SHBG (sex hormone-binding globulin) is a protein that binds and carries sex hormones — including testosterone — through the bloodstream.
Obesity lowers SHBG, which in turn lowers measured total testosterone even when the underlying hormonal axis is working normally. That's a big reason obesity can mimic low testosterone on a blood test, and why weight loss often raises the number. See the guide on HRT for men and GLP-1 medications.