# EDGAR Filing Document

**Accession Number:** 0001865174
**File Stem:** 0000950170-25-107356
**Filing Date:** 2025-8
**Character Count:** 326730
**Document Hash:** 6e7d4fe7ad7e0684e61cdacb326485cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107356.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107356

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs Middle Market Lending Corp. II
- **CENTRAL INDEX KEY:** 0001865174

**ORGANIZATION NAME:**
- **EIN:** 133575636
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01461
- **FILM NUMBER:** 251207032

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-0300

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Goldman Sachs Middle Market Lending LLC II
- **DATE OF NAME CHANGE:** 20210601

?xml version='1.0' encoding='ASCII'? 10-Q

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** **June 30,** 2025

or

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

Commission file number 814-01461

Goldman Sachs Middle Market Lending Corp. II

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| Delaware | 87-3643363 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>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**  | &nbsp;&nbsp;&nbsp;**Trading Symbol(s)**  | &nbsp;&nbsp;&nbsp;**Name of each exchange**<br>**on which registered** |
| **None** | &nbsp;&nbsp;**None** | &nbsp;&nbsp;**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: ☐ <br> 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 August 12, 2025 was 23,959,372.

------

[<u>**Table of Contents**</u>](#toc_page)

**GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II** 

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

---

| | | |
|:---|:---|:---|
|  | **INDEX** | **PAGE** |
|  | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | 3 |
| [**<u>PART I.</u>**](#part_i_financial_information) | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial_information) | 5 |
| ITEM 1. | [<u>Financial Statements (Unaudited)</u>](#item_1_financial_statements) | 5 |
|  | [<u>Consolidated Statements of Assets and Liabilities</u>](#part_i_financial_information) | 5 |
|  | [<u>Consolidated Statements of Operations</u>](#statement_operations) | 6 |
|  | [<u>Consolidated Statements of Changes in Net Assets</u>](#statement_changes_in_members_capital) | 7 |
|  | [<u>Consolidated Statement of Cash Flows</u>](#statement_cash_flows) | 8 |
|  | [<u>Consolidated Schedules of Investments</u>](#current_soi) | 9 |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_financial_statements) | 25 |
| ITEM 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mdna_10_k) | 44 |
| ITEM 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_qualitative_disclos) | 56 |
| ITEM 4. | [<u>Controls and Procedures</u>](#item_4_control) | 56 |
| [**<u>PART II</u>**](#part_2_other_info) | [**<u>OTHER INFORMATION</u>**](#part_2_other_info) | 57 |
| ITEM 1. | [<u>Legal Proceedings</u>](#item_1_legal) | 57 |
| ITEM 1A. | [<u>Risk Factors</u>](#item_1a_risk) | 57 |
| ITEM 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_sale) | 59 |
| ITEM 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_default) | 59 |
| ITEM 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine) | 59 |
| ITEM 5. | [<u>Other Information</u>](#item_5_other_info) | 59 |
| ITEM 6. | [<u>Exhibits</u>](#exhibits) | 60 |
| [<u>SIGNATURES</u>](#signatures_1) |  | 61 |

---

------

[<u>**Table of Contents**</u>](#toc_page)

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United States trade policy developments, tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the "Investment Adviser");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in interest rates;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future acquisitions and divestitures;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our status as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of global climate change on our portfolio companies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the parties to consummate the proposed transaction that will result in us merging (the "Merger") with and into Goldman Sachs Private Credit Corp. ("GSCR") pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated July 11, 2025, among us, GSCR, and Goldman Sachs Asset Management, L.P., on the expected timeline, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the failure of our stockholders to approve the proposal submitted for their approval in connection with the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to realize the anticipated benefits of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effects of disruption on our business from the Merger;

------

[<u>**Table of Contents**</u>](#toc_page)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the combined company's plans, expectations, objectives and intentions, as a result of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any potential termination of the Merger Agreement or action of our stockholders with respect to any proposed transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the pursuit by us of a liquidation or an alternative transaction upon the termination of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possibility that competing offers or acquisition proposals will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Merger Agreement's limitation on our ability to pursue alternatives to the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks related to diverting management's attention from ongoing business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any operational uncertainties and contractual restrictions while the Merger is pending; and

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

------

[<u>**Table of Contents**</u>](#toc_page)

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

 **Goldman Sachs Middle Market Lending Corp. II** 

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025 (Unaudited)** | **2024** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $852,792 and $831,560) | $856846 | $832591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments (cost of $29,224 and $25,292) | 26180 | 24185 |
| Total investments, at fair value (cost of $882,016 and $856,852) | $883026 | $856776 |
| Investments in affiliated money market fund (cost of $2,214 and $9,506) | 2214 | 9506 |
| Cash | 18047 | 15673 |
| Interest and dividends receivable | 4716 | 5981 |
| Deferred financing costs | 4598 | 5239 |
| Other assets | 155 | 132 |
| **Total assets** | $912756 | $893307 |
| **Liabilities** |  |  |
| Debt | $449025 | $425906 |
| Interest and other debt expenses payable | 2054 | 2224 |
| Management fees payable | 1679 | 1606 |
| Incentive fees based on income payable | 2040 | 2223 |
| Distribution payable |  | 11740 |
| Accrued expenses and other liabilities | 1098 | 1015 |
| **Total liabilities** | $455896 | $444714 |
| Commitments and contingencies (Note 7) |  |  |
| **Net assets** |  |  |
| Preferred stock, par value $0.001 per share (1,000,000 shares authorized and no shares issued and outstanding) | $— | $— |
| Common stock, par value $0.001 per share (200,000,000 shares authorized, 23,959,371 and 23,959,371 shares issued and outstanding as of June 30, 2025 and December 31, 2024) | 24 | 24 |
| Paid-in capital in excess of par | 447964 | 447964 |
| Distributable earnings (loss) | 8872 | 605 |
| **Total net assets** | $456860 | $448593 |
| **Total liabilities and net assets** | $912756 | $893307 |
| Net asset value per share | $19.07 | $18.72 |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Statements of Operations**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $22088 | $17561 | $43412 | $31951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 1189 | 962 | 2420 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 336 | 252 | 669 | 493 |
| From non-controlled affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 617 | 452 | 1155 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 99 | 103 | 238 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 67 | 102 | 132 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 31 | 29 | 63 | 32 |
| **Total investment income** | $24427 | $19461 | $48089 | $35148 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | $7753 | $6377 | $15404 | $11591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1679 | 1197 | 3336 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees based on income | 2040 | 1637 | 3931 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees based on capital gains |  | 43 |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 315 | 388 | 506 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 169 | 167 | 336 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 917 | 418 | 1622 | 782 |
| **Total expenses** | $12873 | $10227 | $25135 | $19367 |
| **Net investment income (loss)** | $11554 | $9234 | $22954 | $15781 |
| **Net realized and unrealized gains (losses):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $— | $— | $— | $(1426) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 97 | 48 | 77 | 49 |
| Net change in unrealized appreciation (depreciation) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 2354 | 209 | 3023 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (952) | (97) | (1937) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (2169) | 124 | (2912) | 672 |
| **Net realized and unrealized gains (losses)** | $(670) | $284 | $(1749) | $4012 |
| **Net increase (decrease) in net assets from operations** | $10884 | $9518 | $21205 | $19793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 23959371 | 18015409 | 23959371 | 15968571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net investment income (loss) per share | $0.48 | $0.51 | $0.96 | $0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share | $0.45 | $0.53 | $0.89 | $1.24 |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II** 

**Consolidated Statements of Changes in Net Assets**

**(in thousands, except per share amounts)** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Net assets at beginning of period** | $458914 | $266043 | $448593 | $255768 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $11554 | $9234 | $22954 | $15781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 97 | 48 | 77 | (1377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (767) | 236 | (1826) | 5389 |
| **Net increase (decrease) in net assets from operations** | $10884 | $9518 | $21205 | $19793 |
| **Distributions to stockholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | $(12938) | $(7192) | $(12938) | $(7192) |
| **Total distributions to stockholders** | $(12938) | $(7192) | $(12938) | $(7192) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | $— | $135984 | $— | $135984 |
| **Net increase in net assets from capital transactions** | $— | $135984 | $— | $135984 |
| **Total increase (decrease) in net assets** | $(2054) | $138310 | $8267 | $148585 |
| **Net assets at end of period** | $456860 | $404353 | $456860 | $404353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions recorded per share | $0.54 | $0.52 | $0.54 | $0.52 |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Statements of Cash Flows** 

**(in thousands, except shares and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets from operations: | $21205 | $19793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (73912) | (272428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (2690) | (1879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated money market fund, net | 7292 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 53300 | 7789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments |  | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (1086) | (4717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | (209) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (1861) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 690 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividends receivable | 1265 | (1669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (23) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and other debt expenses payable | (170) | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 73 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees based on income payable | (183) | (1515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees based on capital gains payable |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 83 | 80 |
| **Net cash provided by (used for) operating activities** | $3774 | $(251743) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | $— | $135984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (24678) | (12065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid | (50) | (3148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 74119 | 219503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (51000) | (60000) |
| **Net cash provided by (used for) financing activities** | $(1609) | $280274 |
| Net increase (decrease) in cash | $2165 | $28531 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 209 | (2) |
| Cash, beginning of period | 15673 | 8543 |
| Cash, end of period | $18047 | $37072 |
| **Supplemental and non-cash activities** |  |  |
| Interest expense paid | $14398 | $10118 |
| Exchange of investments | $— | $15993 |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 191.9%** | **Debt Investments - 191.9%** | **Debt Investments - 191.9%** | **Debt Investments - 191.9%** |  |  |  |  |
| **Canada - 9.7%** | **Canada - 9.7%** | **Canada - 9.7%** | **Canada - 9.7%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 9.7%** | **1st Lien/Senior Secured Debt - 9.7%** | **1st Lien/Senior Secured Debt - 9.7%** | **1st Lien/Senior Secured Debt - 9.7%** |  |  |  |  |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 | CAD 7,871 | $5584 | $5766<br> <sup>(5) (6) (7)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 | 4922 | 4835 | 4909<br> <sup>(5) (6) (7)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 | CAD 1,941 | 25 | 34<br> <sup>(5) (6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 | 1740 | 1711 | 1735<br> <sup>(5) (6) (7)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 0.00% | C + 5.75% | 11/01/30 | CAD 1,294 | (14) | (2) <sup>(5) (6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 | 22479 | 22409 | 22367<br> <sup>(5) (6) (7)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 | 2156 | 943 | 932<br> <sup>(5) (6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 12.50% | P + 5.00% | 02/01/27 | 1217 | 196 | 190<br> <sup>(5) (6) (7) (8)</sup> |
| iWave Information Systems, Inc. | Software | 10.59% | S + 6.25% | 11/23/28 | 8690 | 8550 | 8560<br> <sup>(5) (6) (7)</sup> |
| iWave Information Systems, Inc. | Software | 0.00% | S + 6.25% | 11/23/28 | 4380 | (15) | (66) <sup>(5) (6) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 44224 | 44425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  |  |  | $44224 | $44425 |
| **United Kingdom - 6.5%** | **United Kingdom - 6.5%** | **United Kingdom - 6.5%** | **United Kingdom - 6.5%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 6.5%** | **1st Lien/Senior Secured Debt - 6.5%** | **1st Lien/Senior Secured Debt - 6.5%** | **1st Lien/Senior Secured Debt - 6.5%** |  |  |  |  |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 12.25% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP 14,123 | $16996 | $18804<br> <sup>(5) (6) (7)</sup> |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.21% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP 11,329 | 10230 | 10977<br> <sup>(5) (6) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 27226 | 29781 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  | $27226 | $29781 |
| **United States - 175.7%** | **United States - 175.7%** | **United States - 175.7%** | **United States - 175.7%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 164.1%** | **1st Lien/Senior Secured Debt - 164.1%** | **1st Lien/Senior Secured Debt - 164.1%** | **1st Lien/Senior Secured Debt - 164.1%** |  |  |  |  |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.32% | S + 5.00% | 01/09/30 | $7579 | $7418 | $7466<br> <sup>(5) (6)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.32% | S + 5.00% | 01/09/30 | 5791 | 5702 | 5704<br> <sup>(5) (6)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.31% | S + 5.00% | 01/09/30 | 2586 | 2562 | 2548<br> <sup>(5) (6)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 0.00% | S + 5.00% | 01/09/28 | 1981 | (26) | (30) <sup>(5) (6) (8)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 9.82% | S + 5.50% | 04/19/30 | 2933 | 2883 | 2874<br> <sup>(5) (6)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 0.00% | S + 5.50% | 04/19/30 | 443 | (7) | (9) <sup>(5) (6) (8)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 4727 | 4638 | 4703<br> <sup>(5) (6)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 1436 | 1405 | 1429<br> <sup>(5) (6)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 722 | 295 | 304<br> <sup>(5) (6) (8)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 713 | 699 | 709<br> <sup>(5) (6)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 | 238 | 233 | 236<br> <sup>(5) (6)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 | 6285 | 6178 | 6253<br> <sup>(5) (6)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 | 2808 | 265 | 277<br> <sup>(5) (6) (8)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 0.00% | S + 5.25% | 02/07/31 | 843 | (14) | (4) <sup>(5) (6) (8)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.82% | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 | 12954 | 12637 | 12792<br> <sup>(5) (6)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.32% | S + 5.00% | 08/22/30 | 1500 | 575 | 581<br> <sup>(5) (6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 0.00% | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 | $750 | $(6) | $(9) <sup>(5) (6) (8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.53% | S + 5.25% | 04/30/31 | 5900 | 5823 | 5871<br> <sup>(5) (6)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.57% | S + 5.25% | 04/30/31 | 2185 | 296 | 301<br> <sup>(5) (6) (8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.58% | S + 5.25% | 04/30/30 | 820 | 345 | 351<br> <sup>(5) (6) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 | 20755 | 20640 | 20444<br> <sup>(5) (6)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 | 2201 | 1157 | 1136<br> <sup>(5) (6) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 0.00% | S + 6.00% | 05/01/29 | 1834 | (10) | (27) <sup>(5) (6) (8)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.07% | S + 4.75% | 10/24/30 | 14151 | 3224 | 3160<br> <sup>(5) (6) (7) (8)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 8.41% | B + 4.75% | 10/24/30 | AUD 13,999 | 9211 | 9121<br> <sup>(5) (6) (7)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 0.00% | S + 4.75% | 10/24/30 | 1415 | (13) | (14) <sup>(5) (6) (7) (8)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.30% | S + 6.00% | 10/04/30 | 8843 | 8663 | 8644<br> <sup>(5) (6)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 0.00% | S + 6.00% | 10/05/29 | 1045 | (19) | (23) <sup>(5) (6) (8)</sup> |
| DFS Holding Company, Inc. | Distributors | 11.33% | S + 7.00% | 01/31/29 | 4070 | 3988 | 3907<br> <sup>(5) (6)</sup> |
| DFS Holding Company, Inc. | Distributors | 11.33% | S + 7.00% | 01/31/29 | 298 | 292 | 286<br> <sup>(5) (6)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 | 6714 | 6606 | 6546<br> <sup>(5) (6) (9)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.29% | S + 6.00% | 04/26/29 | 3140 | 1170 | 1140<br> <sup>(5) (6) (8) (9)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 | 628 | 298 | 292<br> <sup>(5) (6) (8) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 | 6572 | 6541 | 6539<br> <sup>(5) (6)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 | 1313 | 230 | 241<br> <sup>(5) (6) (8)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.32% | S + 5.00% | 06/06/31 | 724 | 84 | 87<br> <sup>(5) (6) (8)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services | 9.43% | S + 5.00% | 11/01/28 | 6596 | 6365 | 6563<br> <sup>(5) (6)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services | 0.00% | S + 5.00% | 11/01/28 | 638 | (21) | (3) <sup>(5) (6) (8)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 0.00% | S + 5.00% | 12/21/29 | 6217 | (59) | (62) <sup>(5) (6) (8)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 | 5106 | 5021 | 5055<br> <sup>(5) (6)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 | 1656 | 1631 | 1639<br> <sup>(5) (6)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 | 556 | 548 | 551<br> <sup>(5) (6)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 | 553 | 544 | 547<br> <sup>(5) (6)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 9.45% | S + 5.00% | 12/21/29 | 549 | 537 | 543<br> <sup>(5) (6)</sup> |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 0.00% | S + 5.00% | 12/21/29 | 270 | (4) | (3) <sup>(5) (6) (8)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 15341 | 3593 | 3611<br> <sup>(5) (6) (8) (9)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 3395 | 3364 | 3370<br> <sup>(5) (6) (9)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 2382 | 2357 | 2364<br> <sup>(5) (6) (9)</sup> |
| Southeast Mechanical, LLC | Diversified Consumer Services | 10.44% | S + 6.00% | 07/06/27 | 600 | 43 | 44<br> <sup>(5) (6) (8) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 | 10430 | 10213 | 10430<br> <sup>(5) (6)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 | 1617 | 1586 | 1617<br> <sup>(5) (6)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.28% | S + 5.00% | 05/01/31 | 10536 | 10444 | 10430<br> <sup>(5) (6)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.29% | S + 5.00% | 05/01/31 | 2761 | 1090 | 1072<br> <sup>(5) (6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 0.00% | S + 5.00% | 05/01/30 | $1615 | $(13) | $(16) <sup>(5) (6) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 | 7208 | 7034 | 7172<br> <sup>(5) (6)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 | 1257 | 812 | 831<br> <sup>(5) (6) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 0.00% | S + 7.50% | 08/14/28 | 209 | (5) | (1) <sup>(5) (6) (8)</sup> |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | Entertainment | 10.40% | S + 6.00% | 12/31/27 | 3547 | 3512 | 3503<br> <sup>(5) (6)</sup> |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | Entertainment | 0.00% | S + 6.00% | 12/31/27 | 367 | (3) | (5) <sup>(5) (6) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 | 7688 | 7626 | 7650<br> <sup>(5) (6)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 | 1039 | 1030 | 1034<br> <sup>(5) (6)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 0.00% | S + 5.00% | 12/06/29 | 1019 | (8) | (5) <sup>(5) (6) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.32% | S + 5.00% | 12/06/29 | 335 | 330 | 334<br> <sup>(5) (6)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 0.00% | S + 5.00% | 12/06/29 | 195 | (1) | (1) <sup>(5) (6) (8)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services | 10.44% | S + 6.00% | 01/25/28 | 6228 | 6174 | 6166<br> <sup>(5) (6)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services | 0.00% | S + 6.00% | 01/25/28 | 249 | (2) | (2) <sup>(5) (6) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.58% | S + 5.25% | 11/15/29 | 15506 | 14929 | 15506<br> <sup>(5) (6)</sup> |
| Computer Services, Inc. | Financial Services | 0.00% | S + 5.25% | 11/15/29 | 5406 | (21) | —<br> <sup>(5) (6) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.58% | S + 5.25% | 11/15/29 | 3681 | 3652 | 3681<br> <sup>(5) (6)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 9.58% | S + 5.25% | 10/01/29 | 18046 | 17628 | 17911<br> <sup>(5) (6)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 0.00% | S + 5.25% | 10/01/29 | 4760 | (56) | (36) <sup>(5) (6) (8)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 0.00% | S + 5.25% | 10/01/29 | 1932 | (36) | (14) <sup>(5) (6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 | 9798 | 9502 | 9798<br> <sup>(5) (6)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 | 7221 | 4371 | 4352<br> <sup>(5) (6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 | 3083 | 2999 | 3083<br> <sup>(5) (6)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 | 1805 | 1778 | 1778<br> <sup>(5) (6)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 | 1370 | 1333 | 1370<br> <sup>(5) (6)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.71% | S + 8.25% | 11/27/29 | 548 | 260 | 274<br> <sup>(5) (6) (8)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.80% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 | 6271 | 6205 | 5706<br> <sup>(5) (6)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.80% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 | 1317 | 1300 | 1198<br> <sup>(5) (6)</sup> |
| Priority Holdings, LLC (dba Priority Payment) | Financial Services | 9.08% | S + 4.75% | 05/16/31 | 16265 | 16198 | 16281<br> <sup>(5) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.57% | S + 5.25% | 02/24/31 | 8663 | 8588 | 8554<br> <sup>(5) (6)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 0.00% | S + 5.25% | 02/24/31 | 1250 | (10) | (16) <sup>(5) (6) (8)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 | 11111 | 10968 | 10972<br> <sup>(5) (6)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 | 2086 | 1022 | 1016<br> <sup>(5) (6) (8)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 0.00% | S + 5.50% | 02/28/30 | 1566 | (18) | (20) <sup>(5) (6) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 | 3143 | 3114 | 3112<br> <sup>(5) (6)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 0.00% | S + 5.00% | 08/07/31 | 356 | (6) | (4) <sup>(5) (6) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 0.00% | S + 5.00% | 08/07/31 | 290 | (4) | (3) <sup>(5) (6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 06/13/28 | $4082 | $4002 | $4010<br> <sup>(5) (6)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 0.00% | S + 6.75% | 06/13/28 | 463 | (8) | (8) <sup>(5) (6) (8)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.45% | S + 5.00% | 03/01/28 | 3385 | 3355 | 3368<br> <sup>(5) (6)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.45% | S + 5.00% | 03/01/28 | 932 | 923 | 927<br> <sup>(5) (6)</sup> |
| SpendMend Holdings LLC | Health Care Providers & Services | 9.38% | S + 5.00% | 03/01/28 | 456 | 72 | 74<br> <sup>(5) (6) (8)</sup> |
| Urology Management Holdings, Inc. (dba Solaris Health) | Health Care Providers & Services | 9.80% | S + 5.50% | 06/15/27 | 3278 | 3225 | 3262<br> <sup>(5) (6)</sup> |
| Urology Management Holdings, Inc. (dba Solaris Health) | Health Care Providers & Services | 9.80% | S + 5.50% | 06/15/27 | 1659 | 1633 | 1651<br> <sup>(5) (6)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 | 7736 | 7650 | 5918<br> <sup>(5) (6) (9)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 | 911 | 916 | 920<br> <sup>(5) (6) (8) (9) (10)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.90% | S + 5.50% | 12/01/27 | 2108 | 2098 | 2092<br> <sup>(5) (6)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.90% | S + 5.50% | 12/01/27 | 316 | 258 | 257<br> <sup>(5) (6) (8)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology | 9.36% | S + 5.00% | 05/11/29 | 3525 | 3481 | 3472<br> <sup>(5) (6)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology | 9.31% | S + 5.00% | 05/11/29 | 470 | 464 | 463<br> <sup>(5) (6)</sup> |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | Health Care Technology | 0.00% | S + 5.00% | 05/11/28 | 400 | (4) | (6) <sup>(5) (6) (8)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 8.58% | S + 4.25% | 05/19/32 | 5348 | 5322 | 5321<br> <sup>(5)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 0.00% | S + 4.25% | 05/19/32 | 2815 |  | —<br> <sup>(5) (8)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 0.00% | S + 4.25% | 05/19/32 | 1126 | (6) | (6) <sup>(5) (8)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 7810 | 7717 | 7791<br> <sup>(5) (6)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 6682 | 5916 | 5899<br> <sup>(5) (6) (8)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 770 | 765 | 768<br> <sup>(5) (6)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.95% | S + 7.50% | 07/18/28 | 605 | 175 | 180<br> <sup>(5) (6) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 10.68% | S + 6.25% | 01/18/28 | 3247 | 3223 | 3101<br> <sup>(5) (6)</sup> |
| WebPT, Inc. | Health Care Technology | 10.74% | S + 6.25% | 01/18/28 | 278 | 240 | 230<br> <sup>(5) (6) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 10.66% | S + 6.25% | 01/18/28 | 234 | 232 | 223<br> <sup>(5) (6)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 | 9460 | 9375 | 9365<br> <sup>(5) (6)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 | 3994 | 1453 | 1434<br> <sup>(5) (6) (8)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/30 | 741 | 231 | 230<br> <sup>(5) (6) (8)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 | 5402 | 5319 | 5375<br> <sup>(5) (6)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 | 1908 | 1882 | 1899<br> <sup>(5) (6)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 0.00% | S + 5.25% | 10/02/29 | 1418 | (10) | (7) <sup>(5) (6) (8)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 0.00% | S + 5.25% | 10/02/29 | 1135 | (16) | (6) <sup>(5) (6) (8)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 8.80% | S + 4.50% | 06/03/32 | 17861 | 17773 | 17772<br> <sup>(5)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 0.00% | S + 4.50% | 06/03/32 | 3241 |  | (16) <sup>(5) (8)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 0.00% | S + 4.50% | 11/07/31 | 1433 | (7) | (7) <sup>(5) (8)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 0.00% | S + 4.50% | 06/03/32 | 862 | (4) | (4) <sup>(5) (8)</sup> |
| US Signal Company, LLC | IT Services | 9.92% | S + 5.50% | 09/04/29 | 8005 | 7936 | 7925<br> <sup>(5) (6)</sup> |
| US Signal Company, LLC | IT Services | 0.00% | S + 5.50% | 09/04/29 | 2463 | (21) | (25) <sup>(5) (6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| US Signal Company, LLC | IT Services | 9.90% | S + 5.50% | 09/04/29 | $1232 | $298 | $296<br> <sup>(5) (6) (8)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.83% | S + 6.50% | 07/18/28 | 5580 | 5476 | 5511<br> <sup>(5) (6)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.82% | S + 6.50% | 07/18/28 | 722 | 709 | 713<br> <sup>(5) (6)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 0.00% | S + 6.50% | 07/18/28 | 364 | (6) | (5) <sup>(5) (6) (8)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.03% | S + 4.75% | 08/20/31 | 4052 | 4015 | 4001<br> <sup>(5) (6)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 0.00% | S + 4.75% | 08/20/30 | 690 | (6) | (9) <sup>(5) (6) (8)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.08% | S + 4.75% | 12/02/31 | 7191 | 7124 | 7119<br> <sup>(5) (6)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 0.00% | S + 4.75% | 12/02/31 | 1860 | (9) | (19) <sup>(5) (6) (8)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.89% | S + 4.75% | 12/02/31 | 930 | 29 | 28<br> <sup>(5) (6) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.05% | S + 4.75% | 07/01/31 | 13825 | 13640 | 13652<br> <sup>(5) (6) (7)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.04% | S + 4.75% | 07/01/30 | 3689 | 638 | 638<br> <sup>(5) (6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.08% | S + 4.75% | 07/01/31 | 3687 | 706 | 690<br> <sup>(5) (6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 6.73% | E + 4.75% | 07/01/31 | EUR 3,428 | 3633 | 3978<br> <sup>(5) (6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.08% | S + 5.75% | 09/03/30 | 9113 | 8897 | 9021<br> <sup>(5) (6)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.03% | S + 5.75% | 09/03/30 | 1069 | 1051 | 1059<br> <sup>(5) (6)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 0.00% | S + 5.75% | 08/31/28 | 749 | (15) | (7) <sup>(5) (6) (8)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 | 5805 | 5731 | 5688<br> <sup>(5) (6)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 | 479 | 234 | 230<br> <sup>(5) (6) (8)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 | 19241 | 19063 | 18375<br> <sup>(5) (6)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 | 1703 | 239 | 179<br> <sup>(5) (6) (8)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 9.89% | S + 5.75% | 11/30/27 | 1975 | 1956 | 1965<br> <sup>(5) (6)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.09% | S + 5.75% | 11/30/27 | 1943 | 1925 | 1933<br> <sup>(5) (6)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 12.25% | P + 4.75% | 11/30/27 | 349 | 76 | 77<br> <sup>(5) (6) (8)</sup> |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development | 10.83% | S + 6.50% | 07/01/27 | 9434 | 9313 | 9340<br> <sup>(5) (6)</sup> |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development | 10.83% | S + 6.50% | 07/01/27 | 8948 | 8948 | 8859<br> <sup>(5) (6)</sup> |
| Zarya HoldCo, Inc. (dba Eptura) | Real Estate Mgmt. & Development | 0.00% | S + 6.50% | 07/01/27 | 938 |  | (9) <sup>(5) (6) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 8.83% | S + 4.50% | 08/29/31 | 5108 | 5061 | 5057<br> <sup>(5) (6)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 0.00% | S + 4.50% | 08/29/31 | 1022 | (5) | (10) <sup>(5) (6) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 0.00% | S + 4.50% | 08/29/31 | 638 | (6) | (6) <sup>(5) (6) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 2898 | 2841 | 2883<br> <sup>(5) (6)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 190 | 188 | 189<br> <sup>(5) (6)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 | 184 | 180 | 183<br> <sup>(5) (6)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.55% | S + 4.25% | 07/28/31 | 17611 | 17452 | 17523<br> <sup>(5) (6)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 0.00% | S + 4.25% | 07/28/31 | 4310 | (19) | (22) <sup>(5) (6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 0.00% | S + 4.25% | 07/26/30 | 2094 | (18) | (10) <sup>(5) (6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 0.00% | S + 4.25% | 07/26/30 | 985 | (8) | (5) <sup>(5) (6) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.05% | S + 4.75% | 07/14/31 | 15000 | 14866 | 14850<br> <sup>(5) (6) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 0.00% | S + 4.75% | 07/14/31 | $7143 | $(31) | $(71) <sup>(5) (6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 0.00% | S + 4.75% | 07/14/31 | 2857 | (25) | (29) <sup>(5) (6) (7) (8)</sup> |
| CloudBees, Inc. | Software | 11.44% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | 3571 | 3502 | 3571<br> <sup>(5) (6)</sup> |
| CloudBees, Inc. | Software | 11.44% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | 1532 | 1500 | 1532<br> <sup>(5) (6)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.08% | S + 6.75% | 11/08/30 | 11141 | 10910 | 11030<br> <sup>(5) (6)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 0.00% | S + 6.75% | 11/08/30 | 1161 | (22) | (12) <sup>(5) (6) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.03% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 | 6799 | 6744 | 6799<br> <sup>(5) (6)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.53% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 | 1007 | 997 | 997<br> <sup>(5) (6)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 11.75% | P + 4.25% | 01/17/31 | 945 | 125 | 128<br> <sup>(5) (6) (8)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.30% | S + 5.00% | 12/01/28 | 19474 | 19349 | 19376<br> <sup>(5) (6)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.29% | S + 5.00% | 12/01/28 | 2628 | 431 | 437<br> <sup>(5) (6) (8)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 0.00% | S + 5.00% | 12/01/28 | 1512 | (1) | (8) <sup>(5) (6) (8)</sup> |
| NAVEX TopCo, Inc. | Software | 9.57% | S + 5.50% | 11/08/30 | 9075 | 8925 | 9052<br> <sup>(6)</sup> |
| NAVEX TopCo, Inc. | Software | 0.00% | S + 5.50% | 11/09/28 | 810 | (11) | (2) <sup>(6) (8)</sup> |
| NC Topco, LLC (dba NContracts) | Software | 8.83% | S + 4.50% | 09/01/31 | 15272 | 15136 | 15120<br> <sup>(5) (6)</sup> |
| NC Topco, LLC (dba NContracts) | Software | 0.00% | S + 4.50% | 09/01/31 | 4336 | (19) | (43) <sup>(5) (6) (8)</sup> |
| NC Topco, LLC (dba NContracts) | Software | 0.00% | S + 4.50% | 09/01/31 | 1734 | (15) | (17) <sup>(5) (6) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.84% | N + 4.50% | 05/03/29 | NOK 23,072 | 2157 | 2278<br> <sup>(5) (6) (7)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 0.00% | S + 4.50% | 05/03/29 | 13571 |  | (68) <sup>(5) (6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 | 8112 | 8079 | 8071<br> <sup>(5) (6) (7)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 | 3092 | 3092 | 3076<br> <sup>(5) (6) (7)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.90% | S + 4.50% | 05/03/29 | 2102 | 1973 | 1970<br> <sup>(5) (6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 0.00% | S + 4.50% | 05/03/29 | 1800 | (7) | (9) <sup>(5) (6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 | 1225 | 1225 | 1219<br> <sup>(5) (6) (7)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.72% | SN + 4.50% | 05/03/29 | GBP 1,114 | 1421 | 1522<br> <sup>(5) (6) (7)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.81% | S + 4.50% | 05/03/29 | 704 | 205 | 202<br> <sup>(5) (6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 | 283 | 283 | 282<br> <sup>(5) (6) (7)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 | 5374 | 5264 | 5294<br> <sup>(5) (6)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 | 405 | 370 | 372<br> <sup>(5) (6) (8)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.30% | S + 5.00% | 12/17/31 | 15208 | 15067 | 15094<br> <sup>(5) (6)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 0.00% | S + 5.00% | 12/17/31 | 3788 | (17) | (28) <sup>(5) (6) (8)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 0.00% | S + 5.00% | 12/17/31 | 1894 | (17) | (14) <sup>(5) (6) (8)</sup> |
| Singlewire Software, LLC | Software | 9.55% | S + 5.25% | 05/10/29 | 6712 | 6571 | 6645<br> <sup>(5) (6)</sup> |
| Singlewire Software, LLC | Software | 0.00% | S + 5.25% | 05/10/29 | 1251 | (24) | (12) <sup>(5) (6) (8)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software | 9.05% | S + 4.75% | 01/30/32 | 16216 | 16061 | 16054<br> <sup>(5) (6)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software | 0.00% | S + 4.75% | 01/30/32 | 6757 | (32) | (68) <sup>(5) (6) (8)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software | 0.00% | S + 4.75% | 01/30/32 | 2027 | (19) | (20) <sup>(5) (6) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 | $14157 | $14032 | $14157<br> <sup>(5) (6)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 | 7751 | 4826 | 4883<br> <sup>(5) (6) (8)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 0.00% | S + 5.00% | 05/31/30 | 1815 | (15) | —<br> <sup>(5) (6) (8)</sup> |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.55% | S + 6.25% | 09/29/27 | 5663 | 5584 | 5592<br> <sup>(5) (6)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 | 6554 | 6421 | 6358<br> <sup>(5) (6)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 | 5187 | 3581 | 3518<br> <sup>(5) (6) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 | 21502 | 21238 | 20158<br> <sup>(5) (6)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.55% | S + 5.25% | 12/31/29 | 2490 | 617 | 492<br> <sup>(5) (6) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% | 12/31/29 | 1497 | 159 | 75<br> <sup>(5) (6) (8)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.30% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 17483 | 17457 | 17220<br> <sup>(5) (6)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 0.00% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 1224 | (1) | (18) <sup>(5) (6) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.55% | S + 5.25% | 06/23/31 | 14888 | 14688 | 14701<br> <sup>(5) (6)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.57% | S + 5.25% | 06/23/31 | 8315 | 8158 | 8168<br> <sup>(5) (6) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 0.00% | S + 5.25% | 06/21/30 | 1667 | (21) | (21) <sup>(5) (6) (8)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.70% | S + 5.25% | 03/31/27 | 1424 | 265 | 262<br> <sup>(5) (6) (8)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 1421 | 1406 | 1407<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 1421 | 1406 | 1407<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 | 888 | 879 | 879<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 0.00% | S + 5.25% | 03/31/27 | 178 | (2) | (2) <sup>(5) (6) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 750979 | 749486 |
| **1st Lien/Last-Out Unitranche (11) - 11.6%** |  |  |  |  |  |  |  |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.08% | S + 6.75% | 07/07/28 | $6169 | $6073 | $6077<br> <sup>(5) (6)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.08% | S + 6.75% | 07/07/28 | 2401 | 2292 | 2256<br> <sup>(5) (6) (8)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | 6255 | 6209 | 6224<br> <sup>(5) (6)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | 3745 | 3301 | 3309<br> <sup>(5) (6) (8)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.85% | S + 6.55% | 12/06/28 | 10000 | 9676 | 9699<br> <sup>(5) (6) (8)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 3203 | 3177 | 3187<br> <sup>(5) (6)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 2005 | 610 | 615<br> <sup>(5) (6) (8)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 6285 | 6236 | 6254<br> <sup>(5) (6)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 3715 | 1225 | 1234<br> <sup>(5) (6) (8)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.38% | S + 7.00% | 08/24/28 | 6222 | 6162 | 6191<br> <sup>(5) (6)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.37% | S + 7.00% | 08/24/28 | 3778 | 2166 | 2181<br> <sup>(5) (6) (8)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.14% | S + 3.75% | 08/31/28 | 6668 | 5787 | 5820<br> <sup>(5) (6) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 52914 | 53047 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $803893 | $802533 |
| **Total Debt Investments** |  |  |  |  |  | $875343 | $876739 |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Initial<br>Acquisition<br>Date**<sup>(12)</sup> | **Shares**<br> <sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Equity Securities - 1.4%** |  |  |  |  |  |
| **United States - 1.4%** |  |  |  |  |  |
| **Common Stock - 0.5%** |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense | 04/19/24 | 220 | $220 | $210<br> <sup>(5) (6) (13)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services | 04/26/24 | 1733153 | 1733 | 1352<br> <sup>(5) (6) (9) (13)</sup> |
| SEM Holdings, LLC (dba Southeast Mechanical, LLC) | Diversified Consumer Services | 07/06/22 | 400 | 400 | 623<br> <sup>(5) (6) (9) (13)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 12/21/21 | 2700 | 270 | 239<br> <sup>(5) (6) (13)</sup> |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 7091071 |  | —<br> <sup>(6) (9) (13)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | 2623 | 2424 |
| **Preferred Stock - 0.9%** |  |  |  |  |  |
| FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) | Diversified Consumer Services | 10/02/24 | 221 | $29 | $34<br> <sup>(5) (6) (13)</sup> |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 3440568 | 1094 | —<br> <sup>(6) (9) (13)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 134557 | 1505 | 2036<br> <sup>(5) (6) (13)</sup> |
| Lobos Parent, Inc. (dba NeoGov) | Software | 12/02/21 | 1237 | 1206 | 1747<br> <sup>(5) (6) (13)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  | 3834 | 3817 |
| **Warrants - 0.0%** |  |  |  |  |  |
| CloudBees, Inc. | Software | 11/24/21 | 38977 | $216 | $46<br> <sup>(5) (6) (13)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Warrants** |  |  |  | 216 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $6673 | $6287 |
| **Total Equity Securities** |  |  |  | 6673 | 6287 |
| **Total Investments - 193.3%** |  |  |  | $**882016** | $**883026** |
| **Investments in Affiliated Money Market Fund - 0.5%** |  |  |  |  |  |
| **United States - 0.5%** |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  | 2213733 | $2214 | $2214<br> <sup>(14) (15)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  | $2214 | $2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $2214 | $2214 |
| **Total Investments and Investments in Affiliated Money Market Fund - 193.8%** |  |  |  | $**884230** | $**885240** |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of June 30, 2025 (continued)**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

<sup>(1)</sup> Percentages are based on net assets.

<sup>(2)</sup> For Industry subtotal and percentage, see Note 4 "Investments."

<sup>(3)</sup> 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 SOFR including SOFR adjustment, if any, ("S"), EURIBOR ("E"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), 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 June 30, 2025, 1 month S was 4.32%, 3 month S was 4.29%, 6 month S was 4.15%, 3 month SN was 4.22%, 3 month C was 2.68%, 3 month N was 4.25%, 3 month E was 1.94%, 1 month B was 3.61% and 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 June 30, 2025.

<sup>(4)</sup> 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"), Norwegian Kroner ("NOK"), Canadian Dollars ("CAD") or Australian Dollars ("AUD").

<sup>(5)</sup> Represents co-investments made 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".

<sup>(6)</sup> The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

<sup>(7)</sup> 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 June 30, 2025, the aggregate fair value of these securities is $155,005 or 17.0% of the Company's total assets.

<sup>(8)</sup> 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 7 "Commitments and Contingencies".

<sup>(9)</sup> As defined in 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".

<sup>(10)</sup> The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies".

<sup>(11)</sup> 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.

<sup>(12)</sup> 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 June 30, 2025, the aggregate fair value of these securities is $6,287 or 1.4% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(13)</sup> Non-income producing security.

<sup>(14)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

<sup>(15)</sup> The annualized seven-day yield as of June 30, 2025 is 4.21%.

PIK - Payment-In-Kind

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

**Consolidated Schedule of Investments as of December 31, 2024**

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 189.6%** | **Debt Investments - 189.6%** | **Debt Investments - 189.6%** | **Debt Investments - 189.6%** |  |  |  |  |
| **Canada - 9.8%** | **Canada - 9.8%** | **Canada - 9.8%** | **Canada - 9.8%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 9.8%** | **1st Lien/Senior Secured Debt - 9.8%** | **1st Lien/Senior Secured Debt - 9.8%** | **1st Lien/Senior Secured Debt - 9.8%** |  |  |  |  |
| Recochem, Inc | Chemicals | 9.66% | C + 5.75% | 11/01/30 | CAD 7,911 | $5606 | $5503<br> <sup>(5) (6) (7)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 | 4947 | 4854 | 4947<br> <sup>(5) (6) (7)</sup> |
| Recochem, Inc | Chemicals | 9.54% | C + 5.75% | 11/01/30 | CAD 1,941 | 25 | 36<br> <sup>(5) (6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 | 1749 | 1718 | 1749<br> <sup>(5) (6) (7)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 | CAD 1,294 | 178 | 186<br> <sup>(5) (6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 | 22479 | 22388 | 22367<br> <sup>(5) (6) (7)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 | 2156 | 535 | 524<br> <sup>(5) (6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services |  | S + 6.00% | 02/01/27 | 1217 |  | (6) <sup>(5) (6) (7) (8)</sup> |
| iWave Information Systems, Inc. | Software | 11.12% | S + 6.75% | 11/23/28 | 8735 | 8577 | 8560<br> <sup>(5) (6) (7)</sup> |
| iWave Information Systems, Inc. | Software |  | S + 6.75% | 11/23/28 | 4380 | (18) | (88) <sup>(5) (6) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 43863 | 43778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada** |  |  |  |  |  | $43863 | $43778 |
| **United Kingdom - 5.8%** | **United Kingdom - 5.8%** | **United Kingdom - 5.8%** | **United Kingdom - 5.8%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 5.8%** | **1st Lien/Senior Secured Debt - 5.8%** | **1st Lien/Senior Secured Debt - 5.8%** | **1st Lien/Senior Secured Debt - 5.8%** |  |  |  |  |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.70% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP 13,471 | $16124 | $16359<br> <sup>(5) (6) (7)</sup> |
| Clearcourse Partnership Acquireco Finance Limited | IT Services | 13.70% | SN + 8.75% (Incl. 9.85% PIK) | 07/25/28 | GBP 10,944 | 9712 | 9544<br> <sup>(5) (6) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 25836 | 25903 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  | $25836 | $25903 |
| **United States - 174.0%** | **United States - 174.0%** | **United States - 174.0%** | **United States - 174.0%** |  |  |  |  |
| **1st Lien/Senior Secured Debt - 162.9%** | **1st Lien/Senior Secured Debt - 162.9%** | **1st Lien/Senior Secured Debt - 162.9%** | **1st Lien/Senior Secured Debt - 162.9%** |  |  |  |  |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.49% | S + 5.00% | 01/09/30 | $7618 | $7442 | $7542<br> <sup>(5) (7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.49% | S + 5.00% | 01/09/30 | 5821 | 5723 | 5762<br> <sup>(5) (7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense |  | S + 5.00% | 01/09/28 | 1981 | (31) | (20) <sup>(5) (7) (8)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 10.52% | S + 6.00% | 04/19/30 | 2950 | 2896 | 2891<br> <sup>(5) (7)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense |  | S + 6.00% | 04/19/30 | 443 | (8) | (9) <sup>(5) (7) (8)</sup> |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals | 10.27% | S + 5.75% | 11/15/30 | 10382 | 10198 | 10174<br> <sup>(5) (7)</sup> |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals |  | S + 5.75% | 11/15/29 | 1743 | (28) | (35) <sup>(5) (7) (8)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies | 10.02% | S + 5.50% (Incl 2.75% PIK) | 08/22/31 | 12840 | 12503 | 12711<br> <sup>(5) (7)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies | 9.41% | S + 5.00% | 08/22/30 | 1500 | 123 | 135<br> <sup>(5) (7) (8)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies |  | S + 5.50% (Incl 2.75% PIK) | 08/22/31 | 750 | (7) | (7) <sup>(5) (7) (8)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.84% | S + 5.25% | 02/07/31 | 6317 | 6202 | 6253<br> <sup>(5) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.59% | S + 5.25% | 02/07/31 | 2809 | 265 | 264<br> <sup>(5) (7) (8)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 5.25% | 02/07/31 | 843 | (15) | (8) <sup>(5) (7) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 4751 | 4653 | 4727<br> <sup>(5) (7)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 11.00% | S + 6.50% | 08/01/29 | 1443 | 1409 | 1436<br> <sup>(5) (7)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 722 | 274 | 285<br> <sup>(5) (7) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 716 | 701 | 713<br> <sup>(5) (7)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 | 239 | 233 | 238<br> <sup>(5) (7)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.61% | S + 5.25% | 04/30/31 | 5930 | 5847 | 5900<br> <sup>(5) (7)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.89% | S + 5.25% | 04/30/31 | 2187 | 229 | 235<br> <sup>(5) (7) (8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.59% | S + 5.25% | 04/30/30 | 820 | 235 | 242<br> <sup>(5) (7) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 | 20860 | 20732 | 20704<br> <sup>(5) (7)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 | 2201 | 1124 | 1121<br> <sup>(5) (7) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies |  | S + 5.75% | 05/01/29 | 1834 | (11) | (14) <sup>(5) (7) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.10% | S + 4.75% | 10/24/30 | $14151 | $3217 | $3231<br> <sup>(5) (6) (8)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.12% | B + 4.75% | 10/24/30 | AUD 13,999 | 9205 | 8578<br> <sup>(5) (6)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering |  | B + 4.75% | 10/24/30 | 1415 | (14) | (14) <sup>(5) (6) (8)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.33% | S + 6.00% | 10/04/30 | 8888 | 8694 | 8799<br> <sup>(5) (7)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail |  | S + 6.00% | 10/05/29 | 1045 | (21) | (10) <sup>(5) (7) (8)</sup> |
| DFS Holding Company, Inc. | Distributors | 10.50% | S + 6.25% | 01/31/29 | 4091 | 3999 | 4040<br> <sup>(5) (7)</sup> |
| DFS Holding Company, Inc. | Distributors | 10.50% | S + 6.25% | 01/31/29 | 864 | 287 | 289<br> <sup>(5) (7) (8)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.33% | S + 6.00% | 04/26/29 | 6748 | 6628 | 6613<br> <sup>(5) (7) (9)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.54% | S + 6.00% | 04/26/29 | 3140 | 812 | 804<br> <sup>(5) (7) (8) (9)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.48% | S + 6.00% | 04/26/29 | 628 | 309 | 308<br> <sup>(5) (7) (8) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 | 5951 | 5925 | 5922<br> <sup>(5) (7)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 | 1965 | 215 | 226<br> <sup>(5) (7) (8)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.36% | S + 5.00% | 06/06/31 | 724 | 54 | 57<br> <sup>(5) (7) (8)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services | 9.46% | S + 5.00% | 11/01/28 | 6630 | 6368 | 6596<br> <sup>(5) (7)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services |  | S + 5.00% | 11/01/28 | 638 | (24) | (3) <sup>(5) (7) (8)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services |  | S + 6.00% | 07/06/27 | 15341 | (122) | (115) <sup>(5) (7) (8) (9)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.47% | S + 6.00% | 07/06/27 | 3413 | 3374 | 3387<br> <sup>(5) (7) (9)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.47% | S + 6.00% | 07/06/27 | 2394 | 2363 | 2376<br> <sup>(5) (7) (9)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 10.48% | S + 6.00% | 07/06/27 | 600 | 534 | 536<br> <sup>(5) (7) (8) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.09% | S + 5.75% | 07/25/28 | 10484 | 10236 | 10484<br> <sup>(5) (7)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.03% | S + 5.75% | 07/25/28 | 1625 | 1590 | 1625<br> <sup>(5) (7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.61% | S + 5.00% | 05/01/31 | 10589 | 10490 | 10483<br> <sup>(5) (7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.46% | S + 5.00% | 05/01/31 | 2767 | 875 | 856<br> <sup>(5) (7) (8)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services |  | S + 5.00% | 05/01/30 | 1615 | (14) | (16) <sup>(5) (7) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.96% | S + 7.50% | 08/14/28 | 7245 | 7047 | 7209<br> <sup>(5) (7)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.92% | S + 7.50% | 08/14/28 | 1257 | 808 | 831<br> <sup>(5) (7) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services |  | S + 7.50% | 08/14/28 | 209 | (5) | (1) <sup>(5) (7) (8)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.48% | S + 6.00% | 12/21/27 | 6116 | 6036 | 6086<br> <sup>(5) (7)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 1984 | 1961 | 1964<br> <sup>(5) (7)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 666 | 658 | 660<br> <sup>(5) (7)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 662 | 654 | 655<br> <sup>(5) (7)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10.23% | S + 5.75% | 12/21/27 | 657 | 645 | 651<br> <sup>(5) (7)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services |  | S + 5.75% | 12/21/27 | 270 | (3) | (3) <sup>(5) (7) (8)</sup> |
| Checkmate Finance Merger Sub, LLC | Entertainment | 10.92% | S + 6.50% | 12/31/27 | 3565 | 3524 | 3521<br> <sup>(5) (7)</sup> |
| Checkmate Finance Merger Sub, LLC | Entertainment |  | S + 6.50% | 12/31/27 | 367 | (4) | (5) <sup>(5) (7) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.83% | S + 5.50% | 05/08/28 | 7727 | 7678 | 7689<br> <sup>(5) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.50% | 05/08/28 | 1019 | (6) | (5) <sup>(5) (7) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.89% | S + 5.50% | 05/08/28 | 337 | 332 | 335<br> <sup>(5) (7)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services | 10.47% | S + 6.00% | 01/25/28 | 6228 | 6165 | 5979<br> <sup>(5) (7)</sup> |
| BSI3 Menu Buyer, Inc (dba Kydia) | Financial Services |  | S + 6.00% | 01/25/28 | 249 | (2) | (10) <sup>(5) (7) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.75% | S + 5.25% | 11/15/29 | 15587 | 14954 | 15587<br> <sup>(5) (7)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 5.25% | 11/15/29 | 5406 | (23) | —<br> <sup>(5) (7) (8)</sup> |
| Computer Services, Inc. | Financial Services | 9.75% | S + 5.25% | 11/15/29 | 3700 | 3667 | 3700<br> <sup>(5) (7)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 9.61% | S + 5.25% | 10/01/29 | 18137 | 17679 | 18047<br> <sup>(5) (7)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 | 4760 | (62) | (24) <sup>(5) (7) (8)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 | 1932 | (40) | (10) <sup>(5) (7) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 | $9798 | $9502 | $9798<br> <sup>(5) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.65% | S + 7.00% | 11/27/29 | 7221 | 618 | 561<br> <sup>(5) (7) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 | 3083 | 3000 | 3083<br> <sup>(5) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.66% | S + 7.00% | 11/27/29 | 1805 | 496 | 484<br> <sup>(5) (7) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 | 1370 | 1334 | 1370<br> <sup>(5) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 | 548 | (14) | —<br> <sup>(5) (7) (8)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.83% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 | 6693 | 6611 | 6224<br> <sup>(5) (7)</sup> |
| MerchantWise Solutions, LLC (dba HungerRush) | Financial Services | 11.83% | S + 7.50% (Incl. 4.50% PIK) | 06/01/28 | 1391 | 1371 | 1293<br> <sup>(5) (7)</sup> |
| Priority Technology Holdings, Inc. (dba Priority Payment) | Financial Services | 9.11% | S + 4.75% | 05/16/31 | 16078 | 16007 | 16083<br> <sup>(5) (6)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.61% | S + 5.25% | 02/24/31 | 8706 | 8627 | 8619<br> <sup>(5) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services |  | S + 5.25% | 02/24/31 | 1250 | (11) | (12) <sup>(5) (7) (8)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 | 11167 | 11014 | 11055<br> <sup>(5) (7)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 | 2088 | 712 | 710<br> <sup>(5) (7) (8)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 02/28/30 | 1566 | (20) | (16) <sup>(5) (7) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.25% | S + 5.00% | 08/07/31 | 3050 | 3020 | 3004<br> <sup>(5) (7)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 | 465 | (7) | (7) <sup>(5) (7) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 | 290 | 250 | 250<br> <sup>(5) (7) (8)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 06/13/28 | 4103 | 4011 | 4041<br> <sup>(5) (7)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services |  | S + 6.75% | 06/13/28 | 463 | (10) | (7) <sup>(5) (7) (8)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 | 7488 | 7379 | 7058<br> <sup>(5) (7) (9)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 | 888 | 788 | 836<br> <sup>(5) (7) (8) (9) (10)</sup> |
| Solaris (dba Urology Management Holdings, Inc.) | Health Care Providers & Services | 9.83% | S + 5.50% | 06/15/27 | 3295 | 3230 | 3262<br> <sup>(5) (7)</sup> |
| Solaris (dba Urology Management Holdings, Inc.) | Health Care Providers & Services | 9.83% | S + 5.50% | 06/15/27 | 1668 | 1635 | 1651<br> <sup>(5) (7)</sup> |
| SpendMend, LLC | Health Care Providers & Services | 9.48% | S + 5.00% | 03/01/28 | 3402 | 3367 | 3368<br> <sup>(5) (7)</sup> |
| SpendMend, LLC | Health Care Providers & Services | 9.55% | S + 5.00% | 03/01/28 | 1504 | 923 | 921<br> <sup>(5) (7) (8)</sup> |
| SpendMend, LLC | Health Care Providers & Services |  | S + 5.00% | 03/01/28 | 456 | (4) | (5) <sup>(5) (7) (8)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.93% | S + 5.50% | 12/01/27 | 2119 | 2107 | 2103<br> <sup>(5) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 9.93% | S + 5.50% | 12/01/27 | 317 | 75 | 73<br> <sup>(5) (7) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology | 9.13% | S + 4.75% | 07/16/31 | 8905 | 8821 | 8816<br> <sup>(5) (7)</sup> |
| HealthEdge Software, Inc. | Health Care Technology | 9.15% | S + 4.75% | 07/16/31 | 3929 | 3891 | 3890<br> <sup>(5) (7)</sup> |
| HealthEdge Software, Inc. | Health Care Technology |  | S + 4.75% | 07/16/31 | 1182 | (11) | (12) <sup>(5) (7) (8)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.36% | S + 5.00% | 05/11/29 | 3543 | 3494 | 3455<br> <sup>(5) (7)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.91% | S + 5.00% | 05/11/29 | 472 | 465 | 460<br> <sup>(5) (7)</sup> |
| Intelligent Medical Objects, Inc. | Health Care Technology | 9.57% | S + 5.00% | 05/11/28 | 400 | 7 | 2<br> <sup>(5) (7) (8)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 7810 | 7705 | 7790<br> <sup>(5) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 6682 | 4387 | 4370<br> <sup>(5) (7) (8)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 770 | 765 | 768<br> <sup>(5) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 11.98% | S + 7.50% | 07/18/28 | 605 | 174 | 180<br> <sup>(5) (7) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 10.86% | S + 6.25% | 01/18/28 | 3255 | 3227 | 3109<br> <sup>(5) (7)</sup> |
| WebPT, Inc. | Health Care Technology | 11.12% | S + 6.25% | 01/18/28 | 278 | 145 | 134<br> <sup>(5) (7) (8)</sup> |
| WebPT, Inc. | Health Care Technology | 11.22% | S + 6.25% | 01/18/28 | 235 | 232 | 224<br> <sup>(5) (7)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 10.39% | S + 5.25% | 07/24/31 | 9508 | 9417 | 9413<br> <sup>(5) (7)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/31 | 3999 | 793 | 775<br> <sup>(5) (7) (8)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/30 | 741 | 126 | 126<br> <sup>(5) (7) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 | 5430 | 5338 | 5375<br> <sup>(5) (7)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 | 1918 | 1889 | 1899<br> <sup>(5) (7)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 | 1418 | (11) | (14) <sup>(5) (7) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 | 1135 | (18) | (11) <sup>(5) (7) (8)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 | $5895 | $5833 | $5895<br> <sup>(5) (7)</sup> |
| Kaseya Inc. | IT Services | 9.83% | S + 5.50% | 06/25/29 | 351 | 85 | 88<br> <sup>(5) (7) (8)</sup> |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 | 329 | 66 | 68<br> <sup>(5) (7) (8)</sup> |
| Kaseya Inc. | IT Services | 10.09% | S + 5.50% | 06/25/29 | 22 | 22 | 22<br> <sup>(5) (7)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 9.27% | S + 4.75% | 11/07/31 | 13567 | 13501 | 13517<br> <sup>(5)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.75% | 11/07/31 | 1433 | (7) | (5) <sup>(5) (8)</sup> |
| US Signal Company, LLC | IT Services | 10.07% | S + 5.50% | 09/04/29 | 8005 | 7929 | 7925<br> <sup>(5) (7)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 | 2463 | (23) | (25) <sup>(5) (7) (8)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 | 1232 | (12) | (12) <sup>(5) (7) (8)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 | 5609 | 5490 | 5553<br> <sup>(5) (7)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.88% | S + 6.50% | 07/18/28 | 725 | 566 | 572<br> <sup>(5) (7) (8)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 | 364 | 357 | 360<br> <sup>(5) (7)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.34% | S + 4.75% | 08/20/31 | 4310 | 4269 | 4267<br> <sup>(5) (7)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery |  | S + 4.75% | 08/20/30 | 690 | (7) | (7) <sup>(5) (7) (8)</sup> |
| Precinmac, LP | Machinery | 9.55% | S + 5.00% | 12/02/31 | 7209 | 7138 | 7137<br> <sup>(5)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 | 1860 | (9) | (9) <sup>(5) (8)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 | 930 | (9) | (9) <sup>(5) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.59% | S + 5.00% | 07/01/31 | 13894 | 13697 | 13686<br> <sup>(5) (6) (7)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/30 | 3689 | 367 | 363<br> <sup>(5) (6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery |  | S + 5.00% | 07/01/31 | 3689 | (26) | (55) <sup>(5) (6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/31 | EUR 3,446 | 3648 | 3516<br> <sup>(5) (6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.26% | S + 5.75% | 09/03/30 | 9159 | 8919 | 9067<br> <sup>(5) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.32% | S + 5.75% | 09/03/30 | 1075 | 1054 | 1064<br> <sup>(5) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media |  | S + 5.75% | 08/31/28 | 749 | (17) | (7) <sup>(5) (7) (8)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 | 5836 | 5755 | 5749<br> <sup>(5) (7)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 | 479 | 329 | 328<br> <sup>(5) (7) (8)</sup> |
| iCIMS, Inc. | Professional Services | 10.38% | S + 5.75% | 08/18/28 | 19241 | 19039 | 18375<br> <sup>(5) (7)</sup> |
| iCIMS, Inc. | Professional Services | 10.34% | S + 5.75% | 08/18/28 | 1703 | 322 | 264<br> <sup>(5) (7) (8)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.56% | S + 5.75% | 11/30/27 | 1985 | 1962 | 1975<br> <sup>(5) (7)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services | 10.44% | S + 5.75% | 11/30/27 | 1953 | 1931 | 1943<br> <sup>(5) (7)</sup> |
| NFM & J, L.P. (dba the Facilities Group) | Professional Services |  | P + 4.75% | 11/30/27 | 349 | (4) | (2) <sup>(5) (7) (8)</sup> |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development | 11.01% | S + 6.50% | 07/01/27 | 9482 | 9333 | 9387<br> <sup>(5) (7)</sup> |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development | 11.01% | S + 6.50% | 07/01/27 | 8994 | 8994 | 8904<br> <sup>(5) (7)</sup> |
| Zarya Intermediate, LLC (dba iOFFICE) | Real Estate Mgmt. & Development |  | S + 6.50% | 07/01/27 | 938 |  | (9) <sup>(5) (7) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 9.11% | S + 4.75% | 08/29/31 | 5108 | 5058 | 5056<br> <sup>(5) (7)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 | 1022 | (5) | (10) <sup>(5) (7) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 | 638 | (6) | (6) <sup>(5) (7) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 | 2912 | 2851 | 2898<br> <sup>(5) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software |  | S + 5.75% | 07/01/30 | 487 | (7) | (2) <sup>(5) (7) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 | 191 | 189 | 190<br> <sup>(5) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.83% | S + 4.50% | 07/28/31 | 17611 | 17443 | 17435<br> <sup>(5) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/28/31 | 4310 | (20) | (43) <sup>(5) (7) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 | 2094 | (19) | (21) <sup>(5) (7) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 | 985 | (9) | (10) <sup>(5) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.08% | S + 4.75% | 07/14/31 | 15000 | 14857 | 14850<br> <sup>(5) (6) (7)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 | 7143 | (33) | (71) <sup>(5) (6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 | 2857 | (27) | (29) <sup>(5) (6) (7) (8)</sup> |
| CloudBees, Inc. | Software | 11.47% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | 3527 | 3435 | 3527<br> <sup>(5) (7)</sup> |

---

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

------

[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| CloudBees, Inc. | Software | 11.47% | S + 7.00% (Incl. 2.50% PIK) | 11/24/26 | $1512 | $1471 | $1512<br> <sup>(5) (7)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.11% | S + 6.75% | 11/08/30 | 11141 | 10895 | 10863<br> <sup>(5) (7)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software |  | S + 6.75% | 11/08/30 | 1161 | (24) | (29) <sup>(5) (7) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.34% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 | 6756 | 6696 | 6688<br> <sup>(5) (7)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.84% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 | 1001 | 990 | 991<br> <sup>(5) (7)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 | 945 | (8) | (9) <sup>(5) (7) (8)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 9.33% | S + 5.00% | 12/01/28 | 19572 | 19431 | 19376<br> <sup>(5) (7)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software |  | S + 5.00% | 12/02/27 | 2628 | (22) | (26) <sup>(5) (7) (8)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software |  | S + 5.00% | 12/01/28 | 1512 | (1) | (15) <sup>(5) (7) (8)</sup> |
| NAVEX TopCo, Inc. | Software | 9.88% | S + 5.50% | 11/08/30 | 9121 | 8960 | 9098<br> <sup>(7)</sup> |
| NAVEX TopCo, Inc. | Software |  | S + 5.50% | 11/09/28 | 810 | (13) | (2) <sup>(7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | N + 4.75% | 05/03/29 | NOK 20,095 | 1860 | 1756<br> <sup>(5) (6) (7)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.08% | S + 4.75% | 05/03/29 | 8132 | 8096 | 8091<br> <sup>(5) (6) (7)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.25% | S + 4.75% | 05/03/29 | 1900 | 1786 | 1785<br> <sup>(5) (6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software |  | S + 4.75% | 05/03/29 | 1800 | (8) | (9) <sup>(5) (6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | SN + 4.75% | 05/03/29 | GBP 917 | 1150 | 1142<br> <sup>(5) (6) (7)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 | 5347 | 5247 | 5347<br> <sup>(5) (7)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 | 405 | 128 | 135<br> <sup>(5) (7) (8)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software | 9.61% | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 | 15173 | 15028 | 15021<br> <sup>(5) (7)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 | 4336 | (21) | (43) <sup>(5) (7) (8)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 | 1734 | (17) | (17) <sup>(5) (7) (8)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 | 10877 | 10792 | 10877<br> <sup>(5) (7)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 | 1520 | 1429 | 1440<br> <sup>(5) (7) (8)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.33% | S + 5.00% | 12/17/31 | 15246 | 15097 | 15093<br> <sup>(5)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 | 3788 | (18) | (19) <sup>(5) (8)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 | 1894 | (18) | (19) <sup>(5) (8)</sup> |
| Singlewire Software, LLC | Software | 9.58% | S + 5.25% | 05/10/29 | 6754 | 6594 | 6687<br> <sup>(5) (7)</sup> |
| Singlewire Software, LLC | Software |  | S + 5.25% | 05/10/29 | 1251 | (28) | (12) <sup>(5) (7) (8)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.08% | S + 4.75% | 06/02/31 | 14228 | 14095 | 14086<br> <sup>(5) (7)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.16% | S + 4.75% | 06/02/31 | 7773 | 2984 | 2957<br> <sup>(5) (7) (8)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail |  | S + 4.75% | 05/31/30 | 1815 | (16) | (18) <sup>(5) (7) (8)</sup> |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.58% | S + 6.25% | 09/29/27 | 5692 | 5597 | 5635<br> <sup>(5) (7)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 | 6588 | 6444 | 6522<br> <sup>(5) (7)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 | 5206 | 3593 | 3640<br> <sup>(5) (7) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 | 21261 | 20973 | 19985<br> <sup>(5) (7)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.59% | S + 5.50% | 12/31/29 | 2490 | 315 | 199<br> <sup>(5) (7) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% | 12/31/29 | 1496 | 156 | 77<br> <sup>(5) (7) (8)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.33% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 17330 | 17302 | 17243<br> <sup>(5)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors |  | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 1224 | (1) | (6) <sup>(5) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.58% | S + 5.25% | 06/23/31 | 14963 | 14750 | 14813<br> <sup>(5) (7)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.89% | S + 5.25% | 06/23/31 | 8333 | 753 | 733<br> <sup>(5) (7) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors |  | S + 5.25% | 06/21/30 | 1667 | (23) | (17) <sup>(5) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 730772 | 730897 |

---

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

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[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **1st Lien/Last-Out Unitranche (11) - 11.1%** |  |  |  |  |  |  |  |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.26% | S + 6.75% | 07/07/28 | $6169 | $6060 | $6046<br> <sup>(5) (7)</sup> |
| EDB Parent, LLC (dba Enterprise DB) | Software | 11.26% | S + 6.75% | 07/07/28 | 2401 | 1815 | 1767<br> <sup>(5) (7) (8)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | 6255 | 6204 | 6193<br> <sup>(5) (7)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | 3745 | 2715 | 2707<br> <sup>(5) (7) (8)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.89% | S + 6.55% | 12/06/28 | 10000 | 9203 | 9185<br> <sup>(5) (7) (8)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 3203 | 3174 | 3171<br> <sup>(5) (7)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 2005 | 347 | 344<br> <sup>(5) (7) (8)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.18% | S + 6.83% | 02/01/29 | 6285 | 6231 | 6222<br> <sup>(5) (7)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.19% | S + 6.83% | 02/01/29 | 3715 | 809 | 803<br> <sup>(5) (7) (8)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 12.19% | S + 7.00% | 08/24/28 | 6222 | 6155 | 6160<br> <sup>(5) (7)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.70% | S + 7.00% | 08/24/28 | 3778 | 1450 | 1451<br> <sup>(5) (7) (8)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.21% | S + 3.75% | 08/31/28 | 6668 | 5545 | 5555<br> <sup>(5) (7) (8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 49708 | 49604 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $780480 | $780501 |
| **Total Debt Investments** |  |  |  |  |  | $850179 | $850182 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Initial<br>Acquisition<br>Date**<sup>(13)</sup> | **Shares**<br> <sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Equity Securities - 1.4%** |  |  |  |  |  |
| **United States - 1.4%** |  |  |  |  |  |
| **Common Stock - 0.6%** |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense | 04/19/24 | 220 | $220 | $273<br> <sup>(5) (7) (12)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services | 04/26/24 | 1733153 | 1733 | 1733<br> <sup>(5) (7) (9) (12)</sup> |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | Diversified Consumer Services | 07/06/22 | 400 | 400 | 649<br> <sup>(5) (7) (9) (12)</sup> |
| Whitewater Holding Company LLC | Diversified Consumer Services | 12/21/21 | 2700 | 270 | 225<br> <sup>(5) (7) (12)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 7091071 |  | —<br> <sup>(7) (9) (12)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | 2623 | 2880 |
| **Preferred Stock - 0.8%** |  |  |  |  |  |
| Whitewater Holding Company LLC | Diversified Consumer Services | 10/02/24 | 221 | $29 | $31<br> <sup>(5) (7) (12)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 03/29/24 | 3440568 | 1094 | —<br> <sup>(7) (9) (12)</sup> |
| CloudBees, Inc. | Software | 11/24/21 | 134557 | 1505 | 1975<br> <sup>(5) (7) (12)</sup> |
| Governmentjobs.com, Inc. (dba NeoGov) | Software | 12/02/21 | 1237 | 1206 | 1659<br> <sup>(5) (7) (12)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  | 3834 | 3665 |
| **Warrants - 0.0%** |  |  |  |  |  |
| CloudBees, Inc. | Software | 11/24/21 | 38977 | $216 | $49<br> <sup>(5) (7) (12)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Warrants** |  |  |  | 216 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $6673 | $6594 |
| **Total Equity Securities** |  |  |  | 6673 | 6594 |
| **Total Investments - 191.0%** |  |  |  | $**856852** | $**856776** |
| **Investments in Affiliated Money Market Fund - 2.1%** |  |  |  |  |  |
| **United States - 2.1%** |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  | 9505692 | $9506 | $9506<br> <sup>(14) (15)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  | $9506 | $9506 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  | $9506 | $9506 |
| **Total Investments and Investments in Affiliated Money Market Fund - 193.1%** |  |  |  | $**866358** | $**866282** |

---

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

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[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II**

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

**(in thousands, except share and per share amounts)**

<sup>(1)</sup> Percentages are based on net assets.

<sup>(2)</sup> For Industry subtotal and percentage, see Note 4 "Investments."

<sup>(3)</sup> 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 SOFR including SOFR adjustment, if any, ("S"), EURIBOR ("E"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), 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, 1 month S was 4.33%, 3 month S was 4.31%, 6 month S was 4.25%, 3 month SN was 4.70%, 3 month C was 3.15%, 3 month N was 4.68%, 3 month E was 2.71%, 1 month B was 4.32% and 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.

<sup>(4)</sup> 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, Australian Dollars ("AUD"), Euros ("EUR"), Great British Pounds ("GBP"), Canadian Dollars ("CAD"), or Norwegian Kroner ("NOK").

<sup>(5)</sup> Represents co-investments made 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".

<sup>(6)</sup> The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 $142,584 or 16.0% of the Company's total assets.

<sup>(7)</sup> The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

<sup>(8)</sup> 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 7 "Commitments and Contingencies".

<sup>(9)</sup> As defined in 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".

<sup>(10)</sup> The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies".

<sup>(11)</sup> 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.

<sup>(12)</sup> Non-income producing security.

<sup>(13)</sup> 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 $6,594 or 1.5% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(14)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

<sup>(15)</sup> The annualized seven-day yield as of December 31, 2024 is 4.42%.

PIK - Payment-In-Kind

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

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[<u>**Table of Contents**</u>](#toc_page)

**Goldman Sachs Middle Market Lending Corp. II** 

**Notes to the Consolidated Financial Statements**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

**1. ORGANIZATION** 

Goldman Sachs Middle Market Lending LLC II ("MMLC LLC II") was formed on February 21, 2020. Effective November 23, 2021, MMLC LLC II converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. II (the "Company", which term refers to either Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II together with its consolidated subsidiary, as the context may require), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC II. The Company commenced operations on October 29, 2021. On November 23, 2021, the Company's initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member's initial capital contribution to MMLC LLC II was cancelled. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act. In addition, the Company has elected to be treated as a regulated investment company ("RIC"), and the Company expects 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 its taxable year ended December 31, 2021.

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, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

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. ("GS Group Inc."), together with GS & Co., GSAM and its other subsidiaries.

On October 4, 2021 (the "Initial Closing Date"), the Company began accepting subscription agreements ("Subscription Agreements") from investors in the Company's private offering, pursuant to which investors made a capital commitment (a "Commitment") to purchase shares of the Company's common stock for an aggregate purchase price equal to its Commitment. Under the terms of the Subscription Agreements, each investor is required to make a capital contribution up to the undrawn amount of their capital commitment to purchase shares of the Company's common stock each time the Company delivers a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the "Drawdown Date"). The Company held a limited number of closings subsequent to the Initial Closing Date. The final date on which the Company accepted Subscription Agreements (the "Final Closing Date") was March 24, 2023. The offering and sale of common stock is exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States.

GS & Co. and Goldman Sachs International assisted the Company in conducting its private placement offering pursuant to agreements between the Company and each of GS & Co. and Goldman Sachs International.

The investment period commenced on the Initial Closing Date and will continue until March 24, 2026, which is the third anniversary of the Final Closing Date, provided that it may be extended by the board of directors of the Company (the "Board of Directors" or "Board"), in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the stockholders, for up to one additional year thereafter (such period, including any extensions, the "Investment Period"). In addition, the Board of Directors may terminate the Investment Period at any time in its discretion.

Following the end of the Investment Period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or our anticipated expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the investment committee of Goldman Sachs Asset Management's Private Credit Team prior to the expiration of the Investment Period, (iii) to engage in hedging transactions, or (iv) to make additional investments in existing portfolio companies, which may include new financings of such portfolio companies (each, an "Additional Investment") (including transactions to hedge interest rate or currency risks related to an Additional Investment).

The Company will continue to operate as a private reporting company, until the earlier of the following events, each referred to as an "Exit Event": (i) any listing of the Company's shares of common stock on a national securities exchange (a "listing"), including in connection with an initial public offering ("IPO"), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of the assets of the Company. If the Company has not consummated an Exit Event by the sixth anniversary of the Final Closing Date, the Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider the Company's potential wind down and/or liquidation and dissolution.

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An affiliate of the Investment Adviser made a capital commitment to the Company of $0.10 on October 29, 2021 and served as the Company's sole initial member the ("Initial Member"). The Company cancelled the Initial Member's interest in the Company on November 23, 2021, the first date on which investors (other than the Initial Member) made their capital contribution to purchase shares of the Company's common stock (the "Initial Drawdown Date").

The Company has formed a wholly-owned subsidiary, which is structured as Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** 

The Company's functional currency is U.S. dollars ("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.

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 U.S. Securities and Exchange Commission (the "SEC") on March 4, 2025. The results for the three and six months ended June 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.

Certain prior period information has been reclassified or conformed to the current period presentation and has no effect on the Company's financial position or the results of operations as previously reported.

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 subsidiary, MMLC II Blocker I, LLC. 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, respectively, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Prepayment premiums | $165 | $— | $165 | $5 |
| Accelerated amortization of upfront loan origination fees and unamortized discounts | $440 | $29 | $559 | $242 |

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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 below) 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.

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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, respectively.

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.

**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 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 June 30, 2025 and 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, 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Money Market Funds** 

Investments in money market funds are valued at net asset value ("NAV") per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 "Significant Agreements and Related Party Transactions."

**Cash** 

Cash consists of deposits held at State Street Bank and Trust Company (in such capacity, the "Custodian"). As of June 30, 2025 and December 31, 2024, the Company held an aggregate cash balance of $18,047 and $15,673. Foreign currency of $3,823 and $2,814 (acquisition cost of $3,693 and $2,893) is included in cash as of June 30, 2025 and December 31, 2024.

**Foreign Currency Translation** 

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD 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 USD 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, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities 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 to be more volatile than those of comparable U.S. companies or U.S. government securities.

**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 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.

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The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. 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.

The Company's consolidated subsidiary is 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.

**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 a 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, accumulated undistributed net investment income or accumulated net realized gain (loss), 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 of Directors each quarter 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.

**Deferred Financing Costs** 

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (as amended, restated, supplemented or otherwise modified from time to time, the "BoA Revolving Credit Facility") and the revolving credit facility between the Company and Truist Bank (as amended, restated, supplemented or otherwise modified from time to time, the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"). These costs were amortized using the straight-line method over the term of the BoA Revolving Credit Facility and are amortized using the straight-line method over the term of the Truist Revolving Credit Facility. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company's Consolidated Statements of Assets and Liabilities.

**Organization Costs** 

Organization costs include costs relating to the formation and organization of the Company. These costs were expensed as incurred. Upon the Initial Drawdown Date, stockholders bore such costs. Investors making capital commitments after the Initial Drawdown Date will bear a pro rata portion of such costs at the time of their first investment in the Company.

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**Offering Costs**

Offering costs consist primarily of fees and expenses previously incurred in connection with the Company's prior offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company's registration statement on Form 10. Offering costs were recognized as a deferred charge and were amortized on a straight-line basis over 12 months beginning on the date of commencement 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.

**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 ("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.

**3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS** 

**Investment Management Agreement**

The Company entered into an investment management agreement effective as of November 1, 2021 (the "Investment Management Agreement") with the Investment Adviser, pursuant to which the Investment Adviser manages the Company's investment program and related activities. The Board approved the continuation of the Investment Management Agreement on August 6, 2025.

*Management Fee* 

The Company pays the Investment Adviser a management fee (the "Management Fee"), accrued and payable quarterly in arrears. The Management Fee is equal to 0.1875% (i.e., an annual rate of 0.75%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. For the avoidance of doubt, the Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) will be equal to 0.1875% (i.e., an annual rate of 0.75%) of the Company's average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of such quarter. The Management Fee for any partial quarter will be appropriately prorated. 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. Following the occurrence (if any) of a listing, the Management Fee will be equal to 0.25% (i.e., an annual rate of 1.00%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters (and, in the case of the Company's first quarter-end following any listing, the Company's gross assets as of such quarter-end).

For the three and six months ended June 30, 2025, Management Fees amounted to $1,679 and $3,336. As of June 30, 2025, $1,679 remained payable. For the three and six months ended June 30, 2024, Management Fees amounted to $1,197 and $2,138.

*Incentive Fee* 

Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser an incentive fee (the "Incentive Fee") as follows:

The Incentive Fee consists of two components that are determined independent 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 income and a portion is based on capital gains, each as described below.

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*i. Quarterly Incentive Fee Based on Income*

For the portion of the Incentive Fee based on income, the Company's Investment Adviser is entitled to receive the Incentive Fee based on Company income if the Company's Ordinary Income (as defined below) exceeds a quarterly "hurdle rate" (as defined below) of 1.75%. For this purpose, the hurdle is computed by reference to the Company's NAV and does not take into account any changes in the market price of the Company's common stock. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company's aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters or if shorter, the number of quarters that have occurred since the Initial Drawdown Date (in either case, the "Trailing Twelve Quarters"). However, following the occurrence (if any) of a listing, the Trailing Twelve Quarters will be "reset" so as to include, as of the end of any quarter, the calendar quarter then ending and the eleven preceding calendar quarters (or if shorter, the number of quarters that have occurred since the listing, rather than the number of quarters that have occurred since the Initial Drawdown Date).

The "hurdle amount" for the Incentive Fee based on income is determined on a quarterly basis, and is equal to 1.75% multiplied by the Company's NAV at the beginning of each applicable calendar quarter in the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which shall include all issuances by the Company of shares of its common stock) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated. For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) Ordinary Income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the "Excess Income Amount."

The Incentive Fee based on income for each quarter is determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the Ordinary Income (as defined below), if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the "Catch-up Amount," determined as the sum of 2.0588% (or 2.1875% in the event of a listing) multiplied by the Company's NAV at the beginning of each applicable calendar quarter included in the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.

The amount of the Incentive Fee based on income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but will not exceed the Incentive Fee Cap (as described below, and subject to the limitations set forth in Section 205(b)(3) of the Advisers Act).

The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the "Incentive Fee Cap"). The Incentive Fee Cap for any quarter is an amount equal to (a) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

"Ordinary Income" means interest income, dividend income and any other income (including any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter minus our operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee).

"Cumulative Net Return" means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. In certain limited circumstances, an Incentive Fee based on income will be payable to the Investment Adviser although the net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on the Company's performance for the applicable quarter without taking into account the Trailing Twelve Quarters.

"Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

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For the three and six months ended June 30, 2025, Incentive Fees based on income amounted to $2,040 and $3,931. As of June 30, 2025, $2,040 remained payable. For the three and six months ended June 30, 2024, Incentive Fees based on income amounted to $1,637 and $3,545.

*ii. Annual Incentive Fee Based on Capital Gains*

The portion of Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year or, in the event of a listing, the date on which such event occurs. At the end of each calendar year (or the occurrence of a listing), the Company will pay the Investment Adviser an Incentive Fee equal to (A) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the difference, if positive, of the sum of the Company's aggregate realized capital gains, if any, computed net of the Company's aggregate realized capital losses, if any, and the Company's aggregate unrealized capital depreciation, in each case from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) until the end of such calendar year or listing, as applicable, minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) through the end of such calendar year or listing, as applicable. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A), above.

The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods (or, following the occurrence (if any) of a listing, in all prior periods beginning with the date on which such event occurs). If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended June 30, 2025, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0. For the three and six months ended June 30, 2024, the Company accrued Incentive Fees based on capital gains under GAAP of $43 and $301, 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 pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses 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. The Administrator also serves as the Company's custodian (the "Custodian"). Administration and Custodian fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.

For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $191 and $351. As of June 30, 2025, $168 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $119 and $218.

**Transfer Agent Fees** 

The Company has entered into a transfer agency agreement (the "Transfer Agency Agreement"), with GS & Co. pursuant to which GS & Co. serves as the Company's transfer agent (the "Transfer Agent"), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.15% of the average of the NAV of the Company 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 six months ended June 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $172 and $343. As of June 30, 2025, $172 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $126 and $225.

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**Affiliates** 

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Fair Value Balance** | **Gross<br>Additions**<sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Fair Value<br>Balance** | **Dividend,<br>Interest, PIK, <br>and Other<br>Income** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund | $9506 | $98953 | $(106245) | $— | $— | $2214 | $132 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | 9458 | 484 | (159) |  | (453) | 9330 | 457 |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | 7894 | 403 | (4) |  | (1455) | 6838 | 535 |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | 6833 | 3730 | (522) |  | (29) | 10012 | 464 |
| **Total Non-Controlled Affiliates** | $**33691** | $**103570** | $**(106930)** | $**—** | $**(1937)** | $**28394** | $**1588** |
| ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund | $905 | $483485 | $(474884) | $— | $— | $9506 | $399 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) |  | 9729 | (247) |  | (24) | 9458 | 574 |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) |  | 9264 | (3) |  | (1367) | 7894 | 822 |
| Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | 5310 | 1721 | (191) |  | (7) | 6833 | 756 |
| **Total Non-Controlled Affiliates** | $**6215** | $**504199** | $**(475325)** | $**—** | $**(1398)** | $**33691** | $**2551** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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 June 30, 2025 and December 31, 2024, there were $0 and $6, respectively, included within Accrued expenses and other liabilities 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.

**4. INVESTMENTS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| 1st Lien/Senior Secured Debt | $822429 | $823692 | $800471 | $800578 |
| 1st Lien/Last-Out Unitranche | 52914 | 53047 | 49708 | 49604 |
| Preferred Stock | 3834 | 3817 | 3834 | 3665 |
| Common Stock | 2623 | 2424 | 2623 | 2880 |
| Warrants | 216 | 46 | 216 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | $**882016** | $**883026** | $**856852** | $**856776** |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Industry** | **Fair Value** | **Net Assets** | **Fair Value** | **Net Assets** |
| Software | 21.6% | 41.8% | 20.9% | 40.0% |
| Financial Services | 14.5 | 28.0 | 14.2 | 27.1 |
| Diversified Consumer Services | 8.2 | 15.9 | 8.3 | 15.8 |
| Trading Companies & Distributors | 8.0 | 15.5 | 7.4 | 14.1 |
| IT Services | 7.1 | 13.8 | 7.1 | 13.5 |
| Commercial Services & Supplies | 6.3 | 12.1 | 6.4 | 12.2 |
| Wireless Telecommunication Services | 5.5 | 10.7 | 4.9 | 9.3 |
| Machinery | 3.4 | 6.6 | 3.4 | 6.4 |
| Health Care Technology | 3.4 | 6.5 | 4.1 | 7.9 |
| Professional Services | 3.2 | 6.2 | 3.3 | 6.4 |
| Health Care Providers & Services | 2.6 | 5.1 | 2.8 | 5.4 |
| Specialty Retail | 2.2 | 4.2 | 2.0 | 3.8 |
| Aerospace & Defense | 2.1 | 4.1 | 1.9 | 3.7 |
| Real Estate Mgmt. & Development | 2.1 | 4.0 | 2.1 | 4.1 |
| Chemicals | 1.4 | 2.7 | 2.6 | 5.0 |
| Construction & Engineering | 1.4 | 2.7 | 1.4 | 2.6 |
| Health Care Equipment & Supplies | 1.4 | 2.6 | 1.4 | 2.6 |
| Insurance | 1.3 | 2.4 | 1.2 | 2.3 |
| Media | 1.1 | 2.2 | 1.2 | 2.3 |
| Consumer Staples Distribution & Retail | 1.0 | 1.9 | 1.0 | 2.0 |
| Leisure Products | 0.7 | 1.4 | 0.8 | 1.4 |
| Textiles, Apparel & Luxury Goods | 0.6 | 1.2 | 0.7 | 1.3 |
| Distributors | 0.5 | 0.9 | 0.5 | 1.0 |
| Entertainment | 0.4 | 0.8 | 0.4 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **193.3%** | **100.0%** | **191.0%** |

---

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

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| | | |
|:---|:---|:---|
| **Geographic** | **June 30, 2025** | **December 31, 2024** |
| United States | 91.6% | 91.9% |
| Canada | 5.0 | 5.1 |
| United Kingdom | 3.4 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 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.

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

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| | |
|:---|:---|
| **Level 2 Instruments** | &nbsp;&nbsp;&nbsp;**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.<br>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. |
| **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. |

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| | |
|:---|:---|
| **Level 3 Instruments** | &nbsp;&nbsp;&nbsp;**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.<br>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. |

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The following table presents the ranges of significant unobservable inputs used to value the Company's Level 3 assets as of June 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 rate 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Instruments** | **Fair<br>Value**<sup>(1) (2)</sup> | **Valuation<br>Techniques** <sup>(3)</sup> | **Significant<br>Unobservable<br>Inputs** | **Range of Significant<br>Unobservable Inputs**<sup>(4)</sup> | **Weighted<br>Average**<sup>(5)</sup> |
| ***As of June 30, 2025*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $778433 | Discounted cash flows | Discount Rate | 7.9% - 14.9% | 9.8% |
|  | 5918 | Comparable multiples | EV/EBITDA<sup>(6)</sup> |  | 10.0x |
| 1st Lien/Last-Out Unitranche | 53047 | Discounted cash flows | Discount Rate | 8.3% - 11.6% | 10.4% |
| **Equity** |  |  |  |  |  |
| Preferred Stock | $1781 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 13.0x - 21.0x | 20.8x |
|  | 2036 | Comparable multiples | EV/Revenue |  | 4.3x |
| Common Stock | 2424 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 9.5x - 13.5x | 12.1x |
| Warrants | 46 | Comparable multiples | EV/Revenue |  | 4.3x |
| ***As of December 31, 2024*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $719777 | Discounted cash flows | Discount Rate | 7.7% - 14.1% | 10.1% |
| 1st Lien/Last-Out Unitranche | 49604 | Discounted cash flows | Discount Rate | 8.8% - 12.2% | 10.9% |
| **Equity** |  |  |  |  |  |
| Preferred Stock | $1690 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 13.5x - 20.8x | 20.7x |
|  | 1975 | Comparable multiples | EV/Revenue |  | 4.2x |
| Common Stock | 2880 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 9.5x - 13.5x | 12.2x |
| Warrants | 49 | Comparable multiples | EV/Revenue |  | 4.2x |

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<sup>(1)</sup> As of June 30, 2025, included within Level 3 assets of $866,745 is an amount of $23,060 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 $831,480 or 96.6% of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(2)</sup> As of December 31, 2024, included within Level 3 assets of $827,181 is an amount of $51,206 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 $769,381 or 93.8% of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(3)</sup> 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.

<sup>(4)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

<sup>(5)</sup> 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.

<sup>(6)</sup> 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 June 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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $16281 | $807411 | $823692 | $— | $29595 | $770983 | $800578 |
| 1st Lien/Last-Out Unitranche |  |  | 53047 | 53047 |  |  | 49604 | 49604 |
| Preferred Stock |  |  | 3817 | 3817 |  |  | 3665 | 3665 |
| Common Stock |  |  | 2424 | 2424 |  |  | 2880 | 2880 |
| Warrants |  |  | 46 | 46 |  |  | 49 | 49 |
| Investments in Affiliated Money Market Fund | 2214 |  |  | 2214 | 9506 |  |  | 9506 |
| **Total** | $**2214** | $**16281** | $**866745** | $**885240** | $**9506** | $**29595** | $**827181** | $**866282** |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Beginning<br>Balance** | **Purchases**<sup>(1)</sup> | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Sales and<br>Settlements**<sup>(1)</sup> | **Net<br>Amortization<br>of Premium/<br>Discount** | **Transfers<br>In** <sup>(2)</sup> | **Transfers<br>Out** <sup>(2)</sup> | **Ending Balance** | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>for assets still<br>held |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $770983 | $73106 | $— | $1165 | $(53130) | $1788 | $13499 | $— | $807411 | $1266 |
| 1st Lien/Last-Out Unitranche | 49604 | 3141 |  | 236 |  | 66 |  |  | 53047 | 236 |
| Preferred Stock | 3665 |  |  | 152 |  |  |  |  | 3817 | 152 |
| Common Stock | 2880 |  |  | (456) |  |  |  |  | 2424 | (456) |
| Warrants | 49 |  |  | (3) |  |  |  |  | 46 | (3) |
| **Total assets** | $**827181** | $**76247** | $**—** | $**1094** | $**(53130)** | $**1854** | $**13499** | $**—** | $**866745** | $**1195** |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |
| 1st Lien/Senior Secured Debt | $427084 | $258607 | $(1426) | $4728 | $(23669) | $1090 | $— | $— | $666414 | $2934 |
| 1st Lien/Last-Out Unitranche | 33588 | 11536 |  | (12) |  | 54 |  |  | 45166 | (11) |
| Preferred Stock | 3316 | 1207 |  | 28 | (113) |  |  |  | 4438 | 28 |
| Common Stock | 954 | 1953 |  | 27 |  |  |  |  | 2934 | 27 |
| Warrants | 28 |  |  | 7 |  |  |  |  | 35 | 7 |
| **Total assets** | $**464970** | $**273303** | $**(1426)** | $**4778** | $**(23782)** | $**1144** | $**—** | $**—** | $**718987** | $**2985** |

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<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

**Debt Not Carried at Fair Value** 

The fair value of the Company's debt, which would have been categorized as Level 3 within the fair value hierarchy as of June 30, 2025 and December 31, 2024, approximates its carrying value because the BoA Revolving Credit Facility had and the Truist Revolving Credit Facility has variable interest based on selected short-term rates. See Note 6 "Debt".

**6. DEBT** 

On November 1, 2021, 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 June 30, 2025 and December 31, 2024, the Company's asset coverage ratio based on the aggregate amount outstanding of senior securities was 202% and 205%.

The Company's outstanding debt was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value** | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value** |
| BoA Revolving Credit Facility<sup>(1)</sup> | $— | $— | $— | $30000 | $30000 | $— |
| Truist Revolving Credit Facility<sup>(2)</sup> | 580000 | 131475 | 449025 | 580000 | 152281 | 425906 |
| **Total debt** | $**580000** | $**131475** | $**449025** | $**610000** | $**182281** | $**425906** |

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<sup>(1)</sup> Matured on May 22, 2025, on which date the Company did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms. Provided, under certain circumstances, a total borrowing capacity of $300,000. As of December 31, 2024, the Company had outstanding borrowings of $0.

<sup>(2)</sup> Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $410,000, in GBP of GBP 14,915, in CAD of CAD 6,750, in EUR of EUR 3,440 and in AUD of AUD 14,500. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $390,000, in GBP of GBP 14,915, in CAD of CAD 6,750, in EUR of EUR 3,440 and in AUD of AUD 14,500.

The combined weighted average interest rates of the aggregate borrowings outstanding for the six months ended June 30, 2025 and for the year ended December 31, 2024 were 6.48% and 7.30% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and for the year ended December 31, 2024 was $447,206 and $345,517.

**BoA Revolving Credit Facility** 

The Company entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the "Administrative Agent"), lead arranger, letter of credit issuer and lender, as amended and supplemented from time to time. Subject to availability

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under the "Borrowing Base" (as defined by the BoA Revolving Credit Facility), the BoA Revolving Credit Facility permitted the Company to borrow up to $30,000. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The BoA Revolving Credit Facility matured on May 22, 2025, on which date the Company did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms.

Under the BoA Revolving Credit Facility, the Company had the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans could be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility was (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which was zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%).

The Company paid (x) a 0.35% annualized fee if the facility utilization was equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization was less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

Costs of $1,686 were incurred in connection with obtaining and amending the BoA Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BoA Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $0 and $96.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $— | $584 | $— | $584 |
| Facility fees | 19 | 75 | 53 | 180 |
| Amortization of financing costs | 38 | 135 | 106 | 337 |
| **Total** | $**57** | $**794** | $**159** | $**1101** |
| Weighted average interest rate | —% | 8.42% | —% | 8.42% |
| Average outstanding balance | $— | $27868 | $— | $13934 |

---

**Truist Revolving Credit Facility** 

The Company entered into the Truist Revolving Credit Facility on February 28, 2023 with, among others, Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender, which has been amended and supplemented from time to time.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2025, total outstanding revolving commitments under the Truist Revolving Credit Facility were $555,000 and term loans under the Truist Revolving Credit Facility were $25,000 for an aggregate amount of $580,000. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total outstanding revolving commitments and term loans under the Truist Revolving Credit Facility to $750,000. Commitments under the Truist Revolving Credit Facility may be repaid and reborrowed until the end of the revolving availability period, which ends on May 30, 2028. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 30, 2029. Borrowings 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 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, or (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 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. 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 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 covenants, including: (i) maintaining a minimum shareholders' equity and (ii) maintaining an asset coverage ratio of at least 1.50 to 1. As of June 30, 2025, the Company was in compliance with these covenants.

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The Truist Revolving Credit Facility may be guaranteed by certain of the Company's subsidiaries, including those that are formed or acquired by the Company in the future. The Truist Revolving Credit Facility also includes representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

Costs of $6,574 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility, which have been recorded as deferred financing costs on 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 June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $4,598 and $5,143.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $7257 | $5378 | $14374 | $10057 |
| Facility fees | 142 | 41 | 287 | 113 |
| Amortization of financing costs | 297 | 164 | 584 | 320 |
| **Total** | $**7696** | $**5583** | $**15245** | $**10490** |
| Weighted average interest rate | 6.46% | 7.45% | 6.48% | 7.49% |
| Average outstanding balance | $450259 | $290347 | $447206 | $270051 |

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**7. COMMITMENTS AND CONTINGENCIES** 

**Capital Commitments** 

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of Capital<br>Commitments<br>Funded** | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of Capital<br>Commitments<br>Funded** |
| Common Stock | $545501 | $95608 | 82% | $545501 | $95608 | 82% |

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**Portfolio Company 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. As of June 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:

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| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** <sup>(1)</sup> | **Unfunded Commitment Balances** <sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| **1st Lien/Senior Secured Debt** |  |  |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | $2242 | $2581 |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | 1214 | 1019 |
| AI Titan Parent, Inc. (dba Prometheus) | 1660 | 1660 |
| Airwavz Solutions, Inc. | 1326 |  |
| AQ Sunshine, Inc. (dba Relation Insurance) | 3024 | 3791 |
| Artifact Bidco, Inc. (dba Avetta) | 7389 | 7389 |
| Aurora Acquireco, Inc. (dba AuditBoard) | 10000 | 10000 |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | 1514 | 1514 |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | 1045 | 1045 |
| BSI3 Menu Buyer, Inc (dba Kydia) | 249 | 249 |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | 414 | 433 |
| Businessolver.com, Inc. | 57 | 241 |
| Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) | 367 | 367 |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | 1699 | 2392 |
| Circustrix Holdings, LLC (dba SkyZone) | 364 | 146 |
| Clearcourse Partnership Acquireco Finance Limited | 4107 | 3746 |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | 646 | 501 |
| Computer Services, Inc. | 5406 | 5406 |
| Coretrust Purchasing Group LLC | 6692 | 6692 |
| Crewline Buyer, Inc. (dba New Relic) | 1161 | 1160 |
| CST Holding Company (dba Intoxalock) | 638 | 638 |
| Engage2Excel, Inc. | 239 | 144 |
| Frontgrade Technologies Holdings Inc. | 1981 | 1981 |
| FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) | 6487 | 270 |
| Fullsteam Operations LLC | 3034 | 8394 |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | 812 | 945 |
| Governmentjobs.com, Inc. (dba NeoGov) | 3689 | 4139 |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | 2553 | 2553 |
| Highfive Dental Holdco, LLC | 463 | 463 |
| iCIMS, Inc. | 1448 | 1363 |
| IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) | 400 | 388 |
| iWave Information Systems, Inc. | 4380 | 4380 |
| Kene Acquisition, Inc. (dba Entrust) | 3359 | 3359 |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | 1650 | 2100 |
| Mandrake Bidco, Inc. (dba Miratech) | 690 | 690 |
| NAVEX TopCo, Inc. | 810 | 810 |
| NC Topco, LLC (dba NContracts) | 6070 | 6070 |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | 3171 | 3470 |
| NFM & J, L.P. (dba the Facilities Group) | 271 | 349 |
| North Star Acquisitionco, LLC (dba Everway) | 15992 | 1906 |
| Octane Purchaser, Inc. (dba Office Ally) | 3941 |  |
| Onyx CenterSource, Inc. | 27 | 270 |
| Paris US Holdco, Inc. (dba Precinmac) | 2753 | 2791 |
| PDDS Holdco, Inc. (dba Planet DDS) | 1190 | 2718 |
| Project Accelerate Parent, LLC (dba ABC Fitness) | 1250 | 1250 |
| Prophix Software Inc. (dba Pound Bidco) | 2234 | 2838 |
| PT Intermediate Holdings III, LLC (dba Parts Town) | 1224 | 1224 |
| QBS Parent, Inc. (dba Quorum Software) | 5535 | 1433 |
| Recorded Books Inc. (dba RBMedia) | 749 | 749 |
| Rocket Bidco, Inc. (dba Recochem) | 2337 | 2029 |

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<sup>(1)</sup> Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** <sup>(1)</sup> | **Unfunded Commitment Balances** <sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| Runway Bidco, LLC (dba Redwood Software) | $5682 | $5682 |
| Singlewire Software, LLC | 1251 | 1251 |
| Sonar Acquisitionco, Inc. (dba SimPRO) | 12264 | 12264 |
| Southeast Mechanical, LLC | 12167 | 15401 |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | 5956 | 6959 |
| SpendMend Holdings LLC | 380 | 1024 |
| Summit Buyer, LLC (dba Classic Collision) | 4684 | 6553 |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | 3277 | 3498 |
| United Flow Technologies Intermediate Holdco II, LLC | 1710 | 9183 |
| US Signal Company, LLC | 3387 | 3695 |
| USA DeBusk, LLC | 2337 | 2515 |
| Valet Waste Holdings, Inc. (dba Valet Living) | 2866 | 2898 |
| Vamos Bidco, Inc. (dba VIP) | 8784 |  |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | 32 | 112 |
| VASA Fitness Buyer, Inc. | 628 | 628 |
| VisionSafe Holdings, Inc. | 443 | 443 |
| WebPT, Inc. | 36 | 131 |
| Zarya HoldCo, Inc. (dba Eptura) | 938 | 938 |
| Zeus Company LLC | 2610 | 2923 |
| Arrow Buyer, Inc. (dba Archer Technologies) |  | 486 |
| Formulations Parent Corporation (dba Chase Corp) |  | 1743 |
| HealthEdge Software, Inc. |  | 1182 |
| Rubrik, Inc. |  | 80 |
| DFS Holding Company, Inc. |  | 564 |
| Kaseya Inc. |  | 523 |
| **Total 1st Lien/Senior Secured Debt** | $**199385** | $**190722** |
| **1st Lien/Last-Out Unitranche** |  |  |
| EDB Parent, LLC (dba Enterprise DB) | $109 | $586 |
| EIP Consolidated, LLC (dba Everest Infrastructure) | 417 | 1000 |
| K2 Towers III, LLC | 251 | 714 |
| Skyway Towers Intermediate LLC | 1380 | 1640 |
| Tarpon Towers II LLC | 2462 | 2875 |
| Thor FinanceCo LLC (dba Harmoni Towers) | 1578 | 2289 |
| Towerco IV Holdings, LLC | 814 | 1047 |
| **Total 1st Lien/Last-Out Unitranche** | $**7011** | $**10151** |
| **Total** | $**206396** | $**200873** |

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<sup>(1)</sup> 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.

On June 6, 2025, the Company entered into an agreement with a financial advisor to provide advisory related services in connection with the Merger as defined and further described in Note 11 "Subsequent Events". The Company is obligated to pay the financial advisor up to $2,500, a portion of which will become payable upon the completion of their services and the remainder of which is contingent upon the consummation of the Merger.

**8. NET ASSETS** 

**Capital Drawdowns** 

The Company did not issue a capital drawdown during the six months ended June 30, 2025. The following table summarizes the total shares

issued and proceeds related to capital drawdowns during the six months ended June 30, 2024:

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| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds Received** |
| ***For the Six Months Ended June 30, 2024*** |  |  |
| April 25, 2024 | 2844624<br><sup>(1)</sup> | $54408 |
| May 20, 2024 | 4330519<br><sup>(2)</sup> | 81576 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total capital drawdowns** | **7175143** | $**135984** |

---

<sup>(1)</sup> Inclusive of 2,475 shares that were cancelled due to defaulted investors.

<sup>(2)</sup> Inclusive of 3,682 shares that were cancelled due to defaulted investors.

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**Distributions** 

The following table reflects the distributions declared on the Company's common stock:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |
| February 26, 2025 | April 2, 2025 | April 29, 2025 | $0.54<br><sup>(1)</sup> |
| May 7, 2025 | July 2, 2025 | July 29, 2025 | $0.46 |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |
| February 27, 2024 | April 2, 2024 | April 29, 2024 | $0.52<br><sup>(2)</sup> |
| May 1, 2024 | July 2, 2024 | July 29, 2024 | $0.44 |

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<sup>(1)</sup> $0.06 is considered capital gain distribution.

<sup>(2)</sup> $0.05 is considered capital gain distribution.

**9. EARNINGS (LOSS) PER SHARE**

The following information sets forth the computation of basic and diluted earnings (loss) per share:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net increase (decrease) in net assets from operations | $10884 | $9518 | $21205 | $19793 |
| Weighted average shares outstanding | 23959371 | 18015409 | 23959371 | 15968571 |
| Basic and diluted earnings (loss) per share | $0.45 | $0.53 | $0.89 | $1.24 |

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

**10. FINANCIAL HIGHLIGHTS** 

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

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| NAV, beginning of period | $18.72 | $18.37 |
| Net investment income (loss) | 0.96 | 0.99 |
| Net realized and unrealized gains (losses)<sup>(2)</sup> | (0.07) | 0.33 |
| Net increase (decrease) in net assets from operations<sup>(2)</sup> | $0.89 | $1.32 |
| Distributions recorded | (0.54) | (0.52) |
| Total increase (decrease) in net assets | $0.35 | $0.80 |
| NAV, end of period | $19.07 | $19.17 |
| Shares outstanding, end of period | 23959371 | 21096876 |
| Weighted average shares outstanding | 23959371 | 15968571 |
| Total return based on NAV<sup>(3)</sup> | 4.75% | 7.19% |
| **Supplemental Data/Ratio**<sup>(4)</sup>**:** |  |  |
| Net assets, end of period | $456860 | $404353 |
| Ratio of net expenses to average net assets | 11.12% | 12.78% |
| Ratio of expenses (without incentive fees and interest and other debt expenses)<br> to average net assets | 2.57% | 2.61% |
| Ratio of interest and other debt expenses to average net assets | 6.81% | 7.71% |
| Ratio of incentive fees to average net assets | 1.74% | 2.46% |
| Ratio of total expenses to average net assets | 11.12% | 12.78% |
| Ratio of net investment income to average net assets | 10.15% | 10.59% |
| Portfolio turnover | 6% | 4% |

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<sup>(1)</sup> The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions recorded, which reflects the actual amount of distributions recorded per share for the applicable period.

<sup>(2)</sup> The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

<sup>(3)</sup> Calculated as the change in NAV per share during the period plus dividends recorded per share, divided by the beginning NAV per share.

<sup>(4)</sup> Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

**11. 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.

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*Merger Agreement with Goldman Sachs Private Credit Corp.*

On July 11, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Goldman Sachs Private Credit Corp., a Delaware corporation ("GSCR"), and GSAM. The Merger Agreement provides 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), the Company will merge with and into GSCR, with GSCR continuing as the surviving company (the "Merger"). The Board of Directors and the board of directors of GSCR, including all of their respective independent directors, in each case, on the recommendation of a committee (such company's "Special Committee") comprised solely of certain, separate independent directors of the Company or GSCR, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

The Merger Agreement further provides that, at the Effective Time, each share of the Company's common stock, $0.001 par value per share, issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by the Company, GSCR, or any of their respective consolidated subsidiaries and shares, if any, held by any person who is entitled to demand (and properly demands) appraisal of such shares, will be converted into the right to receive, in cash, the quotient of (i) the Closing MMLC II NAV (as defined below) divided by (ii) the number of shares of the Company's common stock issued and outstanding immediately prior to the Effective Time (the "MMLC II Per Share Cash Amount").

Under the Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the "Determination Date"), GSAM, on behalf of the Company, will deliver to GSCR GSAM's calculation of the Company's NAV as of such date (such calculation, the "Closing MMLC II NAV"), which calculation shall be approved by the Board of Directors, including the Company's Special Committee. GSAM will calculate NAV using the policies, assumptions, methodologies and adjustments approved by the Board of Directors for valuing the securities and other assets of the Company under Rule 2a-5 of the Investment Company Act. The parties have agreed to calculate the MMLC II Per Share Cash Amount based on such calculations.

Consummation of the Merger is subject to conditions in the Merger Agreement, including among other things (1) requisite approval of the Company's stockholders, (2) the absence of certain legal impediments to the consummation of the Merger or pending litigation by any governmental entity challenging or seeking to enjoin, restrain or make illegal the Merger or the other transactions contemplated by the Merger Agreement, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (4) the absence of a MMLC II Material Adverse Effect (as defined in the Merger Agreement) and (5) required regulatory approvals.

The Merger Agreement also contains termination rights in favor of the Company and GSCR, including among other things: (i) if the Merger is not completed on or before March 24, 2026, or (ii) if the requisite approval of the Company's stockholders is not obtained.

The description above is only a summary of the material provisions of the Merger Agreement and is qualified in its entirety by reference to a copy of the Merger Agreement, which was filed as Exhibit 2.1 to the Company's current report on Form 8-K, dated July 11, 2025, the terms of which are incorporated herein by reference. In connection with the Merger, the Company has filed a proxy statement with the SEC.

*Distribution* 

On August 6, 2025, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period beginning July 1, 2025 through September 30, 2025, which will be payable before or around October 29, 2025 to shareholders of record as of October 2, 2025.

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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 Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II, together with its consolidated subsidiary, as the context requires. The terms "GSAM," 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 focused on lending to middle-market companies. We are a 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, 2021. From our commencement of investment operations on October 29, 2021 through June 30, 2025, we originated approximately $1,336.70 million in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

"Unitranche" loans are first lien loans that extend deeper in a borrower's capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the "first-out" portion of a unitranche loan while we retain the "last-out" portion of such loan, in which case, the "first-out" portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the "last-out" portion that we would continue to hold. In exchange for taking greater risk of loss, the "last-out" portion generally earns a higher interest rate than the "first-out" portion of the loan. We use the term "mezzanine" to refer to debt that ranks senior in right of payment only to a borrower's equity securities and ranks junior in right of payment to all of such borrower's other indebtedness. We may make multiple investments in the same portfolio company.

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 us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We expect to invest, under normal circumstances, at least 80% of our net assets (plus any borrowings for investment purposes), directly or indirectly in private middle-market credit obligations and related instruments. We define "credit obligations and related instruments" for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. "Middle market" is used to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") excluding certain one-time and non-recurring items that are outside the operations of these companies. While, as a result of fluctuations in the net-asset value of one asset relative to other assets, private middle-market credit obligations and related instruments may represent less than 80% of our net assets (plus any borrowings for investment purposes) at any time, we may not invest, under normal circumstances, more than 20% of our net assets (plus any borrowings for investment purposes) in securities and other instruments that are not private middle-market credit obligations and related instruments. To the extent we determine to invest indirectly in private middle-market credit obligations and related instruments, we may invest through certain synthetic instruments, including derivatives that have similar economic characteristics to private middle-market credit obligations. For purposes of determining compliance with our 80% policy, each applicable derivative instrument will be valued based upon its market value. We will notify our stockholders at least 60 days prior to any change to the 80% investment policy described above.

We expect to directly or indirectly invest at least 70% of our total assets in middle-market companies domiciled in the United States. However, we may from time to time invest opportunistically in large U.S. companies, non-U.S. companies, stressed or distressed debt, structured products, private equity or other opportunities, subject to limits imposed by the Investment Company Act.

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While our investment program is expected to focus primarily on debt investments, our investments may include equity features, such as a direct investment in the equity or convertible securities of a portfolio company or warrants or options to buy a minority interest in a portfolio company. Any warrants we may receive with debt securities will generally require only a nominal cost to exercise, so as a portfolio company appreciates in value, we may achieve additional investment return from these equity investments. We may structure the warrants to provide provisions protecting our rights as a minority-interest holder, as well as puts, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In many cases, we may also obtain registration rights in connection with these equity investments, which may include demand and "piggyback" registration rights.

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** 

***Investments*** 

Our level of investment activity can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than "qualifying assets" specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Pursuant to rules adopted by the U.S. Securities and Exchange Commission (the "SEC"), "eligible portfolio companies" include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

***Revenues*** 

We generate revenues in the form of interest income on debt investments and, to a lesser extent, 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 payment-in-kind ("PIK") income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes 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 client accounts managed by our Investment Adviser (collectively with the Company, the "Accounts"), which other Accounts could receive their allocable portion of such fee. 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 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.

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***Expenses*** 

Our primary operating expenses include the payment of the management fee (the "Management Fee") and the incentive fee (the "Incentive Fee") to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other expenses of our operations and transactions in accordance with the investment management agreement (the "Investment Management Agreement") and administration agreement (the "Administration Agreement"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operational, offering and organizational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers' commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with calculating our net asset value ("NAV") (including the costs and expenses of any independent third-party valuation firms ("Independent Valuation Advisors"));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•legal, auditing or accounting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes or governmental fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fees and expenses of State Street Bank and Trust Company (our "Administrator"), transfer agent and/or sub-transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the expenses of, and fees for, registering or qualifying common stock for sale, maintaining our registration and qualifying and registering the Company as a broker or a dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fees and expenses of our directors who are not affiliated with our Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of holding stockholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•listing fees, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

In addition, we shall bear the fees and expenses related to the preparation and maintaining of any necessary registrations with regulators in order to market the common stock of the Company in certain jurisdictions and fees and expenses associated with preparation and maintenance of any key information document or similar document required by law or regulation.

Our Investment Adviser will not be required to pay expenses of activities, which are primarily intended to result in sales of common stock, including all costs and expenses associated with the preparation and distribution of subscription agreements ("Subscription Agreements") from investors in our private offering, pursuant to which investors made a capital commitment (a "Commitment") to purchase shares of our common stock for an aggregate purchase price equal to the Commitment.

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

***Leverage*** 

We expect from time to time to borrow funds for a variety of purposes, subject to the limitations of the Investment Company Act, including to bridge fundings for investments in advance of drawdowns, as part of our investment strategy, to meet other short-term liquidity needs, including to pay the Management Fee, and to facilitate our hedging activities. Sources of leverage include the issuance of senior securities (including preferred stock) and other credit facilities (secured by investments and/or pledges of undrawn Commitments).

Our revolving credit agreement with Truist Bank, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the "Truist Revolving Credit Facility"), allows 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" and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. We are 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).

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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 (the "Board of Directors" or the "Board") 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** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| First Lien/Senior Secured Debt | $822.43 | $823.69 | $800.47 | $800.58 |
| First Lien/Last-Out Unitranche | 52.92 | 53.05 | 49.71 | 49.60 |
| Preferred Stock | 3.83 | 3.82 | 3.83 | 3.67 |
| Common Stock | 2.62 | 2.42 | 2.62 | 2.88 |
| Warrants | 0.22 | 0.05 | 0.22 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | $**882.02** | $**883.03** | $**856.85** | $**856.78** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| **Weighted Average Yield**<sup>(1)</sup> |  |  |  |  |
| First Lien/Senior Secured Debt<sup>(2)</sup> | 10.3% | 10.5% | 10.6% | 10.6% |
| First Lien/Last-Out Unitranche<sup>(2)(3)</sup> | 11.3% | 11.2% | 11.5% | 11.6% |
| Preferred Stock<sup>(4)</sup> |  |  |  |  |
| Common Stock<sup>(4)</sup> |  |  |  |  |
| Warrants<sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | **10.3%** | **10.4%** | **10.6%** | **10.5%** |

---

<sup>(1)</sup> The weighted average yield of our portfolio does not represent the total return to our stockholders.

<sup>(2)</sup> 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 and non-income producing investments) at amortized cost or fair value.

<sup>(3)</sup> The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments.

<sup>(4)</sup> 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 and non-income producing investments) at amortized cost or fair value.

As of June 30, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 10.3% and 10.4%, as compared to 10.6% and 10.5%, 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** | **As of** | **As of** | **As of** | **As of** |  |
|  | **June 30,<br>2025** | **June 30,<br>2025** |  | **December 31,<br>2024** | **December 31,<br>2024** |  |
| Number of portfolio companies |  | 84 |  |  | 85 |  |
| Percentage of performing debt bearing a floating rate<sup>(1)</sup> |  | 100.0 | % |  | 100.0 | % |
| Percentage of performing debt bearing a fixed rate<sup>(1)(2)</sup> | —% | —% |  | —% | —% |  |
| Weighted average leverage (net debt/EBITDA)<sup>(3)</sup> |  | 5.7 | x |  | 5.8 | x |
| Weighted average interest coverage<sup>(3)</sup> |  | 1.9 | x |  | 1.8 | x |
| Median EBITDA<sup>(3)</sup> | $95.68 million | 95.68 million |  | $92.35 million | 92.35 million |  |

---

<sup>(1)</sup> Measured on a fair value basis. Excludes investments, if any, placed on non-accrual.

<sup>(2)</sup> Includes income producing preferred stock investments, if applicable.

<sup>(3)</sup> 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 debt 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 ("interest coverage ratio"). 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 performing debt 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 debt 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 June 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 20.1% and 20.4% of total debt investments at fair value.

Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine each 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Performance Rating** | **Fair Value** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Grade 1 | $— | —% | $— | —% |
| Grade 2 | 877.11 | 99.3 | 856.78 | 100.0 |
| Grade 3 | 5.92 | 0.7 |  |  |
| Grade 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**883.03** | **100.0%** | $**856.78** | **100.0%** |

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The increase in investments with a Grade 3 investment performance rating was driven by an investment with an aggregate fair value of $5.92 million being downgraded to Grade 3 from a Grade 2 investment performance rating due to financial underperformance.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Amortized Cost** | **Percentage of<br>Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Performing | $882.02 | 100.0% | $856.85 | 100.0% |
| Non-accrual |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**882.02** | **100.0%** | $**856.85** | **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<sup>(1)</sup>:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Amount of investments committed at cost**: |  |  |
| First Lien/Senior Secured Debt | $28.93 | $247.83 |
| Common Stock |  | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**28.93** | $**249.78** |
| **Proceeds from investments sold or repaid:** |  |  |
| First Lien/Senior Secured Debt | $36.93 | $1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**36.93** | $**1.34** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in portfolio** | $**(8.00)** | $**248.44** |
| **Number of new portfolio companies with new investment commitments** | 1 | 14 |
| **Total new investment commitment amount in new portfolio companies** | $9.26 | $203.20 |
| **Average new investment commitment amount in new portfolio companies** | $9.26 | $14.51 |
| **Number of existing portfolio companies with new investment commitments** | 3 | 9 |
| **Total new investment commitment amount in existing portfolio companies** | $19.67 | $46.58 |
| **Weighted average remaining term for new investment commitments (in years)**<sup>(2)</sup> | 4.8 | 5.8 |
| **Percentage of new debt investment commitments at floating interest rates** | 100.0% | 100.0% |
| **Percentage of new debt investment commitments at fixed interest rates**<sup>(3)</sup> | —% | —% |
| **Weighted average yield on new debt and income producing investment commitments**<sup>(4)</sup> | 8.8% | 11.0% |
| **Weighted average yield on new investment commitments**<sup>(5)</sup> | 8.8% | 10.9% |
| **Weighted average yield on debt and income producing investments sold or repaid**<sup>(6)</sup> | 10.2% | 11.5% |
| **Weighted average yield on investments sold or repaid**<sup>(7)</sup> | 10.2% | 11.5% |

---

<sup>(1)</sup> New investment commitments are shown net of capitalized fees, expenses and original issue discount ("OID") that occurred at the initial close. 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.

<sup>(2)</sup> Calculated as of the end of the relevant period and the maturity date of the individual investments.

<sup>(3)</sup> May include preferred stock investments.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> 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.

<sup>(7)</sup> 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.

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**RESULTS OF OPERATIONS** 

Our operating results were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Total investment income | $24.43 | $19.46 | $48.09 | $35.15 |
| Total expenses | (12.87) | (10.23) | (25.14) | (19.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 11.56 | 9.23 | 22.95 | 15.78 |
| Net realized gain (loss) on investments |  |  |  | (1.43) |
| Net unrealized appreciation (depreciation) on investments | 1.40 | 0.11 | 1.09 | 4.72 |
| Net realized and unrealized gain (losses) on foreign currency translations | (2.07) | 0.17 | (2.84) | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (0.67) | 0.28 | (1.75) | 4.01 |
| **Net increase (decrease) in net assets from operations** | $**10.89** | $**9.51** | $**21.20** | $**19.79** |

---

Net increase (decrease) 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 Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest income | $22.70 | $18.01 | $44.57 | $32.55 |
| Payment-in-kind income | 1.29 | 1.07 | 2.66 | 1.91 |
| Other income | 0.37 | 0.28 | 0.73 | 0.53 |
| Dividend income | 0.07 | 0.10 | 0.13 | 0.16 |
| **Total investment income** | $**24.43** | $**19.46** | $**48.09** | $**35.15** |

---

Interest income increased from $18.01 million and $32.55 million for the three and six months ended June 30, 2024 to $22.70 million and $44.57 million for the three and six months ended June 30, 2025. This was primarily driven by our deployment of capital into income producing investments.

***Expenses***

Our expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest and other debt expenses | $7.75 | $6.38 | $15.40 | $11.59 |
| Management fees | 1.68 | 1.20 | 3.34 | 2.14 |
| Incentive fees based on income | 2.04 | 1.64 | 3.93 | 3.55 |
| Incentive fees based on capital gains |  | 0.04 |  | 0.30 |
| Professional fees | 0.31 | 0.39 | 0.51 | 0.68 |
| Directors' fees | 0.17 | 0.16 | 0.34 | 0.33 |
| Other general and administrative expenses | 0.92 | 0.42 | 1.62 | 0.78 |
| **Total expenses** | $**12.87** | $**10.23** | $**25.14** | $**19.37** |

---

In the table above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest and other debt expenses increased from $6.38 million and $11.59 million for the three and six months ended June 30, 2024 to $7.75 million and $15.40 million for the three and six months ended June 30, 2025. This was primarily due to an increase in the average aggregate daily borrowings from $318.2 million and $284.0 million for the three and six months ended June 30, 2024 to $450.3 million and $447.2 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management Fees increased from $1.20 million and $2.14 million for the three and six months ended June 30, 2024 to $1.68 million and $3.34 million for the three and six months ended June 30, 2025, primarily driven by an increase in the size of our portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Incentive Fees based on income increased from $1.64 million and $3.55 million for the three and six months ended June 30, 2024 to $2.04 million and $3.93 million for the three and six months ended June 30, 2025, primarily driven by the performance of the investment portfolio. For additional information, see Note 3 "Significant Agreements and Related Party Transactions" in our consolidated financial statements included in this report.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***(in millions)*** | ***(in millions)*** | ***(in millions)*** | ***(in millions)*** |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | $— | $— | $— | $(1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | $**—** | $**—** | $**—** | $**(1.43)** |

---

Any changes in fair value are recorded in 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 Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Unrealized appreciation | $4.05 | $0.94 | $5.54 | $5.83 |
| Unrealized depreciation | (2.65) | (0.83) | (4.45) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments** | $**1.40** | $**0.11** | $**1.09** | $**4.72** |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Portfolio Company:** |  |  |
| Clearcourse Partnership Acquireco Finance Limited | $1.69 | $2.49 |
| Sonar Acquisitionco, Inc. (dba SimPRO) | 0.45 | 0.46 |
| Rocket Bidco, Inc. (dba Recochem) | 0.27 | 0.26 |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | 0.25 | 0.52 |
| Summit Buyer, LLC (dba Classic Collision) | 0.23 | 0.24 |
| North Star Acquisitionco, LLC (dba Everway) | 0.06 | 0.23 |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | (0.07) | (0.25) |
| Other, net <sup>(1)</sup> | (0.08) | (0.72) |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | (0.13) | (0.14) |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | (0.14) | (0.38) |
| PT Intermediate Holdings III, LLC (dba Parts Town) | (0.19) | (0.19) |
| Formulations Parent Corporation (dba Chase Corp) | (0.20) | 0.03 |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | (0.74) | (1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1.40** | $**1.09** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $1.10 million and $1.32 million and gross unrealized depreciation of $(1.18) million and $(2.04) million.

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Portfolio Company:** |  |  |
| Recochem, Inc | $0.14 | $0.09 |
| Harrington Industrial Plastics, LLC | 0.11 | 0.07 |
| CST Buyer Company (dba Intoxalock) | 0.10 | 0.13 |
| Other, net <sup>(1)</sup> | 0.09 | 2.36 |
| Coding Solutions Acquisition, Inc. | 0.09 | 0.33 |
| Ncontracts, LLC | 0.08 | 0.24 |
| Trader Corporation | (0.02) | (0.17) |
| Coretrust Purchasing Group LLC | (0.04) | 0.16 |
| PT Intermediate Holdings III, LLC (dba Parts Town) | (0.06) | (0.06) |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | (0.10) | 1.86 |
| MerchantWise Solutions, LLC (dba HungerRush) | (0.28) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**0.11** | $**4.72** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2024, Other, net includes gross unrealized appreciation of $0.42 million and $2.95 million and gross unrealized depreciation of $(0.33) million and $(0.59) million.

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**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES** 

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to, or stock repurchases from, 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, drawdowns of capital commitments, 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 Truist Revolving Credit Facility, 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 June 30, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes the Truist Revolving Credit Facility and included, until May 22, 2025, our revolving credit facility with Bank of America, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the "BoA Revolving Credit Facility")) was 202% and 205%. See "—BoA Revolving Credit Facility." 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.

An affiliate of the Investment Adviser made a capital commitment to us of $100 on October 29, 2021 (commencement of operations) and served as our initial member (the "Initial Member"). We cancelled the Initial Member's interest in us on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of our common stock (the "Initial Drawdown Date"). On October 4, 2021 (the "Initial Closing Date"), we began accepting Subscription Agreements from investors acquiring common shares in our private offering, pursuant to which investors made a Commitment to purchase shares of our common stock for an aggregate purchase price equal to the Commitment. Under the terms of the Subscription Agreements, each investor is required to make a capital contribution up to the undrawn amount of their capital commitment to purchase shares each time we deliver a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the "Drawdown Date"). We held a limited number of closings subsequent to the Initial Closing Date. The final date on which we accepted Subscription Agreements (the "Final Closing Date") was March 24, 2023.

As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital<br>Commitments<br>*($ in millions)*** | **Unfunded<br>Capital<br>Commitments<br>*($ in millions)*** | **% of Capital<br>Commitments<br>Funded** | **Capital<br>Commitments<br>*($ in millions)*** | **Unfunded<br>Capital<br>Commitments<br>*($ in millions)*** | **% of Capital<br>Commitments<br>Funded** |
| Common Stock | $545.50 | $95.61 | 82% | $545.50 | $95.61 | 82% |

---

The Company did not issue a capital drawdown during the six months ended June 30, 2025. The following table summarizes the total shares

issued and proceeds related to capital drawdowns during the six months ended June 30, 2024:

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds<br>Received<br>*($ in millions)*** |
| ***For the Six Months Ended June 30, 2024*** |  |  |
| April 25, 2024 | 2844624<br><sup>(1)</sup> | $54.41 |
| May 20, 2024 | 4330519<br><sup>(2)</sup> | 81.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total capital drawdowns** | **7175143** | $**135.98** |

---

<sup>(1)</sup> Inclusive of 2,475 shares that were cancelled due to defaulted investors.

<sup>(2)</sup> Inclusive of 3,682 shares that were cancelled due to defaulted investors.

***Contractual Obligations*** 

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which the Administrator has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay the Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days' written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days' written notice to the other party. The following table shows our contractual obligations as of June 30, 2025:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** |
|  | **Total** | **Less Than<br>1 Year** | **1 – 3<br>Years** | **3 – 5<br>Years** | **More Than<br>5 Years** |
| BoA Revolving Credit Facility | $— | $— | $— | $— | $— |
| Truist Revolving Credit Facility<sup>(1)</sup> | $449.03 | $— | $— | $449.03 | $— |

---

<sup>(1)</sup> 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 June 30, 2025, the Company had outstanding borrowings denominated in USD of $410.00 million, in Great British Pounds ("GBP") of GBP 14.92 million, in Canadian Dollars ("CAD") of CAD 6.75 million, in Euros ("EUR") of EUR 3.44 million and in Australian Dollars ("AUD") of AUD 14.50 million.

***BoA Revolving Credit Facility*** 

We entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the "Administrative Agent"), lead arranger, letter of credit issuer and a lender, as amended and supplemented from time to time.

Subject to availability under the "Borrowing Base" (as defined by the BoA Revolving Credit Facility), the BoA Revolving Credit Facility permitted us to borrow $30 million. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility was May 22, 2025, on which date we did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms.

Under the BoA Revolving Credit Facility, we had the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans could be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility were (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which was zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). We paid (x) a 0.35% annualized fee if the facility utilization was equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization was less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

For further details, see Note 6 "Debt – BoA Revolving Credit Facility" to our consolidated financial statements included in this report.

***Truist Revolving Credit Facility*** 

We entered into the Truist Revolving Credit Facility on February 28, 2023 with, among others, Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender, which has been amended and supplemented from time to time.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2025, total outstanding revolving commitments under the Truist Revolving Credit Facility were $555 million and term loans under the Truist Revolving Credit Facility were $25 million for an aggregate amount of $580 million. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $750 million. Commitments under the Truist Revolving Credit Facility may be repaid and reborrowed until the end of the revolving availability period, which ends on May 30, 2028. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 30, 2029.

Borrowings 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 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, or (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 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in GBP only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. 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" to our consolidated financial statements included in this report.

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***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. As of June 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** |
|  | **June 30, 2025** | **December 31, 2024** |
|  | ***(in millions)*** | ***(in millions)*** |
| **Unfunded Commitments** |  |  |
| First Lien/Senior Secured Debt | $199.39 | $190.72 |
| First Lien/Last-Out Unitranche | 7.01 | 10.15 |
| **Total** | $**206.40** | $**200.87** |

---

**HEDGING** 

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission ("CFTC") regulations, we may enter into hedging transactions in a manner consistent with the SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, 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 new 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.

**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 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" to 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 estimate should be read in connection with our risk factors listed under "Risk Factors" in this quarterly report on Form 10-Q and our annual report on Form 10-K for the year ended December 31, 2024.

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***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** 

*Resignation and Appointment of Officers*

On July 15, 2025, Alex Chi notified us of his intention to resign from his position as Co-Chief Executive Officer and Co-President. Mr. Chi ceased serving as the principal executive officer, Co-Chief Executive Officer and Co-President, effective on August 7, 2025. Mr. Chi's resignation was not the result of any disagreement with us.

On July 18, 2025, our Board of Directors appointed Vivek Bantwal, age 48, as Co-Chief Executive Officer, effective on August 7, 2025. Mr. Bantwal was also appointed as the co-principal executive officer, succeeding Mr. Chi. Mr. Bantwal was also appointed as Co-Chief Executive Officer of Goldman Sachs BDC, Inc. ("GSBD"), Silver Capital Holdings LLC ("SCH"), Goldman Sachs Private Middle Market Credit II LLC ("PMMC II"), Phillip Street Middle Market Lending Fund LLC ("PSLF"), Goldman Sachs Private Credit Corp. ("GSCR") and West Bay BDC LLC ("West Bay").

Effective on August 7, 2025, David Miller ceased serving as our Co-President and Co-President of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay. Mr. Miller will continue serving in his role as our Co-Chief Executive Officer and Co-Chief Executive Officer of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay.

On July 18, 2025, our Board of Directors appointed Tucker Greene, age 50, as our President, effective on August 7, 2025. Mr. Greene will serve as our President, succeeding Mr. Chi and Mr. Miller. Mr. Greene was also appointed as President of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay. Mr. Greene will also continue serving in his role as our Chief Operating Officer and the Chief Operating Officer of each of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay.

As of the date of this report, the Private Credit Investment Committee consists of the following members: Rich Friedman, James Reynolds, Vivek Bantwal, Patrick Armstrong, Amitayush Bahri, Steven Budig, Kevin Sterling, Beat Cabiallavetta, Stephanie Rader, David Miller, Greg Watts, Nicole Agnew and Moritz Jobke, along with members from Goldman Sachs' Compliance, Legal, Tax and Controllers groups.

*Merger Agreement with Goldman Sachs Private Credit Corp.*

On July 11, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with GSCR, and GSAM. The Merger Agreement provides 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), we will merge with and into GSCR, with GSCR continuing as the surviving company (the "Merger"). The Board of Directors and the board of directors of GSCR, including all of their respective independent directors, in each case, on the recommendation of a committee (such company's "Special Committee") comprised solely of certain, separate independent directors of us or GSCR, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

The Merger Agreement further provides that, at the Effective Time, each share of our common stock, $0.001 par value per share issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by us, GSCR, or any of our or GSCR's respective consolidated subsidiaries and shares, if any, held by any person who is entitled to demand (and properly demands) appraisal of such shares, will be converted into the right to receive, in cash, the quotient of (i) the Closing MMLC II NAV (as defined below) divided by (ii) the number of shares of our common stock issued and outstanding immediately prior to the Effective Time (the "MMLC II Per Share Cash Amount").

Under the Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the "Determination Date"), GSAM, on our behalf, will deliver to GSCR GSAM's calculation of our NAV as of such date (such calculation, the "Closing MMLC II NAV"), which calculation shall be approved by the Board of Directors, including our Special Committee. GSAM will calculate NAV using the policies, assumptions, methodologies and adjustments approved by the Board of Directors for valuing our securities and other assets under Rule 2a-5 of the Investment Company Act. The parties have agreed to calculate the MMLC II Per Share Cash Amount based on such calculations.

Consummation of the Merger, which is currently anticipated to occur during the fourth quarter of calendar year 2025, is subject to conditions in the Merger Agreement, including among other things (1) requisite approval of the our stockholders, (2) the absence of certain legal impediments to the consummation of the Merger or pending litigation by any governmental entity challenging or seeking to enjoin, restrain or make illegal the Merger or the other transactions contemplated by the Merger Agreement, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (4) the absence of a MMLC II Material Adverse Effect (as defined in the Merger Agreement) and (5) required regulatory approvals.

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The Merger Agreement also contains termination rights in favor of us and GSCR, including among other things: (i) if the Merger is not completed on or before March 24, 2026, or (ii) if the requisite approval of our stockholders is not obtained.

The description above is only a summary of the material provisions of the Merger Agreement and is qualified in its entirety by reference to a copy of the Merger Agreement, which was filed as Exhibit 2.1 to our current report on Form 8-K, dated July 11, 2025, the terms of which are incorporated herein by reference. In connection with the Merger, we have filed with the SEC and plan to mail to our stockholders a proxy statement.

*Distribution* 

On August 6, 2025, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period beginning July 1, 2025 through September 30, 2025, which will be payable before or around October 29, 2025 to shareholders of record as of October 2, 2025.

**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 June 30, 2025 and December 31, 2024, on a fair value basis, 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the BoA Revolving Credit Facility bore and our borrowings under the Truist Revolving Credit Facility bears interest at a floating rate.

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 June 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 June 30, 2025<br>Basis Point Change** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
| ***($ in millions)*** |  |  |  |
| Up 300 basis points | $21.62 | $(12.50) | $9.12 |
| Up 200 basis points | 14.41 | (8.33) | 6.08 |
| Up 100 basis points | 7.21 | (4.17) | 3.04 |
| Up 75 basis points | 5.40 | (3.12) | 2.28 |
| Up 50 basis points | 3.60 | (2.08) | 1.52 |
| Up 25 basis points | 1.80 | (1.04) | 0.76 |
| Down 25 basis points | (1.80) | 1.04 | (0.76) |
| Down 50 basis points | (3.60) | 2.08 | (1.52) |
| Down 75 basis points | (5.40) | 3.12 | (2.28) |
| Down 100 basis points | (7.20) | 4.17 | (3.03) |
| Down 200 basis points | (14.35) | 8.33 | (6.02) |
| Down 300 basis points | (21.46) | 12.50 | (8.96) |

---

We may, in the future, hedge against interest rate fluctuations by using standard hedging instruments such as 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.

**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 June 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 June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.** 

From time to time, we may be a party to certain legal proceedings, 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.

***Because the NAV of our common stock may fluctuate, our stockholders cannot be sure of the exact amount of the Merger Consideration they will receive until the closing of the Merger (the "Closing").*** 

The exact amount of the Merger Consideration may vary from the NAV per share of our common stock on the date the Merger was announced, on the date of the filing of this quarterly report on Form 10-Q, on the date of the special meeting of stockholders (the "Special Meeting"), and on the date the Merger is completed. Any change in the NAV per share of our common stock prior to completion of the Merger will affect the amount of Merger Consideration that our stockholders will receive and that GSCR will pay upon completion of the Merger.

Accordingly, at the time of the Special Meeting, our stockholders will not know or be able to calculate the amount of Merger Consideration they would receive upon completion of the Merger. Neither us nor GSCR are permitted to terminate the Merger Agreement because of changes in the NAV per share of our common stock.

Changes in the NAV per share of our common stock may result from a variety of factors, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our business, operations or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial condition of our current or prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rates or general market or economic conditions.

See "Cautionary Statement Regarding Forward-Looking Statements" for other factors that could cause the NAV per share of our common stock to change. These factors are generally beyond our control.

***The opinion delivered to our Special Committee from its financial advisor will not reflect changes in circumstances between signing the Merger Agreement and the completion of the Merger.***

The opinion of the financial advisor to our Special Committee was delivered to our Special Committee on, and was dated, July 11, 2025. Our Special Committee has not obtained an updated opinion as of the date of this quarterly report on Form 10-Q from the financial advisor to our Special Committee, and does not anticipate obtaining an updated opinion prior to the Closing. Changes in the operations and prospects of us or GSCR, general market and economic conditions and other factors that may be beyond our control, and on which the financial advisor's opinion was based, may significantly alter the NAV of our common stock by the time the Merger is completed. The opinion does not speak as of the time the Merger will be completed or as of any date other than the date of such opinion. Because our Special Committee does not currently anticipate asking its respective financial advisor to update its opinion, the opinion will not address the fairness from a financial point of view of the Merger Consideration at the time the Merger is completed.

***If the Merger does not close, we will not benefit from the expenses incurred in its pursuit***.

The Merger may not be completed. If the Merger is not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred out-of-pocket expenses in connection with the Merger for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Merger is not completed.

***The termination of the Merger Agreement could negatively impact us***.

If the Merger Agreement is terminated, there may be various consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not be able to find a party willing to pay an equivalent or more attractive price than the price GSCR agreed to pay in the Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are not able to effect an Exit Event (as defined below), it will be obligated to use its best efforts to wind down and/or liquidate and dissolve.

"<u>Exit Event</u>" means (i) any listing of our common stock on a national securities exchange (a "listing"), including in connection with an initial public offering ("<u>IPO</u>"), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of our assets.

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***The Merger Agreement limits our ability to pursue alternatives to the Merger.***

The Merger Agreement contains provisions that limit our ability to solicit, discuss, facilitate, commit to, respond to, or negotiate competing third party proposals to acquire all or a significant part of us.

These provisions, which are typical for transactions of this type, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share price than that proposed in the Merger or might result in a potential competing acquiror proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

***The Merger is subject to closing conditions, including our stockholder approval, that, if not satisfied or (to the extent legally allowed) waived, will result in the Merger not being completed, which may result in material adverse consequences to our business and operations.***

The Merger is subject to closing conditions, including the approval and adoption of the Merger Agreement (the "Merger Proposal") by our stockholders that, if not satisfied, will prevent the Merger from being completed. The closing condition that our stockholders approve the Merger Proposal may not be waived under applicable law and must be satisfied for the Merger to be completed. We currently expect that all our directors and executive officers of will vote their shares (if any) of our common stock in favor of the proposals presented at the Special Meeting. If our stockholders do not approve the Merger Proposal and the Merger is not completed, the resulting failure of the Merger could have a material adverse impact on our business and operations. In addition to the required approvals of our stockholders, the Merger is subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect its completion. We cannot predict whether and when these other conditions will be satisfied.

***We and GSCR will be subject to operational uncertainties and contractual restrictions while the Merger is pending.***

Uncertainty about the effect of the Merger may have an adverse effect on us and GSCR and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with us and GSCR to seek to change their existing business relationships with us and GSCR, respectively. In addition, the Merger Agreement restricts us and GSCR from taking actions that they might otherwise consider to be in their best interests. These restrictions may prevent us and GSCR from pursuing certain business opportunities that may arise prior to the completion of the Merger.

***We and GSCR may, to the extent legally allowed, waive one or more conditions to the Merger without resoliciting stockholder approval.***

Certain conditions to GSCR's and our obligations to complete the Merger may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of GSCR and us. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement will have the discretion to complete the Merger without seeking further stockholder approval. The condition requiring the approval of our stockholders, however, cannot be waived.

***Our stockholders have appraisal rights in connection with the Merger.***

Appraisal rights are statutory rights that enable stockholders to dissent from certain extraordinary transactions, such as certain mergers, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to stockholders in connection with the applicable transaction. If the Merger Proposal is approved by our stockholders, our stockholders who do not vote in favor of the Merger Proposal and who properly demand payment of fair cash value of their shares of our common stock will be entitled to appraisal rights in connection with the acquisition under Section 262 of the Delaware General Corporation Law. Neither us nor GSCR can predict the number of shares of our common stock for which stockholders will properly demand appraisal rights (the "Appraisal Shares"), the amount of cash that GSCR may be required to pay following the completion of the Merger with respect to the Appraisal Shares, or the expenses that GSCR may incur in connection with the appraisal process.

***The announcement and pendency of the Merger could adversely affect the business financial results and operations of GSCR and us.*** 

The announcement and pendency of the Merger could cause disruptions in and create uncertainty surrounding both GSCR's and our businesses, including affecting relationships with existing and future borrowers, which could have a significant negative impact on future revenues and results of operations, regardless of whether the Merger is completed. In addition, we and GSCR have diverted, and will continue to divert, management resources towards the completion of the Merger, which could have a negative impact on each of our and GSCR's future revenues and results of operations.

We and GSCR are also subject to restrictions on the conduct of each of our and GSCR's businesses prior to the completion of the Merger as provided in the Merger Agreement, generally requiring us and GSCR to conduct business only in the ordinary course and subject to specific limitations, including, among other things, certain restrictions on each of our and GSCR's respective ability to make certain investments and acquisitions, sell, transfer or dispose of our and GSCR's respective assets, amend each of our and GSCR's respective organizational documents and enter into or modify certain material contracts. These restrictions could prevent GSCR and us from pursuing otherwise attractive business opportunities, industry developments and future opportunities and may otherwise have a significant negative impact on the respective future investment income and results of operations of the combined company following the Merger.

***Any litigation filed against us and GSCR 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 GSCR 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

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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.** 

None.

**Item 3. Defaults Upon Senior Securities.** 

Not applicable.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

**Item 5. Other Information.** 

None.

**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**  |
| 3.1 | [<u>Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-56369), filed on November 22, 2021).</u>](https://www.sec.gov/Archives/edgar/data/0001865174/000119312521337000/d266319dex9931.htm) |
| 3.2 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Amendment No. 1 to Form 10 (File No. 000-56369), filed on January 13, 2022).</u>](https://www.sec.gov/Archives/edgar/data/0001865174/000119312522008718/d266319dex9932.htm) |
| 31.1\* | [<u>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.</u>](ck0001865174-ex31_1.htm) |
| 31.2\* | [<u>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.</u>](ck0001865174-ex31_2.htm) |
| 31.3\* | [<u>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.</u>](ck0001865174-ex31_3.htm) |
| 32.1\* | [<u>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.</u>](ck0001865174-ex32_1.htm) |
| 32.2\* | [<u>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.</u>](ck0001865174-ex32_2.htm) |
| 32.3\* | [<u>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.</u>](ck0001865174-ex32_3.htm) |
| 101.INS\* | <u>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</u> |
| 101.SCH\* | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> |
| 104\* | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

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\* 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 MIDDLE MARKET LENDING CORP. II** |
| Date: August 12, 2025 | /s/ Vivek Bantwal |
|  | Name: Vivek Bantwal |
|  | Title: Co-Chief Executive Officer |
|  | (Co-Principal Executive Officer) |
| Date: August 12, 2025 | /s/ David Miller |
|  | Name: David Miller |
|  | Title: Co-Chief Executive Officer |
|  | (Co-Principal Executive Officer) |
| Date: August 12, 2025 | /s/ Stanley Matuszewski |
|  | Name: Stanley Matuszewski |
|  | Title: Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

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## Exhibit 31.1

**Exhibit 31.1** 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Vivek Bantwal, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2025

---

| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer <br>(Co-Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Miller, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2025

---

| |
|:---|
| /s/ David Miller |
| David Miller <br>Co-Chief Executive Officer <br>(Co-Principal Executive Officer) |

---

------

## Exhibit 31.3

**Exhibit 31.3** 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stanley Matuszewski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2025

---

| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski <br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 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** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Vivek Bantwal, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2025

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| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 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** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David Miller, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2025

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| |
|:---|
| /s/ David Miller |
| David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

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## Exhibit 32.3

**Exhibit 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** 

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Stanley Matuszewski, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2025

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| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski<br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

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