GSBDMEDIUM SIGNALFINANCIAL10-K
GSBD's portfolio experienced significant turnover with multiple new investments added while several existing positions were removed or restructured.
The extensive portfolio reshuffling suggests active portfolio management as GSBD appears to be rotating out of certain positions while adding new debt investments across healthcare technology, software, and logistics sectors. The new investments maintain GSBD's focus on first lien/senior secured debt structures, indicating consistent risk management approach despite the portfolio changes.
Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS
GSBD reported substantially higher net income, reflecting strong performance in the current period. The dramatic improvement in profitability suggests either improved portfolio performance, successful exits, or favorable market conditions for the BDC's investment strategy. This financial performance, combined with the active portfolio repositioning evident in the investment details, indicates GSBD is effectively managing its portfolio to generate enhanced returns for shareholders.
FINANCIAL STATEMENT CHANGES
Net Income
P&L
$62.9M→$119.3M
Net income grew 89.7% — bottom-line growth signals improving overall business health.
LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
Industry Construction Engineering Initial Acquisition Date 1/11/2021 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% HS4 AcquisitionCo, Inc.
Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/28 2025-12-31 0001572694 gsbd:IndustryConcentrationRiskMember gsbd:HealthCareEquipmentSuppliesMember gsbd:InvestmentsAtFairValueMember 2024-01-01 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States - 210.4% 1st Lien/Senior Secured Debt - 195.8% Abacus Data Holdings, Inc.
(dba Clutch Intermediate Holdings) Industry Software Reference Rate and Spread S + 6.25% Maturity 03/10/27 2024-12-31 0001572694 gsbd:ProphixSoftwareIncMember gsbd:FirstLienOrSeniorSecuredDebtMember 2024-12-31 0001572694 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2024-12-31 0001572694 Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Kene Acquisition, Inc.
(dba Global Critical Logistics) Industry Air Freight Logistics Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/32 2025-12-31 0001572694 Investment Debt Investments - 226.3% United States - 214.3% 1st Lien/Senior Secured Debt - 200.8% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 12/11/30 2025-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% ESO Solutions, Inc.
Industry Health Care Technology Interest Rate 11.27% Reference Rate and Spread S + 6.75% Maturity 05/03/27 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% HealthEdge Software, Inc.
Industry Health Care Technology Reference Rate and Spread S + 4.75% Maturity 7/16/31 2024-12-31 0001572694 2025-01-01 2025-12-31 0001572694 us-gaap:FairValueInputsLevel1Member us-gaap:WarrantMember 2025-12-31 0001572694 Investment Debt Investments - 216.4% United States - 205.6% 1st Lien/Senior Secured Debt - 195.3% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/32 2025-12-31 0001572694 Investment Debt Investments - 226.3% United States 214.3% 1st Lien/Senior Secured Debt 200.8% WebPT, Inc.
Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/28 2025-12-31 0001572694 us-gaap:RelatedPartyMember us-gaap:AssetManagementArrangementMember 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% WebPT, Inc.
Industry Health Care Technology Interest Rate 11.12% Reference Rate and Spread S + 6.25% Maturity 01/18/28 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% Acuity Specialty Products, Inc.
(dba the Facilities Group) Industry Professional Services Reference Rate and Spread P + 4.75% Maturity 11/30/27 2024-12-31 0001572694 gsbd:TwothousandTwentySevenNotesMember 2024-12-31 0001572694 Investment Debt Investments 226.3% United States 214.3% 1st Lien/Senior Secured Debt 200.8% Precision Concepts Parent Inc.
Industry Containers Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/32 2025-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% The Center for Orthopedic and Research Excellence, Inc.
REMOVED
(dba Heartland) , Industry Diversified Consumer Services Interest Rate 11.36% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One 2023-12-31 0001572694 Investment Debt Investment - 208.9% United States 198.5% 1st Lien/Senior Secured Debt - 186.1% Kaseya Inc.
Industry IT Services Interest Rate 10.86% Reference Rate and Spread S + 6.00% (Incl.
Industry Aerospace Defense Interest Rate 10.52% Reference Rate and Spread S + 6.00% Maturity 04/19/30 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% Elemica Parent, Inc.
Industry Chemicals Interest Rate 10.31% Reference Rate and Spread S + 5.50% Maturity 09/18/26 2024-12-31 0001572694 gsbd:SinglewireSoftwareLlcMember gsbd:FirstLienOrSeniorSecuredDebtMember 2023-12-31 0001572694 gsbd:FirstLienOrSeniorSecuredDebtMember gsbd:AdmiralBuyerIncMember 2023-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl.
(dba SPINS) Industry IT Services Reference Rate and Spread S + 5.50% Maturity 01/20/27 2024-12-31 0001572694 2014-12-31 0001572694 gsbd:FirstLienOrLastOutUnitrancheMember 2023-01-01 2023-12-31 0001572694 Investment Equity Securities - 4.2% United States - 4.2% Warrants - 0.0% Total Warrants 2024-12-31 0001572694 Investment Debt Investment - 208.9% United States 198.5% 1st Lien/Senior Secured Debt - 186.1% PlanSource Holdings, Inc.
Industry Financial Services Interest Rate 13.46% Reference Rate and Spread S + 8.00% Maturity 06/01/26 2023-12-31 0001572694 Non-Controlled Affiliates Elah Holdings Inc.
2024-12-31 0001572694 Investment Debt Investments - 216.8% United States - 210.4% 1st Lien/Senior Secured Debt - 195.8% NCWS Intermediate, Inc.
(dba National Carwash Solutions) Industry Trading Companies Distributors Interest Rate 9.83% Reference Rate and Spread S + 5.50% (Incl 2.25% PIK) Maturity 12/31/29 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/29 Two 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States 210.4% 1st Lien/Senior Secured Debt 195.8% GPS Phoenix Buyer, Inc.
(dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 One 2024-12-31 0001572694 Investment Debt Investments - 216.8% United States - 210.4% 1st Lien/Senior Secured Debt - 195.8% Arrow Buyer, Inc.
Currency Purchased USD Settlement 10/04/24 One 2023-12-31 0001572694 Investment Equity Securities - 4.2% United States - 4.2% Preferred Stock - 2.0% MedeAnalytics, Inc.
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