1. Goldman Sachs BDC reduced its base dividend by 29% due to high non-accruals and decreased net investment income, affecting income-dependent investors. 2. Despite the dividend cut, GSBD remains attractive due to its discount to NAV and potential for performance improvement. 3. GSBD's portfolio is highly collateralized with 97% First Lien investments, but higher non-accruals pose risks to net asset value and income. 4. The private credit market offers long-term growth opportunities, and GSBD could re-rate upward if it lowers its non-accrual ratio.