Goldman Sachs BDC, Inc.

Goldman Sachs Asset Management runs this middle-market lender, which the bank formed and took public in 2015. As a business development company, it originates loans to private US companies too small to tap the public bond market, weighted toward senior secured debt, and passes most of the interest income to shareholders as dividends. The pitch rests on the Goldman name and network: access to deal flow and credit expertise from one of Wall Street's biggest institutions. That said, the fund competes in a crowded field of BDCs chasing the same borrowers, which can compress the yields it earns. The dividend is floating-rate and moves with short-term interest rates, and the underlying risk is the one every BDC carries, loans to smaller, unrated companies that default more readily when the economy turns.

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