GSBD vs MFIC: Which BDC is the Better Dividend Buy?
A side-by-side comparison of Goldman Sachs BDC, Inc. (GSBD) and MidCap Financial Investment Corporation (MFIC) — dividend yield, NAV premium/discount, market cap, and price-to-NAV valuation.
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GSBD vs MFIC: Key Metrics Head-to-Head
| Metric | GSBD | MFIC | Edge |
|---|---|---|---|
| Dividend Yield | 17.44% | 14.11% | GSBD |
| Premium / Discount to NAV | -34.59% | -34.8% | GSBD |
| Market Capitalization | $0.62B | $0.42B | GSBD |
| Trailing Stock Price | $8.83 | $9.78 | — |
| Net Asset Value (NAV) | $13.5 | $15 | — |
| Price vs NAV (Valuation) | Discount | Discount | GSBD |
| Dividend Frequency | Quarterly | Quarterly | — |
| Leverage Ratio | 1.27x | 1.22x | MFIC |
About GSBD — Goldman Sachs BDC, Inc.
Goldman Sachs BDC, Inc. is an externally managed BDC advised by Goldman Sachs Asset Management, providing senior secured debt, mezzanine debt, and equity co-investments to U.S. middle-market companies. GSBD leverages Goldman Sachs' global platform and relationships to source and underwrite loans, targeting borrowers with EBITDA between $5 million and $75 million. The portfolio is heavily weighted toward first lien senior secured loans.
About MFIC — MidCap Financial Investment Corporation
MidCap Financial Investment Corporation is an externally managed BDC advised by MidCap Financial Services, focused on senior secured first lien and mezzanine debt to U.S. middle-market companies. MFIC targets borrowers with EBITDA between $5 million and $50 million with an emphasis on floating-rate loan structures. The portfolio spans healthcare, business services, and technology sectors with an asset-based focus on senior secured loans.
How to Choose Between GSBD and MFIC
When comparing two Business Development Companies, the right choice depends on your income objective:
- Dividend yield matters most for immediate income — the higher yielder wins on cash flow, but make sure it's covered by investment income.
- NAV premium/discount matters for valuation — a discount to NAV implies you're buying assets below their accounting value, a premium implies the market expects above-average growth.
- Market cap reflects liquidity and scale — larger BDCs typically have lower borrowing costs and better portfolio diversification.
- Leverage cuts both ways — it amplifies dividend yield but increases sensitivity to credit defaults and interest rate moves.
Both GSBD and MFIC are Regulated Investment Company (RIC)-structured BDCs required to distribute at least 90% of taxable income to shareholders, which is what produces their above-average dividend yields. Use the comparison table above as a starting point, then read each full profile before making an investment decision.
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Not Investment Advice: This comparison is for educational and informational purposes only. Nothing here constitutes a recommendation, solicitation, or investment advice to buy or sell any security. Past performance does not guarantee future results. Always conduct your own due diligence and consult a licensed financial advisor. Read our full Editorial Policy and Terms of Service.