10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-01627

Goldman Sachs Private Credit Corp.

(Exact Name of Registrant as Specified in Its Charter)


Delaware	92-3241797
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 655 - 4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class 

     Trading Symbol(s) 

     Name of each exchange
on which registered

     None

     None

     None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer:	☐	Accelerated filer:	☐	Non-accelerated filer:	☒	Smaller reporting company:	☐
Emerging growth company:	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of November 12, 2025, was 329,574,149. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price for such shares has not been finalized at this time.

Table of Contents

GOLDMAN SACHS PRIVATE CREDIT CORP.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	2
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	Financial Statements (Unaudited)	3
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	39
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	83
ITEM 4.	Controls and Procedures	85

PART II.	OTHER INFORMATION	85
ITEM 1.	Legal Proceedings	85
ITEM 1A.	Risk Factors	85
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
ITEM 3.	Defaults Upon Senior Securities	90
ITEM 4.	Mine Safety Disclosures	90
ITEM 5.	Other Information	90
ITEM 6.	Exhibits	91

SIGNATURES		93

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in this quarterly report on Form 10-Q and in our annual report on Form 10-K for the year ended December 31, 2024, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

•

disruptions in the capital markets, market conditions, and general economic uncertainty;

•

changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic and a prolonged United States government shutdown;

•

United States trade policy developments, tariffs and other trade restrictions;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the war between Russia and Ukraine and conflict in the Middle East;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

the ability of our current and prospective portfolio companies to achieve their objectives;

•

the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”);

•

the use of borrowed money to finance a portion of our investments;

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the impact of future acquisitions and divestitures;

•

the effect of changes in tax laws and regulations and interpretations thereof;

•

our ability to maintain our status as a BDC;

•

our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) as a regulated investment company (“RIC”) and our qualification for tax treatment as a RIC;

•

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

•

the ability of the Investment Adviser to attract and retain highly talented professionals;

•

the impact on our business from new or amended legislation or regulations;

•

the availability of credit and/or our ability to access the equity and capital markets;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;

•

the effect of global climate change on our portfolio companies;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

the increased public scrutiny of and regulation related to corporate social responsibility;

•

the ability to realize the anticipated benefits of the transaction that resulted in Goldman Sachs Middle Market Lending Corp. II (“MMLC II”) merging (the “Merger”) with and into us;

•

the effects of disruption on our business from the Merger;

•

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger;

•

risks related to diverting management’s attention from ongoing business operations; and

•

the risk that stockholder litigation in connection with the Merger may result in significant costs of defense and liability.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Goldman Sachs Private Credit Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	September 30,			December 31,
	2025 (Unaudited)			2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $11,585,708 and $7,234,752)	$	11,568,761		$	7,226,585
Non-controlled affiliated investments (cost of $53,732 and $51,170)		42,752			47,230
Total investments, at fair value (cost of $11,639,440 and $7,285,922)	$	11,611,513		$	7,273,815
Investments in affiliated money market fund (cost of $518,157 and $444,718)		518,157			444,718
Cash		126,228			120,377
Interest and dividends receivable		73,550			40,396
Deferred financing costs		36,633			29,448
Receivable for investments sold		8,307			40,859
Receivable from investment adviser		5,303			3,074
Deferred offering costs		605			965
Unrealized appreciation on derivatives		2,702			—
Other assets		6,994			599
Total assets	$	12,389,992		$	7,954,251
Liabilities
Debt (net of debt issuance costs of $11,985 and $—)	$	4,010,220		$	2,576,893
Payable for investments purchased		173,493			349,328
Distribution payable		98,960			64,446
Payable for share repurchases		92,573			25,582
Interest and other debt expenses payable		46,820			15,335
Management fees payable		8,320			5,067
Incentive fees based on income payable		7,397			7,039
Accrued expenses and other liabilities		5,905			4,857
Total liabilities	$	4,443,688		$	3,048,547
Commitments and contingencies (Note 8)
Net assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)	$	—		$	—
Common stock, par value $0.001 per share (1,000,000,000 shares authorized, 317,407,689 and 194,480,997 common shares issued and outstanding as of September 30, 2025 and December 31, 2024)		317			194
Paid-in capital in excess of par		7,994,229			4,907,427
Distributable earnings (loss)		(48,242	)		(1,917	)
Total net assets	$	7,946,304		$	4,905,704
Total liabilities and net assets	$	12,389,992		$	7,954,251
Net asset value per common share	$	25.04		$	25.22

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	242,727		$	124,751		$	636,623		$	277,895
Other income		5,209			2,360			13,887			5,182
From non-controlled affiliated investments:
Dividend income		5,120			3,248			13,862			11,278
Interest income		677			1,299			3,356			2,406
Other income		38			45			138			89
Total investment income	$	253,771		$	131,703		$	667,866		$	296,850
Expenses:
Interest and other debt expenses	$	58,714		$	22,882		$	142,846		$	46,211
Management fees		23,893			11,147			63,451			26,223
Incentive fees based on income		20,796			11,912			56,233			27,213
Incentive fees based on capital gains		—			(797	)		—			706
Professional fees		871			537			2,175			1,477
Offering costs		299			307			892			1,355
Directors’ fees		169			169			508			501
Other general and administrative expenses		4,225			1,722			10,177			4,227
Total expenses	$	108,967		$	47,879		$	276,282		$	107,913
Fee waivers		(28,009	)		(5,881	)		(62,604	)		(11,809	)
Expense support		(7,893	)		(3,456	)		(18,139	)		(13,514	)
Net expenses	$	73,065		$	38,542		$	195,539		$	82,590
Net investment income	$	180,706		$	93,161		$	472,327		$	214,260
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(2,345	)	$	181		$	(9,835	)	$	(4,202	)
Foreign currency transactions		(988	)		(233	)		2,718			(606	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(12,610	)		703			(8,781	)		13,357
Non-controlled affiliated investments		(1,701	)		(1,562	)		(7,040	)		(1,681	)
Foreign currency translations		244			(5,463	)		(30,456	)		(1,222	)
Net realized and unrealized gains (losses)	$	(17,400	)	$	(6,374	)	$	(53,394	)	$	5,646
Net increase in net assets from operations	$	163,306		$	86,787		$	418,933		$	219,906
Weighted average common shares and common units outstanding		307,472,519			142,103,773			272,086,089			112,180,896
Basic and diluted net investment income per share	$	0.59		$	0.66		$	1.74		$	1.91
Basic and diluted earnings (loss) per share	$	0.53		$	0.61		$	1.54		$	1.96

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Net assets at beginning of period	$	7,002,707		$	3,046,532		$	4,905,704		$	1,590,837
Increase (decrease) in net assets from operations:
Net investment income	$	180,706		$	93,161		$	472,327		$	214,260
Net realized gain (loss)		(3,333	)		(52	)		(7,117	)		(4,808	)
Net change in unrealized appreciation (depreciation)		(14,067	)		(6,322	)		(46,277	)		10,454
Net increase in net assets from operations	$	163,306		$	86,787		$	418,933		$	219,906
Distributions to stockholders from:
Distributable earnings to common stockholders	$	(175,343	)	$	(89,615	)	$	(465,258	)	$	(211,899	)
Return of capital		—			—			(1,824	)		—
Total distributions to stockholders	$	(175,343	)	$	(89,615	)	$	(467,082	)	$	(211,899	)
Capital transactions:
Issuance of common shares	$	988,687		$	848,238		$	3,226,591		$	2,257,778
Repurchased shares, net of early repurchase deduction		(92,537	)		(27,085	)		(299,735	)		(40,468	)
Reinvestment of common stockholder distributions		59,484			33,996			161,893			82,699
Net increase in net assets from capital transactions	$	955,634		$	855,149		$	3,088,749		$	2,300,009
Total increase in net assets	$	943,597		$	852,321		$	3,040,600		$	2,308,016
Net assets at end of period	$	7,946,304		$	3,898,853		$	7,946,304		$	3,898,853
Distributions per common share	$	0.57		$	0.63		$	1.72		$	1.89

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Statements of Cash Flows

(in thousands, except shares and per share amounts)

(Unaudited)


	For the Nine Months Ended
	September 30, 2025			September 30, 2024

Cash flows from operating activities:
Net increase in net assets from operations:	$	418,933		$	219,906
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments		(5,329,403	)		(3,811,335	)
Payment-in-kind interest capitalized		(21,766	)		(6,103	)
Investments in affiliated money market fund, net		(73,439	)		(138,172	)
Proceeds from sales of investments and principal repayments		1,005,532			351,618
Net realized (gain) loss on investments		9,835			4,202
Net change in unrealized (appreciation) depreciation on investments		15,821			(11,676	)
Net change in unrealized (appreciation) depreciation on foreign currency translation		(363	)		(104	)
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items		(19	)		—
Amortization of premium and accretion of discount, net		(17,718	)		(11,575	)
Amortization of deferred financing and debt issuance costs		7,517			2,380
Amortization of deferred offering costs		892			1,355
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		32,552			3,975
(Increase) decrease in interest and dividends receivable		(33,154	)		(18,228	)
(Increase) decrease in receivable from investment adviser		(2,229	)		(1,957	)
(Increase) decrease in other assets		(6,395	)		263
Increase (decrease) in interest and other debt expenses payable		31,009			5,460
Increase (decrease) in management fees payable		3,253			982
Increase (decrease) in incentive fees based on income payable		358			3,913
Increase (decrease) in incentive fees based on capital gains payable		—			706
Increase (decrease) in payable for investments purchased		(175,835	)		113,153
Increase (decrease) in accrued expenses and other liabilities		1,699			(156	)
Net cash provided by (used for) operating activities	$	(4,132,920	)	$	(3,291,393	)
Cash flows from financing activities:
Proceeds from issuance of common shares	$	3,226,591		$	2,257,778
Repurchased shares, net of early repurchase deduction		(232,744	)		(13,352	)
Offering costs paid		(762	)		(1,303	)
Common stock distributions paid		(270,675	)		(91,892	)
Financing costs and debt issuance costs paid		(26,210	)		(12,976	)
Borrowings on debt		4,665,777			2,712,695
Repayments of debt		(3,223,569	)		(1,489,661	)
Net cash provided by (used for) financing activities	$	4,138,408		$	3,361,289
Net increase (decrease) in cash	$	5,488		$	69,896
Effect of foreign exchange rate changes on cash		363			104
Cash, beginning of period		120,377			19,325
Cash, end of period	$	126,228		$	89,325
Supplemental and non-cash activities
Interest expense paid	$	94,943		$	35,978
Accrued but unpaid distributions	$	98,960		$	50,567
Reinvestment of common stockholder distributions	$	161,893		$	82,699
Accrued but unpaid share repurchases	$	92,573		$	27,116
Exchange of Investments	$	110,788		$	45,192

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(11)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Debt Investments - 145.4%
Australia - 2.3%
1st Lien/Senior Secured Debt - 2.3%
Prestige Bidco Pty Ltd (dba Pickles Auctions)	Distributors	9.60%	B + 6.00%		08/15/31	AUD		72,042	$	46,336		$	47,312		(6) (7)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals		B + 5.25%		09/25/32	AUD		240,767		—			—		(6) (7) (8)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals		B + 5.25%		08/01/32	AUD		42,717		—			—		(6) (7) (8)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals		B + 5.25%		08/01/32	AUD		34,950		—			—		(6) (7) (8)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	8.75%	B + 5.00%		07/14/31	AUD		171,644		108,252			111,306		(6) (7)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software		B + 5.00%		07/14/31	AUD		42,983		(174	)		(569	)	(6) (7) (8)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	8.97%	SN + 5.00%		07/30/31	GBP		16,374		21,264			21,581		(6) (7)
Total 1st Lien/Senior Secured Debt										175,678			179,630
Total Australia									$	175,678		$	179,630
Canada - 2.6%
1st Lien/Senior Secured Debt - 2.6%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.80%	C + 4.75%		11/01/30	CAD		57,312	$	40,688		$	41,078		(6) (7) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.05%	S + 4.75%		11/01/30			30,919		30,493			30,842		(6) (7) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.74%	C + 4.75%		11/01/30	CAD		14,166		188			244		(6) (7) (8) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.05%	S + 4.75%		11/01/30			12,668		12,467			12,637		(6) (7) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	9.43%	C + 5.75%		11/01/30	CAD		5,667		786			793		(6) (7) (8) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		C + 5.75%		11/01/30	CAD		3,778		(60	)		(7	)	(6) (7) (8) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.66%	S + 6.00%		02/01/27			61,429		61,264			61,121		(6) (7) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.66%	S + 6.00%		02/01/27			5,892		3,150			3,121		(6) (7) (8) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.14%	S + 6.00%		02/01/27			3,326		536			520		(6) (7) (8) (10)
123Dentist Inc.	Health Care Providers & Services		C + 5.00%		08/08/29	CAD		30,000		(111	)		(108	)	(6) (7) (8)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		09/26/32	CAD		60,868		—			—		(6) (7) (8)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		09/26/32	CAD		11,705		—			—		(6) (7) (8)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		09/26/32	CAD		8,361		—			—		(6) (7) (8)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.70%	C + 5.25%		06/30/31	CAD		53,115		38,438			37,593		(6) (7) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%		06/30/31	CAD		11,547		(61	)		(125	)	(6) (7) (8) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.70%	C + 5.25%		06/30/31	CAD		7,698		861			839		(6) (7) (8) (10)
iWave Information Systems, Inc.	Software	10.42%	S + 6.25%		11/23/28			19,069		18,767			18,879		(7) (10)
iWave Information Systems, Inc.	Software		S + 6.25%		11/23/28			2,391		(34	)		(24	)	(7) (8) (10)
Total 1st Lien/Senior Secured Debt										207,372			207,403
Total Canada									$	207,372		$	207,403
Cayman Islands - 1.9%
Structured Finance Obligation – Debt Instruments - 1.9%
Diameter Capital CLO 11, Ltd. - Class D1	Financial Services	5.05%	S + 2.85%	07/09/25	07/20/38			30,000	$	30,000		$	30,165		(7) (11)
Diameter Capital CLO 11, Ltd. - Class D2	Financial Services	8.48%	S + 4.20%	08/04/25	07/20/38			5,000		5,000			5,023		(7) (11)
Diameter Capital CLO 11, Ltd. - Class E	Financial Services	9.25%	S + 5.05%	07/14/25	07/20/38			15,000		15,000			14,996		(7) (11)
Madison Park Funding LXX, Ltd. - Class D	Financial Services	6.96%	S + 2.80%	07/14/25	09/04/38			30,000		30,000			30,413		(7) (11)
Madison Park Funding LXX, Ltd. - Class E	Financial Services	9.16%	S + 5.00%	07/09/25	09/04/38			20,000		20,000			20,117		(7) (11)
Octagon 78, Ltd. - Class D	Financial Services	7.00%	S + 2.80%	08/04/25	10/20/38			31,250		31,250			31,239		(7) (11)
Octagon 78, Ltd. - Class E	Financial Services	9.20%	S + 5.00%	07/14/25	10/20/38			20,000		20,000			20,027		(7) (11)
Total Structured Finance Obligation – Debt										151,250			151,980
Total Cayman Islands									$	151,250		$	151,980

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
France - 1.0%
1st Lien/Senior Secured Debt - 1.0%
Financière N (dba Nemera)	Health Care Equipment & Supplies	7.00%	E + 5.00%	05/07/32	EUR		11,428	$	12,795		$	13,283		(6) (7) (10)
Financière N (dba Nemera)	Health Care Equipment & Supplies	7.00%	E + 5.00%	05/07/32	EUR		5,357		1,328			1,342		(6) (7) (8) (10)
Financière N (dba Nemera)	Health Care Equipment & Supplies	9.00%	S + 5.00%	05/07/32			3,171		3,141			3,139		(6) (7) (10)
Algae BidCo (dba Solabia Group)	Pharmaceuticals		E + 4.75%	06/02/32	EUR		12,152		—			—		(6) (7) (8)
Algae BidCo (dba Solabia Group)	Pharmaceuticals		E + 4.75%	06/02/32	EUR		2,964		1			—		(6) (7) (8)
Algae BidCo (dba Solabia Group)	Pharmaceuticals		E + 4.75%	06/02/32	EUR		1,186		1			—		(6) (7) (8)
Seven Midco (dba Septeo)	Software	6.55%	E + 4.50%	08/02/32	EUR		51,173		59,527			59,734		(6) (7)
Seven Midco (dba Septeo)	Software		E + 4.50%	08/02/32	EUR		8,823		(51	)		(52	)	(6) (7) (8)
Total 1st Lien/Senior Secured Debt									76,742			77,446
2nd Lien/Senior Secured Debt - 0.0%
Algae PikCo (dba Solabia Group)	Pharmaceuticals		E + 14.50% (Incl 7.50% PIK)	06/02/33	EUR		2,964		—			—		(6) (7) (8)
Total 2nd Lien/Senior Secured Debt									—			—
Total France								$	76,742		$	77,446
India - 0.2%
1st Lien/Senior Secured Debt - 0.2%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.70%	S + 4.50%	08/02/32			12,918	$	12,886		$	12,886		(6) (7)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			4,583		(5	)		(6	)	(6) (7) (8)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			1,667		(4	)		(4	)	(6) (7) (8)
Total 1st Lien/Senior Secured Debt									12,877			12,876
Total India								$	12,877		$	12,876

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Italy - 0.3%
1st Lien/Senior Secured Debt - 0.2%
Optima S.P.A	Consumer Staples Distribution & Retail		E + 5.50%	05/01/32	EUR		44,000	$	—		$	—		(6) (7) (8)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	7.04%	E + 5.00%	04/11/32	EUR		15,749		17,914			18,120		(6) (7)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software		E + 5.00%	07/15/32	EUR		9,224		(215	)		(215	)	(6) (7) (8)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software		E + 5.00%	04/11/33	EUR		4,500		(58	)		(53	)	(6) (7) (8)
Total 1st Lien/Senior Secured Debt									17,641			17,852
2nd Lien/Senior Secured Debt - 0.1%
INK (BC) FINCO S.R.L. (dba Namirial)	Software	9.54%	E + 7.50%	04/11/33	EUR		3,375	$	3,838		$	3,883		(6) (7)
INK (BC) FINCO S.R.L. (dba Namirial)	Software		E + 5.00%	07/15/33	EUR		2,025		(47	)		(47	)	(6) (7) (8)
Total 2nd Lien/Senior Secured Debt									3,791			3,836
Total Italy								$	21,432		$	21,688
Luxembourg - 0.2%
1st Lien/Senior Secured Debt - 0.2%
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.25%	E + 5.25%	02/05/32	EUR		13,200	$	13,415		$	15,265		(6) (7) (10)
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.25%	02/05/32	EUR		2,400		(20	)		(42	)	(6) (7) (8) (10)
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.25%	E + 5.25%	02/05/32	EUR		1,000		353			189		(6) (7) (8) (10)
Total 1st Lien/Senior Secured Debt									13,748			15,412
Total Luxembourg								$	13,748		$	15,412
Sweden - 1.1%
1st Lien/Senior Secured Debt - 1.1%
OMEGA II AB (dba Fortnox)	Software	6.90%	STIBOR + 4.75%	06/17/32	SEK		139,883	$	14,383		$	14,710		(6) (7) (10)
OMEGA II AB (dba Fortnox)	Software	6.90%	STIBOR + 4.75%	06/17/32	SEK		37,895		10			(40	)	(6) (7) (8) (10)
Runner Bidco AB (dba nShift)	Software	7.10%	STIBOR + 5.00%	08/21/30	SEK		302,827		31,673			32,005		(6) (7)
Runner Bidco AB (dba nShift)	Software	9.32%	N + 5.00%	08/21/30	NOK		99,288		9,765			9,899		(6) (7)
Runner Bidco AB (dba nShift)	Software	6.94%	E + 5.00%	08/21/30	EUR		24,822		28,738			28,778		(6) (7)
Runner Bidco AB (dba nShift)	Software		E + 5.00%	08/21/30	EUR		12,411		(106	)		(91	)	(6) (7) (8)
Total 1st Lien/Senior Secured Debt									84,463			85,261
Total Sweden								$	84,463		$	85,261
Switzerland - 0.6%
1st Lien/Last-Out Unitranche (12) - 0.6%
Esperanto BidCo AG (dba BSI Software)	Software	5.00%	SARON + 5.00%	09/29/31	CHF		24,087	$	29,780		$	29,804		(6) (7) (10)
Esperanto BidCo AG (dba BSI Software)	Software	4.96%	SARON + 5.00%	09/29/31	CHF		9,074		10,553			11,228		(6) (7) (10)
Esperanto BidCo AG (dba BSI Software)	Software	7.02%	E + 5.00%	09/29/31	EUR		6,929		7,522			8,013		(6) (7) (10)
Esperanto BidCo AG (dba BSI Software)	Software	5.00%	SARON + 5.00%	09/29/31	CHF		2,561		2,979			3,170		(6) (7) (10)
Total 1st Lien/Last-Out Unitranche									50,834			52,215
Total Switzerland								$	50,834		$	52,215
United Kingdom - 3.4%
1st Lien/Senior Secured Debt - 3.1%
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.93%	B + 5.25%	10/06/31	AUD		16,301	$	10,883		$	10,597		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.46%	B + 5.25%	10/06/31	GBP		15,214		8,177			8,316		(6) (7) (8) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.06%	C + 5.25%	10/06/31	CAD		14,958		10,816			10,560		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.97%	SN + 8.00%	10/04/32	GBP		13,713		17,713			18,074		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.10%	S + 5.25%	10/06/31			9,635		9,462			9,467		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.22%	SN + 5.25%	10/06/31	GBP		8,266		10,655			10,922		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.97%	SN + 8.00%	10/04/32	GBP		8,103		10,467			10,680		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.22%	SN + 5.25%	10/06/31	GBP		5,984		7,713			7,907		(6) (7) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.10%	S + 5.25%	10/06/31			4,665		4,582			4,584		(6) (7) (10)
Consilio Midco Limited (dba Cyncly)	Software	6.75%	E + 4.75%	04/16/32	EUR		59,423		66,933			69,068		(6) (7) (10)
Consilio Midco Limited (dba Cyncly)	Software	8.75%	S + 4.75%	04/16/32			56,779		56,239			56,211		(6) (7) (10)
Consilio Midco Limited (dba Cyncly)	Software	9.05%	S + 4.75%	04/16/32			34,997		34,664			34,647		(6) (7) (10)
Consilio Midco Limited (dba Cyncly)	Software		S + 4.75%	04/16/32			19,808		—			(198	)	(6) (7) (8) (10)
Consilio Midco Limited (dba Cyncly)	Software		S + 4.75%	04/16/32			13,205		—			(132	)	(6) (7) (8) (10)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	08/12/32			96,070		—			—		(6) (7) (8)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	08/12/32			16,660		—			—		(6) (7) (8)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%	02/12/26			14,438		—			—		(6) (7) (8)
Total 1st Lien/Senior Secured Debt									248,304			250,703
2nd Lien/Senior Secured Debt - 0.3%
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.64%	S + 7.50%	04/14/33			14,526	$	14,316		$	14,308		(6) (7) (10)
Consilio IntermediateCo Limited (dba Cyncly)	Software	9.71%	E + 7.50%	04/14/33	EUR		9,904		11,100			11,482		(6) (7) (10)
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.82%	S + 7.50%	04/14/33			6,611		8			(91	)	(6) (7) (8) (10)
Total 2nd Lien/Senior Secured Debt									25,424			25,699
Total United Kingdom								$	273,728		$	276,402

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
United States - 131.8%
1st Lien/Senior Secured Debt - 127.6%
Bleriot US Bidco Inc.	Aerospace & Defense	6.50%	S + 2.50%	10/31/30	$		19,536	$	19,537		$	19,531		(9)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.19%	S + 5.00%	01/09/30			34,766		34,035			34,245		(6) (10)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28			3,689		(54	)		(55	)	(6) (8) (10)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.29%	S + 5.00%	01/09/30			1,001		996			986		(6) (10)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense	9.00%	S + 5.00%	09/30/31			20,122		19,921			19,921		(6)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31			8,106		(41	)		(41	)	(6) (8)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31			4,772		(48	)		(48	)	(6) (8)
Propulsion (BC) Finco S.a.r.l.	Aerospace & Defense	7.04%	S + 2.75%	09/14/29			12,938		13,009			12,976		(7)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.70%	S + 5.50%	04/19/30			8,720		8,579			8,546		(6) (10)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/19/30			1,320		(20	)		(26	)	(6) (8) (10)
Rand Parent, LLC	Air Freight & Logistics	7.00%	S + 3.00%	03/18/30			3,243		3,240			3,226
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	9.06%	S + 4.75%	08/02/32			112,223		111,121			111,101		(6)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			34,354		(168	)		(172	)	(6) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	8.92%	S + 4.75%	08/02/32			13,369		4,644			4,641		(6) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			3,808		(37	)		(38	)	(6) (8)
Clarios Global LP	Automobile Components	6.91%	S + 2.75%	01/28/32			13,875		13,790			13,871
Clarios Global LP	Automobile Components	6.66%	S + 2.50%	05/06/30			9,049		9,090			9,040
Dealer Tire Financial, LLC	Automobile Components	7.16%	S + 3.00%	07/02/31			12,936		12,969			12,861
DexKo Global Inc.	Automobile Components	8.03%	S + 3.75%	10/04/28			1,940		1,920			1,910		(7)
First Brands Group, LLC	Automobile Components		S + 5.00%	03/30/27			7,115		7,069			2,503		(13)
First Brands Group, LLC	Automobile Components		S + 5.00%	03/30/27			24		24			9		(13)
Mavis Tire Express Services Corp.	Automobile Components	7.20%	S + 3.00%	05/04/28			9,540		9,563			9,534
American Builders & Contractors Supply Co., Inc.	Building Products	5.91%	S + 1.75%	01/31/31			29,771		29,861			29,822
Icebox Holdco III, Inc.	Building Products	7.25%	S + 3.25%	12/22/31			21,716		21,772			21,827		(9)
MI Windows and Doors, LLC	Building Products	6.91%	S + 2.75%	03/28/31			14,297		14,415			14,339
Oscar AcquisitionCo, LLC	Building Products	8.25%	S + 4.25%	04/29/29			3,701		3,674			3,449
Park River Holdings Inc.	Building Products		S + 4.50%	03/15/31			3,025		2,980			3,024		(9)
Potters Industries, LLC	Building Products	7.16%	S + 3.00%	12/14/27			13,405		13,493			13,436
Quikrete Holdings, Inc.	Building Products	6.41%	S + 2.25%	03/19/29			27,690		27,760			27,697
Quikrete Holdings, Inc.	Building Products	6.41%	S + 2.25%	04/14/31			4,233		4,235			4,231
Quikrete Holdings, Inc.	Building Products	6.41%	S + 2.25%	02/10/32			2,637		2,608			2,635
Standard Industries, Inc.	Building Products	5.89%	S + 1.75%	09/22/28			25,326		25,395			25,353		(9)
Tecta America Corp.	Building Products	7.16%	S + 3.00%	02/18/32			16,618		16,697			16,667
Vector WP Holdco, Inc.	Building Products	9.28%	S + 5.00%	10/12/28			217		216			204
White Cap Buyer LLC	Building Products	7.42%	S + 3.25%	10/19/29			14,916		14,884			14,913
Cube Industrials Buyer, Inc.	Capital Goods	7.58%	S + 3.25%	10/17/31			19,138		19,186			19,186
AAP Buyer Inc.	Chemicals	6.75%	S + 2.75%	09/09/31			7,146		7,187			7,142
Albaugh, LLC	Chemicals	7.91%	S + 3.75%	04/06/29			2,217		2,213			2,212
Formulations Parent Corporation (dba Chase Corp)	Chemicals	8.33%	S + 4.00%	04/09/32			100,000		98,101			100,250
INEOS Quattro Holdings UK Ltd	Chemicals	8.41%	S + 4.25%	10/07/31			1,899		1,899			1,627		(7)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Innophos, Inc.	Chemicals	8.53%	S + 4.25%	03/16/29	$		11,868	$	11,853		$	11,742
Olympus Water US Holding Corporation	Chemicals	7.00%	S + 3.00%	06/20/31			15,571		15,548			15,402
Olympus Water US Holding Corporation	Chemicals		S + 3.00%	07/23/32			2,000		2,000			1,984		(9)
Sparta U.S. HoldCo LLC	Chemicals	7.28%	S + 3.00%	08/02/30			12,083		12,074			11,910		(9)
W.R. Grace & Co.-Conn.	Chemicals	7.00%	S + 3.00%	08/19/32			7,650		7,620			7,663		(9)
AlixPartners, LLP	Commercial Services & Supplies	6.16%	S + 2.00%	08/12/32			31,875		31,950			31,645		(9)
Allied Universal Holdco LLC	Commercial Services & Supplies		S + 3.25%	08/20/32			11,175		11,191			11,211		(9)
Amentum Government Services Holdings LLC	Commercial Services & Supplies	6.41%	S + 2.25%	09/29/31			2,960		2,963			2,956		(7)
BEP Intermediate Holdco LLC (dba Buyers Edge)	Commercial Services & Supplies	6.91%	S + 2.75%	07/25/31			1,506		1,504			1,509
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29			10,238		10,056			10,187		(6) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.01%	S + 5.75%	08/01/29			5,569		5,497			5,402		(6) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.01%	S + 5.75%	08/01/29			4,748		879			773		(6) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29			3,111		3,047			3,095		(6) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29			2,755		816			845		(6) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29			1,544		1,515			1,536		(6) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.76%	S + 6.50%	08/01/29			515		504			512		(6) (10)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.75%	S + 4.75%	09/24/31			11,550		11,406			11,406		(6)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies		S + 4.75%	09/24/31			6,600		(82	)		(82	)	(6) (8)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies		S + 4.75%	09/24/31			3,300		(41	)		(41	)	(6) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			145,227		143,886			143,775		(6) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			90,185		85,382			85,316		(6) (8) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.91%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			24,528		4,066			4,047		(6) (8) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.56%	S + 5.25%	02/07/31			41,375		40,694			41,168		(6) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.56%	S + 5.25%	02/07/31			18,525		1,753			1,821		(6) (8) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31			5,562		(86	)		(28	)	(6) (8) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.71%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			86,754		84,699			85,670		(6) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.16%	S + 5.00%	08/22/30			10,000		842			875		(6) (8) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.19%	S + 5.00%	08/22/31			4,992		3,020			3,030		(6) (8) (10)
Madison IAQ LLC	Commercial Services & Supplies	6.70%	S + 2.50%	06/21/28			18,680		18,730			18,683
Madison IAQ LLC	Commercial Services & Supplies	7.45%	S + 3.25%	05/06/32			5,486		5,443			5,509
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.40%	S + 6.25% (Incl. 2.75% PIK)	12/05/31			12,542		12,374			12,353		(6) (7) (10)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.22%	SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		5,314		6,679			7,040		(6) (7) (10)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	8.33%	E + 6.25% (Incl. 2.75% PIK)	12/05/31	EUR		4,747		4,958			5,490		(6) (7) (10)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.57%	S + 6.25%	12/05/31	GBP		1,337		1,781			1,771		(6) (7) (10)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies		SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		1,084		103			(22	)	(6) (7) (8) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.75%	S + 4.75%	12/15/31			107,928		106,964			106,849		(6) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.96%	S + 4.75%	12/15/31			34,537		1,908			1,727		(6) (8) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.64%	S + 4.75%	12/15/31			14,678		2,805			2,789		(6) (8) (10)
Thevelia (US), LLC	Commercial Services & Supplies	7.00%	S + 3.00%	06/18/29			3,492		3,509			3,480		(7)
USA DeBusk, LLC	Commercial Services & Supplies	9.45%	S + 5.25%	04/30/31			80,583		79,559			80,181		(6) (10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
USA DeBusk, LLC	Commercial Services & Supplies	9.40%	S + 5.25%	04/30/31	$		29,901	$	4,614		$	4,677		(6) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies	9.41%	S + 5.25%	04/30/30			11,227		6,417			6,493		(6) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies		S + 5.25%	04/30/30			6,078		(44	)		(30	)	(6) (8) (10)
Vaco Holdings, LLC	Commercial Services & Supplies	9.15%	S + 5.00%	01/21/29			2,037		2,004			1,747
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.16%	S + 6.00%	05/01/29			93,163		92,675			91,766		(6) (10)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.16%	S + 6.00%	05/01/29			9,904		6,198			6,100		(6) (8) (10)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 6.00%	05/01/29			8,253		(41	)		(124	)	(6) (8) (10)
Wand NewCo 3, Inc.	Commercial Services & Supplies	6.66%	S + 2.50%	01/30/31			11,164		11,215			11,120
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	9.07%	S + 4.75%	08/05/32			16,535		16,373			16,370		(6)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			5,049		(25	)		(25	)	(6) (8)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	9.07%	S + 4.75%	08/05/32			4,418		1,219			1,218		(6) (8)
Brown Group Holding, LLC	Construction & Engineering	7.03%	S + 2.75%	07/01/31			14,704		14,738			14,728
Brown Group Holding, LLC	Construction & Engineering	6.66%	S + 2.50%	07/01/31			10,785		10,794			10,790		(9)
Chromalloy Corporation	Construction & Engineering	7.54%	S + 3.25%	03/27/31			18,159		18,031			18,193
DG Investment Intermediate Holdings 2, Inc.	Construction & Engineering	7.91%	S + 3.75%	07/09/32			8,596		8,622			8,606
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.60%	S + 4.50%	10/15/31			38,313		37,969			38,121		(6) (10)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.69%	S + 4.50%	10/15/31			14,190		6,858			6,882		(6) (8) (10)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.70%	S + 4.50%	10/15/31			5,321		1,195			1,215		(6) (8) (10)
KKR Apple Bidco, LLC	Construction & Engineering	6.66%	S + 2.50%	09/23/31			25,942		25,912			25,932
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.45%	S + 4.75%	10/24/30			33,962		33,655			33,792		(6) (7) (10)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.34%	B + 4.75%	10/24/30	AUD		33,598		22,115			22,120		(6) (7) (10)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		S + 4.75%	10/24/30			3,396		(29	)		(17	)	(6) (7) (8) (10)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			28,026		27,902			27,886		(6) (10)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			9,148		5,806			5,793		(6) (8) (10)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,070		(17	)		(20	)	(6) (8) (10)
TRC Companies LLC	Construction & Engineering	7.16%	S + 3.00%	12/08/28			19,252		19,333			19,256		(9)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.00%	S + 6.00%	10/04/30			62,187		60,963			60,788		(6) (10)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			7,366		(124	)		(166	)	(6) (8) (10)
IRB Holding Corp.	Consumer Staples Distribution & Retail	6.66%	S + 2.50%	12/15/27			10,906		10,916			10,907
Berlin Packaging LLC	Containers & Packaging		S + 3.25%	06/07/31			9,200		9,235			9,223		(9)
Charter Next Generation, Inc.	Containers & Packaging	6.93%	S + 2.75%	11/29/30			43,441		43,413			43,559
Clydesdale Acquisition Holdings, Inc.	Containers & Packaging	7.34%	S + 3.18%	04/13/29			14,488		14,485			14,463
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging	9.57%	S + 5.25%	11/01/30			74,419		73,436			73,303		(6) (10)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30			8,719		(111	)		(131	)	(6) (8) (10)
Precision Concepts Parent Inc.	Containers & Packaging	8.95%	S + 4.75%	08/02/32			6,492		6,428			6,427		(6)
Precision Concepts Parent Inc.	Containers & Packaging		S + 4.75%	08/02/32			3,216		(16	)		(16	)	(6) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.95%	S + 4.75%	08/02/32			2,834		2,806			2,805		(6)
Precision Concepts Parent Inc.	Containers & Packaging		S + 4.75%	08/02/32			1,650		(16	)		(17	)	(6) (8)
Pregis TopCo Corporation	Containers & Packaging	8.16%	S + 4.00%	02/01/29			14,927		14,999			15,020
Proampac PG Borrower LLC	Containers & Packaging	8.26%	S + 4.00%	09/15/28			15,263		15,339			15,297

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
TricorBraun Holdings, Inc.	Containers & Packaging	7.41%	S + 3.25%	03/03/31	$		9,081	$	9,046		$	9,029
Trident TPI Holdings, Inc.	Containers & Packaging	7.75%	S + 3.75%	09/15/28			7,493		7,580			7,350
BCPE Empire Holdings, Inc.	Distributors	7.41%	S + 3.25%	12/11/30			5,158		5,172			5,148
CD&R Hydra Buyer Inc.	Distributors	8.26%	S + 4.00%	03/25/31			13,410		13,510			13,315
DFS Holding Company, Inc.	Distributors	11.00%	S + 7.00%	01/31/29			39,538		38,766			37,561		(10)
DFS Holding Company, Inc.	Distributors	11.16%	S + 7.00%	01/31/29			2,898		2,842			2,753		(10)
Fluid-Flow Products, Inc.	Distributors	7.41%	S + 3.25%	03/31/28			15,694		15,755			15,720
Veritiv Corporation	Distributors	8.00%	S + 4.00%	11/30/30			5,629		5,608			5,565
Windsor Holdings III, LLC	Distributors	6.92%	S + 2.75%	08/01/30			15,550		15,549			15,550
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.00%	S + 6.00%	04/26/29			17,597		17,329			17,157		(6) (10) (14)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.31%	S + 6.00%	04/26/29			8,250		3,081			2,995		(6) (8) (10) (14)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.26%	S + 6.00%	04/26/29			1,650		1,197			1,180		(6) (8) (10) (14)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.02%	S + 5.00%	06/06/31			108,038		107,426			107,498		(6) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			56,751		(271	)		(284	)	(6) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.00%	S + 5.00%	06/06/31			11,189		142			295		(6) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.00%	S + 5.00%	06/06/31			10,970		458			494		(6) (8) (10)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	9.26%	S + 5.00%	11/01/28			44,433		42,932			44,211		(10)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28			4,310		(135	)		(22	)	(8) (10)
Curriculum Associates, LLC	Diversified Consumer Services	8.91%	S + 4.75%	05/07/32			257,069		255,548			255,784		(6) (10)
Curriculum Associates, LLC	Diversified Consumer Services		S + 4.75%	05/07/32			168,784		(492	)		(844	)	(6) (8) (10)
Genuine Financial Holdings, LLC	Diversified Consumer Services	7.41%	S + 3.25%	09/27/30			12,923		12,907			11,866
Groundworks, LLC	Diversified Consumer Services	7.16%	S + 3.00%	03/14/31			8,395		8,335			8,393
Groundworks, LLC	Diversified Consumer Services	7.16%	S + 3.00%	03/14/31			1,561		236			247		(8)
Pre-Paid Legal Services, Inc.	Diversified Consumer Services	7.41%	S + 3.25%	12/15/28			5,944		5,977			5,610
Splash Car Wash, Inc.	Diversified Consumer Services	9.03%	S + 5.00%	03/17/32			24,550		24,388			24,366		(6) (10)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32			4,620		(29	)		(35	)	(6) (8) (10)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/31			4,125		(28	)		(31	)	(6) (8) (10)
Spotless Brands, LLC	Diversified Consumer Services		S + 5.75%	07/25/28			51,074		(190	)		(894	)	(6) (8) (10)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28			31,945		31,949			31,945		(6) (10)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28			4,953		4,953			4,953		(6) (10)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.30%	S + 5.00%	05/01/31			49,043		48,628			48,553		(6) (10)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.21%	S + 5.00%	05/01/31			12,869		7,118			7,054		(6) (8) (10)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			7,538		(58	)		(75	)	(6) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.51%	S + 6.25%	08/15/30			17,551		17,124			17,463		(6) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.50%	S + 6.25%	08/15/30			7,469		314			331		(6) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 6.25%	08/15/30			923		(18	)		(5	)	(6) (8) (10)
Citadel Securities LP	Diversified Financial Services	6.16%	S + 2.00%	10/31/31			31,868		31,912			31,919		(9)
Edgewater Generation, LLC	Electric Utilities	7.16%	S + 3.00%	08/01/30			8,635		8,671			8,645
Lightning Power LLC	Electric Utilities	6.25%	S + 2.25%	08/18/31			13,819		13,907			13,800
Atkore International, Inc.	Electrical Equipment		S + 2.00%	09/29/32			1,700		1,692			1,692		(9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
LSF12 Crown US Commercial Bidco LLC	Electrical Equipment	7.66%	S + 3.50%	12/02/31	$		20,469	$	20,574		$	20,482		(9)
Nvent Electric Public Limited Company	Electrical Equipment	7.16%	S + 3.00%	01/30/32			12,800		12,839			12,844
Spectris PLC	Electrical Equipment		S + 3.00%	09/24/32			5,100		5,114			5,106		(9)
Trystar, LLC	Electrical Equipment	8.56%	S + 4.25%	08/06/31			24,928		24,710			24,679		(6) (10)
Trystar, LLC	Electrical Equipment	8.29%	S + 4.25%	08/06/31			12,551		2,855			2,797		(6) (8) (10)
Trystar, LLC	Electrical Equipment	8.56%	S + 4.25%	08/06/31			9,971		9,883			9,871		(6) (10)
Trystar, LLC	Electrical Equipment		S + 4.25%	08/06/31			6,279		(53	)		(63	)	(6) (8) (10)
GIP Pilot Acquisition Partners LP	Energy Equipment & Services	6.29%	S + 2.00%	10/04/30			25,453		25,541			25,398
Illuminate Buyer, LLC	Energy Equipment & Services	6.66%	S + 2.50%	12/31/29			22,737		22,817			22,777
WhiteWater DBR HoldCo, LLC	Energy Equipment & Services	6.31%	S + 2.25%	03/03/31			25,548		25,676			25,564
Whitewater Whistler Holdings, LLC	Energy Equipment & Services	5.81%	S + 1.75%	02/15/30			25,494		25,543			25,417		(9)
Arcis Golf LLC	Entertainment	6.91%	S + 2.75%	11/24/28			21,680		21,805			21,694		(9)
Fender Musical Instruments Corporation	Entertainment	8.26%	S + 4.00%	12/01/28			2,763		2,742			2,532
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.00%	S + 5.00%	12/06/29			44,719		44,370			44,495		(6) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.00%	S + 5.00%	12/06/29			6,727		6,667			6,693		(6) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.12%	S + 5.00%	12/06/29			5,975		2,628			2,645		(6) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			5,940		(44	)		(30	)	(6) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.06%	S + 5.00%	12/06/29			1,950		1,920			1,940		(6) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			1,266		(5	)		(6	)	(6) (8) (10)
AllSpring Buyer, LLC	Financial Services	7.00%	S + 3.00%	11/01/30			16,999		17,005			17,020		(9)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services	8.81%	S + 4.50%	07/30/32			33,000		32,676			32,670		(6)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services		S + 4.50%	07/30/32			4,125		(40	)		(41	)	(6) (8)
Bottomline Technologies, Inc.	Financial Services	8.50%	S + 4.50%	05/14/29			76,988		76,988			76,988		(6) (10)
Celero Commerce LLC	Financial Services	9.31%	S + 5.00%	02/28/31			104,838		104,112			104,052		(6) (10)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			24,962		(85	)		(187	)	(6) (8) (10)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			8,321		(56	)		(62	)	(6) (8) (10)
Computer Services, Inc.	Financial Services	9.42%	S + 5.25%	11/15/29			48,737		46,966			48,737		(6) (10)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29			11,164		—			—		(6) (8)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29			5,074		—			—		(6) (8)
Coretrust Purchasing Group LLC	Financial Services	9.41%	S + 5.25%	10/01/29			36,911		35,850			36,726		(10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			5,526		(104	)		(28	)	(8) (10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			5,526		(93	)		(28	)	(8) (10)
DRW Holdings, LLC	Financial Services	7.50%	S + 3.50%	06/26/31			19,814		19,833			19,752
Edelman Financial Center, LLC	Financial Services	7.16%	S + 3.00%	04/07/28			21,742		21,798			21,750		(9)
Eisner Advisory Group LLC	Financial Services	8.16%	S + 4.00%	02/28/31			16,586		16,705			16,674		(9)
Focus Financial Partners, LLC	Financial Services	6.91%	S + 2.75%	09/15/31			19,476		19,454			19,478
Franklin Square Holdings, L.P.	Financial Services	6.41%	S + 2.25%	04/25/31			26,811		26,938			26,811		(9)
Fullsteam Operations LLC	Financial Services	9.48%	S + 5.25%	08/08/31			167,606		165,961			165,929		(6)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31			55,869		(273	)		(279	)	(6) (8)
Fullsteam Operations LLC	Financial Services		S + 5.25%	08/08/31			18,623		(182	)		(186	)	(6) (8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Jane Street Group, LLC	Financial Services	6.20%	S + 2.00%	12/15/31	$		23,947	$	23,710		$	23,748
Jefferies Finance LLC	Financial Services	6.92%	S + 2.75%	10/21/31			11,530		11,539			11,516
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.66%	S + 5.50%	09/26/30			29,700		29,404			29,403		(6) (7)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%	09/26/30			1,650		(16	)		(16	)	(6) (7) (8)
NEXUS Buyer LLC	Financial Services	7.66%	S + 3.50%	07/31/31			13,906		13,904			13,866
Priority Holdings, LLC (dba Priority Payment)	Financial Services	7.91%	S + 3.75%	07/30/32			150,000		149,410			150,141		(7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.41%	S + 5.25%	02/24/31			34,563		34,277			34,390		(6) (10)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31			5,000		(39	)		(25	)	(6) (8) (10)
Chobani, LLC	Food Products	6.66%	S + 2.50%	10/25/27			31,977		32,126			32,051
Eagle Family Foods Group LLC	Food Products	9.01%	S + 5.00%	08/12/30			193,904		192,258			191,965		(6) (10)
Eagle Family Foods Group LLC	Food Products		S + 5.00%	08/12/30			22,753		(186	)		(228	)	(6) (8) (10)
Froneri International Ltd.	Food Products	6.20%	S + 2.00%	09/30/31			806		802			799		(7)
Rubix Foods, LLC	Food Products	8.91%	S + 4.75%	04/30/31			42,628		42,225			42,202		(6) (10)
Rubix Foods, LLC	Food Products		S + 4.75%	04/30/31			3,300		(31	)		(33	)	(6) (8) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	8.75%	S + 4.75%	12/11/30			105,840		104,421			104,782		(6) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%	12/11/30			17,538		(229	)		(175	)	(6) (8) (10)
Kenan Advantage Group, Inc.	Ground Transportation	7.41%	S + 3.25%	01/25/29			17,861		17,897			17,599
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.60%	E + 5.50%	11/28/31	EUR		25,290		27,101			29,023		(6) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		S + 5.50%	11/28/31			15,754		(150	)		(354	)	(6) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.59%	E + 5.50%	11/28/31			12,695		9,280			9,108		(6) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.77%	S + 5.50%	11/28/31			9,309		9,139			9,100		(6) (10)
Medline Borrower, LP	Health Care Equipment & Supplies	6.16%	S + 2.00%	10/23/28			26,056		26,144			26,054
Zeus Company LLC	Health Care Equipment & Supplies	10.00%	S + 6.00% (Incl. 3.0% PIK)	02/28/31			69,800		68,939			67,008		(6) (10)
Zeus Company LLC	Health Care Equipment & Supplies	9.50%	S + 5.50%	02/28/31			13,027		6,381			5,981		(6) (8) (10)
Zeus Company LLC	Health Care Equipment & Supplies		S + 6.00% (Incl. 3.0% PIK)	02/28/30			9,788		(109	)		(392	)	(6) (8) (10)
Advarra Holdings, Inc.	Health Care Providers & Services	8.66%	S + 4.50%	09/15/31			76,254		75,917			75,873		(6) (10)
Advarra Holdings, Inc.	Health Care Providers & Services	8.66%	S + 4.50%	09/15/31			41,475		41,292			41,268		(6) (10)
Advarra Holdings, Inc.	Health Care Providers & Services		S + 4.50%	09/15/31			7,087		(15	)		(35	)	(6) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.16%	S + 5.00%	08/07/31			61,314		60,706			60,701		(6) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			5,298		(68	)		(53	)	(6) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			2,358		(51	)		(24	)	(6) (8) (10)
Electron BidCo, Inc.	Health Care Providers & Services	6.91%	S + 2.75%	11/01/28			10,945		10,990			10,964
Global Medical Response, Inc.	Health Care Providers & Services		S + 3.50%	10/01/32			9,050		9,075			9,050		(9)
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.01%	S + 6.75%	06/13/28			8,616		8,459			8,530		(6) (10)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28			979		(16	)		(10	)	(6) (8) (10)
LifePoint Health, Inc.	Health Care Providers & Services	7.66%	S + 3.50%	05/19/31			3,688		3,688			3,668
Netsmart Technologies, Inc.	Health Care Providers & Services	9.11%	S + 4.95% (Incl. 2.45% PIK)	08/25/31			182,318		180,773			180,495		(6) (10)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 4.95% (Incl. 2.45% PIK)	08/25/31			24,158		(204	)		(242	)	(6) (8) (10)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 4.95% (Incl. 2.45% PIK)	08/25/31			23,684		(97	)		(237	)	(6) (8) (10)
Onex TSG Intermediate Corp.	Health Care Providers & Services	8.00%	S + 3.75%	08/06/32			4,850		4,826			4,871

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	9.06%	S + 4.75%	07/22/32	$		229,223	$	226,039		$	225,785		(6) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/22/32			96,801		—			(1,452	)	(6) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/22/32			25,253		—			(379	)	(6) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/22/32			23,148		(314	)		(347	)	(6) (8) (10)
SpecialtyCare, Inc.	Health Care Providers & Services	9.33%	S + 5.00%	12/18/29			138,231		137,922			137,916		(6)
SpecialtyCare, Inc.	Health Care Providers & Services	8.12%	S + 3.75%	12/18/29			9,688		740			739		(6) (8)
SpecialtyCare, Inc.	Health Care Providers & Services		S + 5.00%	12/18/29			4,774		(23	)		(24	)	(6) (8)
Urology Management Holdings, Inc. (dba Solaris Health)	Health Care Providers & Services	9.66%	S + 5.50%	06/15/27			14,465		14,250			14,392		(10)
Urology Management Holdings, Inc. (dba Solaris Health)	Health Care Providers & Services	9.66%	S + 5.50%	06/15/27			7,322		7,216			7,286		(10)
US Radiology Specialists, Inc.	Health Care Providers & Services	8.75%	S + 4.75%	12/15/27			6,399		6,425			6,416		(9)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		S + 7.00% (Incl. 6.23% PIK)	03/18/27			22,047		21,803			15,267		(6) (10) (13) (14)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.23%	S + 7.00% PIK	03/18/27			2,589		2,667			2,601		(6) (8) (10) (14) (15)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology	8.70%	S + 4.50%	08/02/32			24,584		24,524			24,523		(6)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			8,333		(10	)		(10	)	(6) (8)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			2,916		(7	)		(7	)	(6) (8)
Athenahealth Group, Inc.	Health Care Technology	6.91%	S + 2.75%	02/15/29			4,950		4,945			4,937
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology	10.20%	S + 6.00%	08/28/30			216,117		211,857			211,795		(6)
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology	10.00%	S + 6.00%	08/28/30			8,650		695			692		(6) (8)
Cotiviti, Inc.	Health Care Technology	7.03%	S + 2.75%	05/01/31			23,823		23,714			23,377
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.91%	S + 4.75%	01/19/32			156,715		155,267			156,715		(6) (10)
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.91%	S + 4.75%	01/19/32			29,569		3,987			4,140		(6) (8) (10)
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.91%	S + 4.75%	01/19/32			26,021		25,778			26,021		(6) (10)
eResearch Technology, Inc. (dba Clario)	Health Care Technology		S + 4.75%	10/17/31			14,784		(133	)		—		(6) (8) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	8.41%	S + 4.25%	05/19/32			90,920		90,483			90,465		(6) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			47,852		—			(239	)	(6) (8) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			19,141		(91	)		(96	)	(6) (8) (10)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	10.00%	S + 6.00%	09/30/31			141,047		139,637			139,636		(6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.00%	09/30/31			20,150		(201	)		(201	)	(6) (8)
Fertitta Entertainment, LLC	Hotels, Restaurants & Leisure		S + 3.25%	01/27/29			3,825		3,825			3,818		(9)
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	6.16%	S + 2.00%	09/18/31			20,339		20,456			20,398		(9)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	9.29%	S + 5.00%	04/14/31			19,257		19,030			19,016		(6) (10)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	9.32%	S + 5.00%	04/14/31			4,455		787			761		(6) (8) (10)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure		S + 5.00%	04/14/31			2,228		(26	)		(28	)	(6) (8) (10)
Whatabrands LLC	Hotels, Restaurants & Leisure	6.66%	S + 2.50%	08/03/28			10,268		10,273			10,273		(9)
AI Aqua Merger Sub, Inc.	Household Durables	7.28%	S + 3.00%	07/31/28			4,145		4,148			4,153		(7)
CURiO Brands LLC	Household Products	9.25%	S + 5.25%	04/02/31			21,170		20,972			20,959		(6) (10)
CURiO Brands LLC	Household Products		S + 5.25%	04/02/31			3,451		(16	)		(35	)	(6) (8) (10)
CURiO Brands LLC	Household Products		S + 5.25%	04/02/31			1,725		(16	)		(17	)	(6) (8) (10)
CPM Holdings, Inc.	Industrial Conglomerates	8.78%	S + 4.50%	09/28/28			6,953		6,805			6,930
Acrisure, LLC	Insurance	7.16%	S + 3.00%	11/06/30			18,541		18,479			18,489

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Acrisure, LLC	Insurance	7.41%	S + 3.25%	06/21/32	$		7,400	$	7,411		$	7,384
Alliant Holdings Intermediate, LLC	Insurance	6.67%	S + 2.50%	09/19/31			21,339		21,341			21,277		(9)
AmWINS Group, Inc.	Insurance	6.25%	S + 2.25%	01/30/32			32,428		32,287			32,406
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.25%	S + 5.25%	07/24/31			50,956		50,511			50,701		(6) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.25%	S + 5.25%	07/24/31			21,550		11,380			11,417		(6) (8) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.25%	S + 5.25%	07/24/30			4,000		1,247			1,260		(6) (8) (10)
Asurion LLC	Insurance	8.51%	S + 4.25%	08/19/28			5,355		5,367			5,371
Asurion LLC	Insurance	7.53%	S + 3.25%	07/31/27			623		626			623
Broadstreet Partners, Inc.	Insurance	6.91%	S + 2.75%	06/13/31			19,268		19,307			19,283
Galway Borrower LLC	Insurance	8.50%	S + 4.50%	09/29/28			44,945		44,608			44,496		(10)
Galway Borrower LLC	Insurance	8.50%	S + 4.50%	09/29/28			4,487		707			681		(8) (10)
Galway Borrower LLC	Insurance	8.49%	S + 4.50%	09/29/28			3,995		814			803		(8) (10)
Galway Borrower LLC	Insurance	8.50%	S + 4.50%	09/29/28			846		840			837		(10)
HUB International Limited	Insurance	6.58%	S + 2.25%	06/20/30			25,596		25,694			25,628
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	12/31/32			142,234		—			—		(6) (8)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	12/31/32			23,972		—			—		(6) (8)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	12/31/32			21,095		—			—		(6) (8)
OneDigital Borrower, LLC	Insurance	7.16%	S + 3.00%	07/02/31			11,619		11,632			11,605
Sedgwick Claims Management Services, Inc.	Insurance	6.66%	S + 2.50%	07/31/31			17,952		18,022			17,924
Truist Insurance Holdings LLC	Insurance	6.75%	S + 2.75%	05/06/31			19,502		19,526			19,472		(9)
USI, Inc.	Insurance	6.25%	S + 2.25%	11/21/29			20,930		20,970			20,902
USI, Inc.	Insurance	6.25%	S + 2.25%	09/29/30			5,200		5,216			5,192
Ark Data Centers, LLC	IT Services	8.75%	S + 4.75%	11/27/30			59,783		58,720			58,438		(6) (10)
Ark Data Centers, LLC	IT Services	9.02%	S + 4.75%	11/27/30			35,167		7,707			7,297		(6) (8) (10)
Ark Data Centers, LLC	IT Services	8.86%	S + 4.75%	11/27/30			10,550		4,038			3,983		(6) (8) (10)
Boost Newco Borrower, LLC	IT Services	6.00%	S + 2.00%	01/31/31			35,751		35,935			35,766
Cloud Software Group, Inc.	IT Services	7.25%	S + 3.25%	03/21/31			11,784		11,831			11,825		(9)
Cloud Software Group, Inc.	IT Services	7.25%	S + 3.25%	08/13/32			9,900		9,928			9,928
CNT Holdings I Corp.	IT Services	6.56%	S + 2.25%	11/08/32			15,883		15,942			15,869
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	9.41%	S + 5.25%	10/02/29			33,049		32,566			32,884		(6) (10)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	9.41%	S + 5.25%	10/02/29			11,674		11,522			11,616		(6) (10)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services		S + 5.25%	10/02/29			8,700		(59	)		(43	)	(6) (8) (10)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services		S + 5.25%	10/02/29			6,960		(94	)		(35	)	(6) (8) (10)
Ingram Micro, Inc.	IT Services	6.25%	S + 2.25%	09/22/31			10,378		10,418			10,404		(7)
Kaseya Inc.	IT Services	7.41%	S + 3.25%	03/20/32			20,340		20,350			20,358		(9)
MH Sub I, LLC	IT Services	8.25%	S + 4.25%	05/03/28			7,099		7,078			6,818
Plano HoldCo Inc.	IT Services	7.50%	S + 3.50%	10/02/31			14,627		14,654			14,261
QBS Parent, Inc. (dba Quorum Software)	IT Services	8.50%	S + 4.50%	06/03/32			53,086		52,841			52,821		(6)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	06/03/32			14,459		—			(72	)	(6) (8)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	06/03/32			7,668		(35	)		(38	)	(6) (8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
US Signal Company, LLC	IT Services	9.77%	S + 5.50%	09/04/29	$		29,421	$	29,179		$	29,127		(6) (10)
US Signal Company, LLC	IT Services	9.93%	S + 5.50%	09/04/29			9,053		4,453			4,436		(6) (8) (10)
US Signal Company, LLC	IT Services	9.84%	S + 5.50%	09/04/29			4,526		2,227			2,218		(6) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.75%	S + 4.75%	01/22/29			15,082		15,043			15,006		(6) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/22/29			1,716		(4	)		(9	)	(6) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.75%	S + 4.75%	01/22/29			1,445		1,428			1,437		(6) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.75%	S + 4.75%	01/22/29			1,182		1,171			1,176		(6) (10)
Alterra Mountain Company	Leisure Products	6.66%	S + 2.50%	08/17/28			12,051		12,096			12,045
Alterra Mountain Company	Leisure Products	6.66%	S + 2.50%	05/31/30			3,750		3,750			3,752
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.91%	S + 6.75%	07/18/28			24,551		24,139			24,306		(6) (10)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.91%	S + 6.75%	07/18/28			3,178		3,120			3,146		(6) (10)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products		S + 6.75%	07/18/28			1,606		(23	)		(16	)	(6) (8) (10)
Great Outdoors Group, LLC	Leisure Products		S + 3.25%	01/23/32			3,825		3,825			3,820		(9)
GSM Holdings, Inc.	Leisure Products	9.00%	S + 5.00%	09/30/31			3,523		3,365			3,471
MajorDrive Holdings IV LLC	Leisure Products	8.26%	S + 4.00%	06/01/28			7,400		7,414			7,204
SRAM, LLC	Leisure Products	6.16%	S + 2.00%	02/27/32			14,890		14,946			14,779
WCG Intermediate Corp.	Life Sciences Tools & Services	7.16%	S + 3.00%	02/25/32			12,818		12,805			12,705
Brookfield WEC Holdings Inc.	Machinery	6.53%	S + 2.25%	01/27/31			15,293		15,325			15,297		(9)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			74,648		74,014			73,715		(10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			22,793		22,600			22,508		(10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			18,688		1,353			1,273		(8) (10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			14,608		14,484			14,425		(10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			11,090		10,998			10,951		(10)
Dwyer Instruments, LLC	Machinery		S + 4.75%	07/20/29			7,678		(32	)		(96	)	(8) (10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			4,065		4,031			4,014		(10)
Dwyer Instruments, LLC	Machinery	8.75%	S + 4.75%	07/20/29			1,208		1,197			1,193		(10)
Engineered Machinery Holdings, Inc.	Machinery	7.76%	S + 3.50%	05/19/28			19,157		19,217			19,246
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	9.00%	S + 5.00%	06/30/32			28,390		28,114			28,106		(6) (10)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery		S + 5.00%	06/30/32			5,215		(25	)		(52	)	(6) (8) (10)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery		S + 5.00%	06/30/32			4,345		(42	)		(43	)	(6) (8) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	8.81%	S + 4.50%	08/20/31			34,721		34,416			34,547		(6) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.50%	08/20/30			5,910		(48	)		(30	)	(6) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.91%	S + 4.75%	12/02/31			163,711		162,220			162,074		(6) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery		S + 4.75%	12/02/31			42,460		(188	)		(425	)	(6) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.91%	S + 4.75%	12/02/31			21,230		874			849		(6) (8) (10)
Pro Mach Group, Inc.	Machinery	6.91%	S + 2.75%	08/31/28			12,792		12,858			12,808		(9)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.75%	S + 4.75%	12/26/31			163,825		162,321			162,187		(6) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.94%	S + 4.75%	12/26/31			42,165		10,221			10,038		(6) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.80%	S + 4.75%	12/26/31			21,109		8,338			8,317		(6) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.50%	S + 4.50%	07/01/31			31,657		31,246			31,340		(6) (7) (10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.27%	S + 4.50%	07/01/30	$		8,468	$	1,669		$	1,686		(6) (7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.50%	S + 4.50%	07/01/31			8,460		1,620			1,601		(6) (7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.50%	S + 4.50%	07/01/31	EUR		7,851		8,323			9,102		(6) (7) (10)
SPX Flow, Inc.	Machinery	6.91%	S + 2.75%	04/05/29			19,212		19,248			19,284
TK Elevator Midco GmbH	Machinery		S + 3.00%	04/30/30			3,000		3,015			3,007		(9)
ABG Intermediate Holdings 2 LLC	Media	6.41%	S + 2.25%	12/21/28			17,964		18,067			17,916
Fleet Midco I Limited	Media	6.54%	S + 2.50%	02/21/31			2,981		2,988			2,981		(7)
Recorded Books Inc. (dba RBMedia)	Media	9.95%	S + 5.75%	09/03/30			76,218		74,533			75,455		(6) (10)
Recorded Books Inc. (dba RBMedia)	Media	9.86%	S + 5.75%	08/31/28			15,027		8,807			8,936		(6) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media	10.06%	S + 5.75%	09/03/30			8,945		8,800			8,855		(6) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	09/03/30			6,999		(137	)		(70	)	(6) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	09/03/30			2,916		(57	)		(29	)	(6) (8) (10)
Arsenal AIC Parent LLC	Metals & Mining	6.91%	S + 2.75%	08/19/30			8,571		8,631			8,558
Crosby US Acquisition Corp.	Metals & Mining	7.66%	S + 3.50%	08/16/29			11,977		12,055			12,017		(9)
AL GCX Fund VIII Holdings LLC	Oil, Gas & Consumable Fuels	6.22%	S + 2.00%	01/30/32			26,000		26,013			25,919
AL GCX Holdings, LLC	Oil, Gas & Consumable Fuels	6.22%	S + 2.00%	05/17/29			25,988		26,075			25,923
AL NGPL Holdings, LLC	Oil, Gas & Consumable Fuels	6.53%	S + 2.25%	12/09/30			32,008		32,134			31,975
Buckeye Partners, L.P.	Oil, Gas & Consumable Fuels	5.91%	S + 1.75%	11/22/30			25,595		25,567			25,605
BX Frontier Member I LLC	Oil, Gas & Consumable Fuels	12.11%	P + 4.86%	12/31/60			62,977		33,283			33,283		(6) (7) (8)
CQP Holdco LP	Oil, Gas & Consumable Fuels	6.00%	S + 2.00%	12/31/30			34,833		34,914			34,828
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	9.25%	S + 5.25%	06/30/31			4,329		4,266			4,264		(6) (7) (10)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		S + 5.25%	06/30/31			941		(7	)		(14	)	(6) (7) (8) (10)
Kohler Energy Co LLC	Oil, Gas & Consumable Fuels	7.75%	S + 3.75%	05/01/31			16,628		16,637			16,644		(9)
Meade Pipeline Co LLC	Oil, Gas & Consumable Fuels	6.00%	S + 2.00%	09/22/32			12,375		12,376			12,360		(9)
Oryx Midstream Services Permian Basin, LLC	Oil, Gas & Consumable Fuels	6.42%	S + 2.25%	10/05/28			25,591		25,680			25,576
Oxbow Carbon LLC	Oil, Gas & Consumable Fuels	7.66%	S + 3.50%	05/10/30			2,326		2,327			2,324
Prairie ECI Acquiror LP	Oil, Gas & Consumable Fuels	7.91%	S + 3.75%	08/01/29			3,823		3,821			3,841
Third Coast Infrastructure LLC	Oil, Gas & Consumable Fuels	7.91%	S + 3.75%	09/25/30			14,803		14,792			14,840
Traverse Midstream Partners LLC	Oil, Gas & Consumable Fuels	6.81%	S + 2.50%	02/16/28			21,803		21,935			21,817
Whitewater Matterhorn Holdings LLC	Oil, Gas & Consumable Fuels	6.31%	S + 2.25%	06/16/32			25,650		25,770			25,622
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	9.56%	S + 5.25%	09/30/30			23,886		23,345			23,528		(6) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	7.28%	E + 5.25%	09/30/30	EUR		14,861		15,314			17,186		(6) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals		S + 5.25%	10/01/29			4,892		(99	)		(73	)	(6) (8) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	9.56%	S + 5.25%	09/30/30			3,654		3,565			3,600		(6) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals		S + 5.25%	09/30/30			3,058		(14	)		(46	)	(6) (8) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	9.48%	S + 5.25%	09/30/30			3,058		2,793			2,775		(6) (8) (10)
Covetrus, Inc.	Pharmaceuticals	9.00%	S + 5.00%	10/13/29			2,531		2,534			2,253
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals	9.14%	S + 5.00%	12/18/31			68,464		67,366			66,924		(6) (10)
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals		S + 5.00%	12/18/31			9,980		(155	)		(225	)	(6) (8) (10)
Amspec Parent, LLC	Professional Services	7.50%	S + 3.50%	12/22/31			59,218		58,985			59,404
Amspec Parent, LLC	Professional Services	7.50%	S + 3.50%	12/22/31			9,124		3,615			3,673		(8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Ankura Consulting Group, LLC	Professional Services	7.66%	S + 3.50%	12/29/31	$		23,112	$	23,139		$	22,932		(9)
Berkeley Research Group LLC	Professional Services	7.25%	S + 3.25%	05/01/32			14,400		14,385			14,414
Engage2Excel, Inc.	Professional Services	10.37%	S + 6.50%	07/01/29			19,939		19,701			19,540		(6) (10)
Engage2Excel, Inc.	Professional Services	10.37%	S + 6.50%	07/01/29			1,650		806			792		(6) (8) (10)
Grant Thornton Advisors LLC	Professional Services	7.16%	S + 3.00%	06/02/31			9,000		9,034			8,979
iCIMS, Inc.	Professional Services	10.07%	S + 5.75%	08/18/28			34,646		34,315			33,087		(10)
iCIMS, Inc.	Professional Services	10.57%	S + 6.25%	08/18/28			6,000		5,936			5,805		(10)
iCIMS, Inc.	Professional Services	10.07%	S + 5.75%	08/18/28			3,067		829			721		(8) (10)
PAS Parent Inc. (dba Pace Analytical)	Professional Services	8.66%	S + 4.50%	08/18/32			59,271		58,903			58,899		(6)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/32			31,856		(157	)		(159	)	(6) (8)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/32			12,725		(115	)		(117	)	(6) (8)
Westwood Professional Services Inc.	Professional Services	8.50%	S + 4.50%	09/19/31			80,776		80,058			79,968		(6) (10)
Westwood Professional Services Inc.	Professional Services	8.50%	S + 4.50%	09/19/31			23,596		7,853			7,744		(6) (8) (10)
Westwood Professional Services Inc.	Professional Services		S + 4.50%	09/19/31			12,239		(105	)		(122	)	(6) (8) (10)
Accommodations Plus Technologies LLC	Software	8.70%	S + 4.50%	05/28/32			26,745		26,488			26,478		(6) (10)
Accommodations Plus Technologies LLC	Software		S + 4.50%	05/28/32			4,125		(39	)		(41	)	(6) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.66%	S + 4.50%	08/29/31			11,830		11,726			11,712		(6) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31			2,366		(10	)		(24	)	(6) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31			1,479		(13	)		(15	)	(6) (8) (10)
Aptean, Inc.	Software	8.78%	S + 4.75%	01/30/31			122,630		121,845			122,017		(6) (10)
Aptean, Inc.	Software		S + 4.75%	01/30/31			12,469		(51	)		(62	)	(6) (8) (10)
Aptean, Inc.	Software	9.77%	S + 4.75%	01/30/31			8,357		758			770		(6) (8) (10)
Arches Buyer Inc.	Software		S + 3.25%	12/06/27			5,984		5,984			5,987		(9)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.00%	S + 5.00%	07/01/30			8,671		8,509			8,627		(6) (10)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.00%	S + 5.00%	07/01/30			568		563			566		(6) (10)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.00%	S + 5.00%	07/01/30			550		539			547		(6) (10)
Artifact Bidco, Inc. (dba Avetta)	Software	8.25%	S + 4.25%	07/28/31			28,177		27,932			28,036		(6) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.25%	07/28/31			6,897		(29	)		(34	)	(6) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.25%	07/26/30			3,350		(27	)		(17	)	(6) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.25%	07/26/30			1,576		(13	)		(8	)	(6) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.50%	S + 4.50%	07/14/31			35,400		35,093			35,046		(6) (7) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31			16,857		(70	)		(169	)	(6) (7) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31			6,743		(56	)		(67	)	(6) (7) (8) (10)
Clover Holdings 2 LLC	Software	7.94%	S + 3.75%	12/09/31			19,280		19,278			19,274
ConnectWise, LLC	Software	7.76%	S + 3.50%	09/29/28			20,355		20,409			20,376		(9)
Convenient Payments Acquisition, Inc.	Software	10.16%	S + 6.00%	12/31/26			13,462		13,378			13,361		(6) (10)
Convenient Payments Acquisition, Inc.	Software	10.16%	S + 6.00%	12/31/26			1,980		1,654			1,652		(6) (8) (10)
Convenient Payments Acquisition, Inc.	Software	10.17%	S + 6.00%	12/31/26			990		208			207		(6) (8) (10)
Crewline Buyer, Inc. (dba New Relic)	Software	10.91%	S + 6.75%	11/08/30			61,726		60,485			61,108		(6) (10)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30			6,165		(113	)		(62	)	(6) (8) (10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
Dawn Bidco, LLC (dba Dayforce)	Software		S + 3.00%	10/07/32	$		275,000	$	—		$	—		(8)
Dawn Bidco, LLC (dba Dayforce)	Software		S + 2.75%	08/20/30			25,000		—			—		(8)
Drake Software, LLC	Software	8.41%	S + 4.25%	06/26/31			3,290		3,253			3,285
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.75%	07/30/32			33,589		—			—		(6) (8)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	08/19/32			7,924		—			—		(6) (8)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	07/30/29			2,957		—			—		(6) (8)
First Advantage Holdings, LLC	Software	6.91%	S + 2.75%	10/31/31			514		516			500		(7)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.06%	S + 5.75% (Incl. 2.25% PIK)	01/17/31			20,901		20,738			20,901		(6) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.56%	S + 5.25% (Incl. 2.25% PIK)	01/17/31			5,627		5,579			5,599		(6) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		P + 4.25%	01/17/31			2,895		(22	)		(14	)	(6) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.75% (Incl. 2.25% PIK)	01/17/31			968		(8	)		(22	)	(6) (8) (10)
Hyland Software, Inc.	Software	9.16%	S + 5.00%	09/19/30			93,804		92,713			93,804		(6) (10)
Hyland Software, Inc.	Software		S + 5.00%	09/19/29			4,525		(47	)		—		(6) (8) (10)
iSolved Inc	Software	6.91%	S + 2.75%	10/15/30			19,084		19,221			19,122
Javelin Buyer, Inc.	Software	7.06%	S + 2.75%	12/05/31			19,088		19,217			19,060		(9)
KPA Parent Holdings, Inc.	Software	8.91%	S + 4.75%	03/12/32			25,988		25,743			25,728		(6) (10)
KPA Parent Holdings, Inc.	Software		S + 4.75%	03/12/32			3,713		(17	)		(37	)	(6) (8) (10)
KPA Parent Holdings, Inc.	Software		S + 4.75%	03/12/32			2,599		(24	)		(26	)	(6) (8) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	10.03%	S + 6.00% (Incl. 3.25% PIK)	12/18/31			102,135		100,318			99,837		(6) (7) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.02%	E + 6.00% (Incl. 3.25% PIK)	12/18/31	EUR		23,636		24,139			27,126		(6) (7) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 6.00% (Incl. 3.25% PIK)	12/18/31			10,825		(193	)		(244	)	(6) (7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software	8.50%	S + 4.50%	09/27/32			23,966		23,787			23,786		(6)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/27/32			5,810		(22	)		(22	)	(6) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			2,905		(22	)		(22	)	(6) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			1,307		(10	)		(10	)	(6) (8)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32			100,161		—			—		(6) (8)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32			26,057		—			—		(6) (8)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32			15,634		—			—		(6) (8)
NAVEX TopCo, Inc.	Software	9.41%	S + 5.25%	11/08/30			45,261		44,542			45,148		(6) (10)
NAVEX TopCo, Inc.	Software		S + 5.25%	11/09/28			4,050		(51	)		(10	)	(6) (8) (10)
NC Topco, LLC (dba NContracts)	Software	8.66%	S + 4.50%	09/01/31			40,867		40,515			40,458		(6) (10)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31			11,630		(49	)		(116	)	(6) (8) (10)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31			4,652		(39	)		(47	)	(6) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.64%	N + 4.50%	05/03/29	NOK		135,598		12,679			13,520		(6) (7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.82%	S + 4.50%	05/03/29			79,762		23,929			23,530		(6) (7) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.50%	S + 4.50%	05/03/29			54,874		54,693			54,600		(6) (7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.50%	S + 4.50%	05/03/29			18,171		18,171			18,080		(6) (7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.56%	S + 4.50%	05/03/29			12,846		12,089			12,068		(6) (7) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29			12,180		(38	)		(61	)	(6) (7) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.47%	SN + 4.50%	05/03/29	GBP		6,187		7,859			8,279		(6) (7) (10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
North Star Acquisitionco, LLC (dba Everway)	Software	8.50%	S + 4.50%	05/03/29	$		1,664	$	1,664		$	1,656		(6) (7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.62%	S + 4.50%	05/03/29			1,332		502			496		(6) (7) (8) (10)
Onyx CenterSource, Inc.	Software	9.69%	S + 5.25%	12/14/29			21,835		21,407			21,617		(6) (10)
Onyx CenterSource, Inc.	Software	9.69%	S + 5.25%	12/14/29			1,650		1,509			1,524		(6) (8) (10)
Physician Partners LLC	Software	8.15%	S + 4.00% (Incl. 2.50% PIK)	12/31/29			432		416			188
Physician Partners LLC	Software	9.65%	S + 5.50% (Incl. 4.00% PIK)	12/31/30			271		260			53
Physician Partners LLC	Software	10.00%	S + 6.00%	12/31/29			123		123			100
Project Boost Purchaser, LLC	Software	7.07%	S + 2.75%	07/16/31			23,040		23,123			22,968
Project Maroon, LLC (dba Jeppesen)	Software		S + 4.75%	04/22/32			226,662		—			—		(6) (8)
Project Maroon, LLC (dba Jeppesen)	Software		S + 4.75%	04/22/32			11,333		—			—		(6) (8)
Quartz Acquireco LLC	Software	6.25%	S + 2.25%	06/28/30			21,623		21,616			21,524
Renaissance Holding Corp.	Software	8.16%	S + 4.00%	04/05/30			98,534		98,035			85,088		(6)
Runway Bidco, LLC (dba Redwood Software)	Software	9.00%	S + 5.00%	12/17/31			50,060		49,601			49,684		(6) (10)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			12,500		(56	)		(94	)	(6) (8) (10)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			6,250		(55	)		(47	)	(6) (8) (10)
Singlewire Software, LLC	Software	9.00%	S + 5.00%	05/10/29			17,252		16,890			17,079		(6) (10)
Singlewire Software, LLC	Software		S + 5.00%	05/10/29			3,226		(59	)		(32	)	(6) (8) (10)
UKG Inc.	Software	6.81%	S + 2.50%	02/10/31			19,125		19,159			19,100
Vamos Bidco, Inc. (dba VIP)	Software	8.75%	S + 4.75%	01/30/32			52,331		51,845			51,807		(6) (10)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			21,859		(99	)		(219	)	(6) (8) (10)
Vamos Bidco, Inc. (dba VIP)	Software	9.84%	S + 4.75%	01/30/32			6,558		2,126			2,120		(6) (8) (10)
World Wide Technology Holding Co. LLC	Software	6.16%	S + 2.00%	03/01/30			31,801		31,983			31,841		(9)
Zelis Payments Buyer, Inc.	Software	7.41%	S + 3.25%	11/26/31			4,541		4,556			4,538
Foundation Building Materials Holding Company, LLC	Specialty Retail	7.82%	S + 3.25%	01/31/28			4,919		4,868			4,921
Harbor Freight Tools USA, Inc.	Specialty Retail	6.41%	S + 2.25%	06/11/31			11,973		11,797			11,748		(9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail		S + 5.00%	06/02/31			129,542		(303	)		(648	)	(6) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.00%	S + 5.00%	06/02/31			76,254		75,603			76,254		(6) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.00%	S + 5.00%	06/02/31			41,782		29,219			29,528		(6) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail		S + 5.00%	05/31/30			9,803		(77	)		—		(6) (8) (10)
Ahead DB Holdings, LLC	Technology Hardware & Equipment	6.75%	S + 2.75%	02/03/31			14,636		14,552			14,643
Chamberlain Group Inc	Technology Hardware & Equipment	7.16%	S + 3.00%	09/08/32			20,707		20,728			20,716		(9)
McAfee, LLC	Technology Hardware & Equipment	7.22%	S + 3.00%	03/01/29			17,858		17,873			17,027
Virtusa Corporation	Technology Hardware & Equipment	7.41%	S + 3.25%	02/15/29			5,920		5,921			5,838
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	10/28/32			142,588		—			—		(6) (8)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	10/28/32			21,242		—			—		(6) (8)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	10/28/32			11,169		—			14		(6) (8)
Champ Acquisition Corporation	Textiles, Apparel & Luxury Goods	8.17%	S + 4.00%	11/25/31			14,315		14,513			14,395		(9)
Ortholite, LLC	Textiles, Apparel & Luxury Goods	10.41%	S + 6.25%	09/29/27			43,291		42,307			43,074		(6) (10)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.91%	S + 5.75%	10/07/30			65,157		63,882			63,854		(6) (10)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.91%	S + 5.75%	10/07/30			51,607		35,637			35,489		(6) (8) (10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (5)		Cost			Fair Value			Footnotes
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.50%	S + 5.50% (Incl. 2.25% PIK)	12/31/29	$		181,657	$	179,544		$	168,487		(6) (10)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.25%	S + 5.25%	12/31/29			20,916		5,198			3,922		(6) (8) (10)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.50%	S + 5.50%	12/31/29			12,586		1,345			513		(6) (8) (10)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	9.00%	S + 5.00% (Incl. 1.75% PIK)	04/09/30			115,337		115,178			113,607		(6) (10)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 5.00% (Incl. 1.75% PIK)	04/09/30			6,761		(7	)		(101	)	(6) (8) (10)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.25%	S + 5.25%	06/23/31			42,590		42,038			42,164		(6) (10)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.34%	S + 5.25%	06/23/31			23,789		23,473			23,551		(6) (10)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors		S + 5.25%	06/21/30			4,780		(57	)		(48	)	(6) (8) (10)
Deep Blue Operating I LLC	Water Utilities		S + 2.75%	10/01/32			15,300		15,292			15,300		(9)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.71%	S + 5.25%	03/31/27			4,408		1,236			1,223		(6) (8) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.71%	S + 5.25%	03/31/27			4,397		4,358			4,353		(6) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.71%	S + 5.25%	03/31/27			4,397		4,358			4,353		(6) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.71%	S + 5.25%	03/31/27			2,748		2,724			2,720		(6) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services		S + 5.25%	03/31/27			551		(5	)		(6	)	(6) (8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	8.16%	S + 4.00%	05/28/30			25,000		4,883			4,875		(8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	8.16%	S + 4.00%	05/28/30			25,000		19,882			19,875		(8) (10)
Total 1st Lien/Senior Secured Debt									10,185,894			10,149,097
1st Lien/Last-Out Unitranche (12) - 3.5%
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.41%	S + 6.25%	12/07/28			46,916	$	46,591		$	46,681		(6) (10)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.41%	S + 6.25%	12/07/28			28,084		24,771			24,819		(6) (8) (10)
K2 Towers III, LLC	Wireless Telecommunication Services	10.57%	S + 6.55%	12/06/28			68,000		67,307			67,434		(6) (8) (10)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	8.93%	S + 4.76%	12/22/28			23,753		23,610			23,516		(6)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services		S + 4.76%	12/22/28			19,456		(154	)		(195	)	(6) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.75%	S + 4.58%	02/01/29			21,998		21,837			21,888		(6) (10)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.75%	S + 4.58%	02/01/29			13,003		5,476			5,500		(6) (8) (10)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.41%	S + 7.00%	08/24/28			46,667		46,249			46,433		(6) (10)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.37%	S + 7.00%	08/24/28			28,333		22,098			22,192		(6) (8) (10)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	7.99%	S + 3.75%	08/31/28			19,000		16,751			16,834		(6) (8) (10)
Total 1st Lien/Last-Out Unitranche									274,536			275,102

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity	Par (5)		Cost		Fair Value		Footnotes
2nd Lien/Senior Secured Debt - 0.7%
Sazerac Company, Inc.	Beverages	6.70%	S + 2.50%	07/09/32	$	17,025	$	17,086	$	17,120
Colossus Acquireco LLC	Oil, Gas & Consumable Fuels	5.87%	S + 1.75%	07/30/32		22,950		22,873		22,803
Beach Acquisition Bidco LLC	Textiles, Apparel & Luxury Goods		S + 3.25%	09/12/32		15,000		15,124		15,062	(9)
Total 2nd Lien/Senior Secured Debt								55,083		54,985
Total United States							$	10,515,513	$	10,479,184
Total Debt Investments							$	11,583,637	$	11,559,497


Investment (1) (2)	Industry (3)	Effective Yield	Initial Acquisition Date(11)	Maturity	Shares(5)		Cost		Fair Value		Footnotes
Equity and Other - 0.7%
Cayman Islands - 0.6%
Structured Finance Obligation – Equity Instruments - 0.6%
Diameter Capital CLO 11, Ltd. - Subordinated Notes	Financial Services	8.80%	08/04/25	07/20/38	$	8,770	$	8,770	$	8,672	(7)
Madison Park Funding LXX, Ltd. - Subordinated Notes	Financial Services	11.18%	07/09/25	09/04/38		20,090		18,633		18,909	(7)
Octagon 78, Ltd. - Subordinated Notes	Financial Services	9.71%	07/09/25	10/20/38		23,344		20,085		20,211	(7)
Total Structured Finance Obligation – Equity								47,488		47,792
Total Cayman Islands								47,488		47,792
United States - 0.1%
Common Stock - 0.1%
VisionSafe Parent, LLC	Aerospace & Defense		04/19/24			660	$	660	$	672	(6) (10) (16)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services		04/26/24			4,554,000		4,554		3,552	(6) (10) (14) (16)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			20,103,551		—		—	(10) (14) (16)
Total Common Stock								5,214		4,224
Preferred Stock - 0.0%
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			9,754,188	$	3,101	$	—	(10) (14) (16)
Total Preferred Stock								3,101		—
Membership Interest - 0.0%
BX Frontier Member I Holdings LLC	Oil, Gas & Consumable Fuels		09/22/25		3%		$	—	$	—	(6) (7) (8) (16)
Total Membership Interest								—		—
Total United States							$	8,315	$	4,224
Total Equity and Other							$	55,803	$	52,016
Total Investments - 146.1%							$	11,639,440	$	11,611,513
Investments in Affiliated Money Market Fund - 6.5%
United States - 6.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares						518,157,186	$	518,157	$	518,157	(17) (18)
Total United States							$	518,157	$	518,157
Total Investments in Affiliated Money Market Fund								518,157		518,157
Total Investments and Investments in Affiliated Money Market Fund - 152.6%							$	12,157,597	$	12,129,670

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of September 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

(1)

Percentages are based on net assets.

(2)

Assets are pledged as collateral to the Company's credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. See Note 6 “Debt.”

(3)

For Industry subtotal and percentage, see Note 4 “Investments.”

(4)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments represent the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), SARON (“SARON”), BBSW (“B”), STIBOR (“STIBOR”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of September 30, 2025, the rate for 6 month S was 3.85%, 3 month S was 3.98%, 1 month S was 4.13%, 6 month E was 2.10%, 3 month E was 2.03%, 3 month SN was 3.97%, 3 month N was 4.00%, 3 month C was 2.45%, 3 month SARON was (0.05)%, 3 month B was 3.58%, 2 month B was 3.55%, 1 month B was 3.54%, 3 month STIBOR was 1.89% and 3 month P was 7.25%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025.

(5)

Par amount is presented for debt investments, while the number of shares or units or percentage of membership interests owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or "USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Australian Dollars (“AUD”), Swiss Franc (“CHF”), Norwegian Kroner (“NOK”), Swedish Krona (“SEK”),or Canadian Dollars (“CAD”).

(6)

Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). See Note 3 “Significant Agreements and Related Party Transactions.”

(7)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, the aggregate fair value of these securities is $1,806,905 or 14.6% of the Company’s total assets.

(8)

Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies.”

(9)

Position or portion thereof unsettled as of September 30, 2025.

(10)

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement.”

(11)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities.” As of September 30, 2025, the aggregate fair value of these securities is $203,996 or 2.6% of the Company's net assets. The initial acquisition dates have been included for such securities.

(12)

In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(13)

The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.

(14)

As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions.”

(15)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.

(16)

Non-income producing security.

(17)

The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions.”

(18)

The annualized seven-day yield as of September 30, 2025 is 4.03%.

PIK - Payment-In-Kind

ADDITIONAL INFORMATION


Interest Rate Swaps

Counterparty	Hedged Instrument	Company Receives	Company Pays	Frequency	Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Unrealized appreciation/ (depreciation)
Bank of America	2028 Notes	5.88%	S + 2.37%	Semiannual	04/06/28	$	400,000	$	775	$	—	$	775
Bank of America	2030 Notes	6.25%	S + 2.71%	Semiannual	04/06/30		600,000		2,347		—		2,347
Total Interest Rate Swaps						$	1,000,000	$	3,122	$	—	$	3,122

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024

(in thousands, except share and per share amounts)


Investment (1) (5)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Debt Investments - 148.2%
Canada - 3.3%
1st Lien/Senior Secured Debt - 3.3%
Recochem, Inc	Chemicals	9.66%	C + 5.75%	11/01/30	CAD		57,749	$	40,925		$	40,174		(6) (7) (8)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30	$		25,359		24,883			25,359		(6) (7) (8)
Recochem, Inc	Chemicals	9.54%	C + 5.75%	11/01/30	CAD		14,168		179			263		(6) (7) (8) (9)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30			12,765		12,540			12,765		(6) (7) (8)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30	CAD		9,446		1,302			1,358		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.86%	S + 6.00%	02/01/27			61,429		61,180			61,122		(6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.86%	S + 6.00%	02/01/27			5,892		1,461			1,432		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services		S + 6.00%	02/01/27			3,326		—			(16	)	(6) (7) (8) (9)
iWave Information Systems, Inc.	Software	11.12%	S + 6.75%	11/23/28			19,217		18,853			18,832		(7) (8)
iWave Information Systems, Inc.	Software		S + 6.75%	11/23/28			2,391		(42	)		(48	)	(7) (8) (9)
Total 1st Lien/Senior Secured Debt									161,281			161,241
Total Canada								$	161,281		$	161,241
Switzerland - 0.4%
1st Lien/Last-Out Unitranche (13) - 0.4%
Esperanto BidCo AG (dba BSI Software)	Software		SARON + 5.00%	09/27/31	CHF		24,087	$	(399	)	$	(464	)	(6) (7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	6.21%	SARON + 5.00%	09/27/31	CHF		9,074		10,536			9,823		(6) (7) (8)
Esperanto BidCo AG (dba BSI Software)	Software	8.15%	E + 5.00%	09/27/31	EUR		6,929		7,510			7,052		(6) (7) (8)
Esperanto BidCo AG (dba BSI Software)	Software	6.21%	SARON + 5.00%	09/27/31	CHF		2,561		2,974			2,773		(6) (7) (8)
Total 1st Lien/Last-Out Unitranche									20,621			19,184
Total Switzerland								$	20,621		$	19,184
United Kingdom - 3.1%
1st Lien/Senior Secured Debt - 3.1%
INEOS Quattro Holdings UK Ltd	Chemicals	8.61%	S + 4.25%	10/07/31	$		1,909	$	1,908		$	1,925		(7)
Ardonagh Midco 3 PLC	Insurance	8.39%	E + 4.75%	02/17/31	EUR		73,582		78,456			75,267		(7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.84%	B + 5.25%	10/04/32	AUD		16,301		10,868			9,888		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services		SN + 5.25%	10/06/31	GBP		15,214		(193	)		(381	)	(6) (7) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.07%	C + 5.25%	10/06/31	CAD		14,958		10,799			10,198		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	12.95%	SN + 8.00% PIK	10/04/32	GBP		12,144		15,630			14,899		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.85%	S + 5.25%	10/06/31			9,635		9,447			9,443		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.95%	SN + 5.25%	10/06/31	GBP		8,266		10,638			10,141		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	12.95%	SN + 8.00% PIK	10/04/32	GBP		7,176		9,236			8,804		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.95%	SN + 5.25%	10/06/31	GBP		5,984		7,700			7,342		(6) (7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.85%	S + 5.25%	10/06/31			4,665		4,574			4,572		(6) (7)
Total 1st Lien/Senior Secured Debt									159,063			152,098
Total United Kingdom								$	159,063		$	152,098
United States - 141.4%
1st Lien/Senior Secured Debt - 136.5%
Bleriot US Bidco Inc.	Aerospace & Defense	7.08%	S + 2.75%	10/31/30	$		5,484	$	5,510		$	5,509
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.49%	S + 5.00%	01/09/30			35,034		34,195			34,684		(8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28			3,689		(71	)		(37	)	(8) (9)
Kaman Corporation	Aerospace & Defense	7.83%	S + 3.50%	04/21/31			5,586		5,620			5,617		(10)
Propulsion (BC) Finco S.a.r.l.	Aerospace & Defense	7.58%	S + 3.25%	09/14/29			11,668		11,746			11,768		(10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
VisionSafe Holdings, Inc.	Aerospace & Defense	10.52%	S + 6.00%	04/19/30	$		8,794	$	8,634		$	8,619		(6) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 6.00%	04/19/30			1,320		(23	)		(26	)	(6) (8) (9)
Autokiniton US Holdings, Inc.	Automobile Components	8.47%	S + 4.00%	04/06/28			15,963		16,017			15,840
BBB Industries LLC	Automobile Components	9.68%	S + 5.25%	07/25/29			392		377			347
Clarios Global LP	Automobile Components	6.86%	S + 2.50%	05/06/30			5,499		5,532			5,516
Dealer Tire Financial, LLC	Automobile Components	7.86%	S + 3.50%	07/02/31			7,971		8,022			7,971		(10)
DexKo Global Inc.	Automobile Components	8.34%	S + 3.75%	10/04/28			3,986		3,938			3,756		(7)
First Advantage Holdings, LLC	Automobile Components	7.61%	S + 3.25%	10/31/31			525		528			530		(7)
First Brands Group, LLC	Automobile Components	9.85%	S + 5.00%	03/30/27			7,152		7,085			6,699
First Brands Group, LLC	Automobile Components	9.85%	S + 5.00%	03/30/27			24		24			23
Mavis Tire Express Services Corp.	Automobile Components	7.86%	S + 3.50%	05/04/28			9,588		9,617			9,642		(10)
Truck Hero, Inc.	Automobile Components	7.97%	S + 3.50%	01/31/28			245		238			237
American Builders & Contractors Supply Co., Inc.	Building Products	6.11%	S + 1.75%	01/31/31			26,941		27,041			27,009		(10)
Chamberlain Group Inc	Building Products	7.71%	S + 3.25%	11/03/28			13,438		13,492			13,502		(10)
Icebox Holdco III, Inc.	Building Products	8.09%	S + 3.50%	12/22/28			9,572		9,601			9,630		(10)
MI Windows and Doors, LLC	Building Products	7.36%	S + 3.00%	03/28/31			12,780		12,892			12,890
Oscar AcquisitionCo, LLC	Building Products	8.50%	S + 4.25%	04/29/29			11,965		11,889			11,821
Potters Industries, LLC	Building Products	8.11%	S + 3.75%	12/14/27			11,231		11,310			11,325		(10)
Quikrete Holdings, Inc.	Building Products	6.61%	S + 2.25%	03/19/29			26,921		27,002			26,890
Standard Industries, Inc.	Building Products	6.11%	S + 1.75%	09/22/28			16,267		16,323			16,292
Vector WP Holdco, Inc.	Building Products	9.47%	S + 5.00%	10/12/28			219		217			217
White Cap Buyer LLC	Building Products	7.61%	S + 3.25%	10/19/29			13,500		13,537			13,511		(10)
Wilsonart LLC	Building Products	8.58%	S + 4.25%	08/05/31			748		739			749
Cube Industrials Buyer, Inc.	Capital Goods	8.13%	S + 3.50%	10/17/31			3,200		3,211			3,216
AAP Buyer Inc.	Chemicals	7.61%	S + 3.25%	09/09/31			6,400		6,434			6,440
Albaugh, LLC	Chemicals	8.11%	S + 3.75%	04/06/29			2,234		2,229			2,225
Ascend Performance Materials Operations, LLC	Chemicals	9.10%	S + 4.75%	08/27/26			2,091		2,058			1,776
Formulations Parent Corporation (dba Chase Corp)	Chemicals	10.27%	S + 5.75%	11/15/30			54,001		53,046			52,921		(6) (8)
Formulations Parent Corporation (dba Chase Corp)	Chemicals		S + 5.75%	11/15/29			9,068		(148	)		(181	)	(6) (8) (9)
Illuminate Buyer, LLC	Chemicals	7.36%	S + 3.00%	12/31/29			19,956		20,023			20,094		(10)
INEOS Enterprises Holdings US Finco, LLC	Chemicals	8.36%	S + 3.75%	07/08/30			14,915		14,952			14,933		(7)
Innophos, Inc.	Chemicals	8.72%	S + 4.25%	03/16/29			11,962		11,948			11,957		(10)
LSF11 A5 Holdco, LLC	Chemicals	7.97%	S + 3.50%	10/15/28			17,965		18,008			18,055
Olympus Water US Holding Corporation	Chemicals	7.34%	S + 3.00%	06/20/31			7,898		7,931			7,915
Sparta U.S. HoldCo LLC	Chemicals	7.34%	S + 3.00%	08/02/30			3,502		3,515			3,523
W.R. Grace & Co.-Conn.	Chemicals	7.58%	S + 3.25%	09/22/28			7,988		8,040			8,052		(10)
AlixPartners, LLP	Commercial Services & Supplies	6.97%	S + 2.50%	02/04/28			21,827		21,911			21,890
Allied Universal Holdco LLC	Commercial Services & Supplies	8.21%	S + 3.75%	05/12/28			5,957		5,912			5,972		(10)
Amentum Government Services Holdings LLC	Commercial Services & Supplies	6.61%	S + 2.25%	09/29/31			6,300		6,311			6,274		(7)
ASM Buyer, Inc.	Commercial Services & Supplies	10.02%	S + 5.50% (Incl 2.75% PIK)	08/22/31			85,597		83,346			84,741		(6) (8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
ASM Buyer, Inc.	Commercial Services & Supplies	9.41%	S + 5.00%	08/22/30	$		10,000	$	821		$	900		(6) (8) (9)
ASM Buyer, Inc.	Commercial Services & Supplies		S + 5.50% (Incl 2.75% PIK)	08/22/31			5,000		(46	)		(50	)	(6) (8) (9)
BEP Intermediate Holdco LLC (dba Buyers Edge)	Commercial Services & Supplies	7.61%	S + 3.25%	04/25/31			46,293		46,083			46,553
Covanta Holding Corporation	Commercial Services & Supplies	7.02%	S + 2.50%	11/30/28			2,500		2,504			2,503
Covanta Holding Corporation	Commercial Services & Supplies	7.02%	S + 2.50%	11/30/28			137		138			137
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.84%	S + 5.25%	02/07/31			41,689		40,932			41,273		(6) (8)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.59%	S + 5.25%	02/07/31			18,539		1,746			1,743		(6) (8) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31			5,562		(98	)		(56	)	(6) (8) (9)
Madison IAQ LLC	Commercial Services & Supplies	7.89%	S + 2.75%	06/21/28			7,466		7,479			7,486
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.72%	S + 6.25%	11/28/31			12,283		12,100			12,098		(6) (7)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.95%	SN + 6.25% PIK	11/28/31	GBP		5,206		6,526			6,420		(6) (7)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	9.13%	E + 6.25%	11/28/31	EUR		4,649		4,840			4,743		(6) (7)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies		S + 6.25%	11/28/31	GBP		2,421		(19	)		(23	)	(6) (7) (9)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.15%	S + 4.75%	12/15/31			107,928		106,879			106,849		(6)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies		S + 4.75%	12/15/31			34,537		(171	)		(173	)	(6) (9)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.15%	S + 4.75%	12/15/31			14,678		1,581			1,580		(6) (9)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29			10,316		10,105			10,265		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.25%	S + 5.75%	08/01/29			5,611		5,527			5,401		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies		S + 5.75%	08/01/29			4,750		(35	)		(178	)	(6) (8) (9)
Superior Environmental Solutions	Commercial Services & Supplies	11.00%	S + 6.50%	08/01/29			3,134		3,061			3,118		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29			2,755		577			613		(6) (8) (9)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29			1,555		1,522			1,548		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29			518		507			516		(6) (8)
Thevelia (US), LLC	Commercial Services & Supplies	7.58%	S + 3.25%	06/18/29			3,518		3,539			3,536		(7)
USA DeBusk, LLC	Commercial Services & Supplies	9.61%	S + 5.25%	04/30/31			81,194		80,060			80,788		(6) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.89%	S + 5.25%	04/30/31			29,939		3,140			3,218		(6) (8) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.59%	S + 5.25%	04/30/30			11,227		3,217			3,312		(6) (8) (9)
Vaco Holdings, LLC	Commercial Services & Supplies	9.48%	S + 5.00%	01/21/29			4,391		4,298			4,050
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.11%	S + 5.75%	05/01/29			93,871		93,295			93,167		(6) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.11%	S + 5.75%	05/01/29			9,904		5,057			5,043		(6) (8) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 5.75%	05/01/29			8,253		(49	)		(62	)	(6) (8) (9)
Wand NewCo 3, Inc.	Commercial Services & Supplies	7.61%	S + 3.25%	01/30/31			11,468		11,526			11,503
Brown Group Holding, LLC	Construction & Engineering	7.00%	S + 2.50%	07/01/31			10,204		10,259			10,226		(10)
Brown Group Holding, LLC	Construction & Engineering	6.86%	S + 2.50%	07/01/31			7,756		7,770			7,779		(10)
Chromalloy Corporation	Construction & Engineering	8.35%	S + 3.75%	03/27/31			13,451		13,319			13,454		(10)
DG Investment Intermediate Holdings 2, Inc.	Construction & Engineering	8.22%	S + 3.75%	03/31/28			11,969		11,998			12,064		(10)
Energize HoldCo, LLC	Construction & Engineering	7.97%	S + 3.50%	12/08/28			17,943		18,032			18,078		(10)
Geotechnical Merger Sub, Inc.	Construction & Engineering	9.41%	S + 4.75%	10/15/31			38,313		37,938			37,930		(6)
Geotechnical Merger Sub, Inc.	Construction & Engineering		S + 4.75%	10/15/31			14,190		(69	)		(71	)	(6) (9)
Geotechnical Merger Sub, Inc.	Construction & Engineering	9.27%	S + 4.75%	10/15/31			5,321		1,722			1,721		(6) (9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
KKR Apple Bidco, LLC	Construction & Engineering	7.22%	S + 2.75%	09/22/28	$		11,962	$	11,975		$	12,015
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.10%	S + 4.75%	10/24/30			33,962		7,720			7,755		(6) (7) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.12%	B + 4.75%	10/24/30	AUD		33,598		22,093			20,587		(6) (7)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		B + 4.75%	10/24/30			3,396		(33	)		(34	)	(6) (7) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.86%	S + 4.50%	08/29/31			28,238		28,101			28,096		(6) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			9,192		(22	)		(46	)	(6) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,070		(19	)		(20	)	(6) (8) (9)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.33%	S + 6.00%	10/04/30			62,661		61,291			62,034		(6) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			7,366		(147	)		(74	)	(6) (8) (9)
IRB Holding Corp.	Consumer Staples Distribution & Retail	6.86%	S + 2.50%	12/15/27			10,989		11,001			10,991		(10)
Buffalo Merger Sub, LLC (dba Oliver Packaging)	Containers & Packaging	9.82%	S + 5.25%	11/01/30			74,981		73,880			73,857		(6)
Buffalo Merger Sub, LLC (dba Oliver Packaging)	Containers & Packaging		S + 5.25%	11/01/30			8,719		(127	)		(131	)	(6) (9)
Charter NEX US, Inc.	Containers & Packaging	7.53%	S + 3.00%	12/01/27			7,450		7,466			7,483
Clydesdale Acquisition Holdings, Inc.	Containers & Packaging	7.53%	S + 3.18%	04/13/29			13,488		13,536			13,502		(10)
LABL, Inc.	Containers & Packaging	9.46%	S + 5.00%	10/29/28			147		147			142
Pregis TopCo Corporation	Containers & Packaging	8.36%	S + 4.00%	07/31/26			11,963		12,034			12,022		(10)
Proampac PG Borrower LLC	Containers & Packaging	8.60%	S + 4.00%	09/15/28			9,586		9,652			9,605
Reynolds Group Holdings, Inc.	Containers & Packaging	6.86%	S + 2.50%	09/24/28			11,008		11,038			11,046		(7) (10)
TricorBraun Holdings, Inc.	Containers & Packaging	7.72%	S + 3.25%	03/03/28			5,477		5,435			5,468		(10)
Trident TPI Holdings, Inc.	Containers & Packaging		S + 3.75%	09/15/28			7,550		7,654			7,607		(10)
BCPE Empire Holdings, Inc.	Distributors	7.86%	S + 3.50%	12/11/28			5,197		5,213			5,219
CD&R Hydra Buyer Inc.	Distributors	8.46%	S + 4.00%	03/25/31			2,212		2,224			2,217
DFS Holding Company, Inc.	Distributors	10.50%	S + 6.25%	01/31/29			39,842		38,923			39,344		(8)
DFS Holding Company, Inc.	Distributors	10.50%	S + 6.25%	01/31/29			8,411		2,793			2,815		(8) (9)
Fluid-Flow Products, Inc.	Distributors	8.22%	S + 3.75%	03/31/28			13,434		13,515			13,508		(10)
Veritiv Corporation	Distributors	8.83%	S + 4.50%	11/30/30			9,152		9,121			9,173		(10)
Windsor Holdings III, LLC	Distributors	7.86%	S + 3.50%	08/01/30			5,490		5,519			5,548
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.33%	S + 6.00%	04/26/29			17,731		17,414			17,376		(6) (8) (11)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.54%	S + 6.00%	04/26/29			8,250		2,134			2,112		(6) (8) (9) (11)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.48%	S + 6.00%	04/26/29			1,650		813			809		(6) (8) (9) (11)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.33%	S + 5.00%	06/06/31			90,180		89,719			89,729		(6) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.33%	S + 5.00%	06/06/31			29,771		3,262			3,427		(6) (8) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.36%	S + 5.00%	06/06/31			10,970		813			859		(6) (8) (9)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	9.46%	S + 5.00%	11/01/28			44,776		42,957			44,552		(8)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28			4,310		(166	)		(22	)	(8) (9)
Genuine Financial Holdings, LLC	Diversified Consumer Services	8.36%	S + 4.00%	09/27/30			11,968		11,977			12,088		(10)
Pre-Paid Legal Services, Inc.	Diversified Consumer Services	8.22%	S + 3.75%	12/15/28			13,461		13,534			13,538		(10)
Spotless Brands, LLC	Diversified Consumer Services	10.09%	S + 5.75%	07/25/28			32,192		31,394			32,192		(8)
Spotless Brands, LLC	Diversified Consumer Services	10.03%	S + 5.75%	07/25/28			4,991		4,879			4,991		(8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.61%	S + 5.00%	05/01/31			49,415		48,955			48,920		(6) (8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.46%	S + 5.00%	05/01/31	$		12,913	$	4,086		$	3,996		(6) (8) (9)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			7,538		(67	)		(75	)	(6) (8) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.96%	S + 7.50%	08/14/28			15,059		14,648			14,984		(6) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.92%	S + 7.50%	08/14/28			2,612		1,680			1,728		(6) (8) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 7.50%	08/14/28			435		(11	)		(2	)	(6) (8) (9)
Citadel Securities LP	Diversified Financial Services	6.33%	S + 2.00%	10/31/31			26,994		27,058			27,055		(10)
Edgewater Generation, LLC	Electric Utilities	8.59%	S + 4.25%	08/01/30			5,456		5,494			5,528
Lightning Power LLC	Electric Utilities	7.58%	S + 3.25%	08/18/31			8,978		9,082			9,067		(10)
LSF12 Crown US Commercial Bidco LLC	Electrical Equipment		S + 4.25%	12/02/31			8,000		8,017			7,965		(10)
Nvent Electric Public Limited Company	Electrical Equipment		S + 4.00%	09/12/31			5,275		5,306			5,326		(10)
Trystar, LLC	Electrical Equipment	9.03%	S + 4.50%	08/06/31			35,163		34,825			34,811		(6) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			12,558		(60	)		(126	)	(6) (8) (9)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			6,279		(59	)		(63	)	(6) (8) (9)
GIP Pilot Acquisition Partners LP	Energy Equipment & Services	7.09%	S + 2.50%	10/04/30			14,397		14,503			14,469		(10)
WhiteWater DBR HoldCo, LLC	Energy Equipment & Services	6.63%	S + 2.25%	03/03/31			9,593		9,646			9,632		(10)
Whitewater Whistler Holdings, LLC	Energy Equipment & Services	6.13%	S + 1.75%	02/15/30			12,175		12,267			12,198		(10)
Arcis Golf LLC	Entertainment	8.21%	S + 3.75%	11/24/28			11,897		11,997			12,031		(10)
Fender Musical Instruments Corporation	Entertainment	8.46%	S + 4.00%	12/01/28			2,875		2,848			2,805
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.83%	S + 5.50%	05/08/28			45,060		44,770			44,835		(6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.85%	S + 5.50%	05/08/28			5,992		1,458			1,462		(6) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.50%	05/08/28			5,940		(37	)		(30	)	(6) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.89%	S + 5.50%	05/08/28			1,965		1,935			1,955		(6) (8)
Advisor Group, Inc.	Financial Services	7.86%	S + 3.50%	08/17/28			4,062		4,078			4,074
AllSpring Buyer, LLC	Financial Services	7.38%	S + 3.25%	11/01/28			8,000		7,995			8,002
Computer Services, Inc.	Financial Services	9.75%	S + 5.25%	11/15/29			49,118		47,079			49,118		(8)
Coretrust Purchasing Group LLC	Financial Services	9.61%	S + 5.25%	10/01/29			37,192		35,964			37,006		(8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			5,526		(123	)		(28	)	(8) (9)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			5,526		(110	)		(28	)	(8) (9)
DRW Holdings, LLC	Financial Services	8.59%	S + 3.50%	06/26/31			17,489		17,507			17,475
Edelman Financial Center, LLC	Financial Services	7.36%	S + 3.00%	04/07/28			13,500		13,559			13,565		(10)
Eisner Advisory Group LLC	Financial Services	8.36%	S + 4.00%	02/28/31			8,072		8,134			8,147		(10)
Franklin Square Holdings, L.P.	Financial Services	6.61%	S + 2.25%	04/25/31			9,563		9,599			9,611		(10)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			36,677		35,568			36,677		(6) (8)
Fullsteam Operations LLC	Financial Services	11.65%	S + 7.00%	11/27/29			22,748		1,948			1,768		(6) (8) (9)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			11,542		11,229			11,542		(6) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			8,273		(60	)		(124	)	(6) (8) (9)
Fullsteam Operations LLC	Financial Services	11.66%	S + 7.00%	11/27/29			5,687		1,561			1,524		(6) (8) (9)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			5,130		4,993			5,130		(6) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			2,052		(51	)		—		(6) (8) (9)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			919		(7	)		(14	)	(6) (8) (9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Jefferies Finance LLC	Financial Services	7.36%	S + 3.00%	10/21/31	$		1,200	$	1,188		$	1,204
NEXUS Buyer LLC	Financial Services	8.36%	S + 4.00%	07/31/31			13,480		13,478			13,514		(10)
Priority Technology Holdings, Inc. (dba Priority Payment)	Financial Services	9.11%	S + 4.75%	05/16/31			157,027		156,399			157,076		(6) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.61%	S + 5.25%	02/24/31			34,825		34,508			34,477		(6) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31			5,000		(44	)		(50	)	(6) (8) (9)
Chobani, LLC	Food Products	7.72%	S + 3.25%	10/25/27			13,472		13,580			13,566		(10)
Eagle Family Foods Group Holdings, LLC	Food Products	9.59%	S + 5.00%	08/12/30			196,685		194,815			194,719		(6) (8)
Eagle Family Foods Group Holdings, LLC	Food Products		S + 5.00%	08/12/30			22,753		(213	)		(228	)	(6) (8) (9)
Froneri International Ltd.	Food Products	6.36%	S + 2.00%	01/29/27			810		805			810		(7)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.08%	S + 4.75%	12/11/30			111,072		109,419			109,406		(6)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.08%	S + 4.75%	12/11/30			17,538		2,662			2,660		(6) (9)
Kenan Advantage Group, Inc.	Ground Transportation	7.61%	S + 3.25%	01/25/29			9,922		9,955			9,965
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	8.28%	E + 5.50%	11/28/31	EUR		25,290		27,052			25,672		(6)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		S + 5.50%	11/28/31			12,695		(125	)		(127	)	(6) (9)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.93%	S + 5.50%	11/28/31			9,309		9,125			9,123		(6)
Medline Borrower, LP	Health Care Equipment & Supplies	6.61%	S + 2.25%	10/23/28			26,943		27,056			27,015		(10)
Zeus Company, Inc.	Health Care Equipment & Supplies	9.83%	S + 5.50%	02/28/31			69,794		68,837			69,096		(6) (8)
Zeus Company, Inc.	Health Care Equipment & Supplies	9.83%	S + 5.50%	02/28/31			13,050		4,447			4,437		(6) (8) (9)
Zeus Company, Inc.	Health Care Equipment & Supplies		S + 5.50%	02/28/30			9,788		(127	)		(98	)	(6) (8) (9)
Advarra Holdings, Inc.	Health Care Providers & Services	8.86%	S + 4.50%	09/15/31			76,833		76,461			76,449		(6) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.86%	S + 4.50%	09/15/31			41,790		41,588			41,581		(6) (8)
Advarra Holdings, Inc.	Health Care Providers & Services		S + 4.50%	09/15/31			7,087		(17	)		(35	)	(6) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.25%	S + 5.00%	08/07/31			55,632		55,083			54,797		(6) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			8,477		(131	)		(127	)	(6) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31			5,298		4,561			4,557		(6) (8) (9)
Electron BidCo, Inc.	Health Care Providers & Services	7.11%	S + 2.75%	11/01/28			13,500		13,553			13,539		(10)
Help At Home, Inc.	Health Care Providers & Services	9.36%	S + 5.00%	09/24/31			625		616			624
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.21%	S + 6.75%	06/13/28			8,682		8,488			8,552		(6) (8)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28			979		(20	)		(15	)	(6) (8) (9)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.65%	S + 5.00% (Incl. 6.65% PIK)	03/18/27			21,230		20,920			20,009		(6) (8) (11)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.65%	S + 5.00% (Incl. 6.65% PIK)	03/18/27			2,518		2,234			2,370		(6) (8) (9) (11) (12)
LifePoint Health, Inc.	Health Care Providers & Services	8.63%	S + 4.00%	05/17/31			3,716		3,716			3,720
LifePoint Health, Inc.	Health Care Providers & Services	8.41%	S + 3.75%	05/17/31			322		308			323
Netsmart Technologies, Inc.	Health Care Providers & Services	9.56%	S + 5.20% (Incl. 2.70% PIK)	08/25/31			178,891		177,188			177,102		(6) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			24,158		(230	)		(242	)	(6) (8) (9)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			23,684		(109	)		(237	)	(6) (8) (9)
Onex TSG Intermediate Corp.	Health Care Providers & Services	9.60%	S + 4.75%	02/28/28			7,125		7,160			7,170		(10)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.83%	S + 5.50%	06/15/27			14,576		14,276			14,430		(8)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.83%	S + 5.50%	06/15/27	$		7,378	$	7,229		$	7,304		(8)
Summit Behavioral Healthcare, LLC	Health Care Providers & Services	8.76%	S + 4.25%	11/24/28			1,316		1,317			1,053
US Radiology Specialists, Inc.	Health Care Providers & Services	9.08%	S + 4.75%	12/15/27			4,239		4,262			4,262
Athenahealth Group, Inc.	Health Care Technology	7.61%	S + 3.25%	02/15/29			4,974		4,969			4,980
Cotiviti Corporation	Health Care Technology	7.30%	S + 2.75%	05/01/31			13,479		13,539			13,538
HealthEdge Software, Inc.	Health Care Technology	9.13%	S + 4.75%	07/16/31			34,517		34,189			34,172		(6) (8)
HealthEdge Software, Inc.	Health Care Technology	9.15%	S + 4.75%	07/16/31			15,228		15,081			15,076		(6) (8)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31			4,580		(43	)		(46	)	(6) (8) (9)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	11.09%	S + 6.50%	09/12/29			23,477		23,269			23,242		(6) (8)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	11.07%	S + 6.50%	09/12/29			4,306		498			474		(6) (8) (9)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure		S + 6.50%	09/12/29			861		(8	)		(9	)	(6) (8) (9)
LC Ahab US Bidco LLC	Hotels, Restaurants & Leisure	7.36%	S + 3.00%	05/01/31			8,229		8,299			8,286
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	6.36%	S + 2.00%	09/18/31			17,255		17,360			17,299		(10)
Whatabrands LLC	Hotels, Restaurants & Leisure	6.86%	S + 2.50%	08/03/28			3,293		3,303			3,296
AI Aqua Merger Sub, Inc.	Household Durables	8.05%	S + 3.50%	07/31/28			4,166		4,169			4,166		(7)
Kronos Acquisition Holdings Inc.	Household Products	8.58%	S + 4.00%	07/08/31			5,467		5,485			5,147		(7)
Acrisure, LLC	Insurance	7.36%	S + 3.00%	11/06/30			12,132		12,089			12,129		(10)
Acrisure, LLC	Insurance	7.11%	S + 2.75%	02/15/27			1,369		1,357			1,370
Alliant Holdings Intermediate, LLC	Insurance	7.11%	S + 2.75%	09/19/31			14,373		14,369			14,395		(10)
AmWINS Group, Inc.	Insurance	6.72%	S + 2.25%	02/19/28			3,869		3,880			3,879
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	10.39%	S + 5.25%	07/24/31			51,343		50,852			50,829		(6) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.58%	S + 5.25%	07/24/31			21,594		4,286			4,186		(6) (8) (9)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.58%	S + 5.25%	07/24/30			4,000		683			680		(6) (8) (9)
AssuredPartners, Inc.	Insurance	7.86%	S + 3.50%	02/14/31			13,476		13,536			13,494		(10)
Asurion LLC	Insurance	8.71%	S + 4.25%	08/19/28			172		172			172
Broadstreet Partners, Inc.	Insurance	7.36%	S + 3.00%	06/13/31			12,581		12,624			12,612		(10)
Galway Holdings, LP	Insurance	8.83%	S + 4.50%	09/29/28			45,325		44,912			44,872		(8)
Galway Holdings, LP	Insurance	8.82%	S + 4.50%	09/29/28			4,489		61			36		(8) (9)
Galway Holdings, LP	Insurance	8.82%	S + 4.50%	09/29/28			3,995		298			294		(8) (9)
Galway Holdings, LP	Insurance	8.83%	S + 4.50%	09/29/28			852		846			844		(8)
HUB International Limited	Insurance	7.37%	S + 2.75%	06/20/30			17,942		18,030			18,032
OneDigital Borrower, LLC	Insurance	7.61%	S + 3.25%	07/02/31			10,383		10,387			10,396
Sedgwick Claims Management Services, Inc.	Insurance	7.59%	S + 3.00%	07/31/31			13,138		13,213			13,203
Truist Insurance Holdings LLC	Insurance	7.08%	S + 2.75%	05/06/31			9,102		9,143			9,117		(10)
USI, Inc.	Insurance	6.58%	S + 2.25%	11/21/29			17,705		17,770			17,658		(10)
USI, Inc.	Insurance	6.58%	S + 2.25%	09/27/30			4,739		4,756			4,726
Ark Data Centers, LLC	IT Services	9.08%	S + 4.75%	11/27/30			59,783		58,602			58,588		(6)
Ark Data Centers, LLC	IT Services		S + 4.75%	11/27/30			35,167		(346	)		(352	)	(6) (9)
Ark Data Centers, LLC	IT Services		S + 4.75%	11/27/30			10,550		(208	)		(211	)	(6) (9)
Boost Newco Borrower, LLC	IT Services	6.83%	S + 2.50%	01/31/31			7,531		7,631			7,561		(10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Cloud Software Group, Inc.	IT Services	8.02%	S + 3.50%	03/30/29	$		6,121	$	6,127		$	6,134
Cloud Software Group, Inc.	IT Services	8.08%	S + 3.75%	03/21/31			5,500		5,541			5,512
CNT Holdings I Corp.	IT Services	8.09%	S + 3.50%	11/08/27			15,963		16,028			16,048
Getty Images, Inc.	IT Services	8.85%	S + 4.50%	02/19/26			16,430		16,449			16,355
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.36%	S + 6.00%	10/02/29			33,302		32,742			32,969		(6) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.36%	S + 6.00%	10/02/29			11,763		11,586			11,645		(6) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29			8,700		(69	)		(87	)	(6) (8) (9)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29			6,960		(111	)		(70	)	(6) (8) (9)
Ingram Micro, Inc.	IT Services	7.08%	S + 2.75%	09/22/31			11,996		12,054			12,056		(7) (10)
MH Sub I, LLC	IT Services	8.61%	S + 4.25%	05/03/28			12,007		11,966			12,005		(10)
Plano HoldCo Inc.	IT Services	7.83%	S + 3.50%	10/02/31			11,700		11,764			11,788
QBS Parent, Inc. (dba Quorum Software)	IT Services	9.27%	S + 4.75%	11/07/31			36,180		36,002			36,044		(6)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.75%	11/07/31			3,820		(19	)		(14	)	(6) (9)
US Signal Company, LLC	IT Services	10.07%	S + 5.50%	09/04/29			29,421		29,142			29,127		(6) (8)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29			9,053		(85	)		(91	)	(6) (8) (9)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29			4,526		(42	)		(45	)	(6) (8) (9)
Alterra Mountain Company	Leisure Products	7.11%	S + 3.25%	08/17/28			13,744		13,811			13,821
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.86%	S + 6.50%	07/18/28			24,739		24,231			24,492		(6) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.88%	S + 6.50%	07/18/28			3,199		2,494			2,525		(6) (8) (9)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.86%	S + 6.50%	07/18/28			1,606		1,577			1,590		(6) (8)
GSM Holdings, Inc.	Leisure Products	9.36%	S + 5.00%	09/30/31			3,990		3,798			3,895
MajorDrive Holdings IV LLC	Leisure Products	8.59%	S + 4.00%	06/01/28			7,458		7,475			7,255
SRAM, LLC	Leisure Products	7.22%	S + 2.75%	05/18/28			9,124		9,162			9,162
Da Vinci Purchaser Corp.	Life Sciences Tools & Services	7.86%	S + 3.50%	01/08/27			5,597		5,618			5,615		(10)
Brookfield WEC Holdings Inc.	Machinery	6.80%	S + 2.25%	01/27/31			1,845		1,845			1,845
Dwyer Instruments, LLC	Machinery	9.08%	S + 4.75%	07/20/29			75,227		74,485			74,475
Dwyer Instruments, LLC	Machinery	9.27%	S + 4.75%	07/20/29			22,966		22,739			22,736
Dwyer Instruments, LLC	Machinery		S + 4.75%	07/20/29			18,688		(184	)		(187	)	(9)
Dwyer Instruments, LLC	Machinery	9.27%	S + 4.75%	07/20/29			14,718		14,573			14,645
Dwyer Instruments, LLC	Machinery	9.08%	S + 4.75%	07/20/29			11,175		11,066			11,063
Dwyer Instruments, LLC	Machinery		S + 4.75%	07/20/29			7,678		(38	)		(38	)	(9)
Dwyer Instruments, LLC	Machinery	9.18%	S + 4.75%	07/20/29			4,097		4,056			4,076
Dwyer Instruments, LLC	Machinery	9.08%	S + 4.75%	07/20/29			1,217		1,205			1,211
Engineered Machinery Holdings, Inc.	Machinery	8.34%	S + 3.75%	05/19/28			10,482		10,508			10,541
Mandrake Bidco, Inc. (dba Miratech)	Machinery	9.34%	S + 4.75%	08/20/31			36,937		36,582			36,568		(6) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.75%	08/20/30			5,910		(56	)		(59	)	(6) (8) (9)
Precinmac, LP	Machinery	9.55%	S + 5.00%	12/02/31			164,533		162,902			162,888		(6)
Precinmac, LP	Machinery		S + 5.00%	12/02/31			42,460		(210	)		(212	)	(6) (9)
Precinmac, LP	Machinery		S + 5.00%	12/02/31			21,230		(210	)		(212	)	(6) (9)
Pro Mach Group, Inc.	Machinery	7.86%	S + 3.50%	08/31/28			7,975		8,039			8,034		(10)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	9.08%	S + 4.75%	12/26/31	$		164,649	$	163,005		$	163,002		(6)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery		S + 4.75%	12/26/31			42,218		(211	)		(211	)	(6) (9)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	9.08%	S + 4.75%	12/26/31			21,109		4,518			4,517		(6) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.59%	S + 5.00%	07/01/31			31,896		31,442			31,418		(6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.33%	E + 5.00%	07/01/30			8,468		843			833		(6) (7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery		S + 5.00%	07/01/31			8,468		(59	)		(127	)	(6) (7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.33%	E + 5.00%	07/01/31	EUR		7,910		8,374			8,071		(6) (7) (8)
SPX Flow, Inc.	Machinery	7.36%	S + 3.00%	04/05/29			8,262		8,289			8,323
ABG Intermediate Holdings 2 LLC	Media	6.59%	S + 2.25%	12/21/28			13,308		13,414			13,345		(10)
Fleet Midco I Limited	Media	7.58%	S + 2.75%	02/21/31			3,004		3,011			3,019		(7)
Recorded Books Inc. (dba RBMedia)	Media	10.26%	S + 5.75%	09/03/30			76,799		74,800			76,031		(6) (8)
Recorded Books Inc. (dba RBMedia)	Media	10.32%	S + 5.75%	09/03/30			9,013		8,842			8,922		(6) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	08/31/28			6,278		(142	)		(63	)	(6) (8) (9)
Virgin Media Bristol, LLC	Media	7.76%	S + 3.25%	01/31/29			1,800		1,786			1,788		(7)
Arsenal AIC Parent LLC	Metals & Mining	7.61%	S + 3.25%	08/18/30			13,463		13,567			13,561
Crosby US Acquisition Corp.	Metals & Mining	7.86%	S + 3.50%	08/16/29			2,481		2,494			2,502
AL GCX Holdings, LLC	Oil, Gas & Consumable Fuels	7.26%	S + 2.75%	05/17/29			11,690		11,757			11,740		(10)
AL NGPL Holdings, LLC	Oil, Gas & Consumable Fuels	7.09%	S + 2.50%	04/13/28			23,865		23,971			23,905		(10)
Buckeye Partners, L.P.	Oil, Gas & Consumable Fuels	6.36%	S + 2.00%	11/22/30			5,283		5,293			5,284
CQP Holdco LP	Oil, Gas & Consumable Fuels	6.33%	S + 2.00%	12/31/30			28,008		28,127			28,036		(10)
Epic Y-Grade Services, LP	Oil, Gas & Consumable Fuels	10.34%	S + 5.75%	06/29/29			13,836		13,810			13,847		(10)
Kohler Energy Co LLC	Oil, Gas & Consumable Fuels	8.11%	S + 3.75%	05/01/31			8,528		8,608			8,507		(10)
Oryx Midstream Services Permian Basin, LLC	Oil, Gas & Consumable Fuels	7.51%	S + 3.00%	10/05/28			15,953		16,010			16,033		(10)
Oxbow Carbon LLC	Oil, Gas & Consumable Fuels	7.86%	S + 3.50%	05/10/30			2,482		2,483			2,472
Prairie ECI Acquiror LP	Oil, Gas & Consumable Fuels	8.61%	S + 4.25%	08/01/29			3,852		3,850			3,876
Third Coast Infrastructure LLC	Oil, Gas & Consumable Fuels	8.61%	S + 4.25%	09/25/30			13,500		13,488			13,458
Thunder Generation Funding LLC	Oil, Gas & Consumable Fuels	7.33%	S + 3.00%	10/03/31			17,955		18,121			18,050		(10)
Traverse Midstream Partners LLC	Oil, Gas & Consumable Fuels	8.09%	S + 3.50%	02/16/28			12,800		12,910			12,848		(10)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	9.77%	S + 5.25%	09/30/30			24,061		23,454			23,820		(6) (8)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	8.25%	E + 5.25%	09/30/30	EUR		14,971		15,383			15,353		(6) (8)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	10/01/29			4,892		(117	)		(49	)	(6) (8) (9)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	9.77%	S + 5.25%	09/30/30			3,682		2,090			2,131		(6) (8) (9)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	09/30/30			3,058		—			(31	)	(6) (8) (9)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	09/30/30			3,058		(15	)		(31	)	(6) (8) (9)
Covetrus, Inc.	Pharmaceuticals	9.33%	S + 5.00%	10/13/29			2,551		2,554			2,447
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals	9.63%	S + 5.25%	12/18/31			68,808		67,609			67,604		(6)
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals		S + 5.25%	12/18/31			9,980		(174	)		(175	)	(6) (9)
Gainwell Acquisition Corp.	Pharmaceuticals	8.43%	S + 4.00%	10/01/27			809		797			782
Amspec Parent, LLC	Professional Services	8.58%	S + 4.25%	12/22/31			43,333		43,117			43,117		(6)
Amspec Parent, LLC	Professional Services		S + 4.25%	12/22/31			6,667		(17	)		(17	)	(6) (9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Ankura Consulting Group, LLC	Professional Services	7.84%	S + 3.50%	12/17/31	$		11,997	$	12,082		$	11,997		(10)
Engage2Excel, Inc.	Professional Services	10.75%	S + 6.50%	07/01/29			20,103		19,825			19,802		(6) (8)
Engage2Excel, Inc.	Professional Services	10.75%	S + 6.50%	07/01/29			1,650		1,132			1,130		(6) (8) (9)
iCIMS, Inc.	Professional Services	10.38%	S + 5.75%	08/18/28			34,646		34,242			33,087		(8)
iCIMS, Inc.	Professional Services	10.88%	S + 6.25%	08/18/28			6,000		5,922			5,820		(8)
iCIMS, Inc.	Professional Services	10.34%	S + 5.75%	08/18/28			3,067		576			475		(8) (9)
Westwood Professional Services Inc.	Professional Services	9.08%	S + 4.75%	09/19/31			81,387		80,598			80,574		(6) (8)
Westwood Professional Services Inc.	Professional Services	9.26%	S + 4.75%	09/19/31			24,463		5,581			5,469		(6) (8) (9)
Westwood Professional Services Inc.	Professional Services		S + 4.75%	09/19/31			12,239		(117	)		(122	)	(6) (8) (9)
AI Titan Parent, Inc. (dba Prometheus)	Software	9.11%	S + 4.75%	08/29/31			11,830		11,716			11,712		(6) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31			2,366		(11	)		(24	)	(6) (8) (9)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31			1,479		(14	)		(15	)	(6) (8) (9)
Aptean, Inc.	Software	9.83%	S + 5.00%	01/30/31			73,890		73,243			73,151		(6) (8)
Aptean, Inc.	Software		S + 5.00%	01/30/31			6,189		(54	)		(62	)	(6) (8) (9)
Aptean, Inc.	Software	9.32%	S + 5.00%	01/30/31			4,584		1,156			1,160		(6) (8) (9)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.08%	S + 5.75%	07/01/30			8,737		8,554			8,693		(6) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software		S + 5.75%	07/01/30			1,460		(21	)		(7	)	(6) (8) (9)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.08%	S + 5.75%	07/01/30			573		567			570		(6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	8.83%	S + 4.50%	07/28/31			28,177		27,908			27,896		(6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/28/31			6,897		(32	)		(69	)	(6) (8) (9)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30			3,350		(31	)		(33	)	(6) (8) (9)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30			1,576		(15	)		(16	)	(6) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	9.08%	S + 4.75%	07/14/31			35,400		35,064			35,046		(6) (7) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31			16,857		(79	)		(169	)	(6) (7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31			6,743		(63	)		(67	)	(6) (7) (8) (9)
Clover Holdings 2 LLC	Software	8.43%	S + 4.00%	11/01/31			13,500		13,492			13,635		(10)
ConnectWise, LLC	Software	8.09%	S + 3.50%	09/29/28			11,958		11,958			12,020
Crewline Buyer, Inc. (dba New Relic)	Software	11.11%	S + 6.75%	11/08/30			61,726		60,353			60,183		(6) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30			6,165		(129	)		(154	)	(6) (8) (9)
Drake Software, LLC	Software	8.61%	S + 4.25%	06/26/31			3,990		3,943			3,860
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.34%	S + 5.75% (Incl. 2.25% PIK)	01/17/31			20,699		20,518			20,492		(6) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.84%	S + 5.25% (Incl. 2.25% PIK)	01/17/31			5,574		5,520			5,518		(6) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.25% (Incl. 2.25% PIK)	01/17/31			2,895		(25	)		(29	)	(6) (8) (9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.75% (Incl. 2.25% PIK)	01/17/31			968		(9	)		(10	)	(6) (8) (9)
Hyland Software, Inc.	Software	10.36%	S + 6.00%	09/19/30			94,520		93,293			94,520		(6) (8)
Hyland Software, Inc.	Software		S + 6.00%	09/19/29			4,525		(56	)		—		(6) (8) (9)
iSolved Inc	Software	7.61%	S + 3.25%	10/15/30			8,381		8,435			8,475		(10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	10.10%	S + 5.75%	12/18/31			99,560		97,577			97,569		(6) (7)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.61%	E + 5.75%	12/18/31	EUR		23,041		23,413			23,389		(6) (7)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 5.75%	12/18/31			10,825		(215	)		(216	)	(6) (7) (9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
NAVEX TopCo, Inc.	Software	9.88%	S + 5.50%	11/08/30	$		45,605	$	44,801		$	45,491		(6) (8)
NAVEX TopCo, Inc.	Software		S + 5.50%	11/09/28			4,050		(63	)		(10	)	(6) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.45%	N + 4.75%	05/03/29	NOK		118,100		10,934			10,323		(6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.08%	S + 4.75%	05/03/29			47,793		47,580			47,554		(6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.25%	S + 4.75%	05/03/29			11,166		10,495			10,490		(6) (7) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software		S + 4.75%	05/03/29			10,582		(46	)		(53	)	(6) (7) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.45%	SN + 4.75%	05/03/29	GBP		5,389		6,756			6,712		(6) (7) (8)
Onyx CenterSource, Inc.	Software	11.24%	S + 6.50%	12/15/28			21,780		21,371			21,780		(6) (8)
Onyx CenterSource, Inc.	Software	11.24%	S + 6.50%	12/15/28			1,650		520			550		(6) (8) (9)
Physician Partners LLC	Software	8.74%	S + 4.00%	12/26/28			809		773			326
Project Boost Purchaser, LLC	Software	8.15%	S + 3.50%	07/16/31			13,510		13,594			13,590		(10)
Quartz Acquireco LLC	Software	7.08%	S + 2.75%	06/28/30			7,971		8,001			8,021
Renaissance Holding Corp.	Software	8.36%	S + 4.25%	04/05/30			99,286		98,716			98,969		(6)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software	9.61%	S + 5.25% (Incl. 2.75% PIK)	09/01/31			40,701		40,313			40,294		(6) (8)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31			11,630		(55	)		(116	)	(6) (8) (9)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31			4,652		(44	)		(47	)	(6) (8) (9)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28			85,514		84,849			85,514		(6) (8)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28			11,952		11,235			11,325		(6) (8) (9)
Runway Bidco, LLC (dba Redwood Software)	Software	9.33%	S + 5.00%	12/17/31			50,311		49,810			49,808		(6)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			12,500		(62	)		(62	)	(6) (9)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			6,250		(62	)		(62	)	(6) (9)
S2P Acquisition Borrower, Inc.	Software		P + 2.25%	12/05/31			7,750		7,804			7,803		(10)
Singlewire Software, LLC	Software	9.58%	S + 5.25%	05/10/29			17,415		16,988			17,241		(6) (8)
Singlewire Software, LLC	Software		S + 5.25%	05/10/29			3,226		(71	)		(32	)	(6) (8) (9)
UKG Inc.	Software	7.62%	S + 3.00%	02/10/31			2,211		2,218			2,225
World Wide Technology Holding Co. LLC	Software	6.69%	S + 2.25%	03/01/30			15,962		16,052			15,982		(10)
Zelis Payments Buyer, Inc.	Software		S + 3.25%	11/26/31			4,575		4,592			4,586		(10)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.08%	S + 4.75%	06/02/31			76,832		76,110			76,064		(6) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.16%	S + 4.75%	06/02/31			41,972		16,112			15,966		(6) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30			9,803		(89	)		(98	)	(6) (8) (9)
Foundation Building Materials Holding Company, LLC	Specialty Retail	8.10%	S + 3.25%	01/31/28			8,968		8,909			8,818		(10)
Harbor Freight Tools USA, Inc.	Specialty Retail	6.90%	S + 2.50%	06/11/31			3,194		3,173			3,146		(10)
Ahead DB Holdings, LLC	Technology Hardware & Equipment	7.83%	S + 3.50%	02/01/31			7,122		7,081			7,160
McAfee, LLC	Technology Hardware & Equipment	7.37%	S + 3.00%	03/01/29			15,993		15,999			15,989		(10)
Peraton Corp.	Technology Hardware & Equipment	8.21%	S + 3.75%	02/01/28			2,469		2,476			2,293
Virtusa Corporation	Technology Hardware & Equipment	7.61%	S + 3.25%	02/15/29			5,965		5,967			6,000
CCI Buyer, Inc.	Telecommunications	8.33%	S + 4.00%	12/17/27			2,499		2,491			2,499
Champ Acquisition Corporation	Textiles, Apparel & Luxury Goods		S + 4.50%	11/25/31			3,775		3,822			3,797		(10)
Fanatics Commerce Intermediate Holdco, LLC	Textiles, Apparel & Luxury Goods	7.72%	S + 3.25%	11/24/28			4,022		4,034			4,012		(10)
Ortholite, LLC	Textiles, Apparel & Luxury Goods	10.58%	S + 6.25%	09/29/27			43,515		42,791			43,080		(6) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30			65,653		64,225			64,997		(6) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30			51,885		35,806			36,280		(6) (8) (9)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.83%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			178,592		176,170			167,877		(6) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.59%	S + 5.50%	12/31/29			20,916		2,648			1,673		(6) (8) (9)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.83%	S + 5.50%	12/31/29			12,562		1,307			648		(6) (8) (9)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	9.33%	S + 5.00% (Incl. 1.75% PIK)	04/09/30	$	112,644	$	112,464		$	112,081		(6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 5.00% (Incl. 1.75% PIK)	04/09/30		7,953		(7	)		(40	)	(6) (9)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.58%	S + 5.25%	06/23/31		42,912		42,303			42,483		(6) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.89%	S + 5.25%	06/23/31		23,900		2,159			2,103		(6) (8) (9)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors		S + 5.25%	06/21/30		4,780		(66	)		(48	)	(6) (8) (9)
Total 1st Lien/Senior Secured Debt								6,693,916			6,693,461
1st Lien/Last-Out Unitranche (13) - 4.9%
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.61%	S + 6.25%	12/07/28	$	46,916	$	46,528		$	46,447		(6) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.61%	S + 6.25%	12/07/28		28,084		20,359			20,303		(6) (8) (9)
K2 Towers III, LLC	Wireless Telecommunication Services	10.89%	S + 6.55%	12/06/28		68,000		62,583			62,462		(6) (8) (9)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.96%	S + 6.61%	12/22/28		14,349		14,220			14,205		(6) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.96%	S + 6.61%	12/22/28		8,982		1,556			1,543		(6) (8) (9)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.18%	S + 6.83%	02/01/29		21,998		21,808			21,778		(6) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.19%	S + 6.83%	02/01/29		13,003		2,832			2,810		(6) (8) (9)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	12.19%	S + 7.00%	08/24/28		46,667		46,163			46,200		(6) (8)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.70%	S + 7.00%	08/24/28		28,333		10,878			10,883		(6) (8) (9)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	8.21%	S + 3.75%	08/31/28		19,000		15,799			15,828		(6) (8) (9)
Total 1st Lien/Last-Out Unitranche								242,726			242,459
Total United States							$	6,936,642		$	6,935,920
Total Debt Investments							$	7,277,607		$	7,268,443

Investment(1) (5)	Industry(2)			Initial Acquisition Date(15)	Shares(4)		Cost			Fair Value			Footnotes
Equity Securities - 0.1%
United States - 0.1%
Common Stock - 0.1%
VisionSafe Parent, LLC	Aerospace & Defense			04/19/24		660	$	660		$	818		(6) (8) (14)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services			04/26/24		4,554,000		4,554			4,554		(6) (8) (11) (14)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services			03/29/24		20,103,551		—			—		(8) (11) (14)
Total Common Stock								5,214			5,372
Preferred Stock - 0.0%
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services			03/29/24		9,754,188	$	3,101		$	—		(8) (11) (14)
Total Preferred Stock								3,101			—
Total United States							$	8,315		$	5,372
Total Equity Securities							$	8,315		$	5,372
Total Investments - 148.3%							$	7,285,922		$	7,273,815
Investments in Affiliated Money Market Fund - 9.1%
United States - 9.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares						444,718,184	$	444,718		$	444,718		(16) (17)
Total United States							$	444,718		$	444,718
Total Investments in Affiliated Money Market Fund								444,718			444,718
Total Investments and Investments in Affiliated Money Market Fund - 157.4%							$	7,730,640		$	7,718,533

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

(1)

Percentages are based on net assets.

(2)

For Industry subtotal and percentage, see Note 4 “Investments.”

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor ("E"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), SARON ("SARON"), BBSW ("B") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2024, the rate for 6 month S was 4.25%, 3 month S was 4.31%, 1 month S was 4.33%, 6 month E was 2.57%, 3 month E was 2.71%, 3 month SN was 4.70%, 3 month N was 4.68%, 3 month C was 3.15%, 3 month SARON was 0.45%, 3 month B was 4.42%, 1 month B was 4.32%, and 3 month P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or "USD”) unless otherwise noted, Euros (“EUR”), Great British Pounds (“GBP”), Australian Dollars (“AUD”), Swiss Franc (“CHF”), Norwegian Kroner (“NOK”), or Canadian Dollars (“CAD”).

(5)

(6)

Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions.”

(7)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, the aggregate fair value of these securities is $878,979 or 11.1% of the Company’s total assets.

(8)

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement.”

(9)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 8 “Commitments and Contingencies.”

(10)

Position or portion thereof unsettled as of December 31, 2024.

(11)

(12)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”

(13)

(14)

Non-income producing security.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $5,372 or 0.1% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)

The annualized seven-day yield as of December 31, 2024 is 4.42%.

(17)

The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions.”

PIK - Payment-In-Kind

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Goldman Sachs Private Credit Corp.

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

(Unaudited)

1. ORGANIZATION

Goldman Sachs Private Credit Corp. (f/k/a Goldman Sachs Loan Fund LLC and Goldman Sachs Private Credit Fund LLC) (the "Company", which term refers to either Goldman Sachs Private Credit Corp. or Goldman Sachs Private Credit Corp., together with its consolidated subsidiaries, as the context may require) is a Delaware corporation formed on March 25, 2022 that has elected to be treated, and expects to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and has elected to be treated as a business development company (“BDC”) under the Investment Company Act. On April 6, 2023, the Company elected to be regulated as a BDC, converted from a Delaware limited liability company into a Delaware corporation and commenced operations.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. The Company will also invest a portion of the portfolio in more liquid investments, such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity.

Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc., together with GS & Co., GSAM and its other subsidiaries.

The Company is conducting an offering of the Company’s Class I common stock, par value $0.001 per share (the “Shares” or “Class I shares”), on a continuous basis (the “Offering”). The offering and sale of common stock is exempt from registration in reliance on Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and Regulation D and Regulation S thereunder, for offers and sales of securities that do not involve a public offering and for offers and sales of securities outside of the United States. The Company is currently only offering the Shares for sale. On April 15, 2025, the SEC granted to the Company and the Investment Adviser exemptive relief permitting the Company to issue and sell multiple classes of shares with varying sales loads and asset-based distribution and/or service fees.

Prior to and including April 6, 2023 (the “Initial Issuance Date”), the per share purchase price for the Shares in the Offering was $25.00 per share. After the Initial Issuance Date, the purchase price per share for each class of the Company’s common stock will equal the net asset value (“NAV”) per share, as of the effective date of the applicable monthly share purchase date.

Prior to the Initial Issuance Date, the Company held stockholders’ funds received in connection with the Offering in an escrow account subject to the satisfaction of certain conditions (the “Escrow Conditions”). On the Initial Issuance Date, the Escrow Conditions were satisfied and the Company broke escrow in connection with the initial closing of the private offering of the Shares.

GS & Co. will assist the Company in conducting the Offering pursuant to agreements between the Company and GS & Co.

On December 19, 2022, the Company received a capital contribution of one thousand dollars from an affiliate of the Investment Adviser (the “Initial Member”). The Initial Member served as the sole owner of the Company’s interests until the Initial Issuance Date. In connection with the Initial Issuance Date, such equity interests were cancelled.

Merger with Goldman Sachs Middle Market Lending Corp. II

On July 11, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Goldman Sachs Middle Market Lending Corp. II (“MMLC II”) and GSAM. The Merger Agreement provided that, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), MMLC II would merge with and into the Company, with the Company continuing as the surviving company (the “Merger”). On October 14, 2025, the Company completed the Merger. For further information, see Note 12 “Subsequent Events”.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

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Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2024, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 4, 2025. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiaries, GS Private Credit SPV Public I LLC (“SPV Public I”), GSCR Blocker I, LLC and GSCR Mott Street SPV LLC (“GSCR Mott Street”). All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Prepayment premiums	$	300	$	877	$	1,339	$	912
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	3,519	$	3,124	$	6,575	$	5,827

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined in Note 3 “Significant Agreements and Related Party Transactions”) managed by the Investment Adviser.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Collateralized loan obligation (“CLO”) equity investments, which are included in Structured Finance Obligation – Equity Instruments in the Consolidated Schedules of Investments, recognize interest income by utilizing an effective interest methodology based upon an effective yield utilizing projected cashflows, as required by ASC 325-40, Beneficial Interest in Securitized Financial Assets.

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Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the applicable contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of September 30, 2025, the Company had certain investments held in two portfolio companies on non-accrual status, which represented 0.2% and 0.2% of the total investments (excluding investments in money market fund, if any) at amortized cost and at fair value. As of December 31, 2024, the Company did not have any investments on non-accrual status.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the “Valuation Designee”) designated by the board of directors of the Company (the “Board of Directors” or “Board”), pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)

The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

(2)

The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)

The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the “VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

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(4)

The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)

The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)

Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Receivable/Payable From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled as of the reporting date.

Money Market Funds

Investments in money market funds are valued at NAV per share. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at State Street Bank and Trust Company (the “Custodian”). As of September 30, 2025 and December 31, 2024, the Company held an aggregate cash balance of $126,228 and $120,377. Foreign currency of $7,650 and $9,660 (acquisition cost of $7,523 and $9,896) is included in cash as of September 30, 2025 and December 31, 2024.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivatives

The Company recognizes its derivatives at fair value. The unrealized appreciation (depreciation) on derivatives is recorded on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) and net of cash collateral received and posted in the Consolidated Statements of Assets and Liabilities when a legal right of setoff exists under an enforceable netting agreement. Any over-collateralized amounts posted or received are included in the Consolidated Statements of Assets and Liabilities as Other assets or Accrued expenses and other liabilities. Notional amounts and fair market values of derivatives are presented separately on the Consolidated Schedules of Investments.

The Company has entered into interest rate swaps to more closely align the interest rates of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting. Gains and losses on these interest rate swaps are included in interest expense in the Consolidated Statements of Operations, and changes in the fair value of the hedged liabilities attributable to the risk of being hedged (i.e. interest rate risk) are reported as an adjustment to the carrying value of the liabilities in the Consolidated Statements of Assets and Liabilities and included in interest expense in the Consolidated Statements of Operations. See Note 6 “Debt” and Note 7 “Derivatives” for further information about such fair value hedge accounting relationship.

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The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting for foreign currency forward contracts and, as such, the Company records changes in fair value of its foreign currency forward contracts in the net unrealized appreciation (depreciation) on foreign currency forward contracts in the Consolidated Statements of Operations.

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense, and any income tax penalties in Other general and administrative expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2023. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders without reducing the Company’s required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

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Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each month and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company has adopted a distribution reinvestment plan (the “DRIP”) that provides for reinvestment of all cash distributions declared by the Board unless a stockholder elects to “opt out” of the plan. As a result, if the Board declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional Shares. Stockholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, stockholders receiving distributions in the form of Shares will generally be treated as receiving distributions equal to the amount of cash that would have been received if the stockholders had received the distributions in cash. However, since the cash distributions of participants in the plan will be reinvested, those stockholders will not receive cash with which to pay any applicable taxes.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company's borrowings. These aforementioned costs are amortized using the straight-line method over each instrument's term. Deferred financing costs related to a revolving credit facility (as defined below) are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs consist primarily of fees incurred in connection with the Offering, including legal, printing and other costs, as well as costs associated with the preparation of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months.

Segment Reporting

In accordance with ASC 280, Segment Reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in net assets from operations in the Company’s Consolidated Statements of Operations to assess the Company’s performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s consolidated financial statements.

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3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an Investment Management Agreement, effective as of March 20, 2023 (as amended, restated, supplemented or otherwise modified from time to time, the “Investment Management Agreement”), with the Investment Adviser.

Pursuant to the terms of the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of the Board of Directors, manages the Company’s day-to-day investment related operations and provides investment management services to the Company. The Company pays the Investment Adviser a fee for its services under the Investment Management Agreement consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”).

Subject to applicable law and published SEC guidance, nothing contained in the Investment Management Agreement in any way precludes, restricts or limits the activities of the Investment Adviser or any of its respective subsidiaries or affiliated parties.

Management Fee

The Management Fee is payable monthly in arrears. The Management Fee is equal to 0.1042% (i.e., an annual rate of 1.25%) of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Management Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Investment Adviser waives a portion of its Management Fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three and nine months ended September 30, 2025, Management Fees amounted to $23,893 and $63,451 and the Investment Adviser voluntarily agreed to waive $14,609 and $28,204. As of September 30, 2025, $8,320 remained payable. For the three and nine months ended September 30, 2024, Management Fees amounted to $11,147 and $26,223 and the Investment Adviser voluntarily agreed to waive $2,136 and $4,627.

Incentive Fee

The Incentive Fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

i. Incentive Fee Based on Income

The portion based on the Company's income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company's net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the Management Fee and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or stockholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•

100% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”; and

•

12.5% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

For the three and nine months ended September 30, 2025, Incentive Fees based on income amounted to $20,796 and $56,233, and the Investment Adviser voluntarily agreed to waive $13,400 and $34,400. As of September 30, 2025, $7,397 remained payable. For the three and nine months ended September 30, 2024, Incentive Fees based on income amounted to $11,912 and $27,213, and the Investment Adviser voluntarily agreed to waive $3,745 and $7,182.

ii. Incentive Fee Based on Capital Gains

The second component of the Incentive Fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•

12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Investment Adviser if the Company was to sell the relevant investment and realize a capital gain.

The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

For the three and nine months ended September 30, 2025, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0, which were not realized. For the three and nine months ended September 30, 2024, the Company accrued Incentive Fees based on capital gains under GAAP of $(797) and $706, which were not realized.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company will pay the Administrator fees for its services as the Company determines are commercially reasonable in its sole discretion. The Company will also reimburse the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. Administration and Custodian fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.

For the three and nine months ended September 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $1,939 and $4,888. As of September 30, 2025, $1,677 remained payable. For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $899 and $2,115.

Transfer Agent Fees

The Company has entered into a transfer agency agreement, with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and distribution paying agent. The Company pays the Transfer Agent fees at an annual rate of 0.05% of the average of the Company’s NAV at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end). Transfer Agent fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.

For the three and nine months ended September 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $941 and $2,469. As of September 30, 2025, $941 remained payable. For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $437 and $1,018.

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Affiliates

As of September 30, 2025 and December 31, 2024, affiliates of the Investment Adviser owned 23.3% and 25.6% of the Shares.

The following table presents the Company’s affiliated investments (including investments in money market funds, if any):


	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Ending Fair Value Balance		Dividend, Interest and Other Income
For the Nine Months Ended September 30, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares	$	444,718	$	5,395,672	$	(5,322,233	)	$	—	$	—		$	518,157	$	13,862
ABC Investment Holdco Inc. (dba ABC Plumbing)		24,851		2,040		(794	)		—		(1,213	)		24,884		1,830
SDB HOLDCO, LLC (dba Specialty Dental Brands)		22,379		1,333		(17	)		—		(5,827	)		17,868		1,664
Total Non-Controlled Affiliates	$	491,948	$	5,399,045	$	(5,323,044	)	$	—	$	(7,040	)	$	560,909	$	17,356
For the Year Ended December 31, 2024
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares	$	65,977	$	6,362,920	$	(5,984,179	)	$	—	$	—		$	444,718	$	17,096
ABC Investment Holdco Inc. (dba ABC Plumbing)		—		25,565		(650	)		—		(64	)		24,851		1,512
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		—		26,264		(9	)		—		(3,876	)		22,379		2,332
Total Non-Controlled Affiliates	$	65,977	$	6,414,749	$	(5,984,838	)	$	—	$	(3,940	)	$	491,948	$	20,940

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of September 30, 2025 and December 31, 2024, there were $1,811 and $1,018, included within Accrued expenses and other liabilities and there were $476 and $0, included within Interest and other debt expenses payable that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”, which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the “Relief”) to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the “Prior Relief”). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company’s participation in the co-investment program.

Placement Agent Agreement

The Company has entered into an agreement with GS & Co. (the “Placement Agent”), pursuant to which GS & Co. will assist the Company in conducting the Offering. GS & Co. has entered into or will enter into sub-placement agreements with various sub-placement agents to assist in conducting the Offering. Stockholder servicing and/or distribution fees will be payable to the Placement Agent. The Placement Agent may also be compensated by the Investment Adviser, in its discretion, for certain services, including promotional and marketing support, stockholders servicing, operational and recordkeeping, sub-accounting, networking or administrative services. These payments are made out of the Investment Adviser’s own resources and/or assets, including from the revenues or profits derived from the advisory fees the Investment Adviser receives from the Company.

Expense Support and Conditional Reimbursement Agreement

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The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Investment Adviser. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may elect to pay certain of the Company’s expenses on its behalf (each such payment, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or stockholder servicing fees of the Company. Any expense payment must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all expense payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company will be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Company’s net investment company income and (ii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (ii) are not included under clause (i) above).

The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month, in which case such waived amount will remain as unreimbursed Expense Payments reimbursable in future months. The Investment Adviser has waived its right to receive such payments for the three and nine months ended September 30, 2025 and September 30, 2024, as applicable.

The following table presents a summary of Expense Payments and the related Reimbursement Payments for the nine months ended September 30, 2025 and September 30, 2024:


For the Month Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
For the Nine Months Ended September 30, 2025
January 31, 2025	$	1,222	$	—	$	1,222
February 28, 2025		1,216		—		1,216
March 31, 2025		1,739		—		1,739
April 30, 2025		1,647		—		1,647
May 31, 2025		1,938		—		1,938
June 30, 2025		2,484		—		2,484
July 31, 2025		2,589		—		2,589
August 31, 2025		2,463		—		2,463
September 30, 2025		2,841		—		2,841
Total	$	18,139	$	—	$	18,139
For the Nine Months Ended September 30, 2024
January 31, 2024	$	2,759	$	—	$	2,759
February 29, 2024		3,248		—		3,248
March 31, 2024		898		—		898
April 30, 2024		1,076		—		1,076
May 31, 2024		—		—		—
June 30, 2024		2,077		—		2,077
July 31, 2024		1,149		—		1,149
August 31, 2024		1,110		—		1,110
September 30, 2024		1,197		—		1,197
Total	$	13,514	$	—	$	13,514

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For the three and nine months ended September 30, 2025, the Investment Adviser agreed to advance $7,893 and $18,139, which have been included within the Expense support in the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Investment Adviser agreed to advance $3,456 and $13,514. As of September 30, 2025, unreimbursed Expense Payments were $42,362.

4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:


	September 30, 2025				December 31, 2024
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	11,022,719	$	10,995,680	$	7,014,260	$	7,006,800
1st Lien/Last-Out Unitranche		325,370		327,317		263,347		261,643
2nd Lien/Senior Secured Debt		84,298		84,520		—		—
Structured Finance Obligation – Debt Instruments		151,250		151,980		—		—
Structured Finance Obligation – Equity Instruments		47,488		47,792		—		—
Preferred Stock		3,101		—		3,101		—
Common Stock		5,214		4,224		5,214		5,372
Membership Interest		—		—		—		—
Total investments	$	11,639,440	$	11,611,513	$	7,285,922	$	7,273,815

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The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:


	September 30, 2025								December 31, 2024
Industry	Fair Value				Net Assets				Fair Value				Net Assets
Software		15.5	%			22.6	%			14.2	%			21.1	%
Financial Services		10.1				14.7				7.2				10.6
Commercial Services & Supplies		7.2				10.5				7.9				11.8
Health Care Providers & Services		6.9				10.1				6.0				8.9
Health Care Technology		6.0				8.7				0.9				1.4
Machinery		5.6				8.1				7.7				11.5
Diversified Consumer Services		5.1				7.4				4.1				6.0
Trading Companies & Distributors		3.9				5.7				5.9				8.7
Professional Services		3.5				5.1				3.8				5.6
Food Products		3.2				4.7				4.4				6.5
Oil, Gas & Consumable Fuels		3.2				4.6				2.2				3.2
IT Services		3.0				4.3				3.5				5.2
Insurance		2.9				4.2				4.2				6.3
Wireless Telecommunication Services		2.7				3.9				3.3				4.9
Chemicals		2.1				3.1				3.2				4.7
Construction & Engineering		2.0				2.9				2.3				3.5
Containers & Packaging		1.7				2.5				1.9				2.9
Building Products		1.5				2.2				2.0				2.9
Health Care Equipment & Supplies		1.4				2.1				1.9				2.8
Distributors		1.2				1.8				1.1				1.6
Specialty Retail		1.0				1.5				1.4				2.1
Air Freight & Logistics		1.0				1.5				—				—
Pharmaceuticals		1.0				1.5				1.5				2.3
Media		1.0				1.4				1.4				2.1
Energy Equipment & Services		0.9				1.2				0.5				0.7
Aerospace & Defense		0.8				1.2				0.9				1.4
Electrical Equipment		0.7				1.0				0.7				1.0
Textiles, Apparel & Luxury Goods		0.6				0.9				0.7				1.0
Leisure Products		0.6				0.9				0.9				1.3
Consumer Staples Distribution & Retail		0.6				0.9				1.0				1.5
Technology Hardware & Equipment		0.5				0.7				0.4				0.6
Hotels, Restaurants & Leisure		0.5				0.7				0.7				1.1
Automobile Components		0.4				0.6				0.7				1.0
Diversified Financial Services		0.3				0.4				0.4				0.5
Entertainment		0.2				0.3				0.2				0.3
Electric Utilities		0.2				0.3				0.2				0.3
Household Products		0.2				0.3				0.1				0.1
Metals & Mining		0.2				0.3				0.2				0.3
Capital Goods		0.2				0.2				0.1				0.1
Ground Transportation		0.2				0.2				0.1				0.2
Beverages		0.1				0.2				—				—
Water Utilities		0.1				0.2				—				—
Life Sciences Tools & Services		—		(1)		0.2				0.1				0.1
Industrial Conglomerates		—		(1)		0.1				—				—
Household Durables		—		(1)		0.2				0.1				0.1
Technology Hardware, Storage & Peripherals		—		(1)		—		(1)		—				—
Telecommunications		—				—				—		(1)		0.1
Total		100.0	%			146.1	%			100.0	%			148.3	%

(1)

Amount rounds to less than 0.1%.

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The geographic composition of the Company’s investments at fair value was as follows:


Geographic	September 30, 2025			December 31, 2024
United States		90.4	%		95.4	%
United Kingdom		2.4			2.1
Canada		1.8			2.2
Cayman Islands		1.7			—
Australia		1.5			—
Sweden		0.7			—
France		0.7			—
Switzerland		0.4			0.3
Italy		0.2			—
Luxembourg		0.1			—
India		0.1			—
Total		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The Company carries its investments in accordance with ASC 820, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

       Level 2 Instruments

       Valuation Techniques and Significant Inputs

       Equity and Fixed Income

       The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.
 
Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

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       Derivative Contracts

       Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.


Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of September 30, 2025 and December 31, 2024. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.


Level 3 Instruments	Fair Value(1) (2)		Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of September 30, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	6,741,596	Discounted cash flows	Discount Rate	7.4% — 13.9%	9.0%
	$	15,267	Comparable multiples	EV/EBITDA(6)	—	10.0x
1st Lien/Last-Out Unitranche	$	303,996	Discounted cash flows	Discount Rate	5.9% — 10.6%	9.2%
2nd Lien/Senior Secured Debt	$	25,699	Discounted cash flows	Discount Rate	10.8% — 11.8%	11.4%
Equity
Common Stock	$	4,224	Comparable multiples	EV/EBITDA(6)	10.0x - 13.5x	12.9x
As of December 31, 2024
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	3,711,830	Discounted cash flows	Discount Rate	7.4% — 14.1%	9.7%
1st Lien/Last-Out Unitranche	$	261,643	Discounted cash flows	Discount Rate	6.2% — 11.4%	10.5%
Equity
Common Stock	$	5,372	Comparable multiples	EV/EBITDA(6)	10.0x — 13.5x	12.9x

(1)

As of September 30, 2025, included within the fair value of Level 3 assets of $8,496,860 is an amount of $1,406,078 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $7,071,291 or 83.3% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2024, included within the fair value of Level 3 assets of $5,398,349 is an amount of $1,419,504 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $3,973,473 or 73.7% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

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(5)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)

Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of September 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.

The following is a summary of the Company’s assets categorized within the fair value hierarchy:


	September 30, 2025								December 31, 2024
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	2,859,896	$	8,135,784	$	10,995,680	$	—	$	1,875,466	$	5,131,334	$	7,006,800
1st Lien/Last-Out Unitranche		—		—		327,317		327,317		—		—		261,643		261,643
2nd Lien/Senior Secured Debt		—		54,985		29,535		84,520		—		—		—		—
Structured Finance Obligation – Debt Instruments		—		151,980		—		151,980		—		—		—		—
Structured Finance Obligation – Equity Instruments		—		47,792		—		47,792		—		—		—		—
Preferred Stock		—		—		—		—		—		—		—		—
Common Stock		—		—		4,224		4,224		—		—		5,372		5,372
Membership Interest		—		—		—		—		—		—		—		—
Investments in Affiliated Money Market Fund		518,157		—		—		518,157		444,718		—		—		444,718
Unrealized appreciation on derivatives		—		3,122		—		3,122		—		—		—		—
Total Assets	$	518,157	$	3,117,775	$	8,496,860	$	12,132,792	$	444,718	$	1,875,466	$	5,398,349	$	7,718,533

The following table presents a summary of changes in fair value of Level 3 assets by investment type:


Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)			Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Nine Months Ended September 30, 2025
1st Lien/Senior Secured Debt	$	5,131,334	$	3,645,412	$	(2,983	)	$	3,807		$	(600,303	)	$	17,599	$	—	$	(59,082	)	$	8,135,784	$	1,058
1st Lien/Last-Out Unitranche		261,643		61,506		—			3,652			—			516		—		—			327,317		3,652
2nd Lien/Senior Secured Debt		—		29,199		—			319			—			17		—		—			29,535		319
Structured Finance Obligation – Debt Instruments		—		—		—			—			—			—		—		—			—		—
Structured Finance Obligation – Equity Instruments		—		—		—			—			—			—		—		—			—		—
Preferred Stock		—		—		—			—			—			—		—		—			—		—
Common Stock		5,372		—		—			(1,148	)		—			—		—		—			4,224		(1,148	)
Membership Interest		—		—		—			—			—			—		—		—			—		—
Total assets	$	5,398,349	$	3,736,117	$	(2,983	)	$	6,630		$	(600,303	)	$	18,132	$	—	$	(59,082	)	$	8,496,860	$	3,881
For the Nine Months Ended September 30, 2024
1st Lien/Senior Secured Debt	$	1,418,647	$	2,750,055	$	(4,149	)	$	19,515		$	(199,617	)	$	8,104	$	518	$	—		$	3,993,073	$	14,251
1st Lien/Last-Out Unitranche		166,684		84,979		—			(110	)		—			359		—		—			251,912		(110	)
2nd Lien/Senior Secured Debt		20,017		1,936		—			358			—			38		—		—			22,349		358
Preferred Stock		—		3,101		—			(1,736	)		—			—		—		—			1,365		(1,736	)
Common Stock		—		5,214		—			78			—			—		—		—			5,292		78
Total assets	$	1,605,348	$	2,845,285	$	(4,149	)	$	18,105		$	(199,617	)	$	8,501	$	518	$	—		$	4,273,991	$	12,841

(1)

Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)

Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

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Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:


		As of
	Level	September 30, 2025		December 31, 2024
Truist Revolving Credit Facility	3	$	1,127,535	$	1,161,893
BNPP Revolving Credit Facility	3	$	750,000	$	700,000
MS Revolving Credit Facility	3	$	1,141,567	$	715,000
2028 Notes	2	$	406,680	$	—
2030 Notes	2	$	613,740	$	—

6. DEBT

The Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of September 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 298% and 290%.

The Company’s outstanding debt was as follows:


	September 30, 2025						December 31, 2024
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value(1)		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
Truist Revolving Credit Facility(2)	$	2,420,000	$	1,295,560	$	1,127,535	$	1,255,000	$	92,090	$	1,161,893
BNPP Revolving Credit Facility(3)		1,100,000		350,000		750,000		900,000		200,000		700,000
MS Revolving Credit Facility(4)		2,000,000		859,048		1,141,567		2,000,000		1,285,000		715,000
2028 Notes		400,000		—		396,249		—		—		—
2030 Notes		600,000		—		594,869		—		—		—
Total debt	$	6,520,000	$	2,504,608	$	4,010,220	$	4,155,000	$	1,577,090	$	2,576,893

(1)

The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.

(2)

Provides, under certain circumstances, a total borrowing capacity of $3,555,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in USD of $580,000, in Euros of EUR 271,500, in CAD of CAD 108,800 in GBP of GBP 62,400, in CHF of CHF 24,200, in AUD of AUD 41,200 and in NOK of NOK 90,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $864,000, in Euros of EUR 153,890, in CAD of CAD 59,500, in GBP of GBP 60,500 and in AUD of AUD 34,500.

(3)

Provides, under certain circumstances, a total borrowing capacity of $1,100,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in USD of $750,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $700,000.

(4)

Provides, under certain circumstances, a total borrowing capacity of $2,000,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in USD of $939,900, in GBP of GBP 16,050 and in AUD of AUD 272,150. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $715,000.

The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2025 was 6.09% and for the year ended December 31, 2024 was 6.92%. The combined average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2025 was $2,706,353 and for the year ended December 31, 2024 was $1,061,820.

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Truist Revolving Credit Facility

On April 6, 2023, the Company entered into a credit facility with Truist Bank (the “Truist Revolving Credit Facility”), as administrative agent, the lenders and issuing banks party thereto. The Company has amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and June 16, 2025. The total loans and commitments under the Truist Revolving Credit Facility are $2,420,000, of which $1,840,000 is under a multicurrency sub-facility, $455,000 is under a USD sub-facility and $125,000 is under a term loan tranche as of September 30, 2025. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555,000. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on June 14, 2030.

Proceeds from the Truist Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay distributions).

Borrowings thereunder denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company’s election) of either (i) term SOFR plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 0.90% or 0.75% (subject to certain gross borrowing base conditions). Borrowings thereunder denominated in non-USD bear interest of the applicable term benchmark rate or daily simple risk-free rate plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in (i) Great British Pounds (“GBP”) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, (ii) Swiss Franc (“CHF”) only, a -0.0571% credit adjustment spread or 0.0031% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, and (iii) Canadian Dollars (“CAD”) only, an additional 0.29547% credit adjustment spread or 0.32138% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings. With respect to borrowings denominated in USD, the Company may elect either term SOFR or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

The Truist Revolving Credit Facility may be guaranteed by certain of the Company's wholly-owned subsidiaries that are formed or acquired by the Company in the future.

The Company's obligations to the lenders under the Truist Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Truist Revolving Credit Facility contains certain customary covenants, including: (i) maintaining a minimum stockholders’ equity, (ii) maintaining an asset coverage ratio of at least 1.50 to 1 and (iii) restrictions on industry concentrations in the Company’s investment portfolio. As of September 30, 2025, the Company was in compliance with these covenants.

The Truist Revolving Credit Facility also includes customary representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

Costs of $22,421 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of September 30, 2025 and December 31, 2024, outstanding deferred financing costs were $17,055 and $9,967.

The following table presents the summary information of the Truist Revolving Credit Facility:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Borrowing interest expense	$	10,822		$	9,356		$	28,118		$	24,417
Facility fees		1,538			621			3,353			2,090
Amortization of financing costs		911			555			2,205			1,595
Total	$	13,271		$	10,532		$	33,676		$	28,102
Weighted average interest rate		5.19	%		6.75	%		5.45	%		6.97	%
Average outstanding balance	$	827,606		$	551,480		$	690,186		$	468,106

BNPP Revolving Credit Facility

On September 28, 2023, SPV Public I entered into a credit facility with BNP Paribas (the “BNPP Revolving Credit Facility”), as administrative agent, State Street Bank and Trust Company, as collateral agent, the Company, as equityholder and investment advisor, and the lenders party thereto. The Company has amended the BNPP Revolving Credit Facility on numerous occasions between May 30, 2024 and January 31, 2025. The total principal amount of the commitments under the BNPP Revolving Credit Facility is $1,100,000. Proceeds from borrowings under the BNPP Revolving Credit Facility may be used to fund portfolio investments by SPV Public I and to make advances under delayed drawdown

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collateral assets where SPV Public I is a lender. Any amounts outstanding under the BNPP Revolving Credit Facility must be repaid by January 31, 2028.

Prior to April 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.80% per annum. From April 30, 2024 until October 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.735% per annum. From October 31, 2024 until January 31, 2025, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.630% per annum. From and after January 31, 2025, advances under the BNPP Revolving Credit Facility bear interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.615% per annum. After the expiration of the reinvestment period on January 31, 2027, the applicable margin on all outstanding advances will increase by 1.00% per annum.

SPV Public I’s obligations to the lenders under the BNPP Revolving Credit Facility are secured by a first priority security interest in substantially all of SPV Public I’s portfolio investments and cash, subject to liens permitted under the BNPP Revolving Credit Facility. The obligations of SPV Public I under the BNPP Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the BNPP Revolving Credit Facility is limited to the value of the Company’s investment in SPV Public I, subject to certain indemnification obligations.

The BNPP Revolving Credit Facility also includes customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. As of September 30, 2025, the Company and SPV Public I were in compliance with these covenants.

Costs of $7,780 were incurred in connection with obtaining and amending the BNPP Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BNPP Revolving Credit Facility using the straight-line method. As of September 30, 2025 and December 31, 2024, outstanding deferred financing costs were $5,083 and $5,038.

The following table presents the summary information of the BNPP Revolving Credit Facility:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Borrowing interest expense	$	6,920		$	7,185		$	30,421		$	12,532
Facility fees		572			59			972			147
Amortization of financing costs		549			235			1,605			559
Total	$	8,041		$	7,479		$	32,998		$	13,238
Weighted average interest rate		6.01	%		7.15	%		6.02	%		7.17	%
Average outstanding balance	$	456,522		$	400,000		$	675,641		$	233,358

MS Revolving Credit Facility

On August 9, 2024, GSCR Mott Street entered into a revolving credit facility (the “MS Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as transferor and servicer, and the lenders party thereto, in an initial principal amount of $1,000,000 (the “Tranche A Advances”). The Company amended the MS Revolving Credit Facility on October 24, 2024 (the “MS Facility First Amendment”). The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000,000 (the “Tranche B Advances”). The Company entered into the second amendment of the MS Revolving Credit Facility on June 12, 2025 (the “MS Facility Second Amendment”). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies. The Company entered into the third amendment of the MS Revolving Credit Facility on July 16, 2025 (the "MS Facility Third Amendment"). The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility).

The total principal amount of the commitments under the MS Revolving Credit Facility is $2,000,000. Proceeds from borrowings under the MS Revolving Credit Facility may be used to, among other things, fund portfolio investments by GSCR Mott Street and to make advances under delayed drawdown collateral assets where GSCR Mott Street is a lender. Any amounts outstanding under the MS Revolving Credit Facility must be repaid by August 9, 2030.

Advances under the MS Revolving Credit Facility initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which in the case of U.S. dollars is 3-month Term SOFR) plus an applicable margin of (x) for the Tranche A Advances, 2.35% per annum and (y) for the Tranche B Advances, 2.15% per annum. After the expiration of a three-year reinvestment period,

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the applicable margin on outstanding advances will be (x) for the Tranche A Advances, 2.85% per annum and (y) for the Tranche B Advances, 2.65% per annum.

GSCR Mott Street’s obligations to the lenders under the MS Revolving Credit Facility are secured by a first priority security interest in substantially all of GSCR Mott Street’s portfolio investments and cash, subject to liens permitted under the MS Revolving Credit Facility. The obligations of GSCR Mott Street under the MS Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the MS Revolving Credit Facility is limited to the value of the Company’s investment in GSCR Mott Street, subject to certain indemnification obligations.

The MS Revolving Credit Facility also includes customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. As of September 30, 2025, the Company and GSCR Mott Street were in compliance with these covenants.

Costs of $17,756 were incurred in connection with obtaining the MS Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the MS Revolving Credit Facility using the straight-line method. As of September 30, 2025 and December 31, 2024, outstanding deferred financing costs were $14,495 and $14,443.

The following table presents the summary information of the MS Revolving Credit Facility:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Borrowing interest expense	$	15,888		$	2,709		$	39,199		$	2,709
Facility fees		3,585			100			7,786			100
Amortization of financing costs		752			226			2,344			226
Total	$	20,225		$	3,035		$	49,329		$	3,035
Weighted average interest rate		6.55	%		7.55	%		6.56	%		7.55	%
Average outstanding balance	$	962,485		$	247,642		$	798,402		$	247,642

2028 Notes

On May 6, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.875% unsecured notes due 2028 (the "2028 Notes"). The 2028 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The 2028 Notes bear interest at a rate of 5.875% per year, payable semi-annually, commencing on November 6, 2025. The 2028 Notes will mature on May 6, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2028 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2028 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 2028 Notes:


	September 30, 2025			December 31, 2024
Principal amount of debt	$	400,000		$	—
Unamortized debt issuance costs		(4,519	)		—
Cumulative hedging adjustments		768			—
Carrying Value	$	396,249		$	—

The following table presents the components of interest and other debt expenses related to the 2028 Notes:

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	For the Three Months Ended					For the Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025			September 30, 2024

Borrowing interest expense	$	6,320		$	—	$	9,845		$	—
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		(775	)		—		(775	)		—
Hedged items		768			—		768			—
Amortization of debt issuance costs		438			—		705			—
Total	$	6,751		$	—	$	10,543		$	—

2030 Notes

On May 6, 2025, the Company closed an offering of $600,000 aggregate principal amount of its 6.250% unsecured notes due 2030 (the "2030 Notes"). The 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The 2030 Notes bear interest at a rate of 6.250% per year, payable semi-annually, commencing on November 6, 2025. The 2030 Notes will mature on May 6, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2030 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 2030 Notes:


	September 30, 2025			December 31, 2024
Principal amount of debt	$	600,000		$	—
Unamortized debt issuance costs		(7,466	)		—
Cumulative hedging adjustments		2,335			—
Carrying Value	$	594,869		$	—

The following table presents the components of interest and other debt expenses related to the 2030 Notes:


	For the Three Months Ended					For the Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025			September 30, 2024

Borrowing interest expense	$	10,029		$	—	$	15,654		$	—
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		(2,347	)		—		(2,347	)		—
Hedged items		2,335			—		2,335			—
Amortization of debt issuance costs		409			—		658			—
Total	$	10,426		$	—	$	16,300		$	—

Short-Term Borrowings

From time to time, the Company may engage in sale/buy-back agreements with Macquarie Bank Limited (“Macquarie”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each transaction (each, a “Short-Term Borrowing”) is intended to finance an underlying investment of the Company. Under each Short-Term Borrowing, the Company remains the lender of record of the relevant underlying investment for the duration of such transaction but the Company sells to Macquarie a participation interest in such underlying investment and concurrently enters into an agreement to repurchase from Macquarie the same participation interest at an agreed-upon price (which price includes the interest on such borrowing) at a future date. The future repurchase date will not be later than 90 days from the date it was sold to Macquarie (unless such 90-day date is mutually extended by the Company and Macquarie).

To secure the Company’s obligations under each Short-Term Borrowing, the Company grants to Macquarie a back-up security interest in the Company's underlying investment associated with the particular borrowing.

In accordance with ASC 860, Transfers and Servicing, the Short-Term Borrowings meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its obligation to a third party, which is reported as debt on the Company’s Consolidated Statements of

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Assets and Liabilities. The Company’s obligation is secured by the respective investment that is the subject of the relevant Short-Term Borrowing. Interest expense associated with the Short-Term Borrowings is reported on the Company’s Consolidated Statements of Operations within Interest and other debt expense. There were no Short-Term Borrowings outstanding as of September 30, 2025 and December 31, 2024.

7. DERIVATIVES

The Company has entered into interest rate swaps to help mitigate interest rate risk associated with the Company’s liabilities, as well as more closely align the interest rates of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including interest rate swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.

The table below presents the average notional amounts, as an indicator for volume, for interest rate swaps:


	For the Three Months Ended		For the Nine Months Ended
	September 30, 2025		September 30, 2025
Interest rate swaps	$	500,000	$	200,000

The Company’s net exposure to interest rate swaps that are subject to ISDA Master Agreements or similar agreements presented on the Consolidated Statements of Assets and Liabilities, was as follows:


	September 30, 2025					December 31, 2024
	Derivative Asset			Derivative Liabilities		Derivative Asset		Derivative Liabilities
Interest rate swaps	$	3,122		$	—	$	—	$	—
Cash collateral netting (1)		(420	)		—		—		—
Net Amount (2)	$	2,702		$	—	$	—	$	—

(1)

Amount excludes excess cash collateral received or paid, if any.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts.

Hedging

The Company designated its interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting.

For the interest rate swaps designated in qualifying fair value hedging relationships, the gains and losses on these interest rate swaps and the changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are included in Interest and other debt expenses in the Consolidated Statements of Operations.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:


	For the Three Months Ended			For the Nine Months Ended
	September 30, 2025			September 30, 2025
Interest rate swaps	$	3,122		$	3,122
Hedged liabilities		(3,103	)		(3,103	)

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

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	September 30, 2025				December 31, 2024
	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Hedged liabilities	$	991,118	$	3,103	$	—	$	—

8. COMMITMENTS AND CONTINGENCIES

Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. The Company may commit to issue standby letters of credit in connection with an investment. In the event a letter of credit is funded, the Company would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts would be obligated to reimburse the Company as set forth in the relevant credit agreement. As of September 30, 2025, the Company has committed to fund letters of credit of $23,148 on behalf of the Accounts. As of September 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:


	Unfunded Commitment Balances (1)
	September 30, 2025		December 31, 2024
1st Lien/Senior Secured Debt
123Dentist Inc.	$	21,554	$	—
ABC Investment Holdco Inc. (dba ABC Plumbing)		5,478		6,781
Accommodations Plus Technologies LLC		4,125		—
Admiral Buyer, Inc. (dba Fidelity Payment Services)		10,506		10,440
Advarra Holdings, Inc.		7,087		7,087
AGS Health BCP Holdings, Inc. (dba AGS Health)		11,249		—
AGS Health BCP LLC (dba AGS Health)		6,250		—
AI Titan Parent, Inc. (dba Prometheus)		3,845		3,845
Airwavz Solutions, Inc.		3,691		—
Algae BidCo (dba Solabia Group)		18,948		—
Amspec Parent, LLC		5,480		6,667
Aptean, Inc.		20,014		9,567
AQ Sunshine, Inc. (dba Relation Insurance)		12,745		20,472
Ark Data Centers, LLC		33,408		45,717
Arrow Buyer, Inc. (dba Archer Technologies)	—			1,460
Artifact Bidco, Inc. (dba Avetta)		11,823		11,823
Aryeh Bidco Investment Ltd. (dba Dentalcorp)		57,616		—
Aurora Acquireco, Inc. (dba AuditBoard)		23,600		23,600
Bamboo US BidCo LLC (dba Baxter)		8,187		12,522
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)		15,086		15,086
BCTO Bluebill Buyer, Inc. (dba Ren)		4,125		—
Blast Bidco Inc. (dba Bazooka Candy Brands)		7,366		7,366
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)		7,785		—
Buckeye Acquiror LLC (dba Superior Environmental Solutions)		5,728		6,878
BX Frontier Member I LLC		29,694		—
Celero Commerce LLC		33,282		—
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)		78,010		36,250
Circustrix Holdings, LLC (dba SkyZone)		1,606		642
Coding Solutions Acquisition, Inc. (dba CorroHealth)		7,656		9,139
Computer Services, Inc.		16,212		—
Consilio Midco Limited (dba Cyncly)		33,013		—
Convenient Payments Acquisition, Inc.		1,089		—
Coretrust Purchasing Group LLC		11,053		11,053
Creek Parent, Inc. (dba Catalent)		9,980		9,980
Crewline Buyer, Inc. (dba New Relic)		6,165		6,165
CST Holding Company (dba Intoxalock)		4,310		4,310
CURiO Brands LLC		5,176		—
Curriculum Associates, LLC		168,784		—
Dawn Bidco, LLC (dba Dayforce)		298,625		—
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)		208,598		—
DFS Holding Company, Inc.	—			5,491
Diamond Communications LLC		25,000		—
Dwyer Instruments, LLC		24,859		26,366
Eagle Family Foods Group LLC		22,753		22,753
Easy Mile Fitness, LLC	—			4,650
Edition Holdings, Inc. (dba Enverus)		44,318		—
Engage2Excel, Inc.		825		495
EnviroSmart, LLC (dba ES Integrated)		9,900		—
eResearch Technology, Inc. (dba Clario)		40,214		—

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	Unfunded Commitment Balances (1)
	September 30, 2025		December 31, 2024
1st Lien/Senior Secured Debt
Financière N (dba Nemera)	$	4,884	$	—
Formulations Parent Corporation (dba Chase Corp)	—			9,068
Frontgrade Technologies Holdings Inc.		3,689		3,689
Frontline Road Safety Operations, LLC		24,203		—
Fullsteam Operations LLC		74,491		35,960
Galway Borrower LLC		6,912		8,069
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)		11,317		17,738
GovDelivery Holdings, LLC (dba Granicus, Inc.)		3,863		3,863
Groundworks, LLC		1,314		—
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)		15,659		15,659
Hamilton Thorne, Inc.		19,055		12,695
HealthEdge Software, Inc.	—			4,580
Highfive Dental Holdco, LLC		979		979
Hyland Software, Inc.		4,525		4,525
iCIMS, Inc.		2,208		2,454
Ideal Components Acquisition, LLC (dba Ideal Tridon)		9,560		—
INK (BC) BIDCO S.R.L. (dba Namirial)		16,112		—
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)		186,424		—
iWave Information Systems, Inc.		2,391		2,391
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)		12,907		—
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)		941		—
Kene Acquisition, Inc. (dba Entrust)		22,173		22,173
KPA Parent Holdings, Inc.		6,311		—
Kryptona Bidco US, LLC (dba Kyriba)		10,825		10,825
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)		10,900		14,000
Lobos Parent, Inc. (dba NEOGOV)		10,022		—
Mandrake Bidco, Inc. (dba Miratech)		5,910		5,910
ML Holdco, LLC (dba MeridianLink)		141,208		—
NAVEX TopCo, Inc.		4,050		4,050
NC Topco, LLC (dba NContracts)		16,282		16,282
NCWS Intermediate, Inc. (dba National Carwash Solutions)		26,639		29,149
Netrisk Group Luxco 4 S.à r.l.		3,785		—
Netsmart Technologies, Inc.		47,843		47,843
Newtek Merchant Solutions, LLC (dba NewtekOne)		1,650		—
North Star Acquisitionco, LLC (dba Everway)		69,557		11,202
Octane Purchaser, Inc. (dba Office Ally)		66,993		—
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)		8,719		8,719
OMEGA II AB (dba Fortnox)		4,025		—
Onyx CenterSource, Inc.		110		1,100
Optima S.P.A		51,142		—
Orthrus Limited (dba Ocorian)		1,458		3,031
Pacific Group Bidco Pty Ltd (dba Magentus)		28,442		—
Packaging Coordinators Midco, Inc. (dba PCI Pharma)		145,202		—
Paris US Holdco, Inc. (dba Precinmac)		62,629		63,690
PAS Parent Inc. (dba Pace Analytical)		44,581		—
PDDS Holdco, Inc. (dba Planet DDS)		20,150		—
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)		12,878		—
Precision Concepts Parent Inc.		4,866		—
Project Accelerate Parent, LLC (dba ABC Fitness)		5,000		5,000
Project Maroon, LLC (dba Jeppesen)		236,805		—
Prophix Software Inc. (dba Pound Bidco)		5,531		7,756

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	Unfunded Commitment Balances (1)
	September 30, 2025		December 31, 2024
1st Lien/Senior Secured Debt
PT Intermediate Holdings III, LLC (dba Parts Town)		6,761		7,953
QBS Parent, Inc. (dba Quorum Software)		22,127		3,820
Recorded Books Inc. (dba RBMedia)		15,856		6,278
Rocket Bidco, Inc. (dba Recochem)		15,894		14,807
Rotation Buyer, LLC (dba Rotating Machinery Services)		44,286		58,598
Rubix Foods, LLC		3,300		—
Rubrik, Inc.	—			627
Runner Bidco AB (dba nShift)		14,571		—
Runway Bidco, LLC (dba Redwood Software)		18,750		18,750
Seven Midco (dba Septeo)		10,359		—
SI Swan UK Bidco Limited (dba Sapiens International)		126,646		—
Singlewire Software, LLC		3,226		3,226
Solar Holdings Bidco Limited (dba SLR Consulting)		11,787		19,046
Sonar Acquisitionco, Inc. (dba SimPRO)		3,396		29,434
SpecialtyCare, Inc.		13,687		—
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)		13,472		15,976
Splash Car Wash, Inc.		8,745		—
Spotless Brands, LLC		51,074		—
Summit Buyer, LLC (dba Classic Collision)		151,599		35,389
Sunshine Cadence HoldCo, LLC (dba Cadence Education)		13,225		16,326
Superman Holdings, LLC (dba Foundation Software)		7,380		13,262
Supreme Fitness Group NY Holdings, LLC		5,866		—
TEI Intermediate LLC (dba Triumvirate Environmental)		44,207		47,488
Tropical Bidco, LLC (dba Tropical Cheese)		17,538		14,615
Trystar, LLC		15,907		18,837
United Flow Technologies Intermediate Holdco II, LLC		4,780		26,338
US Signal Company, LLC		6,789		13,579
USA DeBusk, LLC		35,830		34,430
Valet Waste Holdings, Inc. (dba Valet Living)		11,909		13,040
Vamos Bidco, Inc. (dba VIP)		26,231		—
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)		91		319
VASA Fitness Buyer, Inc.		8,024		1,306
Victors Purchaser, LLC (dba Service Express)		174,509		—
VisionSafe Holdings, Inc.		1,320		1,320
Wellness AcquisitionCo, Inc. (dba SPINS)		1,716		—
Westwood Professional Services Inc.		27,855		30,988
Wildcat Solutions Holdings, LLC (dba O6 Environmental)		8,205		—
Zeppelin US Buyer Inc. (dba Global Critical Logistics)		46,757		—
Zeus Company LLC		16,313		18,270
Total 1st Lien/Senior Secured Debt	$	3,873,926	$	1,163,027
1st Lien/Last-Out Unitranche
EIP Consolidated, LLC (dba Everest Infrastructure)	$	3,125	$	7,500
Esperanto BidCo AG (dba BSI Software)	—			26,541
K2 Towers III, LLC		226		4,858
Skyway Towers Intermediate LLC		19,456		7,349
Tarpon Towers II LLC		7,438		10,063
Thor FinanceCo LLC (dba Harmoni Towers)		6,000		17,167
Towerco IV Holdings, LLC		2,071		2,982
Total 1st Lien/Last-Out Unitranche	$	38,316	$	76,460
2nd Lien/Senior Secured Debt
Algae PikCo (dba Solabia Group)	$	3,436	$	—
Consilio IntermediateCo Limited (dba Cyncly)		6,603		—
INK (BC) FINCO S.R.L. (dba Namirial)		2,377		—
Total 2nd Lien/Senior Secured Debt	$	12,416	$	—
Membership Interest
BX Frontier Member I Holdings LLC	$	37,023	$	—
Total Membership Interest	$	37,023	$	—
Total	$	3,961,681	$	1,239,487

(1)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

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9. NET ASSETS

The Company has the authority to issue up to 1,000,000,000 Shares, 1,000,000,000 shares of Class D common stock, par value $0.001 per share (“Class D shares”), 1,000,000,000 shares of Class S common stock, par value $0.001 per share (“Class S shares”), and 1,000,000 shares of preferred stock, par value $0.001 per share.

Transactions in Shares

The following table summarizes the total Shares issued and proceeds related to the Offering:


Share Issue Date	Shares Issued		Proceeds Received
For the Nine Months Ended September 30, 2025
January 1, 2025		23,191,555	$	584,891
February 1, 2025		15,021,187		378,834
March 1, 2025		12,743,027		320,487
April 1, 2025		19,173,626		481,450
May 1, 2025		9,608,339		240,497
June 1, 2025		9,247,618		231,745
July 1, 2025		13,351,495		334,722
August 1, 2025		14,182,771		355,562
September 1, 2025		11,917,033		298,403
Total		128,436,651		3,226,591
For the Nine Months Ended September 30, 2024
January 1, 2024		13,232,488	$	333,459
February 1, 2024		6,122,455		154,286
March 1, 2024		7,852,924		197,815
April 1, 2024		9,027,996		228,589
May 1, 2024		9,154,226		231,693
June 1, 2024		10,422,835		263,698
July 1, 2024		9,092,364		230,128
August 1, 2024		11,342,035		287,067
September 1, 2024		13,089,896		331,043
Total		89,337,219	$	2,257,778

Distributions to Common Stockholders

The Company has adopted a DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. If an investor participates in the DRIP, the cash distributions attributable to the class of shares that the investor purchased in our primary offering will be automatically invested in additional shares of the same class. The purchase price for shares purchased under the Company's DRIP will be equal to the most recent available NAV per share for such shares at the time the distribution is payable. The following table summarizes the distributions declared on the Shares and Shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP:


Date Declared	Record Date	Payment Date	Amount Per Share			Shares
For the Nine Months Ended September 30, 2025
November 7, 2024	January 31, 2025	February 28, 2025	$	0.20			633,167
February 26, 2025	February 28, 2025	April 7, 2025	$	0.19	(1)		653,785
February 26, 2025	March 31, 2025	April 28, 2025	$	0.19			689,129
February 26, 2025	April 30, 2025	May 28, 2025	$	0.19			712,313
May 7, 2025	May 30, 2025	July 3, 2025	$	0.19			742,338
May 7, 2025	June 30, 2025	July 29, 2025	$	0.19			759,594
May 7, 2025	July 31, 2025	August 27, 2025	$	0.19			788,330
August 6, 2025	August 29, 2025	October 6, 2025	$	0.19			825,802
August 6, 2025	September 30, 2025	October 29, 2025	$	0.19			852,469
For the Nine Months Ended September 30, 2024
November 1, 2023	January 31, 2024	February 29, 2024	$	0.21			284,014
February 27, 2024	February 29, 2024	March 28, 2024	$	0.21			303,114
February 27, 2024	March 28, 2024	April 26, 2024	$	0.21			328,736
February 27, 2024	April 30, 2024	May 28, 2024	$	0.21			358,447
May 1, 2024	May 31, 2024	June 26, 2024	$	0.21			396,199
May 1, 2024	June 28, 2024	July 26, 2024	$	0.21			421,156
May 1, 2024	July 31, 2024	August 27, 2024	$	0.21			440,968
August 8, 2024	August 30, 2024	October 4, 2024	$	0.21			481,425
August 8, 2024	September 30, 2024	October 28, 2024	$	0.21			481,001

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(1)

Less than $0.01 is considered a return of capital distribution; less than $0.01 is considered capital gain distribution.

Share Repurchase Program

Subject to the discretion of the Company’s Board of Directors, the Company intends to maintain a share repurchase program, pursuant to which it intends to offer to repurchase, in each quarter, up to 5% of the Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Company’s Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act. All Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year will be subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Shares repurchased (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date and does not include shares received under the Company’s DRIP. The Early Repurchase Deduction may be waived by the Company in the case of repurchase requests arising from the death, divorce or qualified disability of the holders. In addition, the Company’s Shares may be sold to certain foreign feeder vehicles primarily created to hold the Company’s Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. The Company expects to conduct such offerings pursuant to available exemptions from registration under the Securities Act. For such foreign feeder vehicles and similar arrangements in certain foreign markets, the Company may not apply, in whole or in part, the Early Repurchase Deduction and may otherwise modify the Early Repurchase Deduction, with respect to such foreign feeder vehicles or underlying investors, often because of administrative or their systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining stockholders.

The following table presents the share repurchases completed during the nine months ended September 30, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3)		Number of Shares Repurchased
For the Nine Months Ended September 30, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66,945		2,667,462
May 22, 2025	June 20, 2025		5.0	%	$	25.07		140,224		5,594,727
August 25, 2025	September 22, 2025		5.0	%	$	25.04		92,567		3,697,003
Total							$	299,736		11,959,192

For the Nine Months Ended September 30, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	394		15,551
May 17, 2024	June 14, 2024		5.0	%	$	25.31		12,989		513,509
August 26, 2024	September 23, 2024		5.0	%	$	25.29		27,085		1,072,190
Total							$	40,468		1,601,250

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

10. EARNINGS PER COMMON SHARE

The following information sets forth the computation of basic and diluted earnings per Share:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net increase in net assets from operations	$	163,306	$	86,787	$	418,933	$	219,906
Weighted average shares outstanding		307,472,519		142,103,773		272,086,089		112,180,896
Basic and diluted earnings (loss) per share	$	0.53	$	0.61	$	1.54	$	1.96

Diluted earnings per share equal basic earnings per share because there were no common stock equivalents outstanding during the periods presented.

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11. FINANCIAL HIGHLIGHTS

The following table presents the schedule of financial highlights of the Company:


	For the Nine Months Ended			For the Nine Months Ended
	September 30, 2025			September 30, 2024
Per Common Share Data(1):
NAV, beginning of period	$	25.22		$	25.20
Net investment income		1.74			1.91
Net realized and unrealized gains (losses)(2)		(0.20	)		0.07
Net increase in net assets from operations(2)	$	1.54		$	1.98
Distributions recorded:
From distributable earnings		(1.71	)		(1.89	)
From return of capital		(0.01	)		—
Total increase in net assets	$	(0.18	)	$	0.09
NAV, end of period	$	25.04		$	25.29
Shares outstanding, end of period		317,407,689			154,147,833
Weighted average shares outstanding		272,086,089			112,180,896
Total return based on NAV(3)		6.30	%		8.11	%
Supplemental Data/Ratio(4):
Net assets, end of period	$	7,946,304		$	3,898,853
Ratio of net expenses to average net assets		4.23	%		4.18	%
Ratio of net expenses before voluntary waivers to average net assets		5.14	%		4.60	%
Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets		0.83	%		0.95	%
Ratio of interest and other debt expenses to average net assets		2.80	%		2.18	%
Ratio of net incentive fees to average net assets		0.60	%		1.05	%
Ratio of total expenses to average net assets		5.41	%		5.07	%
Ratio of net investment income to average net assets		8.85	%		9.80	%
Portfolio turnover		12	%		12	%

(1)

The per share data was derived by using the weighted average Shares outstanding during the applicable period that the Shares were outstanding, except for distributions recorded, which reflects the actual amount per Share for the applicable period.

(2)

The amount shown may not correspond for the period as it includes the effect of the timing of Share issuances and distributions.

(3)

Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.

(4)

Ratios are annualized, except for, as applicable, fee waivers, expense support and unvested Incentive Fees. NAV used in ratios represents NAV to common stockholders.

12. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

Merger with MMLC II

On October 14, 2025, the Company completed its previously announced Merger with MMLC II pursuant to the Merger Agreement, dated as of July 11, 2025. Pursuant to the Merger Agreement, at the effective time, MMLC II merged with and into the Company, with the Company continuing as the surviving company. In accordance with the terms of the Merger Agreement, at the effective time, each share of common stock, $0.001 par value per share, of MMLC II issued and outstanding immediately prior to the effective time, except for shares, if any, owned by MMLC II, the Company, or any of their respective consolidated subsidiaries, was converted into the right to receive an amount in cash equal to $18.41 per share. As a result of the Merger, the Company paid $441,182 to MMLC II’s former common stockholders, prior to any adjustment for shares, if any, held by any person who was entitled to demand (and properly demands) appraisal of their shares of MMLC II Common Stock.

The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations—Related Issues.

Truist Revolving Credit Facility Commitment Increase

On October 14, 2025, in connection with the completion of the Merger, the term loans under the Truist Revolving Credit Facility were increased to $150,000, the commitments under the multicurrency sub-facility were increased to $2,270,000, and the commitments under the USD sub-facility were increased to $580,000. The total loans and commitments under the Truist Revolving Credit Facility following such increases are $3,000,000.

Issuance of 2029 Notes

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On October 17, 2025, the Company issued $400.0 million aggregate principal amount of 5.375% Notes due 2029 (the “2029 Notes”). The 2029 Notes bear interest at the rate of 5.375% per annum, payable semi-annually in arrears on January 31 and July 31 of each year, commencing on January 31, 2026, and will mature on January 31, 2029. At the Company's option, the 2029 Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

Fourth Amendment to MS Revolving Credit Facility

On October 24, 2025, GSCR Mott Street entered into the fourth amendment to the MS Revolving Credit Facility (the “MS Facility Fourth Amendment”). The MS Facility Fourth Amendment, among other things, (i) combined the two tranches of commitments and reduced the applicable margin of each respective tranche to a single applicable margin equal to (x) on and after the Fourth Amendment Date (as defined in the MS Facility Fourth Amendment) and during the revolving period, 1.80% per annum and (y) during the amortization period, 2.30% per annum and (ii) extended the period during which GSCR Mott Street may not terminate or permanently reduce the MS Revolving Credit Facility from August 9, 2025 to October 24, 2026.

October and November Subscriptions

On October 1, 2025, the Company received $283,302 of proceeds relating to the issuance of 11,313,991 Shares. Included in the aforementioned proceeds is $40,324 that the Company received from affiliates of the Investment Adviser.

On November 1, 2025, the Company received $261,080 of proceeds relating to the issuance of Shares. Included in the aforementioned proceeds is $55,533 that the Company received from an affiliate of the Investment Adviser.

Distributions

On November 5, 2025, the Board of Directors declared monthly distributions from the Company's taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:


Record Date		Payable Date
November 28, 2025		January 7, 2026
December 31, 2025		January 28, 2026
January 30, 2026		February 27, 2026

Multiple Share Classes

On November 11, 2025, the Company adopted a Multiple Class Plan (the “Multiple Class Plan”) in accordance with Rule 18f-3 under the Investment Company Act and a distribution and servicing plan (the “Distribution and Servicing Plan”) in accordance with Rule 12b-1 under the Investment Company Act. Pursuant to the Multiple Class Plan, the Company may issue multiple classes of its shares of common stock, including Class I shares, Class S shares and Class D shares, each par value $0.001 per share. Pursuant to the Distribution and Servicing Plan, the Company will pay to GS & Co., in its capacity as placement agent to the Company (“Placement Agent”), a monthly stockholder servicing and/or distribution fee equal to (i) 0.85% per annum with respect to Class S shares and (iii) 0.25% per annum with respect to Class D shares, in each case, of the aggregate NAV of the applicable share class as of the beginning of the first calendar day of the applicable month. The stockholder servicing and/or distribution fee is payable monthly in arrears, and the Placement Agent anticipates that all or a portion of the stockholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating and servicing brokers for ongoing services performed by such brokers and that such fees will be waived to the extent a broker is not eligible to receive them for failure to provide such services. There are no stockholder servicing and/or distribution fees with respect to the Class I shares. Other than these ongoing stockholder servicing and/or distribution fees, each class of shares has the same economics and voting rights, and has been registered under the Exchange Act.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Private Credit Corp., Goldman Sachs Private Credit Corp. together with its consolidated subsidiaries, or, for the periods prior to our conversion from a Delaware limited liability company to a Delaware corporation, Goldman Sachs Private Credit Fund LLC, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. The term “Goldman Sachs” refers to GS Group Inc., together with Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company that is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2023. From our commencement of investment operations on April 6, 2023 through September 30, 2025, we have originated approximately $14.90 billion in aggregate principal amount of Private Credit Investments (as defined below) and related equity prior to any subsequent exits and repayments.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. Our investment strategy is consistent with that of the broader Goldman Sachs Asset Management Private Credit platform, with a focus on capital preservation and capital appreciation, and includes:

•

Leveraging Goldman Sachs Asset Management Private Credit’s position within Goldman Sachs;

•

Direct origination with borrowers;

•

Prudent investment selection with intensive due diligence and credit analysis;

•

Provision of large-sized commitments;

•

Structuring expertise with a focus on risk mitigation;

•

Rigorous portfolio management; and

•

Focus on companies with attractive business fundamentals.

Under normal circumstances, we will invest at least 80% of our total assets (which include net assets plus borrowings for investment purposes) in private credit instruments, which may include loans, notes, bonds and other corporate debt securities issued by corporate issuers (“Private Credit Investments”). If we change our 80% requirement, we will provide stockholders with at least 60 days’ notice of such change.

We primarily hold directly originated, first lien senior secured, floating rate debt of companies located primarily in the United States and, to a lesser extent, in non-U.S. jurisdictions. We may also invest, to a lesser extent, in broadly syndicated loans, second lien loans, unsecured, subordinated or payment-in-kind (“PIK”) debt, equity and debt tranches of collateralized loan obligations (“CLOs”), including CLOs that hold corporate debt, and equity and equity-like instruments. We also invest a portion of our portfolio in more liquid investments (“Liquid Investments”), such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity.

We invest primarily in private companies based in the United States, but we also invest, to a lesser extent, in non-U.S. based companies (subject to compliance with BDC requirements to invest at least 70% of our assets in U.S. companies). We focus our lending across a spectrum of directly sourced opportunities in companies ranging from lower middle market to large capitalization in size. We may invest in companies of any size or capitalization.

We generally lead the origination of our investments as the primary lender, and we may participate in club deals (which are generally investments made by a small group of firms). Subject to the limitations of the Investment Company Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Goldman Sachs credit funds or affiliates. We also invest alongside institutional and retail-focused private credit Accounts, which may include proprietary accounts of Goldman Sachs. For additional information, see “Item 1. Business—Allocation of Investment Opportunities—Co-Investments Alongside Goldman Sachs and Other Accounts, and the Relief” in our annual report on Form 10-K for the year ended December 31, 2024. In addition, we expect to acquire or originate revolving credit facilities from time to time in connection with our investments in other assets.

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Our investment strategy also allocates a portion of the overall portfolio to Liquid Investments to provide the portfolio with additional liquidity and to manage our payment obligations under our share repurchase program. Investment decisions related to Liquid Investments are made by the Goldman Sachs Asset Management High Yield and Bank Loan team within the Global Fixed Income and Liquidity Solutions group of Goldman Sachs Asset Management. Liquid Investments may include senior secured loans, senior secured high yield bonds, senior unsecured high yield bonds, and fixed-income ETFs and government securities. We use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. Prior to raising or investing sufficient capital, the portfolio may display a greater percentage of assets within Liquid Investments or government securities than we otherwise would expect for a fully invested portfolio.

We employ leverage as market conditions permit and at the discretion of the Investment Adviser, but we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We intend to use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. We may also use leverage in the form of preferred shares. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We would expect any such leverage, if incurred, to increase the total capital available for investment by us.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, 2024.

KEY COMPONENTS OF OPERATIONS

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, fee income and capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or PIK income. We expect that the principal amount of the debt investments and any accrued but unpaid interest generally will become due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other Accounts. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Dividend income on preferred equity investments, if any, is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments, if any, is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any. CLO equity investments recognize interest income by utilizing an effective interest methodology based upon an effective yield utilizing projected cashflows.

Expenses

Our primary operating expenses include the payment of a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and other professional fees, interest and other debt expenses and other operating related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, structuring, and monitoring our investments. We bear all other expenses of our operations and transactions, including in accordance with the Investment Management Agreement.

Our Investment Adviser pays all costs incurred by it in connection with the performance of its duties under the Investment Management Agreement. Our Investment Adviser pays the compensation and expenses of all its personnel and makes available, without expense to us, the services of such of its partners, officers and employees as may duly be elected as our officers or directors, subject to their individual consent to serve and to any limitations imposed by law. Our Investment Adviser is not required to pay any of our expenses other than those specifically allocated to it, including as set forth below. In particular, but without limiting the generality of the foregoing, our Investment Adviser is not required to pay:

•

organization and offering expenses associated with the private offering of our Class I stock, par value $0.001 per share (the “Shares” or “Class I shares”) and other securities (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company’s systems and those of participating intermediaries, reasonable bona fide due diligence expenses of participating intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of GS & Co., the Company’s transfer agent (the “Transfer Agent”), fees to attend retail seminars sponsored by participating intermediaries, if any, and costs, expenses and reimbursements for travel, meals,

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accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors, but excluding the stockholder servicing fee);

•

fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

•

interest payable on debt, if any, incurred to finance our investments;

•

fees and expenses incurred by us in connection with membership in investment company organizations;

•

brokers’ commissions;

•

fees and expenses associated with calculating our net asset value (“NAV”) (including the costs and expenses of any independent valuation firm);

•

legal, auditing or accounting expenses;

•

taxes or governmental fees;

•

the fees and expenses of our Administrator (as defined below), Transfer Agent or sub-transfer agent;

•

the cost of preparing share certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our Shares;

•

the expenses of and fees for registering or qualifying our Shares for sale and of maintaining our federal and/or state registration or exemptions, and registering us as a broker or a dealer, as applicable;

•

the fees and expenses of our directors (the “Directors”) who are not affiliated with our Investment Adviser;

•

the cost of preparing and distributing reports, proxy statements and notices to our stockholders, the SEC and other regulatory authorities;

•

costs of holding stockholder meetings;

•

the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian;

•

insurance premiums; or

•

costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

Our Investment Adviser is also not required to pay expenses of activities which are primarily intended to result in sales of our Shares, including all costs and expenses associated with the preparation and distribution of any private placement memorandum, subscription agreements, registration statements, prospectuses or stockholder application forms, including any amendments, restatements and/or supplements thereto.

Our Investment Adviser may impose a voluntary cap on the amount of expenses that will be borne by us on a monthly or annual basis. Any such expense cap may be increased, decreased, waived or eliminated at any time at our Investment Adviser’s sole discretion.

To the extent that expenses to be borne by us pursuant to the Investment Management Agreement are paid by our Investment Adviser, we will reimburse our Investment Adviser for such expenses, provided, however, that our Investment Adviser may elect, from time to time and in its sole discretion, to bear certain of our expenses set forth above, including organizational and other expenses.

Pursuant to the expense support and conditional reimbursement agreement, dated as of March 20, 2023 (the “Expense Support and Conditional Reimbursement Agreement”) with the Investment Adviser, the Investment Adviser may elect to pay certain of our expenses on our behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or stockholder servicing fees of the Company. We may reimburse the Investment Adviser for such advanced expenses only if certain conditions are met. See Note 3 “Expense Support and Conditional Reimbursement Agreement” in our consolidated financial statements included in this report. Any reimbursements will not exceed actual expenses incurred by the Investment Adviser and its affiliates.

From time to time, Goldman Sachs Asset Management (in its capacity as the Investment Adviser) or its affiliates may pay third-party providers of goods or services. We will reimburse Goldman Sachs Asset Management (in its capacity as the Investment Adviser) or such affiliates thereof for any such amounts paid on our behalf. From time to time, Goldman Sachs Asset Management (in its capacity as the Investment Adviser) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our stockholders.

We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Leverage

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares of stock senior to our common stock if our asset coverage ratio, as defined under the Investment Company Act, is at least equal to 150% immediately after each such issuance. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150%, subject to certain approval and disclosure requirements. Our board of directors (the “Board of Directors” or the “Board”) and the initial member approved the application of the 150% asset coverage ratio to us in accordance with the requirements of the Investment Company Act. While the leverage we employ may be greater or less than these levels from time to

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time, we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. In addition, except in limited circumstances, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or stock unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. A loan is presumed to be made for temporary purposes if it is repaid within 60 days and is not extended or renewed; otherwise, it is presumed not to be for temporary purposes. For a discussion of the risks associated with leverage, see “Item 1A. Risk Factors—Risks Relating to Legal and Regulatory Matters—Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective” in our annual report on Form 10-K for the year ended December 31, 2024.

We employ leverage as market conditions permit and at the discretion of the Investment Adviser, but we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. We also use leverage in the form of preferred shares. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We expect any such leverage, if incurred, to increase the total capital available for investment by the Company.

Our leverage may take the form of revolving or term loans from financial institutions, such as the Truist Revolving Credit Facility (as defined below), the BNPP Revolving Credit Facility (as defined below), and the MS Revolving Credit Facility (as defined below, and together with the Truist Revolving Credit Facility and the BNPP Revolving Credit Facility, collectively, the “Revolving Credit Facilities”), debt securities, such as secured or unsecured bonds, including the 2028 Notes and 2030 Notes (each as defined below), securitization of portions of our investment portfolio, preferred shares and/or reverse repurchase agreements (including short term participations or pledges of our directly originated debt positions). The Revolving Credit Facilities and other leverage techniques described herein allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage.” The use of leverage magnifies returns, including losses. See “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.” in our annual report on Form 10-K for the year ended December 31, 2024.

Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our Board of Directors of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:


	As of
	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)
First Lien/Senior Secured Debt	$	11,022.72	$	10,995.68	$	7,014.26	$	7,006.80
First Lien/Last-Out Unitranche		325.37		327.32		263.35		261.65
Second Lien/Senior Secured Debt		84.30		84.52		—		—
Structured Finance Obligation – Debt Instruments		151.25		151.98		—		—
Structured Finance Obligation – Equity Instruments		47.49		47.79		—		—
Preferred Stock		3.10		—		3.10		—
Common Stock		5.21		4.22		5.21		5.37
Membership Interest		—		—		—		—
Total investments	$	11,639.44	$	11,611.51	$	7,285.92	$	7,273.82

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The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and at fair value, was as follows:


	As of
	September 30, 2025						December 31, 2024
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		8.8	%		8.9	%		9.4	%		9.4	%
First Lien/Last-Out Unitranche(2)(3)		9.9	%		9.8	%		11.0	%		11.1	%
Second Lien/Senior Secured Debt(2)		8.2	%		8.2	%		—			—
Structured Finance Obligation – Debt Instruments(2)		7.5	%		7.4	%		—			—
Structured Finance Obligation – Equity Instruments(4)		11.5	%		11.4	%		—			—
Preferred Stock(5)		—			—			—			—
Common Stock(5)		—			—			—			—
Membership Interest(5)		—			—			—			—
Total Portfolio		8.8	%		8.9	%		9.5	%		9.5	%

(1)

The weighted average yield of our portfolio does not represent the total return to our stockholders.

(2)

Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value. This calculation excludes investments that are unsettled as of period-end as the interest rate associated with the investment is not known prior to the settlement date.

(3)

The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.

(4)

Computed based on (a) the effective yield, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

(5)

Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

As of September 30, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 8.8% and 8.9%, as compared to 9.5% and 9.5% as of December 31, 2024. The decrease within First Lien/Last-Out Unitranche weighted average yield at amortized cost and fair value was primarily driven by investment activity.

As of September 30, 2025, the Liquid Investments portfolio weighted average yield measured at amortized cost and fair value was 6.8% and 7.0%, compared to 7.5% and 7.5% as of December 31, 2024.

The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):


	As of
	September 30, 2025				December 31, 2024
Number of portfolio companies in which we have Private Credit Investments		152				96
Number of Liquid Investments		180				174
Percentage of performing debt bearing a floating rate(1)			100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)		—%				—%
Weighted average loan-to-value (“LTV”)(3)			40.8	%			40.4	%
Weighted average leverage (net debt/EBITDA)(4)			5.7	x			5.7	x
Weighted average interest coverage(4)			2.0	x			2.0	x
Median EBITDA(4)	$		109.26 million		$		98.65 million

(1)

Measured on a fair value basis. This excludes investments, if any, placed on non-accrual status.

(2)

Includes income producing preferred stock investments, if applicable.

(3)

Includes all Private Credit Investments for which fair value is determined by the Investment Adviser, as the valuation designee (the “Valuation Designee”) designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. Figures are derived from the financial statements most recently validated by the Investment Adviser. LTV is calculated as net debt through each respective loan tranche divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable private debt investments.

(4)

Includes all Private Credit Investments for which fair value is determined by the Investment Adviser, as the Valuation Designee designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our applicable Private Credit Investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

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For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our applicable performing Private Credit Investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our applicable Private Credit Investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

As of September 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 8.7% and 11.8% of total Private Credit Investments at fair value.

Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

•

Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

•

Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

•

Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

•

Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, the Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:


	As of
	September 30, 2025						December 31, 2024
Investment Performance Rating	Fair Value		Percentage of Total				Fair Value		Percentage of Total
	(in millions)						(in millions)
Grade 1	$	45.14		0.4	%		$	—		—	%
Grade 2		11,548.25		99.4				7,273.82		100.0
Grade 3		0.34		—		(1)		—		—
Grade 4		17.78		0.2				—		—
Total Investments	$	11,611.51		100.0	%		$	7,273.82		100.0	%

(1)

Amount rounds to less than 0.1%.

The increase in investments with a Grade 1 investment performance rating was driven by investments with an aggregate fair value of $45.14 million being upgraded from a Grade 2 investment performance rating due to potential exits. The increase in investments with a Grade 4 investment performance rating was primarily driven by investments with an aggregate fair value of $17.78 million being downgraded from a Grade 2 investment performance rating due to financial underperformance.

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The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):


	As of
	September 30, 2025					December 31, 2024
	Amortized Cost		Percentage of Total			Amortized Cost		Percentage of Total
	(in millions)					(in millions)
Performing	$	11,610.54		99.8	%	$	7,285.92		100.0	%
Non-accrual		28.90		0.2			—		—
Total Investments	$	11,639.44		100.0	%	$	7,285.92		100.0	%

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current.

The following table shows our investment activity by investment type of our Private Credit Investments(1):


	For the Three Months Ended
	September 30, 2025			September 30, 2024
	($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt	$	2,755.58		$	2,319.03
First Lien/Last-Out Unitranche		43.21			48.97
Structured Finance Obligation – Debt Instruments		151.25			—
Structured Finance Obligation – Equity Instruments		47.46			—
Membership Interest		37.02			—
Total	$	3,034.52		$	2,368.00
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	348.21		$	149.75
First Lien/Last-Out Unitranche		14.35			—
Total	$	362.56		$	149.75
Net increase in portfolio	$	2,671.96		$	2,218.25
Number of new portfolio companies with new investment commitments		27			24
Total new investment commitment amount in new portfolio companies	$	2,495.68		$	2,217.06
Average new investment commitment amount in new portfolio companies	$	92.43		$	92.38
Number of existing portfolio companies with new investment commitments		10			6
Total new investment commitment amount in existing portfolio companies	$	538.84		$	150.94
Weighted average remaining term for new investment commitments (in years)(2)		7.2			6.2
Percentage of new debt investment commitments at floating interest rates		100.0	%		100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)		—	%		—	%
Weighted average yield on new debt and income producing investment commitments(4)		8.9	%		10.0	%
Weighted average yield on new investment commitments(5)		8.9	%		10.0	%
Weighted average yield on debt and income producing investments sold or repaid(6)		9.7	%		10.7	%
Weighted average yield on investments sold or repaid(7)		9.7	%		10.7	%

(1)

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

(2)

Calculated as of the end of the relevant period and the maturity date of the individual investments.

(3)

May include preferred stock investments.

(4)

Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(5)

Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(6)

Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.

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(7)

Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

Our net investment activity at amortized cost for Liquid Investments (excluding investments in money market funds, if any) for the three months ended September 30, 2025 and for the three months ended September 30, 2024 was $404.33 million and $201.84 million. As of September 30, 2025 and September 30, 2024, the fair value of Liquid Investments (excluding investments in money market funds, if any) was $2,427.70 million, or 20.9% and $859.93 million, or 16.3% of our portfolio.

RESULTS OF OPERATIONS

Our operating results were as follows:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	($ in millions)
Total investment income	$	253.77		$	131.70		$	667.87		$	296.85
Net expenses		(73.06	)		(38.54	)		(195.54	)		(82.59	)
Net investment income	$	180.71		$	93.16		$	472.33		$	214.26
Net realized gain (loss) on investments		(2.35	)		0.18			(9.84	)		(4.20	)
Net unrealized appreciation (depreciation) on investments		(14.31	)		(0.85	)		(15.82	)		11.68
Net realized and unrealized gain (losses) on translations and transactions		(0.74	)		(5.70	)		(27.74	)		(1.83	)
Net realized and unrealized gains (losses)	$	(17.40	)	$	(6.37	)	$	(53.40	)	$	5.65
Net increase in net assets from operations	$	163.31		$	86.79		$	418.93		$	219.91

Net increase in net assets from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

Investment Income

Our investment income was as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	($ in millions)
Interest income	$	243.40		126.05	$	639.98	$	280.30
Dividend income		5.12		3.25		13.86		11.28
Other income		5.25		2.40		14.03		5.27
Total investment income	$	253.77	$	131.70	$	667.87	$	296.85

Investment income for the three and nine months ended September 30, 2025 was primarily driven by our deployment of capital into income producing investments.

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Expenses

Our expenses were as follows:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	($ in millions)
Interest and other debt expenses	$	58.71		$	22.88		$	142.85		$	46.21
Management fees		23.89			11.15			63.45			26.22
Incentive fees based on income		20.80			11.91			56.23			27.21
Incentive fees based on capital gains		—			(0.80	)		—			0.71
Professional fees		0.87			0.54			2.18			1.48
Offering costs		0.30			0.31			0.89			1.36
Directors’ fees		0.17			0.17			0.51			0.50
Other general and administrative expenses		4.22			1.72			10.17			4.22
Total expenses	$	108.96		$	47.88		$	276.28		$	107.91
Fee waivers		(28.01	)		(5.88	)		(62.60	)		(11.81	)
Expense support		(7.89	)		(3.46	)		(18.14	)		(13.51	)
Net Expenses	$	73.06		$	38.54		$	195.54		$	82.59

In the table above:

•

Interest and other debt expenses increased from $22.88 million and $46.21 million for the three and nine months ended September 30, 2024 to $58.71 million and $142.85 million for the three and nine months ended September 30, 2025. The increase was primarily driven by an increase in the weighted average aggregate borrowings outstanding from $1,179.82 million and $778.13 million for the three and nine months ended September 30, 2024 to $3,246.61 million and $2,706.35 million for the three and nine months ended September 30, 2025.

•

Management Fees increased from $11.15 million and $26.22 million for the three and nine months ended September 30, 2024 to $23.89 million and $63.45 million for the three and nine months ended September 30, 2025. The increase was primarily driven by an increase in net assets. The Investment Adviser waived $2.13 million and $4.63 million for the three and nine months ended September 30, 2024 and $14.61 million and $28.20 million for the three and nine months ended September 30, 2025.

•

Incentive Fees based on income increased from $11.91 million and $27.21 million for the three and nine months ended September 30, 2024 to $20.80 million and $56.23 million for the three and nine months ended September 30, 2025. The increase was primarily driven by the performance of our investment portfolio. The Investment Adviser waived $3.75 million and $7.18 million for the three and nine months ended September 30, 2024 and $13.40 million and $34.40 million for the three and nine months ended September 30, 2025.

•

The Investment Adviser elected to pay $7.89 million and $18.14 million of certain of our expenses on our behalf for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, the Investment Adviser elected to pay $3.46 million and $13.51 million. For further details, see Note 3 “Significant Agreements and Related Party Transactions — Expense Support and Conditional Reimbursement Agreement” in our consolidated financial statements included in this report.

•

Other general and administrative expenses increased from $1.72 million and $4.22 million for the three and nine months ended September 30, 2024 to $4.22 million and $10.17 million for the three and nine months ended September 30, 2025. The increase was primarily driven by an increase in costs associated with servicing a larger investment portfolio.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments

The realized gains and losses on fully exited and partially exited portfolio companies consisted of the following:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(in millions)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	$	—		$	—		$	—		$	(4.00	)
Red Ventures, LLC		—			(0.01	)		—			(0.01	)
PCI Gaming Authority		—			(0.02	)		—			(0.02	)
Advisor Group, Inc.		—			(0.03	)		—			(0.03	)
Virgin Media Bristol, LLC		—			(0.04	)		(0.02	)		(0.39	)
Foundation Building Materials Holding Company, LLC		—			(0.04	)		(0.21	)		(0.04	)
Peraton Corp.		—			(0.01	)		(0.33	)		(0.01	)
MH Sub I, LLC		—			—			(0.52	)		—
Ascend Performance Materials Operations, LLC		—			—			(1.60	)		—
Ardonagh Midco 3 PLC		—			0.36			(2.95	)		0.36
Other, net		(0.08	)		—			(1.82	)		(0.03	)
Veritiv Corporation		(0.18	)		—			(0.18	)		—
Autokiniton US Holdings, Inc.		(0.27	)		—			(0.39	)		—
Pre-Paid Legal Services, Inc.		(0.45	)		—			(0.45	)		—
Kronos Acquisition Holdings Inc.		(1.37	)		(0.03	)		(1.37	)		(0.03	)
Net realized gain (loss)	$	(2.35	)	$	0.18		$	(9.84	)	$	(4.20	)

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For the nine months ended September 30, 2024, net realized losses were primarily driven by the restructuring of the first lien debt investment in LCG Vardiman Black, LLC (dba Specialty Dental Brands), which resulted in a realized loss of $4.00 million.

Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments consisted of the following:


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	($ in millions)
Unrealized appreciation	$	17.96		$	12.00		$	48.79		$	26.99
Unrealized depreciation		(32.27	)		(12.85	)		(64.61	)		(15.31	)
Net change in unrealized appreciation (depreciation) on investments	$	(14.31	)	$	(0.85	)	$	(15.82	)	$	11.68

The change in unrealized appreciation (depreciation) on investments consisted of the following:


	For the Three Months Ended			For the Nine Months Ended
	September 30, 2025			September 30, 2025
	($ in millions)
Portfolio Company:
Pacific Group Bidco Pty Ltd (dba Magentus)	$	2.98		$	2.97
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)		1.09			(1.43	)
Eagle Family Foods Group LLC		1.01			(0.22	)
Prestige Bidco Pty Ltd (dba Pickles Auctions)		0.98			0.98
Ortholite, LLC		0.70			0.48
Esperanto BidCo AG (dba BSI Software)		0.01			2.82
Ardonagh Midco 3 PLC		—			3.19
Hamilton Thorne, Inc.		(0.13	)		2.89
Solar Holdings Bidco Limited (dba SLR Consulting)		(1.29	)		4.43
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)		(1.68	)		(5.83	)
NCWS Intermediate, Inc. (dba National Carwash Solutions)		(2.34	)		(3.24	)
Zeus Company LLC		(2.60	)		(2.89	)
Renaissance Holding Corp.		(4.16	)		(13.20	)
First Brands Group, LLC		(4.23	)		(4.19	)
Other, net(1)		(4.65	)		(2.58	)
Total	$	(14.31	)	$	(15.82	)

(1)

For the three and nine months ended September 30, 2025, Other, net includes gross unrealized appreciation of $11.20 million and $31.03 million and gross unrealized depreciation of $(15.85) million and $(33.61) million.


	For the Three Months Ended			For the Nine Months Ended
	September 30, 2024			September 30, 2024
	($ in millions)
Portfolio Company:
Ardonagh Midco 3 PLC	$	3.09		$	2.26
USA DeBusk, LLC		1.20			0.95
Priority Technology Holdings, Inc. (dba Priority Payment)		0.66			0.65
ASM Buyer, Inc.		0.62			0.62
Bamboo US BidCo LLC (aka Baxter)		0.59			1.00
Harrington Industrial Plastics, LLC		0.54			1.25
Trader Corporation		0.48			(0.56	)
Computer Services, Inc.		0.41			1.25
Renaissance Holding Corp.		0.02			(0.54	)
Heartland Dental, LLC		—			(1.49	)
Hyland Software, Inc.		(0.04	)		1.37
Kronos Acquisition Holdings Inc.		(0.34	)		(0.38	)
Other, net(1)		(0.54	)		6.80
iCIMS, Inc.		(0.79	)		(0.73	)
Rocky Debt Merger Sub, LLC (dba NContracts)		(0.88	)		—
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		(1.54	)		3.70
NCWS Intermediate, Inc. (dba National Carwash Solutions)		(4.33	)		(4.47	)
Total	$	(0.85	)	$	11.68

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(1)

For the three and nine months ended September 30, 2024, Other, net includes gross unrealized appreciation of $4.39 million and $13.95 million and gross unrealized depreciation of $(4.93) million and $(7.15) million.

Net change in unrealized appreciation (depreciation) in our investments for the nine months ended September 30, 2024 was primarily driven by tightening of credit spreads, the reversal of unrealized depreciation in connection with the aforementioned restructuring of the first lien debt investment in LCG Vardiman Black, LLC (dba Specialty Dental Brands), and the partial repayment from Ardonagh Midco 3 PLC, partially offset by the financial underperformance of NCWS Intermediate, Inc. (dba National Carwash Solutions).

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our primary use of funds is for our investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to the Revolving Credit Facilities, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of September 30, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes our Revolving Credit Facilities) was 298% and 290%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

The following table summarizes the securities issued and proceeds related to such issuances:


Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the Nine Months Ended September 30, 2025
Class I Common Stock
January 1, 2025		23,191,555	$	584.89
February 1, 2025		15,021,187		378.83
March 1, 2025		12,743,027		320.49
April 1, 2025		19,173,626		481.45
May 1, 2025		9,608,339		240.50
June 1, 2025		9,247,618		231.75
July 1, 2025		13,351,495		334.72
August 1, 2025		14,182,771		355.56
September 1, 2025		11,917,033		298.40
Total		128,436,651		3,226.59
For the Nine Months Ended September 30, 2024
January 1, 2024		13,232,488	$	333.46
February 1, 2024		6,122,455		154.29
March 1, 2024		7,852,924		197.81
April 1, 2024		9,027,996		228.59
May 1, 2024		9,154,226		231.69
June 1, 2024		10,422,835		263.70
July 1, 2024		9,092,364		230.13
August 1, 2024		11,342,035		287.07
September 1, 2024		13,089,896		331.04
Total		89,337,219		2,257.78

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Share Repurchase Program

Subject to the discretion of our Board of Directors, we intend to maintain a share repurchase program in which we intend to offer to repurchase in each quarter up to 5% of our Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The following table presents the share repurchases completed during the nine months ended September 30, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3) ($ in millions)		Number of Shares Repurchased
For the Nine Months Ended September 30, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66.95		2,667,462
May 22, 2025	June 20, 2025		5.0	%	$	25.07		140.22		5,594,727
August 25, 2025	September 22, 2025		5.0	%	$	25.04		92.57		3,697,003
Total							$	299.74		11,959,192

For the Nine Months Ended September 30, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	0.39		15,551
May 17, 2024	June 14, 2024		5.0	%	$	25.31		12.99		513,509
August 26, 2024	September 23, 2024		5.0	%	$	25.29		27.09		1,072,190
Total							$	40.47		1,601,250

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan (the “DRIP”), pursuant to which we reinvest all distributions declared by the Board on behalf of our stockholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our stockholders who have not opted out of our DRIP will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution or other distribution.

Contractual Obligations

We have entered into the Investment Management Agreement with Goldman Sachs Asset Management (in its capacity as the Investment Adviser) to provide us with investment advisory services and the Administration Agreement with State Street Bank and Trust Company (in its capacity as the administrator, the “Administrator”) to provide us with administrative services. Payments for investment advisory services under the Investment Management Agreement are described in “Item 1. Business—Investment Management Agreement” in our annual report on Form 10-K for the year ended December 31, 2024.

We may establish credit facilities in addition to the Truist Revolving Credit Facility, BNPP Revolving Credit Facility and MS Revolving Credit Facility or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure stockholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask us to comply with positive or negative covenants that could have an effect on our operations.

We entered into multiple purchase agreements (collectively, as amended, the “Purchase Agreements”) with Macquarie Bank Limited (the “Financing Provider” or “Macquarie”).

The following table shows our contractual obligations as of September 30, 2025:


	Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
Truist Revolving Credit Facility(1)	$	1,127.54	$	—	$	—	$	1,127.54	$	—
BNPP Revolving Credit Facility(2)	$	750.00	$	—	$	750.00	$	—	$	—
MS Revolving Credit Facility(3)	$	1,141.57	$	—	$	—	$	1,141.57
2028 Notes	$	400.00	$	—	$	400.00	$	—	$	—
2030 Notes	$	600.00	$	—	$	—	$	600.00	$	—

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(1)

We may borrow amounts in U.S. Dollars (“USD”) or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in USD of $580.00 million, in Euros (“EUR”) of EUR 271.50 million, in Canadian Dollars (“CAD”) of CAD 108.80 million, in Great British Pounds (“GBP”) of GBP 62.40 million, in Swiss franc (“CHF”) of CHF 24.20 million, in NOK of NOK 90.00 million and in AUD of AUD 41.20 million.

(2)

We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in USD of $750.00 million.

(3)

Truist Revolving Credit Facility

On April 6, 2023, we entered into a revolving credit facility (as amended, the “Truist Revolving Credit Facility”) with Truist Bank, as administrative agent, and the lenders and issuing banks party thereto.

The total loans and commitments under the Truist Revolving Credit Facility are $2,420.00 million, of which $1,840.00 million is under a multicurrency sub-facility, $455.00 million is under a USD sub-facility and $125.00 million is under a term loan tranche. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555.00 million. We have amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and June 16, 2025.

Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on June 14, 2030.

Borrowings thereunder denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at our election) of either (i) term SOFR plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 0.90% or 0.75% (subject to certain gross borrowing base conditions). Borrowings thereunder denominated in non-USD bear interest of the applicable term benchmark rate or daily simple risk-free rate plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in (i) Great British Pounds ("GBP") only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, (ii) Swiss Franc (“CHF”) only, a -0.0571% credit adjustment spread or 0.0031% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, and (iii) Canadian Dollars (“CAD”) only, an additional 0.29547% credit adjustment spread or 0.32138% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings. With respect to borrowings denominated in USD, we may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

For further details, see Note 6 “Debt–Truist Revolving Credit Facility” in our consolidated financial statements included in this report.

BNPP Revolving Credit Facility

On September 28, 2023, GS Private Credit SPV Public I LLC (“SPV Public I”), a wholly-owned subsidiary of the Company, entered into a revolving credit facility (the “BNPP Revolving Credit Facility”) with BNP Paribas (“BNPP”), as administrative agent, State Street Bank and Trust Company, as collateral agent, us, as equityholder and investment advisor, and the lenders party thereto. We amended the BNPP Revolving Credit Facility on numerous occasions between May 30, 2024 and January 31, 2025.

The total commitments under the BNPP Revolving Credit Facility are $1,100 million. Proceeds from borrowings under the BNPP Revolving Credit Facility may be used to fund portfolio investments by SPV Public I and to make advances under delayed drawdown collateral assets where SPV Public I is a lender. Any amounts outstanding under the BNPP Revolving Credit Facility must be repaid by January 31, 2028.

For further details, see Note 6 “Debt–BNPP Revolving Credit Facility” in our consolidated financial statements included in this report.

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MS Revolving Credit Facility

On August 9, 2024, GSCR Mott Street SPV LLC, a wholly-owned subsidiary of the Company (“GSCR Mott Street”), entered into a revolving credit facility (the “MS Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc. (“MS”), as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as transferor and servicer, and the lenders party thereto, in an initial principal amount of $1,000.00 million (the “Tranche A Advances”). We amended the MS Revolving Credit Facility on October 24, 2024 (the “MS Facility First Amendment”), June 12, 2025 (the “MS Facility Second Amendment”) and on July 16, 2025 (the “MS Facility Third Amendment”).

The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000.00 million (the “Tranche B Advances”). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies. The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility).

The total commitments under the MS Revolving Credit Facility are $2,000.00 million. Proceeds from borrowings under the MS Revolving Credit Facility may be used to, among other things, fund portfolio investments by GSCR Mott Street and to make advances under delayed drawdown collateral assets where GSCR Mott Street is a lender. Any amounts outstanding under the MS Revolving Credit Facility must be repaid by August 9, 2030.

Advances under the MS Revolving Credit Facility initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which in the case of USD is 3-month Term SOFR) plus an applicable margin of (x) for the Tranche A Advances, 2.35% per annum and (y) for the Tranche B Advances, 2.15% per annum. After the expiration of a three-year reinvestment period, the applicable margin on outstanding advances will be (x) for the Tranche A Advances, 2.85% per annum and (y) for the Tranche B Advances, 2.65% per annum.

For further details, see Note 6 “Debt–MS Revolving Credit Facility” in our consolidated financial statements included in this report.

2028 Notes

On May 6, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.875% unsecured notes due 2028 (the “2028 Notes”). The 2028 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The 2028 Notes bear interest at a rate of 5.875% per year, payable semi-annually in arrears on May 6 and November 6 of each year. The 2028 Notes will mature on May 6, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 2028 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2028 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies - Derivatives," Note 6 “Debt—2028 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

2030 Notes

On May 6, 2025, we closed an offering of $600.00 million aggregate principal amount of 6.250% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The 2030 Notes bear interest at a rate of 6.250% per year, payable semi-annually in arrears on May 6 and November 6 of each year. The 2030 Notes will mature on May 6, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 2028 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies - Derivatives," Note 6 “Debt—2030 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

Short-Term Borrowings

From time to time, we may engage in sale/buy-back agreements, which are a type of secured borrowing, with Macquarie. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each transaction (each, a “Short-Term

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Borrowing”) is intended to finance one of our underlying investments. Under each Short-Term Borrowing, we remain the lender of record of the relevant underlying investment for the duration of such transaction but we sell to Macquarie a participation interest in such underlying investment and concurrently enter into an agreement to repurchase from Macquarie the same participation interest at an agreed-upon price (which price includes the interest on such borrowing) at a future date. The future repurchase date will not be later than not to exceed 90 days from the date the participation interest it was sold to Macquarie (unless such 90-day date is mutually extended by us and Macquarie).

For further details, see Note 6 “Debt–Short-Term Borrowings” in our consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. We may commit to issue standby letters of credit in connection with an investment. In the event a letter of credit is funded, we would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse us as defined in the credit agreement. As of September 30, 2025, we have committed to fund letters of credit of $23.15 million on behalf of the Accounts. As of September 30, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:


	As of		As of
	September 30, 2025		December 31, 2024
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	3,873.92	$	1,163.03
First Lien/Last-Out Unitranche		38.32		76.46
Second Lien/Senior Secured Debt		12.42		—
Membership Interest		37.02		—
Total	$	3,961.68	$	1,239.49

HEDGING

Subject to applicable provisions of the Investment Company Act and applicable CFTC regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than USD, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a RIC) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” in our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024.

Fair Value Measurement of Investments

Consistent with GAAP and the Investment Company Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the Investment Company Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market, and as such, their fair values are determined using valuation techniques, primarily discounted cash flows, market multiples, and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market, such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see Note 2 “Significant Accounting Policies—Investments” and Note 5 “Fair Value Measurement.”

RECENT DEVELOPMENTS

Merger with MMLC II

On October 14, 2025, we completed our previously announced Merger with MMLC II pursuant to the Merger Agreement, dated as of July 11, 2025. Pursuant to the Merger Agreement, at the effective time, MMLC II merged with and into us, with us continuing as the surviving company. In accordance with the terms of the Merger Agreement, at the effective time, each share of common stock, $0.001 par value per share, of MMLC II issued and outstanding immediately prior to the effective time, except for shares, if any, owned by MMLC II, us, or any of their respective consolidated subsidiaries, was converted into the right to receive an amount in cash equal to $18.41 per share. As a result of the Merger, we paid $441,182 to MMLC II’s former common stockholders, prior to any adjustment for shares, if any, held by any person who is entitled to demand (and properly demands) appraisal of their shares of MMLC II Common Stock.

The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations—Related Issues.

Issuance of 2029 Notes

On October 17, 2025, we issued $400.0 million aggregate principal amount of 5.375% Notes due 2029 (the “2029 Notes”). The 2029 Notes bear interest at the rate of 5.375% per annum, payable semi-annually in arrears on January 31 and July 31 of each year, commencing on January 31, 2026, and will mature on January 31, 2029. At our option, the 2029 Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

Truist Revolving Credit Facility Commitment Increase

On October 14, 2025, in connection with the completion of the Merger, the term loans under the Truist Revolving Credit Facility were increased to $150.0 million, the commitments under the multicurrency sub-facility were increased to $2,270.0 million, and the commitments under the USD sub-facility were increased to $580.0 million. The total loans and commitments under the Truist Revolving Credit Facility following such increases are $3,000.0 million.

Fourth Amendment to MS Revolving Credit Facility

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October and November Subscriptions

On October 1, 2025, we received $283.30 million of proceeds, relating to the issuance of 11,313,991 Shares.

On November 1, 2025, we received $261.08 million of proceeds, relating to the issuance of Shares.

Distributions

On November 5, 2025, our Board of Directors declared monthly distributions from our taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:


Record Date		Payable Date
November 28, 2025		January 7, 2026
December 31, 2025		January 28, 2026
January 30, 2026		February 27, 2026

Multiple Share Classes

On November 11, 2025, we adopted a Multiple Class Plan (the “Multiple Class Plan”) in accordance with Rule 18f-3 under the Investment Company Act and a distribution and servicing plan (the “Distribution and Servicing Plan”) in accordance with Rule 12b-1 under the Investment Company Act. Pursuant to the Multiple Class Plan, we may issue multiple classes of our shares of common stock, including Class I shares, Class D shares (“Class D shares”) and Class S shares (“Class S shares”), each par value $0.001 per share. Pursuant to the Distribution and Servicing Plan, we will pay to the Placement Agent a monthly stockholder servicing and/or distribution fee equal to (i) 0.85% per annum with respect to Class S shares and (ii) 0.25% per annum with respect to Class D shares, in each case, of the aggregate NAV of the applicable share class as of the beginning of the first calendar day of the applicable month. The stockholder servicing and/or distribution fee is payable monthly in arrears, and the Placement Agent anticipates that all or a portion of the stockholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating and servicing brokers for certain ongoing services performed by such brokers and that such fees will be waived to the extent a broker is not eligible to receive them for failure to provide such services. There are no stockholder servicing and/or distribution fees with respect to Class I shares. Other than these ongoing stockholder servicing and/or distribution fees, each class of shares has the same economics and voting rights, and has been registered under the Exchange Act. See “Part II. Other Information – Item 5. Other Information” for additional information.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2025 and December 31, 2024 on a fair value basis, 100% and 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the Truist Revolving Credit Facility, the BNPP Revolving Credit Facility, the MS Revolving Credit Facility and Short-Term Borrowings each bear interest at a floating rate and our 2028 Notes and 2030 Notes bear interest at a fixed rate. In certain cases, we have entered into interest rate swaps to mitigate the impact of changes in market interest rates on our net asset value.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our September 30, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:


As of September 30, 2025 Basis Point Change	Interest Income			Interest Expense			Net Income
($ in millions)
Up 300 basis points	$	297.53		$	(94.48	)	$	203.05
Up 200 basis points		198.35			(62.99	)		135.36
Up 100 basis points		99.16			(31.49	)		67.67
Up 75 basis points		74.36			(23.61	)		50.75
Up 50 basis points		49.58			(15.75	)		33.83
Up 25 basis points		24.78			(7.87	)		16.91
Down 25 basis points		(24.71	)		7.87			(16.84	)
Down 50 basis points		(49.42	)		15.75			(33.67	)
Down 75 basis points		(74.13	)		23.61			(50.52	)
Down 100 basis points		(98.84	)		31.49			(67.35	)
Down 200 basis points		(197.53	)		62.99			(134.54	)
Down 300 basis points		(293.64	)		94.48			(199.16	)

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We have and may in the future hedge against interest rate fluctuations by using standard hedging instruments such as additional interest rate swaps, futures, options and forward contracts, subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith by the Investment Adviser, as our Valuation Designee, pursuant to procedures adopted by the Investment Adviser, as our Valuation Designee, subject to the oversight of the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Our investment strategy will also allocate a portion of the overall portfolio to Liquid Investments, such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity and to manage our payment obligations under our share repurchase program. Investment decisions related to Liquid Investments, such as broadly syndicated loans and other fixed-income securities, will be made by the Goldman Sachs Asset Management High Yield and Bank Loan team within the Global Fixed Income and Liquidity Solutions group of Goldman Sachs Asset Management.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2025. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Item 1A. Risk Factors.

An investment in our securities involves a high degree of risk. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 4, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

Risks Relating to Our Investments

Our investments are very risky and highly speculative.

We primarily hold directly originated, first lien senior secured, floating rate debt of companies located primarily in the United States and, to a lesser extent, in non-U.S. jurisdictions. We may also invest to a lesser extent in second lien loans, unsecured, subordinated or PIK debt, equity and debt tranches of CLOs, including CLOs that own corporate debt, and equity and equity-like instruments. Our debt investments may be rated by a NRSRO, and, in such case, generally will carry ratings below investment grade (rated lower than “Baa3” by Moody’s Investors Service, Inc. or lower than “BBB-” by Standard & Poor’s Ratings Services). We may also invest in debt instruments that are not rated by an NRSRO, though we expect that our unrated debt investments will generally have credit quality consistent with below investment grade instruments. These securities, which may be referred to as “junk bonds,” “high yield bonds” or “leveraged loans,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. These securities are subject to greater risk of loss of principal and interest than higher-rated and comparable non-rated securities. They are also generally considered to be subject to greater risk than securities with higher ratings or comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with lower-rated and comparable non-rated securities, the yields and prices of such securities may be more volatile than those for higher-rated and comparable non-rated securities. The market for lower-rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher-rated or comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and may even make it impractical to sell such securities.

In addition, we may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as the Company) to accelerate indebtedness or negotiate terms and pricing. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal. We also may invest in other assets, including U.S. government securities and structured securities. These investments entail additional risks that could adversely affect our investment returns.

Secured Debt. When we make a secured debt investment, we generally take a security interest in the available assets of the portfolio company, including the equity interests of any subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our debt investment may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the

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portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors, such as trade creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt investment. Consequently, the fact that our debt is secured does not guarantee that we will receive principal and interest payments according to the debt investment’s terms, or at all, or that we will be able to collect on the loan, in full or at all, should we enforce our remedies.

Unsecured Debt, Including Mezzanine Debt. Our unsecured debt investments, including mezzanine debt investments, generally will be subordinated to senior debt in the event of an insolvency. This may result in an above average amount of risk and loss of principal.

Revolving Credit Facilities. We intend to acquire or originate revolving credit facilities from time to time in connection with our investments in other assets, which may result in the Company holding unemployed funds, negatively impacting our returns.

Equity Investments. When we invest in secured debt or unsecured debt, including mezzanine debt, we may acquire equity securities from the company in which we make the investment. In addition, we may invest in the equity securities of portfolio companies independent of any debt investment. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we hold may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We may form one or more CLOs, which may subject us to certain structured financing risks.

To the extent permissible under risk retention rules adopted pursuant to Section 941 of the Dodd-Frank Act and applicable provisions of the Investment Company Act, to finance investments, we may securitize certain of our investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. To the extent we do not wholly own any such CLO, any interest therein held by us may be considered a “non-qualifying asset” for purposes of Section 55 of the Investment Company Act.

If we create a CLO, we will depend on distributions from the CLO’s assets out of its earnings and cash flows to enable us to make distributions to our stockholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO’s equity interests, to receive cash flow from these investments. There is no assurance any such performance tests will be satisfied. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO’s debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO, or cash flow may be completely restricted for the life of the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the Annual Distribution Requirement for maintaining our qualification for tax treatment as a RIC, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we could fail to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our stockholders.

To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests. Finally, any equity interests that we retain in a CLO will not be secured by the assets of the CLO and we will rank behind all creditors of the CLO.

We may be subject to risks associated with investments in CLO securities.

We may make investments in securities, including debt and equity tranches, issued by CLOs. Investments in CLO securities are complex and are subject to a number of risks related to, among other things, changes in interest rates, the rate of defaults and recoveries in the collateral pool, prepayment rates, terms of loans purchased to replace loans in the collateral pool which have pre-paid, the exercise of remedies by more senior tranches and the possibility that no market will exist when we seek to sell our interests in CLO securities. The failure by a CLO to satisfy certain financial covenants, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. For example, if a CLO fails to satisfy one of the coverage tests provided in its indenture, all distributions on those CLO securities held by us may cease until that CLO brings itself back into compliance with such coverage tests, and holders of any debt senior to us may be entitled to additional payments, which would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting CLO or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

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CLO securities represent leveraged investments in the underlying collateral held by the CLO issuer. The use of leverage creates risk for the holders because the leverage increases their exposure to losses with respect to the collateral. As a result, the occurrence of defaults with respect to only a small portion of the collateral could result in the substantial or complete loss of investment in the CLO securities. Payments of principal of, and interest on, debt issued by CLOs, and dividends and other distributions on subordinated and equity tranches of a CLO, are subject to priority of payments. CLO equity is subordinated to the prior payment of all obligations under debt securities. Further, in the event of default under any debt securities issued by a CLO, and to the extent that any elimination, deferral or reduction in payments on debt securities occurs, such elimination will be borne first by CLO equity and then by the debt securities in reverse order of seniority. Thus, the greatest risk of loss relating to defaults on the collateral held by CLOs is borne by the CLO equity.

Investments in CLOs are riskier and less transparent to us and our stockholders than direct investments in the underlying debt investments.

Generally, there may be less information available to us regarding the underlying debt investments held by CLOs than if we had invested directly in the debt of the underlying companies. As a result, our stockholders may not know the details of the underlying securities of a CLO in which we may invest. Our CLO investments may also be subject to the risk of leverage associated with the debt issued by such CLOs and the repayment priority of senior debt holders in such CLOs. Additionally, CLOs in which we may invest are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over interpretation or enforceability of the documentation may be higher relative to other types of investments. For example, some documents governing the loans underlying a CLO investment may allow for “priming transactions,” in connection with which majority lenders or debtors can amend loan documents to the detriment of other lenders, amend loan documents in order to move collateral, or amend documents in order to facilitate capital outflow to other parties/subsidiaries in a capital structure, any of which may adversely affect the rights and security priority of the CLOs in which we may be invested.

The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investments of CLOs generally are recorded under GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, generally will not be determinable until after the end of the fiscal year of each individual CLO that ends within our fiscal year, even though the investments are generating cash flow. In general, the tax treatment of these investments may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield.

Some instruments issued by CLOs may not be readily marketable and may be subject to restrictions on resale. Securities issued by CLOs are generally not listed on any U.S. national securities exchange and no active trading market may exist for the securities of CLOs in which we may invest. Although a secondary market may exist for investments in CLOs, the market for investments in CLOs may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. As a result, these types of investments may be more difficult to value.

The CLOs in which we may invest may incur significant operating expenses.

The CLOs in which we may invest may incur significant operating fees and expenses, including, but not limited to, collateral management fees, administrative expenses, and other operating expenses, which are indirectly borne by CLO investors. CLO collateral management base fees are generally charged on the CLO’s total assets and are usually paid from residual cash flows after interest payments to senior debt tranches. Additional CLO operating expenses may also apply, although these are not routinely reported in a standardized manner. Furthermore, CLO collateral managers may also earn incentive fees tied to equity cash flows once the equity tranche achieves a cash-on-cash return of capital and a specified “hurdle” rate. All of these fees and expenses are borne first by the CLO equity tranche due to its subordinated position. Given that the CLO equity tranche represents only a fraction of the value of the entire CLO, these fees and expenses are greatly magnified when expressed as a percentage of the value of the CLO equity tranche. Both types of CLO tranches in which we may invest (equity tranches and debt tranches) may bear these expenses, with the equity tranche usually shouldering these costs. To the extent that the CLO equity tranche has suffered or will suffer a total principal loss, debt tranches will then effectively bear these fees and expenses. As a result, investments we may make in CLOs may expose us to these significant operating fees and expenses of such CLOs.

We will have no influence on the management of underlying investments managed by non-affiliated third party CLO collateral managers.

We will not be responsible for and will have no influence over the asset management of the portfolios underlying the CLO investments we may hold that are managed by non-affiliated third party CLO collateral managers. Similarly, we will not be responsible for and will have no influence over the day-to-day management, administration or any other aspect of the issuers of the individual securities. As a result, the values of the portfolios underlying such CLO investments could decrease as a result of decisions made by third party CLO collateral managers.

We may be subject to risks associated with repurchase agreements and/or reverse repurchase agreements.

We may invest in repurchase agreements as a buyer for investment and/or cash management purposes. Repurchase agreements typically involve the acquisition by us of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that we will sell the securities back to the institution at a fixed time in the future. We do not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, we could experience both delays in liquidating the underlying securities and losses, including (1) possible

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decline in the value of the underlying security during the period in which we seek to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, we generally will seek to liquidate such collateral. However, the exercise of our right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, we could suffer a loss.

We may also invest in repurchase agreements as a seller, also known as a “reverse repurchase agreement.” Our use of reverse repurchase agreements involves many of the same risks involved in our use of leverage, as the proceeds from reverse repurchase agreements are generally invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that we have sold but remain obligated to repurchase. In addition, there is a risk that the market value of the securities we retain may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, we may be adversely affected. Also, in entering into reverse repurchase agreements, we bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions, our NAV may decline, and, in some cases, we may be worse off than if we had not used such instruments.

We may expose ourselves to risks entering into hedging transactions.

Entering into hedging transactions may expose us to risks associated with such transactions. Such hedging may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may involve counter-party credit risk. To the extent we have non-U.S. investments, particularly non-USD-denominated investments, our hedging costs will increase.

Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of any hedging transactions we may enter into will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is generally not eligible to be distributed to non-U.S. stockholders free from U.S. federal withholding tax. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could impair the effectiveness of that strategy.

Risks Relating to Legal and Regulatory Matters

CFTC rules may have a negative impact on us and our Investment Adviser.

The CFTC and the SEC have issued final rules establishing that most swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act, as amended, and related CFTC regulations. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we have entered and may continue to enter into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

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Risks Relating to Our Business and Structure

We may be unable to realize the benefits anticipated by the Merger or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of the Merger will depend in part on the integration of MMLC II’s investment portfolio with ours and the integration of MMLC II’s business with ours. There can be no assurance that MMLC II’s investment portfolio or business can be operated profitably or integrated successfully into our operations in a timely fashion or at all. The dedication of management resources to such integration may detract attention from the day-to-day business of the combined company and there can be no assurance that there will not be substantial costs associated with the transition process or there will not be other material adverse effects as a result of these integration efforts. Such effects, including, but not limited to, incurring unexpected costs or delays in connection with such integration and failure of MMLC II’s investment portfolio to perform as expected, could have a material adverse effect on the financial results of the combined company.

Any litigation filed against us and MMLC II in connection with the Merger could result in substantial costs and could delay or prevent the Merger from being completed.

From time to time, we and MMLC II may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Merger. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on the liquidity and financial condition of the combined company following the Merger or could prevent the Merger from being completed.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table summarizes the total securities issued and proceeds:


Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the Nine Months Ended September 30, 2025
Class I Common Stock
January 1, 2025		23,191,555	$	584.89
February 1, 2025		15,021,187		378.83
March 1, 2025		12,743,027		320.49
April 1, 2025		19,173,626		481.45
May 1, 2025		9,608,339		240.50
June 1, 2025		9,247,618		231.75
July 1, 2025		13,351,495		334.72
August 1, 2025		14,182,771		355.56
September 1, 2025		11,917,033		298.40
Total		128,436,651		3,226.59
For the Nine Months Ended September 30, 2024
January 1, 2024		13,232,488	$	333.46
February 1, 2024		6,122,455		154.29
March 1, 2024		7,852,924		197.81
April 1, 2024		9,027,996		228.59
May 1, 2024		9,154,226		231.69
June 1, 2024		10,422,835		263.70
July 1, 2024		9,092,364		230.13
August 1, 2024		11,342,035		287.07
September 1, 2024		13,089,896		331.04
Total		89,337,219		2,257.78

Each of the above issuances and sales of our Shares was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Regulation D or Regulation S under the Securities Act, as applicable. Each purchaser of the Shares was required to represent that it (i) is either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Shares sold outside the United States, not a “U.S. person” in accordance with Regulation S of the Securities Act and (ii) was acquiring the Shares for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising, and did not offer securities to the public, in connection with such issuances and sales.

Issuer Purchases of Equity Securities

Subject to the discretion of our Board of Directors, we intend to maintain a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our outstanding Shares (by number of shares) as of the close of the previous calendar quarter. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interests of us and our stockholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act. All Shares purchased pursuant to the

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terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent we offer to repurchase Shares in any particular quarter, we expect to repurchase such Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year will be subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Shares repurchased (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date and does not include Shares received under our distribution reinvestment plan. The Early Repurchase Deduction may be waived by us in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. In addition, our Shares may be sold to certain foreign feeder vehicles primarily created to hold our Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. We expect to conduct such offerings pursuant to available exemptions from registration under the Securities Act. For such foreign feeder vehicles and similar arrangements in certain foreign markets, we may not apply, in whole or in part, the Early Repurchase Deduction and may otherwise modify the Early Repurchase Deduction, with respect to such foreign feeder vehicles or underlying investors, often because of administrative or their systems limitations. The Early Repurchase Deduction will be retained by us for the benefit of our remaining stockholders.

The following table sets forth information regarding repurchases of Shares under our share repurchase program during the nine months ended September 30, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3) ($ in millions)		Number of Shares Repurchased
For the Nine Months Ended September 30, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66.95		2,667,462
May 22, 2025	June 20, 2025		5.0	%	$	25.07		140.22		5,594,727
August 25, 2025	September 22, 2025		5.0	%	$	25.04		92.57		3,697,003
Total							$	299.74		11,959,192

For the Nine Months Ended September 30, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	0.39		15,551
May 17, 2024	June 14, 2024		5.0	%	$	25.31		12.99		513,509
August 26, 2024	September 23, 2024		5.0	%	$	25.29		27.09		1,072,190
Total							$	40.47		1,601,250

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On November 11, 2025, the Company adopted a Multiple Class Plan (the “Multiple Class Plan”) in accordance with Rule 18f-3 under the Investment Company Act and a distribution and servicing plan (the “Distribution and Servicing Plan”) in accordance with Rule 12b-1 under the Investment Company Act. Pursuant to the Multiple Class Plan, the Company may issue multiple classes of shares of its common stock, including Class I shares, Class S shares and Class D shares, each par value $0.001 per share. Pursuant to the Distribution and Servicing Plan, the Company will pay to GS & Co., in its capacity as placement agent (“Placement Agent”), a monthly stockholder servicing and/or distribution fee equal to (i) 0.85% per annum with respect to Class S shares and (iii) 0.25% per annum with respect to Class D shares, in each case, of the aggregate NAV of the applicable share class as of the beginning of the first calendar day of the applicable month. The stockholder servicing and/or distribution fee is payable monthly in arrears, and the Placement Agent anticipates that all or a portion of the stockholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating and servicing brokers for certain ongoing services performed by such brokers and that such fees will be waived to the extent a broker is not eligible to receive them for failure to provide such services. There are no stockholder servicing and/or distribution fees with respect to Class I shares. In addition, although neither the Company nor the Placement Agent will charge upfront sales loads with respect to Class I shares, Class S shares or Class D shares, if an investor buys Class I shares, Class S shares or Class D shares through certain third-party financial intermediaries, they may directly charge such investor transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.5% cap on NAV for Class I shares, a 3.5% cap on NAV for Class S shares, and a 1.5% cap on NAV for Class D shares.

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The Company will cease paying the stockholder servicing and/or distribution fee on Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Company’s continuous private offering in which, in the aggregate, underwriting compensation from all sources in connection with such offering, including the stockholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from such primary offering.

Further, as required by exemptive relief that allows us to offer multiple classes of shares of common stock, at the end of the month in which the Placement Agent in conjunction with our transfer agent determines that stockholder servicing and/or distribution fees paid by the Company with respect to any single share held in a stockholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Placement Agent and the applicable selling agent), we will cease paying the stockholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such stockholder’s account. The Company may modify this requirement if permitted by applicable exemptive relief. At the end of such month, the applicable Class S shares or Class D shares in such stockholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

Other than these ongoing stockholder servicing and/or distribution fees, each class of shares has the same economics and voting rights, and has been registered under the Exchange Act.

Copies of the Multiple Class Plan and Distribution and Distribution and Servicing Plan are included as Exhibits 10.5 and 10.6, respectively, to this Quarterly Report on Form 10-Q, and the foregoing descriptions thereof do not purport to be complete and are qualified in their entirety by reference to the full text of the Multiple Class Plan and Distribution and Distribution and Servicing Plan and the terms thereof, which are incorporated by reference herein.

Item 6. Exhibits.

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

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INDEX TO EXHIBITS


EXHIBIT NO.		EXHIBIT

2.1		Agreement and Plan of Merger, dated July 11, 2025, by and among Goldman Sachs Private Credit Corp., Goldman Sachs Middle Market Lending Corp. II and Goldman Sachs Asset Management, L.P. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on July 11, 2025).

3.1		Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56531), filed on May 18, 2023).

3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q (File No. 814-01627), filed on May 13, 2025).

10.1*		Third Amendment to Loan and Servicing Agreement, dated as of July 16, 2025, by and among GSCR Mott Street, as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as servicer and as transferor, and the lenders party thereto.

10.2*		Notice of Commitment Increase Request, dated as of July 17, 2025, by and among the Company, as Borrower, the Lenders and Issuing Banks party thereto, and Truist Bank, as Administrative Agent.

10.3*		Notice of Commitment Increase Request, dated as of October 14, 2025, by and among the Company, as Borrower, the Lenders and Issuing Banks party thereto, and Truist Bank, as Administrative Agent

10.4		Form of Subscription Agreement (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-A (File No. 000-56531), filed on November 4, 2025).

10.5*		Distribution and Servicing Plan of the Company, dated as of November 11, 2025.

10.6*		Multiple Class Plan of the Company, dated as of November 11, 2025.

31.1*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document

101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



						GOLDMAN SACHS PRIVATE CREDIT CORP.

Date: November 12, 2025						/s/ Vivek Bantwal
						Name: Vivek Bantwal
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)

Date: November 12, 2025						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)

Date: November 12, 2025						/s/ Stanley Matuszewski
						Name: Stanley Matuszewski
						Title: Chief Financial Officer and Treasurer
						(Principal Financial Officer)