Goldman Sachs Private Middle Market Credit
Inside Goldman Sachs Private Middle Market Credit’s $289M private-credit portfolio — 43 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| SugarCRM Inc. Software | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2027-07-30 | $26,495,000 | $26,370,000 | |
| CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.25% | 2026-06-17 | $25,762,000 | $25,671,000 | |
| Ej2 Communications, Inc. (dba Flashpoint) IT Services | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.72% (PIK 3.53%) | 2027-06-30 | $27,549,000 | $24,261,000 | |
| KBP BRANDS, LLC Hotels, Restaurants & Leisure | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2027-05-26 | $20,950,000 | $20,634,000 | |
| K2 Towers II, LLC Wireless Telecommunication Services | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.58% | 2029-05-02 | $19,210,000 | $19,260,000 | |
| Keystone Purchaser LLC (dba Bridgeway) Ground Transportation | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.75% | 2027-05-07 | $19,057,000 | $18,961,000 | |
| Chase Industries, Inc. (dba Senneca Holdings) Building Products | 2nd Lien/Senior Secured Debt Subordinated | 10.00% PIK (PIK 10.00%) | 2027-05-11 | $11,531,000 | $17,347,000 | |
| Octagon Towers LLC Wireless Telecommunication Services | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.98% | 2028-09-04 | $16,726,000 | $16,736,000 | |
| VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.25% | 2027-06-29 | $14,737,000 | $14,756,000 | |
| Khoros, LLC (fka Lithium Technologies, Inc.) Interactive Media & Services | 1st Lien/Senior Secured Debt Senior Secured | 10.00% Reference Rate and Spread 10.00% | 2030-05-23 | $12,113,000 | $12,048,000 | |
| Streamland Media Midco LLC Entertainment | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% (PIK 1.00%) | 2029-04-02 | $11,314,000 | $10,785,000 | |
| Peppertree Towers LLC Wireless Telecommunication Services | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.58% | 2029-05-15 | $10,614,000 | $10,634,000 | |
| KBP BRANDS, LLC Hotels, Restaurants & Leisure | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2027-05-26 | $10,175,000 | $10,021,000 | |
| Chase Industries, Inc. (dba Senneca Holdings) Building Products | 2nd Lien/Senior Secured Debt Subordinated | 2027-11-11 | — | $9,351,000 | ||
| HAI Hospitality, Inc. Hotels, Restaurants & Leisure | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2028-12-06 | $9,206,000 | $9,177,000 | |
| Marquis Software Solutions Inc Consumer Finance | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.25% | 2026-11-29 | $8,921,000 | $7,919,000 | |
| Wine.com, LLC Beverages | 2nd Lien/Senior Secured Debt Subordinated | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember (PIK 12.00%) | 2028-04-01 | $8,877,000 | $7,572,000 | |
| Streamland Media Midco LLC Entertainment | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.50% (PIK 5.50%) | 2029-04-02 | $9,410,000 | $5,763,000 | |
| Wine.com, LLC Beverages | 2nd Lien/Senior Secured Debt Subordinated | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember (PIK 12.00%) | 2028-04-01 | $1,951,000 | $3,942,000 | |
| Securities United States Common Stock Elah Holdings, Inc. Capital Markets Initial Acquisition Date 05/09/18 | Equity | $3,354,000 | $3,354,000 | |||
| Ej2 Communications, Inc. (dba Flashpoint) IT Services Interest | 1st Lien/Last-Out Unitranche Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.72% (PIK 3.53%) | 2027-06-30 | $3,763,000 | $3,314,000 | |
| Securities United States Preferred Stock Khoros, LLC (fka Lithium Technologies, Inc.) Interactive Media & Services Initial Acquisition Date 05/23/25 | Equity | $5,739,000 | $2,864,000 | |||
| Keystone Purchaser LLC (dba Bridgeway) Ground Transportation | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.75% | 2027-05-07 | $2,551,000 | $2,537,000 | |
| Streamland Media Midco LLC Entertainment | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% (PIK 1.00%) | 2029-04-02 | $1,764,000 | $1,763,000 | |
| Streamland Media Midco LLC Entertainment | 1st Lien/Senior Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% (PIK 1.00%) | 2029-04-02 | $1,619,000 | $1,522,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 0 | — | — | $135K |
| 2022-09-30 | 0 | — | — | $130K |
| 2023-03-31 | 0 | — | — | $180K |
| 2023-06-30 | 15 | — | — | — |
| 2023-09-30 | 17 | 7.06 | 78.2 | $1.4B |
| 2023-12-31 | 16 | 7.57 | 83.9 | $1.4B |
| 2024-03-31 | 14 | 6.92 | 77.1 | $1.3B |
| 2024-06-30 | 13 | 7.69 | 72.8 | $782M |
| 2024-09-30 | 10 | 6.88 | 77.9 | $607M |
| 2024-12-31 | 27 | 6.16 | 76.9 | $1.5B |
| 2025-03-31 | 24 | 5.81 | 75.5 | $1.3B |
| 2025-06-30 | 20 | 6.38 | 74.5 | $187M |
| 2025-09-30 | 16 | 6.13 | 88.4 | $194M |
| 2025-12-31 | 15 | 5.33 | 81.3 | $161M |
| 2026-03-31 | 27 | 5.66 | 77.9 | $283M |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Goldman Sachs Private Middle Market Credit
Goldman Sachs Private Middle Market Credit (GSEC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Goldman Sachs Private Middle Market Credit discloses its full loan portfolio through SEC filings.
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