ global corporate relationships.
Business Operations
GSBD’s operations consist of a single reportable business segment as a business development company, but its investment portfolio is diversified across industries and capital structures. The company primarily generates revenue through interest income from first lien senior secured loans, unitranche loans, and, to a lesser extent, second lien debt, unsecured debt, and limited equity co-investments. Interest income represents the dominant revenue driver, supplemented by origination and prepayment fees.
The company is externally managed by Goldman Sachs Asset Management, L.P., a subsidiary of The Goldman Sachs Group, Inc., which provides investment advisory, administrative, and operational services. GSBD does not have operating subsidiaries in the traditional sense; instead, it holds investments through portfolio companies across multiple industries, including software, healthcare, business services, and consumer-related sectors.
Strategic Position & Investments
GSBD’s strategic direction emphasizes capital preservation, stable income generation, and selective portfolio growth through senior secured lending to sponsor-backed and non-sponsor-backed middle-market borrowers. Growth initiatives have historically included balance sheet expansion through equity offerings, unsecured notes issuances, and secured credit facilities, while maintaining regulatory asset coverage requirements.
The company has periodically used acquisitions and portfolio restructurings to enhance scale and diversification, most notably through the acquisition of assets from Goldman Sachs Middle Market Lending Corp. The portfolio reflects exposure to emerging sectors such as technology-enabled services and healthcare services, although GSBD does not position itself as a venture or growth equity investor.
Geographic Footprint
GSBD’s investment activities are primarily concentrated in North America, with a predominant focus on companies headquartered in the United States. While the company may invest in businesses with international operations, its credit exposure is largely tied to U.S.-based borrowers and U.S. dollar–denominated instruments.
The company is headquartered in New York, New York, and benefits from the global reach of Goldman Sachs, which provides sourcing and diligence capabilities across North America, Europe, and other international markets. Direct non-U.S. investments are limited and not a core component of GSBD’s stated strategy.
Leadership & Governance
GSBD does not have employees of its own and is managed by its external investment adviser. Strategic oversight is provided by a board of directors, a majority of whom are independent, in accordance with BDC governance requirements. The leadership philosophy emphasizes conservative credit underwriting, alignment with shareholders, and integration with Goldman Sachs’ firmwide risk management framework.
Key executives involved in the management of GSBD include:
- David M. Miller – President
- John L. Cole, Jr. – Chief Financial Officer
- Robert E. Kaplan – Chair of the Board
- Ronald A. Bloom – Independent Director
- William F. Jarrett – Independent Director