# EDGAR Filing Document

**Accession Number:** 0002027537
**File Stem:** 0002027537-25-000010
**Filing Date:** 2025-8
**Character Count:** 346205
**Document Hash:** b7026fe13d048c6500eb33106996740c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002027537-25-000010.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0002027537-25-000010

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs Real Estate Finance Trust Inc
- **CENTRAL INDEX KEY:** 0002027537
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 992025085
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56667
- **FILM NUMBER:** 251209765

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212.902.1000

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

?xml version='1.0' encoding='ASCII'? gsreft-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

**☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025** 

**☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO**

**Commission file number 000-56667**

**GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Maryland** | **99-2025085** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 200 West Street, New York, New York | 10282 |
| (Address of principal executive offices) | (Zip Code) |

---

(212) 902-1000

(Registrant's telephone number including area code)

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

Title of each class\* Trading Symbol(s) Name of each exchange on which registered <br>   

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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ | | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ | 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. ☒ | 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. ☒ | 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 Exchange Act). ☐ Yes ☒ No

As of August 12, 2025, the registrant had 10,095,920 shares of Series T, Series S, Series D and Series I common stock outstanding, 2,000,000 shares of Class F-I and 1,000,000 shares of non-voting common stock outstanding. There were no Class F-II shares outstanding.\*

\*The registrant's authorized series of common stock (Series T, Series S, Series D and Series I) differ only with respect to the fees paid to broker-dealers in connection with their sale. As a result, the registrant views the different series of common stock as being part of the same single class of common stock. However, in order to mirror common industry terminology, the registrant refers to these separate series of common stock as "classes."

------

**Goldman Sachs Real Estate Finance Trust Inc**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page No.**  |
| <u>[Part I. Financial Information](#i03306c57a3544303a7ff77fd96de335f_10)</u> | <u>[Part I. Financial Information](#i03306c57a3544303a7ff77fd96de335f_10)</u> | <u>[2](#i03306c57a3544303a7ff77fd96de335f_10)</u> |
| <u>[Item 1.](#i03306c57a3544303a7ff77fd96de335f_13)</u> | <u>[Financial Statements](#i03306c57a3544303a7ff77fd96de335f_13)</u> | <u>[2](#i03306c57a3544303a7ff77fd96de335f_13)</u> |
|  | <u>[Unaudited Consolidated Balance Sheets as of](#i03306c57a3544303a7ff77fd96de335f_16)[June](#i03306c57a3544303a7ff77fd96de335f_16)[30](#i03306c57a3544303a7ff77fd96de335f_16)[, 2025 and December 31, 2024](#i03306c57a3544303a7ff77fd96de335f_16)</u> | <u>[2](#i03306c57a3544303a7ff77fd96de335f_16)</u> |
|  | <u>[Unaudited Consolidated Statements of Operations for the Three](#i03306c57a3544303a7ff77fd96de335f_19)[Months Ended June 30, 2025 and 2024](#i03306c57a3544303a7ff77fd96de335f_19)[and](#i03306c57a3544303a7ff77fd96de335f_19)[the](#i03306c57a3544303a7ff77fd96de335f_19)[Six](#i03306c57a3544303a7ff77fd96de335f_19)[Months Ended](#i03306c57a3544303a7ff77fd96de335f_19)[June 30](#i03306c57a3544303a7ff77fd96de335f_19)[, 2025 and](#i03306c57a3544303a7ff77fd96de335f_19)[for](#i03306c57a3544303a7ff77fd96de335f_19)[the](#i03306c57a3544303a7ff77fd96de335f_19)[P](#i03306c57a3544303a7ff77fd96de335f_19)[eriod from M](#i03306c57a3544303a7ff77fd96de335f_19)[arch 27, 2024](#i03306c57a3544303a7ff77fd96de335f_19)[(](#i03306c57a3544303a7ff77fd96de335f_19)[date of](#i03306c57a3544303a7ff77fd96de335f_19)[initial capitalization)](#i03306c57a3544303a7ff77fd96de335f_19)[through June 30,](#i03306c57a3544303a7ff77fd96de335f_19)[2024](#i03306c57a3544303a7ff77fd96de335f_19)</u> | <u>[3](#i03306c57a3544303a7ff77fd96de335f_19)</u> |
|  | <u>[Unaudited Consolidated Statements of Changes in Equity for the Three](#i03306c57a3544303a7ff77fd96de335f_22)[and Six](#i03306c57a3544303a7ff77fd96de335f_22)[Months Ended](#i03306c57a3544303a7ff77fd96de335f_22)[June 30](#i03306c57a3544303a7ff77fd96de335f_22)[, 2025 and](#i03306c57a3544303a7ff77fd96de335f_22)[for](#i03306c57a3544303a7ff77fd96de335f_22)[the](#i03306c57a3544303a7ff77fd96de335f_22)[P](#i03306c57a3544303a7ff77fd96de335f_22)[eriod from M](#i03306c57a3544303a7ff77fd96de335f_22)[a](#i03306c57a3544303a7ff77fd96de335f_22)[rch 27, 2024](#i03306c57a3544303a7ff77fd96de335f_22)[(](#i03306c57a3544303a7ff77fd96de335f_22)[date of](#i03306c57a3544303a7ff77fd96de335f_22)[initial capitalization)](#i03306c57a3544303a7ff77fd96de335f_22)[through June 30,](#i03306c57a3544303a7ff77fd96de335f_22)[2024](#i03306c57a3544303a7ff77fd96de335f_22)</u> | <u>[4](#i03306c57a3544303a7ff77fd96de335f_22)</u> |
|  | <u>[Unaudited Consolidated Statements of Cash Flows for the](#i03306c57a3544303a7ff77fd96de335f_25)[Six](#i03306c57a3544303a7ff77fd96de335f_25)[Months Ended](#i03306c57a3544303a7ff77fd96de335f_25)[June 30](#i03306c57a3544303a7ff77fd96de335f_25)[, 2025 and](#i03306c57a3544303a7ff77fd96de335f_25)[for the](#i03306c57a3544303a7ff77fd96de335f_25)[P](#i03306c57a3544303a7ff77fd96de335f_25)[er](#i03306c57a3544303a7ff77fd96de335f_25)[iod fr](#i03306c57a3544303a7ff77fd96de335f_25)[om M](#i03306c57a3544303a7ff77fd96de335f_25)[a](#i03306c57a3544303a7ff77fd96de335f_25)[rch 27, 2024](#i03306c57a3544303a7ff77fd96de335f_25)[(](#i03306c57a3544303a7ff77fd96de335f_25)[date of](#i03306c57a3544303a7ff77fd96de335f_25)[initial capitalization)](#i03306c57a3544303a7ff77fd96de335f_25)[through](#i03306c57a3544303a7ff77fd96de335f_25)[June 30,](#i03306c57a3544303a7ff77fd96de335f_25)[2024](#i03306c57a3544303a7ff77fd96de335f_25)</u> | <u>[5](#i03306c57a3544303a7ff77fd96de335f_25)</u> |
|  | <u>[Notes to Unaudited Consolidated Financial Statements](#i03306c57a3544303a7ff77fd96de335f_28)</u> | <u>[7](#i03306c57a3544303a7ff77fd96de335f_28)</u> |
| <u>[Item 2.](#i03306c57a3544303a7ff77fd96de335f_202)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i03306c57a3544303a7ff77fd96de335f_202)</u> | <u>[24](#i03306c57a3544303a7ff77fd96de335f_202)</u> |
| <u>[Item 3.](#i03306c57a3544303a7ff77fd96de335f_295)</u> | <u>[Quantitative and Qualitative Disclosure About Market Risk](#i03306c57a3544303a7ff77fd96de335f_295)</u> | <u>[39](#i03306c57a3544303a7ff77fd96de335f_295)</u> |
| <u>[Item 4.](#i03306c57a3544303a7ff77fd96de335f_298)</u> | <u>[Controls and Procedures](#i03306c57a3544303a7ff77fd96de335f_298)</u> | <u>[39](#i03306c57a3544303a7ff77fd96de335f_298)</u> |
| <u>[Part II. Other Information](#i03306c57a3544303a7ff77fd96de335f_301)</u> | <u>[Part II. Other Information](#i03306c57a3544303a7ff77fd96de335f_301)</u> | <u>[40](#i03306c57a3544303a7ff77fd96de335f_301)</u> |
| <u>[Item 1.](#i03306c57a3544303a7ff77fd96de335f_304)</u> | <u>[Legal Proceedings](#i03306c57a3544303a7ff77fd96de335f_304)</u> | <u>[40](#i03306c57a3544303a7ff77fd96de335f_304)</u> |
| <u>[Item 1A.](#i03306c57a3544303a7ff77fd96de335f_307)</u> | <u>[Risk Factors](#i03306c57a3544303a7ff77fd96de335f_307)</u> | <u>[40](#i03306c57a3544303a7ff77fd96de335f_307)</u> |
| <u>[Item 2.](#i03306c57a3544303a7ff77fd96de335f_202)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i03306c57a3544303a7ff77fd96de335f_310)</u> | <u>[40](#i03306c57a3544303a7ff77fd96de335f_310)</u> |
| <u>[Item 3.](#i03306c57a3544303a7ff77fd96de335f_295)</u> | <u>[Defaults Upon Senior Securities](#i03306c57a3544303a7ff77fd96de335f_313)</u> | <u>[41](#i03306c57a3544303a7ff77fd96de335f_313)</u> |
| <u>[Item 4.](#i03306c57a3544303a7ff77fd96de335f_298)</u> | <u>[Mine Safety Disclosures](#i03306c57a3544303a7ff77fd96de335f_316)</u> | <u>[41](#i03306c57a3544303a7ff77fd96de335f_316)</u> |
| <u>[Item 5.](#i03306c57a3544303a7ff77fd96de335f_310)</u> | <u>[Other Information](#i03306c57a3544303a7ff77fd96de335f_319)</u> | <u>[41](#i03306c57a3544303a7ff77fd96de335f_319)</u> |
| <u>[Item 6.](#i03306c57a3544303a7ff77fd96de335f_322)</u> | <u>[Exhibits](#i03306c57a3544303a7ff77fd96de335f_322)</u> | <u>[42](#i03306c57a3544303a7ff77fd96de335f_322)</u> |
| <u>[SIGNATURES](#i03306c57a3544303a7ff77fd96de335f_325)</u> | <u>[SIGNATURES](#i03306c57a3544303a7ff77fd96de335f_325)</u> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Goldman Sachs Real Estate Finance Trust Inc**

**Consolidated Balance Sheets (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Commercial real estate loan investments, at fair value (including pledged loans of $561.4 million as of June 30, 2025 and $0 as of December 31, 2024) | $561384 | $— |
| Cash and cash equivalents | 175601 | 8 |
| Restricted cash | 15569 |  |
| Other assets | 4884 |  |
| **Total assets** | $757438 | $8 |
| **Liabilities and Equity** |  |  |
| Repurchase agreements | $438870 | $— |
| Subscriptions received in advance | 15569 |  |
| Distributions payable | 1927 |  |
| Due to affiliates | 9894 |  |
| Other liabilities | 2631 |  |
| **Total liabilities** | 468891 |  |
| Commitments and contingencies (Note 6) |  |  |
| Redeemable common stock – non-voting shares - related party, $0.01 par value per share, 10,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2025 and 0 shares issued and outstanding as of December 31, 2024 | 25033 |  |
| **Equity** |  |  |
| Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock - Class T shares, $0.01 par value per share, 500,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock - Class S shares, $0.01 par value per share, 500,000,000 shares authorized; 2,772,086 shares issued and outstanding as of June 30, 2025 and 0 shares issued and outstanding as of December 31, 2024 | 28 |  |
| Common stock - Class D shares, $0.01 par value per share, 500,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock - Class I shares, $0.01 par value per share, 500,000,000 shares authorized; 6,117,722 shares issued and outstanding as of June 30, 2025 and 400 shares issued and outstanding as of December 31, 2024 | 61 |  |
| Common stock - Class F-I shares, $0.01 par value per share, 5,000,000 shares authorized; 2,000,000 shares issued and outstanding as of June 30, 2025 and 0 shares issued and outstanding as of December 31, 2024 | 20 |  |
| Common stock - Class F-II shares, $0.01 par value per share, 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Additional paid-in capital | 265851 | 10 |
| Accumulated deficit | (2446) | (2) |
| **Total equity**  | 263514 | 8 |
| Total liabilities, redeemable common stock, and equity | $757438 | $8 |

---

*See accompanying notes to the consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

------

**Goldman Sachs Real Estate Finance Trust Inc**

**Consolidated Statements of Operations (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **For the Period from March 27, 2024 (date of initial capitalization) through June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net Interest Income** |  |  |  |  |
| &nbsp;&nbsp;Commercial real estate loan interest income | $7673 | $— | $10500 | $— |
| &nbsp;&nbsp;Other interest income | 1094 |  | 1323 |  |
| &nbsp;&nbsp;Interest expense | (4653) |  | (5621) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | 4114 |  | 6202 |  |
| &nbsp;&nbsp;Loan fee income | 3201 |  | 3886 |  |
| **Net revenues** | 7315 |  | 10088 |  |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Organization costs |  |  | 2194 |  |
| &nbsp;&nbsp;General and administrative | 1083 |  | 2236 |  |
| &nbsp;&nbsp;Related party fees | 32 |  | 58 |  |
| **Total expenses**  | 1115 |  | 4488 |  |
| **Other Income (Expense)** |  |  |  |  |
| &nbsp;&nbsp;Unrealized gain (loss) on commercial real estate loan investments | (126) |  | 1262 |  |
| **Total other income (expense)** | (126) |  | 1262 |  |
| **Net income (loss)** | $6074 | $— | $6862 | $— |
| **Earnings per share:** |  |  |  |  |
| **Net income (loss) attributable to common stockholders** |  |  |  |  |
| Basic | $0.56 | $(0.31) | $0.78 | $(0.31) |
| Diluted | $0.56 | $(0.31) | $0.78 | $(0.31) |
| **Weighted average number of shares of common stock** |  |  |  |  |
| Basic | 10807849 | 400 | 8732703 | 400 |
| Diluted | 10807849 | 400 | 8732703 | 400 |

---

*See accompanying notes to the consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

------

**Goldman Sachs Real Estate Finance Trust Inc**

**Consolidated Statements of Changes in Equity (Unaudited)**

**(in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Class T Common Stock** | **Class S Common Stock** | **Class D Common Stock** | **Class I Common Stock** | **Class F-I Common Stock** | **Class F-II Common Stock** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance at December 31, 2024** | $— | $— | $— | $— | $— | $— | $— | $10 | $(2) | $8 |
| Common shares issued, net of offering costs |  |  | 19 |  | 33 | 20 |  | 176421 |  | 176493 |
| Common stock distribution reinvestment |  |  |  |  |  |  |  | 570 |  | 570 |
| Initial offering costs |  |  |  |  |  |  |  | (1144) |  | (1144) |
| Redemptions |  |  |  |  |  |  |  | (10) |  | (10) |
| Net income |  |  |  |  |  |  |  |  | 788 | 788 |
| Amortization of equity based compensation |  |  |  |  |  |  |  | 74 |  | 74 |
| Distributions declared on common shares ($0.5160 gross per share) |  |  |  |  |  |  |  |  | (3431) | (3431) |
| **Balance at March 31, 2025** | $— | $— | $19 | $— | $33 | $20 | $— | $175921 | $(2645) | $173348 |
| Common shares issued, net of offering costs | $— | $— | $9 | $— | $27 | $— | $— | $87933 | $— | $87969 |
| Common stock distribution reinvestment |  |  |  |  | 1 |  |  | 1956 |  | 1957 |
| Net income |  |  |  |  |  |  |  |  | 6074 | 6074 |
| Amortization of equity based compensation |  |  |  |  |  |  |  | 74 |  | 74 |
| Remeasurement of redeemable common stock |  |  |  |  |  |  |  | (33) |  | (33) |
| Distributions declared on common shares ($0.5660 gross per share) |  |  |  |  |  |  |  |  | (5875) | (5875) |
| **Balance at June 30, 2025** | $— | $— | $28 | $— | $61 | $20 | $— | $265851 | $(2446) | $263514 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Class T Common Stock** | **Class S Common Stock** | **Class D Common Stock** | **Class I Common Stock** | **Class F-I Common Stock** | **Class F-II Common Stock** | **Additional paid-in Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance at March 27, 2024 (date of initial capitalization)** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Proceeds from issuance of common stock |  |  |  |  |  |  |  | 10 |  | 10 |
| **Balance at March 31, 2024** | $— | $— | $— | $— | $— | $— | $— | $10 | $— | $10 |
| Net loss | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **Balance at June 30, 2024** | $— | $— | $— | $— | $— | $— | $— | $10 | $— | $10 |

---

*See accompanying notes to the consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

------

**Goldman Sachs Real Estate Finance Trust Inc**

**Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **For the Period from March 27, 2024 (date of initial capitalization) through June 30, 2024** |
| **Cash flows from operating activities** | | |
| Net income (loss) | $6862 | $— |
| **Adjustments to reconcile net income to net cash provided by operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Accretion)/amortization of discount/premium on loans | (201) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation | 148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain)/loss on commercial real estate loan investments | (1262) |  |
| **Change in operating assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (3077) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 2429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliate | 3080 |  |
| **Net cash provided by operating activities** | 8348 |  |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations, purchases and fundings of commercial real estate loans | (559921) |  |
| **Net cash used in investing activities** | (559921) |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of offering costs | 269748 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of redeemable common stock - related party | 25000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock - related party | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repurchase agreements | 438870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (4852) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from subscriptions received in advance | 15569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (1590) |  |
| **Net cash provided by financing activities**  | 742735 | 10 |
| **Net increase in cash, cash equivalents and restricted cash** | 191162 | 10 |
| **Cash, cash equivalents and restricted cash, beginning of period**  | 8 |  |
| **Cash, cash equivalents and restricted cash, end of period**  | $191170 | $10 |
| Reconciliation of cash, cash equivalents and restricted cash: |  |  |
| Cash and cash equivalents, beginning of period | $8 | $— |
| Restricted cash, beginning of period |  |  |
| Cash, cash equivalents and restricted cash, beginning of period | $8 | $— |
| Cash and cash equivalents, end of period | $175601 | $10 |
| Restricted cash, end of period | 15569 |  |
| Cash, cash equivalents and restricted cash, end of period | $191170 | $10 |

---

*See accompanying notes to the consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

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**Goldman Sachs Real Estate Finance Trust Inc**

**Consolidated Statements of Cash Flows (Continued)**

 **(Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **For the Period from March 27, 2024 (date of initial capitalization) through June 30, 2024** |
| **Supplemental disclosure of cash flow information:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $4079 | $— |
| **Non-cash activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fee due to affiliate | $(5286) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock distribution reinvestment | $2527 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued initial offering costs due to affiliate | $(1144) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | $(1927) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt financing costs | $(202) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt financing costs due to affiliate | $(384) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to carrying value of redeemable common stock | $(33) | $— |

---

*See accompanying notes to the consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

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**Goldman Sachs Real Estate Finance Trust Inc**

**Notes to Consolidated Financial Statements (Unaudited)**

**1. ORGANIZATION AND BUSINESS PURPOSE**

Goldman Sachs Real Estate Finance Trust Inc (the "Company") was formed as a Maryland corporation on March 8, 2024, primarily to originate, acquire and manage a portfolio of commercial real estate loans secured by high-quality assets located in North America (primarily in the United States). The Company is externally managed by Goldman Sachs & Co. LLC (in its capacity as the Company's adviser, the "Adviser"), an affiliate of The Goldman Sachs Group, Inc. (together with its affiliates, "Goldman Sachs"). Goldman Sachs & Co. LLC is a registered investment adviser under the Investment Advisers Act of 1940, as amended, with personnel responsible for acting on its behalf as a registered investment adviser. On March 27, 2024, the Company was capitalized with a $10,000 investment by an affiliate of the Adviser.

The Company is conducting a continuous private offering initially of up to $1 billion in shares in its primary offering and up to $250 million in shares pursuant to its distribution reinvestment plan (the "Offering"), pursuant to which it is offering for sale any combination of four series of shares of its undesignated class of common stock, Series T, Series S, Series D, and Series I, and its Class F-II shares, with a dollar value up to the maximum offering amount. In addition, purchasers of a minimum amount of Series I shares in the initial closing of the Offering were eligible to have their Series I shares automatically exchanged into Class F-I shares. The series of undesignated common stock in the Offering have different upfront selling commissions and placement fees and different ongoing distribution fees and differ only with respect to the fees paid to broker-dealers in connection with their sale. As a result, the Company views the different series of common stock as being part of the same single class of common stock. However, in order to mirror common industry terminology, the Company also refers to these separate series of common stock as "classes." Each class of shares will be sold at the-then current transaction price, which will generally be the prior month's net asset value ("NAV"), as determined pursuant to the Company's valuation guidelines, per share for such class, as calculated monthly, plus applicable upfront commissions and placement fees. For those classes that are not outstanding as of the monthly NAV determination, the transaction price will be based on the Company's aggregate NAV per share. In addition, the Company has adopted a distribution reinvestment plan ("DRIP"), whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash; provided, however that any stockholder who is a client of a participating broker dealer that requires affirmative enrollment in the DRIP will only become a participant if they elect to participate.

The Company satisfied the minimum offering amount and broke escrow in the continuous private offering on January 6, 2025.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Presentation***

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the financial statements are stated fairly.

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that may affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

***Principles of Consolidation***

The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant inter-company accounts and transactions are eliminated in consolidation.

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***Fair Value Option***

The Company has elected the fair value option for commercial real estate loan investments. The Company believes the fair value option will provide reduced complexity, greater consistency, understandability, and comparability.

Loans are recorded at par, which approximates fair value, in the month that the Company originates a loan. When the Company acquires a loan, it is recorded at cost then marked to fair value. An independent valuation advisor values the commercial loan investments monthly using a discounted cash flow analysis. The yield used in the discounted cash flow analysis is determined by comparing the features of the loan to the interest rates and terms required by lenders in the new loan origination market for similar loans and the yield required by investors acquiring similar loans in the secondary market as well as a comparison of current market and collateral conditions to those present at origination or acquisition.

These financial assets for which the Company has elected the fair value option are recorded in commercial real estate loan investments, at fair value on the consolidated balance sheets.

***Revenue Recognition***

Interest income from the Company's commercial real estate loan investments is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis.

Commercial real estate loan investments are placed on non-accrual status when it is probable that principal or interest will not be collected according to contractual terms. Accrued interest generally is reversed when a commercial real estate loan investment is placed on non-accrual status. Interest payments received on non-accrual commercial real estate loan investments may be recognized as income or applied to principal depending upon management's judgment. Non-accrual commercial real estate loan investments are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current.

Recognition of premiums and discounts associated with commercial real estate loan investments that are acquired are deferred and recorded over the term of the loan as an adjustment to interest income. For commercial real estate loans the Company originates, the Company recognizes the origination fee income and related costs in the period of origination in loan fee income and general and administrative expenses, respectively.

***Cash and Cash Equivalents***

The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of acquisition that are not restricted to be cash equivalents. Cash and cash equivalents are placed with financial institutions and the balances may at times exceed federally insured deposit levels; however, the Company has not experienced any losses in such accounts.

***Restricted Cash***

Restricted cash consists of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company's transfer agent, but in the name of the Company.

***Share-Based Compensation***

Share-based compensation consists of restricted stock units ("RSU") that the independent directors of the Company are eligible to receive as part of their compensation for serving as directors. The fair value of the awards granted is recorded to general and administrative expense on the consolidated statements of operations on a straight-line basis over the vesting period, with an offsetting increase in stockholders' equity. The fair value is determined based upon the most recent NAV on the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

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***Income Taxes***

The Company intends to elect to be taxed as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code, as amended (the "Code") commencing with its taxable year ending December 31, 2025. Provided certain organizational and operational criteria are met, the Company will be entitled to a dividends paid deduction ("DPD"). As a result, a REIT is generally not subject to federal, state and local income taxes on REIT taxable income ("REITTI") that has been distributed to its shareholders. To the extent that the Company satisfies this distribution requirement but distributes less than 100% of its REITTI, the Company may be subject to federal and certain state income taxes on its undistributed taxable income. If the Company failed to qualify as a REIT, it would be subject to certain federal and state and local income taxes at regular corporate rates and would not be able to qualify as a REIT for four subsequent taxable years.

During 2024, the Company formed a foreign entity in the Cayman Islands to hold certain investments. The entity had no activity during 2024. During 2025, the Company made an election to treat the foreign entity as a taxable REIT subsidiary ("TRS"). The foreign TRS is not subject to US corporate federal income tax or Cayman Islands taxes.

***Repurchase Agreements***

Commercial real estate loan investments sold under repurchase agreements are treated as collateralized financing transactions. Commercial real estate loan investments financed through a repurchase agreement remain on the consolidated balance sheets as an asset and cash received from the purchaser is recorded on the consolidated balance sheets as a liability. Interest paid in accordance with repurchase agreements is recorded as interest expense in the consolidated statements of operations.

***Deferred Financing Costs***

The deferred financing costs are included in other assets on the Company's consolidated balance sheets. These costs are amortized as interest expense using the effective interest method over the initial maturity of the related obligations.

***Redeemable Common Stock***

The Company classifies common stock held by Goldman Sachs in connection with Goldman Sachs Investment (as defined in Note 10 - Related Party Transactions - Related Party Stock Ownership) as redeemable common stock on the consolidated balance sheets. The Company classifies common stock held by Goldman Sachs as redeemable common stock because the Goldman Sachs Investment is held by an entity that is considered an affiliate of the Company and there is no requirement for the affiliate transaction committee (which is comprised solely of independent directors) to approve or reject the redemption of the Goldman Sachs Investment, as described in Note 10 - Related Party Transactions.

The Company reports redeemable common stock on the consolidated balance sheets at redemption value. Redemption value is determined based on NAV per share as of the period end. Increases or decreases in the value of redeemable common stock will be charged to additional paid-in capital until the Company has retained earnings.

***Distribution Fees***

The Company pays the Placement Agent, as described in Note 10 - Related Party Transactions, upfront commissions and placement fees and distribution fees over time for Class T, Class D, and Class S shares sold in the Offering, which are recorded as offering costs. The Company accrues the full amount of distribution fees payable as an offering cost at the time each class of share is sold during the Offering and records the offering costs as a reduction of additional paid-in capital when stock is issued. The Company adjusts the liability for distribution fees as the fees are paid to the Placement Agent or when fees are no longer payable under the terms of the agreement with the Placement Agent. The distribution fees that are payable are recorded as a component of due to affiliates on the Company's consolidated balance sheets as of June 30, 2025. The Placement Agent pays all or a portion of the distribution fees to participating broker-dealers and servicing broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

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***Organization and Offering Expenses***

Organization costs are expensed as incurred and offering costs are charged to equity. Any amount due to the Adviser, but not paid, is recognized as a liability on the consolidated balance sheets. These organization and offering costs are recorded as a component of due to affiliates on the Company's consolidated balance sheets. The costs incurred prior to the launch of the Offering were paid for by the Adviser and became the liability of the Company on January 6, 2025 when the Company broke escrow in the Offering.

***Earnings Per Share***

Basic earnings per share is determined by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period.

Other than with respect to voting rights and class specific expenses, the classes of our common stock are the same, have identical rights and privileges, including with respect to liquidation and dividend rights. All classes of common stock have the same gross distribution per share. Any remeasurement adjustment associated with the redeemable shares of non-voting common stock is excluded from earnings per share as the redemption value approximates fair value.

When the Company has participating securities, not vested as of period end, earnings per share ("EPS") is computed in accordance with the two-class method. The Company's participating securities as of June 30, 2025 are the RSUs held by the Company's independent directors. Under the two-class method, earnings are allocated to the common stock and RSUs based on dividends declared and the restricted stock units' participation rights in undistributed earnings. Basic EPS is determined by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of RSUs.

***Recent Accounting Pronouncements***

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03 "Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" to improve the disclosures about an entity's expenses. Upon adoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. This ASU is effective for the fiscal year ending December 31, 2027 and interim quarters beginning in 2028, with early adoption permitted. It can be applied either prospectively or retrospectively. The Company is currently evaluating the potential impact, if any, but does not expect the adoption of this ASU to have a material impact on the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

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**3. COMMERCIAL REAL ESTATE LOAN INVESTMENTS, AT FAIR VALUE**

The table below summarizes the Company's commercial real estate loan investments, at fair value as of June 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan Type** | **Loan Amount**<sup>(1)</sup> | **Principal Balance Outstanding** | **Fair Value** | **Weighted Average Interest Rate**<sup>(2)</sup> | **Weighted Average Maximum Maturity (years)**<sup>(3)</sup> |
| **June 30, 2025** | | | | | |
| Senior loans | $618521 | $561384 | $561384 | 7.20% | 4.7 |
| **December 31, 2024** |  |  |  |  |  |
| Senior loans | $— | $— | $— | —% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Loan amount consists of outstanding principal balance plus unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. Loans earn interest at the one-month Term Secured Overnight Financing Rate ("SOFR") plus a spread.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions as defined in the respective loan agreement.

The cost basis of the commercial real estate loan investments was $560.1 million as of June 30, 2025. There were no commercial real estate loan investments as of December 31, 2024.

The tables below detail the property type and geographic distribution of the properties securing the Company's commercial real estate loan investments, at fair value as of June 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Property Type** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Multifamily | 244579 | 44% |  | —% |
| Industrial | $218619 | 39% | $— | —% |
| Hospitality | 51500 | 9% |  | —% |
| Self-Storage | 46686 | 8% |  | —% |
| **Total** | $561384 | 100% | $— | —% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Geographic Location**<sup>(1)</sup> | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| West | $356741 | 63% | $— | —% |
| East | 105085 | 19% |  | —% |
| South | 99558 | 18% |  | —% |
| **Total** | $561384 | 100% | $— | —% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>All of the properties securing the Company's commercial real estate loans are located within the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

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**4. DEBT OBLIGATIONS**

The following table presents the value of repurchase agreements as of June 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Weighted Average Interest Rate**<sup>(2)</sup> | **Maximum Facility Size** | **June 30, 2025** | **December 31, 2024** |
| |<br>**Maturity Date**<sup>(1)</sup> | **Weighted Average Interest Rate**<sup>(2)</sup> | **Maximum Facility Size** | **Amount Outstanding** | **Amount Outstanding** |
| Citibank N.A. | January 2028 | 6.02% | $750000 | $192156 | $— |
| Wells Fargo Bank<sup>(3)</sup> | March 2028 | 5.87% | 250000 | 208089 |  |
| Morgan Stanley | June 2029 | 6.41% | 450000 | 38625 |  |
| **Total** |  |  | $1450000 | $438870 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Maturity date represents the agreements' initial maturity date and does not include any extension options.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Represents weighted average interest rate in effect for each borrowing as of period end. Borrowings under the repurchase agreements carry interest at one-month Term SOFR plus a spread.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>On July 23, 2025, the maximum facility size was increased to $500 million.

*Master Repurchase Agreements*

The Company has master repurchase agreements with three financial institutions, as detailed in the table above. Advances under the repurchase agreements accrue interest at a per annum rate equal to the SOFR for a one-month period plus a spread as agreed upon for each transaction. Certain commercial real estate loan investments have been assigned and pledged as collateral for these arrangements.

The following table shows the aggregate amount of maturities of the Company's outstanding borrowings over the next five years and thereafter as of June 30, 2025 ($ in thousands):

---

| | |
|:---|:---|
| **Year** | **Repurchase Agreements**<sup>(1)</sup> |
| 2025 (remaining) | $— |
| 2026 |  |
| 2027 |  |
| 2028 | 400245 |
| 2029 | 38625 |
| Thereafter |  |
| **Total** | $438870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral and (ii) the maturity of the respective master repurchase agreement.

In connection with each of the three repurchase agreements, the Company provided a guaranty (each, the "Guaranty"), under which the Company guarantees up to a maximum liability of 25% of the then-outstanding obligations. The Guaranty may become full recourse to the Company upon certain events by the counterparty or the Company. The Company is also liable under the Guaranty for actual costs, expenses or liabilities incurred resulting from customary "bad boy" events as described in the Guaranty.

The repurchase agreement and the Guaranty contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. As of June 30, 2025, the Company was in compliance with all covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

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*Counterparty Exposure*

The Company has pledged certain commercial mortgage loan investments as collateral for the master repurchase agreements. If a financial institution counterparty were to default on its obligation to return the collateral, the Company would be exposed to potential losses to the extent the fair value of the collateral that the Company has pledged to the counterparty exceeded the amount loaned plus interest due to the counterparty. The following table summarizes the Company's net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders' equity as of June 30, 2025 ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Outstanding Principal** | **Net Counterparty Exposure** | **Weighted Average Life (Years)**<sup>(1)</sup> |
| Citibank N.A. | $192156 | $55485 | 2.5 |
| Wells Fargo Bank | 208089 | 54153 | 2.7 |
| Total | $400245 | $109638 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Assumes the repurchase agreements' initial maturity date and does not include any extension options.

As of December 31, 2024, the Company had not entered into any repurchase agreements.

**5. OTHER ASSETS AND OTHER LIABILITIES** 

The following table presents other assets by type ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Interest receivable | $2947 | $— |
| Deferred financing costs, net | 1807 |  |
| Prepaid and other assets | 130 |  |
| **Total other assets** | $4884 | $— |

---

The following table presents other liabilities by type ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Accounts payable and accrued expenses | $1066 | $— |
| Accrued interest payable | 1090 |  |
| Other liabilities | 475 |  |
| **Total other liabilities** | $2631 | $— |

---

**6. COMMITMENTS AND CONTINGENCIES**

As of June 30, 2025 and December 31, 2024, the Company was subject to the following commitments and contingencies:

***Loan Commitments***

As of June 30, 2025, the Company had unfunded loan commitments of $57.1 million related to its investments in commercial real estate loans. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new leases before advances are made to the borrower. The future funding may be paid through the period disclosed for the weighted average life, but may also be repaid prior to that time.

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***Litigation***

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable.

As of June 30, 2025 and December 31, 2024, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

 **7. STOCKHOLDERS' EQUITY**

***Authorized Capital***

Pursuant to the Company's charter the Company is authorized to issue 2,120,000,000 shares of capital stock, of which (i) 2,010,000,000 shares are classified as voting common stock, of which (a) 500,000,000 shares are designated as a series of common stock named Class T, 500,000,000 shares are designated as a series of common stock named Class S, 500,000,000 shares are designated as a series of common stock named Class D, 500,000,000 shares are designated as a series of common stock named Class I, which collectively are one undesignated class of common stock, (b) 5,000,000 shares are designated as Class F-I shares and (c) 5,000,000 shares are designated as Class F-II shares and (ii) 10,000,000 shares are classified as non-voting common stock, $0.01 par value per share, and 100,000,000 shares are classified as preferred stock, $0.01 par value per share. The voting and non-voting common stock have identical rights, preferences and privileges with the exception that the holders of the non-voting common stock cannot vote their shares on any matter upon which stockholders are entitled to vote.

***Common Shares***

The following table presents changes to the Company's outstanding common shares during the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class F-I Shares** | **Total Shares** |
| **Shares outstanding as of December 31, 2024** | 400 |  |  | 400 |
| Common shares issued | 5326872 | 1881457 |  | 7208329 |
| DRIP shares issued | 12681 | 10113 |  | 22794 |
| Redemptions<sup>(1)</sup> | (400) |  |  | (400) |
| Transfer in/(out)<sup>(2)</sup> | (2000000) |  | 2000000 |  |
| **Shares outstanding as of March 31, 2025** | 3339553 | 1891570 | 2000000 | 7231123 |
| Common shares issued | 2723021 | 857519 |  | 3580540 |
| DRIP shares issued | 55148 | 22997 |  | 78145 |
| **Shares outstanding as of June 30, 2025** | 6117722 | 2772086 | 2000000 | 10889808 |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>See Note 10 - Related Party Transactions - Repurchase of Sponsor's Initial Capitalization Amount for further information.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>In March 2025, certain Class I Shares were exchanged for an equivalent number of Class F-1 Shares in accordance with the plan of distribution for the Offering.

For the period from March 27, 2024 (date of initial capitalization) through June 30, 2024, there were 400 shares of the Company's common stock outstanding.

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***Share Repurchase Plan***

The Company has adopted a share repurchase plan, whereby beginning as of the second full calendar quarter following the initial closing in the Offering, eligible stockholders may request on a quarterly basis that the Company repurchase all or any portion of their shares. The total amount of aggregate repurchases under the share repurchase plan of shares of the Company's common stock will be limited to no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month). Shares will be repurchased at a price equal to the NAV per share on the applicable repurchase date, which will generally be equal to the Company's prior month's NAV per share, subject to any early repurchase deduction. Subject to certain exceptions, shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price. The Company's board of directors has the right to modify, suspend or terminate the share repurchase plan if it deems such action to be in the best interest of the Company and its stockholders.

Shares obtained by the Adviser or its affiliates, including with respect to the non-voting common stock acquired pursuant to the Goldman Sachs Investment (as defined in Note 10 - Related Party Transactions – Related Party Stock Ownership), are not eligible for repurchase through the share repurchase plan and will not be subject to the repurchase limits of the share repurchase plan or any early repurchase deduction; provided, however, that shares obtained pursuant to the Goldman Sachs Investment are subject to the repurchase limits, subject to certain exceptions, as set forth in the subscription agreement for the Goldman Sachs Investment.

Class F-I shares are not eligible to participate in the share repurchase plan until January 6, 2027. Class F-II shares are not eligible to participate in the share repurchase plan until the later of (i) January 6, 2027 and (ii) one year from the date of issuance of the Class F-II share.

***Distributions***

For the three and six months ended June 30, 2025, the Company declared aggregate distributions of $6.0 and $9.5 million. As of June 30, 2025, the Company had $1.9 million of distributions declared but not paid included in distributions payable in the Company's consolidated balance sheet, of which $0.2 million was due to related parties. For the period from March 27, 2024 (date of initial capitalization) through June 30, 2024, the Company did not declare any distributions.

The table below details the aggregate distributions declared per share for each applicable class of stock for the three months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Class I** | **Non-voting Common Stock** | **Class F-I** |
| Aggregate distribution declared per share | $0.5660 | $0.5660 | $0.5660 | $0.5660 |
| Distribution fee per share | (0.0531) |  |  |  |
| Net distribution declared per share | $0.5129 | $0.5660 | $0.5660 | $0.5660 |

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The table below details the aggregate distributions declared per share for each applicable class of stock for the six months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class S** | **Class I** | **Non-voting Common Stock** | **Class F-I**<sup>(1)</sup> |
| Aggregate distribution declared per share | $1.0820 | $1.0820 | $1.0820 | $0.7060 |
| Distribution fee per share | (0.1055) |  |  |  |
| Net distribution declared per share | $0.9765 | $1.0820 | $1.0820 | $0.7060 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Class F-I shares were not issued and outstanding until March 3, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

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***Distribution Reinvestment Plan***

The Company adopted a distribution reinvestment plan whereby eligible stockholders who elect to participate in the distribution reinvestment plan or who are automatically enrolled pursuant to the terms of a subscription for shares of the Company's common stock may have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the most recently disclosed transaction price per share applicable to the class of shares purchased by the participant on the record date for the distribution. Stockholders will not pay upfront selling commissions or placement fees when purchasing shares pursuant to the distribution reinvestment plan, but will pay selling commissions over time as distribution fees, as described in Note 10 - Related Party Transactions.

Class F-I shares and Class F-II shares are not eligible to participate in the Company's distribution reinvestment plan.

***Share-Based Compensation***

In January 2025, the Company granted 1,612 and 11,800 restricted shares of Class I common stock, to the Company's independent directors related to fiscal years 2024 and 2025, respectively, under the board compensation plan. The restricted shares granted for 2024 vested and became unrestricted in January 2025. The restricted shares granted for fiscal year 2025 will become unrestricted shares of common stock on December 31, 2025, subject to certain conditions that accelerate vesting. For the three and six months ended June 30, 2025, the Company recognized $0.1 and $0.2 million of compensation expense related to these awards.

**8. REDEEMABLE COMMON STOCK**

The redeemable common stock consists of the non-voting stock related to the Goldman Sachs Investment. The following tables present the Company's outstanding non-voting common stock during the three and six months ended June 30, 2025 ($ in thousands, except share amounts):

---

| | |
|:---|:---|
| | **Redeemable Common Stock Shares Outstanding** |
| **Shares outstanding as of December 31, 2024** |  |
| Common shares issued | 1000000 |
| **Shares outstanding as of March 31, 2025** | 1000000 |
| Common shares issued |  |
| **Shares outstanding as of June 30, 2025** | 1000000 |

---

---

| | |
|:---|:---|
| | **Redeemable Common Stock Carrying Value** |
| **Balance as of December 31, 2024** | $— |
| Proceeds from issuance | 25000 |
| Adjustment to carrying value |  |
| **Balance as of March 31, 2025** | $25000 |
| Adjustment to carrying value | 33 |
| **Balance as of June 30, 2025** | $25033 |

---

There was no non-voting common stock outstanding as of June 30, 2024. See Note 10 - Related Party Transactions for further details.

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**9. FAIR VALUE OF FINANCIAL INSTRUMENTS**

A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the market assumptions. The three levels are defined as follows:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

***Valuation of Financial Instruments Measured at Fair Value on a Recurring Basis***

The Company elected the fair value option for its loans secured by real estate, which are classified within level 3 of the fair value hierarchy as of June 30, 2025. The Company determines fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) macro real estate performance, (v) capital market conditions, (vi) loan-to-value ratio, debt service coverage, and debt yield, and (vii) borrower financial condition and performance.

There were no financial instruments measured at fair value on a recurring basis as of December 31, 2024. The following table details the Company's financial instruments measured at fair value on a recurring basis as of June 30, 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Total at Fair Value** |
| | **Level 1** | **Level 2** | **Level 3** | **Total at Fair Value** |
| Assets: |  |  |  |  |
| Commercial real estate loan investments | $— | $— | $561384 | $561384 |

---

***Valuation of Commercial Real Estate Loan Investments***

The commercial real estate loan investments consist of senior mortgages and are classified as level 3. The commercial loans are carried at fair value based on significant unobservable inputs. The following table shows a reconciliation of the beginning and ending fair value measurements of the Company's commercial real estate loan investments ($ in thousands):

---

| | |
|:---|:---|
| | **Six Months Ended**<br>**June 30, 2025** |
| **Balance at December 31, 2024** | $— |
| Loan acquisition, origination and fundings | 560122 |
| Net unrealized gain | 1262 |
| **Balance at June 30, 2025** | $561384 |

---

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The following tables summarize the significant unobservable inputs used in the fair value measurement of the Company's investments in commercial loans:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>**Type** | **Valuation Technique** | **Unobservable Input** | **Range** | **Weighted Average Rate** | **Weighted Average Life (years)**<sup>(1)</sup> |
| Commercial loans | Discounted cash flow | Discount rate | 6.66% - 7.96% | 7.10% | 2.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Based on expected cash flows.

The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the arrangement, such as changes in the underlying property valuation and debt service. These rates are also based on the location, type and nature of each underlying property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for the Company to predict the effect of future economic or market conditions based on the estimated fair values.

***Financial Instruments Not Measured at Fair Value***

The fair values of short-term financial instruments such as cash and cash equivalents, restricted cash, other assets, other liabilities, and due to affiliates approximate their carrying value on the accompanying consolidated balance sheets due to their short-term nature. Cash equivalents are primarily money market funds and the fair value is classified as level 1.

The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used to determine the fair value of the Company's indebtedness are considered level 3.

The Company's repurchase agreements have a fair value and a carrying value of $438.9 million as of June 30, 2025. There were no repurchase agreements as of December 31, 2024.

**10. RELATED PARTY TRANSACTIONS**

***Due to/from Affiliates***

The table below presents information regarding due to affiliates as of June 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Accrued distribution fee | $5286 | $— |
| Advanced organization costs | 2194 |  |
| Advanced initial offering costs | 1144 |  |
| Reimbursable general and administrative expenses<sup>(1)</sup> | 854 |  |
| Reimbursable financing costs | 384 |  |
| Accrued transfer agent fee | 32 |  |
| **Total** | $9894 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Reimbursable general and administrative expenses includes $0.6 million related to Expense Support, as described below.

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***Advisory Agreement***

In June 2024, the Company entered into an advisory agreement with the Adviser, which has been subsequently amended at various times thereafter (the "Advisory Agreement"). Pursuant to the Advisory Agreement among the Company and the Adviser, the Adviser is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making decisions related to the origination, acquisition, management, financing and disposition of the Company's investments, in accordance with the Company's investment objectives, guidelines, policies and limitations, subject to oversight by the Company's board of directors.

*Management Fee and Performance Fee*

The Adviser is paid an annual management fee equal to 1.25% of the aggregate NAV of each of the Class S, Class T, Class D, Class I, Class F-1, Class F-II and non-voting common stock, payable monthly in arrears. In calculating the management fee, the Company uses each class's respective NAV before giving effect to accruals for the management fee, performance fee, distribution fees or distributions payable on its shares. The management fee may be paid, at the Adviser's election, in cash or shares (in a class or multiple classes of its choosing).

The Adviser may be entitled to a performance fee, which is accrued monthly and payable quarterly (or part thereof that the Advisory Agreement is in effect) in arrears. Commencing with the calendar quarter representing the fourth full calendar quarter completed since the date of the initial closing of the Offering, the performance fee will be an amount, not less than zero, equal to (i) 12.5% of cumulative Core Earnings (as defined in the Advisory Agreement) for the immediately preceding four calendar quarters (each such period, a "Four-Quarter Performance Measurement Period"), subject to a hurdle rate, expressed as an annual rate of return on average adjusted capital, equal to 5.0% (the "Annual Hurdle Rate") minus (ii) the sum of any performance fees paid to the Adviser with respect to the first three calendar quarters in the applicable Four-Quarter Performance Measurement Period. As a result, the Adviser does not earn a performance fee for any calendar quarter until Core Earnings for the applicable Four-Quarter Performance Measurement Period exceed the Annual Hurdle Rate. Once Core Earnings exceeds the Annual Hurdle Rate, the Adviser is entitled to a "catch-up" fee equal to the amount of Core Earnings in excess of the Annual Hurdle Rate, until Core Earnings for the applicable Four-Quarter Performance Measurement Period exceed a percentage of average adjusted capital equal to the Annual Hurdle Rate divided by 0.875 (or 1 minus 0.125) for the applicable Four-Quarter Performance Measurement Period. Thereafter, the Adviser is entitled to receive 12.5% of Core Earnings. Proportional calculation methodologies will be applied prior to the completion of the calendar quarter representing the fourth full calendar quarter completed since the date of the initial closing of the Offering. The performance fee may be paid, at the Adviser's election, in cash or shares (in a class or multiple classes of its choosing).

Except as described below, the Adviser has agreed to waive its management fee and performance fee for the first nine months commencing on and including the date on which the Company breaks escrow for the Offering, subject to the option to extend the fee waiver in the sole discretion of the Adviser.

The Adviser has agreed to waive the management fee and the performance fee with respect to the Class F-I shares until the third anniversary of the date on which the Company has raised at least $50 million of gross offering proceeds from the issuance of Class F-I shares (the "Third Anniversary") or, if a repurchase request was made before the Third Anniversary for all outstanding Class F-I shares under the Company's share repurchase plan, until all such shares have been redeemed. Class F-II shares will pay the management fee from the date of issuance and will not participate in the nine-month waiver of the management fee and will not be subject to the performance fee in perpetuity.

*Expense Reimbursement* 

Under the Advisory Agreement, and subject to certain limitations, the Adviser is entitled to reimbursement of all costs and expenses incurred by it or its affiliates on the Company's behalf, provided that the Adviser is responsible for the expenses related to any and all personnel of the Adviser who provide investment advisory services to the Company pursuant to the Advisory Agreement the Adviser and its affiliates relating to the Company's activities.

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The Adviser has agreed to advance all organization and offering costs other than upfront selling commissions, placement fees and distribution fees on behalf of the Company through the first anniversary of the date on which the Company breaks escrow for the Offering. The Company will reimburse the Adviser for such agreed upon advanced costs ratably over a 60-month period commencing on the first anniversary of the initial closing of the Offering.

As of June 30, 2025, the Adviser and its affiliates have incurred organization and offering costs on the Company's behalf of approximately $3.3 million, consisting of organization costs of $2.2 million and offering costs of $1.1 million. Such costs became the Company's liability upon the initial closing of the Offering on January 6, 2025 and are payable to the Adviser as of June 30, 2025.

Additionally, the Adviser and its affiliates have paid general and administrative expenses and financing costs on the Company's behalf. As of June 30, 2025, the Company owes the Adviser and its affiliates $0.3 million of general and administrative expenses and $0.4 million of financing costs.

***Expense Support Agreement***

In February 2025, the Company entered into an Expense Support and Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement, until January 6, 2027, the Adviser may elect to pay certain general and administrative expenses of the Company on the Company's behalf (each, an "Expense Payment").

Following any calendar month in which distributable earnings for such calendar month exceed the distributions accrued for the Company's common stockholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Available Operating Funds"), the Company will pay such Available Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company have been reimbursed. Any payment required to be made by the Company is referred to herein as a "Reimbursement Payment." To the extent not previously reimbursed, all unreimbursed Expense Payments (other than those permanently waived by the Adviser) shall be due and payable on the earlier of January 6, 2030, or the termination of the Expense Support Agreement.

The Company's obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month (or permanently).

As of June 30, 2025, the Company has $0.6 million of expenses reimbursable to the Advisor related to the Expense Support Agreement.

***Placement Agreement***

In June 2024, the Company entered into a placement agent agreement, which has been subsequently amended (the "Placement Agent Agreement) for the Offering with Goldman Sachs & Co. LLC (in its capacity as placement agent, the "Placement Agent") as a placement agent. The Placement Agent agreed to, among other things, manage the Company's relationships with third-party broker-dealers engaged by the Placement Agent to participate in the distribution of shares of the Company's Class T, Class S, Class D, Class I common stock and Class F-II common stock, which the Company refers to as "sub-placement agents" or "participating broker-dealers," and financial professionals.

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The Placement Agent is entitled to receive upfront selling commissions of up to 3.0%, and upfront placement agent fees of 0.5%, of the transaction price of each Class T share sold in the Company's primary offering; however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The Placement Agent is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Placement Agent may be entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share sold in the primary offering. No upfront selling commissions or placement fees are paid with respect to purchases of Class I shares or shares of any classes sold pursuant to the distribution reinvestment plan. The Placement Agent anticipates that all or a portion of the upfront selling commissions and placement fees will be retained by, or paid to, participating broker-dealers.

The Company pays the Placement Agent selling commissions over time as distribution fees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.85% per annum of the aggregate NAV of the Company's outstanding Class T shares, consisting of a representative distribution fee of 0.65% per annum, and a dealer distribution fee of 0.20% per annum. Class T shares sold through certain participating broker-dealers, the representative distribution fee and the dealer distribution fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.85% per annum of the aggregate NAV of the Company's outstanding Class S shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.25% per annum of the aggregate NAV of the Company's outstanding Class D shares.

The Company does not pay a distribution fee with respect to outstanding Class I or Class F-II shares sold in the Offering.

Distribution fees are paid monthly in arrears. The Placement Agent pays all or a portion of the distribution fees to participating broker-dealers and servicing broker-dealers, and will rebate distribution fees to the Company to the extent a broker-dealer is not eligible to receive them unless the Placement Agent is serving as the broker-dealer of record with respect to such applicable shares.

The Company will cease paying the distribution fee with respect to any Class T, Class S, or Class D shares held in a stockholder's account at the end of the month in which it is determined that the aggregate upfront selling commissions, placement fees and distribution fees paid with respect to such shares equal or exceeds, in aggregate, the limit, if any, and as set forth in the applicable agreement with the participating broker-dealer at the time the shares were issued (the "Distribution Fee Limit") of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the distribution reinvestment plan thereto). At the end of such month, each Class T, Class S, or Class D share held in such account (including shares in such account purchased through the distribution reinvestment plan or received as a stock dividend) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share.

***Other Compensation***

In addition to the fees and commissions described above, the Placement Agent may elect to pay supplemental fees or commissions to sub-placement agents and participating broker-dealers in connection with the Company's private offering. Such supplemental fees or commissions may be paid at the time of sale or over time. The Company may also pay directly, or reimburse the Placement Agent if the Placement Agent pays on the Company's behalf, any organization and offering expenses (other than upfront selling commissions and distribution fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

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***Transfer Agreement***

In June 2024, the Company entered into a transfer agreement ("Transfer Agreement") with Goldman Sachs & Co. LLC (in its capacity as transfer agent, the "Transfer Agent"), which also acts as the Company's Adviser and as a Placement Agent, to act as the Company's transfer agent. The Transfer Agent will earn, at an annual rate of, 0.05% of average NAV at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company's first quarter, NAV as of such quarter-end) for serving as the Company's transfer agent. The Company will not reimburse the Transfer Agent for its own internal costs in providing transfer agency services to the Company.

For the three and six months ended June 30, 2025, the Company expensed $32 thousand and $0.1 million for the transfer agent fee. As of June 30, 2025, the Company has paid the Adviser $25 thousand.

***Warehoused Investments***

Goldman Sachs expects to source a portfolio of up to $250 million of real estate debt investments (the "Warehoused Investments") for acquisition by the Company. Unless the Company's affiliate transaction committee approves otherwise, the Company expects to pay in connection with each such conveyance an amount equal to (x) the lower of (i) fair value (determined in accordance with the Company's valuation guidelines) of such Warehoused Investment plus accrued interest, less the unamortized original issue discount through the date of settlement and (ii) the cost of the Warehoused Investment to Goldman Sachs plus accrued interest through the date of settlement, and (y) related costs and expenses, including transaction expenses and expenses of conveyance. The Company's affiliate transaction committee will be asked to approve the terms of conveyance for each Warehoused Investment as being fair and reasonable to the Company. Goldman Sachs may source Warehoused Investments for subsequent acquisition as capital is raised in the Offering for up to one year after the Company breaks escrow in the Offering.

In January 2025, the Company acquired three Warehoused Investments from Goldman Sachs, each for a conveyance amount based on cost as set forth in (ii) above with an aggregate transfer price of $137.4 million.

***Acquisition from Goldman Sachs***

In May 2025, the Company acquired an investment from an affiliate of the Adviser for $54.6 million. The acquisition price was equal to the fair value of the loan as provided by the Company's independent valuation advisor, which was also the par value of the loan.

***Related Party Stock Ownership***

In October 2024, the Company entered into a subscription agreement with Goldman Sachs pursuant to which Goldman Sachs has agreed to purchase an aggregate amount of $100 million in non-voting common stock in increments of $25 million, at a price per share equal to the Company's most recently determined NAV for the non-voting common stock, or if NAV has yet to be calculated, then $25.00 (the "Goldman Sachs Investment"). The purchase was made initially on the date of the initial closing of the Offering and subsequently will be made upon the first date the Company's NAV reaches each of $500 million, $750 million and $1 billion.

Goldman Sachs has agreed to hold the shares of non-voting common stock issued in respect of the Goldman Sachs Investment until the earlier of (i) the first date that the Company's NAV reaches $1.5 billion and (ii) three years after the initial closing in the Offering. Following such date, Goldman Sachs may request quarterly, with respect to the shares issued in respect of the Goldman Sachs Investment, that the Company repurchases, a number of non-voting common stock in an amount equal to the amount available under the Company's share repurchase plan's 5% quarterly cap, but only after the Company first satisfies repurchase requests from all other common stockholders who have properly submitted a repurchase request for such quarter in accordance with the Company's share repurchase plan. Notwithstanding the foregoing, for so long as Goldman Sachs acts as Adviser, the Company will not effect any Goldman Sachs repurchase during any quarter in which the full amount of all common shares requested to be repurchased by stockholders other than Goldman Sachs under the Company's share repurchase plan is not repurchased or when the Company's share repurchase plan has been suspended.

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In addition, subject to certain exceptions, at any time after an initial one-year period following the initial closing in the Offering where the Company's common shares owned by Goldman Sachs were to represent 25% or more of the Company's total equity (such percentage referred to herein as the "Goldman Sachs Interest"), the Company will repurchase an amount of the Company's common shares from Goldman Sachs as may be necessary to cause the Goldman Sachs Interest to remain equal to or less than 24.99% of the Company's total equity.

See Note 8 - Redeemable Common Stock for details of the shares and balance as of period end.

***Repurchase of Sponsor's Initial Capitalization Amount***

In February 2025, the Company's board of directors approved the repurchase of the 400 Class I shares purchased by Goldman Sachs in connection with the initial capitalization in a per share amount equal to the initial purchase price of $25.00. The shares were redeemed by the Company in February 2025.

**11. SEGMENT REPORTING**

The Company defines reportable segments based on the way in which the chief operating decision maker ("CODM"), currently the chief executive officer and chief financial officer, makes key operating decisions, evaluates financial results, manages the operations and allocates resources.

The Company has determined that there is one reportable segment based on how the CODM reviews and manages the business, which originates and acquires commercial mortgage loans.

The CODM reviews, among other things, consolidated net income that is reported on the consolidated statements of operations to make decisions, allocates resources and assesses performance and does not evaluate the net income from any separate geography or product line. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Because the accounting policies for the segment are the same as those described in Note 2 - Significant Accounting Policies, total segment net income and total segment assets are equal to total net income and total assets, as reported on the consolidated statements of operations and consolidated balance sheets.

The significant segment expenses regularly provided to the CODM, generally, include interest expense and general and administrative expenses, as separately presented on our consolidated statements of operations.

**12. SUBSEQUENT EVENTS**

***Financing Activity***

Subsequent to June 30, 2025, the limit on the master repurchase agreement with Wells Fargo Bank was increased to provide for asset purchases by Wells Fargo of up to $500 million (the "Facility"). All other terms and conditions of the Facility remain unchanged.

***Investment Portfolio Activity***

Subsequent to June 30, 2025, the Company originated an aggregate of $180.0 million of floating rate senior commercial real estate loans.

***Stockholders' Equity***

Subsequent to June 30, 2025, the Company sold unregistered shares of its common stock in the Offering as follows ($ in thousands, except share amounts):

---

| | | | |
|:---|:---|:---|:---|
| **Title of Securities** | **Number of Shares Sold** | **Aggregate Consideration** | |
| Common stock - Class I shares | 690785 | $17315 |  |
| Common stock - Class S shares | 445877 | $11269 | <sup>(1)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes upfront selling commissions and placement fees of $0.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

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

References herein to "Goldman Sachs Real Estate Finance Trust," the "Company," "we," "us," or "our" refer to Goldman Sachs Real Estate Finance Trust, Inc and its subsidiaries unless the context specifically requires otherwise.

The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q as well as the information contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC").

**Forward-Looking Statements**

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified 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; however, not all forward-looking statements may contain such words. You should read statements that contain these words carefully because they include information about possible or assumed future results of our business, investment strategies, financial condition, liquidity, results of operations, plans and objectives. Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are difficult to predict and are generally beyond our control.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These events or factors include but are not limited to those described under the section entitled "Summary Risk Factors" in Part I, Item IA in our Form 10-K and Part II, Item 1A of our Quarterly Report on Form 10-Q. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Executive Overview**

*Introduction*

Goldman Sachs Real Estate Finance Trust Inc is a newly organized perpetual life, net asset value ("NAV")-based real estate investment trust ("REIT") formed on March 8, 2024, as a Maryland corporation to originate, acquire and manage a portfolio of commercial real estate loans secured by high-quality assets located in North America (primarily in the United States). The investment objective is to generate current income and attractive risk-adjusted returns by originating senior secured, floating-rate loans, and, to a lesser extent, B Notes and mezzanine loans (collectively, "junior loans"), collateralized by real property or ownership interests in real property (collectively "Credit Investments"). Our Credit Investments are expected to be diversified across property type and geography, with a focus on multifamily, industrial, student housing, seniors housing, hospitality, retail and other major sectors located in gateway and growth markets. We expect to generate current cash flow by financing real estate assets or portfolios in moderate transition.

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We are externally managed by Goldman Sachs & Co. LLC (the "Adviser"). The Adviser is also a registered broker-dealer and acts as the Placement Agent for our private offering. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended, with personnel responsible for acting on its behalf as a registered investment adviser.

We intend to elect to be taxed and to operate in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes beginning with our taxable year ending December 31, 2025. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

We satisfied the minimum offering amount and broke escrow in our continuous private offering on January 6, 2025 ("Escrow Break").

*Factors Impacting Our Operating Results*

Our operating results can be affected by a number of factors and depend on loan origination activity, interest earned on the commercial real estate loan investments held in the portfolio, interest paid on the borrowing facilities of the portfolio and changes in the fair market value of our commercial real estate loan investments. Our net interest income varies primarily as a result of the number of loan originations in the period, the timing of entering into new borrowing arrangements, repayments from the borrower of the outstanding principal balance of our commercial real estate loan investments during the period, and changes in benchmark interest rates and market spreads. Market spreads vary according to the type of investment or borrowing, conditions in the financial markets, competition and other factors, none of which can be predicted with any certainty.

We have elected the fair value option for our commercial real estate loan investments. The fair market value of our commercial real estate loans can be impacted primarily by changes in credit spread premiums (yield advantage over a benchmark rate) and the supply of, and demand for, assets in which we invest.

*Outlook*

During the second quarter of 2025, commercial real estate market fundamentals exhibited continued improvement, resulting in increased transaction volume and lending activity. As more liquidity entered the real estate credit markets, spreads tightened, and we navigated the competitive landscape. Since the tariff announcements in April, we observed heightened market volatility and public market dislocation, which created opportunities to generate wider spreads at similar risk profiles, further underscoring the importance of reliable execution and strong sponsor relationships for private lenders. While the U.S. debt markets remained robust during the quarter, changes in sentiment and unpredictability surrounding the broader geopolitical outlook could curtail momentum into the rest of the year as investors wait for a clearer picture to emerge. As liquidity may become more constrained during a period of uncertainty, we believe we are well positioned to provide holistic capital solutions to borrowers across the Goldman Sachs real estate lending platform.

Since commencing investment activity, the Company has capitalized on the opportunity to generate attractive risk-adjusted yields with significant equity cushion from a senior lending position at a fresh mark on value for the real estate collateral. The current portfolio is comprised of senior loans across the multifamily, industrial, hospitality and self-storage sectors with stable underlying cash flows and/or transitional business plans requiring a moderate level of investment for lease-up, renovation or repositioning. The loans in the portfolio are all structured with protections to mitigate potential risks, such as extension tests for various performance hurdles, cash management provisions, and interest rate floors. We are actively monitoring our existing portfolio through robust asset management and sponsor alignment. While macroeconomic trends associated with changing policies may impact the commercial real estate sector, we believe the returns generated from these private real estate loans should perform independently from the broader public market.

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We are actively evaluating new opportunities to deploy capital for the portfolio while remaining selective and disciplined in our underwriting. For portfolio construction, we continue to have conviction across defensive property types in markets with favorable long-term growth trends to generate durable income and withstand operating pressure. We believe the supply and demand imbalance for real estate credit will continue to create favorable opportunities for alternative lending sources.

**Second Quarter 2025 Highlights**

***Capital Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly net distributions totaling $5.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $89.7 million of net proceeds from the sale of our common stock through our continuous private offering.

***Investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired a floating rate senior commercial real estate loan collateralized by industrial properties in the United States with a loan commitment amount of $74.3 million and total outstanding principal amount of $54.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originated six floating rate senior commercial real estate loans collateralized by multifamily, hospitality, self-storage and industrial properties in the United States with a loan commitment amount of $320.1 million and total outstanding principal amount of $301.6 million.

***Financing Activities***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a master repurchase agreement with Morgan Stanley with a maximum facility size of $450 million and increased the maximum facility size on the existing Citibank N.A. master repurchase agreement to $750 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received borrowings of $376.1 million from our master repurchase agreements.

**Financial Condition**

*Investment Activities*

We commenced investing in commercial real estate loans in January 2025. We elected the fair value option for our commercial real estate loan investments and, accordingly, we recognize any origination costs or fees associated with the loans in the period of origination. Our commercial real estate loan investments earn interest at term Secured Overnight Financing Rate ("SOFR") plus a spread and had a weighted average interest rate of 7.20% as of June 30, 2025.

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The following table details overall statistics for our loan portfolio as of June 30, 2025 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Number of investments | 12 |  |
| Principal balance | $561384 | $— |
| Fair value | $561384 | $— |
| Unfunded loan commitments<sup>(1)</sup> | $57137 | $— |
| Weighted-average interest rate<sup>(2)</sup> | 7.20% | —% |
| Weighted-average maximum maturity (years)<sup>(3)</sup> | 4.7 |  |
| Weighted average loan to value (LTV)<sup>(4)</sup> | 64% | —% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Unfunded commitments generally consist of funding for leasing costs, interest reserves and capital expenditures. These future commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. Loans earn interest at the one-month Term SOFR plus a spread.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions as defined in the respective loan agreement.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Weighted average LTV ratio for our loan investments is determined based on the valuations of the collateral securing our commercial real estate loans at origination.

The following charts illustrate the diversification and composition of our loan portfolio based on fair value as of June 30, 2025:

![1583](gsreft-20250630_g1.jpg)![1584](gsreft-20250630_g2.jpg)

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As of June 30, 2025, we had the following investments in commercial real estate loans:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Location** | **Origination Date**<sup>(1)</sup> | **Weighted Average Interest Rate**<sup>(2)</sup> | **Loan Amount**<sup>(3)</sup> | **Principal Balance Outstanding** | **Fair Value** | **Maximum Maturity Date**<sup>(4)</sup> |
| Multifamily | Nashville, TN | 1/10/2025 | 7.01% | 33300 | 33300 | 33300 | 2030 |
| Industrial | Various, Various | 1/10/2025 | 7.41% | 53808 | 46812 | 46812 | 2030 |
| Industrial | Riverside, CA | 1/15/2025 | 7.21% | 68493 | 60305 | 60305 | 2030 |
| Multifamily | Austin, TX | 2/7/2025 | 7.01% | 37500 | 37079 | 37079 | 2030 |
| Industrial | Las Vegas, NV | 2/28/2025 | 7.11% | 31000 | 27737 | 27737 | 2030 |
| Self-storage | Los Angeles, CA | 4/25/2025 | 8.06% | 55079 | 46686 | 46686 | 2030 |
| Multifamily | Charlotte, NC | 4/25/2025 | 6.81% | 51000 | 50500 | 50500 | 2030 |
| Multifamily | Denver, CO | 4/28/2025 | 6.76% | 72700 | 72200 | 72200 | 2030 |
| Industrial | Dallas, TX | 4/28/2025 | 7.16% | 37300 | 29180 | 29180 | 2030 |
| Industrial | Various, NJ | 5/16/2025 | 7.18% | 74341 | 54585 | 54585 | 2029 |
| Multifamily | Phoenix, AZ | 5/22/2025 | 6.86% | 52500 | 51500 | 51500 | 2030 |
| Hospitality | Phoenix, AZ | 5/30/2025 | 7.86% | 51500 | 51500 | 51500 | 2030 |
| Total |  |  | 7.20% | $618521 | $561384 | $561384 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Origination date represents the date the loan investment was initially originated or acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Loans earn interest at the one-month SOFR plus a spread, based on the most recent interest period in effect for each commercial real estate loan as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions as defined in the respective loan agreement.

*Loan Risk Ratings*

We evaluate each loan at origination and assign an overall risk rating based on several factors, including but not limited to, credit metrics and volatility, sponsorship, sector type, property condition and performance, and market to determine the overall health of each loan investment in the portfolio ("Loan Risk Rating"). Loans are rated "1" (Very Low Risk), "2" (Low Risk), "3" (Average Risk), "4" (High Risk/Potential for Loss), or "5" (Impaired/Loss likely). We re-evaluate the loan risk ratings on our loan portfolio quarterly and update risk ratings as needed. Loan risk ratings are assessed subjectively and may not accurately reflect the risk associated with our loans or be directly comparable to loan risk ratings assigned by our competitors.

Our loan portfolio had a weighted-average loan risk rating of 2 as of June 30, 2025.

*Financing and Other Liabilities*

We finance the majority of our commercial real estate loan portfolio through repurchase agreements. We have three repurchase agreements that bear interest at one-month term SOFR plus a spread.

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The below table summarizes our repurchase agreements as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Weighted Average Interest Rate**<sup>(1)</sup> | **Maturity Date**<sup>(2)</sup> | **Maximum Facility Size** | **Amount Outstanding** |
| Citibank N.A. | 6.02% | January 2028 | $750000 | $192156 |
| Wells Fargo Bank<sup>(3)</sup> | 5.87% | March 2028 | 250000 | 208089 |
| Morgan Stanley | 6.41% | June 2029 | 450000 | 38625 |
|  |  |  | $1450000 | $438870 |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Represents weighted average interest rate of the most recent interest period in effect for each borrowing as of period end. Borrowings under the repurchase agreements carry interest at one-month Term SOFR plus a spread.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Maturity date represents the agreements' initial maturity date and does not include any extension options.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>On July 23, 2025, the maximum facility size was increased to $500 million.

Each of our repurchase agreements contains customary terms and conditions, including but not limited to, negative covenants relating to restrictions on our operations with respect to our status as a REIT, and financial covenants, such as a minimum tangible net worth covenant, cash liquidity covenant and maximum leverage ratio covenant.

As of June 30, 2025, we were in compliance with the covenants of our repurchase agreements.

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**Results of Operations**

We commenced investing in commercial real estate loans in January 2025. Accordingly, our results of operations for the periods presented are not comparable. We expect revenues and expenses to increase during the year ending December 31, 2025 because we will have a year of operations in 2025 and expect to continue making additional investments.

For the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and the period from March 27, 2024 (date of initial capitalization) through June 30, 2024, our results of operations consisted of ($ in thousands, except per share amount):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Six Months Ended June 30,** | **For the Period from March 27, 2024 (date of initial capitalization) through June 30,** | |
| | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| **Net Interest Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;Commercial real estate loan interest income | $7673 | $— | $7673 | $10500 | $— | $10500 |
| &nbsp;&nbsp;Other interest income | 1094 |  | 1094 | 1323 |  | 1323 |
| &nbsp;&nbsp;Interest expense | (4653) |  | (4653) | (5621) |  | (5621) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | 4114 |  | 4114 | 6202 |  | 6202 |
| &nbsp;&nbsp;Loan fee income | 3201 |  | 3201 | 3886 |  | 3886 |
| **Net revenues** | 7315 |  | 7315 | 10088 |  | 10088 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Organization costs |  |  |  | 2194 |  | 2194 |
| &nbsp;&nbsp;Related party fees | 32 |  | 32 | 58 |  | 58 |
| &nbsp;&nbsp;General and administrative | 1083 |  | 1083 | 2236 |  | 2236 |
| **Total expenses** | 1115 |  | 1115 | 4488 |  | 4488 |
| **Other Income (Expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized gain (loss) on commercial real estate loan investments | (126) |  | (126) | 1262 |  | 1262 |
| **Total other income (expense)** | (126) |  | (126) | 1262 |  | 1262 |
| **Net income (loss)** | $6074 | $— | $6074 | $6862 | $— | $6862 |
| **Earnings per share:** |  |  |  |  |  |  |
| **Net income (loss) attributable to common stockholders** |  |  |  |  |  |  |
| Basic | $0.56 | $(0.31) | $0.87 | $0.78 | $(0.31) | $1.09 |
| Diluted | $0.56 | $(0.31) | $0.87 | $0.78 | $(0.31) | $1.09 |
| **Weighted average number of shares of common stock** |  |  |  |  |  |  |
| Basic | 10807849 | 400 | 10807449 | 8732703 | 400 | 8732303 |
| Diluted | 10807849 | 400 | 10807449 | 8732703 | 400 | 8732303 |

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*Net interest income*

Our net interest income increased as a result of the new commercial real estate loans earning interest during the three and six months ended June 30, 2025. This was partially offset by interest expense related to the repurchase agreements.

*Loan fee income*

Loan fee income totaled $3.2 million and $3.9 million and consists of loan origination fees earned on loans that were originated during the three and six months ended June 30, 2025.

*Expenses*

Our expenses for the three and six months ended June 30, 2025 totaled $1.1 million and $4.5 million and primarily consist of organization costs and general and administrative expenses.

Our general and administrative expenses for the three and six months ended June 30, 2025 primarily consist of accounting, auditing, legal and other professional fees.

Our related party fees for the three and six months ended June 30, 2025 consist of transfer agent fees.

*Other income*

For the three and six months ended June 30, 2025, we recorded approximately $(0.1) million and $1.3 million of unrealized gain (loss) on commercial real estate loan investments related to the acquired Warehoused Investments.

*Net income attributable to common stockholders*

For the three months ended June 30, 2025, our net income attributable to common stockholders was $6.1 million, or $0.56 basic and diluted net income per weighted-average share available to common stockholders. Net income for the three months ended June 30, 2025 primarily reflected net revenues of $7.3 million (consisting of net interest income of $4.1 million and loan fee income of $3.2 million) and expenses of $1.1 million (primarily general and administrative expenses).

For the six months ended June 30, 2025, our net income attributable to common stockholders was $6.9 million, or $0.78 basic and diluted net income per weighted-average share available to common stockholders. Net income for the six months ended June 30, 2025 reflected net revenues of $10.1 million (consisting of net interest income of $6.2 million and loan fee income of $3.9 million), expenses of $4.5 million (primarily organization and general and administrative expenses) and other income of $1.3 million (consisting of unrealized gain on commercial real estate loan investments) .

**Liquidity and Capital Resources**

Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to pay distributions, fund investments, repay borrowings, repurchase shares and fund other general business needs. Our sources of funds for liquidity consist of the net proceeds from our continuous private offering, net cash provided by operating activities, proceeds and available borrowings from repurchase agreements, loan repayments, and future issuances of equity and/or debt securities.

We currently believe that we have sufficient liquidity and capital resources available for the acquisition of additional commercial real estate loans, repayments on borrowings, the payment of dividends as required for continued qualification as a REIT, and to repurchase shares of our common stock under our share repurchase plan. Cash needs for funding commercial real estate loans are funded by our continuous private offering and debt financings, and all other cash needs are generally met from operations. There may be a delay between the sale of our shares and our origination of commercial real estate loan investments or purchase of assets that could result in a delay in the benefits to our stockholders, if any, of returns generated from our investment operations.

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Our Adviser has agreed to several support measures. Our Adviser has agreed to advance all organization and offering costs other than upfront selling commissions, placement fees and distribution fees on our behalf through the first anniversary of the date on which we broke escrow for the private offering. We will reimburse the Adviser for such agreed upon advanced costs ratably over a 60-month period commencing on the first anniversary of the date on which we break escrow for the private offering. As of June 30, 2025, the Adviser has incurred organization and offering expenses on our behalf of approximately $3.3 million. The Placement Agent currently intends to pay its expenses without reimbursement from us. Our Adviser has agreed to waive its management fee and performance fee for the first nine months commencing on and including the date on which we break escrow in our private offering. Additionally, per the Expense Support and Reimbursement Agreement entered in February 2025, our Advisor may elect to pay certain general and administrative expenses on our behalf ("Expense Support"). Following any calendar month in which certain thresholds are met, we will reimburse the Adviser all of or a portion of the outstanding balance of expense support provided. To the extent not previously reimbursed, all unreimbursed expense support amounts (other than those permanently waived by the Adviser) shall be due and payable on the earlier of January 6, 2030, or the termination of the Expense Support and Reimbursement Agreement.

We held cash and cash equivalents of $175.6 million and restricted cash of $15.6 million as of June 30, 2025. Our cash and cash equivalents change due to normal fluctuations in cash balances related to the timing of principal and interest payments and loan origination and funding activity. Our restricted cash changes based on the volume of new subscriptions for our shares.

The following table sets forth changes in cash and cash equivalents and restricted cash ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities | $8348 | $— |
| Cash flows from investing activities | (559921) |  |
| Cash flows from financing activities | 742735 | 10 |
| **Net change in cash, cash equivalents and restricted cash** | $191162 | $10 |

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Our operating activities provided net cash of $8.3 million for the six months ended June 30, 2025, primarily due to our net interest income, loan fee income and amounts advanced by our Adviser under our advisory agreement.

Our investing activities used net cash of $559.9 million for the six months ended June 30, 2025, and consisted of originating and acquiring twelve commercial real estate loan investments during the period.

Our financing activities provided net cash of $742.7 million for the six months ended June 30, 2025. During the six months ended June 30, 2025, we received net proceeds from the issuance of common stock of $269.7 million, $25.0 million from the Goldman Sachs Investment and net proceeds from our repurchase agreements of $438.9 million. We also received net proceeds of $15.6 million from investor subscriptions paid in advance.

We intend to elect to be taxed and to operate in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Code commencing with our taxable year ending December 31, 2025. Under the Code, to qualify as a REIT, we must distribute at least 90% of our taxable income subject to certain adjustments and excluding capital gain. However, to the extent that a REIT satisfies this distribution requirement but distributes less than 100% of its taxable income, the REIT may be subject to federal and certain state income taxes on its undistributed taxable income. To maintain our REIT status, we must meet certain tests, for example the nature of its income, assets and organization. REITs are subject to a number of other organizational and operational requirements under the Code. If we failed to qualify as a REIT, we would be subject to certain federal income taxes at regular corporate rates and would not be able to qualify as a REIT for four subsequent taxable years.

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Over time, we generally intend to fund our cash needs for items other than our investments from operations. Our cash needs for investments will be funded primarily from the sale of shares of our common stock and through the assumption or incurrence of debt. Financing a portion of our assets will allow us to broaden our portfolio by increasing the funds available for investment. We may leverage our portfolio by assuming or incurring secured or unsecured investment-level or entity-level debt. We may seek to obtain lines of credit under which we would reserve borrowing capacity. Borrowings under lines of credit may be used not only to repurchase shares, but also to fund debt investments or for any other corporate purpose.

Our primary sources of liquidity include available borrowings under our repurchase agreements and cash and cash equivalents. As of June 30, 2025, we had $175.6 million of cash and cash equivalents. We also had $2.3 million of available borrowings under our repurchase agreements based on existing collateral and $47.2 million of additional capacity related to unfunded commitments from our commercial real estate loan investments.

We will use financial leverage to provide additional funds to support our investment activities. This allows us to make more investments than would otherwise be possible, resulting in a broader portfolio and attractive yield. Our target REIT-level leverage ratio will be approximately 60-75%. For purposes of calculating our leverage, we exclude any senior portions of investments that are sold to, or held by, third-party lenders to achieve "structural leverage," where we retain a mezzanine or other subordinate investment that is unencumbered and not otherwise pledged as collateral for borrowed money. We have no limits on the amount of debt we may incur.

**Contractual Obligations and Commitments**

Commitments and contingencies may arise in the ordinary course of business. As of June 30, 2025, we had unfunded commitments of $57.1 million related to our commercial real estate loan investments. Unfunded commitments generally consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the maximum current maturity of the related loans of 4.9 years.

**Critical Accounting Policies and Estimates**

The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. If conditions change from those expected, it is possible that the judgments and estimates described below could change, which may result in a change in the valuation of our investment portfolio, the valuation of our redeemable common stock, and a change in our net interest income recognition among other effects.

*Investments in Loans*

We have elected the fair value option for all commercial real estate loan investments we have originated or acquired. Under the fair value option, changes in the fair value will be recognized in our consolidated statements of operations.

The fair value, determined by a third-party appraiser, will be determined by discounting the future contractual cash flows to the present value using a current market interest rate or spread. The market rate is determined through consideration of the interest rates for debt of comparable quality and maturity, and the value of the underlying real estate investment.

*Revenue Recognition*

Interest income from our commercial real estate loan investments is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis.

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Commercial real estate loan investments are placed on non-accrual status when it is probable that principal or interest will not be collected according to contractual terms. Accrued interest generally is reversed when a commercial real estate loan investment is placed on non-accrual status. Interest payments received on non-accrual commercial real estate loan investments may be recognized as income or applied to principal depending upon management's judgment. Non-accrual commercial real estate loan investments are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current.

Recognition of premiums and discounts associated with commercial real estate loan investments that are acquired are deferred and recorded over the term of the loan as an adjustment to interest income. For commercial real estate loans we originate, we recognize the origination fee income and related costs for commercial loans immediately in loan fee income and general and administrative expenses, respectively.

*Redeemable Common Stock*

We classify common stock held by Goldman Sachs as redeemable common stock because the Goldman Sachs Investment is held by an entity that is considered an affiliate of the Company and there is no requirement for the affiliate transaction committee (which is comprised solely of independent directors) or similar governing committee to approve or reject the redemption of the Goldman Sachs interest.

We report redeemable common stock on the consolidated balance sheets at redemption value. Redemption value is determined based on NAV per share as of the period end. Increases or decreases in the value of redeemable common stock will be charged to additional paid-in capital until the Company has retained earnings.

See Note 2 - Significant Accounting Policies in the Company's Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Report on Form 10-Q for additional information concerning the Company's significant accounting policies.

**Recent Accounting Standards**

See Note 2 - Significant Accounting Policies to our consolidated financial statements included in this Report.

**Net Asset Value ("NAV") and NAV Per Share Calculation**

For the purposes of calculating a monthly NAV, our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our independent valuation advisors in connection with estimating the values of our assets and liabilities. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm's-length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Refer to Part II. Item 5. "*Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchase of Equity Securities – Net Asset Value Calculation and Valuation Guidelines*" in our Annual Report on Form 10-K for further information on the valuation methods used for the purposes of determining the valuations of our assets and liabilities.

To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares of common stock, we have adopted a model that calculates the fair value of our assets and liabilities in accordance with our valuation guidelines. Because these fair value calculations involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires we calculate NAV in a certain way. As a result, other REITs may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. Stockholders should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure.

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Our NAV per share will be calculated by an affiliate of CBRE, Inc. ("CBRE"), a third-party firm that provides us with certain administrative and accounting services, as of the last calendar day of each month and is available generally within 15 calendar days after the end of each applicable month. The Adviser is responsible for reviewing and confirming our NAV, and overseeing the process around the calculation of our NAV.

Each month, before taking into consideration accrued dividends or other class-specific accruals, any change in the aggregate NAV (the "Aggregate Fund NAV") of our outstanding shares of each class of common stock at the end of the prior month will be allocated among each class of common stock. This allocation will be based on each class's relative percentage of the previous Aggregate Fund NAV (treating all shares issued on the first calendar day of the month as outstanding as of the date of such previous Aggregate Fund NAV). Changes in our monthly Aggregate Fund NAV include, without limitation, accruals of our net portfolio income, interest expense, unrealized/realized gains and losses on assets, any applicable organization and offering costs and any expense reimbursements. Changes in our monthly Aggregate Fund NAV also include material non-recurring events, such as capital expenditures and material acquisitions and dispositions occurring during the month. Notwithstanding anything herein to the contrary, the Adviser may in its discretion consider material market data and other information that becomes available after the end of the applicable month in valuing our assets and liabilities and calculating our NAV for a particular month. For purposes of calculating our NAV, the organization and offering expenses and general and administrative expenses advanced, waived or paid by the Adviser will not be recognized as expenses or as a component of equity and reflected in our NAV until we pay the Adviser for these costs.

Following the allocation of the changes in our Aggregate Fund NAV as described above, NAV for each class is adjusted for class-specific accruals for distributions, ongoing distribution fees, management fees and performance fees payable to the Adviser to determine the monthly NAV for each class. These accruals are made on a class-specific basis and borne by all holders of the applicable class. These class-specific accruals may differ for each class, even when the NAV per share of each class is the same. We normally expect that the class-specific accruals will result in different amounts of distributions being paid with respect to certain classes of shares. When the NAV per share of our classes are different, then changes to our assets and liabilities that are allocable based on NAV will also be different for each class. Because the purchase price of shares in the primary offering is equal to the transaction price, which generally equals the most recently disclosed monthly NAV per share, plus the upfront selling commissions and placement fees, which are effectively paid by purchasers of shares at the time of purchase, the upfront selling commissions and placement fees have no effect on the NAV of any class.

NAV per share for each class is calculated by dividing such class's NAV at the end of each month by the number of shares outstanding for that class at the end of such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35

------

The following table details the major components of our NAV as of June 30, 2025 ($ in thousands, except share data):

---

| | |
|:---|:---|
| **Components of NAV** | **June 30, 2025** |
| Commercial real estate loan investments, at fair value | $561384 |
| Cash and cash equivalents | 175601 |
| Restricted cash | 15569 |
| Other assets | 4884 |
| Repurchase agreements, at fair value | (438870) |
| Subscriptions received in advance | (15569) |
| Distributions payable | (1927) |
| Other liabilities | (2631) |
| Due to affiliate<sup>(1)</sup> | (721) |
| **Net asset value** | $297720 |
| Number of outstanding shares<sup>(2)</sup> | 11889808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Excludes (i) amounts advanced by the Adviser of $2.2 million for organization costs and $1.1 million for offering costs, and (ii) accrued distribution fees not currently payable to the Dealer Manager of $5.2 million, and (iii) general and administrative costs paid on our behalf by the Adviser pursuant to the Expense Support and Reimbursement Agreement of $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Includes 1,000,000 shares of non-voting common stock held by a Goldman Sachs affiliate that are classified as redeemable common stock under U.S. GAAP.

The following table provides a breakdown of our aggregate NAV and NAV per share by class as of June 30, 2025 ($ in thousands, except share and per share data):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class I** | **Non-voting Common Stock** | **Class F-I** | **Aggregate NAV** |
| Net asset value | $69376 | $153237 | $25033 | $50074 | $297720 |
| Number of outstanding shares | 2772086 | 6117722 | 1000000 | 2000000 | 11889808 |
| NAV Per Share | $25.03 | $25.05 | $25.03 | $25.04 | $25.04 |

---

Set forth below is the range of the discount rate, the key assumption used in the discounted cash flow methodology, the primary methodology used in the June 30, 2025 valuation of our investments in commercial loans.

---

| | |
|:---|:---|
| **Investments** | **Discount Rate** |
| Commercial Real Estate Loans | 6.66% - 7.96% |

---

The investment value sensitivity analysis table presented below shows the estimated impact of a change in market discount rates, up and down 100 basis points, on the fair value of our investments in commercial loans as of June 30, 2025, assuming a static portfolio and constant financing. When evaluating the impact of changes in discount rates, the most likely cash flows are also considered in the analysis, including assumed prepayment dates. The analysis presented assumes that all other factors remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36

------

The changes listed below would result in the following effects on our investment values. ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
|<br>**Change in Discount Rates** | **Projected Increase (Decrease) in Investment Value** | **Percentage Change in Projected Investment Value** |
| 1.00% increase | $(13468) | (2.4)% |
| 1.00% decrease | $— | —% |

---

The following table reconciles U.S. GAAP stockholders' equity per our consolidated balance sheets to our NAV ($ in thousands):

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Stockholders' equity | $263514 |
| Adjustments: |  |
| &nbsp;&nbsp;Redeemable common stock - related party<sup>(1)</sup> | 25033 |
| &nbsp;&nbsp;Organization and offering costs advanced by Adviser<sup>(2)</sup> | 3338 |
| &nbsp;&nbsp;Expense Support provided by Adviser<sup>(3)</sup> | 598 |
| &nbsp;&nbsp;Accrued distribution fees not currently payable<sup>(4)</sup> | 5237 |
| &nbsp;&nbsp;NAV | $297720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>We classify common stock held by a Goldman Sachs affiliate as redeemable common stock and include the value of these shares as a component of our NAV. We report our redeemable common stock on our consolidated balance sheets at redemption value. Redemption value is determined based on our net asset value per share as of our balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Adviser will advance all of our organization and offering costs, other than upfront selling commissions, placement fees and distributions fees, through the first anniversary of the date of Escrow Break. We expense organization costs as incurred in our consolidated statements of operations and recorded $1.1 million of our offering costs as a reduction of additional paid-in capital in our consolidated balance sheets as of June 30, 2025. We will reimburse the Adviser for all of our organization and offering costs advanced ratably over the 60 months commencing January 6, 2026. For purposes of calculating our NAV, organization costs and offering costs paid by the Adviser will not be recognized as an expense or a reduction to NAV until we reimburse the Adviser for these costs.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Pursuant to the Expense Support and Reimbursement Agreement, the Adviser may elect to pay certain of our general and administrative expenses on our behalf. These costs include certain general and administrative expenses that are in our U.S. GAAP consolidated financial statements, but will not be recognized as an expense or a reduction of NAV until we reimburse the Adviser for these costs.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>We have entered into an agreement with the Placement Agent in connection with our continuous private offering. Under the terms of our agreement, the Placement Agent is entitled to receive distribution fees over time for Class T, Class S, and Class D shares sold in the private offering. As of June 30, 2025, we have accrued distributions fees totaling $5.3 million, of which $49 thousand is currently payable to the Placement Agent. Distribution fees will not be recognized as an expense or a reduction to NAV until we pay these costs.

**Distributions**

Distributions are authorized at the discretion of our board of directors, in accordance with our earnings, cash flows and general financial condition. Our board of directors' discretion is directed, in substantial part, by its obligation to cause us to comply with the REIT requirements.

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with U.S. GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986 (the "Code") and minimize tax liability.

We began declaring monthly distributions in January 2025. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the gross distribution per share and paid to the Placement Agent and paid to the applicable distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37

------

The table below details the net distribution per share for each of our common share classes for the six months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class T** | **Class S** | **Class D** | **Class I** | **Non-voting Common Stock** | **Class F-I** | **Class F-II** |
| January 31, 2025 | $— | $0.1920 | $— | $0.2100 | $0.2100 | $— | $— |
| February 28, 2025 |  | 0.1497 |  | 0.1660 | 0.1660 |  |  |
| March 31, 2025 |  | 0.1219 |  | 0.1400 | 0.1400 | 0.1400 |  |
| April 30, 2025 |  | 0.1925 |  | 0.2100 | 0.2100 | 0.2100 |  |
| May 31, 2025 |  | 0.1719 |  | 0.1900 | 0.1900 | 0.1900 |  |
| June 30, 2025 |  | 0.1485 |  | 0.1660 | 0.1660 | 0.1660 |  |
| Total | $— | $0.9765 | $— | $1.0820 | $1.0820 | $0.7060 | $— |

---

The following table summarizes our distributions paid during the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** |
| | **Amount** | **Percentage** |
| **Distributions** | | |
| &nbsp;&nbsp;Paid in cash | $4852 | 66% |
| &nbsp;&nbsp;Reinvested in shares | 2527 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $7379 | 100% |
| **Source of distributions** |  |  |
| &nbsp;&nbsp;Cash flow from operating activities<sup>(1)</sup> | $7379 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources of distribution | $7379 | 100% |
| Net cash provided by operating activities | $8348 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Cash flow from operating activities is supported by expense support payments from the Adviser pursuant to the Advisory Agreement and the Expense Support Agreement. See Note 10 - Related Party Transactions to our consolidated financial statements included herein for additional information regarding the agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38

------

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for a small reporting company.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this quarterly report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"). Based upon this evaluation, our CEO and CFO have concluded that as of the end of the period covered by this report our disclosure controls and procedures (a) were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) included, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39

------

**PART II. OTHER INFORMATION** 

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, we were not involved in any material legal proceedings.

**ITEM 1A. RISK FACTORS.**

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024, as filed with the SEC on February 13, 2025, and Part II, Item 1A Risk Factors in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, as filed with the SEC on May 14, 2025.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Unregistered Sales of Equity Securities**

*Private Offering*

We are engaged in a continuous, unlimited private placement offering of our common stock (the "Offering") to "accredited investors" (as defined in Regulation D under the Securities Act) made pursuant to exemptions provided by Section 4(a)(2) of the Securities Act and Regulation D thereunder and applicable state securities laws.

The sale of the shares in the Offering are made pursuant to subscription agreements entered into by the Company and the purchasers thereof. We relied, in part, upon representations from the purchasers in the subscription agreements that each purchaser was an accredited investor (as defined in Regulation D under the Securities Act).

Sales in the primary portion of the Offering have been previously reported in our Current Reports on Form 8-K. In the three months ended June 30, 2025, we made the following additional sales in the Offering pursuant to the distribution reinvestment plan.

On April 7, 2025, we issued approximately 4,973 Class S shares at a price per share of $25.02 for a total value of $124,439, and approximately 11,251 Class I shares at a price per share of $25.00 for a total value of $281,604.

On May 7, 2025, we issued approximately 8,976 Class S shares at a price per share of $25.00 for a total value of $224,388, and approximately 21,837 Class I shares at a price per share of $25.00 for a total value of $546,350.

On June 6, 2025, we issued approximately 9,048 Class S shares at a price per share of $25.00 for a total value of $226,923, and approximately 22,061 Class I shares at a price per share of $25.00 for a total value of $553,515.

**Share Repurchases** 

Effective June 10, 2024, our board of directors adopted a share repurchase plan, which has been amended at various times thereafter, pursuant to which, beginning in the calendar quarter ended September 30, 2025, which is the second full calendar quarter following the initial closing in our continuous private offering, stockholders may request, on a quarterly basis that we repurchase all or any portion of their shares of our common stock subject to the limitations of the share repurchase plan. We may repurchase fewer shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time.

To the extent we choose to repurchase shares in any particular calendar quarter we will only repurchase shares as of the opening of the last calendar day of that quarter (a "Repurchase Date"). Repurchase requests received and processed by our transfer agent will be effected at a repurchase price equal to the transaction price on the applicable Repurchase Date (which will generally be equal to our prior month's NAV per share), except that shares that have not been outstanding for at least one year generally will be repurchased at 95% of the transaction price. This Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40

------

The aggregate NAV of total repurchases under the plan (based on the price at which the shares are repurchased) is limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month).

In the event that we determine to repurchase some but not all of the shares submitted for repurchase during any quarter, shares submitted for repurchase during such quarter will be repurchased on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death or disability. All unsatisfied repurchase requests must be resubmitted after the start of the next quarter, or upon the recommencement of the share repurchase plan, as applicable.

Should repurchase requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in real estate-related investments or other investments rather than repurchasing our shares is in the best interests of the Company as a whole, we may choose to repurchase fewer shares in any particular quarter than have been requested to be repurchased, or none at all. Further, our board of directors may make exceptions to, modify, suspend or terminate our share repurchase plan if in its reasonable judgment it deems such an action to be in our best interest and the best interest of our stockholders. As a result, share repurchases may not be available each calendar quarter.

Holders of Class F-I shares are not eligible to participate in our share repurchase plan until January 6, 2027. Holders of Class F-II shares are not eligible to participate in our share repurchase plan until the later of (i) January 6, 2027 and (ii) one year from the date of the share issuance.

Shares obtained by the Adviser or its affiliates are not eligible for repurchase through our share repurchase plan and will not be subject to the repurchase limits of the plan or any Early Repurchase Deduction; provided, however, that shares obtained pursuant to the Goldman Sachs Investment are subject to the repurchase limits, subject to certain exceptions, as set forth in the subscription agreement for the Goldman Sachs Investment. In addition, repurchase of shares otherwise obtained by the Adviser or its affiliates, including with respect to payment of the management fee or the performance fee is subject to the approval of the affiliate transaction committee.

As of June 30, 2025 we had not yet commenced our share repurchase plan and had not repurchased any shares of our common stock pursuant to the share repurchase plan.

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES** 

Not Applicable.

**ITEM 5. &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On August 12, 2025, we entered into the Fifth Amended and Restated Advisory Agreement (the "Amended Advisory Agreement") with the Adviser. The Amended Advisory Agreement amends the definition of "Core Earnings," which is used in the determination of the performance fee payable to the Adviser, to provide that after we commence ratably reimbursing the Adviser for organization and offering expenses advanced through the first anniversary of the escrow break in our ongoing private offering, such reimbursed amounts will reduce Core Earnings for the period in which they were repaid. In addition, the Amended Advisory Agreement provides that if the agreement is terminated for cause, we will not reimburse the Adviser or its affiliates for expenses incurred in the transition of the advisory function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the quarterly period ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

------

**ITEM 6. &nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

---

| | |
|:---|:---|
| **Exhibits No.** | **Description** |
| 3.1 | <u>[Third Articles of Amendment and Restatement of Goldman Sachs Real Estate Finance Trust Inc (the "Registrant"), effective as of October 4, 2024 (](https://www.sec.gov/Archives/edgar/data/2027537/000119312524233724/d878911dex31.htm)[incorporated by reference to](https://www.sec.gov/Archives/edgar/data/2027537/000119312524233724/d878911dex31.htm)[Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed October 4, 2024)](https://www.sec.gov/Archives/edgar/data/2027537/000119312524233724/d878911dex31.htm)</u> |
| 3.2 | <u>[Articles of Amendment of the Registrant, effective as of January 27, 2025 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed January 31, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525018434/d848946dex31.htm)</u> |
| 3.3 | <u>[Articles Supplementary of the Registrant, effective as of January 27, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed January 31, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525018434/d848946dex32.htm)</u> |
| 3.4 | <u>[Bylaws of the Registrant, dated as of March 25, 2024 (incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form 10, Commission File No. 000-56667, filed July 16, 2024)](https://www.sec.gov/Archives/edgar/data/2027537/000162828024031950/exhibit32-form10.htm)</u> |
| 4.1 | <u>[Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed January 31, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525018434/d848946dex41.htm)</u> |
| 10.1 | <u>[Fourth](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[Amended and Restated Advisory Agreement by and among the Registrant and Goldman Sachs & Co. LLC,](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[effective](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[as of](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[June 10](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[, 2025 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[June 6](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)[, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525137048/d942024dex101.htm)</u> |
| 10.2\* | <u>[Fifth Amended and Restated Advisory Agreement by and among the Registrant and Goldman Sachs & Co. LLC, effective as of](ex102-5tharadvisoryagreeme.htm)[August](ex102-5tharadvisoryagreeme.htm)[1](ex102-5tharadvisoryagreeme.htm)[2](ex102-5tharadvisoryagreeme.htm)[, 2025](ex102-5tharadvisoryagreeme.htm)</u> |
| 10.3 | <u>[Assignment and Assumption Agreement between Goldman Sachs Bank USA and REFT Charles Street LLC, dated as of May 16, 2025 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed May 22, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525124862/d842966dex101.htm)</u> |
| 10.4\* | <u>[Amended and Restated Expense Support and Reimbursement Agreement by and between the Registrant and Goldman Sachs & Co. LLC dated May 13, 2025](ex104-expensesupportandrei.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311-certificationof.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312-certificationof.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321-certificationof.htm)</u> |
| 32.2\*\* | <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](exhibit322-certificationof.htm)</u> |
| 99.1 | <u>[Third Amended and Restated Share Repurchase Plan (incorporated by reference to Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed January 31, 2025)](https://www.sec.gov/Archives/edgar/data/2027537/000119312525018434/d848946dex991.htm)</u> |
| 99.2\* | <u>[Amended Valuation Guidelines](ex992-gsreftvaluationguide.htm)</u> |
| 99.3\* | <u>[Amended and Restated](ex993-gsreftcorporategover.htm)[Corporate Governance Guidelines](ex993-gsreftcorporategover.htm)</u> |
| 101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets (Unaudited), (ii) Consolidated Statements of Operations (Unaudited), (iii) Consolidated Statements of Changes in Equity (Unaudited), (v) Consolidated Statements of Cash Flows (Unaudited), and (vi) the Notes to Consolidated Financial Statements (Unaudited) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*Filed herewith

\*\*Furnished herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

**SIGNATURES**

Pursuant to the requirements 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 REAL ESTATE FINANCE TRUST INC** |
| | (Registrant) |
| August 13, 2025 | /s/ Steve Pack |
|  | Steve Pack |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| August 13, 2025 | /s/ Mallika Sinha |
|  | Mallika Sinha |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 10.2

**Exhibit 10.2**

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

**FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT** 

**AMONG** 

**GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC**

**AND** 

**GOLDMAN SACHS & CO. LLC** 

1622093671.2 ------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | Page |
| 1. | DEFINITIONS | 3 |
| 2. | APPOINTMENT | 7 |
| 3. | DUTIES OF THE ADVISER | 7 |
| 4. | AUTHORITY OF ADVISER | 9 |
| 5. | BANK AND BROKERAGE ACCOUNTS | 10 |
| 6. | RECORDS; ACCESS | 10 |
| 7. | LIMITATIONS ON ACTIVITIES | 10 |
| 8. | OTHER ACTIVITIES OF THE ADVISER | 10 |
| 9. | RELATIONSHIP WITH DIRECTORS AND OFFICERS | 12 |
| 10. | COMPENSATION | 12 |
| 11. | EXPENSES | 15 |
| 12. | OTHER SERVICES | 18 |
| 13. | REIMBURSEMENT TO THE ADVISER | 19 |
| 14. | NO JOINT VENTURE | 19 |
| 15. | TERM OF AGREEMENT | 19 |
| 16. | TERMINATION BY THE PARTIES | 19 |
| 17. | ASSIGNMENT TO AN AFFILIATE | 19 |
| 18. | PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION | 19 |
| 19. | INDEMNIFICATION BY THE COMPANY | 20 |
| 20. | INDEMNIFICATION BY ADVISER | 20 |
| 21. | NON-SOLICITATION | 20 |
| 22. | MISCELLANEOUS | 20 |

---

1622093671.2 ------

**<u>FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT</u>**

THIS FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT (this "<u>Agreement</u>"), dated as of the 12th day of August, 2025 (the "<u>Effective Date</u>"), is by and among Goldman Sachs Real Estate Finance Trust Inc, a Maryland corporation (the "<u>Company</u>"), and Goldman Sachs & Co. LLC, a New York limited liability company (the "<u>Adviser</u>"). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.

**W I T N E S S E T H** 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;

WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Adviser and to have the Adviser undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein;

WHEREAS, the Adviser is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth;

WHEREAS, the parties entered into that certain Fourth Amended and Restated Advisory Agreement, effective as of June 10, 2025; and

WHEREAS, the parties now desire to amend and restate the Fourth Amended and Restated Advisory Agreement pursuant to the terms hereof.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**DEFINITIONS**. As used in this Agreement, the following terms have the definitions hereinafter indicated:

"**<u>Acquisition Expenses</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Adjusted Capital</u>**" means cumulative net proceeds generated from sales of Common Shares (including proceeds from the distribution reinvestment plan) reduced for Distributions from non-liquidating dispositions of its investments paid to Stockholders of Common Shares and amounts paid to Stockholders of Common Shares for share repurchases.

"**<u>Adviser</u>**" shall mean Goldman Sachs & Co. LLC, a New York limited liability company.

"**<u>Adviser Expenses</u>**" shall have the meaning set forth in Section 11(a).

"**<u>Affiliate</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

**"<u>Affiliate Transaction Committee</u>"** shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Annual Hurdle Rate</u>**" shall have the meaning set forth in Section 10(b).

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"**<u>Applicable Hurdle Rate</u>**" shall have the meaning set forth in Section 10(b).

"**<u>Average Invested Assets</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Board</u>**" shall mean the board of directors of the Company, as of any particular time.

"**<u>Business Day</u>**" shall have the meaning set forth in the Charter.

"**<u>Bylaws</u>**" shall mean the bylaws of the Company, as amended from time to time.

"**<u>Cause</u>**" shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Adviser in connection with performing its duties hereunder.

"**<u>Change of Control</u>**" shall mean any event (including, without limitation, issue, transfer or other disposition of shares of capital stock of the Company, merger, share exchange or consolidation) after which any "person" (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing greater than 50% or more of the combined voting power of Company's then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed offering of the Shares.

"**<u>Charter</u>**" shall mean the Articles of Incorporation of the Company filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time.

"**<u>Class F-I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-II Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Code</u>**" shall mean the Internal Revenue Code of 1986, as amended.

"**<u>Commencement Date</u>**" shall mean the date on which the Company breaks escrow for its initial private Offering conducted pursuant to Regulation D of the Securities Act.

"**<u>Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Company</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Core Earnings</u>**" shall mean for the applicable performance measurement period, the net income (loss) attributable to holders of Series S Common Shares, Series T Common Shares, Series D Common Shares, Series I Common Shares, Class F-I Common Shares and Non-Voting Common Shares, computed in accordance with GAAP, (A) excluding (i) non-cash equity compensation expense, (ii) the Performance Fee, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP, and (vi) certain non-cash adjustments and certain material non-cash income or expense items, in each case pursuant to this clause (vi) after discussions between the Adviser and the Independent Directors and approved by a majority of the Independent Directors and (B) including, after the

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Organization and Offering Expense Commencement Date, (i) a deduction for any Organization and Offering Expenses previously advanced by the Adviser that were repaid by the Company.

**"<u>Corporate Governance Guidelines</u>"** shall mean the corporate governance guidelines adopted by the Board, as amended from time to time.

"**<u>Director</u>**" shall mean a member of the Board.

"**<u>Distribution Fee</u>**" shall have the meaning set forth in the Charter.

"**<u>Distributions</u>**" shall have the meaning set forth in the Charter.

"**<u>Effective Date</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Escrow Account</u>**" shall have the meaning set forth in Section 11(f).

"**<u>Excess Amount</u>**" shall have the meaning set forth in Section 13.

"**<u>Exchange Act</u>**" shall have the meaning set forth in the Charter.

"**<u>Expense Payment Cap</u>**" shall have the meaning set forth in Section 11(f).

"**<u>Expense Year</u>**" shall have the meaning set forth in Section 13.

"**<u>Final Release Date</u>**" shall have the meaning set forth in Section 11(f).

"**<u>Four-Quarter Performance Measurement Period</u>**" shall have the meaning set forth in Section 10(b).

"**<u>GAAP</u>**" shall mean generally accepted accounting principles as in effect in the United States of America from time to time.

"**<u>Goldman Sachs</u>**" means, collectively, The Goldman Sachs Group, Inc., a Delaware corporation, and any Affiliate thereof.

"**<u>GS Commitment</u>**" shall mean the commitment by Goldman Sachs to purchase from the Company an aggregate amount of $100 million of the Company's Non-Voting Common Shares.

"**<u>Independent Director</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Initial</u> <u>Partial-Quarter Performance Measurement Period</u>**" shall have the meaning set forth in Section 10(b).

"**<u>Investment Company Act</u>**" shall mean the Investment Company Act of 1940, as amended.

"**<u>Investment Guidelines</u>**" shall mean the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Adviser has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board.

"**<u>Investments</u>**" shall mean any investments by the Company directly or indirectly, in Real Property, Real Estate-Related Assets or other assets.

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"**<u>Listing</u>**" shall have the meaning set forth in the Charter.

"**<u>Management Fee</u>**" shall have the meaning set forth in Section 10(a).

"**<u>Mortgage</u>**" shall have the meaning set forth in the Charter.

"**<u>NAV</u>**" shall mean the net asset value of the Company or its Shares, calculated pursuant to the Valuation Guidelines.

"**<u>Net Income</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Non-Voting Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Offering</u>**" shall have the meaning set forth in the Charter.

"**<u>Organization and Offering Expense Commencement Date</u>**" shall have the meaning set forth in Section 11(e).

"**<u>Organization and Offering Expenses</u>**" shall mean any and all costs and expenses incurred by the Company and to be paid from the assets of the Company in connection with the formation of the Company and any registered or unregistered Offering, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions, costs related to investor and broker-dealer sales meetings, fees and expenses of the underwriters' attorneys, expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars, trustees, escrow holders, depositaries, experts, expenses of qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"**<u>Other GS Accounts</u>**" shall mean Goldman Sachs and other investment entities or separate accounts that have been formed, sponsored, advised or managed by Goldman Sachs, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Goldman Sachs side-by-side or additional general partner investments with respect thereto).

"**<u>Partial-Year Performance Measurement Period</u>**" shall have the meaning set forth in Section 10(b).

"**<u>Performance Fee</u>**" shall have the meaning set forth in Section 10(b).

"**<u>Person</u>**" shall mean an individual, corporation, business trust, estate, trust, partnership, joint venture, limited liability company or other legal entity.

"**<u>Qualifying Income Opinion</u>**" shall have the meaning set forth in Section 11(f).

"**<u>Real Estate-Related Securities</u>**" shall have the meaning set forth in the Charter.

"**<u>Real Estate-Related Assets</u>**" shall mean any investments by the Company in Mortgages and Real Estate-Related Securities.

"**<u>Real Property</u>**" shall have the meaning set forth in the Charter.

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"**<u>REIT</u>**" shall have the meaning set forth in the Charter.

"**<u>Securities Act</u>**" shall have the meaning set forth in the Charter.

"**<u>Selling Commissions</u>**" shall have the meaning set forth in the Charter.

"**<u>Series D Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Series I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Series S Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Series T Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Stockholders</u>**" shall have the meaning set forth in the Charter.

"**<u>Termination Date</u>**" shall mean the date of termination of this Agreement or expiration of this Agreement in the event this Agreement is not renewed for an additional term.

"**<u>Total Operating Expenses</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Treasury Regulations</u>**" shall mean the Procedures and Administration Regulation promulgated by the U.S. Department of Treasury under the Code, as amended.

"**<u>2%/25% Guidelines</u>**" shall have the meaning set forth in the Corporate Governance Guidelines.

"**<u>Valuation Guidelines</u>**" shall mean the valuation guidelines adopted by the Board, as amended from time to time.

"**<u>Warehoused Investments</u>**" shall mean a portfolio of debt investments consistent with the investment strategy of the Company sourced by Goldman Sachs that will be acquired by the Company from Goldman Sachs as proceeds are raised in an Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**APPOINTMENT**. The Company hereby appoints the Adviser to serve as its investment adviser on the terms and conditions set forth in this Agreement, and the Adviser hereby accepts such appointment. By accepting such appointment, the Adviser acknowledges that it has a contractual and fiduciary responsibility to the Company and the Stockholders. Except as otherwise provided in this Agreement, the Adviser hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided that the Company reimburses the Adviser for costs and expenses in accordance with Section 11 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**DUTIES OF THE ADVISER**. Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines) and consistent with the Charter and Bylaws, the Adviser will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible for implementing the investment strategy of the Company. The Adviser will perform (or cause to be performed through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments, the financing of the Company's operations, and rendering investment advice to the Company as may be appropriate or otherwise mutually agreed from time to time, which may include, without limitation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)serving as an advisor to the Company with respect to the establishment and periodic review of the Investment Guidelines for the Company's investments, financing activities and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)sourcing, evaluating and monitoring the Company's investment opportunities and executing the acquisition, origination, management, financing and disposition of the Company's assets, in accordance with the Company's Investment Guidelines, policies and objectives and limitations, subject to oversight by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)with respect to prospective acquisitions, originations, purchases, sales, exchanges or other dispositions of Investments or with respect to the incurrence, refinancing or guaranty of debt, conducting negotiations on the Company's behalf with borrowers, sellers, purchasers, lenders and other counterparties and, if applicable, their respective agents, advisors and representatives, and determining the structure and terms of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)providing the Company with portfolio management and other related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)serving as the Company's adviser with respect to decisions regarding any of the Company's financings, hedging activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for financing that is specifically tailored to the Company's investment objectives, and (2) advising the Company with respect to obtaining appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the Company's Charter and Bylaws, may include financing by the Adviser or its Affiliates) and (3) negotiating and entering into, on the Company's behalf, financing arrangements (including one or more credit facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Company's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)engaging and supervising, on the Company's behalf and at the Company's expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents and other service providers (which may include Affiliates of the Adviser) that provide various services with respect to the Company, including, without limitation, accounting, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services, underwriting review services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company's activities or investments (or potential investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)coordinating and managing operations of any co-investment interests held by the Company and conducting matters with co-investment partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)communicating on the Company's behalf with the holders of any of the Company's equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)advising the Company in connection with policy decisions to be made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)engaging one or more subadvisors with respect to the management of the Company, including, where appropriate, Affiliates of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company's behalf, consistent with the Company's qualification as a REIT and with the Investment Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)investing and reinvesting any moneys and securities of the Company (including investing in short-term investments pending investment in other investments, payment of fees, costs and

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expenses, or payments of dividends or distributions to the Company's stockholders) and advising the Company as to its capital structure and capital raising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)providing input in connection with the third-party appraisals and valuations obtained pursuant to the Valuation Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)monitoring the Company's Investments for events that may be expected to have a material impact on the most recent estimated values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)monitoring each third-party expert's valuation process to ensure that it complies with the Valuation Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)delivering to, or maintain on behalf of, the Company copies of appraisals obtained in connection with its Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)placing, or arranging for the placement of, orders of Investments pursuant to the Adviser's investment determinations for the Company either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)performing such other services from time to time in connection with the management of the Company's investment activities as the Board shall reasonably request and/or the Adviser shall deem appropriate under the particular circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**AUTHORITY OF ADVISER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company) hereby delegates to the Adviser the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the Adviser, may be necessary or advisable in connection with the Adviser's duties described in Section 3, including the making of any Investment and the incurrence, refinancing or guaranty of any debt that the Adviser deems consistent with the Company's investment objectives, strategy and guidelines, policies and limitations and within the discretionary limits and authority as granted to the Adviser from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, any Investment, financing or guaranty that is inconsistent with the Investment Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, and any Investment, financing or guaranty that the Adviser deems not to be expressly inconsistent with the Investment Guidelines, the Charter, the limitations set forth at Section 7 below or any express directive of the Board may be made by the Adviser on the Company's behalf without the prior approval of the Board or any duly authorized committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction will be required for each transaction to which the Adviser or its Affiliates is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Board will review the Investment Guidelines with sufficient frequency and at least annually and may, at any time upon the giving of notice to the Adviser, amend the Investment Guidelines; *provided*, *however*, that such modification or revocation shall be effective upon receipt by the Adviser or such later date as is specified by the Board and included in the notice provided to the Adviser and such modification or revocation shall not be applicable to investment transactions to which the Adviser has committed the Company prior to the date of receipt by the Adviser of such notification, or if later, the effective date of such modification or revocation specified by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Adviser may retain, for and on behalf, and at the sole cost and expense, of the Company, such services as the Adviser deems necessary or advisable in connection with the management and operations of the Company, which may include Affiliates of the Adviser; provided, that any such services may only be provided by Affiliates to the extent such services are approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties. In performing its duties under Section 3, the Adviser shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Adviser at the Company's sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**BANK AND BROKERAGE ACCOUNTS**. The Adviser may establish and maintain one or more bank or brokerage accounts in the name of the Company and any subsidiary thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, consistent with the Adviser's authority under this Agreement, provided that no funds shall be commingled with the funds of the Adviser; and the Adviser shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company, appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**RECORDS; ACCESS**. The Adviser shall maintain appropriate records of its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Adviser shall at all reasonable times have access to the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**LIMITATIONS ON ACTIVITIES**. The Adviser shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the Company's status as an entity excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter or Bylaws. If the Adviser is ordered to take any action by the Board, the Adviser shall seek to notify the Board if it is the Adviser's reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Charter or Bylaws. Notwithstanding the foregoing, neither the Adviser nor any of its Affiliates shall be liable to the Company, the Board, or the Stockholders for any act or omission by the Adviser or any of its Affiliates, except as provided in Section 20 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**OTHER ACTIVITIES OF THE ADVISER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Nothing in this Agreement shall (i) prevent the Adviser or any of its Affiliates, officers, directors or employees from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, including, without limitation, the sponsoring, closing and/or managing of any Other GS Accounts, (ii) in any way bind or restrict the Adviser or any of its Affiliates, officers, directors or employees from originating loans, buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the Adviser or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Adviser or any of its Affiliates, officers, directors or employees from receiving fees or other compensation or profits from such activities described in this Section 8(a) which shall be for the sole benefit of the Adviser (and/or its Affiliates, officers, directors or employees). While information and recommendations supplied to the Company shall, in the Adviser's reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, such information and recommendations may be different in certain material respects from the information and recommendations supplied by the Adviser or any Affiliate of the Adviser to others (including, for greater certainty, the Other GS Accounts and their investors, as described more fully in Section 8(b)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Adviser and the Company acknowledge and agree that, notwithstanding anything to the contrary contained herein, (i) Affiliates of the Adviser sponsor, advise and/or manage Other GS Accounts and may in the future sponsor, advise and/or manage additional Other GS Accounts, (ii) this overlap will from time to time create conflicts of interest and (iii) in certain circumstances investment opportunities suitable for the Company will not be presented to the Company and there will be one or more investment opportunities where the Company's participation is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with the services of the Adviser hereunder, the Company and the Board acknowledge and/or agree that (i) as part of Goldman Sachs's regular businesses, personnel of the Adviser and its Affiliates may from time to time work on other projects and matters (including with respect to one or more Other GS Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more Other GS Accounts and/or the Adviser and such other Affiliates, (ii) unless prohibited by the Charter, Other GS Accounts may invest, from time to time, in investments in which the Company also invests (including at a different level of an issuer's capital structure (*e.g*., an investment by an Other GS Account in a mezzanine interest with respect to the same underlying collateral in which the Company owns a secured interest, or vice versa, or in a different tranche of debt with respect to the same underlying collateral in which the Company has an investment) and while Goldman Sachs will seek to resolve any such conflicts in a fair and reasonable manner (subject to any priorities of Other GS Accounts) in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other GS Accounts generally, such transactions are not required to be presented to the Board or any committee thereof for approval (unless otherwise required by the Corporate Governance Guidelines or Investment Guidelines), and there can be no assurance that any conflicts will be resolved in the Company's favor, and (iii) the terms and conditions of the governing agreements of such Other GS Accounts (including with respect to the economic, reporting, and other rights afforded to investors in such Other GS Accounts) are materially different from the terms and conditions applicable to the Company and the Stockholders, and neither the Company nor the Stockholders (in such capacity) shall have the right to receive the benefit of any such different terms applicable to investors in such Other GS Accounts as a result of an investment in the Company or otherwise. The Adviser shall keep the Board reasonably informed on a periodic basis in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Adviser is not permitted to consummate on the Company's behalf any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from Goldman Sachs, any Other GS Account or any of their Affiliates unless such transaction is approved by a majority of the Directors, including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any acquisition of a Warehoused Investment, unless otherwise approved by a majority of the Independent Directors, the Company's purchase price is expected to be an amount equal to (x) the lower of (i) fair value (determined in accordance with the Valuation Guidelines) of such Warehoused Investment plus accrued interest, less the unamortized original issue discount through the date of settlement and (ii) the cost of the Warehoused Investment to Goldman Sachs plus accrued interest through the date of settlement, and (y) related costs and expenses, including transaction expenses and expenses of conveyance, provided that a majority of the Independent Directors not otherwise interested in the transaction must approve the transaction as being fair and reasonable to the Company. The Adviser will seek to resolve any conflicts of interest in a fair and reasonable manner (subject to any priorities of Other GS Accounts) in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other GS Accounts generally, but only those transactions set forth in this Section 8(d) will be expressly required to be presented for approval to the Independent Directors or any committee thereof (unless otherwise required by the Corporate Governance Guidelines or the Investment Guidelines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the avoidance of doubt, it is understood that neither the Company nor the Board has the authority to determine the salary, bonus or any other compensation paid by the Adviser to any director, officer, member, partner, employee, or stockholder of the Adviser or its Affiliates, including any person who is also a director or officer employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**RELATIONSHIP WITH DIRECTORS AND OFFICERS**. Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Adviser or an Affiliate of the Adviser or any corporate

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**COMPENSATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company will pay the Adviser a management fee (the "<u>Management Fee</u>") equal to (i) 1.25% of the aggregate NAV of the Company's Series S Common Shares, (ii) 1.25% of the aggregate NAV of the Company's Series T Common Shares, (iii) 1.25% of the aggregate NAV of the Company's Series D Common Shares, (iv) 1.25% of the aggregate NAV of the Company's Series I Common Shares, (v) 1.25% of the aggregate NAV of the Company's Class F-I Common Shares, (vi) 1.25% of the aggregate NAV of the Company's Class F-II Common Shares and (vii) 1.25% of the aggregate NAV of the Company's Non-Voting Common Shares, with all such amounts in clauses (i)-(vii) payable monthly, before giving effect to any accruals for the Management Fee, the Distribution Fees, the Performance Fee or any Distributions. The Adviser shall receive the Management Fee as compensation for services rendered hereunder, monthly in arrears; provided that with the Adviser's consent the Company may defer such payments. Notwithstanding the foregoing, (i) other than with respect to the Company's Class F-II Common Shares, the Adviser has agreed to waive the Management Fee for the first nine months commencing on and including the Commencement Date, subject to the option to extend the fee waiver in the sole discretion of the Adviser and (ii) the Adviser has agreed to waive the Management Fee with respect to the Class F-I Common Shares until the third anniversary of the date on which the Company has raised at least $50,000,000 of gross offering proceeds from the issuance of Class F-I Common Shares (the "<u>Third Anniversary</u>") or, if a repurchase request was made before the Third Anniversary for all outstanding Class F-I Shares under the Company's share repurchase plan, until all such shares have been redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company will pay the Adviser a performance fee (the "<u>Performance Fee</u>"), which is accrued monthly and payable quarterly (or part thereof that this Agreement is in effect) in arrears. Commencing with the calendar quarter representing the fourth full calendar quarter completed after the Commencement Date, the Performance Fee shall be an amount, not less than zero, equal to (i) 12.5% of Core Earnings for the immediately preceding four calendar quarters (each such period, a "<u>Four-Quarter Performance Measurement Period</u>"), subject to a hurdle rate, expressed as an annual rate of return on average Adjusted Capital, equal to 5.0% (the "<u>Annual Hurdle Rate</u>"), minus (ii) the sum of any Performance Fees paid to the Adviser with respect to the first three calendar quarters in the applicable Four-Quarter Performance Measurement Period. As a result, the Adviser does not earn a Performance Fee for any calendar quarter until Core Earnings for the applicable Four-Quarter Performance Measurement Period exceed the Annual Hurdle Rate.

For each of the three full calendar quarters preceding the initial Four-Quarter Performance Measurement Period, the Performance Fee shall be an amount, not less than zero, equal to (i) 12.5% of cumulative Core Earnings for all of the full calendar quarter periods completed since the Commencement Date (each such period, a "<u>Partial-Year Performance Measurement Period</u>"), subject to the Applicable Hurdle Rate (as defined below), which is calculated by multiplying 5% by a fraction consisting of (x) a numerator equal to the number of full calendar quarter periods included in the Partial-Year Performance Measurement Period, and (y) a denominator equal to four, minus (ii) the sum of any Performance Fees paid to the Adviser with respect to the prior Partial-Year Performance Measurement Periods.

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In the event that the period from the Commencement Date through the first calendar quarter end date following such date is shorter than a full calendar quarter (such period, the "<u>Initial Partial-Quarter Performance Measurement Period</u>"), the Performance Fee for the Initial Partial-Quarter Performance Measurement Period shall be an amount, not less than zero, equal to 12.5% of Core Earnings for the Initial Partial-Quarter Performance Measurement Period, subject to the Applicable Hurdle Rate, which is calculated by multiplying 5% by a fraction consisting of (x) a numerator equal to the number of calendar days included in the Initial Partial-Quarter Performance Measurement Period, and (y) a denominator equal to 365. For the sake of clarity, neither the Core Earnings for, nor the number of calendar days included in, the Initial Partial-Quarter Performance Period, will be factored into the computation of Performance Fees for subsequent Partial-Year Performance Measurement Periods or Four-Quarter Performance Measurement Periods.

Once Core Earnings exceed the Applicable Hurdle Rate, the Adviser shall be entitled to a "catch-up" fee equal to the amount of Core Earnings in excess of the Applicable Hurdle Rate, until Core Earnings for the applicable performance measurement period exceed a percentage of average Adjusted Capital equal to the Applicable Hurdle Rate divided by 0.875 (or 1 minus 0.125) for the applicable performance measurement period. Thereafter, the Advisor shall be entitled to receive 12.5% of Core Earnings. "<u>Applicable Hurdle Rate</u>" means (i) the Annual Hurdle Rate with respect to a Four-Quarter Performance Measurement Period or (ii) the Annual Hurdle Rate as adjusted above with respect to a Partial-Year Performance Measurement Period and the Initial Partial-Quarter Measurement Period, as applicable. The Performance Fee shall be calculated based on the full Management Fee earned and regardless of whether the Adviser elects to receive such fee in cash or cash equivalent aggregate NAV amounts of Common Shares.

Notwithstanding the foregoing, (i) the Adviser has agreed to waive the Performance Fee for the first nine months commencing on and including the Commencement Date, subject to the option to extend the fee waiver in the sole discretion of the Adviser and (ii) the Adviser has agreed to waive the Performance Fee with respect to the Class F-I Common Shares until the Third Anniversary or, if a repurchase request was made before the Third Anniversary for all outstanding Class F-I Shares under the Company's share repurchase plan, until all such shares have been redeemed. (For purposes of calculating the Performance Fee for the Class F-I Common Shares after the applicable waiver period, (x) Core Earnings with respect to such shares during the applicable waiver period shall be ignored and (y) "Commencement Date" as used in the first three paragraphs of this Section 10(b) shall be deemed to refer to the date immediately following the end of such waiver period.)

For the avoidance of doubt and consistent with the definition of Core Earnings, no Performance Fee shall be payable with respect to the Class F-II Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Management Fee and Performance Fee may be paid, at the Adviser's election, in cash or cash equivalent aggregate NAV amounts of Common Shares, or any combination thereof. To the extent that (a) the Adviser elects to receive any portion of its Management Fee or Performance Fee in Common Shares (in a series, class or classes of its choosing) or (b) the Adviser or its Affiliates (the "<u>GS Parties</u>") otherwise acquire Common Shares, then the GS Parties may, subject to certain limitations, elect to have the Company repurchase such Common Shares for cash at a later date at the then-current NAV per Common Share. Common Shares obtained by the GS Parties will not be eligible for repurchase through the Company's share repurchase plan, and therefore are not subject to the repurchase limits of the share repurchase plan or any reduction or penalty for an early repurchase; provided, however, that (a) any such repurchase requests from the GS Parties will be honored at the end of a quarter in conjunction with repurchase requests under the Company's share repurchase plan, and (b) the Affiliate Transaction Committee must approve all repurchase requests submitted by the GS Parties. The Affiliate Transaction Committee may delegate authority to a member of the Affiliate Transaction

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Committee to approve repurchase requests submitted by the GS Parties other than those requests that when combined with any stockholder repurchase requests under the Company's share repurchase plan would cause the Company to exceed the 5% quarterly limitation on repurchases. Further, the Affiliate Transaction Committee may at any time, in its sole discretion, limit or revoke the rights of the GS Parties to elect repurchase of Common Shares, and stop any pending repurchase as long as it has not been settled. Notwithstanding the foregoing, Common Shares acquired by the GS Parties as a result of the GS Commitment, including pursuant to the distribution reinvestment plan, will be subject to the repurchase terms set forth in the subscription agreement between the parties regarding the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event this Agreement is terminated or its term expires without renewal, the Adviser will be entitled to receive each of its prorated Management Fee and Performance Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event the Company commences a liquidation of its Investments during any calendar year, the Company will pay the Adviser the Management Fee and the Performance Fee from the proceeds of the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)With respect to any Common Shares held by the Adviser or issuable to it pursuant to this Agreement (collectively, the "<u>Adviser Shares</u>"), within six months after a Listing of any class or series of Common Shares, the Adviser and the Company covenant and agree to negotiate in good faith and enter into a registration rights agreement for the Adviser Shares with terms mutually agreeable to the Adviser and the Company. Such registration rights agreement shall be in customary form for agreements of this type entered into by REITs with institutional investors prior to an initial public offering and will provide for: (a) a long-form "demand" registration right exercisable once by the Adviser; (b) "shelf" registration rights so long as Form S-3 is available to the Company; (c) "piggy-back" registration rights; and (d) in the event of "underwriters' cut-backs" in relation to a demand registration, a shelf registration or any piggyback registration, the ability of the Company to reduce the number of Adviser Shares to be registered on a pro rata basis with other registering stockholders. If a class or series of Common Shares other than Adviser Shares are Listed, such registration rights agreement shall provide for conversion of Adviser Shares to the Listed class or series of Common Shares based on the relative net asset value per share, determined on a consistent basis, and the registration rights above shall apply to the Common Shares received upon such conversion of Adviser Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Sections 4(e) and 11(b), the Adviser shall be responsible for the expenses related to any and all personnel of the Adviser who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company and any Directors who are also directors, officers or employees of the Adviser or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel ("<u>Adviser Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the compensation paid to the Adviser pursuant to Section 10 hereof, the Company shall pay all of its costs and expenses directly or reimburse the Adviser or its Affiliates for costs and expenses of the Adviser and its Affiliates incurred on behalf of the Company, other than Adviser Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company are not Adviser Expenses and shall be paid by the Company and shall not be paid by the Adviser or Affiliates of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Organization and Offering Expenses (acknowledging that Selling Commissions are deducted from Offering proceeds at the time of sale of the Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Acquisition Expenses, subject to limitations set forth in the Corporate Governance Guidelines;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, registering, origination, settling, disposition and financing of the Investments of the Company and its subsidiaries (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, originating, settling, managing, monitoring or disposing of actual or potential investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the actual cost of goods and services used by the Company and obtained from Persons not Affiliated with the Adviser, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the origination, acquisition and/or sale of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all fees, costs and expenses of legal, tax, administration, accounting, consulting, auditing (including internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, data or technology services and other non-investment advisory services rendered to the Company by the Adviser or its Affiliates in compliance with Section 4(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)all costs, expenses and fees incurred by the Company in connection with the activities, meetings, conferences, symposia or other gatherings related to the Company, its portfolio investments or sector opportunities, as determined by the Adviser (whether or not the associated investment opportunity is consummated by the Company and/or by one or more Other GS Accounts), including of representatives of the Company and Other GS Accounts, as well as consulting groups, and industry advisors (including, without limitation, activities such as pipeline vetting, strategic planning for the Company and administrative matters (e.g., meetings with the Adviser), in each case, whether held at Goldman Sachs's offices or elsewhere (in each case, which meetings may or may not include actual and prospective investors of the Company and/or of Other GS Accounts and other third-party attendees));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)expenses of acquiring, originating, managing and disposing the Company's Investments, whether payable to an Affiliate of the Adviser or a non-Affiliated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the Adviser) and the cost of liability insurance to indemnify the Company's directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company's credit facilities and the cost of compliance with lender requests, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company's securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)expenses connected with communications to holders of the Company's securities or securities of the subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company's securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company's annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports or related statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)the Company's allocable share of costs associated with technology-related expenses, including without limitation, any computer software or hardware, electronic

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equipment or purchased information technology services from third-party vendors or Affiliates of the Adviser, technology service providers and related software/hardware utilized in connection with the Company's investment and operational activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)fees, costs and expenses related to obtaining, implementing (including initial onboarding), and maintaining (including licensing and subscription fees and expenses) any credit facility, portfolio, valuation, or other related data monitoring and / or reporting software for the Company and its subsidiaries obtained from Persons not affiliated with the Adviser (such as, for example, iLevel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the Company's allocable share of expenses incurred by managers, officers, personnel and agents of the Adviser for travel on the Company's behalf and other out-of-pocket expenses incurred by them in connection with the origination, acquisition, financing, refinancing, sale or other disposition of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)the costs of any litigation involving the Company or its assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)all taxes and statutory, regulatory or license fees or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)all insurance costs (which insurance premiums may cover Other GS Accounts in which case the insurance premiums will be allocated amongst the Company and Other GS Accounts) incurred in connection with the operation of the Company's business except for the costs attributable to the insurance that the Adviser elects to carry for itself and its personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company's securities, including, without limitation, in connection with any distribution reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)expenses related to hedging strategies incurred in connection with the Company's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)expenses related to compliance by the Company with any applicable law, rule or directive or any other regulatory requirement, including, without limitation, costs, expenses and fees incurred in connection with establishing, implementing, monitoring and/or measuring the impact of any ESG policies and programs with respect to the Company or its Investments or prospective Investments, including without limitation all fees, costs, and expenses incurred in connection with reporting on such ESG policies and programs or otherwise evaluating the Company or its Investments' or prospective Investments' achievement of any ESG objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)legal costs and expenses associated with indemnity, litigation, claims, and settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)expenses incurred in connection with the formation, organization, continuation, liquidation and/or restructuring of any corporation, partnership, or other entity through which the Company's investments are made or in which any such entity invests; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)expenses incurred related to industry association memberships or attending industry conferences on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Adviser may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any reimbursement payments owed by the Company to the Adviser may be offset by the Adviser against amounts due to the Company from the Adviser. Cost and expense reimbursement to the Adviser shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding the foregoing, the Adviser shall pay for all Organization and Offering Expenses (other than Selling Commissions and Distribution Fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses paid by the Adviser pursuant to this Section 11(e) shall be reimbursed by the Company to the Adviser in 60 equal monthly installments commencing with the first month following the first anniversary of the Commencement Date (the "<u>Organization and Offering Expense Commencement Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding the foregoing, the aggregate amount of expenses paid by the Adviser pursuant to this Section 11 shall not exceed an amount (the "<u>Expense Payment Cap</u>") that would (A) together with any other gross income of the Company for such year that is not described in Section 856(c)(2) of the Code, exceed 5% of the gross income (as determined for purposes of Code Section 856(c)(2)) of the Company for such year, or (B) together with any other gross income of the Company for such year that is not described in Section 856(c)(3) of the Code, exceed 25% of the gross income (as determined for purposes of Section 856(c)(3) of the Code) of the Company, whichever of clauses (A) or (B) is more restrictive, and assuming for purposes of determining the Expense Payment Cap that the expenses paid by the Adviser constitute gross income to the Company not described in Sections 856(c)(2) and 856(c)(3) of the Code. The Company and the Adviser acknowledge and agree that providing for the Expense Payment Cap is intended to ensure that the Adviser's payment of expenses pursuant to this Section 11, assuming that the payment of such expenses constitutes gross income not described in Sections 856(c)(2) and 856(c)(3) of the Code, together with any other gross income of the Company not described in Sections 856(c)(2) or 856(c)(3) of the Code, as applicable, shall not cause the Company to fail the 95% income test described in Section 856(c)(2) of the Code or the 75% income test described in Section 856(c)(3) of the Code for any taxable year, and the provisions of this Agreement regarding the determination and payment of expenses and the Expense Payment Cap shall be interpreted in a manner consistent with such intention. In furtherance of the foregoing, on or prior to each date that the Adviser intends to pay an expense pursuant to this Section 11, the Adviser shall deposit the funds for such expenses into a non-interest-bearing escrow account maintained by an escrow agent determined by the Company (the "<u>Escrow Account</u>"). The escrow agent shall thereafter cause to be released to the applicable party, as promptly as practicable after the escrow agent receives written instruction from the Company (which may be after the Adviser's intended payment date or at such other times as determined by the Company), an amount that would not cause a violation of the limitations described above, as determined by the Company. If any funds remain in the Escrow Account after the close of the third taxable year following the year in which such funds were deposited in the Escrow Account (the "<u>Final Release Date</u>"), the escrow agent shall release such remaining amount to the appropriate party as promptly as practicable thereafter. Notwithstanding the foregoing, if, prior to the Final Release Date, the Company has received a written and reasoned opinion rendered by a nationally recognized law or accounting firm that the Adviser's payment of the relevant expenses should constitute qualifying income for purposes of Code Sections 856(c)(2) and 856(c)(3), or should be excluded from gross income for purposes of such Code sections (a "<u>Qualifying Income Opinion</u>"), the Company will be entitled to request the escrow agent release to the appropriate party the relevant funds remaining in the Escrow Account. Except as otherwise provided herein, the Company shall have no right, claim or title to any amount in the Escrow Account. The Company and the Adviser shall bear equally any costs associated with establishing and maintaining the Escrow Account. The parties intend and agree that if (i) the Company has not obtained a Qualifying Income Opinion and (ii) the Expense Payment Cap causes a reduction in the amount of the expenses that would otherwise be paid by the Adviser pursuant to this Section 11 for any calendar year (as determined by the Company), the amount of such reduction shall not be due and payable

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hereunder and shall not be treated for tax and other applicable purposes as paid by the Adviser or as income to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**OTHER SERVICES**. Should the Board request that the Adviser or any director, officer or employee thereof render services for the Company other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Adviser and Board, and subject to the limitations contained in the Corporate Governance Guidelines, and shall not be deemed to be services pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**REIMBURSEMENT TO THE ADVISER**. Commencing four fiscal quarters after the conveyance to the Company of its first Warehoused Investment, the Company shall not reimburse the Adviser at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the "<u>Expense Year</u>") exceed (the "<u>Excess Amount</u>") the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the "<u>2%/25% Guidelines</u>") for such four fiscal quarters unless the Independent Directors determine that such Excess Amount was justified, based on such factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, the Adviser shall reimburse the Company the amount by which the Total Operating Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such Excess Amount was justified and if the Company has a class of securities registered under the Exchange Act, then, within 60 days after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Adviser, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess was justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**NO JOINT VENTURE**. The Company, on the one hand, and the Adviser on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**TERM OF AGREEMENT**. This Agreement shall continue in force for a period of one year from June 10, 2025, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It will be the duty of the Board to evaluate the performance of the Adviser annually before renewing the Agreement in accordance with the Corporate Governance Guidelines, and each such renewal shall be for a term of no more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**TERMINATION BY THE PARTIES**. This Agreement may be terminated (i) at the option of the Adviser immediately upon a Change of Control of the Company; (ii) immediately by the Company for Cause or upon the bankruptcy of the Adviser; (iii) upon 60 days' written notice without Cause or penalty by a majority vote of the Independent Directors; or (iv) upon 60 days' written notice by the Adviser. The provisions of Sections 18 through 22 survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**ASSIGNMENT TO AN AFFILIATE**. This Agreement may be assigned by the Adviser to an Affiliate of the Adviser with the approval of a majority of the Directors (including a majority of the Independent Directors). The Adviser may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of the Board. This Agreement shall not be assigned by the Company without the approval of the Adviser, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the Company, and shall likewise be binding on any successor to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)After the Termination Date, the Adviser shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Adviser shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)deliver to the Board all assets, including all Investments, and documents of the Company then in the custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)cooperate with, and take all commercially reasonable actions requested by, the Company and Board in making an orderly transition of the advisory function, provided that, notwithstanding anything to the contrary in this Agreement, if this Agreement is terminated other than for Cause, the Adviser and its Affiliates shall be reimbursed for all internal and third-party expenses incurred in connection with providing such transition (including salaries, benefits and overhead of personnel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**INDEMNIFICATION BY THE COMPANY**. The Company shall indemnify and hold harmless the Adviser and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys' fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible without such indemnification being inconsistent with the laws of the State of Maryland or the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**INDEMNIFICATION BY ADVISER**. The Adviser shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and (ii) are incurred by reason of the Adviser's bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement; *provided*, *however*, that the Adviser shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**NON-SOLICITATION**. In the event of a termination without Cause of this Agreement by the Company pursuant to Section 16(iii) hereof, for two (2) years after the Termination Date, the Company shall not, without the consent of the Adviser, employ or otherwise retain any employee of the Adviser or any of its Affiliates or any person who has been employed by the Adviser or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Adviser may be entitled to equitable relief for any violation of this Section 21 by the Company, including, without limitation, injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**MISCELLANEOUS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**<u>Notices</u>**. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by registered or certified mail, by electronic mail or posted on a password protected website maintained by the Adviser and for which the

1622093671.2 ------

Company has received access instructions by electronic mail, when posted, using the contact information set forth herein:

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| | |
|:---|:---|
| The Company: | Goldman Sachs Real Estate Finance Trust Inc<br>200 West Street<br>New York, New York 10282<br>Attention: Chief Financial Officer<br>Email: mallika.sinha@gs.com |
| with required copies to: | DLA Piper (US) LLP<br>4141 Parklake Ave, Suite 300<br>Raleigh, NC 27516<br>Attention: Robert H. Bergdolt<br>Email: robert.bergdolt@us.dlapiper.com |
|  | Goldman Sachs Real Estate Finance Trust Inc<br>200 West Street<br>New York, New York 10282<br>Attention: Dylan Sherwood and David Plutzer <br>Email: dylan.sherwood@gs.com and david.plutzer@gs.com |
| The Adviser: | Goldman Sachs & Co. LLC<br>200 West Street<br>New York, New York 10282<br>Attention: Dylan Sherwood, David Plutzer and Mallika Sinha<br>Email: dylan.sherwood@gs.com, david.plutzer@gs.com and mallika.sinha@gs.com |
| with required copies to: | DLA Piper (US) LLP<br>4141 Parklake Ave, Suite 300<br>Raleigh, NC 27516<br>Attention: Robert H. Bergdolt<br>Email: robert.bergdolt@us.dlapiper.com |

---

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 22(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**<u>Modification</u>**. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**<u>Severability</u>**. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**<u>Governing Law; Exclusive Jurisdiction; Jury Trial</u>**. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of Manhattan, New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or

1622093671.2 ------

thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**<u>Entire Agreement</u>**. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**<u>Indulgences, No Waivers</u>**. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**<u>Gender; Number</u>**. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**<u>Headings</u>**. The titles and headings of Sections and Subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**<u>Execution in Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law (e.g., www.docusign.com)), or other transmission method. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)**<u>Commodity Exchange Act</u>**. The Company (i) represents to the Adviser that the Company is a "qualified eligible person" for purposes of Rule 4.7 under the Commodity Exchange Act; (ii) consents to the Company being an "exempt account" for purposes of such rule; and (iii) acknowledges that the Company has not been furnished with a disclosure document prepared in accordance with Rule 4.31 under the Commodity Exchange Act because no such document is required pursuant to Rule 4.7 under the Commodity Exchange Act.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "COMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

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\* \* \* \*

*[signature page follows]*

1622093671.2 ------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| **Goldman Sachs Real Estate Finance Trust Inc** | **Goldman Sachs Real Estate Finance Trust Inc** |
| By: | /s/ Mallika Sinha |
|  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Mallika Sinha |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| By: | /s/ Mallika Sinha |
|  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Mallika Sinha |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |

---

*[Signature Page to Fifth Amended and Restated Advisory Agreement]*

1622093671.2

## Exhibit 10.4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 10.4**

**AMENDED AND RESTATED** 

**EXPENSE SUPPORT AND REIMBURSEMENT AGREEMENT**

This Amended and Restated Expense Support and Reimbursement Agreement (this "<u>Agreement</u>") is made this 13th day of May, 2025, by and between GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC, a Maryland corporation (the "<u>Fund</u>"), and GOLDMAN SACHS & CO. LLC., a limited liability company formed under the laws of the state of New York (the "<u>Adviser</u>").

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the Third Amended and Restated Advisory Agreement, dated January 27, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "<u>Advisory Agreement</u>");

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser may elect to pay a portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date as provided below;

WHEREAS, the parties entered into that certain Expense Support and Reimbursement Agreement dated February 28, 2025; and

WHEREAS, the parties now desire to amend and restate the Expense Support and Reimbursement Agreement pursuant to the terms hereof.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Adviser Expense Payments to the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Until January 6, 2027, at such times as the Adviser determines, the Adviser may elect to pay certain general and administrative expenses of the Fund on the Fund's behalf (each such payment, an "<u>Expense Payment</u>"). Ordinarily, such Expense Payments are expected to be paid directly by the Adviser and shall be timely reported by the Adviser to the Fund within the month in which made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although not anticipated in the ordinary course, the Adviser may also commit to make Expense Payments to the Fund after the Fund has already paid them. If so committed by the Adviser, the Fund's right to receive Expense Payments following the Fund's direct payment of expenses shall be an asset of the Fund upon the Adviser committing in writing to pay the Expense Payment pursuant to a notice substantially in the form of <u>Appendix A</u>. Any such Expense Payment that the Adviser has committed to pay shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates. Notwithstanding the foregoing, the aggregate amount of expenses paid by the Adviser pursuant to this Section 1(b) shall not exceed an amount (the "<u>Expense Payment Cap</u>") that would (A) together with any other gross income of the Fund for such year that is not described in Section 856(c)(2) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), exceed 5% of the gross income (as determined for purposes of Code Section 856(c)(2)) of the Fund for such year, or (B) together with any other gross income of the Fund for such year that is not described in Section 856(c)(3) of the Code, exceed 25% of the gross income (as determined for purposes of Section 856(c)(3) of the Code) of the Fund, whichever of clauses (A) or (B) is

1622093860.2 ------

more restrictive, and assuming for purposes of determining the Expense Payment Cap that the expenses paid by the Adviser constitute gross income to the Fund not described in Sections 856(c)(2) and 856(c)(3) of the Code. The Fund and the Adviser acknowledge and agree that providing for the Expense Payment Cap is intended to ensure that the Adviser's payment of expenses pursuant to this Section 1(b), assuming that the payment of such expenses constitutes gross income not described in Sections 856(c)(2) and 856(c)(3) of the Code, together with any other gross income of the Fund not described in Sections 856(c)(2) or 856(c)(3) of the Code, as applicable, shall not cause the Fund to fail the 95% income test described in Section 856(c)(2) of the Code or the 75% income test described in Section 856(c)(3) of the Code for any taxable year, and the provisions of this Agreement regarding the determination and payment of expenses and the Expense Payment Cap shall be interpreted in a manner consistent with such intention. In furtherance of the foregoing, on or prior to each date that the Adviser intends to pay an expense pursuant to this Section 1(b), the Adviser shall deposit the funds for such expenses into a non-interest-bearing escrow account maintained by an escrow agent determined by the Fund (the "<u>Escrow Account</u>"). The escrow agent shall thereafter cause to be released to the applicable party, as promptly as practicable after the escrow agent receives written instruction from the Fund (which may be after the Adviser's intended payment date or at such other times as determined by the Fund), an amount that would not cause a violation of the limitations described above, as determined by the Fund. If any funds remain in the Escrow Account after the close of the third taxable year following the year in which such funds were deposited in the Escrow Account (the "<u>Final Release Date</u>"), the escrow agent shall release such remaining amount to the appropriate party as promptly as practicable thereafter. Notwithstanding the foregoing, if, prior to the Final Release Date, the Fund has received a written and reasoned opinion rendered by a nationally recognized law or accounting firm that the Adviser's payment of the relevant expenses should constitute qualifying income for purposes of Code Sections 856(c)(2) and 856(c)(3), or should be excluded from gross income for purposes of such Code sections (a "<u>Qualifying Income Opinion</u>"), the Fund will be entitled to request the escrow agent release to the appropriate party the relevant funds remaining in the Escrow Account. Except as otherwise provided herein, the Fund shall have no right, claim or title to any amount in the Escrow Account. The Fund and the Adviser shall bear equally any costs associated with establishing and maintaining the Escrow Account. The parties intend and agree that if (i) the Fund has not obtained a Qualifying Income Opinion and (ii) the Expense Payment Cap causes a reduction in the amount of the expenses that would otherwise be paid by the Adviser pursuant to this Section 1(b) for any calendar year (as determined by the Fund), the amount of such reduction shall not be due and payable hereunder and shall not be treated for tax and other applicable purposes as paid by the Adviser or as income to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Reimbursement of Expense Payments by the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as provided in Section 2(g), following any calendar month in which Distributable Earnings (as defined below) for such calendar month exceeds the distributions accrued to the Fund's common stockholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "<u>Available Operating Funds</u>"), the Fund shall pay such Available Operating Funds, or a portion thereof in accordance with Section 2(b), to the Adviser until such time as all Expense Payments made by the Adviser to the Fund have been reimbursed. As used herein, "<u>Distributable Earnings</u>" means the net income (loss) attributable to the Fund's common stockholders, computed in accordance with GAAP, including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) the Performance Fee (as defined in the Advisory Agreement), (ii) depreciation and amortization, (iii) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (iv) one-time events pursuant to changes in GAAP, and (v) certain non-cash adjustments and certain material non-cash income

1622093860.2 ------

or expense items. Any payments required to be made by the Fund pursuant to this Section 2(a) shall be referred to herein as a "<u>Reimbursement Payment</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as provided in Section 2(g), the amount of the Reimbursement Payment for any calendar month shall equal the lesser of (i) the Available Operating Funds and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund that have not been previously reimbursed by the Fund to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, should the Adviser waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, such waived amount will remain an unreimbursed Expense Payment reimbursable in future months pursuant to the terms of this Agreement; provided that the Adviser may by written notice permanently waive its right to receive all or a portion of any Reimbursement Payment, in which case such permanently waived amount will be deemed to have been previously reimbursed by the Fund for purposes of calculating the amount of the Reimbursement Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as provided in Section 2(g), to the extent not previously reimbursed pursuant to Section 2(a), all unreimbursed Expense Payments (other than those permanently waived by the Adviser) shall be due and payable on the earlier of January 6, 2030, or the termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month (or permanently). In connection with any Reimbursement Payment, the Fund may deliver a notice substantially in the form of <u>Appendix A</u>. The Reimbursement Payment for any calendar month shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month and in no event later than forty-five days after the end of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Notwithstanding anything herein to the contrary, no Expense Payment or portion thereof shall be reimbursable to the extent such payment would violate Section 13 of the Advisory Agreement, which sets forth limitations on the Company ability to reimburse the Adviser for certain "Total Operating Expenses" as defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination and Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall become effective as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement may be terminated, without the payment of any penalty, by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement shall terminate upon the repayment of all unreimbursed Expense Payments any time after January 6, 2027.

1622093860.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Advisory Agreement, (ii) the board of directors of the Fund makes a determination to dissolve or liquidate the Fund, (iii) a listing of the Fund's securities on a national securities exchange, (iv) a sale of all or substantially all of the Fund's assets, (v) a merger or consolidation of the Fund with or into another entity in which the Fund is not the surviving entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Fund to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement, together with the Advisory Agreement, contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's organizational and governing documents, as each may be amended and/or restated from time to time, or to relieve or deprive the board of directors of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Fund shall not assign this Agreement or any right, interest, or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

*[Remainder of page intentionally left blank.]*

1622093860.2 ------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC

By: <u>/s/ Mallika Sinha&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Mallika Sinha

Title: Chief Financial Officer and Treasurer

GOLDMAN SACHS & CO. LLC

By: <u>/s/ Mallika Sinha&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Mallika Sinha

Title: Managing Director

*[Signature Page to Amended and Restated Expense Support and Reimbursement Agreement]*

1622093860.2

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Steve Pack, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Real Estate Finance Trust Inc for the quarterly period ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer 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)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.[Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 13, 2025

---

| |
|:---|
| /s/ Steve Pack |
| Steve Pack |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mallika Sinha, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Real Estate Finance Trust Inc for the quarterly period ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer 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)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.[Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 13, 2025

---

| |
|:---|
| /s/ Mallika Sinha |
| Mallika Sinha |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION 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 of Goldman Sachs Real Estate Finance Trust Inc (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steve Pack, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&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; 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.

---

| |
|:---|
| /s/ Steve Pack |
| Steve Pack |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

August 13, 2025&nbsp;&nbsp;&nbsp;&nbsp;

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION 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 of Goldman Sachs Real Estate Finance Trust Inc (the "Company") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mallika Sinha, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&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; 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.

---

| |
|:---|
| /s/ Mallika Sinha |
| Mallika Sinha |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

August 13, 2025&nbsp;&nbsp;&nbsp;&nbsp;

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.2

**Exhibit 99.2**

**GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC**

**Net Asset Value Calculation and Valuation Guidelines**

**Effective August 12, 2025**

The board of directors of Goldman Sachs Real Estate Finance Trust Inc. has adopted the following Net Asset Value Calculation and Valuation Guidelines. The words "Company," "we," "us" and "our" shall mean Goldman Sachs Real Estate Finance Trust Inc, together with its consolidated subsidiaries.

**General**

We will calculate the net asset value ("NAV") per share for each class of shares monthly. Our NAV for each class of our shares of common stock is based on the net asset values of our investments (including real estate-related securities), the addition of any other assets (such as cash on hand) and the deduction of any liabilities, including class-specific accruals, as described below.

**Our Independent Valuation Advisors**

The fundamental elements of the valuation process, which are the valuation of our credit investments and financing as well as the appraisal of the collateral underlying our credit investments, will be performed by our independent valuation advisors, Chatham Financial Corp ("Chatham") and Capright Property Advisors, LLC ("Capright"), each of which is a valuation firm selected by Goldman Sachs & Co. LLC (in its capacity as our adviser, the "Adviser") and approved by our board of directors, including our independent directors. Chatham will value our credit investments as well as our entity-level and asset-level debt. Capright will value the collateral underlying our credit investments. Chatham and Capright are engaged in the business of rendering opinions regarding the value of real estate-related debt and commercial real properties and are not affiliated with us or the Adviser.

The Adviser, with the approval of our board of directors, including a majority of our independent directors, may engage additional independent valuation advisors in the future as our portfolio grows and diversifies. Although Chatham and Capright may consider any comments received from us or our Adviser or other valuation sources for their individual valuations, the final estimated fair values of our credit investments and financings are determined by Chatham and the final estimated fair values of the collateral are determined by Capright. While our independent valuation advisors are responsible for providing the valuations described above, our independent valuation advisors are not responsible for, and do not calculate, our NAV. The Adviser is ultimately responsible for the determination of our NAV.

Our independent valuation advisors may be replaced at any time, in accordance with agreed-upon notice requirements, by a majority vote of our board of directors, including a majority of our independent directors. Our independent valuation advisors will discharge their respective responsibilities in accordance with these valuation guidelines.

Our board of directors will not be involved in the periodic valuation of our assets and liabilities but will periodically receive and review such information about the valuation of our assets and liabilities as it deems necessary to exercise its oversight responsibility. Following initial closing upon breaking escrow in the private offering, our NAV per share for each class of shares will be calculated monthly by CBRE, Inc. ("CBRE") and such calculation will be reviewed and confirmed by the Adviser. Pursuant to our valuation services agreements with our independent valuation advisors, the Adviser receives valuation reports periodically from our independent valuation advisors. The Adviser reviews the reasonableness of these valuations with the independent valuation advisors before they are finalized in order for CBRE to calculate our NAV per share for each class of shares.

**Assets**

***Valuation of Credit Investments***

1622095912.2 ------

The fair value of the credit investments will be determined by Chatham. Newly originated or acquired credit investments will initially be valued at cost in the month that they are closed, which is expected to represent fair value at that time. For each month after the initial month in which a Credit Investment is closed, Chatham will value each Credit Investment at fair value. Warehoused Investments are subject to these Valuation Guidelines as described herein. Warehoused Investments will be acquired/transferred from Goldman Sachs at an amount equal to (x) the lower of (i) fair value (determined by Chatham) of such Warehoused Investment plus accrued interest, less the unamortized original issue discount through the date of settlement and (ii) the cost of the Warehoused Investment to Goldman Sachs plus accrued interest through the date of settlement, and (y) related costs and expenses, including transaction expenses and expenses of conveyance. Valuations of credit investments reflect changes in interest rates, spreads, loan tests and metrics, risk ratings, and anticipated liquidation timing and proceeds, among others. The fair value is determined by discounting the future contractual cash flows to the present value using a current market interest rate or spread. The market rate is determined through consideration of the interest rates for debt of comparable quality and maturity, and the value of the underlying real estate investment. As applicable, Chatham may apply an alternative methodology to any non-performing credit investments and will notify the Adviser of any changes in approach taken.

Each valuation report prepared by Chatham will be addressed solely to our company. Chatham's valuation reports are not addressed to the public and may not be relied upon by any other person to establish an estimated value of common stock and do not constitute a recommendation to any person to purchase or sell shares of our common stock. In preparing its reports, Chatham will not solicit third-party indications of interest for our common stock in connection with possible purchases thereof or the acquisition of all or any part of our company.

***Valuation of Collateral***

An appraisal will be completed by an outside third-party appraisal firm prior to the closing of each transaction and will be utilized for the first year's reporting period thereafter. Within one year of the closing of each transaction, Capright will appraise the collateral, and provide appraisals no less than annually thereafter. Valuations of collateral reflect changes in property value based on comparable trades, occupancy, expirations, discounted cash flows, and anticipated liquidation timing and proceeds, among others. The Adviser may choose to obtain an interim period appraisal if a significant event occurs that impacts the collateral.

Each valuation report prepared by Capright will be addressed solely to our company, but provided to Chatham for consideration in the valuation of credit investments. Capright's valuation reports are not addressed to the public and may not be relied upon by any other person to establish an estimated value of our collateral.

***Valuation of Real Estate Owned Properties***

In the event we pursue ownership interest in the underlying collateral on a defaulted loan, then the asset will become real estate owned or REO. REO properties will initially be valued at fair value at the time of acquisition. Generally, closing costs and expenses will initially be capitalized and reflected as a component of fair value. Thereafter, the REO properties will be valued by Capright periodically, as needed. Property-level valuations reflect changes in property value based on comparable trades, occupancy, expirations, discounted cash flows, and anticipated liquidation timing and proceeds, among others.

Each valuation report prepared by the appraiser is addressed solely to our company. Any appraiser's valuation report is not addressed to the public and may not be relied upon by any other person to establish the value of the property.

***Valuation of Other Real Estate-Related Assets***

Our investments in real estate-related assets will focus on non-distressed public and private real estate-related debt securities, including, but not limited to, CMBS, corporate bonds, and certain other forms of debt, mezzanine and preferred equity. In general, real estate-related assets are valued by the Adviser according to the procedures specified below upon acquisition or issuance and then monthly. Interim valuations of real estate-related assets that are valued monthly may be performed if the Adviser believes the value of the applicable asset may have changed significantly

1622095912.2 ------

since the most recent valuation. In addition, our board of directors may retain additional independent valuation firms to assist with the valuation of real estate-related assets.

***Publicly Traded Real Estate-Related Assets***

Publicly traded real-estate related assets that are not restricted as to salability or transferability will generally be valued by the Adviser monthly on the basis of publicly available market quotations or at fair value determined in accordance with GAAP. Market quotations may be obtained from third-party pricing service providers or broker-dealers. When reliable market quotations are available from multiple sources, the Adviser will use commercially reasonable efforts to use two or more quotations and will value the assets based on the average of the quotations obtained. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. If market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined in good faith by the Adviser. The Adviser may adjust the value of public debt and equity real estate-related assets and derivatives that are restricted as to salability or transferability for a liquidity discount. In determining the amount of such discount, consideration is given to the nature and length of such restriction and the relative volatility of the market price of the security.

***Private Real Estate-Related Assets***

Investments in privately placed debt instruments and securities of real estate-related operating businesses (other than joint ventures), such as real estate development or management companies, will initially be valued by the Adviser at the acquisition price and thereafter will be revalued at least monthly at fair value. The fair value of real-estate related operating businesses is generally determined by using valuation methodologies such as discounted cash flow and market comparable analysis. The valuation analysis is supplemented with a qualitative assessment of the operating businesses' operating metrics such as sales growth, revenue traction, margin, key account wins and stability of executives. In evaluating the fair value of our interests in certain commingled investment vehicles, values periodically assigned to such interests by the respective issuers or broker-dealers may be relied upon. Our board of directors may retain additional independent valuation firms to assist with the valuation of our private real estate-related assets.

***Valuation of Derivative Instruments***

In the ordinary course of business, we may hedge interest rate and foreign currency exposure with derivative financial instruments. We report our derivative assets and liabilities at fair value as determined by an independent pricing service. We generally obtain one price per instrument from our primary pricing service. If the primary pricing service cannot provide a price, we will seek a value from other pricing services. The pricing service values bilateral interest rate swaps and interest rate caps under the income approach using valuation models. The significant inputs in these models are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts. The pricing service values currency forward contracts under the market approach through the use of quoted market prices available in an active market.

***Valuation of Liquid Non-Real-Estate-Related Assets***

Liquid non-real-estate-related assets include credit rated government debt securities, corporate debt securities, cash and cash equivalents. Liquid non-real-estate-related assets will be valued monthly by the Adviser based on market quotations obtained from third-party pricing service providers.

**Liabilities**

We will generally include the fair value of our liabilities as part of our NAV calculation. We expect that these liabilities will include the fees payable to the Adviser and the Placement Agent, accounts payable, accrued operating expenses, asset-level and portfolio-level financing and company-level facilities and other liabilities. All liabilities will be valued using widely accepted methodologies specific to each type of liability. Other than asset-level and

1622095912.2 ------

portfolio-level debt and company-level facilities, we include the cost basis of our liabilities as part of NAV, which approximates fair value. These carrying amounts are meant to approximate fair value due to the liquid and short-term nature of the instruments. The Adviser's valuation of asset-level liabilities, including any third-party incentive fee payments or investment-level debt, deal terms and structure will not be reviewed by our independent valuation advisor or appraised. Liabilities allocable to a specific class of shares are only included in the NAV calculation for that class.

Liabilities related to distribution fees, management fees and the performance fee will accrue to a specific class of shares and will only be included in the NAV calculation for that class as described below.

Under applicable GAAP, we record liabilities for distribution fees (i) that we currently owe the Placement Agent under the terms of our Placement Agent Agreement and (ii) for an estimate that we may pay to our Placement Agent in future periods. However, in keeping with standard industry practice, we do not deduct the liability for estimated future distribution fees in our calculation of NAV, which fees are not payable under certain circumstances, such as in the event of our liquidation.

For purposes of calculating our NAV, the organization and offering expenses and general and administrative expenses advanced, waived or paid by the Adviser will not be recognized as expenses or as a component of equity and reflected in our NAV until we pay the Adviser for these costs.

***Valuation of Facilities***

The fair value of facilities, or the sum of our asset-level and portfolio-level financing arrangements and company-level facilities, will be determined by Chatham, the facilities valuation advisor, selected by the Adviser and approved by our board of directors, including a majority of independent directors. Chatham will prepare monthly valuations of each facility, which will be used in calculating NAV. New facilities will initially be valued at par, which is expected to represent fair value at that time. Thereafter, Chatham will prepare monthly valuations of the facilities that will be used in calculating NAV. All facilities will be valued using widely accepted methodologies specific to each type of facility. Any changes to the fair value of facilities are expected to reflect changes including interest rates, spreads, and key loan metrics and tests utilizing the collateral value and cash flows, including the estimated liquidation timing and proceeds. In addition, for purposes of calculating our NAV, the financing costs related to our debt obligations will be capitalized and amortized over the life of the debt facility.

Each valuation report prepared by Chatham is addressed solely to our company. Chatham's valuation reports are not addressed to the public and may not be relied upon by any other person to establish value of the facilities that will be used in calculating NAV.

The board of directors has delegated to the Adviser the responsibility for monitoring significant events that may affect the values of our facilities for determining whether the existing valuations should be re-evaluated prior to the next scheduled monthly valuation in light of such significant events.

***Valuation of Securitized Debt Investments***

The fair value of any securitized debt investments will generally be measured using the more observable of the fair value of the securitized assets and liabilities using the Valuation Guidelines discussed above.

**Review of and Changes to these Valuation Guidelines**

From time to time, the board of directors, including a majority of our independent directors, may adopt changes to these valuation guidelines if it (1) determines that such changes are likely to result in a more accurate reflection of NAV or a more efficient or less costly procedure for the determination of NAV without having a material adverse effect on the accuracy of such determination or (2) otherwise reasonably believes a change is appropriate for the determination of NAV. Any changes to these valuation guidelines require the approval of the board of directors, including a majority of our independent directors.

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In addition, in special situations when, in the Adviser's reasonable judgment, the administration of these valuation guidelines would result in a valuation that does not represent a fair and accurate estimate of the value of our investment, alternative methodologies may be applied, provided that the Adviser must notify our board of directors at the next scheduled board meeting of any alternative methodologies utilized and their impact on the overall valuation of our investment.

**NAV and NAV Per Share Calculation**

Our NAV per share will be calculated by CBRE as of the last calendar day of each month and is available generally within 15 calendar days after the end of each applicable month. Our board of directors, including a majority of our independent directors, may replace CBRE with another party, including our Adviser, if it is deemed appropriate to do so. The Adviser is responsible for reviewing and confirming our NAV, and overseeing the process around the calculation of our NAV.

Each month, before taking into consideration accrued dividends or other class-specific accruals, any change in the aggregate NAV (the "Aggregate Fund NAV") of our outstanding shares of each class of common stock at the end of the prior month will be allocated among each class of common stock. This allocation will be based on each class's relative percentage of the previous Aggregate Fund NAV (treating all shares issued on the first calendar day of the month as outstanding as of the date of such previous Aggregate Fund NAV). Changes in our monthly Aggregate Fund NAV include, without limitation, accruals of our net portfolio income, interest expense, unrealized/realized gains and losses on assets, any applicable organization and offering costs and any expense reimbursements. Changes in our monthly Aggregate Fund NAV also include material non-recurring events, such as capital expenditures and material acquisitions and dispositions occurring during the month. Notwithstanding anything herein to the contrary, the Adviser may in its discretion consider material market data and other information that becomes available after the end of the applicable month in valuing our assets and liabilities and calculating our NAV for a particular month.

Following the allocation of the changes in our Aggregate Fund NAV as described above, NAV for each class is adjusted for class-specific accruals for distributions, ongoing distribution fees, management fees and performance fees payable to the Adviser to determine the monthly NAV for each class. These accruals are made on a class-specific basis and borne by all holders of the applicable class. These class-specific accruals may differ for each class, even when the NAV per share of each class is the same. We normally expect that the accrual of ongoing distribution fees on a class-specific basis will result in different amounts of distributions being paid with respect to certain classes of shares. In other words, the per share amount of distributions on Class T, Class S and Class D shares generally differs from other classes of shares because of class-specific distribution fees that are deducted from the gross distributions of Class T, Class S and Class D shares. Specifically, we expect net distributions on Class T and Class S shares will be lower than Class D shares and net distributions on Class D shares will be lower than Class I, Class F-I, Class F-II and our non-voting common stock shares. However, if no distributions are authorized for a certain period, or if they are authorized in an amount less than the class-specific accruals of distribution fees with respect to such period, then pursuant to these valuation guidelines, the class-specific accruals of distribution fees may lower the NAV per share of a share class. With respect to class-specific accruals of the management fee, we expect these accruals to cause the distributions and/or the NAV per share of those classes which do not pay a management fee to be higher than those of other share classes which are subject to a management fee. With respect to class-specific accruals of the performance fee, we expect these accruals to cause the distributions and/or the NAV per share of those classes which are not subject to a performance fee to be higher than those of other share classes which are subject to the performance fee. When the NAV per share of our classes are different, then changes to our assets and liabilities that are allocable based on NAV will also be different for each class. We may from time to time issue stock dividends on a class-specific basis to adjust the NAV per share of such class. Because the purchase price of shares in the primary offering is equal to the transaction price, which generally equals the most recently disclosed monthly NAV per share, plus the upfront selling commissions and placement fees, which are effectively paid by purchasers of shares at the time of purchase, the upfront selling commissions and placement fees have no effect on the NAV of any class.

NAV per share for each class is calculated by dividing such class's NAV at the end of each month by the number of shares outstanding for that class at the end of such month.

1622095912.2

## Exhibit 99.3

**Exhibit 99.3**

**GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC**

Amended and Restated Corporate Governance Guidelines

The Board of Directors (the "<u>Board</u>") of Goldman Sachs Real Estate Finance Trust Inc, a Maryland corporation (the "<u>Corporation</u>"), has adopted the following Amended and Restated Corporate Governance Guidelines (the "<u>Guidelines</u>") to advance the functioning of the Board and its committees and set forth the Board's expectations as to how it should perform its functions. The principles herein are guidelines and are not intended to be legally binding on the Board or the Corporation. These Guidelines are subject to modification from time to time by the Board (including a majority of the Independent Directors (as defined herein)) as the Board may deem appropriate in the best interests of the Corporation or as required by applicable laws. The Guidelines should be interpreted in the context of all applicable laws and the Corporation's charter (the "<u>Charter</u>"), Bylaws and other corporate governance documents.

*These Guidelines are adopted as of August 12, 2025.*

**Definitions**

As used in these Guidelines, the following terms shall have the meanings below. Capitalized but undefined terms shall have the meaning given to such terms in the Charter.

"<u>Acquisition Expenses</u>" shall mean any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation, the Advisor or any Affiliate of either in connection with the evaluation, structuring, and acquisition, origination, financing and development of any assets, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses and title insurance premiums and the costs of performing due diligence.

"<u>Acquisition Fee</u>" shall mean any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Corporation or the Advisor) in connection with making or investing in Mortgages or Real Estate Related Securities or the purchase, development or construction of a Property, including real estate commissions, selection fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be Development Fees and Construction Fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of a project.

"<u>Advisor</u>" shall mean the Person appointed, employed or contracted with by the Corporation pursuant to paragraph 9 of these Guidelines and responsible for directing or performing the day-to-day business affairs of the Corporation, including any Person to whom the Advisor subcontracts all or substantially all of such functions.

"<u>Affiliate</u>" shall mean, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting

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securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

"<u>Average Invested Assets</u>" shall mean, for a specified period, the average of the aggregate book value of the assets of the Corporation invested, directly or indirectly, in equity interests in and loans secured by real estate, including all Properties, Mortgages and Real Estate Related Securities and consolidated and unconsolidated joint ventures or other partnerships, before deducting depreciation, amortization, impairments, bad debt reserves or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

"<u>Competitive Real Estate Commission</u>" shall mean a real estate or brokerage commission paid for the purchase or Sale of a Property that is reasonable, customary and competitive in light of the size, type and location of the Property.

"<u>Construction Fee</u>" shall mean a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property.

"<u>Contract Purchase Price</u>" shall mean the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a Property or the amount of funds advanced with respect to a Mortgage, or the amount actually paid or allocated in respect of the purchase of other assets of the Corporation, in each case exclusive of Acquisition Fees and Acquisition Expenses.

"<u>Development Fee</u>" shall mean a fee for the packaging of a Property, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific Property, either initially or at a later date.

"<u>Independent Appraiser</u>" shall mean a Person with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of Real Property and/or other assets of the type held by the Corporation. Membership in a nationally recognized appraisal society such as the Appraisal Institute shall be conclusive evidence of being engaged to a substantial extent in the business of rendering opinions regarding the value of Real Property.

"<u>Independent Director</u>" shall mean a Director who is not on the date of determination, and within the last two years from the date of determination has not been, directly or indirectly associated with the Sponsor or the Advisor by virtue of (i) ownership of a material interest in the Sponsor, the Advisor or any of their Affiliates, (ii) employment by the Sponsor, the Advisor or any of their Affiliates, (iii) service as an officer or director of the Sponsor, the Advisor or any of their Affiliates, (iv) performance of services, other than as a Director, for the Corporation, (v)

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service as a director or trustee of more than three REITs organized by the Sponsor or advised by the Advisor or (vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. For purposes of this definition, "Affiliate" does not include a REIT or other investment program organized by the Sponsor or advised or managed by the Advisor or its Affiliates. Consistent with (v) above, serving as an independent director of or receiving independent director fees from or owning an interest in a REIT or other investment program organized by the Sponsor or advised or managed by the Advisor or its Affiliates shall not, by itself, cause a director to be deemed associated with the Sponsor or the Advisor. A business or professional relationship is considered "material" if the aggregate gross income derived by the Director from the Sponsor, the Advisor and their Affiliates in a year exceeds 5% of either the Director's annual gross income, derived from all sources, during either of the last two years or the Director's net worth on a fair market value basis as of the end of the applicable year. An ownership interest is considered "material" if the value of such interest exceeds 5% of the Director's net worth on a fair market value basis. An indirect association with the Sponsor or the Advisor shall include circumstances in which a Director's spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in-law or brother- or sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates or the Corporation.

"<u>Mortgages</u>" shall mean, in connection with any mortgage financing that the Corporation makes or purchases, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured directly by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations, but shall not include mezzanine loans secured indirectly by Real Property and shall not include any investments in mortgage pools, commercial mortgage-backed securities or residential mortgage-backed securities.

"<u>Net Assets</u>" shall mean the total assets (other than intangibles) at cost, before deducting depreciation, reserves for bad debts or other non-cash reserves, less total liabilities, calculated at least quarterly by the Corporation on a basis consistently applied.

"<u>Net Income</u>" shall mean for any period, the Corporation's total revenues applicable to such period, less the total expenses applicable to such period other than additions to, or allowances for, non-cash charges such as depreciation, amortization, impairments and reserves for bad debt or other similar non-cash reserves. If the Advisor receives an incentive fee pursuant to paragraph 13 of these Guidelines, Net Income, for purposes of calculating Total Operating Expenses, shall exclude any gain from the Sale of the assets of the Corporation.

"<u>Organization and Offering Expenses</u>" shall mean any and all costs and expenses incurred by the Corporation and to be paid from the assets of the Corporation in connection with the formation of the Corporation and the qualification and registration of an Offering, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions, costs related to investor and broker-dealer sales meetings, fees and expenses of the underwriters' attorneys, expenses for printing, engraving, mailing, salaries of employees while engaged in sales activity, charges of transfer agents, registrars,

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trustees, escrow holders, depositaries, experts, expenses of qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Roll-Up Entity</u>" shall mean a partnership, real estate investment trust, corporation, trust or other entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" shall mean a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Corporation and the issuance of securities of a Roll-Up Entity to the holders of Common Shares. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a transaction involving securities of the Corporation that have been listed on a national securities exchange for at least twelve months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a transaction involving the conversion to corporate, trust or association form of only the Corporation, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.voting rights of the holders of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the term of existence of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Sponsor or Advisor compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.the Corporation's investment objectives.

"<u>Shares</u>" shall mean shares of stock of the Corporation of any class or series, including Common Shares or Preferred Shares.

"<u>Sponsor</u>" shall mean any Person that (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation or (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of such Person. A Person may also be deemed a Sponsor of the Corporation by: (a) taking the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (b) receiving a material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services and property, (c) having a substantial number of relationships and contacts with the Corporation, (d) possessing significant rights to control Properties, (e) receiving fees for providing services to the Corporation which are paid on a basis that is not customary in the industry or (f) providing goods or services to the Corporation on a basis which was not negotiated at arm's-length with the Corporation. "Sponsor" does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services.

"<u>Stockholders</u>" shall mean the holders of record of the Shares as maintained in the books and records of the Corporation or its transfer agent.

"<u>Total Operating Expenses</u>" shall mean all costs and expenses paid or incurred by the Corporation, as determined under generally accepted accounting principles, including management fees, but excluding: (i) the expenses of raising capital such as Organization and

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Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees or performance allocations made in compliance with paragraph 13 of these Guidelines or made in accordance with terms previously approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Property and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property).

"<u>Unimproved Real Property</u>" shall mean Property (i) in which the Corporation has an equity interest that was not acquired for the purpose of producing rental or other operating income, (ii) that has no development or construction in process and (iii) for which no development or construction is planned, in good faith, to commence within one year.

"<u>2%/25% Guidelines</u>" shall have the meaning as provided in Section 15 herein.

**Board Responsibility**

**1. Role of the Board.**

The business and affairs of the Corporation shall be managed under the direction of the Board. Each director is expected to attend Board meetings, meetings of committees on which he or she serves and is encouraged to attend the annual meeting of stockholders, prepare for meetings, review relevant materials, ask questions and engage in discussion, and spend the time needed and meet as frequently as necessary to properly discharge his or her duties. Participation by conference telephone or other communications equipment is appropriate in the event of scheduling conflicts or when the Board otherwise deems it to be necessary or desirable.

Directors should be familiar with the Corporation's business, its financial statements and capital structure and the risks and competition it faces, to facilitate active and effective participation in the Board and committee meetings they attend. Directors are expected to maintain an attitude of constructive involvement and oversight; they are expected to ask incisive, probing questions and require accurate, honest answers; they are expected to act with integrity; and they are expected to demonstrate a commitment to the Corporation, its values, its business plan and long-term stockholder value.

The Board directs and oversees the management of the business and affairs of the Corporation in a manner consistent with the best interests of the Corporation. The Board's responsibility is one of oversight and, in performing its oversight role, the Board serves as the ultimate decision-making body of the Corporation, except for those matters reserved to or shared with the stockholders. Directors may rely on information presented by the Corporation's officers

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and its external adviser when directors reasonably believe they are reliable and competent in the matters presented.

In carrying out its responsibilities, the directors will comply with those requirements and obligations set forth in the Charter and Bylaws (each as in effect from time to time).

**Company Stock**

**2. Distributions.**

Distributions in kind (which, for the avoidance of doubt, do not include distributions of stock of the Corporation) shall not be permitted, except for distributions of readily marketable securities, distributions of beneficial interests in a liquidating trust established for the dissolution of the Corporation and the liquidation of its assets in accordance with the terms of the Charter or distributions of in-kind property in which (a) the Board advises each Stockholder of the risks associated with direct ownership of the property, (b) the Board offers each Stockholder the election of receiving such in-kind property distributions and (c) in-kind property distributions are made only to those Stockholders that accept such offer.

**3. Repurchase of Shares.**

The Board may establish, from time to time, a program or programs by which the Corporation voluntarily repurchases Shares from its Stockholders; provided, however, that such repurchase does not impair the capital or operations of the Corporation. Neither the Sponsor, the Advisor, any member of the Board or any Affiliate thereof may receive any fees arising out of the repurchase of Shares by the Corporation.

**4. Distribution Reinvestment Plan.** 

The Board may establish, from time to time, a Distribution reinvestment plan or plans (each, a "<u>Reinvestment Plan</u>"). Under any such Reinvestment Plan, (a) all material information regarding Distributions to the holders of Common Shares and the effect of reinvesting such Distributions, including the tax consequences thereof, shall be provided to the holders of Common Shares not less often than annually, and (b) each holder of Common Shares participating in such Reinvestment Plan shall have a reasonable opportunity to withdraw from the Reinvestment Plan not less often than annually after receipt of the information required in clause (a) above.

**Board Composition, Criteria, and Committees**

**5. Number of Directors and Director Independence.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;A majority of the Board seats will be for Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;Only Independent Directors shall nominate replacements for vacancies among the Independent Directors' positions.

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**6. Director Experience.** 

Each Director affiliated with the Sponsor shall have at least three years of relevant experience demonstrating the knowledge and experience required to successfully acquire and manage the type of assets being acquired by the Corporation. At least one of the Independent Directors shall have at least three years of relevant real estate experience.

**7. Committees.**

The Board will at all times have a standing Affiliate Transaction Committee, comprised of all the Independent Directors. All matters in these Guidelines requiring the approval of majority of the Independent Directors shall be approved by them through the Affiliate Transaction Committee. The Board may establish such other committees as it deems appropriate, in its discretion, provided that the majority of the members of each committee are Independent Directors.

**8. Authorization by Board of Stock Issuance.**

Any issuance of Preferred Shares shall also be approved by a majority of Independent Directors not otherwise interested in the transaction, who shall have access at the Corporation's expense to the Corporation's legal counsel or to independent legal counsel.

**Advisor**

**9. Appointment of Advisor.**

The Board is responsible for setting the general policies of the Corporation and for the general supervision of its business conducted by officers, agents, employees, advisors or independent contractors of the Corporation. However, the Board is not required personally to conduct the business of the Corporation, and it may (but need not) appoint, employ or contract with any Person (including a Person that is an Affiliate of any Director) as an Advisor and may grant or delegate such authority to the Advisor as the Board may, in its sole discretion, deem necessary or desirable. The Advisor shall have a fiduciary responsibility and duty to the Corporation and to the Stockholders.

**10. Supervision of Advisor.**

The Board shall review and evaluate the qualifications of the Advisor before entering into, and shall evaluate the performance of the Advisor before renewing, an Advisory Agreement, and the criteria used in such evaluation shall be reflected in the minutes of the meetings of the Board. The Board may exercise broad discretion in allowing the Advisor to administer and regulate the operations and investment activities of the Corporation, to act as agent for the Corporation, to execute documents on behalf of the Corporation and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Advisor to assure that the administrative procedures, operations and

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programs of the Corporation are in the best interests of the Stockholders and are fulfilled. The Independent Directors are responsible for reviewing the fees and expenses of the Corporation at least annually or with sufficient frequency to determine that the fees and expenses incurred are reasonable in light of the investment performance of the Corporation, its Net Assets, its Net Income and the fees and expenses of other comparable unaffiliated REITs. Each such determination shall be reflected in the minutes of the meetings of the Board. The Independent Directors also will be responsible for reviewing, from time to time and at least annually, the performance of the Advisor and determining that compensation to be paid to the Advisor is reasonable in relation to the nature and quality of services performed and that such compensation is within the limits prescribed by these Guidelines. The Independent Directors shall also supervise the performance of the Advisor and the compensation paid to the Advisor by the Corporation in order to determine that the provisions of the Advisory Agreement are being carried out. Specifically, the Independent Directors will consider factors such as (a) the amount of the fee paid to the Advisor in relation to the size, composition and performance of the assets of the Corporation, (b) the success of the Advisor in generating opportunities that meet the investment objectives of the Corporation, (c) rates charged to other REITs and to investors other than REITs by advisors performing the same or similar services, (d) additional revenues realized by the Advisor and its Affiliates through their relationship with the Corporation, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees, whether paid by the Corporation or by others with whom the Corporation does business, (e) the quality and extent of service and advice furnished by the Advisor, (f) the performance of the assets of the Corporation, including income, conservation or appreciation of capital, frequency of problem investments and competence in dealing with distress situations, and (g) the quality of the assets of the Corporation relative to the investments generated by the Advisor for its own account. The Independent Directors may also consider all other factors that they deem relevant, and the findings of the Independent Directors on each of the factors considered shall be recorded in the minutes of the Board. The Board shall determine whether any successor Advisor possesses sufficient qualifications to perform the advisory function for the Corporation and whether the compensation provided for in its contract with the Corporation is justified.

**11. Term and Termination.**

The Advisory Agreement shall have a term of no more than one year, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. A majority of the Independent Directors may terminate the Advisory Agreement on 60 days' written notice without cause or penalty, and, in such event, the Advisor will cooperate with, and take all commercially reasonable steps requested to assist, the Corporation and the Board in making an orderly transition of the advisory function, provided that the Advisor and its Affiliates shall be reimbursed for all internal and third-party expenses incurred in connection with providing such transition (including salaries, benefits and overhead of personnel).

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**Fees and Expenses**

**12. Disposition Fee on Sale of Property.** 

The Corporation may pay the Advisor a real estate commission upon the Sale of one or more Properties, in an amount equal to one-half of the Competitive Real Estate Commission paid but not to exceed 3% of the sales price of such Property or Properties. Payment of such fee may be made only if the Advisor provides a substantial amount of services in connection with the Sale of such Property or Properties, as determined by a majority of the Independent Directors. In addition, the amount paid when added to all other real estate commissions paid to unaffiliated parties in connection with such Sale shall not exceed the lesser of the Competitive Real Estate Commission or an amount equal to 6% of the sales price of such Property or Properties.

**13. Incentive Fees.** 

The Corporation may pay the Advisor an interest in the gain from the Sale of assets, for which full consideration is not paid in cash or property of equivalent value, provided the amount or percentage of such interest is reasonable. Such an interest in gain from the Sale of assets shall be considered presumptively reasonable if it does not exceed 15% of the balance of such net proceeds remaining after payment to holders of Common Shares, in the aggregate, of an amount equal to 100% of the Invested Capital, plus an amount equal to 6% of the Invested Capital per annum cumulative. In the case of multiple Advisors, such Advisor and any of their Affiliates shall be allowed such fees provided such fees are distributed by a proportional method reasonably designed to reflect the value added to the assets by each respective Advisor or any Affiliate.

**14. Acquisition Fees.** 

The Corporation may pay the Advisor and its Affiliates fees for the review and evaluation of potential investments in assets of the Corporation; provided, however, that the total of all Acquisition Fees and Acquisition Expenses shall be reasonable, and shall not exceed an amount equal to 6% of the Contract Purchase Price or, in the case of a Mortgage, 6% of the funds advanced; and provided, further, that a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction may approve fees and expenses in excess of this limit if they determine the transaction to be commercially competitive, fair and reasonable to the Corporation.

**15. Reimbursement for Total Operating Expenses.** 

The Corporation may reimburse the Advisor, at the end of each fiscal quarter, for Total Operating Expenses paid by the Advisor; provided however, that commencing four fiscal quarters after the Corporation's acquisition of its first asset, the Corporation shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of Average Invested Assets or 25% of Net Income (the "<u>2%/25% Guidelines</u>") for such four fiscal quarters. The Independent

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Directors shall have the fiduciary responsibility of limiting Total Operating Expenses to amounts that do not exceed the 2%/25% Guidelines unless they have made a finding that, based on such factors that they deem sufficient, a higher level of expenses (an "<u>Excess Amount</u>") is justified. If the Corporation has a class of securities registered under the Exchange Act, then within 60 days after the end of any fiscal quarter of the Corporation for which there is an Excess Amount that the Independent Directors conclude was justified, there shall be sent to the holders of Common Shares a written disclosure of such fact (or shall be disclosed to the holders of Common Shares in the next Quarterly Report on Form 10-Q of the Corporation or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such Excess Amount was justified. Any such finding and the reasons in support thereof shall be reflected in the minutes of the meetings of the Board. In the event that the Independent Directors do not determine that such Excess Amount is justified, the Advisor shall pay the Corporation the amount by which the expenses exceeded the 2%/25% Guidelines.

**Investment Policies and Limitations**

**16. Review of Investment Policies.**

The Board shall establish written policies on investments and borrowing and shall monitor the administrative procedures, investment operations and performance of the Corporation and the Advisor to assure that such policies are carried out. The Independent Directors shall review the investment policies of the Corporation with sufficient frequency (not less often than annually) to determine that the policies being followed by the Corporation are in the best interests of its Stockholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board.

**17. Certain Investment Restrictions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.The Corporation may invest in joint ventures with the Sponsor, the Advisor, one or more Directors or any Affiliate thereof, only if a majority of Directors (including a majority of Independent Directors) not otherwise interested in the transaction approve such investment as being fair and reasonable to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.Subject to any limitations in these Guidelines, the Corporation may invest in equity securities, provided that if such equity securities are not listed on a national securities exchange or traded in an over-the-counter market, such investment shall be permitted only if a majority of Directors (including a majority of Independent Directors) not otherwise interested in the transaction approve such investment as being fair, competitive and commercially reasonable.

**18. Investment and Other Limitations.** 

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In addition to other investment restrictions and guidelines imposed by the Board from time to time, consistent with the Corporation's objective of qualifying as a REIT, the following limitations shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.Not more than 10% of the Corporation's total assets shall be invested in Unimproved Real Property or indebtedness secured by a deed of trust or Mortgages on Unimproved Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.The Corporation shall not invest in commodities or commodity future contracts. This limitation is not intended to apply to derivatives related to non-commodity investments, including futures contracts when used solely for the purpose of hedging in connection with the Corporation's ordinary business of investing in real estate assets, Mortgages and Real Estate Related Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.The Corporation shall not invest in or make any Mortgage unless an appraisal is obtained concerning the underlying property except for those loans insured or guaranteed by a government or government agency. In cases in which a majority of Independent Directors so determine, and in all cases in which the transaction is with the Advisor, the Sponsor, any Director or any Affiliate thereof, such appraisal of the underlying property must be obtained from an Independent Appraiser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.Without the approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction, the Corporation shall not invest in or make any Mortgage, including a construction loan, on any one Real Property if the aggregate amount of all mortgage loans on such Real Property, would exceed an amount equal to 85% of the appraised value of such Real Property as determined by appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.Without the approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction, the Corporation shall not make or invest in any Mortgages that are subordinate to any lien or other indebtedness or equity interest of the Advisor, any Director, the Sponsor or any Affiliate of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.The Corporation shall not issue (i) equity securities redeemable solely at the option of the holder (except that Stockholders may offer their Common Shares to the Corporation pursuant to any repurchase plan adopted by the Board); (ii) debt securities unless the historical debt service coverage (in the most recently completed fiscal year) as adjusted for known changes is sufficient to properly service that higher level of debt, as determined by the Board of Directors or a duly authorized officer of the Corporation; (iii) equity securities on a deferred payment basis or under similar arrangements; or (iv) options or warrants to the Advisor, the Directors, the Sponsor or any Affiliate thereof except on the terms approved by a majority of the Independent Directors. Options or warrants may be issued to Persons other than the Advisor, the Directors, the Sponsor or any Affiliate thereof, but not at exercise prices less than the fair market value of the underlying securities on the date of grant and not for consideration (which may include services) that in the judgment of the Independent Directors has a market value less than the value of such option or warrant on the date of grant. Options or warrants granted to

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the Advisor, the Directors, the Sponsor or any Affiliate thereof shall not be exercisable for a number of Shares that exceeds 10% of the outstanding Shares on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.The Corporation will not make any investment that the Corporation believes will be inconsistent with its objectives of qualifying and remaining qualified as a REIT unless and until the Board determines, in its sole discretion, that REIT qualification is not in the best interests of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8.The Corporation shall not invest in real estate contracts of sale, otherwise known as land sale contracts, unless the contract is in recordable form and is appropriately recorded in the chain of title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9.The Corporation shall not engage in the business of underwriting or the agency distribution of securities issued by other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10.The Corporation shall not acquire interests or securities in any entity holding investments or engaging in activities prohibited by these Guidelines except for investments in which the Corporation holds a non-controlling interest or investments in any entity having securities listed on a national securities exchange or included for quotation on an interdealer quotation system.

**Conflicts of Interest**

**19. Sales to the Corporation.**

The Corporation may purchase Property from the Sponsor, the Advisor, a Director or any Affiliate thereof upon a finding by a majority of Directors (including a majority of Independent Directors) not otherwise interested in the transaction that such transaction is fair and reasonable to the Corporation and at a price to the Corporation no greater than the cost of the asset to such Sponsor, Advisor, Director or Affiliate or, if the price to the Corporation is in excess of such cost, that substantial justification for such excess exists and such excess is reasonable. In no event shall the purchase price paid by the Corporation for any such Property exceed its current appraised value.

**20. Sales and Leases to the Sponsor, Advisor, Directors or Affiliates.** 

The Advisor, the Sponsor, a Director or any Affiliate thereof may purchase or lease an asset or assets from the Corporation if a majority of Directors (including a majority of Independent Directors) not otherwise interested in the transaction determine that the transaction is fair and reasonable to the Corporation.

**21. Other Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.The Corporation shall not make loans to the Sponsor, the Advisor, a Director or any Affiliate thereof except on terms approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transaction as fair and reasonable to the Corporation and on terms and conditions no less favorable to the Corporation than those available from unaffiliated third parties. This restriction on

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loans applies only to advances of cash that are commonly viewed as loans, as determined by the Board of Directors, and does not apply to advances of cash for legal expenses or other costs incurred as a result of any legal action for which indemnification is being sought nor does it limit the Corporation's ability to advance reimbursable expenses incurred by directors or officers or the Advisor or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.The Corporation may not borrow money from the Sponsor, the Advisor, a Director or any Affiliate thereof, unless approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transaction as fair, competitive, and commercially reasonable, and no less favorable to the Corporation than comparable loans between unaffiliated parties under the same circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.The Corporation shall not engage in any other transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Corporation and on terms and conditions no less favorable to the Corporation than those available from unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4.The Corporation shall not make a significant investment (relative to the size of the portfolio company held by Other GS RE Accounts) in a portfolio company held by Other GS RE Accounts unless approved by a majority of the Directors (including a majority of the Independent Directors). "Other GS RE Accounts" means investment funds, REITs, employee funds, the balance sheet of the Goldman Sachs Group, Inc., accounts, products and/or other similar arrangements sponsored, advised, and/or managed, directly or indirectly, by Goldman Sachs Asset Management Real Estate, whether currently in existence or subsequently established.

**Stockholders**

**22. Meetings.**

There shall be an annual meeting of the Stockholders, to be held on such date and at such time and place as shall be determined by or in the manner prescribed in the Bylaws, at which the Directors shall be elected and any other proper business may be conducted; provided that, if the Corporation has a class of securities registered under the Exchange Act, such annual meeting will be held upon reasonable notice and within a reasonable period (not less than 30 days) following delivery of the annual report. The Board of Directors, including the Independent Directors, shall be required to take reasonable steps to ensure that this requirement is met. Special meetings of Stockholders may be called in the manner provided in the Bylaws, including by the chief executive officer, the president or the chairman of the board or by a majority of the Directors, and shall be called by the secretary of the Corporation to act on any matter that may properly be considered at a meeting of Stockholders upon the written request of Stockholders entitled to cast not less than 10% of all the votes entitled to be cast on such matter at such meeting. Special meetings of Stockholders may also be called by a majority of the Independent Directors. Notice

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of any special meeting of Stockholders shall be given as provided in the Bylaws. If the meeting is called by the secretary upon the written request of Stockholders, notice of the special meeting shall be sent to all Stockholders within 10 days of the receipt of the written request and the special meeting shall be held at the time and place specified in the Stockholder request not less than 15 days nor more than 60 days after the delivery of the notice; provided, however, that if no time or place is so specified in the Stockholder request, at such time and place convenient to the Stockholders. If there are no Directors, the officers of the Corporation shall promptly call a special meeting of the Stockholders entitled to vote for the election of successor Directors. Any meeting may be adjourned and reconvened as the Board may determine or as otherwise provided in the Bylaws.

**23. Right of Inspection.** 

Any holder of Common Shares and any designated representative thereof shall be permitted access to the records of the Corporation to which it is entitled under applicable law at all reasonable times, and may inspect and copy any of them for a reasonable charge. Inspection of the Corporation's books and records by the office or agency administering the securities laws of a jurisdiction shall be provided upon reasonable notice and during normal business hours.

**24. Reports.** 

Following the first year in which the Corporation has a class of securities registered under the Exchange Act, then for each fiscal year, the Directors, including the Independent Directors, shall take reasonable steps to insure that the Corporation shall cause to be prepared and mailed or delivered to each holder of Common Shares as of a record date after the end of the fiscal year, within 120 days after the end of the fiscal year to which it relates, an annual report that shall include: (a) financial statements prepared in accordance with generally accepted accounting principles that are audited and reported on by independent certified public accountants; (b) the ratio of the costs of raising capital during the period to the capital raised; (c) the aggregate amount of advisory fees and the aggregate amount of other fees paid to the Advisor and any Affiliate of the Advisor by the Corporation and including fees or charges paid to the Advisor and any Affiliate of the Advisor by third parties doing business with the Corporation; (d) the Total Operating Expenses of the Corporation, stated as a percentage of Average Invested Assets and as a percentage of its Net Income; (e) a report from the Independent Directors that the policies being followed by the Corporation are in the best interests of the holders of Common Shares and the basis for such determination; and (f) separately stated, full disclosure of all material terms, factors and circumstances surrounding any and all transactions involving the Corporation, the Directors, the Advisor, the Sponsors and any Affiliate thereof occurring in the year for which the annual report is made, and the Independent Directors shall be specifically charged with a duty to examine and comment in the report on the fairness of such transactions. Alternatively, such information may be provided in a proxy statement delivered with the annual report. The annual report and proxy statement may be delivered by any reasonable means, including through an electronic medium such as posting on Corporation's website or the EDGAR filing system.

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**Roll-up Transactions**

**25. Roll-up Transaction Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.In connection with any proposed Roll-Up Transaction, an appraisal of all of the Corporation's assets shall be obtained from a competent Independent Appraiser. If the appraisal will be included in a prospectus used to offer the securities of a Roll-Up Entity, the appraisal shall be filed with the Securities and Exchange Commission and the states as an exhibit to the registration statement for the offering. The Corporation's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Appraiser shall clearly state that the engagement is for the benefit of the Corporation and the Stockholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Stockholders in connection with a proposed Roll-Up Transaction. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to holders of Common Shares who vote against the proposed Roll-Up Transaction the choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.remaining as Stockholders and preserving their interests therein on the same terms and conditions as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.receiving cash in an amount equal to the Stockholder's pro rata share of the appraised value of the Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.The Corporation is prohibited from participating in any proposed Roll Up Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)that would result in the holders of Common Shares having democracy rights in a Roll-Up Entity that are less than the rights under the Charter and these Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of Shares by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the number of Shares held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in which investor's rights to access of records of the Roll-Up Entity will be less than those under the Charter and these Guidelines; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)in which any of the costs of the Roll-Up Transaction would be borne by the Corporation if the Roll-Up Transaction is rejected by the holders of Common Shares.

**Stockholder Communications** 

**26. Communications with the Board.** 

Any interested parties, including stockholders of the Corporation, desiring to communicate with the Chairperson of the Board, the other non-management directors or an individual director regarding the Corporation may directly contact such directors by delivering such correspondence to the Corporation at the following:

Goldman Sachs Real Estate Finance Trust Inc

200 West Street

New York, New York 10282

Attention: Secretary

The sender should indicate in the address whether it is intended for the entire Board, the Chairperson, the non-management directors as a group or an individual director. Each communication received by the Secretary will be forwarded to the intended recipients subject to compliance with the existing instructions from the Board concerning the treatment of inappropriate communications. Such communications may be made confidentially or anonymously.

***Adopted: August 12, 2025***

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