Goldman Sachs Private Middle Market Credit
Inside Goldman Sachs Private Middle Market Credit’s $261M private-credit portfolio — 37 holdings disclosed in SEC filings. The portfolio is 82% first-lien by fair value, a weighted-average spread near 556 bps.
Aug 11 · SEC EDGAR
Credit Snapshot
How GSEC’s own Schedule of Investments reads as a credit. Fair values are the manager’s own estimates; balance-sheet metrics (NAV, leverage) appear once annual financials are on file.
| Metric | Value | What healthy looks like |
|---|---|---|
| Top-5 Borrower Concentration | 52% of portfolio FV largest: Chase Industries, Inc. (dba Senneca Holdings) Building Products (12.3% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 17.8% (6.4% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 33.8% of debt FV carries a PIK component 96th pct of 23 upper-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 62% floating, mostly SOFR of rate-classified debt (100% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-11 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 50% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-11 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $7M | 2.7% |
| 2027 | $121M | 47.5% |
| 2028 | $34M | 13.2% |
| 2029 | $81M | 31.8% |
| 2030 | $12M | 4.7% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-11 filing.
| Non-accrual rate | 0.00% of determinate debt FV as of 2024-03-05 |
| Avg debt mark vs 4q ago | 87.8 vs 92.9 (-5.1 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-12 and 2026-08-11 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
Exited 1
- Cdm Fitness Holdings, Llc Consumer Staples Distribution & Retail$26M
Biggest mark moves
- Wine.Com, Inc. Beverages↓ 109→78
- Marquis Software Solutions Inc Consumer Finance↓ 86→66
- Chase Industries, Inc. (Dba Senneca Holdings) Building Products↓ 108→94
- Sugarcrm Inc. Software↓ 99→96
- Keystone Purchaser Llc (Dba Bridgeway) Ground Transportation↑ 97→99
- Ej2 Communications, Inc. (Dba Flashpoint) It Services Interest↓ 85→84
Top Portfolio Holdings
| # | Company | Type | Coupon | Maturity | Fair Value | % of FV |
|---|---|---|---|---|---|---|
| 1 | Chase Industries, Inc. (dba Senneca Holdings) Building Products2 reporting lines · 2nd Lien/Senior Secured Debt Subordinated + 2nd Lien/Senior Secured Debt Subordinated | 2L / MezzPIK 10.00% | 10.00% Reference Rate and Spread 10.00% | Nov 2029 | $32M | 12.3% |
| 2 | KBP BRANDS, LLC Hotels, Restaurants & Leisure2 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr Secured | SOFR + 5.25% | May 2027 | $31M | 11.7% |
| 3 | SugarCRM Inc. Software | 1L Sr Secured | SOFR + 5.00% | Jul 2027 | $25M | 9.5% |
| 4 | Ej2 Communications, Inc. (dba Flashpoint) IT Services | 1L Sr SecuredPIK 3.53% | SOFR + 7.72% | Jun 2027 | $24M | 9.1% |
| 5 | Keystone Purchaser LLC (dba Bridgeway) Ground Transportation3 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr Secured | SOFR + 5.75% | May 2027 | $24M | 9.1% |
| 6 | K2 Towers II, LLC Wireless Telecommunication Services | 1L Sr Secured | SOFR + 4.58% | May 2029 | $19M | 7.4% |
| 7 | Streamland Media Midco LLC Entertainment4 reporting lines · 1st Lien/Senior Secured Debt Senior Secured + 1st Lien/Last-Out Unitranche Senior Secured + 1st Lien/Senior Secured Debt Senior Secured | 1L Sr SecuredPIK 1.00% | SOFR + 5.50% | Apr 2029 | $19M | 7.3% |
| 8 | Octagon Towers LLC Wireless Telecommunication Services | 1L Sr Secured | SOFR + 4.98% | Sep 2028 | $17M | 6.4% |
| 9 | VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies | 1L Sr Secured | SOFR + 5.50% | Jun 2027 | $15M | 5.6% |
| 10 | Khoros, LLC (fka Lithium Technologies, Inc.) Interactive Media & Services | 1L Sr Secured | 10.00% Reference Rate and Spread 10.00% | May 2030 | $12M | 4.6% |
| Full schedule — all 37 holdings, sortable and screenable → | ||||||
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Goldman Sachs Private Middle Market Credit shares 3 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 719 to 556 bps over 12 quarters while marks held near 92.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 24 | 60 | 613 | 92.0 | $1.6B |
| Q2 2025 | 19 | 50 | 607 | 92.9 | $430M |
| Q3 2025 | 15 | 38 | 602 | 95.5 | $325M |
| Q4 2025 | 14 | 34 | 535 | 97.2 | $320M |
| Q1 2026 | 13 | 27 | 566 | 92.3 | $283M |
| Q2 2026 | 12 | 24 | 556 | 87.8 | $254M |
2 quarters omitted — filing not parsed.
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.
Questions this page answers
What does Goldman Sachs Private Middle Market Credit invest in?
Goldman Sachs Private Middle Market Credit's portfolio breaks down by total portfolio fair value into approximately 83% first-lien senior secured, 15% second-lien or mezzanine, 0% other or unclassified debt, and 2% equity or other as of its 2026-08-11 SEC filing.
How large is Goldman Sachs Private Middle Market Credit's portfolio?
Goldman Sachs Private Middle Market Credit reported $261M in portfolio fair value across 37 holdings and 21 unique borrowers as of its 2026-08-11 SEC filing.
What do Goldman Sachs Private Middle Market Credit's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Goldman Sachs Private Middle Market Credit's fixed-rate income-producing holdings is approximately 10.3%, measured over the fixed-rate holdings representing 20% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-11 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Goldman Sachs Private Middle Market Credit's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-11 filing date.
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. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Goldman Sachs Private Middle Market Credit discloses its full loan portfolio through SEC filings.