# EDGAR Filing Document

**Accession Number:** 0001920145
**File Stem:** 0000950170-25-107338
**Filing Date:** 2025-8
**Character Count:** 465852
**Document Hash:** b8085c1ade3e4ecfddb578c43a287184
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107338.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107338

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs Private Credit Corp.
- **CENTRAL INDEX KEY:** 0001920145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01627
- **FILM NUMBER:** 251206981

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Goldman Sachs Private Credit Fund LLC
- **DATE OF NAME CHANGE:** 20220518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Goldman Sachs Loan Fund LLC
- **DATE OF NAME CHANGE:** 20220329

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION s

Washington, D.C. 20549

**FORM** 10-Q

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

**For the quarterly period ended** **June 30,** 2025

or

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

Commission file number 814-01627

Goldman Sachs Private Credit Corp.

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| Delaware | 92-3241797 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 200 West Street, New York, New York | 10282 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

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

Not Applicable

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

------

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

---

| | | |
|:---|:---|:---|
| **Title of each class**  | &nbsp;&nbsp;&nbsp;**Trading Symbol(s)**  | &nbsp;&nbsp;&nbsp;**Name of each exchange**<br>**on which registered** |
| **None** | &nbsp;&nbsp;**None** | &nbsp;&nbsp;**None** |

---

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

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

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

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

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

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

The number of shares of the registrant's common stock, par value $0.001 per share, outstanding as of August 12, 2025, was 293,390,756. Common shares outstanding exclude August 1, 2025 subscriptions since the issuance price for such shares has not been finalized at this time.

------

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

**GOLDMAN SACHS PRIVATE CREDIT CORP.**

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

---

| | | |
|:---|:---|:---|
|  | **INDEX** | **PAGE** |
|  | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | 2 |
| [**<u>PART I.</u>**](#part_i_financial_information) | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial_information) | 4 |
| ITEM 1. | [<u>Financial Statements (Unaudited)</u>](#item_1_financial_statements) | 4 |
|  | [<u>Consolidated Statements of Assets and Liabilities</u>](#statement_financial_condition) | 4 |
|  | [<u>Consolidated Statements of Operations</u>](#statement_operations) | 5 |
|  | [<u>Consolidated Statements of Changes in Net Assets</u>](#changes_in_net_assets) | 6 |
|  | [<u>Consolidated Statements of Cash Flows</u>](#statement_cash_flows) | 7 |
|  | [<u>Consolidated Schedules of Investments</u>](#soi_2025) | 8 |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_financial_statements) | 37 |
| ITEM 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion_analysis_1) | 63 |
| ITEM 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_qualitative_disclos) | 79 |
| ITEM 4. | [<u>Controls and Procedures</u>](#item_9a_controls_procedures) | 80 |
| [**<u>PART II.</u>**](#item_9b_other_info) | [**<u>OTHER INFORMATION</u>**](#item_9b_other_info) | 80 |
| ITEM 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 80 |
| ITEM 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 80 |
| ITEM 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales) | 84 |
| ITEM 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 85 |
| ITEM 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety) | 85 |
| ITEM 5. | [<u>Other Information</u>](#item_5_other_information) | 85 |
| ITEM 6. | [<u>Exhibits</u>](#exhibits) | 86 |
| [<u>SIGNATURES</u>](#signatures_1_1) |  | 88 |

---

------

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

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

------

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

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS** 

**Goldman Sachs Private Credit Corp.**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025 (Unaudited)** | **2024** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $9,591,382 and $7,234,752) | $9587043 | $7226585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments (cost of $53,180 and $51,170) | 43901 | 47230 |
| Total investments, at fair value (cost of $9,644,562 and $7,285,922) | $9630944 | $7273815 |
| Investments in affiliated money market fund (cost of $233,261 and $444,718) | 233261 | 444718 |
| Cash | 186392 | 120377 |
| Interest and dividends receivable | 48760 | 40396 |
| Deferred financing costs | 38613 | 29448 |
| Receivable for investments sold | 7950 | 40859 |
| Receivable from investment adviser | 4422 | 3074 |
| Deferred offering costs | 785 | 965 |
| Other assets | 6042 | 599 |
| **Total assets** | $10157169 | $7954251 |
| **Liabilities** |  |  |
| Debt (net of debt issuance costs of $12,832 and $—) | $2722573 | $2576893 |
| Payable for investments purchased | 148765 | 349328 |
| Distribution payable | 87683 | 64446 |
| Payable for share repurchases | 140260 | 25582 |
| Interest and other debt expenses payable | 26266 | 15335 |
| Management fees payable | 14498 | 5067 |
| Incentive fees based on income payable | 9978 | 7039 |
| Accrued expenses and other liabilities | 4439 | 4857 |
| **Total liabilities** | $3154462 | $3048547 |
| Commitments and contingencies (Note 7) |  |  |
| **Net assets** |  |  |
| Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding) | $— | $— |
| Common stock, par value $0.001 per share (1,000,000,000 shares authorized, 279,279,667 and 194,480,997 common shares issued and outstanding as of June 30, 2025 and December 31, 2024) | 279 | 194 |
| Paid-in capital in excess of par | 7038633 | 4907427 |
| Distributable earnings (loss) | (36205) | (1917) |
| **Total net assets** | $7002707 | $4905704 |
| **Total liabilities and net assets** | $10157169 | $7954251 |
| Net asset value per common share | $25.07 | $25.22 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

**Consolidated Statements of Operations**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $212494 | $92028 | $393896 | $153144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 4252 | 1854 | 8678 | 2822 |
| From non-controlled affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 4427 | 3511 | 8742 | 8030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1336 | 1085 | 2679 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 62 | 44 | 100 | 44 |
| **Total investment income** | $222571 | $98522 | $414095 | $165147 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | $45530 | $15525 | $84132 | $23329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 21356 | 8631 | 39558 | 15076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees based on income | 18978 | 9031 | 35437 | 15301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees based on capital gains |  | (129) |  | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 675 | 481 | 1304 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 324 | 352 | 593 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 170 | 166 | 339 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 3383 | 1399 | 5952 | 2505 |
| **Total expenses** | $90416 | $35456 | $167315 | $60034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee waivers | (12000) | (3503) | (34595) | (5928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support | (6069) | (3153) | (10246) | (10058) |
| **Net expenses** | $72347 | $28800 | $122474 | $44048 |
| **Net investment income** | $150224 | $69722 | $291621 | $121099 |
| **Net realized and unrealized gains (losses):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $(3817) | $(367) | $(7490) | $(4383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 440 | 154 | 3706 | (373) |
| Net change in unrealized appreciation (depreciation) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 23413 | (1887) | 3829 | 12654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (2633) | (284) | (5339) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (20535) | 1346 | (30700) | 4241 |
| **Net realized and unrealized gains (losses)** | $(3132) | $(1038) | $(35994) | $12020 |
| **Net increase in net assets from operations** | $147092 | $68684 | $255627 | $133119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares and common units outstanding | 274775417 | 110477322 | 254099616 | 97055046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net investment income per share | $0.55 | $0.63 | $1.15 | $1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share | $0.54 | $0.62 | $1.01 | $1.37 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

**Consolidated Statements of Changes in Net Assets**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Net assets at beginning of period** | $6145034 | $2309041 | $4905704 | $1590837 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $150224 | $69722 | $291621 | $121099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3377) | (213) | (3784) | (4756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 245 | (825) | (32210) | 16776 |
| **Net increase in net assets from operations** | $147092 | $68684 | $255627 | $133119 |
| **Distributions to stockholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings to common stockholders | $(156621) | $(69604) | $(289915) | $(122284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (1824) |  |
| **Total distributions to stockholders** | $(156621) | $(69604) | $(291739) | $(122284) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | $953692 | $723980 | $2237904 | $1409540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (140227) | (12989) | (207198) | (13383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of common stockholder distributions | 53737 | 27420 | 102409 | 48703 |
| **Net increase in net assets from capital transactions** | $867202 | $738411 | $2133115 | $1444860 |
| **Total increase in net assets** | $857673 | $737491 | $2097003 | $1455695 |
| **Net assets at end of period** | $7002707 | $3046532 | $7002707 | $3046532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per common share | $0.57 | $0.63 | $1.15 | $1.26 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

**Consolidated Statements of Cash Flows** 

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase in net assets from operations: | $255627 | $133119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (2894373) | (2248074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (14172) | (2506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated money market fund, net | 211457 | (57983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 552434 | 129477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 7490 | 4383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 1510 | (12535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | (697) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (10018) | (6063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing and debt issuance costs | 4458 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 593 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investments sold | 32909 | (11202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividends receivable | (8364) | (14308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable from investment adviser | (1348) | (1727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (5443) | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and other debt expenses payable | 10457 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 9431 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees based on income payable | 2939 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees based on capital gains payable |  | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | (200563) | 71541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | (163) | 2528 |
| **Net cash provided by (used for) operating activities** | $(2045836) | $(2004612) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | $2237904 | $1409540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (92520) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid | (668) | (893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock distributions paid | (166094) | (61458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs and debt issuance costs paid | (25979) | (5148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 2699080 | 1434361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (2540569) | (655000) |
| **Net cash provided by (used for) financing activities** | $2111154 | $2121016 |
| Net increase (decrease) in cash | $65318 | $116404 |
| Effect of foreign exchange rate changes on cash | 697 | (37) |
| Cash, beginning of period | 120377 | 19325 |
| Cash, end of period | $186392 | $135692 |
| **Supplemental and non-cash activities** |  |  |
| Interest expense paid | $65347 | $19466 |
| Accrued but unpaid distributions | $87683 | $25382 |
| Reinvestment of common stockholder distributions | $102409 | $48703 |
| Accrued but unpaid share repurchases | $140260 | $12997 |
| Exchange of Investments | $— | $45192 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 137.5%** | **Debt Investments - 137.5%** | **Debt Investments - 137.5%** | **Debt Investments - 137.5%** |  |  |  |  |  |
| **Canada - 2.9%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 2.9%** |  |  |  |  |  |  |  |  |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 |  | 57458 | $40766 | $42089<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 | $— | 25232 | 24789 | 25169<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 8.74% | C + 5.75% | 11/01/30 |  | 14167 | 185 | 250<br> <sup>(6) (7) (8) (9)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals | 10.03% | S + 5.75% | 11/01/30 |  | 12700 | 12491 | 12669<br> <sup>(6) (7) (8)</sup> |
| Rocket Bidco, Inc. (dba Recochem) | Chemicals |  | C + 5.75% | 11/01/30 |  | 9446 | (105) | (17) <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 |  | 61429 | 61235 | 61121<br> <sup>(6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.83% | S + 6.00% | 02/01/27 |  | 5892 | 2576 | 2546<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 12.50% | P + 5.00% | 02/01/27 |  | 3326 | 536 | 520<br> <sup>(6) (7) (8) (9)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 7.93% | C + 5.25% | 06/30/31 |  | 53115 | 38420 | 38420<br> <sup>(6) (8)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels |  | C + 5.25% | 06/30/31 |  | 11547 | (63) | (64) <sup>(6) (8) (9)</sup> |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 7.93% | C + 5.25% | 06/30/31 |  | 7698 | 857 | 857<br> <sup>(6) (8) (9)</sup> |
| iWave Information Systems, Inc. | Software | 10.59% | S + 6.25% | 11/23/28 |  | 19118 | 18795 | 18832<br> <sup>(7) (8)</sup> |
| iWave Information Systems, Inc. | Software |  | S + 6.25% | 11/23/28 |  | 2391 | (36) | (36) <sup>(7) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 200446 | 202356 |
| &nbsp;&nbsp;**Total Canada** |  |  |  |  |  |  | $200446 | $202356 |
| **France - 0.3%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 0.3%** |  |  |  |  |  |  |  |  |
| Financière N (dba Nemera) | Health Care Equipment & Supplies | 6.98% | E + 5.00% | 05/07/32 |  | 11428 | $12792 | $13327<br> <sup>(6) (8)</sup> |
| Financière N (dba Nemera) | Health Care Equipment & Supplies | 6.98% | E + 5.00% | 05/07/32 |  | 5357 | 1326 | 1346<br> <sup>(6) (8) (9)</sup> |
| Financière N (dba Nemera) | Health Care Equipment & Supplies | 9.30% | S + 5.00% | 05/07/32 | $— | 3171 | 3140 | 3140<br> <sup>(6) (8)</sup> |
| Algae BidCo (dba Solabia Group) | Pharmaceuticals |  | E + 4.75% | 06/02/32 |  | 12152 |  | —<br> <sup>(6) (8) (9)</sup> |
| Algae BidCo (dba Solabia Group) | Pharmaceuticals |  | E + 4.75% | 06/02/32 |  | 2964 |  | —<br> <sup>(6) (8) (9)</sup> |
| Algae BidCo (dba Solabia Group) | Pharmaceuticals |  | E + 4.75% | 06/02/32 |  | 1186 |  | —<br> <sup>(6) (8) (9)</sup> |
| Algae PikCo (dba Solabia Group) | Pharmaceuticals |  | E + 14.5% (Incl 7.5% PIK) | 06/02/33 |  | 2964 |  | (9) <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 17258 | 17804 |
| &nbsp;&nbsp;**Total France** |  |  |  |  |  |  | $17258 | $17804 |
| **Italy - 0.0%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 0.0%** |  |  |  |  |  |  |  |  |
| Optima S.P.A | Consumer Staples Distribution & Retail |  | E + 5.50% | 05/01/32 |  | 44000 | $— | $—<br> <sup>(6) (8) (9)</sup> |
| INK (BC) BIDCO S.R.L. (dba Namirial) | Software |  | E + 5.00% | 05/01/32 |  | 15749 |  | 186<br> <sup>(6) (8) (9)</sup> |
| INK (BC) BIDCO S.R.L. (dba Namirial) | Software |  | E + 5.00% | 07/15/32 |  | 9224 |  | —<br> <sup>(6) (8) (9)</sup> |
| INK (BC) BIDCO S.R.L. (dba Namirial) | Software |  | E + 5.00% | 05/01/32 |  | 4500 |  | (53) <sup>(6) (8) (9)</sup> |
| INK (BC) BIDCO S.R.L. (dba Namirial) | Software |  | E + 5.00% | 05/01/30 |  | 2250 |  | —<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  |  | 133 |
| **2nd Lien/Senior Secured Debt - 0.0%** |  |  |  |  |  |  |  |  |
| INK (BC) FINCO S.R.L. (dba Namirial) | Software |  | E + 7.50% (Incl. 8.25% PIK) | 05/01/33 |  | 3375 | $— | $—<br> <sup>(6) (8) (9)</sup> |
| INK (BC) FINCO S.R.L. (dba Namirial) | Software |  | E + 7.50% | 07/15/33 |  | 2025 |  | —<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total Italy** |  |  |  |  |  |  | $— | $133 |
| **Luxembourg - 0.2%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 0.2%** |  |  |  |  |  |  |  |  |
| Netrisk Group Luxco 4 S.à r.l. | Insurance | 7.39% | E + 5.25% | 02/05/32 |  | 13200 | $13408 | $15316<br> <sup>(6) (7) (8)</sup> |
| Netrisk Group Luxco 4 S.à r.l. | Insurance |  | E + 5.25% | 02/05/32 |  | 2400 | (20) | (42) <sup>(6) (7) (8) (9)</sup> |
| Netrisk Group Luxco 4 S.à r.l. | Insurance | 7.39% | E + 5.25% | 02/05/32 |  | 1000 | 21 | (18) <sup>(6) (7) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 13409 | 15256 |
| &nbsp;&nbsp;**Total Luxembourg** |  |  |  |  |  |  | $13409 | $15256 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **Sweden - 0.2%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 0.2%** |  |  |  |  |  |  |  |  |
| Kairos Bidco AB (dba Karo Healthcare) | Pharmaceuticals |  | N + 4.75% | 04/23/32 |  | 63353 | $— | $—<br> <sup>(6) (8) (9)</sup> |
| Kairos Bidco AB (dba Karo Healthcare) | Pharmaceuticals |  | E + 4.75% | 04/23/32 | $— | 6875 |  | —<br> <sup>(6) (8) (9)</sup> |
| Kairos Bidco AB (dba Karo Healthcare) | Pharmaceuticals |  | SN + 4.75% | 04/23/32 |  | 4507 |  | —<br> <sup>(6) (8) (9)</sup> |
| Kairos Bidco AB (dba Karo Healthcare) | Pharmaceuticals |  | E + 4.75% | 04/23/32 |  | 2750 |  | —<br> <sup>(6) (8) (9)</sup> |
| OMEGA II AB (dba Fortnox) | Software | 6.88% | STIBOR + 4.75% | 06/17/32 |  | 139883 | 11639 | 11769<br> <sup>(6) (8) (9)</sup> |
| OMEGA II AB (dba Fortnox) | Software | 6.88% | STIBOR + 4.75% | 06/17/32 |  | 37895 | 9 | (10) <sup>(6) (8) (9)</sup> |
| Runner Bidco AB (dba nShift) | Software |  | STIBOR + 5.00% | 06/30/32 |  | 302827 |  | —<br> <sup>(6) (8) (9)</sup> |
| Runner Bidco AB (dba nShift) | Software |  | N + 5.00% | 06/30/32 |  | 99288 |  | —<br> <sup>(6) (8) (9)</sup> |
| Runner Bidco AB (dba nShift) | Software |  | E + 5.00% | 06/30/32 |  | 24822 |  | 183<br> <sup>(6) (8) (9)</sup> |
| Runner Bidco AB (dba nShift) | Software |  | E + 5.00% | 06/30/28 |  | 12411 |  | —<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 11648 | 11942 |
| &nbsp;&nbsp;**Total Sweden** |  |  |  |  |  |  | $11648 | $11942 |
| **Switzerland - 0.3%** |  |  |  |  |  |  |  |  |
| **1st Lien/Last-Out Unitranche (10) - 0.3%** |  |  |  |  |  |  |  |  |
| Esperanto BidCo AG (dba BSI Software) | Software |  | SARON + 5.00% | 09/27/31 |  | 24087 | $(382) | $(455) <sup>(6) (7) (8) (9)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 4.96% | SARON + 5.00% | 09/27/31 |  | 9074 | 10547 | 11264<br> <sup>(6) (7) (8)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 6.98% | E + 5.00% | 09/27/31 |  | 6929 | 7518 | 8040<br> <sup>(6) (7) (8)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 5.20% | SARON + 5.00% | 09/27/31 |  | 2561 | 2977 | 3180<br> <sup>(6) (7) (8)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  |  | 20660 | 22029 |
| &nbsp;&nbsp;**Total Switzerland** |  |  |  |  |  |  | $20660 | $22029 |
| **United Kingdom - 3.9%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 3.5%** |  |  |  |  |  |  |  |  |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.47% | B + 5.25% | 10/06/31 | $— | 16301 | $10878 | $10540<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.54% | B + 5.25% | 10/06/31 |  | 15214 | 4494 | 4729<br> <sup>(6) (7) (8) (9)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 8.00% | C + 5.25% | 10/06/31 |  | 14958 | 10810 | 10792<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 12.22% | SN + 8.00% PIK | 10/04/32 |  | 13307 | 17161 | 17900<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.45% | S + 5.25% | 10/06/31 |  | 9635 | 9457 | 9467<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.70% | SN + 5.25% | 10/06/31 |  | 8266 | 10649 | 11148<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 12.22% | SN + 8.00% PIK | 10/04/32 |  | 7863 | 10140 | 10577<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.70% | SN + 5.25% | 10/06/31 |  | 5984 | 7708 | 8070<br> <sup>(6) (7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.45% | S + 5.25% | 10/06/31 |  | 4665 | 4579 | 4584<br> <sup>(6) (7) (8)</sup> |
| Consilio Midco Limited (dba Cyncly) | Software | 6.73% | E + 4.75% | 04/19/32 |  | 59423 | 66913 | 69297<br> <sup>(6) (8)</sup> |
| Consilio Midco Limited (dba Cyncly) | Software | 9.04% | S + 4.75% | 04/19/32 |  | 56779 | 56224 | 56211<br> <sup>(6) (8)</sup> |
| Consilio Midco Limited (dba Cyncly) | Software | 9.05% | S + 4.75% | 04/19/32 |  | 34997 | 34654 | 34647<br> <sup>(6) (8)</sup> |
| Consilio Midco Limited (dba Cyncly) | Software |  | S + 4.75% | 04/19/32 |  | 19808 |  | —<br> <sup>(6) (8) (9)</sup> |
| Consilio Midco Limited (dba Cyncly) | Software |  | S + 4.75% | 04/19/32 |  | 13205 |  | —<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 243667 | 247962 |
| **2nd Lien/Senior Secured Debt - 0.4%** |  |  |  |  |  |  |  |  |
| Consilio IntermediateCo Limited (dba Cyncly) | Software | 11.64% | S + 7.50% | 04/19/32 | $— | 14526 | $14312 | $14308<br> <sup>(6) (8)</sup> |
| Consilio IntermediateCo Limited (dba Cyncly) | Software | 9.71% | E + 7.50% | 04/19/32 |  | 9904 | 11096 | 11491<br> <sup>(6) (8)</sup> |
| Consilio IntermediateCo Limited (dba Cyncly) | Software |  | S + 7.50% | 04/19/32 |  | 6603 |  | —<br> <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  |  | 25408 | 25799 |
| &nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  |  | $269075 | $273761 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| **United States - 129.7%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 125.7%** |  |  |  |  |  |  |  |  |
| Bleriot US Bidco Inc. | Aerospace & Defense | 7.05% | S + 2.75% | 10/31/30 | $— | 14974 | $14951 | $15002 |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.32% | S + 5.00% | 01/09/30 |  | 34856 | 34088 | 34333<br> <sup>(7)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense |  | S + 5.00% | 01/09/28 |  | 3689 | (60) | (55) <sup>(7) (9)</sup> |
| Propulsion (BC) Finco S.a.r.l. | Aerospace & Defense | 7.55% | S + 3.25% | 09/14/29 |  | 12971 | 13046 | 12993<br> <sup>(8)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 9.82% | S + 5.50% | 04/19/30 |  | 8745 | 8597 | 8570<br> <sup>(6) (7)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense |  | S + 5.50% | 04/19/30 |  | 1320 | (21) | (26) <sup>(6) (7) (9)</sup> |
| Rand Parent, LLC | Air Freight & Logistics | 7.30% | S + 3.00% | 03/18/30 |  | 3251 | 3248 | 3225<br> <sup>(11)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 112223 |  | —<br> <sup>(6) (9)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 34354 |  | —<br> <sup>(6) (9)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 17177 |  | —<br> <sup>(6) (9)</sup> |
| Autokiniton US Holdings, Inc. | Automobile Components | 8.44% | S + 4.00% | 04/06/28 |  | 15403 | 15440 | 14821 |
| Clarios Global LP | Automobile Components | 7.08% | S + 2.75% | 01/28/32 |  | 10525 | 10422 | 10532 |
| Clarios Global LP | Automobile Components | 6.83% | S + 2.50% | 05/06/30 |  | 5472 | 5501 | 5451 |
| Dealer Tire Financial, LLC | Automobile Components | 7.33% | S + 3.00% | 07/02/31 |  | 12969 | 13003 | 12888 |
| DexKo Global Inc. | Automobile Components | 8.19% | S + 3.75% | 10/04/28 |  | 1946 | 1924 | 1857<br> <sup>(8)</sup> |
| First Brands Group, LLC | Automobile Components | 9.54% | S + 5.00% | 03/30/27 |  | 7115 | 7062 | 6710 |
| First Brands Group, LLC | Automobile Components | 9.54% | S + 5.00% | 03/30/27 |  | 24 | 24 | 23 |
| Mavis Tire Express Services Corp. | Automobile Components | 7.33% | S + 3.00% | 05/04/28 |  | 9564 | 9590 | 9553 |
| American Builders & Contractors Supply Co., Inc. | Building Products | 6.08% | S + 1.75% | 01/31/31 |  | 29847 | 29940 | 29938 |
| Chamberlain Group Inc | Building Products | 7.68% | S + 3.25% | 11/03/28 |  | 16759 | 16777 | 16776<br> <sup>(11)</sup> |
| Icebox Holdco III, Inc. | Building Products | 8.06% | S + 3.50% | 12/22/28 |  | 18222 | 18254 | 18262<br> <sup>(11)</sup> |
| MI Windows and Doors, LLC | Building Products | 7.33% | S + 3.00% | 03/28/31 |  | 14333 | 14456 | 14350 |
| Oscar AcquisitionCo, LLC | Building Products | 8.55% | S + 4.25% | 04/29/29 |  | 3710 | 3681 | 3408 |
| Potters Industries, LLC | Building Products | 7.33% | S + 3.00% | 12/14/27 |  | 13439 | 13536 | 13473 |
| Quikrete Holdings, Inc. | Building Products | 6.58% | S + 2.25% | 03/19/29 |  | 26786 | 26858 | 26765 |
| Quikrete Holdings, Inc. | Building Products | 6.58% | S + 2.25% | 02/10/32 |  | 2643 | 2614 | 2639 |
| Quikrete Holdings, Inc. | Building Products | 6.58% | S + 2.25% | 04/14/31 |  | 1994 | 1992 | 1989<br> <sup>(11)</sup> |
| Standard Industries, Inc. | Building Products | 6.07% | S + 1.75% | 09/22/28 |  | 22638 | 22697 | 22668<br> <sup>(11)</sup> |
| Tecta America Corp. | Building Products | 7.33% | S + 3.00% | 02/18/32 |  | 8150 | 8170 | 8158 |
| Vector WP Holdco, Inc. | Building Products | 9.44% | S + 5.00% | 10/12/28 |  | 218 | 216 | 216 |
| White Cap Buyer LLC | Building Products | 7.58% | S + 3.25% | 10/19/29 |  | 14954 | 14920 | 14849 |
| Cube Industrials Buyer, Inc. | Capital Goods | 7.52% | S + 3.25% | 10/17/31 |  | 13616 | 13627 | 13671<br> <sup>(11)</sup> |
| AAP Buyer Inc. | Chemicals | 7.08% | S + 2.75% | 09/09/31 |  | 7164 | 7206 | 7146 |
| Albaugh, LLC | Chemicals | 8.08% | S + 3.75% | 04/06/29 |  | 2223 | 2219 | 2206 |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals | 8.21% | S + 4.00% | 04/09/32 |  | 100000 | 98046 | 100000 |
| Illuminate Buyer, LLC | Chemicals | 7.33% | S + 3.00% | 12/31/29 |  | 22394 | 22478 | 22445 |
| INEOS Quattro Holdings UK Ltd | Chemicals | 8.58% | S + 4.25% | 10/07/31 |  | 1904 | 1903 | 1733<br> <sup>(8)</sup> |
| Innophos, Inc. | Chemicals | 8.69% | S + 4.25% | 03/16/29 |  | 11899 | 11883 | 11940 |
| Olympus Water US Holding Corporation | Chemicals | 7.30% | S + 3.00% | 06/20/31 |  | 13610 | 13589 | 13435<br> <sup>(11)</sup> |
| Sparta U.S. HoldCo LLC | Chemicals | 7.32% | S + 3.00% | 08/02/30 |  | 3480 | 3491 | 3440 |
| W.R. Grace & Co.-Conn. | Chemicals | 7.55% | S + 3.25% | 09/22/28 |  | 8593 | 8638 | 8597 |
| AlixPartners, LLP | Commercial Services & Supplies | 6.94% | S + 2.50% | 02/04/28 |  | 26175 | 26240 | 26263 |
| Allied Universal Holdco LLC | Commercial Services & Supplies | 8.18% | S + 3.75% | 05/12/28 |  | 11512 | 11438 | 11563<br> <sup>(11)</sup> |
| Amentum Government Services Holdings LLC | Commercial Services & Supplies | 6.58% | S + 2.25% | 09/29/31 |  | 3493 | 3497 | 3485<br> <sup>(8)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| BEP Intermediate Holdco LLC (dba Buyers Edge) | Commercial Services & Supplies | 7.58% | S + 3.25% | 04/25/31 | $— | 46061 | $45865 | $46118 |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 |  | 10264 | 10072 | 10213<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.18% | S + 5.75% | 08/01/29 |  | 5583 | 5507 | 5402<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.18% | S + 5.75% | 08/01/29 |  | 4750 | 256 | 136<br> <sup>(6) (7) (9)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 |  | 3118 | 3052 | 3103<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 |  | 2755 | 814 | 845<br> <sup>(6) (7) (9)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 |  | 1547 | 1517 | 1540<br> <sup>(6) (7)</sup> |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | Commercial Services & Supplies | 10.93% | S + 6.50% | 08/01/29 |  | 516 | 505 | 513<br> <sup>(6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 144304 | 142922 | 142861<br> <sup>(6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 89787 | 50464 | 50251<br> <sup>(6) (7) (9)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 9.08% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 24528 | 5131 | 5120<br> <sup>(6) (7) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 |  | 41480 | 40773 | 41272<br> <sup>(6) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.53% | S + 5.25% | 02/07/31 |  | 18530 | 1751 | 1826<br> <sup>(6) (7) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 5.25% | 02/07/31 |  | 5562 | (90) | (28) <sup>(6) (7) (9)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.82% | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 |  | 86359 | 84235 | 85280<br> <sup>(6) (7)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies | 9.32% | S + 5.00% | 08/22/30 |  | 10000 | 3835 | 3875<br> <sup>(6) (7) (9)</sup> |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | Commercial Services & Supplies |  | S + 5.50% (Incl. 2.75% PIK) | 08/22/31 |  | 5000 | (43) | (62) <sup>(6) (7) (9)</sup> |
| Madison IAQ LLC | Commercial Services & Supplies | 6.76% | S + 2.50% | 06/21/28 |  | 14404 | 14439 | 14407 |
| Madison IAQ LLC | Commercial Services & Supplies | 7.51% | S + 3.25% | 05/06/32 |  | 5500 | 5455 | 5512<br> <sup>(11)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 10.57% | S + 6.25% (Incl. 2.75% PIK) | 12/05/31 |  | 12454 | 12281 | 12267<br> <sup>(6) (7) (8)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 10.46% | SN + 6.25% (Incl. 2.75% PIK) | 12/05/31 |  | 5278 | 6627 | 7136<br> <sup>(6) (7) (8)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 8.22% | E + 6.25% (Incl. 2.75% PIK) | 12/05/31 |  | 4714 | 4916 | 5469<br> <sup>(6) (7) (8)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies |  | SN + 6.25% (Incl. 2.75% PIK) | 12/05/31 |  | 2421 | (17) | (50) <sup>(6) (7) (8) (9)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.05% | S + 4.75% | 12/15/31 |  | 107928 | 106935 | 106849<br> <sup>(6) (7)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies |  | S + 4.75% | 12/15/31 |  | 34537 | (160) | (345) <sup>(6) (7) (9)</sup> |
| TEI Intermediate LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.03% | S + 4.75% | 12/15/31 |  | 14678 | 1936 | 1925<br> <sup>(6) (7) (9)</sup> |
| Thevelia (US), LLC | Commercial Services & Supplies | 7.30% | S + 3.00% | 06/18/29 |  | 3501 | 3519 | 3501<br> <sup>(8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.53% | S + 5.25% | 04/30/31 |  | 80787 | 79726 | 80383<br> <sup>(6) (7)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.57% | S + 5.25% | 04/30/31 |  | 29912 | 4059 | 4127<br> <sup>(6) (7) (9)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.58% | S + 5.25% | 04/30/30 |  | 11227 | 4726 | 4809<br> <sup>(6) (7) (9)</sup> |
| Vaco Holdings, LLC | Commercial Services & Supplies | 9.45% | S + 5.00% | 01/21/29 |  | 2042 | 2007 | 1868 |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 |  | 93399 | 92881 | 91998<br> <sup>(6) (7)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.33% | S + 6.00% | 05/01/29 |  | 9904 | 5205 | 5110<br> <sup>(6) (7) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies |  | S + 6.00% | 05/01/29 |  | 8253 | (44) | (124) <sup>(6) (7) (9)</sup> |
| Wand NewCo 3, Inc. | Commercial Services & Supplies | 6.83% | S + 2.50% | 01/30/31 |  | 11301 | 11355 | 11243 |
| Brown Group Holding, LLC | Construction & Engineering | 6.81% | S + 2.50% | 07/01/31 |  | 14740 | 14776 | 14755 |
| Brown Group Holding, LLC | Construction & Engineering | 6.83% | S + 2.50% | 07/01/31 |  | 9785 | 9794 | 9792 |
| Chromalloy Corporation | Construction & Engineering | 8.04% | S + 3.75% | 03/27/31 |  | 15705 | 15562 | 15716<br> <sup>(11)</sup> |
| DG Investment Intermediate Holdings 2, Inc. | Construction & Engineering | 7.94% | S + 3.50% | 03/31/28 |  | 14971 | 15017 | 14956 |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 8.85% | S + 4.75% | 10/15/31 |  | 38313 | 37959 | 37738<br> <sup>(6) (7)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 9.04% | S + 4.75% | 10/15/31 | $— | 14190 | $6008 | $5889<br> <sup>(6) (7) (9)</sup> |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | Construction & Engineering | 9.08% | S + 4.75% | 10/15/31 |  | 5321 | 1726 | 1694<br> <sup>(6) (7) (9)</sup> |
| KKR Apple Bidco, LLC | Construction & Engineering | 6.83% | S + 2.50% | 09/23/31 |  | 19907 | 19848 | 19856<br> <sup>(11)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.07% | S + 4.75% | 10/24/30 |  | 33962 | 7736 | 7585<br> <sup>(6) (7) (8) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 8.41% | B + 4.75% | 10/24/30 |  | 33598 | 22107 | 21891<br> <sup>(6) (7) (8)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering |  | S + 4.75% | 10/24/30 |  | 3396 | (30) | (34) <sup>(6) (7) (8) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.80% | S + 4.50% | 08/29/31 |  | 28096 | 27969 | 27956<br> <sup>(6) (7)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.80% | S + 4.50% | 08/29/31 |  | 9163 | 5819 | 5808<br> <sup>(6) (7) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 4070 | (18) | (20) <sup>(6) (7) (9)</sup> |
| TRC Companies LLC | Construction & Engineering | 7.33% | S + 3.00% | 12/08/28 |  | 18351 | 18434 | 18291 |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.30% | S + 6.00% | 10/04/30 |  | 62345 | 61071 | 60942<br> <sup>(6) (7)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail |  | S + 6.00% | 10/05/29 |  | 7366 | (132) | (166) <sup>(6) (7) (9)</sup> |
| IRB Holding Corp. | Consumer Staples Distribution & Retail | 6.83% | S + 2.50% | 12/15/27 |  | 10934 | 10944 | 10930 |
| Charter Next Generation, Inc. | Containers & Packaging | 7.06% | S + 2.75% | 11/29/30 |  | 40005 | 39959 | 40130<br> <sup>(11)</sup> |
| Clydesdale Acquisition Holdings, Inc. | Containers & Packaging | 7.50% | S + 3.18% | 04/13/29 |  | 16988 | 16995 | 16947 |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | Containers & Packaging | 9.51% | S + 5.25% | 11/01/30 |  | 74606 | 73583 | 73301<br> <sup>(6) (7)</sup> |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | Containers & Packaging |  | S + 5.25% | 11/01/30 |  | 8719 | (117) | (153) <sup>(6) (7) (9)</sup> |
| Pregis TopCo Corporation | Containers & Packaging | 8.33% | S + 4.00% | 02/01/29 |  | 14965 | 15042 | 14995 |
| Proampac PG Borrower LLC | Containers & Packaging | 8.28% | S + 4.00% | 09/15/28 |  | 12576 | 12639 | 12605 |
| TricorBraun Holdings, Inc. | Containers & Packaging | 7.69% | S + 3.25% | 03/03/28 |  | 9105 | 9067 | 9090<br> <sup>(11)</sup> |
| Trident TPI Holdings, Inc. | Containers & Packaging | 8.05% | S + 3.75% | 09/15/28 |  | 7512 | 7606 | 7371 |
| BCPE Empire Holdings, Inc. | Distributors | 7.58% | S + 3.25% | 12/11/30 |  | 5171 | 5185 | 5136 |
| CD&R Hydra Buyer Inc. | Distributors | 8.43% | S + 4.00% | 03/25/31 |  | 13444 | 13548 | 13212 |
| DFS Holding Company, Inc. | Distributors | 11.33% | S + 7.00% | 01/31/29 |  | 39639 | 38817 | 38054<br> <sup>(7)</sup> |
| DFS Holding Company, Inc. | Distributors | 11.33% | S + 7.00% | 01/31/29 |  | 2905 | 2846 | 2789<br> <sup>(7)</sup> |
| Fluid-Flow Products, Inc. | Distributors | 7.55% | S + 3.25% | 03/31/28 |  | 15735 | 15802 | 15734<br> <sup>(11)</sup> |
| Veritiv Corporation | Distributors | 8.30% | S + 4.00% | 11/30/30 |  | 13468 | 13469 | 13505 |
| Windsor Holdings III, LLC | Distributors | 7.07% | S + 2.75% | 08/01/30 |  | 11514 | 11486 | 11511 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 |  | 17642 | 17357 | 17201<br> <sup>(6) (7) (12)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.29% | S + 6.00% | 04/26/29 |  | 8250 | 3073 | 2995<br> <sup>(6) (7) (9) (12)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.30% | S + 6.00% | 04/26/29 |  | 1650 | 783 | 767<br> <sup>(6) (7) (9) (12)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 |  | 99584 | 99067 | 99086<br> <sup>(6) (7)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services |  | S + 5.00% | 06/06/31 |  | 56751 | (283) | (284) <sup>(6) (7) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.30% | S + 5.00% | 06/06/31 |  | 19899 | 3479 | 3652<br> <sup>(6) (7) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.32% | S + 5.00% | 06/06/31 |  | 10970 | 1277 | 1316<br> <sup>(6) (7) (9)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services | 9.43% | S + 5.00% | 11/01/28 |  | 44547 | 42938 | 44325<br> <sup>(7)</sup> |
| CST Holding Company (dba Intoxalock) | Diversified Consumer Services |  | S + 5.00% | 11/01/28 |  | 4310 | (145) | (22) <sup>(7) (9)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services | 9.05% | S + 4.75% | 05/07/32 |  | 286709 | 284965 | 285017<br> <sup>(6)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services |  | S + 4.75% | 05/07/32 |  | 188244 | (570) | (582) <sup>(6) (9)</sup> |
| Genuine Financial Holdings, LLC | Diversified Consumer Services | 7.58% | S + 3.25% | 09/27/30 |  | 12955 | 12939 | 12275 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Groundworks, LLC | Diversified Consumer Services | 7.32% | S + 3.00% | 03/14/31 | $— | 8416 | $8353 | $8410 |
| Groundworks, LLC | Diversified Consumer Services | 7.32% | S + 3.00% | 03/14/31 |  | 1562 | 236 | 247<br> <sup>(9)</sup> |
| Pre-Paid Legal Services, Inc. | Diversified Consumer Services | 7.58% | S + 3.25% | 12/15/28 |  | 13891 | 13963 | 13800 |
| Splash Car Wash, Inc. | Diversified Consumer Services | 9.30% | S + 5.00% | 03/17/32 |  | 22219 | 22062 | 22053<br> <sup>(6) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/32 |  | 7012 | (30) | (53) <sup>(6) (7) (9)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/31 |  | 4125 | (29) | (31) <sup>(6) (7) (9)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 |  | 32028 | 31329 | 32028<br> <sup>(7)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.05% | S + 5.75% | 07/25/28 |  | 4965 | 4868 | 4965<br> <sup>(7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.28% | S + 5.00% | 05/01/31 |  | 49167 | 48737 | 48675<br> <sup>(6) (7)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.29% | S + 5.00% | 05/01/31 |  | 12887 | 5087 | 5004<br> <sup>(6) (7) (9)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services |  | S + 5.00% | 05/01/30 |  | 7538 | (61) | (75) <sup>(6) (7) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 |  | 14983 | 14621 | 14908<br> <sup>(6) (7)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.93% | S + 7.50% | 08/14/28 |  | 2612 | 1687 | 1728<br> <sup>(6) (7) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services |  | S + 7.50% | 08/14/28 |  | 435 | (10) | (2) <sup>(6) (7) (9)</sup> |
| Citadel Securities LP | Diversified Financial services | 6.33% | S + 2.00% | 10/31/31 |  | 31422 | 31466 | 31537<br> <sup>(11)</sup> |
| Edgewater Generation, LLC | Electric Utilities | 7.33% | S + 3.00% | 08/01/30 |  | 8967 | 9010 | 8993<br> <sup>(11)</sup> |
| Lightning Power LLC | Electric Utilities | 6.55% | S + 2.25% | 08/18/31 |  | 10479 | 10564 | 10490<br> <sup>(11)</sup> |
| LSF12 Crown US Commercial Bidco LLC | Electrical Equipment | 8.57% | S + 4.25% | 12/02/31 |  | 5980 | 5980 | 6006 |
| Nvent Electric Public Limited Company | Electrical Equipment | 7.83% | S + 3.50% | 01/30/32 |  | 10500 | 10522 | 10557<br> <sup>(11)</sup> |
| Trystar, LLC | Electrical Equipment | 8.78% | S + 4.50% | 08/06/31 |  | 24991 | 24765 | 24678<br> <sup>(6) (7)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 |  | 12558 | (55) | (157) <sup>(6) (7) (9)</sup> |
| Trystar, LLC | Electrical Equipment | 8.78% | S + 4.50% | 08/06/31 |  | 9996 | 9905 | 9871<br> <sup>(6) (7)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 |  | 6279 | (55) | (78) <sup>(6) (7) (9)</sup> |
| GIP Pilot Acquisition Partners LP | Energy Equipment & Services | 6.28% | S + 2.00% | 10/04/30 |  | 21010 | 21078 | 21027 |
| WhiteWater DBR HoldCo, LLC | Energy Equipment & Services | 6.56% | S + 2.25% | 03/03/31 |  | 21227 | 21321 | 21227<br> <sup>(11)</sup> |
| Whitewater Whistler Holdings, LLC | Energy Equipment & Services | 6.05% | S + 1.75% | 02/15/30 |  | 19969 | 20016 | 19957<br> <sup>(11)</sup> |
| Arcis Golf LLC | Entertainment | 7.08% | S + 2.75% | 11/24/28 |  | 17805 | 17906 | 17805<br> <sup>(11)</sup> |
| Fender Musical Instruments Corporation | Entertainment | 8.43% | S + 4.00% | 12/01/28 |  | 2763 | 2740 | 2473 |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 |  | 44833 | 44466 | 44608<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.30% | S + 5.00% | 12/06/29 |  | 6744 | 6681 | 6710<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.31% | S + 5.00% | 12/06/29 |  | 5982 | 2632 | 2652<br> <sup>(6) (7) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.00% | 12/06/29 |  | 5940 | (46) | (30) <sup>(6) (7) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.32% | S + 5.00% | 12/06/29 |  | 1955 | 1924 | 1945<br> <sup>(6) (7)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.00% | 12/06/29 |  | 1266 | (6) | (6) <sup>(6) (7) (9)</sup> |
| Advisor Group, Inc. | Financial Services | 7.83% | S + 3.50% | 08/17/28 |  | 4042 | 4056 | 4048 |
| AllSpring Buyer, LLC | Financial Services | 7.30% | S + 3.00% | 11/01/30 |  | 13566 | 13563 | 13634<br> <sup>(11)</sup> |
| Bottomline Technologies, Inc. | Financial Services | 8.80% | S + 4.50% | 05/14/29 |  | 77182 | 77182 | 77182<br> <sup>(6)</sup> |
| Celero Commerce LLC | Financial Services | 9.28% | S + 5.00% | 02/28/31 |  | 104838 | 104086 | 104052<br> <sup>(6) (7)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 |  | 24962 | (88) | (187) <sup>(6) (7) (9)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 |  | 8321 | (59) | (62) <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Computer Services, Inc. | Financial Services | 9.58% | S + 5.25% | 11/15/29 | $— | 48864 | $47002 | $48864<br> <sup>(7)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 9.58% | S + 5.25% | 10/01/29 |  | 37005 | 35887 | 36727<br> <sup>(7)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 5526 | (110) | (41) <sup>(7) (9)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 5526 | (99) | (41) <sup>(7) (9)</sup> |
| DRW Holdings, LLC | Financial Services | 7.83% | S + 3.50% | 06/26/31 |  | 17314 | 17330 | 17336 |
| Edelman Financial Center, LLC | Financial Services | 7.33% | S + 3.00% | 04/07/28 |  | 17797 | 17838 | 17804<br> <sup>(11)</sup> |
| Eisner Advisory Group LLC | Financial Services | 8.33% | S + 4.00% | 02/28/31 |  | 9428 | 9488 | 9463<br> <sup>(11)</sup> |
| Focus Financial Partners, LLC | Financial Services |  | S + 2.75% | 09/15/31 |  | 13616 | 13582 | 13584<br> <sup>(11)</sup> |
| Franklin Square Holdings, L.P. | Financial Services | 6.58% | S + 2.25% | 04/25/31 |  | 20940 | 21060 | 20888 |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 36677 | 35567 | 36677<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 |  | 22748 | 13769 | 13711<br> <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 11542 | 11226 | 11542<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 8273 | (54) | (124) <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 7.00% | 11/27/29 |  | 5687 | 5600 | 5602<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.73% | S + 8.25% | 11/27/29 |  | 5130 | 4992 | 5130<br> <sup>(6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.71% | S + 8.25% | 11/27/29 |  | 2052 | 975 | 1026<br> <sup>(6) (7) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.48% | S + 8.25% | 11/27/29 |  | 919 | 287 | 282<br> <sup>(6) (7) (9)</sup> |
| Jane Street Group, LLC | Financial Services | 6.33% | S + 2.00% | 12/15/31 |  | 20935 | 20697 | 20908<br> <sup>(11)</sup> |
| Jefferies Finance LLC | Financial Services | 7.32% | S + 3.00% | 10/21/31 |  | 7359 | 7352 | 7369<br> <sup>(11)</sup> |
| NEXUS Buyer LLC | Financial Services | 7.83% | S + 3.50% | 07/31/31 |  | 13940 | 13938 | 13979 |
| Priority Holdings, LLC (dba Priority Payment) | Financial Services | 9.08% | S + 4.75% | 05/16/31 |  | 158950 | 158356 | 159109<br> <sup>(6) (8)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.57% | S + 5.25% | 02/24/31 |  | 34650 | 34354 | 34217<br> <sup>(6) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services |  | S + 5.25% | 02/24/31 |  | 5000 | (40) | (62) <sup>(6) (7) (9)</sup> |
| Chobani, LLC | Food Products | 6.83% | S + 2.50% | 10/25/27 |  | 26187 | 26315 | 26247<br> <sup>(11)</sup> |
| Eagle Family Foods Group LLC | Food Products | 9.01% | S + 5.00% | 08/12/30 |  | 194410 | 192691 | 191494<br> <sup>(6) (7)</sup> |
| Eagle Family Foods Group LLC | Food Products |  | S + 5.00% | 08/12/30 |  | 22753 | (195) | (341) <sup>(6) (7) (9)</sup> |
| Froneri International Ltd. | Food Products | 6.24% | S + 2.00% | 09/30/31 |  | 808 | 804 | 798<br> <sup>(8)</sup> |
| Rubix Foods, LLC | Food Products | 9.08% | S + 4.75% | 04/30/31 |  | 42735 | 42317 | 42308<br> <sup>(6)</sup> |
| Rubix Foods, LLC | Food Products |  | S + 4.75% | 04/30/31 |  | 3300 | (32) | (33) <sup>(6) (9)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.05% | S + 4.75% | 12/11/30 |  | 110517 | 108979 | 108859<br> <sup>(6) (7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products |  | S + 4.75% | 12/11/30 |  | 17538 | (240) | (263) <sup>(6) (7) (9)</sup> |
| Kenan Advantage Group, Inc. | Ground Transportation | 7.58% | S + 3.25% | 01/25/29 |  | 17906 | 17945 | 17638 |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 7.60% | E + 5.50% | 11/28/31 |  | 25290 | 27084 | 29120<br> <sup>(6) (7)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 11/28/31 |  | 15754 | (156) | (354) <sup>(6) (7) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 7.59% | E + 5.50% | 11/28/31 |  | 12695 | 9276 | 9108<br> <sup>(6) (7) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 9.77% | S + 5.50% | 11/28/31 |  | 9309 | 9135 | 9100<br> <sup>(6) (7)</sup> |
| Medline Borrower, LP | Health Care Equipment & Supplies | 6.58% | S + 2.25% | 10/23/28 |  | 26808 | 26906 | 26821 |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 |  | 69443 | 68549 | 68575<br> <sup>(6) (7)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies | 9.80% | S + 5.50% | 02/28/31 |  | 13039 | 6388 | 6351<br> <sup>(6) (7) (9)</sup> |
| Zeus Company LLC | Health Care Equipment & Supplies |  | S + 5.50% | 02/28/30 |  | 9788 | (115) | (122) <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Advarra Holdings, Inc. | Health Care Providers & Services | 8.83% | S + 4.50% | 09/15/31 | $— | 76447 | $76098 | $76065<br> <sup>(6) (7)</sup> |
| Advarra Holdings, Inc. | Health Care Providers & Services | 8.83% | S + 4.50% | 09/15/31 |  | 41580 | 41390 | 41372<br> <sup>(6) (7)</sup> |
| Advarra Holdings, Inc. | Health Care Providers & Services |  | S + 4.50% | 09/15/31 |  | 7087 | (16) | (35) <sup>(6) (7) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 |  | 57336 | 56794 | 56762<br> <sup>(6) (7)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 |  | 6490 | (109) | (65) <sup>(6) (7) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 |  | 5298 | (71) | (53) <sup>(6) (7) (9)</sup> |
| Electron BidCo, Inc. | Health Care Providers & Services | 7.08% | S + 2.75% | 11/01/28 |  | 10973 | 11021 | 10997 |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.18% | S + 6.75% | 06/13/28 |  | 8638 | 8468 | 8487<br> <sup>(6) (7)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services |  | S + 6.75% | 06/13/28 |  | 979 | (18) | (17) <sup>(6) (7) (9)</sup> |
| LifePoint Health, Inc. | Health Care Providers & Services | 7.82% | S + 3.50% | 05/19/31 |  | 3697 | 3697 | 3634 |
| Netsmart Technologies, Inc. | Health Care Providers & Services | 9.28% | S + 4.95% (Incl. 2.45% PIK) | 08/25/31 |  | 181182 | 179582 | 179370<br> <sup>(6) (7)</sup> |
| Netsmart Technologies, Inc. | Health Care Providers & Services |  | S + 4.95% (Incl. 2.45% PIK) | 08/25/31 |  | 24158 | (213) | (242) <sup>(6) (7) (9)</sup> |
| Netsmart Technologies, Inc. | Health Care Providers & Services |  | S + 4.95% (Incl. 2.45% PIK) | 08/25/31 |  | 23684 | (101) | (237) <sup>(6) (7) (9)</sup> |
| Onex TSG Intermediate Corp. | Health Care Providers & Services | 9.34% | S + 4.75% | 02/28/28 |  | 7855 | 7894 | 7867 |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | Health Care Providers & Services | 9.02% | S + 4.75% | 01/22/32 |  | 229798 | 226512 | 226351<br> <sup>(6) (7)</sup> |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | Health Care Providers & Services |  | S + 4.75% | 01/22/32 |  | 96801 |  | (1452) <sup>(6) (7) (9)</sup> |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | Health Care Providers & Services |  | S + 4.75% | 01/22/32 |  | 25253 |  | (379) <sup>(6) (7) (9)</sup> |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | Health Care Providers & Services |  | S + 4.75% | 01/22/32 |  | 23148 | (326) | (347) <sup>(6) (7) (9)</sup> |
| Urology Management Holdings, Inc. (dba Solaris Health) | Health Care Providers & Services | 9.80% | S + 5.50% | 06/15/27 |  | 14502 | 14258 | 14429<br> <sup>(7)</sup> |
| Urology Management Holdings, Inc. (dba Solaris Health) | Health Care Providers & Services | 9.80% | S + 5.50% | 06/15/27 |  | 7341 | 7220 | 7304<br> <sup>(7)</sup> |
| US Radiology Specialists, Inc. | Health Care Providers & Services | 9.05% | S + 4.75% | 12/15/27 |  | 5240 | 5261 | 5248<br> <sup>(11)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 |  | 21933 | 21689 | 16779<br> <sup>(6) (7) (12)</sup> |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.32% | S + 5.00% (Incl. 6.42% PIK) | 03/18/27 |  | 2582 | 2623 | 2607<br> <sup>(6) (7) (9) (12) (13)</sup> |
| Athenahealth Group, Inc. | Health Care Technology | 7.08% | S + 2.75% | 02/15/29 |  | 4962 | 4957 | 4954 |
| Cotiviti, Inc. | Health Care Technology | 7.07% | S + 2.75% | 05/01/31 |  | 23883 | 23770 | 23749 |
| eResearch Technology, Inc. (dba Clario) | Health Care Technology | 9.08% | S + 4.75% | 01/19/32 |  | 156715 | 155224 | 156715<br> <sup>(6) (7)</sup> |
| eResearch Technology, Inc. (dba Clario) | Health Care Technology | 9.08% | S + 4.75% | 01/19/32 |  | 29569 | 3981 | 4140<br> <sup>(6) (7) (9)</sup> |
| eResearch Technology, Inc. (dba Clario) | Health Care Technology | 9.08% | S + 4.75% | 01/19/32 |  | 26021 | 25771 | 26021<br> <sup>(6) (7)</sup> |
| eResearch Technology, Inc. (dba Clario) | Health Care Technology |  | S + 4.75% | 10/17/31 |  | 14784 | (138) | —<br> <sup>(6) (7) (9)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 8.58% | S + 4.25% | 05/19/32 |  | 90920 | 90471 | 90465<br> <sup>(6)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 47852 |  | —<br> <sup>(6) (9)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 19141 | (94) | (96) <sup>(6) (9)</sup> |
| Shields Health Solutions Holdings, LLC | Health Care Technology |  | S + 6.00% | 03/03/32 |  | 270506 |  | —<br> <sup>(6) (9)</sup> |
| Shields Health Solutions Holdings, LLC | Health Care Technology |  | S + 6.00% | 03/03/30 |  | 10820 |  | —<br> <sup>(6) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 |  | 23477 | 23286 | 23183<br> <sup>(6) (7)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 |  | 4306 | 1355 | 1324<br> <sup>(6) (7) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 10.78% | S + 6.50% | 09/12/29 |  | 861 | 165 | 161<br> <sup>(6) (7) (9)</sup> |
| Raising Cane's Restaurants, LLC | Hotels, Restaurants & Leisure | 6.33% | S + 2.00% | 09/18/31 |  | 17915 | 18017 | 18005 |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure | 9.24% | S + 5.00% | 04/14/31 |  | 19305 | 19070 | 19064<br> <sup>(6)</sup> |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure |  | S + 5.00% | 04/14/31 |  | 4455 | (27) | (28) <sup>(6) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Supreme Fitness Group NY Holdings, LLC | Hotels, Restaurants & Leisure |  | S + 5.00% | 04/14/31 | $— | 2228 | $(27) | $(28) <sup>(6) (9)</sup> |
| Whatabrands LLC | Hotels, Restaurants & Leisure | 6.83% | S + 2.50% | 08/03/28 |  | 6294 | 6283 | 6294 |
| AI Aqua Merger Sub, Inc. | Household Durables | 7.32% | S + 3.00% | 07/31/28 |  | 4156 | 4158 | 4147<br> <sup>(8)</sup> |
| CURiO Brands LLC | Household Products | 9.55% | S + 5.25% | 04/02/31 |  | 21224 | 21018 | 21011<br> <sup>(6)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 |  | 3451 | (17) | (17) <sup>(6) (9)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 |  | 1725 | (17) | (17) <sup>(6) (9)</sup> |
| Kronos Acquisition Holdings Inc. | Household Products | 8.30% | S + 4.00% | 07/08/31 |  | 5440 | 5456 | 4853<br> <sup>(8)</sup> |
| CPM Holdings, Inc. | Industrial Conglomerates | 8.82% | S + 4.50% | 09/28/28 |  | 6971 | 6811 | 6800 |
| Acrisure, LLC | Insurance | 7.33% | S + 3.00% | 11/06/30 |  | 15588 | 15515 | 15532 |
| Acrisure, LLC | Insurance | 7.58% | S + 3.25% | 06/21/32 |  | 5418 | 5417 | 5411 |
| Alliant Holdings Intermediate, LLC | Insurance | 7.07% | S + 2.75% | 09/19/31 |  | 17167 | 17156 | 17169<br> <sup>(11)</sup> |
| AmWINS Group, Inc. | Insurance | 6.58% | S + 2.25% | 01/30/32 |  | 26184 | 26022 | 26189<br> <sup>(11)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 |  | 51085 | 50624 | 50574<br> <sup>(6) (7)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/31 |  | 21570 | 7830 | 7746<br> <sup>(6) (7) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.55% | S + 5.25% | 07/24/30 |  | 4000 | 1246 | 1240<br> <sup>(6) (7) (9)</sup> |
| AssuredPartners, Inc. | Insurance | 7.83% | S + 3.50% | 02/14/31 |  | 15701 | 15761 | 15738<br> <sup>(11)</sup> |
| Asurion LLC | Insurance | 8.68% | S + 4.25% | 08/19/28 |  | 5369 | 5381 | 5307 |
| Broadstreet Partners, Inc. | Insurance | 7.33% | S + 3.00% | 06/13/31 |  | 14661 | 14693 | 14675<br> <sup>(11)</sup> |
| Galway Borrower LLC | Insurance | 8.80% | S + 4.50% | 09/29/28 |  | 45072 | 44709 | 44621<br> <sup>(7)</sup> |
| Galway Borrower LLC | Insurance | 8.80% | S + 4.50% | 09/29/28 |  | 4488 | 707 | 683<br> <sup>(7) (9)</sup> |
| Galway Borrower LLC | Insurance | 8.80% | S + 4.50% | 09/29/28 |  | 3995 | 1222 | 1213<br> <sup>(7) (9)</sup> |
| Galway Borrower LLC | Insurance | 8.80% | S + 4.50% | 09/29/28 |  | 848 | 842 | 839<br> <sup>(7)</sup> |
| HUB International Limited | Insurance | 6.77% | S + 2.50% | 06/20/30 |  | 17922 | 17980 | 17971 |
| OneDigital Borrower, LLC | Insurance | 7.33% | S + 3.00% | 07/02/31 |  | 11649 | 11662 | 11616 |
| Sedgwick Claims Management Services, Inc. | Insurance | 7.33% | S + 3.00% | 07/31/31 |  | 15722 | 15780 | 15771<br> <sup>(11)</sup> |
| Truist Insurance Holdings LLC | Insurance | 7.05% | S + 2.75% | 05/06/31 |  | 16002 | 16017 | 15999<br> <sup>(11)</sup> |
| USI, Inc. | Insurance | 6.55% | S + 2.25% | 11/21/29 |  | 20983 | 21025 | 20940<br> <sup>(11)</sup> |
| USI, Inc. | Insurance | 6.55% | S + 2.25% | 09/29/30 |  | 5213 | 5230 | 5195 |
| Ark Data Centers, LLC | IT Services | 9.05% | S + 4.75% | 11/27/30 |  | 59783 | 58680 | 58438<br> <sup>(6) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 9.05% | S + 4.75% | 11/27/30 |  | 35167 | 2468 | 2022<br> <sup>(6) (7) (9)</sup> |
| Ark Data Centers, LLC | IT Services | 11.25% | P + 3.75% | 11/27/30 |  | 10550 | 161 | 114<br> <sup>(6) (7) (9)</sup> |
| Boost Newco Borrower, LLC | IT Services | 6.30% | S + 2.00% | 01/31/31 |  | 26190 | 26354 | 26245 |
| Cloud Software Group, Inc. | IT Services | 8.05% | S + 3.75% | 03/21/31 |  | 9659 | 9694 | 9674<br> <sup>(11)</sup> |
| Cloud Software Group, Inc. | IT Services | 7.80% | S + 3.50% | 03/29/29 |  | 8615 | 8627 | 8621<br> <sup>(11)</sup> |
| CNT Holdings I Corp. | IT Services | 6.78% | S + 2.50% | 11/08/32 |  | 15923 | 15984 | 15954 |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 |  | 33134 | 32624 | 32968<br> <sup>(6) (7)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services | 9.58% | S + 5.25% | 10/02/29 |  | 11704 | 11543 | 11645<br> <sup>(6) (7)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services |  | S + 5.25% | 10/02/29 |  | 8700 | (62) | (43) <sup>(6) (7) (9)</sup> |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | IT Services |  | S + 5.25% | 10/02/29 |  | 6960 | (100) | (35) <sup>(6) (7) (9)</sup> |
| Ingram Micro, Inc. | IT Services | 6.56% | S + 2.25% | 09/22/31 |  | 10378 | 10420 | 10417<br> <sup>(8)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Kaseya Inc. | IT Services | 7.58% | S + 3.25% | 03/20/32 | $— | 13616 | $13567 | $13663 |
| MH Sub I, LLC | IT Services | 8.58% | S + 4.25% | 05/03/28 |  | 7117 | 7094 | 6670 |
| Plano HoldCo Inc. | IT Services | 7.80% | S + 3.50% | 10/02/31 |  | 14663 | 14692 | 13893 |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 8.80% | S + 4.50% | 06/03/32 |  | 53086 | 52834 | 52821<br> <sup>(6)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 06/03/32 |  | 14459 |  | (72) <sup>(6) (9)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 06/03/32 |  | 3847 | (19) | (19) <sup>(6) (9)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.50% | 11/07/31 |  | 3820 | (17) | (19) <sup>(6) (9)</sup> |
| US Signal Company, LLC | IT Services | 9.92% | S + 5.50% | 09/04/29 |  | 29421 | 29166 | 29127<br> <sup>(6) (7)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 |  | 9053 | (76) | (91) <sup>(6) (7) (9)</sup> |
| US Signal Company, LLC | IT Services | 9.90% | S + 5.50% | 09/04/29 |  | 4526 | 1094 | 1086<br> <sup>(6) (7) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 15120 | 15078 | 15044<br> <sup>(6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services |  | S + 4.75% | 01/22/29 |  | 1716 | (5) | (9) <sup>(6) (7) (9)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 1448 | 1430 | 1441<br> <sup>(6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 9.05% | S + 4.75% | 01/22/29 |  | 1185 | 1174 | 1179<br> <sup>(6) (7)</sup> |
| Alterra Mountain Company | Leisure Products | 7.08% | S + 2.75% | 08/17/28 |  | 14972 | 15034 | 15028 |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.83% | S + 6.50% | 07/18/28 |  | 24614 | 24169 | 24306<br> <sup>(6) (7)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.82% | S + 6.50% | 07/18/28 |  | 3186 | 3123 | 3146<br> <sup>(6) (7)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products |  | S + 6.50% | 07/18/28 |  | 1606 | (25) | (20) <sup>(6) (7) (9)</sup> |
| GSM Holdings, Inc. | Leisure Products | 9.30% | S + 5.00% | 09/30/31 |  | 3532 | 3369 | 3409 |
| MajorDrive Holdings IV LLC | Leisure Products | 8.56% | S + 4.00% | 06/01/28 |  | 7419 | 7434 | 7264 |
| SRAM, LLC | Leisure Products | 6.58% | S + 2.25% | 02/27/32 |  | 14928 | 14986 | 14704 |
| WCG Intermediate Corp. | Life Sciences Tools & Services | 7.33% | S + 3.00% | 02/25/32 |  | 7350 | 7322 | 7260<br> <sup>(11)</sup> |
| Brookfield WEC Holdings Inc. | Machinery | 6.57% | S + 2.25% | 01/27/31 |  | 8669 | 8687 | 8668 |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 74841 | 74171 | 73906<br> <sup>(7)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 22851 | 22646 | 22565<br> <sup>(7)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 18688 | 2419 | 2350<br> <sup>(7) (9)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 14645 | 14513 | 14461<br> <sup>(7)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 11118 | 11021 | 10979<br> <sup>(7)</sup> |
| Dwyer Instruments, LLC | Machinery |  | S + 4.75% | 07/20/29 |  | 7678 | (34) | (96) <sup>(7) (9)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 4076 | 4039 | 4025<br> <sup>(7)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.05% | S + 4.75% | 07/20/29 |  | 1211 | 1200 | 1196<br> <sup>(7)</sup> |
| Engineered Machinery Holdings, Inc. | Machinery | 8.06% | S + 3.50% | 05/19/28 |  | 15707 | 15739 | 15794 |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 9.30% | S + 5.00% | 06/30/32 |  | 28390 | 28106 | 28106<br> <sup>(6)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 5215 | (26) | (26) <sup>(6) (9)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 4345 | (43) | (43) <sup>(6) (9)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.03% | S + 4.75% | 08/20/31 |  | 34721 | 34406 | 34287<br> <sup>(6) (7)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery |  | S + 4.75% | 08/20/30 |  | 5910 | (51) | (74) <sup>(6) (7) (9)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.08% | S + 4.75% | 12/02/31 |  | 164122 | 162582 | 162481<br> <sup>(6) (7)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery |  | S + 4.75% | 12/02/31 |  | 42460 | (195) | (425) <sup>(6) (7) (9)</sup> |
| Paris US Holdco, Inc. (dba Precinmac) | Machinery | 9.89% | S + 4.75% | 12/02/31 |  | 21230 | 654 | 637<br> <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Pro Mach Group, Inc. | Machinery | 7.08% | S + 2.75% | 08/31/28 | $— | 10474 | $10534 | $10492 |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.05% | S + 4.75% | 12/26/31 |  | 164237 | 162684 | 162595<br> <sup>(6) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.06% | S + 4.75% | 12/26/31 |  | 42191 | 10238 | 10064<br> <sup>(6) (7) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.05% | S + 4.75% | 12/26/31 |  | 21109 | 10020 | 10006<br> <sup>(6) (7) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.05% | S + 4.75% | 07/01/31 |  | 31737 | 31311 | 31340<br> <sup>(6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.04% | S + 4.75% | 07/01/30 |  | 8468 | 1464 | 1465<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.08% | S + 4.75% | 07/01/31 |  | 8464 | 1622 | 1584<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 6.73% | E + 4.75% | 07/01/31 |  | 7870 | 8340 | 9132<br> <sup>(6) (7) (8)</sup> |
| SPX Flow, Inc. | Machinery | 7.33% | S + 3.00% | 04/05/29 |  | 15762 | 15782 | 15808<br> <sup>(11)</sup> |
| ABG Intermediate Holdings 2 LLC | Media | 6.58% | S + 2.25% | 12/21/28 |  | 15009 | 15113 | 14989<br> <sup>(11)</sup> |
| Fleet Midco I Limited | Media | 7.06% | S + 2.75% | 02/21/31 |  | 2989 | 2996 | 2992<br> <sup>(8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.08% | S + 5.75% | 09/03/30 |  | 76412 | 74610 | 75647<br> <sup>(6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.03% | S + 5.75% | 09/03/30 |  | 8967 | 8813 | 8878<br> <sup>(6) (7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media |  | S + 5.75% | 08/31/28 |  | 6278 | (122) | (63) <sup>(6) (7) (9)</sup> |
| Arsenal AIC Parent LLC | Metals & Mining | 7.08% | S + 2.75% | 08/19/30 |  | 14664 | 14772 | 14631 |
| Crosby US Acquisition Corp. | Metals & Mining | 7.83% | S + 3.50% | 08/16/29 |  | 10482 | 10552 | 10513<br> <sup>(11)</sup> |
| AL GCX Fund VIII Holdings LLC | Oil, Gas & Consumable Fuels | 6.31% | S + 2.00% | 01/30/32 |  | 19950 | 19933 | 19913<br> <sup>(11)</sup> |
| AL GCX Holdings, LLC | Oil, Gas & Consumable Fuels | 6.31% | S + 2.00% | 05/17/29 |  | 18891 | 18942 | 18888 |
| AL NGPL Holdings, LLC | Oil, Gas & Consumable Fuels | 6.78% | S + 2.50% | 04/13/28 |  | 26252 | 26351 | 26213 |
| Buckeye Partners, L.P. | Oil, Gas & Consumable Fuels | 6.08% | S + 1.75% | 11/22/30 |  | 21850 | 21808 | 21859 |
| CQP Holdco LP | Oil, Gas & Consumable Fuels | 6.30% | S + 2.00% | 12/31/30 |  | 34920 | 35005 | 34908 |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels | 9.55% | S + 5.25% | 06/30/31 |  | 4329 | 4264 | 4264<br> <sup>(6) (8)</sup> |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | Oil, Gas & Consumable Fuels |  | S + 5.25% | 06/30/31 |  | 941 | (7) | (7) <sup>(6) (8) (9)</sup> |
| Kohler Energy Co LLC | Oil, Gas & Consumable Fuels | 8.05% | S + 3.75% | 05/01/31 |  | 13978 | 13968 | 13974<br> <sup>(11)</sup> |
| Oryx Midstream Services Permian Basin, LLC | Oil, Gas & Consumable Fuels | 6.57% | S + 2.25% | 10/05/28 |  | 20955 | 21032 | 20937 |
| Oxbow Carbon LLC | Oil, Gas & Consumable Fuels | 7.83% | S + 3.50% | 05/10/30 |  | 2332 | 2333 | 2303 |
| Prairie ECI Acquiror LP | Oil, Gas & Consumable Fuels | 8.58% | S + 4.25% | 08/01/29 |  | 3833 | 3831 | 3853 |
| Third Coast Infrastructure LLC | Oil, Gas & Consumable Fuels | 8.58% | S + 4.25% | 09/25/30 |  | 14896 | 14884 | 14962 |
| Traverse Midstream Partners LLC | Oil, Gas & Consumable Fuels | 7.28% | S + 3.00% | 02/16/28 |  | 17853 | 17968 | 17875 |
| Whitewater Matterhorn Holdings LLC | Oil, Gas & Consumable Fuels |  | S + 2.25% | 06/16/32 |  | 13000 | 13027 | 12981<br> <sup>(11)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 9.53% | S + 5.25% | 09/30/30 |  | 23945 | 23382 | 23585<br> <sup>(6) (7)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 7.44% | E + 5.25% | 09/30/30 |  | 14898 | 15337 | 17286<br> <sup>(6) (7)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals |  | S + 5.25% | 10/01/29 |  | 4892 | (105) | (73) <sup>(6) (7) (9)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 9.53% | S + 5.25% | 09/30/30 |  | 3664 | 3571 | 3609<br> <sup>(6) (7)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals |  | S + 5.25% | 09/30/30 |  | 3058 | (14) | (46) <sup>(6) (7) (9)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 9.58% | S + 5.25% | 09/30/30 |  | 3058 | 271 | 240<br> <sup>(6) (7) (9)</sup> |
| Covetrus, Inc. | Pharmaceuticals | 9.30% | S + 5.00% | 10/13/29 |  | 2538 | 2541 | 2280 |
| Creek Parent, Inc. (dba Catalent) | Pharmaceuticals | 9.57% | S + 5.25% | 12/18/31 |  | 68636 | 67503 | 67092<br> <sup>(6) (7)</sup> |
| Creek Parent, Inc. (dba Catalent) | Pharmaceuticals |  | S + 5.25% | 12/18/31 |  | 9980 | (162) | (225) <sup>(6) (7) (9)</sup> |
| Amspec Parent, LLC | Professional Services | 7.80% | S + 3.50% | 12/22/31 |  | 59367 | 59125 | 59589 |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Amspec Parent, LLC | Professional Services |  | S + 3.50% | 12/22/31 | $— | 9133 | $(21) | $34<br> <sup>(9)</sup> |
| Ankura Consulting Group, LLC | Professional Services | 7.80% | S + 3.50% | 12/29/31 |  | 17794 | 17800 | 17763<br> <sup>(11)</sup> |
| Berkeley Research Group LLC | Professional Services | 7.55% | S + 3.25% | 05/01/32 |  | 8600 | 8540 | 8624<br> <sup>(11)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 |  | 19994 | 19742 | 19594<br> <sup>(6) (7)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.72% | S + 6.50% | 07/01/29 |  | 1650 | 805 | 792<br> <sup>(6) (7) (9)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 |  | 34646 | 34290 | 33087<br> <sup>(7)</sup> |
| iCIMS, Inc. | Professional Services | 10.53% | S + 6.25% | 08/18/28 |  | 6000 | 5931 | 5820<br> <sup>(7)</sup> |
| iCIMS, Inc. | Professional Services | 10.03% | S + 5.75% | 08/18/28 |  | 3067 | 428 | 322<br> <sup>(7) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.05% | S + 4.75% | 09/19/31 |  | 80979 | 80237 | 79765<br> <sup>(6) (7)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.08% | S + 4.75% | 09/19/31 |  | 23619 | 7870 | 7648<br> <sup>(6) (7) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services |  | S + 4.75% | 09/19/31 |  | 12239 | (109) | (184) <sup>(6) (7) (9)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.83% | S + 4.50% | 05/28/32 |  | 26813 | 26548 | 26544<br> <sup>(6)</sup> |
| Accommodations Plus Technologies LLC | Software |  | S + 4.50% | 05/28/32 |  | 4125 | (41) | (41) <sup>(6) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 8.83% | S + 4.50% | 08/29/31 |  | 11830 | 11723 | 11712<br> <sup>(6) (7)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.50% | 08/29/31 |  | 2366 | (10) | (24) <sup>(6) (7) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.50% | 08/29/31 |  | 1479 | (13) | (15) <sup>(6) (7) (9)</sup> |
| Aptean, Inc. | Software | 9.07% | S + 4.75% | 01/30/31 |  | 121410 | 120598 | 120196<br> <sup>(6) (7)</sup> |
| Aptean, Inc. | Software | 9.06% | S + 4.75% | 01/30/31 |  | 13915 | 83 | (3) <sup>(6) (7) (9)</sup> |
| Aptean, Inc. | Software |  | S + 4.75% | 01/30/31 |  | 8357 | (56) | (84) <sup>(6) (7) (9)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 |  | 8693 | 8524 | 8649<br> <sup>(6) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 |  | 570 | 564 | 567<br> <sup>(6) (7)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 9.30% | S + 5.00% | 07/01/30 |  | 552 | 540 | 549<br> <sup>(6) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.55% | S + 4.25% | 07/28/31 |  | 28177 | 27924 | 28036<br> <sup>(6) (7)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/28/31 |  | 6897 | (30) | (34) <sup>(6) (7) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/26/30 |  | 3350 | (28) | (17) <sup>(6) (7) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.25% | 07/26/30 |  | 1576 | (13) | (8) <sup>(6) (7) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.05% | S + 4.75% | 07/14/31 |  | 35400 | 35083 | 35046<br> <sup>(6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 16857 | (73) | (169) <sup>(6) (7) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 6743 | (58) | (67) <sup>(6) (7) (8) (9)</sup> |
| Clover Holdings 2 LLC | Software | 8.31% | S + 4.00% | 12/09/31 |  | 15750 | 15727 | 15755<br> <sup>(11)</sup> |
| ConnectWise, LLC | Software | 8.06% | S + 3.50% | 09/29/28 |  | 15708 | 15730 | 15773<br> <sup>(11)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 10.33% | S + 6.00% | 12/31/26 |  | 13496 | 13396 | 13388<br> <sup>(6)</sup> |
| Convenient Payments Acquisition, Inc. | Software |  | S + 6.00% | 12/31/26 |  | 1980 | (7) | (8) <sup>(6) (9)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 10.33% | S + 6.00% | 12/31/26 |  | 990 | 207 | 207<br> <sup>(6) (9)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.08% | S + 6.75% | 11/08/30 |  | 61726 | 60439 | 61108<br> <sup>(6) (7)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software |  | S + 6.75% | 11/08/30 |  | 6165 | (119) | (62) <sup>(6) (7) (9)</sup> |
| Drake Software, LLC | Software | 8.55% | S + 4.25% | 06/26/31 |  | 3348 | 3309 | 3331 |
| First Advantage Holdings, LLC | Software | 7.58% | S + 3.25% | 10/31/31 |  | 520 | 523 | 520<br> <sup>(8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.03% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 20832 | 20663 | 20832<br> <sup>(6) (7)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.53% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 |  | 5609 | 5559 | 5553<br> <sup>(6) (7)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 11.75% | P + 4.25% | 01/17/31 | $— | 2895 | $382 | $391<br> <sup>(6) (7) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 968 | (8) | (10) <sup>(6) (7) (9)</sup> |
| Hyland Software, Inc. | Software | 9.33% | S + 5.00% | 09/19/30 |  | 94043 | 92905 | 94043<br> <sup>(6) (7)</sup> |
| Hyland Software, Inc. | Software |  | S + 5.00% | 09/19/29 |  | 4525 | (50) | —<br> <sup>(6) (7) (9)</sup> |
| iSolved Inc | Software | 7.33% | S + 3.00% | 10/15/30 |  | 15707 | 15827 | 15751<br> <sup>(11)</sup> |
| Javelin Buyer, Inc. | Software | 7.33% | S + 3.00% | 12/05/31 |  | 15711 | 15837 | 15774 |
| KPA Parent Holdings, Inc. | Software | 9.08% | S + 4.75% | 03/12/32 |  | 25988 | 25736 | 25728<br> <sup>(6) (7)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.75% | 03/12/32 |  | 3713 | (18) | (37) <sup>(6) (7) (9)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.75% | 03/12/32 |  | 2599 | (25) | (26) <sup>(6) (7) (9)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software | 10.56% | S + 6.25% (Incl. 3.38% PIK) | 12/18/31 |  | 101266 | 99391 | 98734<br> <sup>(6) (7) (8)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software | 8.25% | E + 6.25% (Incl. 3.38% PIK) | 12/18/31 |  | 23435 | 23885 | 26985<br> <sup>(6) (7) (8)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software |  | S + 6.25% (Incl. 3.38% PIK) | 12/18/31 |  | 10825 | (200) | (271) <sup>(6) (7) (8) (9)</sup> |
| NAVEX TopCo, Inc. | Software | 9.57% | S + 5.50% | 11/08/30 |  | 45376 | 44628 | 45262<br> <sup>(6) (7)</sup> |
| NAVEX TopCo, Inc. | Software |  | S + 5.50% | 11/09/28 |  | 4050 | (55) | (10) <sup>(6) (7) (9)</sup> |
| NC Topco, LLC (dba NContracts) | Software | 8.83% | S + 4.50% | 09/01/31 |  | 40968 | 40603 | 40558<br> <sup>(6) (7)</sup> |
| NC Topco, LLC (dba NContracts) | Software |  | S + 4.50% | 09/01/31 |  | 11630 | (51) | (116) <sup>(6) (7) (9)</sup> |
| NC Topco, LLC (dba NContracts) | Software |  | S + 4.50% | 09/01/31 |  | 4652 | (41) | (47) <sup>(6) (7) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.84% | N + 4.50% | 05/03/29 |  | 135598 | 12676 | 13386<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software |  | S + 4.50% | 05/03/29 |  | 79762 |  | (399) <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 47673 | 47481 | 47435<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 18171 | 18171 | 18080<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.90% | S + 4.50% | 05/03/29 |  | 12353 | 11594 | 11577<br> <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software |  | S + 4.50% | 05/03/29 |  | 10582 | (41) | (53) <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 7201 | 7201 | 7165<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.72% | SN + 4.50% | 05/03/29 |  | 6549 | 8354 | 8944<br> <sup>(6) (7) (8)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.81% | S + 4.50% | 05/03/29 |  | 4135 | 1205 | 1185<br> <sup>(6) (7) (8) (9)</sup> |
| North Star Acquisitionco, LLC (dba Everway) | Software | 8.80% | S + 4.50% | 05/03/29 |  | 1664 | 1664 | 1656<br> <sup>(6) (7) (8)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 |  | 21890 | 21442 | 21562<br> <sup>(6) (7)</sup> |
| Onyx CenterSource, Inc. | Software | 9.70% | S + 5.25% | 12/14/29 |  | 1650 | 1507 | 1515<br> <sup>(6) (7) (9)</sup> |
| Physician Partners LLC | Software | 8.45% | S + 4.00% (Incl. 2.50% PIK) | 12/31/29 |  | 430 | 412 | 213 |
| Physician Partners LLC | Software | 9.95% | S + 5.50% (Incl. 4.00% PIK) | 12/31/30 |  | 268 | 257 | 54 |
| Physician Partners LLC | Software | 10.30% | S + 6.00% | 12/31/29 |  | 125 | 125 | 108 |
| Project Boost Purchaser, LLC | Software | 7.30% | S + 3.00% | 07/16/31 |  | 18847 | 18926 | 18871 |
| Project Maroon, LLC (dba Jeppesen) | Software |  | S + 4.75% | 04/22/32 |  | 226662 |  | —<br> <sup>(6) (9)</sup> |
| Project Maroon, LLC (dba Jeppesen) | Software |  | S + 4.75% | 04/22/32 |  | 11333 |  | —<br> <sup>(6) (9)</sup> |
| Quartz Acquireco LLC | Software | 6.55% | S + 2.25% | 06/28/30 |  | 17803 | 17778 | 17848 |
| Renaissance Holding Corp. | Software | 8.28% | S + 4.00% | 04/05/30 |  | 98784 | 98262 | 89477<br> <sup>(6)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.30% | S + 5.00% | 12/17/31 |  | 50186 | 49712 | 49809<br> <sup>(6) (7)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 12500 | (58) | (94) <sup>(6) (7) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 6250 | (57) | (47) <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** |
| Singlewire Software, LLC | Software | 9.55% | S + 5.25% | 05/10/29 | $— | 17306 | $16922 | $17133<br> <sup>(6) (7)</sup> |
| Singlewire Software, LLC | Software |  | S + 5.25% | 05/10/29 |  | 3226 | (63) | (32) <sup>(6) (7) (9)</sup> |
| UKG Inc. | Software | 7.31% | S + 3.00% | 02/10/31 |  | 2200 | 2206 | 2207 |
| Vamos Bidco, Inc. (dba VIP) | Software | 9.05% | S + 4.75% | 01/30/32 |  | 52462 | 51960 | 51937<br> <sup>(6) (7)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software |  | S + 4.75% | 01/30/32 |  | 21859 | (103) | (219) <sup>(6) (7) (9)</sup> |
| Vamos Bidco, Inc. (dba VIP) | Software |  | S + 4.75% | 01/30/32 |  | 6558 | (62) | (66) <sup>(6) (7) (9)</sup> |
| World Wide Technology Holding Co. LLC | Software | 6.56% | S + 2.25% | 03/01/30 |  | 26181 | 26348 | 26279 |
| Zelis Payments Buyer, Inc. | Software | 7.58% | S + 3.25% | 11/26/31 |  | 4552 | 4568 | 4523 |
| Foundation Building Materials Holding Company, LLC | Specialty Retail | 7.79% | S + 3.25% | 01/31/28 |  | 4932 | 4875 | 4864 |
| Harbor Freight Tools USA, Inc. | Specialty Retail | 6.58% | S + 2.25% | 06/11/31 |  | 3178 | 3158 | 3106 |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail |  | S + 5.00% | 06/02/31 |  | 129542 | (316) | (648) <sup>(6) (7) (9)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 |  | 76447 | 75771 | 76447<br> <sup>(6) (7)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail | 9.30% | S + 5.00% | 06/02/31 |  | 41856 | 26063 | 26367<br> <sup>(6) (7) (9)</sup> |
| Summit Buyer, LLC (dba Classic Collision) | Specialty Retail |  | S + 5.00% | 05/31/30 |  | 9803 | (81) | —<br> <sup>(6) (7) (9)</sup> |
| Ahead DB Holdings, LLC | Technology Hardware & Equipment | 7.30% | S + 3.00% | 02/03/31 |  | 14672 | 14586 | 14676<br> <sup>(11)</sup> |
| McAfee, LLC | Technology Hardware & Equipment | 7.32% | S + 3.00% | 03/01/29 |  | 17903 | 17919 | 17362 |
| Virtusa Corporation | Technology Hardware & Equipment | 7.58% | S + 3.25% | 02/15/29 |  | 5935 | 5937 | 5932 |
| Champ Acquisition Corporation | Textiles, Apparel & Luxury Goods | 8.17% | S + 4.00% | 11/25/31 |  | 9931 | 10068 | 9976 |
| Fanatics Commerce Intermediate Holdco, LLC | Textiles, Apparel & Luxury Goods | 7.69% | S + 3.25% | 11/24/28 |  | 3017 | 3025 | 3009 |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.55% | S + 6.25% | 09/29/27 |  | 43291 | 42686 | 42749<br> <sup>(6) (7)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 |  | 65322 | 63995 | 63363<br> <sup>(6) (7)</sup> |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | Trading Companies & Distributors | 10.08% | S + 5.75% | 10/07/30 |  | 51700 | 35693 | 35063<br> <sup>(6) (7) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 |  | 180618 | 178401 | 169329<br> <sup>(6) (7)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.55% | S + 5.25% | 12/31/29 |  | 20916 | 5184 | 4131<br> <sup>(6) (7) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.80% | S + 5.50% | 12/31/29 |  | 12578 | 1332 | 631<br> <sup>(6) (7) (9)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.30% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 |  | 113637 | 113471 | 111933<br> <sup>(6) (7)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors |  | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 |  | 7953 | (6) | (119) <sup>(6) (7) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.55% | S + 5.25% | 06/23/31 |  | 42697 | 42126 | 42164<br> <sup>(6) (7)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.57% | S + 5.25% | 06/23/31 |  | 23848 | 23398 | 23426<br> <sup>(6) (7) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors |  | S + 5.25% | 06/21/30 |  | 4780 | (60) | (60) <sup>(6) (7) (9)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.70% | S + 5.25% | 03/31/27 |  | 4408 | 821 | 810<br> <sup>(6) (7) (9)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 |  | 4397 | 4352 | 4353<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 |  | 4397 | 4352 | 4353<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.68% | S + 5.25% | 03/31/27 |  | 2748 | 2720 | 2720<br> <sup>(6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services |  | S + 5.25% | 03/31/27 |  | 551 | (6) | (6) <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> | **Interest<br>Rate** <sup>(4)</sup> | **Reference Rate and<br>Spread** <sup>(4)</sup> | **Maturity** | **Par** <sup>(5)</sup> | **Cost** | **Fair<br>Value** | **Footnotes** |
| Diamond Communications LLC | Wireless Telecommunication Services | 8.32% | S + 4.00% | 05/28/30 | $25000 | $12677 | $12675 | <sup>(9)</sup> |
| Diamond Communications LLC | Wireless Telecommunication Services | 8.33% | S + 4.00% | 05/28/30 | 25000 | 19877 | 19875 | <sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 8826474 | 8805311 |  |
| **1st Lien/Last-Out Unitranche (10) - 3.7%** | **1st Lien/Last-Out Unitranche (10) - 3.7%** |  |  |  |  |  |  |  |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | $46916 | $46569 | $46681 | <sup>(6) (7)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.58% | S + 6.25% | 12/07/28 | 28084 | 24759 | 24819 | <sup>(6) (7) (9)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.85% | S + 6.55% | 12/06/28 | 68000 | 65796 | 65955 | <sup>(6) (7) (9)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 14349 | 14233 | 14277 | <sup>(6) (7)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.93% | S + 6.61% | 12/22/28 | 8982 | 2731 | 2755 | <sup>(6) (7) (9)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 21998 | 21827 | 21888 | <sup>(6) (7)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.16% | S + 6.83% | 02/01/29 | 13003 | 4288 | 4319 | <sup>(6) (7) (9)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.38% | S + 7.00% | 08/24/28 | 46667 | 46218 | 46433 | <sup>(6) (7)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.37% | S + 7.00% | 08/24/28 | 28333 | 16246 | 16358 | <sup>(6) (7) (9)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.14% | S + 3.75% | 08/31/28 | 19000 | 16489 | 16586 | <sup>(6) (7) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 259156 | 260071 |  |
| **2nd Lien/Senior Secured Debt - 0.3%** |  |  |  |  |  |  |  |  |
| Sazerac Company, Inc. | Beverages |  | S + 2.50% | 06/25/32 | $4750 | $4740 | $4744 | <sup>(11)</sup> |
| Colossus Acquireco LLC | Oil, Gas & Consumable Fuels |  | S + 1.75% | 06/11/32 | 11250 | 11194 | 11168 | <sup>(11)</sup> |
| Beach Acquisition Bidco LLC | Textiles, Apparel & Luxury Goods |  | S + 3.25% | 06/25/32 | 2175 | 2187 | 2186 | <sup>(11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  | 18121 | 18098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $9103751 | $9083480 |  |
| **Total Debt Investments** |  |  |  |  |  | $9636247 | $9626761 |  |
| **Investment** <sup>(1) (2)</sup> | **Industry** <sup>(3)</sup> |  |  | **Initial Acquisition Date**<sup>(14)</sup> | **Shares**<sup>(5)</sup> | **Cost** | **Fair<br>Value** | **Footnotes** |
| **Equity Securities - 0.1%** |  |  |  |  |  |  |  |  |
| **United States - 0.1%** |  |  |  |  |  |  |  |  |
| **Common Stock - 0.1%** |  |  |  |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense |  |  | 04/19/24 | 660 | $660 | $631 | <sup>(6) (7) (15)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services |  |  | 04/26/24 | 4554000 | 4554 | 3552 | <sup>(6) (7) (12) (15)</sup> |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services |  |  | 03/29/24 | 20103551 |  |  | <sup>(7) (12) (15)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  |  |  | 5214 | 4183 |  |
| **Preferred Stock - 0.0%** |  |  |  |  |  |  |  |  |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | Health Care Providers & Services |  |  | 03/29/24 | 9754188 | $3101 | $— | <sup>(7) (12) (15)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  |  |  | 3101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $8315 | $4183 |  |
| **Total Equity Securities** |  |  |  |  |  | $8315 | $4183 |  |
| **Total Investments - 137.6%** |  |  |  |  |  | $**9644562** | $**9630944** |  |
| **Investments in Affiliated Money Market Fund - 3.3%** | **Investments in Affiliated Money Market Fund - 3.3%** |  |  |  |  |  |  |  |
| **United States - 3.3%** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |  | 233261287 | $233261 | $233261 | <sup>(16) (17)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $233261 | $233261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  |  | 233261 | 233261 |  |
| **Total Investments and Investments in Affiliated Money Market Fund - 140.9%** | **Total Investments and Investments in Affiliated Money Market Fund - 140.9%** | **Total Investments and Investments in Affiliated Money Market Fund - 140.9%** | **Total Investments and Investments in Affiliated Money Market Fund - 140.9%** |  |  | $**9877823** | $**9864205** |  |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

**(Unaudited)**

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

<sup>(2)</sup> Assets are pledged as collateral to the Company's credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. See Note 6 "Debt."

<sup>(3)</sup> For Industry subtotal and percentage, see Note 4 "Investments."

<sup>(4)</sup> Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments represent the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor ("E"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), SARON ("SARON"), BBSW ("B"), STIBOR ("STIBOR") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of June 30, 2025, the rate for 6 month S was 4.15%, 3 month S was 4.29%, 1 month S was 4.32%, 6 month E was 2.05%, 3 month E was 1.94%, 3 month SN was 4.22%, 3 month N was 4.25%, 3 month C was 2.68%, 3 month SARON was (0.03)%, 3 month B was 3.60%, 1 month B was 3.61%, 3 month STIBOR was 2.13% and 3 month P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2025.

<sup>(5)</sup> Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euros ("EUR"), Great British Pounds ("GBP"), Australian Dollars ("AUD"), Swiss Franc ("CHF"), Norwegian Kroner ("NOK"), Swedish Krona ("SEK"),or Canadian Dollars ("CAD").

<sup>(6)</sup> Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the "SEC"). See Note 3 "Significant Agreements and Related Party Transactions."

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

<sup>(8)</sup> The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, the aggregate fair value of these securities is $1,120,962 or 11.0% of the Company's total assets.

<sup>(9)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies."

<sup>(10)</sup> In exchange for the greater risk of loss, the "last-out" portion of the Company's unitranche loan investment generally earns a higher interest rate than the "first-out" portions. The "first-out" portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the "last-out" portion.

<sup>(11)</sup> Position or portion thereof unsettled as of June 30, 2025.

<sup>(12)</sup> As defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities. See Note 3 "Significant Agreements and Related Party Transactions."

<sup>(13)</sup> The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies.

<sup>(14)</sup> Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of June 30, 2025, the aggregate fair value of these securities is $4,183 or 0.1% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(15)</sup> Non-income producing security.

<sup>(16)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions."

<sup>(17)</sup> The annualized seven-day yield as of June 30, 2025 is 4.21%.

PIK - Payment-In-Kind

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1) (5)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par** <sup>(4)</sup> | **Par** <sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 148.2%** | **Debt Investments - 148.2%** | **Debt Investments - 148.2%** | **Debt Investments - 148.2%** |  |  |  |  |  |
| **Canada - 3.3%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 3.3%** |  |  |  |  |  |  |  |  |
| Recochem, Inc | Chemicals | 9.66% | C + 5.75% | 11/01/30 |  | 57749 | $40925 | $40174<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 | $— | 25359 | 24883 | 25359<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 9.54% | C + 5.75% | 11/01/30 |  | 14168 | 179 | 263<br> <sup>(6) (7) (8) (9)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 |  | 12765 | 12540 | 12765<br> <sup>(6) (7) (8)</sup> |
| Recochem, Inc | Chemicals | 10.32% | S + 5.75% | 11/01/30 |  | 9446 | 1302 | 1358<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 |  | 61429 | 61180 | 61122<br> <sup>(6) (7) (8)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services | 10.86% | S + 6.00% | 02/01/27 |  | 5892 | 1461 | 1432<br> <sup>(6) (7) (8) (9)</sup> |
| Prophix Software Inc. (dba Pound Bidco) | Financial Services |  | S + 6.00% | 02/01/27 |  | 3326 |  | (16) <sup>(6) (7) (8) (9)</sup> |
| iWave Information Systems, Inc. | Software | 11.12% | S + 6.75% | 11/23/28 |  | 19217 | 18853 | 18832<br> <sup>(7) (8)</sup> |
| iWave Information Systems, Inc. | Software |  | S + 6.75% | 11/23/28 |  | 2391 | (42) | (48) <sup>(7) (8) (9)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 161281 | 161241 |
| &nbsp;&nbsp;**Total Canada** |  |  |  |  |  |  | $161281 | $161241 |
| **Switzerland - 0.4%** |  |  |  |  |  |  |  |  |
| **1st Lien/Last-Out Unitranche (13) - 0.4%** |  |  |  |  |  |  |  |  |
| Esperanto BidCo AG (dba BSI Software) | Software |  | SARON + 5.00% | 09/27/31 |  | 24087 | $(399) | $(464) <sup>(6) (7) (8) (9)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 6.21% | SARON + 5.00% | 09/27/31 |  | 9074 | 10536 | 9823<br> <sup>(6) (7) (8)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 8.15% | E + 5.00% | 09/27/31 |  | 6929 | 7510 | 7052<br> <sup>(6) (7) (8)</sup> |
| Esperanto BidCo AG (dba BSI Software) | Software | 6.21% | SARON + 5.00% | 09/27/31 |  | 2561 | 2974 | 2773<br> <sup>(6) (7) (8)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  |  | 20621 | 19184 |
| &nbsp;&nbsp;**Total Switzerland** |  |  |  |  |  |  | $20621 | $19184 |
| **United Kingdom - 3.1%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 3.1%** |  |  |  |  |  |  |  |  |
| INEOS Quattro Holdings UK Ltd | Chemicals | 8.61% | S + 4.25% | 10/07/31 | $— | 1909 | $1908 | $1925<br> <sup>(7)</sup> |
| Ardonagh Midco 3 PLC | Insurance | 8.39% | E + 4.75% | 02/17/31 |  | 73582 | 78456 | 75267<br> <sup>(7) (8)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.84% | B + 5.25% | 10/04/32 |  | 16301 | 10868 | 9888<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services |  | SN + 5.25% | 10/06/31 |  | 15214 | (193) | (381) <sup>(6) (7) (9)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.07% | C + 5.25% | 10/06/31 |  | 14958 | 10799 | 10198<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 12.95% | SN + 8.00% PIK | 10/04/32 |  | 12144 | 15630 | 14899<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.85% | S + 5.25% | 10/06/31 |  | 9635 | 9447 | 9443<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.95% | SN + 5.25% | 10/06/31 |  | 8266 | 10638 | 10141<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 12.95% | SN + 8.00% PIK | 10/04/32 |  | 7176 | 9236 | 8804<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.95% | SN + 5.25% | 10/06/31 |  | 5984 | 7700 | 7342<br> <sup>(6) (7)</sup> |
| Solar Holdings Bidco Limited (dba SLR Consulting) | Professional Services | 9.85% | S + 5.25% | 10/06/31 |  | 4665 | 4574 | 4572<br> <sup>(6) (7)</sup> |
| &nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 159063 | 152098 |
| &nbsp;&nbsp;**Total United Kingdom** |  |  |  |  |  |  | $159063 | $152098 |
| **United States - 141.4%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 136.5%** |  |  |  |  |  |  |  |  |
| Bleriot US Bidco Inc. | Aerospace & Defense | 7.08% | S + 2.75% | 10/31/30 | $— | 5484 | $5510 | $5509 |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense | 9.49% | S + 5.00% | 01/09/30 |  | 35034 | 34195 | 34684<br> <sup>(8)</sup> |
| Frontgrade Technologies Holdings Inc. | Aerospace & Defense |  | S + 5.00% | 01/09/28 |  | 3689 | (71) | (37) <sup>(8) (9)</sup> |
| Kaman Corporation | Aerospace & Defense | 7.83% | S + 3.50% | 04/21/31 |  | 5586 | 5620 | 5617<br> <sup>(10)</sup> |
| Propulsion (BC) Finco S.a.r.l. | Aerospace & Defense | 7.58% | S + 3.25% | 09/14/29 |  | 11668 | 11746 | 11768<br> <sup>(10)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| VisionSafe Holdings, Inc. | Aerospace & Defense | 10.52% | S + 6.00% | 04/19/30 | $— | 8794 | $8634 | $8619<br> <sup>(6) (8)</sup> |
| VisionSafe Holdings, Inc. | Aerospace & Defense |  | S + 6.00% | 04/19/30 |  | 1320 | (23) | (26) <sup>(6) (8) (9)</sup> |
| Autokiniton US Holdings, Inc. | Automobile Components | 8.47% | S + 4.00% | 04/06/28 |  | 15963 | 16017 | 15840 |
| BBB Industries LLC | Automobile Components | 9.68% | S + 5.25% | 07/25/29 |  | 392 | 377 | 347 |
| Clarios Global LP | Automobile Components | 6.86% | S + 2.50% | 05/06/30 |  | 5499 | 5532 | 5516 |
| Dealer Tire Financial, LLC | Automobile Components | 7.86% | S + 3.50% | 07/02/31 |  | 7971 | 8022 | 7971<br> <sup>(10)</sup> |
| DexKo Global Inc. | Automobile Components | 8.34% | S + 3.75% | 10/04/28 |  | 3986 | 3938 | 3756<br> <sup>(7)</sup> |
| First Advantage Holdings, LLC | Automobile Components | 7.61% | S + 3.25% | 10/31/31 |  | 525 | 528 | 530<br> <sup>(7)</sup> |
| First Brands Group, LLC | Automobile Components | 9.85% | S + 5.00% | 03/30/27 |  | 7152 | 7085 | 6699 |
| First Brands Group, LLC | Automobile Components | 9.85% | S + 5.00% | 03/30/27 |  | 24 | 24 | 23 |
| Mavis Tire Express Services Corp. | Automobile Components | 7.86% | S + 3.50% | 05/04/28 |  | 9588 | 9617 | 9642<br> <sup>(10)</sup> |
| Truck Hero, Inc. | Automobile Components | 7.97% | S + 3.50% | 01/31/28 |  | 245 | 238 | 237 |
| American Builders & Contractors Supply Co., Inc. | Building Products | 6.11% | S + 1.75% | 01/31/31 |  | 26941 | 27041 | 27009<br> <sup>(10)</sup> |
| Chamberlain Group Inc | Building Products | 7.71% | S + 3.25% | 11/03/28 |  | 13438 | 13492 | 13502<br> <sup>(10)</sup> |
| Icebox Holdco III, Inc. | Building Products | 8.09% | S + 3.50% | 12/22/28 |  | 9572 | 9601 | 9630<br> <sup>(10)</sup> |
| MI Windows and Doors, LLC | Building Products | 7.36% | S + 3.00% | 03/28/31 |  | 12780 | 12892 | 12890 |
| Oscar AcquisitionCo, LLC | Building Products | 8.50% | S + 4.25% | 04/29/29 |  | 11965 | 11889 | 11821 |
| Potters Industries, LLC | Building Products | 8.11% | S + 3.75% | 12/14/27 |  | 11231 | 11310 | 11325<br> <sup>(10)</sup> |
| Quikrete Holdings, Inc. | Building Products | 6.61% | S + 2.25% | 03/19/29 |  | 26921 | 27002 | 26890 |
| Standard Industries, Inc. | Building Products | 6.11% | S + 1.75% | 09/22/28 |  | 16267 | 16323 | 16292 |
| Vector WP Holdco, Inc. | Building Products | 9.47% | S + 5.00% | 10/12/28 |  | 219 | 217 | 217 |
| White Cap Buyer LLC | Building Products | 7.61% | S + 3.25% | 10/19/29 |  | 13500 | 13537 | 13511<br> <sup>(10)</sup> |
| Wilsonart LLC | Building Products | 8.58% | S + 4.25% | 08/05/31 |  | 748 | 739 | 749 |
| Cube Industrials Buyer, Inc. | Capital Goods | 8.13% | S + 3.50% | 10/17/31 |  | 3200 | 3211 | 3216 |
| AAP Buyer Inc. | Chemicals | 7.61% | S + 3.25% | 09/09/31 |  | 6400 | 6434 | 6440 |
| Albaugh, LLC | Chemicals | 8.11% | S + 3.75% | 04/06/29 |  | 2234 | 2229 | 2225 |
| Ascend Performance Materials Operations, LLC | Chemicals | 9.10% | S + 4.75% | 08/27/26 |  | 2091 | 2058 | 1776 |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals | 10.27% | S + 5.75% | 11/15/30 |  | 54001 | 53046 | 52921<br> <sup>(6) (8)</sup> |
| Formulations Parent Corporation (dba Chase Corp) | Chemicals |  | S + 5.75% | 11/15/29 |  | 9068 | (148) | (181) <sup>(6) (8) (9)</sup> |
| Illuminate Buyer, LLC | Chemicals | 7.36% | S + 3.00% | 12/31/29 |  | 19956 | 20023 | 20094<br> <sup>(10)</sup> |
| INEOS Enterprises Holdings US Finco, LLC | Chemicals | 8.36% | S + 3.75% | 07/08/30 |  | 14915 | 14952 | 14933<br> <sup>(7)</sup> |
| Innophos, Inc. | Chemicals | 8.72% | S + 4.25% | 03/16/29 |  | 11962 | 11948 | 11957<br> <sup>(10)</sup> |
| LSF11 A5 Holdco, LLC | Chemicals | 7.97% | S + 3.50% | 10/15/28 |  | 17965 | 18008 | 18055 |
| Olympus Water US Holding Corporation | Chemicals | 7.34% | S + 3.00% | 06/20/31 |  | 7898 | 7931 | 7915 |
| Sparta U.S. HoldCo LLC | Chemicals | 7.34% | S + 3.00% | 08/02/30 |  | 3502 | 3515 | 3523 |
| W.R. Grace & Co.-Conn. | Chemicals | 7.58% | S + 3.25% | 09/22/28 |  | 7988 | 8040 | 8052<br> <sup>(10)</sup> |
| AlixPartners, LLP | Commercial Services & Supplies | 6.97% | S + 2.50% | 02/04/28 |  | 21827 | 21911 | 21890 |
| Allied Universal Holdco LLC | Commercial Services & Supplies | 8.21% | S + 3.75% | 05/12/28 |  | 5957 | 5912 | 5972<br> <sup>(10)</sup> |
| Amentum Government Services Holdings LLC | Commercial Services & Supplies | 6.61% | S + 2.25% | 09/29/31 |  | 6300 | 6311 | 6274<br> <sup>(7)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies | 10.02% | S + 5.50% (Incl 2.75% PIK) | 08/22/31 |  | 85597 | 83346 | 84741<br> <sup>(6) (8)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| ASM Buyer, Inc. | Commercial Services & Supplies | 9.41% | S + 5.00% | 08/22/30 | $— | 10000 | $821 | $900<br> <sup>(6) (8) (9)</sup> |
| ASM Buyer, Inc. | Commercial Services & Supplies |  | S + 5.50% (Incl 2.75% PIK) | 08/22/31 |  | 5000 | (46) | (50) <sup>(6) (8) (9)</sup> |
| BEP Intermediate Holdco LLC (dba Buyers Edge) | Commercial Services & Supplies | 7.61% | S + 3.25% | 04/25/31 |  | 46293 | 46083 | 46553 |
| Covanta Holding Corporation | Commercial Services & Supplies | 7.02% | S + 2.50% | 11/30/28 |  | 2500 | 2504 | 2503 |
| Covanta Holding Corporation | Commercial Services & Supplies | 7.02% | S + 2.50% | 11/30/28 |  | 137 | 138 | 137 |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.84% | S + 5.25% | 02/07/31 |  | 41689 | 40932 | 41273<br> <sup>(6) (8)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 9.59% | S + 5.25% | 02/07/31 |  | 18539 | 1746 | 1743<br> <sup>(6) (8) (9)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 5.25% | 02/07/31 |  | 5562 | (98) | (56) <sup>(6) (8) (9)</sup> |
| Madison IAQ LLC | Commercial Services & Supplies | 7.89% | S + 2.75% | 06/21/28 |  | 7466 | 7479 | 7486 |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 10.72% | S + 6.25% | 11/28/31 |  | 12283 | 12100 | 12098<br> <sup>(6) (7)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 10.95% | SN + 6.25% PIK | 11/28/31 |  | 5206 | 6526 | 6420<br> <sup>(6) (7)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies | 9.13% | E + 6.25% | 11/28/31 |  | 4649 | 4840 | 4743<br> <sup>(6) (7)</sup> |
| Orthrus Limited (dba Ocorian) | Commercial Services & Supplies |  | S + 6.25% | 11/28/31 |  | 2421 | (19) | (23) <sup>(6) (7) (9)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.15% | S + 4.75% | 12/15/31 |  | 107928 | 106879 | 106849<br> <sup>(6)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies |  | S + 4.75% | 12/15/31 |  | 34537 | (171) | (173) <sup>(6) (9)</sup> |
| Rock Star Mergersub LLC (dba Triumvirate Environmental) | Commercial Services & Supplies | 9.15% | S + 4.75% | 12/15/31 |  | 14678 | 1581 | 1580<br> <sup>(6) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 |  | 10316 | 10105 | 10265<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.25% | S + 5.75% | 08/01/29 |  | 5611 | 5527 | 5401<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies |  | S + 5.75% | 08/01/29 |  | 4750 | (35) | (178) <sup>(6) (8) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 11.00% | S + 6.50% | 08/01/29 |  | 3134 | 3061 | 3118<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 |  | 2755 | 577 | 613<br> <sup>(6) (8) (9)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 |  | 1555 | 1522 | 1548<br> <sup>(6) (8)</sup> |
| Superior Environmental Solutions | Commercial Services & Supplies | 10.96% | S + 6.50% | 08/01/29 |  | 518 | 507 | 516<br> <sup>(6) (8)</sup> |
| Thevelia (US), LLC | Commercial Services & Supplies | 7.58% | S + 3.25% | 06/18/29 |  | 3518 | 3539 | 3536<br> <sup>(7)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.61% | S + 5.25% | 04/30/31 |  | 81194 | 80060 | 80788<br> <sup>(6) (8)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.89% | S + 5.25% | 04/30/31 |  | 29939 | 3140 | 3218<br> <sup>(6) (8) (9)</sup> |
| USA DeBusk, LLC | Commercial Services & Supplies | 9.59% | S + 5.25% | 04/30/30 |  | 11227 | 3217 | 3312<br> <sup>(6) (8) (9)</sup> |
| Vaco Holdings, LLC | Commercial Services & Supplies | 9.48% | S + 5.00% | 01/21/29 |  | 4391 | 4298 | 4050 |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 |  | 93871 | 93295 | 93167<br> <sup>(6) (8)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies | 10.11% | S + 5.75% | 05/01/29 |  | 9904 | 5057 | 5043<br> <sup>(6) (8) (9)</sup> |
| Valet Waste Holdings, Inc. (dba Valet Living) | Commercial Services & Supplies |  | S + 5.75% | 05/01/29 |  | 8253 | (49) | (62) <sup>(6) (8) (9)</sup> |
| Wand NewCo 3, Inc. | Commercial Services & Supplies | 7.61% | S + 3.25% | 01/30/31 |  | 11468 | 11526 | 11503 |
| Brown Group Holding, LLC | Construction & Engineering | 7.00% | S + 2.50% | 07/01/31 |  | 10204 | 10259 | 10226<br> <sup>(10)</sup> |
| Brown Group Holding, LLC | Construction & Engineering | 6.86% | S + 2.50% | 07/01/31 |  | 7756 | 7770 | 7779<br> <sup>(10)</sup> |
| Chromalloy Corporation | Construction & Engineering | 8.35% | S + 3.75% | 03/27/31 |  | 13451 | 13319 | 13454<br> <sup>(10)</sup> |
| DG Investment Intermediate Holdings 2, Inc. | Construction & Engineering | 8.22% | S + 3.75% | 03/31/28 |  | 11969 | 11998 | 12064<br> <sup>(10)</sup> |
| Energize HoldCo, LLC | Construction & Engineering | 7.97% | S + 3.50% | 12/08/28 |  | 17943 | 18032 | 18078<br> <sup>(10)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering | 9.41% | S + 4.75% | 10/15/31 |  | 38313 | 37938 | 37930<br> <sup>(6)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering |  | S + 4.75% | 10/15/31 |  | 14190 | (69) | (71) <sup>(6) (9)</sup> |
| Geotechnical Merger Sub, Inc. | Construction & Engineering | 9.27% | S + 4.75% | 10/15/31 |  | 5321 | 1722 | 1721<br> <sup>(6) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| KKR Apple Bidco, LLC | Construction & Engineering | 7.22% | S + 2.75% | 09/22/28 | $— | 11962 | $11975 | $12015 |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.10% | S + 4.75% | 10/24/30 |  | 33962 | 7720 | 7755<br> <sup>(6) (7) (9)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering | 9.12% | B + 4.75% | 10/24/30 |  | 33598 | 22093 | 20587<br> <sup>(6) (7)</sup> |
| Sonar Acquisitionco, Inc. (dba SimPRO) | Construction & Engineering |  | B + 4.75% | 10/24/30 |  | 3396 | (33) | (34) <sup>(6) (7) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering | 8.86% | S + 4.50% | 08/29/31 |  | 28238 | 28101 | 28096<br> <sup>(6) (8)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 9192 | (22) | (46) <sup>(6) (8) (9)</sup> |
| Superman Holdings, LLC (dba Foundation Software) | Construction & Engineering |  | S + 4.50% | 08/29/31 |  | 4070 | (19) | (20) <sup>(6) (8) (9)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail | 10.33% | S + 6.00% | 10/04/30 |  | 62661 | 61291 | 62034<br> <sup>(6) (8)</sup> |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | Consumer Staples Distribution & Retail |  | S + 6.00% | 10/05/29 |  | 7366 | (147) | (74) <sup>(6) (8) (9)</sup> |
| IRB Holding Corp. | Consumer Staples Distribution & Retail | 6.86% | S + 2.50% | 12/15/27 |  | 10989 | 11001 | 10991<br> <sup>(10)</sup> |
| Buffalo Merger Sub, LLC (dba Oliver Packaging) | Containers & Packaging | 9.82% | S + 5.25% | 11/01/30 |  | 74981 | 73880 | 73857<br> <sup>(6)</sup> |
| Buffalo Merger Sub, LLC (dba Oliver Packaging) | Containers & Packaging |  | S + 5.25% | 11/01/30 |  | 8719 | (127) | (131) <sup>(6) (9)</sup> |
| Charter NEX US, Inc. | Containers & Packaging | 7.53% | S + 3.00% | 12/01/27 |  | 7450 | 7466 | 7483 |
| Clydesdale Acquisition Holdings, Inc. | Containers & Packaging | 7.53% | S + 3.18% | 04/13/29 |  | 13488 | 13536 | 13502<br> <sup>(10)</sup> |
| LABL, Inc. | Containers & Packaging | 9.46% | S + 5.00% | 10/29/28 |  | 147 | 147 | 142 |
| Pregis TopCo Corporation | Containers & Packaging | 8.36% | S + 4.00% | 07/31/26 |  | 11963 | 12034 | 12022<br> <sup>(10)</sup> |
| Proampac PG Borrower LLC | Containers & Packaging | 8.60% | S + 4.00% | 09/15/28 |  | 9586 | 9652 | 9605 |
| Reynolds Group Holdings, Inc. | Containers & Packaging | 6.86% | S + 2.50% | 09/24/28 |  | 11008 | 11038 | 11046<br> <sup>(7) (10)</sup> |
| TricorBraun Holdings, Inc. | Containers & Packaging | 7.72% | S + 3.25% | 03/03/28 |  | 5477 | 5435 | 5468<br> <sup>(10)</sup> |
| Trident TPI Holdings, Inc. | Containers & Packaging |  | S + 3.75% | 09/15/28 |  | 7550 | 7654 | 7607<br> <sup>(10)</sup> |
| BCPE Empire Holdings, Inc. | Distributors | 7.86% | S + 3.50% | 12/11/28 |  | 5197 | 5213 | 5219 |
| CD&R Hydra Buyer Inc. | Distributors | 8.46% | S + 4.00% | 03/25/31 |  | 2212 | 2224 | 2217 |
| DFS Holding Company, Inc. | Distributors | 10.50% | S + 6.25% | 01/31/29 |  | 39842 | 38923 | 39344<br> <sup>(8)</sup> |
| DFS Holding Company, Inc. | Distributors | 10.50% | S + 6.25% | 01/31/29 |  | 8411 | 2793 | 2815<br> <sup>(8) (9)</sup> |
| Fluid-Flow Products, Inc. | Distributors | 8.22% | S + 3.75% | 03/31/28 |  | 13434 | 13515 | 13508<br> <sup>(10)</sup> |
| Veritiv Corporation | Distributors | 8.83% | S + 4.50% | 11/30/30 |  | 9152 | 9121 | 9173<br> <sup>(10)</sup> |
| Windsor Holdings III, LLC | Distributors | 7.86% | S + 3.50% | 08/01/30 |  | 5490 | 5519 | 5548 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.33% | S + 6.00% | 04/26/29 |  | 17731 | 17414 | 17376<br> <sup>(6) (8) (11)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.54% | S + 6.00% | 04/26/29 |  | 8250 | 2134 | 2112<br> <sup>(6) (8) (9) (11)</sup> |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | Diversified Consumer Services | 10.48% | S + 6.00% | 04/26/29 |  | 1650 | 813 | 809<br> <sup>(6) (8) (9) (11)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 |  | 90180 | 89719 | 89729<br> <sup>(6) (8)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.33% | S + 5.00% | 06/06/31 |  | 29771 | 3262 | 3427<br> <sup>(6) (8) (9)</sup> |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Diversified Consumer Services | 9.36% | S + 5.00% | 06/06/31 |  | 10970 | 813 | 859<br> <sup>(6) (8) (9)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services | 9.46% | S + 5.00% | 11/01/28 |  | 44776 | 42957 | 44552<br> <sup>(8)</sup> |
| CST Buyer Company (dba Intoxalock) | Diversified Consumer Services |  | S + 5.00% | 11/01/28 |  | 4310 | (166) | (22) <sup>(8) (9)</sup> |
| Genuine Financial Holdings, LLC | Diversified Consumer Services | 8.36% | S + 4.00% | 09/27/30 |  | 11968 | 11977 | 12088<br> <sup>(10)</sup> |
| Pre-Paid Legal Services, Inc. | Diversified Consumer Services | 8.22% | S + 3.75% | 12/15/28 |  | 13461 | 13534 | 13538<br> <sup>(10)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.09% | S + 5.75% | 07/25/28 |  | 32192 | 31394 | 32192<br> <sup>(8)</sup> |
| Spotless Brands, LLC | Diversified Consumer Services | 10.03% | S + 5.75% | 07/25/28 |  | 4991 | 4879 | 4991<br> <sup>(8)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.61% | S + 5.00% | 05/01/31 |  | 49415 | 48955 | 48920<br> <sup>(6) (8)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services | 9.46% | S + 5.00% | 05/01/31 | $— | 12913 | $4086 | $3996<br> <sup>(6) (8) (9)</sup> |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | Diversified Consumer Services |  | S + 5.00% | 05/01/30 |  | 7538 | (67) | (75) <sup>(6) (8) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.96% | S + 7.50% | 08/14/28 |  | 15059 | 14648 | 14984<br> <sup>(6) (8)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services | 11.92% | S + 7.50% | 08/14/28 |  | 2612 | 1680 | 1728<br> <sup>(6) (8) (9)</sup> |
| VASA Fitness Buyer, Inc. | Diversified Consumer Services |  | S + 7.50% | 08/14/28 |  | 435 | (11) | (2) <sup>(6) (8) (9)</sup> |
| Citadel Securities LP | Diversified Financial Services | 6.33% | S + 2.00% | 10/31/31 |  | 26994 | 27058 | 27055<br> <sup>(10)</sup> |
| Edgewater Generation, LLC | Electric Utilities | 8.59% | S + 4.25% | 08/01/30 |  | 5456 | 5494 | 5528 |
| Lightning Power LLC | Electric Utilities | 7.58% | S + 3.25% | 08/18/31 |  | 8978 | 9082 | 9067<br> <sup>(10)</sup> |
| LSF12 Crown US Commercial Bidco LLC | Electrical Equipment |  | S + 4.25% | 12/02/31 |  | 8000 | 8017 | 7965<br> <sup>(10)</sup> |
| Nvent Electric Public Limited Company | Electrical Equipment |  | S + 4.00% | 09/12/31 |  | 5275 | 5306 | 5326<br> <sup>(10)</sup> |
| Trystar, LLC | Electrical Equipment | 9.03% | S + 4.50% | 08/06/31 |  | 35163 | 34825 | 34811<br> <sup>(6) (8)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 |  | 12558 | (60) | (126) <sup>(6) (8) (9)</sup> |
| Trystar, LLC | Electrical Equipment |  | S + 4.50% | 08/06/31 |  | 6279 | (59) | (63) <sup>(6) (8) (9)</sup> |
| GIP Pilot Acquisition Partners LP | Energy Equipment & Services | 7.09% | S + 2.50% | 10/04/30 |  | 14397 | 14503 | 14469<br> <sup>(10)</sup> |
| WhiteWater DBR HoldCo, LLC | Energy Equipment & Services | 6.63% | S + 2.25% | 03/03/31 |  | 9593 | 9646 | 9632<br> <sup>(10)</sup> |
| Whitewater Whistler Holdings, LLC | Energy Equipment & Services | 6.13% | S + 1.75% | 02/15/30 |  | 12175 | 12267 | 12198<br> <sup>(10)</sup> |
| Arcis Golf LLC | Entertainment | 8.21% | S + 3.75% | 11/24/28 |  | 11897 | 11997 | 12031<br> <sup>(10)</sup> |
| Fender Musical Instruments Corporation | Entertainment | 8.46% | S + 4.00% | 12/01/28 |  | 2875 | 2848 | 2805 |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.83% | S + 5.50% | 05/08/28 |  | 45060 | 44770 | 44835<br> <sup>(6) (8)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.85% | S + 5.50% | 05/08/28 |  | 5992 | 1458 | 1462<br> <sup>(6) (8) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services |  | S + 5.50% | 05/08/28 |  | 5940 | (37) | (30) <sup>(6) (8) (9)</sup> |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | Financial Services | 9.89% | S + 5.50% | 05/08/28 |  | 1965 | 1935 | 1955<br> <sup>(6) (8)</sup> |
| Advisor Group, Inc. | Financial Services | 7.86% | S + 3.50% | 08/17/28 |  | 4062 | 4078 | 4074 |
| AllSpring Buyer, LLC | Financial Services | 7.38% | S + 3.25% | 11/01/28 |  | 8000 | 7995 | 8002 |
| Computer Services, Inc. | Financial Services | 9.75% | S + 5.25% | 11/15/29 |  | 49118 | 47079 | 49118<br> <sup>(8)</sup> |
| Coretrust Purchasing Group LLC | Financial Services | 9.61% | S + 5.25% | 10/01/29 |  | 37192 | 35964 | 37006<br> <sup>(8)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 5526 | (123) | (28) <sup>(8) (9)</sup> |
| Coretrust Purchasing Group LLC | Financial Services |  | S + 5.25% | 10/01/29 |  | 5526 | (110) | (28) <sup>(8) (9)</sup> |
| DRW Holdings, LLC | Financial Services | 8.59% | S + 3.50% | 06/26/31 |  | 17489 | 17507 | 17475 |
| Edelman Financial Center, LLC | Financial Services | 7.36% | S + 3.00% | 04/07/28 |  | 13500 | 13559 | 13565<br> <sup>(10)</sup> |
| Eisner Advisory Group LLC | Financial Services | 8.36% | S + 4.00% | 02/28/31 |  | 8072 | 8134 | 8147<br> <sup>(10)</sup> |
| Franklin Square Holdings, L.P. | Financial Services | 6.61% | S + 2.25% | 04/25/31 |  | 9563 | 9599 | 9611<br> <sup>(10)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 36677 | 35568 | 36677<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.65% | S + 7.00% | 11/27/29 |  | 22748 | 1948 | 1768<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 11542 | 11229 | 11542<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 8273 | (60) | (124) <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 11.66% | S + 7.00% | 11/27/29 |  | 5687 | 1561 | 1524<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services | 12.91% | S + 8.25% | 11/27/29 |  | 5130 | 4993 | 5130<br> <sup>(6) (8)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 2052 | (51) | —<br> <sup>(6) (8) (9)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 8.25% | 11/27/29 |  | 919 | (7) | (14) <sup>(6) (8) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Jefferies Finance LLC | Financial Services | 7.36% | S + 3.00% | 10/21/31 | $— | 1200 | $1188 | $1204 |
| NEXUS Buyer LLC | Financial Services | 8.36% | S + 4.00% | 07/31/31 |  | 13480 | 13478 | 13514<br> <sup>(10)</sup> |
| Priority Technology Holdings, Inc. (dba Priority Payment) | Financial Services | 9.11% | S + 4.75% | 05/16/31 |  | 157027 | 156399 | 157076<br> <sup>(6) (7)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services | 9.61% | S + 5.25% | 02/24/31 |  | 34825 | 34508 | 34477<br> <sup>(6) (8)</sup> |
| Project Accelerate Parent, LLC (dba ABC Fitness) | Financial Services |  | S + 5.25% | 02/24/31 |  | 5000 | (44) | (50) <sup>(6) (8) (9)</sup> |
| Chobani, LLC | Food Products | 7.72% | S + 3.25% | 10/25/27 |  | 13472 | 13580 | 13566<br> <sup>(10)</sup> |
| Eagle Family Foods Group Holdings, LLC | Food Products | 9.59% | S + 5.00% | 08/12/30 |  | 196685 | 194815 | 194719<br> <sup>(6) (8)</sup> |
| Eagle Family Foods Group Holdings, LLC | Food Products |  | S + 5.00% | 08/12/30 |  | 22753 | (213) | (228) <sup>(6) (8) (9)</sup> |
| Froneri International Ltd. | Food Products | 6.36% | S + 2.00% | 01/29/27 |  | 810 | 805 | 810<br> <sup>(7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.08% | S + 4.75% | 12/11/30 |  | 111072 | 109419 | 109406<br> <sup>(6)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 9.08% | S + 4.75% | 12/11/30 |  | 17538 | 2662 | 2660<br> <sup>(6) (9)</sup> |
| Kenan Advantage Group, Inc. | Ground Transportation | 7.61% | S + 3.25% | 01/25/29 |  | 9922 | 9955 | 9965 |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 8.28% | E + 5.50% | 11/28/31 |  | 25290 | 27052 | 25672<br> <sup>(6)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 11/28/31 |  | 12695 | (125) | (127) <sup>(6) (9)</sup> |
| Hamilton Thorne, Inc. | Health Care Equipment & Supplies | 9.93% | S + 5.50% | 11/28/31 |  | 9309 | 9125 | 9123<br> <sup>(6)</sup> |
| Medline Borrower, LP | Health Care Equipment & Supplies | 6.61% | S + 2.25% | 10/23/28 |  | 26943 | 27056 | 27015<br> <sup>(10)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 |  | 69794 | 68837 | 69096<br> <sup>(6) (8)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies | 9.83% | S + 5.50% | 02/28/31 |  | 13050 | 4447 | 4437<br> <sup>(6) (8) (9)</sup> |
| Zeus Company, Inc. | Health Care Equipment & Supplies |  | S + 5.50% | 02/28/30 |  | 9788 | (127) | (98) <sup>(6) (8) (9)</sup> |
| Advarra Holdings, Inc. | Health Care Providers & Services | 8.86% | S + 4.50% | 09/15/31 |  | 76833 | 76461 | 76449<br> <sup>(6) (8)</sup> |
| Advarra Holdings, Inc. | Health Care Providers & Services | 8.86% | S + 4.50% | 09/15/31 |  | 41790 | 41588 | 41581<br> <sup>(6) (8)</sup> |
| Advarra Holdings, Inc. | Health Care Providers & Services |  | S + 4.50% | 09/15/31 |  | 7087 | (17) | (35) <sup>(6) (8) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.25% | S + 5.00% | 08/07/31 |  | 55632 | 55083 | 54797<br> <sup>(6) (8)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services |  | S + 5.00% | 08/07/31 |  | 8477 | (131) | (127) <sup>(6) (8) (9)</sup> |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | Health Care Providers & Services | 9.33% | S + 5.00% | 08/07/31 |  | 5298 | 4561 | 4557<br> <sup>(6) (8) (9)</sup> |
| Electron BidCo, Inc. | Health Care Providers & Services | 7.11% | S + 2.75% | 11/01/28 |  | 13500 | 13553 | 13539<br> <sup>(10)</sup> |
| Help At Home, Inc. | Health Care Providers & Services | 9.36% | S + 5.00% | 09/24/31 |  | 625 | 616 | 624 |
| Highfive Dental Holdco, LLC | Health Care Providers & Services | 11.21% | S + 6.75% | 06/13/28 |  | 8682 | 8488 | 8552<br> <sup>(6) (8)</sup> |
| Highfive Dental Holdco, LLC | Health Care Providers & Services |  | S + 6.75% | 06/13/28 |  | 979 | (20) | (15) <sup>(6) (8) (9)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 |  | 21230 | 20920 | 20009<br> <sup>(6) (8) (11)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services | 11.65% | S + 5.00% (Incl. 6.65% PIK) | 03/18/27 |  | 2518 | 2234 | 2370<br> <sup>(6) (8) (9) (11) (12)</sup> |
| LifePoint Health, Inc. | Health Care Providers & Services | 8.63% | S + 4.00% | 05/17/31 |  | 3716 | 3716 | 3720 |
| LifePoint Health, Inc. | Health Care Providers & Services | 8.41% | S + 3.75% | 05/17/31 |  | 322 | 308 | 323 |
| Netsmart Technologies, Inc. | Health Care Providers & Services | 9.56% | S + 5.20% (Incl. 2.70% PIK) | 08/25/31 |  | 178891 | 177188 | 177102<br> <sup>(6) (8)</sup> |
| Netsmart Technologies, Inc. | Health Care Providers & Services |  | S + 5.20% (Incl. 2.70% PIK) | 08/25/31 |  | 24158 | (230) | (242) <sup>(6) (8) (9)</sup> |
| Netsmart Technologies, Inc. | Health Care Providers & Services |  | S + 5.20% (Incl. 2.70% PIK) | 08/25/31 |  | 23684 | (109) | (237) <sup>(6) (8) (9)</sup> |
| Onex TSG Intermediate Corp. | Health Care Providers & Services | 9.60% | S + 4.75% | 02/28/28 |  | 7125 | 7160 | 7170<br> <sup>(10)</sup> |
| Solaris (dba Urology Management Holdings, Inc.) | Health Care Providers & Services | 9.83% | S + 5.50% | 06/15/27 |  | 14576 | 14276 | 14430<br> <sup>(8)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Solaris (dba Urology Management Holdings, Inc.) | Health Care Providers & Services | 9.83% | S + 5.50% | 06/15/27 | $— | 7378 | $7229 | $7304<br> <sup>(8)</sup> |
| Summit Behavioral Healthcare, LLC | Health Care Providers & Services | 8.76% | S + 4.25% | 11/24/28 |  | 1316 | 1317 | 1053 |
| US Radiology Specialists, Inc. | Health Care Providers & Services | 9.08% | S + 4.75% | 12/15/27 |  | 4239 | 4262 | 4262 |
| Athenahealth Group, Inc. | Health Care Technology | 7.61% | S + 3.25% | 02/15/29 |  | 4974 | 4969 | 4980 |
| Cotiviti Corporation | Health Care Technology | 7.30% | S + 2.75% | 05/01/31 |  | 13479 | 13539 | 13538 |
| HealthEdge Software, Inc. | Health Care Technology | 9.13% | S + 4.75% | 07/16/31 |  | 34517 | 34189 | 34172<br> <sup>(6) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology | 9.15% | S + 4.75% | 07/16/31 |  | 15228 | 15081 | 15076<br> <sup>(6) (8)</sup> |
| HealthEdge Software, Inc. | Health Care Technology |  | S + 4.75% | 07/16/31 |  | 4580 | (43) | (46) <sup>(6) (8) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 11.09% | S + 6.50% | 09/12/29 |  | 23477 | 23269 | 23242<br> <sup>(6) (8)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure | 11.07% | S + 6.50% | 09/12/29 |  | 4306 | 498 | 474<br> <sup>(6) (8) (9)</sup> |
| Easy Mile Fitness, LLC | Hotels, Restaurants & Leisure |  | S + 6.50% | 09/12/29 |  | 861 | (8) | (9) <sup>(6) (8) (9)</sup> |
| LC Ahab US Bidco LLC | Hotels, Restaurants & Leisure | 7.36% | S + 3.00% | 05/01/31 |  | 8229 | 8299 | 8286 |
| Raising Cane's Restaurants, LLC | Hotels, Restaurants & Leisure | 6.36% | S + 2.00% | 09/18/31 |  | 17255 | 17360 | 17299<br> <sup>(10)</sup> |
| Whatabrands LLC | Hotels, Restaurants & Leisure | 6.86% | S + 2.50% | 08/03/28 |  | 3293 | 3303 | 3296 |
| AI Aqua Merger Sub, Inc. | Household Durables | 8.05% | S + 3.50% | 07/31/28 |  | 4166 | 4169 | 4166<br> <sup>(7)</sup> |
| Kronos Acquisition Holdings Inc. | Household Products | 8.58% | S + 4.00% | 07/08/31 |  | 5467 | 5485 | 5147<br> <sup>(7)</sup> |
| Acrisure, LLC | Insurance | 7.36% | S + 3.00% | 11/06/30 |  | 12132 | 12089 | 12129<br> <sup>(10)</sup> |
| Acrisure, LLC | Insurance | 7.11% | S + 2.75% | 02/15/27 |  | 1369 | 1357 | 1370 |
| Alliant Holdings Intermediate, LLC | Insurance | 7.11% | S + 2.75% | 09/19/31 |  | 14373 | 14369 | 14395<br> <sup>(10)</sup> |
| AmWINS Group, Inc. | Insurance | 6.72% | S + 2.25% | 02/19/28 |  | 3869 | 3880 | 3879 |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 10.39% | S + 5.25% | 07/24/31 |  | 51343 | 50852 | 50829<br> <sup>(6) (8)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/31 |  | 21594 | 4286 | 4186<br> <sup>(6) (8) (9)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance | 9.58% | S + 5.25% | 07/24/30 |  | 4000 | 683 | 680<br> <sup>(6) (8) (9)</sup> |
| AssuredPartners, Inc. | Insurance | 7.86% | S + 3.50% | 02/14/31 |  | 13476 | 13536 | 13494<br> <sup>(10)</sup> |
| Asurion LLC | Insurance | 8.71% | S + 4.25% | 08/19/28 |  | 172 | 172 | 172 |
| Broadstreet Partners, Inc. | Insurance | 7.36% | S + 3.00% | 06/13/31 |  | 12581 | 12624 | 12612<br> <sup>(10)</sup> |
| Galway Holdings, LP | Insurance | 8.83% | S + 4.50% | 09/29/28 |  | 45325 | 44912 | 44872<br> <sup>(8)</sup> |
| Galway Holdings, LP | Insurance | 8.82% | S + 4.50% | 09/29/28 |  | 4489 | 61 | 36<br> <sup>(8) (9)</sup> |
| Galway Holdings, LP | Insurance | 8.82% | S + 4.50% | 09/29/28 |  | 3995 | 298 | 294<br> <sup>(8) (9)</sup> |
| Galway Holdings, LP | Insurance | 8.83% | S + 4.50% | 09/29/28 |  | 852 | 846 | 844<br> <sup>(8)</sup> |
| HUB International Limited | Insurance | 7.37% | S + 2.75% | 06/20/30 |  | 17942 | 18030 | 18032 |
| OneDigital Borrower, LLC | Insurance | 7.61% | S + 3.25% | 07/02/31 |  | 10383 | 10387 | 10396 |
| Sedgwick Claims Management Services, Inc. | Insurance | 7.59% | S + 3.00% | 07/31/31 |  | 13138 | 13213 | 13203 |
| Truist Insurance Holdings LLC | Insurance | 7.08% | S + 2.75% | 05/06/31 |  | 9102 | 9143 | 9117<br> <sup>(10)</sup> |
| USI, Inc. | Insurance | 6.58% | S + 2.25% | 11/21/29 |  | 17705 | 17770 | 17658<br> <sup>(10)</sup> |
| USI, Inc. | Insurance | 6.58% | S + 2.25% | 09/27/30 |  | 4739 | 4756 | 4726 |
| Ark Data Centers, LLC | IT Services | 9.08% | S + 4.75% | 11/27/30 |  | 59783 | 58602 | 58588<br> <sup>(6)</sup> |
| Ark Data Centers, LLC | IT Services |  | S + 4.75% | 11/27/30 |  | 35167 | (346) | (352) <sup>(6) (9)</sup> |
| Ark Data Centers, LLC | IT Services |  | S + 4.75% | 11/27/30 |  | 10550 | (208) | (211) <sup>(6) (9)</sup> |
| Boost Newco Borrower, LLC | IT Services | 6.83% | S + 2.50% | 01/31/31 |  | 7531 | 7631 | 7561<br> <sup>(10)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Cloud Software Group, Inc. | IT Services | 8.02% | S + 3.50% | 03/30/29 | $— | 6121 | $6127 | $6134 |
| Cloud Software Group, Inc. | IT Services | 8.08% | S + 3.75% | 03/21/31 |  | 5500 | 5541 | 5512 |
| CNT Holdings I Corp. | IT Services | 8.09% | S + 3.50% | 11/08/27 |  | 15963 | 16028 | 16048 |
| Getty Images, Inc. | IT Services | 8.85% | S + 4.50% | 02/19/26 |  | 16430 | 16449 | 16355 |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 |  | 33302 | 32742 | 32969<br> <sup>(6) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services | 10.36% | S + 6.00% | 10/02/29 |  | 11763 | 11586 | 11645<br> <sup>(6) (8)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 |  | 8700 | (69) | (87) <sup>(6) (8) (9)</sup> |
| GPS Phoenix Buyer, Inc. (dba Guidepoint) | IT Services |  | S + 6.00% | 10/02/29 |  | 6960 | (111) | (70) <sup>(6) (8) (9)</sup> |
| Ingram Micro, Inc. | IT Services | 7.08% | S + 2.75% | 09/22/31 |  | 11996 | 12054 | 12056<br> <sup>(7) (10)</sup> |
| MH Sub I, LLC | IT Services | 8.61% | S + 4.25% | 05/03/28 |  | 12007 | 11966 | 12005<br> <sup>(10)</sup> |
| Plano HoldCo Inc. | IT Services | 7.83% | S + 3.50% | 10/02/31 |  | 11700 | 11764 | 11788 |
| QBS Parent, Inc. (dba Quorum Software) | IT Services | 9.27% | S + 4.75% | 11/07/31 |  | 36180 | 36002 | 36044<br> <sup>(6)</sup> |
| QBS Parent, Inc. (dba Quorum Software) | IT Services |  | S + 4.75% | 11/07/31 |  | 3820 | (19) | (14) <sup>(6) (9)</sup> |
| US Signal Company, LLC | IT Services | 10.07% | S + 5.50% | 09/04/29 |  | 29421 | 29142 | 29127<br> <sup>(6) (8)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 |  | 9053 | (85) | (91) <sup>(6) (8) (9)</sup> |
| US Signal Company, LLC | IT Services |  | S + 5.50% | 09/04/29 |  | 4526 | (42) | (45) <sup>(6) (8) (9)</sup> |
| Alterra Mountain Company | Leisure Products | 7.11% | S + 3.25% | 08/17/28 |  | 13744 | 13811 | 13821 |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 |  | 24739 | 24231 | 24492<br> <sup>(6) (8)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.88% | S + 6.50% | 07/18/28 |  | 3199 | 2494 | 2525<br> <sup>(6) (8) (9)</sup> |
| Circustrix Holdings, LLC (dba SkyZone) | Leisure Products | 10.86% | S + 6.50% | 07/18/28 |  | 1606 | 1577 | 1590<br> <sup>(6) (8)</sup> |
| GSM Holdings, Inc. | Leisure Products | 9.36% | S + 5.00% | 09/30/31 |  | 3990 | 3798 | 3895 |
| MajorDrive Holdings IV LLC | Leisure Products | 8.59% | S + 4.00% | 06/01/28 |  | 7458 | 7475 | 7255 |
| SRAM, LLC | Leisure Products | 7.22% | S + 2.75% | 05/18/28 |  | 9124 | 9162 | 9162 |
| Da Vinci Purchaser Corp. | Life Sciences Tools & Services | 7.86% | S + 3.50% | 01/08/27 |  | 5597 | 5618 | 5615<br> <sup>(10)</sup> |
| Brookfield WEC Holdings Inc. | Machinery | 6.80% | S + 2.25% | 01/27/31 |  | 1845 | 1845 | 1845 |
| Dwyer Instruments, LLC | Machinery | 9.08% | S + 4.75% | 07/20/29 |  | 75227 | 74485 | 74475 |
| Dwyer Instruments, LLC | Machinery | 9.27% | S + 4.75% | 07/20/29 |  | 22966 | 22739 | 22736 |
| Dwyer Instruments, LLC | Machinery |  | S + 4.75% | 07/20/29 |  | 18688 | (184) | (187) <sup>(9)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.27% | S + 4.75% | 07/20/29 |  | 14718 | 14573 | 14645 |
| Dwyer Instruments, LLC | Machinery | 9.08% | S + 4.75% | 07/20/29 |  | 11175 | 11066 | 11063 |
| Dwyer Instruments, LLC | Machinery |  | S + 4.75% | 07/20/29 |  | 7678 | (38) | (38) <sup>(9)</sup> |
| Dwyer Instruments, LLC | Machinery | 9.18% | S + 4.75% | 07/20/29 |  | 4097 | 4056 | 4076 |
| Dwyer Instruments, LLC | Machinery | 9.08% | S + 4.75% | 07/20/29 |  | 1217 | 1205 | 1211 |
| Engineered Machinery Holdings, Inc. | Machinery | 8.34% | S + 3.75% | 05/19/28 |  | 10482 | 10508 | 10541 |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery | 9.34% | S + 4.75% | 08/20/31 |  | 36937 | 36582 | 36568<br> <sup>(6) (8)</sup> |
| Mandrake Bidco, Inc. (dba Miratech) | Machinery |  | S + 4.75% | 08/20/30 |  | 5910 | (56) | (59) <sup>(6) (8) (9)</sup> |
| Precinmac, LP | Machinery | 9.55% | S + 5.00% | 12/02/31 |  | 164533 | 162902 | 162888<br> <sup>(6)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 |  | 42460 | (210) | (212) <sup>(6) (9)</sup> |
| Precinmac, LP | Machinery |  | S + 5.00% | 12/02/31 |  | 21230 | (210) | (212) <sup>(6) (9)</sup> |
| Pro Mach Group, Inc. | Machinery | 7.86% | S + 3.50% | 08/31/28 |  | 7975 | 8039 | 8034<br> <sup>(10)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.08% | S + 4.75% | 12/26/31 | $— | 164649 | $163005 | $163002<br> <sup>(6)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery |  | S + 4.75% | 12/26/31 |  | 42218 | (211) | (211) <sup>(6) (9)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 9.08% | S + 4.75% | 12/26/31 |  | 21109 | 4518 | 4517<br> <sup>(6) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 9.59% | S + 5.00% | 07/01/31 |  | 31896 | 31442 | 31418<br> <sup>(6) (7) (8)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/30 |  | 8468 | 843 | 833<br> <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery |  | S + 5.00% | 07/01/31 |  | 8468 | (59) | (127) <sup>(6) (7) (8) (9)</sup> |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | Machinery | 8.33% | E + 5.00% | 07/01/31 |  | 7910 | 8374 | 8071<br> <sup>(6) (7) (8)</sup> |
| SPX Flow, Inc. | Machinery | 7.36% | S + 3.00% | 04/05/29 |  | 8262 | 8289 | 8323 |
| ABG Intermediate Holdings 2 LLC | Media | 6.59% | S + 2.25% | 12/21/28 |  | 13308 | 13414 | 13345<br> <sup>(10)</sup> |
| Fleet Midco I Limited | Media | 7.58% | S + 2.75% | 02/21/31 |  | 3004 | 3011 | 3019<br> <sup>(7)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.26% | S + 5.75% | 09/03/30 |  | 76799 | 74800 | 76031<br> <sup>(6) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media | 10.32% | S + 5.75% | 09/03/30 |  | 9013 | 8842 | 8922<br> <sup>(6) (8)</sup> |
| Recorded Books Inc. (dba RBMedia) | Media |  | S + 5.75% | 08/31/28 |  | 6278 | (142) | (63) <sup>(6) (8) (9)</sup> |
| Virgin Media Bristol, LLC | Media | 7.76% | S + 3.25% | 01/31/29 |  | 1800 | 1786 | 1788<br> <sup>(7)</sup> |
| Arsenal AIC Parent LLC | Metals & Mining | 7.61% | S + 3.25% | 08/18/30 |  | 13463 | 13567 | 13561 |
| Crosby US Acquisition Corp. | Metals & Mining | 7.86% | S + 3.50% | 08/16/29 |  | 2481 | 2494 | 2502 |
| AL GCX Holdings, LLC | Oil, Gas & Consumable Fuels | 7.26% | S + 2.75% | 05/17/29 |  | 11690 | 11757 | 11740<br> <sup>(10)</sup> |
| AL NGPL Holdings, LLC | Oil, Gas & Consumable Fuels | 7.09% | S + 2.50% | 04/13/28 |  | 23865 | 23971 | 23905<br> <sup>(10)</sup> |
| Buckeye Partners, L.P. | Oil, Gas & Consumable Fuels | 6.36% | S + 2.00% | 11/22/30 |  | 5283 | 5293 | 5284 |
| CQP Holdco LP | Oil, Gas & Consumable Fuels | 6.33% | S + 2.00% | 12/31/30 |  | 28008 | 28127 | 28036<br> <sup>(10)</sup> |
| Epic Y-Grade Services, LP | Oil, Gas & Consumable Fuels | 10.34% | S + 5.75% | 06/29/29 |  | 13836 | 13810 | 13847<br> <sup>(10)</sup> |
| Kohler Energy Co LLC | Oil, Gas & Consumable Fuels | 8.11% | S + 3.75% | 05/01/31 |  | 8528 | 8608 | 8507<br> <sup>(10)</sup> |
| Oryx Midstream Services Permian Basin, LLC | Oil, Gas & Consumable Fuels | 7.51% | S + 3.00% | 10/05/28 |  | 15953 | 16010 | 16033<br> <sup>(10)</sup> |
| Oxbow Carbon LLC | Oil, Gas & Consumable Fuels | 7.86% | S + 3.50% | 05/10/30 |  | 2482 | 2483 | 2472 |
| Prairie ECI Acquiror LP | Oil, Gas & Consumable Fuels | 8.61% | S + 4.25% | 08/01/29 |  | 3852 | 3850 | 3876 |
| Third Coast Infrastructure LLC | Oil, Gas & Consumable Fuels | 8.61% | S + 4.25% | 09/25/30 |  | 13500 | 13488 | 13458 |
| Thunder Generation Funding LLC | Oil, Gas & Consumable Fuels | 7.33% | S + 3.00% | 10/03/31 |  | 17955 | 18121 | 18050<br> <sup>(10)</sup> |
| Traverse Midstream Partners LLC | Oil, Gas & Consumable Fuels | 8.09% | S + 3.50% | 02/16/28 |  | 12800 | 12910 | 12848<br> <sup>(10)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 9.77% | S + 5.25% | 09/30/30 |  | 24061 | 23454 | 23820<br> <sup>(6) (8)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 8.25% | E + 5.25% | 09/30/30 |  | 14971 | 15383 | 15353<br> <sup>(6) (8)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals |  | S + 5.25% | 10/01/29 |  | 4892 | (117) | (49) <sup>(6) (8) (9)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals | 9.77% | S + 5.25% | 09/30/30 |  | 3682 | 2090 | 2131<br> <sup>(6) (8) (9)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals |  | S + 5.25% | 09/30/30 |  | 3058 |  | (31) <sup>(6) (8) (9)</sup> |
| Bamboo US BidCo LLC (aka Baxter) | Pharmaceuticals |  | S + 5.25% | 09/30/30 |  | 3058 | (15) | (31) <sup>(6) (8) (9)</sup> |
| Covetrus, Inc. | Pharmaceuticals | 9.33% | S + 5.00% | 10/13/29 |  | 2551 | 2554 | 2447 |
| Creek Parent, Inc. (dba Catalent) | Pharmaceuticals | 9.63% | S + 5.25% | 12/18/31 |  | 68808 | 67609 | 67604<br> <sup>(6)</sup> |
| Creek Parent, Inc. (dba Catalent) | Pharmaceuticals |  | S + 5.25% | 12/18/31 |  | 9980 | (174) | (175) <sup>(6) (9)</sup> |
| Gainwell Acquisition Corp. | Pharmaceuticals | 8.43% | S + 4.00% | 10/01/27 |  | 809 | 797 | 782 |
| Amspec Parent, LLC | Professional Services | 8.58% | S + 4.25% | 12/22/31 |  | 43333 | 43117 | 43117<br> <sup>(6)</sup> |
| Amspec Parent, LLC | Professional Services |  | S + 4.25% | 12/22/31 |  | 6667 | (17) | (17) <sup>(6) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Ankura Consulting Group, LLC | Professional Services | 7.84% | S + 3.50% | 12/17/31 | $— | 11997 | $12082 | $11997<br> <sup>(10)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 |  | 20103 | 19825 | 19802<br> <sup>(6) (8)</sup> |
| Engage2Excel, Inc. | Professional Services | 10.75% | S + 6.50% | 07/01/29 |  | 1650 | 1132 | 1130<br> <sup>(6) (8) (9)</sup> |
| iCIMS, Inc. | Professional Services | 10.38% | S + 5.75% | 08/18/28 |  | 34646 | 34242 | 33087<br> <sup>(8)</sup> |
| iCIMS, Inc. | Professional Services | 10.88% | S + 6.25% | 08/18/28 |  | 6000 | 5922 | 5820<br> <sup>(8)</sup> |
| iCIMS, Inc. | Professional Services | 10.34% | S + 5.75% | 08/18/28 |  | 3067 | 576 | 475<br> <sup>(8) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.08% | S + 4.75% | 09/19/31 |  | 81387 | 80598 | 80574<br> <sup>(6) (8)</sup> |
| Westwood Professional Services Inc. | Professional Services | 9.26% | S + 4.75% | 09/19/31 |  | 24463 | 5581 | 5469<br> <sup>(6) (8) (9)</sup> |
| Westwood Professional Services Inc. | Professional Services |  | S + 4.75% | 09/19/31 |  | 12239 | (117) | (122) <sup>(6) (8) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software | 9.11% | S + 4.75% | 08/29/31 |  | 11830 | 11716 | 11712<br> <sup>(6) (8)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 |  | 2366 | (11) | (24) <sup>(6) (8) (9)</sup> |
| AI Titan Parent, Inc. (dba Prometheus) | Software |  | S + 4.75% | 08/29/31 |  | 1479 | (14) | (15) <sup>(6) (8) (9)</sup> |
| Aptean, Inc. | Software | 9.83% | S + 5.00% | 01/30/31 |  | 73890 | 73243 | 73151<br> <sup>(6) (8)</sup> |
| Aptean, Inc. | Software |  | S + 5.00% | 01/30/31 |  | 6189 | (54) | (62) <sup>(6) (8) (9)</sup> |
| Aptean, Inc. | Software | 9.32% | S + 5.00% | 01/30/31 |  | 4584 | 1156 | 1160<br> <sup>(6) (8) (9)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 |  | 8737 | 8554 | 8693<br> <sup>(6) (8)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software |  | S + 5.75% | 07/01/30 |  | 1460 | (21) | (7) <sup>(6) (8) (9)</sup> |
| Arrow Buyer, Inc. (dba Archer Technologies) | Software | 10.08% | S + 5.75% | 07/01/30 |  | 573 | 567 | 570<br> <sup>(6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software | 8.83% | S + 4.50% | 07/28/31 |  | 28177 | 27908 | 27896<br> <sup>(6) (8)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/28/31 |  | 6897 | (32) | (69) <sup>(6) (8) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 |  | 3350 | (31) | (33) <sup>(6) (8) (9)</sup> |
| Artifact Bidco, Inc. (dba Avetta) | Software |  | S + 4.50% | 07/26/30 |  | 1576 | (15) | (16) <sup>(6) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software | 9.08% | S + 4.75% | 07/14/31 |  | 35400 | 35064 | 35046<br> <sup>(6) (7) (8)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 16857 | (79) | (169) <sup>(6) (7) (8) (9)</sup> |
| Aurora Acquireco, Inc. (dba AuditBoard) | Software |  | S + 4.75% | 07/14/31 |  | 6743 | (63) | (67) <sup>(6) (7) (8) (9)</sup> |
| Clover Holdings 2 LLC | Software | 8.43% | S + 4.00% | 11/01/31 |  | 13500 | 13492 | 13635<br> <sup>(10)</sup> |
| ConnectWise, LLC | Software | 8.09% | S + 3.50% | 09/29/28 |  | 11958 | 11958 | 12020 |
| Crewline Buyer, Inc. (dba New Relic) | Software | 11.11% | S + 6.75% | 11/08/30 |  | 61726 | 60353 | 60183<br> <sup>(6) (8)</sup> |
| Crewline Buyer, Inc. (dba New Relic) | Software |  | S + 6.75% | 11/08/30 |  | 6165 | (129) | (154) <sup>(6) (8) (9)</sup> |
| Drake Software, LLC | Software | 8.61% | S + 4.25% | 06/26/31 |  | 3990 | 3943 | 3860 |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 10.34% | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 20699 | 20518 | 20492<br> <sup>(6) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software | 9.84% | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 |  | 5574 | 5520 | 5518<br> <sup>(6) (8)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.25% (Incl. 2.25% PIK) | 01/17/31 |  | 2895 | (25) | (29) <sup>(6) (8) (9)</sup> |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | Software |  | S + 5.75% (Incl. 2.25% PIK) | 01/17/31 |  | 968 | (9) | (10) <sup>(6) (8) (9)</sup> |
| Hyland Software, Inc. | Software | 10.36% | S + 6.00% | 09/19/30 |  | 94520 | 93293 | 94520<br> <sup>(6) (8)</sup> |
| Hyland Software, Inc. | Software |  | S + 6.00% | 09/19/29 |  | 4525 | (56) | —<br> <sup>(6) (8) (9)</sup> |
| iSolved Inc | Software | 7.61% | S + 3.25% | 10/15/30 |  | 8381 | 8435 | 8475<br> <sup>(10)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software | 10.10% | S + 5.75% | 12/18/31 |  | 99560 | 97577 | 97569<br> <sup>(6) (7)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software | 8.61% | E + 5.75% | 12/18/31 |  | 23041 | 23413 | 23389<br> <sup>(6) (7)</sup> |
| Kryptona Bidco US, LLC (dba Kyriba) | Software |  | S + 5.75% | 12/18/31 |  | 10825 | (215) | (216) <sup>(6) (7) (9)</sup> |

---

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

------

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| NAVEX TopCo, Inc. | Software | 9.88% | S + 5.50% | 11/08/30 | $— | 45605 | $44801 | $45491<br> <sup>(6) (8)</sup> |
| NAVEX TopCo, Inc. | Software |  | S + 5.50% | 11/09/28 |  | 4050 | (63) | (10) <sup>(6) (8) (9)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | N + 4.75% | 05/03/29 |  | 118100 | 10934 | 10323<br> <sup>(6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.08% | S + 4.75% | 05/03/29 |  | 47793 | 47580 | 47554<br> <sup>(6) (7) (8)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.25% | S + 4.75% | 05/03/29 |  | 11166 | 10495 | 10490<br> <sup>(6) (7) (8) (9)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software |  | S + 4.75% | 05/03/29 |  | 10582 | (46) | (53) <sup>(6) (7) (8) (9)</sup> |
| Northstar Acquisition HoldCo, LLC (dba n2y) | Software | 9.45% | SN + 4.75% | 05/03/29 |  | 5389 | 6756 | 6712<br> <sup>(6) (7) (8)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 |  | 21780 | 21371 | 21780<br> <sup>(6) (8)</sup> |
| Onyx CenterSource, Inc. | Software | 11.24% | S + 6.50% | 12/15/28 |  | 1650 | 520 | 550<br> <sup>(6) (8) (9)</sup> |
| Physician Partners LLC | Software | 8.74% | S + 4.00% | 12/26/28 |  | 809 | 773 | 326 |
| Project Boost Purchaser, LLC | Software | 8.15% | S + 3.50% | 07/16/31 |  | 13510 | 13594 | 13590<br> <sup>(10)</sup> |
| Quartz Acquireco LLC | Software | 7.08% | S + 2.75% | 06/28/30 |  | 7971 | 8001 | 8021 |
| Renaissance Holding Corp. | Software | 8.36% | S + 4.25% | 04/05/30 |  | 99286 | 98716 | 98969<br> <sup>(6)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software | 9.61% | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 40701 | 40313 | 40294<br> <sup>(6) (8)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 11630 | (55) | (116) <sup>(6) (8) (9)</sup> |
| Rocky Debt Merger Sub, LLC (dba NContracts) | Software |  | S + 5.25% (Incl. 2.75% PIK) | 09/01/31 |  | 4652 | (44) | (47) <sup>(6) (8) (9)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 |  | 85514 | 84849 | 85514<br> <sup>(6) (8)</sup> |
| Rubrik, Inc. | Software | 11.67% | S + 7.00% | 08/17/28 |  | 11952 | 11235 | 11325<br> <sup>(6) (8) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software | 9.33% | S + 5.00% | 12/17/31 |  | 50311 | 49810 | 49808<br> <sup>(6)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 12500 | (62) | (62) <sup>(6) (9)</sup> |
| Runway Bidco, LLC (dba Redwood Software) | Software |  | S + 5.00% | 12/17/31 |  | 6250 | (62) | (62) <sup>(6) (9)</sup> |
| S2P Acquisition Borrower, Inc. | Software |  | P + 2.25% | 12/05/31 |  | 7750 | 7804 | 7803<br> <sup>(10)</sup> |
| Singlewire Software, LLC | Software | 9.58% | S + 5.25% | 05/10/29 |  | 17415 | 16988 | 17241<br> <sup>(6) (8)</sup> |
| Singlewire Software, LLC | Software |  | S + 5.25% | 05/10/29 |  | 3226 | (71) | (32) <sup>(6) (8) (9)</sup> |
| UKG Inc. | Software | 7.62% | S + 3.00% | 02/10/31 |  | 2211 | 2218 | 2225 |
| World Wide Technology Holding Co. LLC | Software | 6.69% | S + 2.25% | 03/01/30 |  | 15962 | 16052 | 15982<br> <sup>(10)</sup> |
| Zelis Payments Buyer, Inc. | Software |  | S + 3.25% | 11/26/31 |  | 4575 | 4592 | 4586<br> <sup>(10)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.08% | S + 4.75% | 06/02/31 |  | 76832 | 76110 | 76064<br> <sup>(6) (8)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail | 9.16% | S + 4.75% | 06/02/31 |  | 41972 | 16112 | 15966<br> <sup>(6) (8) (9)</sup> |
| Charger Debt Merger Sub, LLC (dba Classic Collision) | Specialty Retail |  | S + 4.75% | 05/31/30 |  | 9803 | (89) | (98) <sup>(6) (8) (9)</sup> |
| Foundation Building Materials Holding Company, LLC | Specialty Retail | 8.10% | S + 3.25% | 01/31/28 |  | 8968 | 8909 | 8818<br> <sup>(10)</sup> |
| Harbor Freight Tools USA, Inc. | Specialty Retail | 6.90% | S + 2.50% | 06/11/31 |  | 3194 | 3173 | 3146<br> <sup>(10)</sup> |
| Ahead DB Holdings, LLC | Technology Hardware & Equipment | 7.83% | S + 3.50% | 02/01/31 |  | 7122 | 7081 | 7160 |
| McAfee, LLC | Technology Hardware & Equipment | 7.37% | S + 3.00% | 03/01/29 |  | 15993 | 15999 | 15989<br> <sup>(10)</sup> |
| Peraton Corp. | Technology Hardware & Equipment | 8.21% | S + 3.75% | 02/01/28 |  | 2469 | 2476 | 2293 |
| Virtusa Corporation | Technology Hardware & Equipment | 7.61% | S + 3.25% | 02/15/29 |  | 5965 | 5967 | 6000 |
| CCI Buyer, Inc. | Telecommunications | 8.33% | S + 4.00% | 12/17/27 |  | 2499 | 2491 | 2499 |
| Champ Acquisition Corporation | Textiles, Apparel & Luxury Goods |  | S + 4.50% | 11/25/31 |  | 3775 | 3822 | 3797<br> <sup>(10)</sup> |
| Fanatics Commerce Intermediate Holdco, LLC | Textiles, Apparel & Luxury Goods | 7.72% | S + 3.25% | 11/24/28 |  | 4022 | 4034 | 4012<br> <sup>(10)</sup> |
| Ortholite, LLC | Textiles, Apparel & Luxury Goods | 10.58% | S + 6.25% | 09/29/27 |  | 43515 | 42791 | 43080<br> <sup>(6) (8)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 |  | 65653 | 64225 | 64997<br> <sup>(6) (8)</sup> |
| Harrington Industrial Plastics, LLC | Trading Companies & Distributors | 10.11% | S + 5.75% | 10/07/30 |  | 51885 | 35806 | 36280<br> <sup>(6) (8) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% (Incl. 2.25% PIK) | 12/31/29 |  | 178592 | 176170 | 167877<br> <sup>(6) (8)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.59% | S + 5.50% | 12/31/29 |  | 20916 | 2648 | 1673<br> <sup>(6) (8) (9)</sup> |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | Trading Companies & Distributors | 9.83% | S + 5.50% | 12/31/29 |  | 12562 | 1307 | 648<br> <sup>(6) (8) (9)</sup> |

---

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

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

**Goldman Sachs Private Credit Corp.**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par**<sup>(4)</sup> | **Cost** | **Fair<br>Value** | **Footnotes** |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors | 9.33% | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | $112644 | $112464 | $112081 | <sup>(6)</sup> |
| PT Intermediate Holdings III, LLC (dba Parts Town) | Trading Companies & Distributors |  | S + 5.00% (Incl. 1.75% PIK) | 04/09/30 | 7953 | (7) | (40) | <sup>(6) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.58% | S + 5.25% | 06/23/31 | 42912 | 42303 | 42483 | <sup>(6) (8)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors | 9.89% | S + 5.25% | 06/23/31 | 23900 | 2159 | 2103 | <sup>(6) (8) (9)</sup> |
| United Flow Technologies Intermediate Holdco II, LLC | Trading Companies & Distributors |  | S + 5.25% | 06/21/30 | 4780 | (66) | (48) | <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  | 6693916 | 6693461 |  |
| **1st Lien/Last-Out Unitranche (13) - 4.9%** | **1st Lien/Last-Out Unitranche (13) - 4.9%** |  |  |  |  |  |  |  |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | $46916 | $46528 | $46447 | <sup>(6) (8)</sup> |
| EIP Consolidated, LLC (dba Everest Infrastructure) | Wireless Telecommunication Services | 10.61% | S + 6.25% | 12/07/28 | 28084 | 20359 | 20303 | <sup>(6) (8) (9)</sup> |
| K2 Towers III, LLC | Wireless Telecommunication Services | 10.89% | S + 6.55% | 12/06/28 | 68000 | 62583 | 62462 | <sup>(6) (8) (9)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 14349 | 14220 | 14205 | <sup>(6) (8)</sup> |
| Skyway Towers Intermediate LLC | Wireless Telecommunication Services | 10.96% | S + 6.61% | 12/22/28 | 8982 | 1556 | 1543 | <sup>(6) (8) (9)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.18% | S + 6.83% | 02/01/29 | 21998 | 21808 | 21778 | <sup>(6) (8)</sup> |
| Tarpon Towers II LLC | Wireless Telecommunication Services | 11.19% | S + 6.83% | 02/01/29 | 13003 | 2832 | 2810 | <sup>(6) (8) (9)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 12.19% | S + 7.00% | 08/24/28 | 46667 | 46163 | 46200 | <sup>(6) (8)</sup> |
| Thor FinanceCo LLC (dba Harmoni Towers) | Wireless Telecommunication Services | 11.70% | S + 7.00% | 08/24/28 | 28333 | 10878 | 10883 | <sup>(6) (8) (9)</sup> |
| Towerco IV Holdings, LLC | Wireless Telecommunication Services | 8.21% | S + 3.75% | 08/31/28 | 19000 | 15799 | 15828 | <sup>(6) (8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Last-Out Unitranche** |  |  |  |  |  | 242726 | 242459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $6936642 | $6935920 |  |
| **Total Debt Investments** |  |  |  |  |  | $7277607 | $7268443 |  |
| **Investment**<sup>(1) (5)</sup> | **Industry**<sup>(2)</sup> |  |  | **Initial Acquisition Date**<sup>(15)</sup> | **Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** | **Footnotes** |
| **Equity Securities - 0.1%** |  |  |  |  |  |  |  |  |
| **United States - 0.1%** |  |  |  |  |  |  |  |  |
| **Common Stock - 0.1%** |  |  |  |  |  |  |  |  |
| VisionSafe Parent, LLC | Aerospace & Defense |  |  | 04/19/24 | 660 | $660 | $818 | <sup>(6) (8) (14)</sup> |
| RPC ABC Investment Holdings LLC (dba ABC Plumbing) | Diversified Consumer Services |  |  | 04/26/24 | 4554000 | 4554 | 4554 | <sup>(6) (8) (11) (14)</sup> |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services |  |  | 03/29/24 | 20103551 |  |  | <sup>(8) (11) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  |  |  | 5214 | 5372 |  |
| **Preferred Stock - 0.0%** |  |  |  |  |  |  |  |  |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) | Health Care Providers & Services |  |  | 03/29/24 | 9754188 | $3101 | $— | <sup>(8) (11) (14)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  |  |  |  | 3101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $8315 | $5372 |  |
| **Total Equity Securities** |  |  |  |  |  | $8315 | $5372 |  |
| **Total Investments - 148.3%** |  |  |  |  |  | $**7285922** | $**7273815** |  |
| **Investments in Affiliated Money Market Fund - 9.1%** | **Investments in Affiliated Money Market Fund - 9.1%** |  |  |  |  |  |  |  |
| **United States - 9.1%** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |  | 444718184 | $444718 | $444718 | <sup>(16) (17)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  | $444718 | $444718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  |  | 444718 | 444718 |  |
| **Total Investments and Investments in Affiliated Money Market Fund - 157.4%** | **Total Investments and Investments in Affiliated Money Market Fund - 157.4%** | **Total Investments and Investments in Affiliated Money Market Fund - 157.4%** | **Total Investments and Investments in Affiliated Money Market Fund - 157.4%** |  |  | $**7730640** | $**7718533** |  |

---

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

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

**Goldman Sachs Private Credit Corp.**

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

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

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

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

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

<sup>(4)</sup> Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euros ("EUR"), Great British Pounds ("GBP"), Australian Dollars ("AUD"), Swiss Franc ("CHF"), Norwegian Kroner ("NOK"), or Canadian Dollars ("CAD").

<sup>(5)</sup> Assets are pledged as collateral to the Company's credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. See Note 6 "Debt."

<sup>(6)</sup> Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 "Significant Agreements and Related Party Transactions."

<sup>(7)</sup> The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, the aggregate fair value of these securities is $878,979 or 11.1% of the Company's total assets.

<sup>(8)</sup> The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement."

<sup>(9)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies."

<sup>(10)</sup> Position or portion thereof unsettled as of December 31, 2024.

<sup>(11)</sup> As defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities. See Note 3 "Significant Agreements and Related Party Transactions."

<sup>(12)</sup> The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 "Significant Accounting Policies."

<sup>(13)</sup> In exchange for the greater risk of loss, the "last-out" portion of the Company's unitranche loan investment generally earns a higher interest rate than the "first-out" portions. The "first-out" portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the "last-out" portion.

<sup>(14)</sup> Non-income producing security.

<sup>(15)</sup> Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of December 31, 2024, the aggregate fair value of these securities is $5,372 or 0.1% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(16)</sup> The annualized seven-day yield as of December 31, 2024 is 4.42%.

<sup>(17)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions."

PIK - Payment-In-Kind

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

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

**Goldman Sachs Private Credit Corp.**

**Notes to the Consolidated Financial Statements**

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

**(Unaudited)**

**1. ORGANIZATION** 

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

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

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

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

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

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

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** 

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

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

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

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

**Basis of Consolidation** 

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

**Revenue Recognition** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Prepayment premiums | $1023 | $— | $1039 | $35 |
| Accelerated amortization of upfront loan origination fees and unamortized discounts | $1992 | $2381 | $3056 | $2703 |

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

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

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

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

**Non-Accrual Investments** 

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the applicable contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2025, the Company did not have any investments on non-accrual status. As of December 31, 2024, the Company did not have any investments on non-accrual status.

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**Investments** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Valuation Designee also engages independent valuation firms (the "Independent Valuation Advisors") to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Independent Valuation Advisors' preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the "VOG"), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors' valuation ranges are compared to the Investment Adviser's valuations to ensure the Investment Adviser's valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the "Asset Management Private Investment Valuation and Side Pocket Working Group"), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM's business and controls who are independent of the investment decision making process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

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

**Receivable/Payable From Investments Sold/Purchased**

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

**Money Market Funds** 

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

**Cash** 

Cash consists of deposits held at State Street Bank and Trust Company (the "Custodian"). As of June 30, 2025 and December 31, 2024, the Company held an aggregate cash balance of $186,392 and $120,377. Foreign currency of $48,533 and $9,660 (acquisition cost of $48,073 and $9,896) is included in cash as of June 30, 2025 and December 31, 2024.

**Foreign Currency Translation** 

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

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

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

**Derivatives** 

The Company may enter into foreign currency forward contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments, as applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts in the Consolidated Statements of Operations.

**Income Taxes** 

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

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

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

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

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

**Distributions**

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

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

**Deferred Financing Costs and Debt Issuance Costs**

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

**Offering Costs**

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

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**Segment Reporting**

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

**New Accounting Pronouncements** 

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

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

**Investment Management Agreement** 

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

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

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

*Management Fee* 

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

For the three and six months ended June 30, 2025, Management Fees amounted to $21,356 and $39,558 and the Investment Adviser voluntarily agreed to waive $3,000 and $13,595. As of June 30, 2025, $14,498 remained payable. For the three and six months ended June 30, 2024, Management Fees amounted to $8,631 and $15,076 and the Investment Adviser voluntarily waived $2,491 and $2,491.

*Incentive Fee* 

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

*i. Incentive Fee Based on Income*

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

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

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

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

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

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

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

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

For the three and six months ended June 30, 2025, Incentive Fees based on income amounted to $18,978 and $35,437, and the Investment Adviser voluntarily waived $9,000 and $21,000. As of June 30, 2025, $9,978 remained payable. For the three and six months ended June 30, 2024, Incentive Fees based on income amounted to $9,031 and $15,301, and the Investment Adviser voluntarily waived $1,012 and $3,437.

*ii. Incentive Fee Based on Capital Gains*

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

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

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

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

For the three and six months ended June 30, 2025, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0, which were not realized. For the three and six months ended June 30, 2024, the Company accrued Incentive Fees based on capital gains under GAAP of $(129) and $1,503, which were not realized.

**Administration and Custodian Fees** 

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

For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $1,624 and $2,949. As of June 30, 2025, $1,476 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $709 and $1,216.

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**Transfer Agent Fees** 

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

For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $832 and $1,528. As of June 30, 2025, $832 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $336 and $581.

**Affiliates** 

As of June 30, 2025 and December 31, 2024, affiliates of the Investment Adviser owned 23.7% and 25.6% of the Shares.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Fair Value Balance** | **Gross<br>Additions**<sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Fair Value<br>Balance** | **Dividend,<br>Interest<br>and Other<br>Income** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | $444718 | $3247945 | $(3459402) | $— | $— | $233261 | $8742 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | 24851 | 1271 | (419) |  | (1188) | 24515 | 1224 |
| SDB HOLDCO, LLC (dba Specialty Dental Brands) | 22379 | 1169 | (11) |  | (4151) | 19386 | 1555 |
| **Total Non-Controlled Affiliates** | $**491948** | $**3250385** | $**(3459832)** | $**—** | $**(5339)** | $**277162** | $**11521** |
| ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** | ***For the Year Ended December 31, 2024*** |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | $65977 | $6362920 | $(5984179) | $— | $— | $444718 | $17096 |
| ABC Investment Holdco Inc. (dba ABC Plumbing) |  | 25565 | (650) |  | (64) | 24851 | 1512 |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) |  | 26264 | (9) |  | (3876) | 22379 | 2332 |
| **Total Non-Controlled Affiliates** | $**65977** | $**6414749** | $**(5984838)** | $**—** | $**(3940)** | $**491948** | $**20940** |

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<sup>(1)</sup> Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

<sup>(2)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

**Due to Affiliates** 

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of June 30, 2025 and December 31, 2024, there were $996 and $1,018, included within Accrued expenses and other liabilities and there were $476 and $0, included within Interest and other debt expenses payable that were paid by the Investment Adviser and its affiliates on behalf of the Company.

**Co-Investment Activity** 

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

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**Placement Agent Agreement** 

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

**Expense Support and Conditional Reimbursement Agreement**

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

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

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **For the Month Ended** | **Expense Payments by Adviser** | **Reimbursement Payments to Adviser** | **Unreimbursed Expense Payments** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |
| January 31, 2025 | $1222 | $**—** | $1222 |
| February 28, 2025 | 1216 |  | 1216 |
| March 31, 2025 | 1739 |  | 1739 |
| April 30, 2025 | 1647 |  | 1647 |
| May 31, 2025 | 1938 |  | 1938 |
| June 30, 2025 | 2484 |  | 2484 |
| **Total** | $**10246** | $**—** | $**10246** |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |
| January 31, 2024 | $2759 | $**—** | $2759 |
| February 29, 2024 | 3248 |  | 3248 |
| March 31, 2024 | 898 |  | 898 |
| April 30, 2024 | 1076 |  | 1076 |
| May 31, 2024 |  |  |  |
| June 30, 2024 | 2077 |  | 2077 |
| **Total** | $**10058** | $**—** | $**10058** |

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For the three and six months ended June 30, 2025, the Investment Adviser agreed to advance $6,069 and $10,246, which have been included within the Expense support in the Consolidated Statements of Operations. For the three and six months ended June 30, 2024, the Investment Adviser agreed to advance $3,153 and $10,058. As of June 30, 2025, unreimbursed Expense Payments were $34,469.

**4. INVESTMENTS** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| 1st Lien/Senior Secured Debt | $9312902 | $9300764 | $7014260 | $7006800 |
| 1st Lien/Last-Out Unitranche | 279816 | 282100 | 263347 | 261643 |
| 2nd Lien/Senior Secured Debt | 43529 | 43897 |  |  |
| Preferred Stock | 3101 |  | 3101 |  |
| Common Stock | 5214 | 4183 | 5214 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | $**9644562** | $**9630944** | $**7285922** | $**7273815** |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Industry** | **Fair Value** | **Net Assets** | **Fair Value** | **Net Assets** |
| Software | 14.3% | 19.7% | 14.2% | 21.1% |
| Commercial Services & Supplies | 8.3 | 11.4 | 7.9 | 11.8 |
| Financial Services | 8.2 | 11.3 | 7.2 | 10.6 |
| Health Care Providers & Services | 6.8 | 9.3 | 6.0 | 8.9 |
| Machinery | 6.6 | 9.0 | 7.7 | 11.5 |
| Diversified Consumer Services | 6.4 | 8.9 | 4.1 | 6.0 |
| Trading Companies & Distributors | 4.7 | 6.4 | 5.9 | 8.7 |
| Food Products | 3.8 | 5.3 | 4.4 | 6.5 |
| Professional Services | 3.3 | 4.6 | 3.8 | 5.6 |
| IT Services | 3.2 | 4.4 | 3.5 | 5.2 |
| Insurance | 3.2 | 4.4 | 4.2 | 6.3 |
| Health Care Technology | 3.2 | 4.4 | 0.9 | 1.4 |
| Wireless Telecommunication Services | 3.2 | 4.4 | 3.3 | 4.9 |
| Oil, Gas & Consumable Fuels | 2.7 | 3.8 | 2.2 | 3.2 |
| Chemicals | 2.6 | 3.6 | 3.2 | 4.7 |
| Construction & Engineering | 2.1 | 2.9 | 2.3 | 3.5 |
| Containers & Packaging | 1.8 | 2.5 | 1.9 | 2.9 |
| Building Products | 1.8 | 2.5 | 2.0 | 2.9 |
| Health Care Equipment & Supplies | 1.7 | 2.4 | 1.9 | 2.8 |
| Pharmaceuticals | 1.2 | 1.6 | 1.5 | 2.3 |
| Specialty Retail | 1.1 | 1.6 | 1.4 | 2.1 |
| Media | 1.1 | 1.5 | 1.4 | 2.1 |
| Distributors | 1.0 | 1.4 | 1.1 | 1.6 |
| Consumer Staples Distribution & Retail | 0.7 | 1.0 | 1.0 | 1.5 |
| Aerospace & Defense | 0.7 | 1.0 | 0.9 | 1.4 |
| Hotels, Restaurants & Leisure | 0.7 | 1.0 | 0.7 | 1.1 |
| Leisure Products | 0.7 | 1.0 | 0.9 | 1.3 |
| Energy Equipment & Services | 0.6 | 0.9 | 0.5 | 0.7 |
| Automobile Components | 0.6 | 0.9 | 0.7 | 1.0 |
| Textiles, Apparel & Luxury Goods | 0.6 | 0.8 | 0.7 | 1.0 |
| Electrical Equipment | 0.5 | 0.7 | 0.7 | 1.0 |
| Technology Hardware & Equipment | 0.4 | 0.5 | 0.4 | 0.6 |
| Diversified Financial services | 0.3 | 0.5 | 0.4 | 0.5 |
| Household Products | 0.3 | 0.4 | 0.1 | 0.1 |
| Metals & Mining | 0.3 | 0.4 | 0.2 | 0.3 |
| Entertainment | 0.2 | 0.3 | 0.2 | 0.3 |
| Electric Utilities | 0.2 | 0.3 | 0.2 | 0.3 |
| Ground Transportation | 0.2 | 0.3 | 0.1 | 0.2 |
| Capital Goods | 0.1 | 0.2 | 0.1 | 0.1 |
| Life Sciences Tools & Services | 0.2 | 0.1 | 0.1 | 0.1 |
| Industrial Conglomerates | 0.1 | —<br><sup>(1)</sup> |  |  |
| Beverages | 0.1 | —<br><sup>(1)</sup> |  |  |
| Household Durables | 0.1 | —<br><sup>(1)</sup> | 0.1 | 0.1 |
| Air Freight & Logistics | 0.1 | —<br><sup>(1)</sup> |  |  |
| Telecommunications |  |  | —<br><sup>(1)</sup> | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **137.6%** | **100.0%** | **148.3%** |

---

<sup>(1)</sup> Amount rounds to less than 0.1%.

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

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| | | |
|:---|:---|:---|
| **Geographic** | **June 30, 2025** | **December 31, 2024** |
| United States | 94.4% | 95.4% |
| United Kingdom | 2.8 | 2.1 |
| Canada | 2.1 | 2.2 |
| Switzerland | 0.2 | 0.3 |
| France | 0.2 |  |
| Luxembourg | 0.2 |  |
| Sweden | 0.1 |  |
| Italy | —<br><sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **100.0%** |

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<sup>(1)</sup> Amount rounds to less than 0.1%.

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**5. FAIR VALUE MEASUREMENT** 

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

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

**Basis of Fair Value Measurement** 

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

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

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

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

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

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| | |
|:---|:---|
| **Level 2 Instruments** | &nbsp;&nbsp;&nbsp;**Valuation Techniques and Significant Inputs** |
| **Equity and Fixed Income** | The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.<br>Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. |
| **Derivative Contracts** | Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence. |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Instruments** | **Fair<br>Value**<sup>(1) (2)</sup> | **Valuation<br>Techniques** <sup>(3)</sup> | **Significant<br>Unobservable<br>Inputs** | **Range of Significant<br>Unobservable Inputs**<sup>(4)</sup> | **Weighted<br>Average**<sup>(5)</sup> |
| ***As of June 30, 2025*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $5855651 | Discounted cash flows | Discount Rate | 7.9% — 13.5% | 9.4% |
|  | $16779 | Comparable multiples | EV/EBITDA<sup>(6)</sup> |  | 10.0x |
| 1st Lien/Last-Out Unitranche | $282100 | Discounted cash flows | Discount Rate | 5.9% — 10.9% | 10.0% |
| **Equity** |  |  |  |  |  |
| Common Stock | $4183 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 10.0x — 13.5x | 13.0x |
| ***As of December 31, 2024*** |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |
| 1st Lien/Senior Secured Debt | $3711830 | Discounted cash flows | Discount Rate | 7.4% — 14.1% | 9.7% |
| 1st Lien/Last-Out Unitranche | $261643 | Discounted cash flows | Discount Rate | 6.2% — 11.4% | 10.5% |
| **Equity** |  |  |  |  |  |
| Common Stock | $5372 | Comparable multiples | EV/EBITDA<sup>(6)</sup> | 10.0x — 13.5x | 12.9x |

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<sup>(1)</sup> As of June 30, 2025, included within the fair value of Level 3 assets of $7,105,650 is an amount of $946,937 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $6,137,751 or 86.4% of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(2)</sup> As of December 31, 2024, included within the fair value of Level 3 assets of $5,398,349 is an amount of $1,419,504 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $3,973,473 or 73.7% of Level 3 bank loans, corporate debt, and other debt obligations.

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

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

<sup>(5)</sup> Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

<sup>(6)</sup> Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA").

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

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $2507196 | $6793568 | $9300764 | $— | $1875466 | $5131334 | $7006800 |
| 1st Lien/Last-Out Unitranche |  |  | 282100 | 282100 |  |  | 261643 | 261643 |
| 2nd Lien/Senior Secured Debt |  | 18098 | 25799 | 43897 |  |  |  |  |
| Preferred Stock |  |  |  |  |  |  |  |  |
| Common Stock |  |  | 4183 | 4183 |  |  | 5372 | 5372 |
| Investments in Affiliated Money Market Fund | 233261 |  |  | 233261 | 444718 |  |  | 444718 |
| **Total** | $**233261** | $**2525294** | $**7105650** | $**9864205** | $**444718** | $**1875466** | $**5398349** | $**7718533** |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Beginning<br>Balance** | **Purchases**<sup>(1)</sup> | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Sales and<br>Settlements**<sup>(1)</sup> | **Net<br>Amortization<br>of Premium/<br>Discount** | **Transfers<br>In** <sup>(2)</sup> | **Transfers<br>Out** <sup>(2)</sup> | **Ending Balance** | Net Change in<br>Unrealized<br>Appreciation**<br>(Depreciation)<br>for assets still<br>held** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $5131334 | $2028623 | $(2942) | $8074 | $(358882) | $10413 | $36030 | $(59082) | $6793568 | $4095 |
| 1st Lien/Last-Out Unitranche | 261643 | 16135 |  | 3988 |  | 334 |  |  | 282100 | 3988 |
| 2nd Lien/Senior Secured Debt |  | 25401 |  | 391 |  | 7 |  |  | 25799 | 391 |
| Preferred Stock |  |  |  |  |  |  |  |  |  |  |
| Common Stock | 5372 |  |  | (1189) |  |  |  |  | 4183 | (1189) |
| **Total assets** | $**5398349** | $**2070159** | $**(2942)** | $**11264** | $**(358882)** | $**10754** | $**36030** | $**(59082)** | $**7105650** | $**7285** |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |
| 1st Lien/Senior Secured Debt | $1418647 | $1375300 | $(4005) | $16648 | $(49899) | $3319 | $— | $— | $2760010 | $11385 |
| 1st Lien/Last-Out Unitranche | 166684 | 50355 |  | (236) |  | 236 |  |  | 217039 | (236) |
| 2nd Lien/Senior Secured Debt | 20017 | 2061 |  | 250 |  | 21 |  |  | 22349 | 250 |
| Preferred Stock |  | 3101 |  | (272) |  |  |  |  | 2829 | (272) |
| Common Stock |  | 5214 |  |  |  |  |  |  | 5214 |  |
| **Total assets** | $**1605348** | $**1436031** | $**(4005)** | $**16390** | $**(49899)** | $**3576** | $**—** | $**—** | $**3007441** | $**11127** |

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<sup>(1)</sup> Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

<sup>(2)</sup> Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

**Debt Not Carried at Fair Value** 

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

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| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Level** | **June 30, 2025** | **December 31, 2024** |
| Truist Revolving Credit Facility | 3 | $570405 | $1161893 |
| BNPP Revolving Credit Facility | 3 | $450000 | $700000 |
| MS Revolving Credit Facility | 3 | $715000 | $715000 |
| 2028 Notes | 2 | $404552 | $— |
| 2030 Notes | 2 | $609096 | $— |

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**6. DEBT** 

The Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2025 and December 31, 2024, the Company's asset coverage ratio based on the aggregate amount outstanding of senior securities was 356% and 290%.

The Company's outstanding debt was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value**<sup>(1)</sup> | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value** |
| Truist Revolving Credit Facility<sup>(2)</sup> | $2370000 | $1803778 | $570405 | $1255000 | $92090 | $1161893 |
| BNPP Revolving Credit Facility<sup>(3)</sup> | 1100000 | 650000 | 450000 | 900000 | 200000 | 700000 |
| MS Revolving Credit Facility<sup>(4)</sup> | 2000000 | 1285000 | 715000 | 2000000 | 1285000 | 715000 |
| 2028 Notes | 400000 |  | 395043 |  |  |  |
| 2030 Notes | 600000 |  | 592125 |  |  |  |
| **Total debt** | $**6470000** | $**3738778** | $**2722573** | $**4155000** | $**1577090** | $**2576893** |

---

<sup>(1)</sup> The carrying value is presented net of unamortized debt issuance costs as applicable.

<sup>(2)</sup> Provides, under certain circumstances, a total borrowing capacity of $3,555,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $133,000, in Euros of EUR 202,400, in CAD of CAD 108,800 in GBP of GBP 60,500, in AUD of AUD 41,200 and in NOK of NOK 90,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $864,000, in Euros of EUR 153,890, in CAD of CAD 59,500, in GBP of GBP 60,500 and in AUD of AUD 34,500.

<sup>(3)</sup> Provides, under certain circumstances, a total borrowing capacity of $1,100,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $450,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $700,000.

<sup>(4)</sup> Provides, under certain circumstances, a total borrowing capacity of $2,000,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $715,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $715,000.

The combined weighted average interest rates of the aggregate borrowings outstanding for the six months ended June 30, 2025 and for the year ended December 31, 2024 were 6.08% and 6.92%. The combined average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 was $2,431,746 and for the year ended December 31, 2024 was $1,061,820.

**Truist Revolving Credit Facility** 

On April 6, 2023, the Company entered into a credit facility with Truist Bank (the "Truist Revolving Credit Facility"), as administrative agent, the lenders and issuing banks party thereto. The Company has amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and June 16, 2025. The total loans and commitments under the Truist Revolving Credit Facility are $2,370,000, of which $1,790,000 is under a multicurrency sub-facility, $455,000 is under a USD sub-facility and $125,000 is under a term loan tranche as of June 30, 2025. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555,000. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on June 14, 2030.

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

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

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

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

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

Costs of $22,190 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $17,735 and $9,967.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $7415 | $10334 | $17296 | $15061 |
| Facility fees | 1160 | 584 | 1815 | 1469 |
| Amortization of financing costs | 699 | 527 | 1294 | 1040 |
| **Total** | $**9274** | $**11445** | $**20405** | $**17570** |
| Weighted average interest rate | 5.36% | 7.09% | 5.62% | 7.11% |
| Average outstanding balance | $554646 | $586104 | $620337 | $425961 |

---

**BNPP Revolving Credit Facility**

On September 28, 2023, SPV Public I entered into a credit facility with BNP Paribas (the "BNPP Revolving Credit Facility"), as administrative agent, State Street Bank and Trust Company, as collateral agent, the Company, as equityholder and investment advisor, and the lenders party thereto. The Company has amended the BNPP Revolving Credit Facility on numerous occasions between May 30, 2024 and January 31, 2025. The total principal amount of the commitments under the BNPP Revolving Credit Facility is $1,100,000. Proceeds from borrowings under the BNPP Revolving Credit Facility may be used to fund portfolio investments by SPV Public I and to make advances under delayed drawdown collateral assets where SPV Public I is a lender. Any amounts outstanding under the BNPP Revolving Credit Facility must be repaid by January 31, 2028.

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

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

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the BNPP Revolving Credit Facility is limited to the value of the Company's investment in SPV Public I, subject to certain indemnification obligations.

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

Costs of $7,779 were incurred in connection with obtaining and amending the BNPP Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BNPP Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $5,631 and $5,038.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $10709 | $3854 | $23501 | $5347 |
| Facility fees | 267 | 50 | 400 | 88 |
| Amortization of financing costs | 542 | 176 | 1056 | 324 |
| **Total** | $**11518** | $**4080** | $**24957** | $**5759** |
| Weighted average interest rate | 6.02% | 7.20% | 6.02% | 7.21% |
| Average outstanding balance | $713736 | $215385 | $787017 | $149121 |

---

**MS Revolving Credit Facility**

On August 9, 2024, GSCR Mott Street entered into a revolving credit facility (the "MS Revolving Credit Facility") with Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as transferor and servicer, and the lenders party thereto, in an initial principal amount of $1,000,000 (the "Tranche A Advances"). The Company amended the MS Revolving Credit Facility on October 24, 2024 (the "MS Facility First Amendment"). The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000,000 (the "Tranche B Advances"). The Company entered into the second amendment of the MS Revolving Credit Facility on June 12, 2025 (the "MS Facility Second Amendment"). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies.

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

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

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

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

Costs of $17,756 were incurred in connection with obtaining the MS Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the MS Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $15,247 and $14,443.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $11826 | $— | $23311 | $— |
| Facility fees | 2427 |  | 4201 |  |
| Amortization of financing costs | 819 |  | 1592 |  |
| **Total** | $**15072** | $**—** | $**29104** | $**—** |
| Weighted average interest rate | 6.63% | —% | 6.57% | —% |
| Average outstanding balance | $715000 | $— | $715000 | $— |

---

**2028 Notes**

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

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Principal amount of debt | $400000 | $— |
| Unamortized debt issuance costs | 4957 |  |
| **Carrying Value** | $**395043** | $— |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $3525 | $— | $3525 | $— |
| Amortization of debt issuance costs | 267 |  | 267 |  |
| **Total** | $**3792** |  | $**3792** |  |

---

**2030 Notes**

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

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Principal amount of debt | $600000 | $— |
| Unamortized debt issuance costs | 7875 |  |
| **Carrying Value** | $**592125** | $— |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Borrowing interest expense | $5625 | $— | $5625 | $— |
| Amortization of debt issuance costs | 249 |  | 249 |  |
| **Total** | $**5874** |  | $**5874** |  |

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**Short-Term Borrowings**

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

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

In accordance with ASC 860, Transfers and Servicing, the Short-Term Borrowings meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company's Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its obligation to a third party, which is reported as debt on the Company's Consolidated Statements of Assets and Liabilities. The Company's obligation is secured by the respective investment that is the subject of the relevant Short-Term Borrowing. Interest expense associated with the Short-Term Borrowings is reported on the Company's Consolidated Statements of Operations within Interest and other debt expense. There were no Short-Term Borrowings outstanding as of June 30, 2025 and December 31, 2024.

**7. COMMITMENTS AND CONTINGENCIES** 

**Commitments** 

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of June 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

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| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** <sup>(1)</sup> | **Unfunded Commitment Balances** <sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| **1st Lien/Senior Secured Debt** |  |  |
| ABC Investment Holdco Inc. (dba ABC Plumbing) | $5891 | $6781 |
| Accommodations Plus Technologies LLC | 4125 |  |
| Admiral Buyer, Inc. (dba Fidelity Payment Services) | 10506 | 10440 |
| Advarra Holdings, Inc. | 7087 | 7087 |
| AI Titan Parent, Inc. (dba Prometheus) | 3845 | 3845 |
| Airwavz Solutions, Inc. | 4105 |  |
| Algae BidCo (dba Solabia Group) | 19010 |  |
| Algae PikCo (dba Solabia Group) | 3448 |  |
| Amspec Parent, LLC | 9133 | 6667 |
| Aptean, Inc. | 22136 | 9567 |
| AQ Sunshine, Inc. (dba Relation Insurance) | 16328 | 20472 |
| Ark Data Centers, LLC | 42552 | 45717 |
| Arrow Buyer, Inc. (dba Archer Technologies) |  | 1460 |
| Artifact Bidco, Inc. (dba Avetta) | 11823 | 11823 |
| Aurora Acquireco, Inc. (dba AuditBoard) | 23600 | 23600 |
| Bamboo US BidCo LLC (aka Baxter) | 10722 | 12522 |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | 15086 | 15086 |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | 7366 | 7366 |
| Buckeye Acquiror LLC (dba Superior Environmental Solutions) | 6356 | 6878 |
| Celero Commerce LLC | 33282 |  |
| CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | 82496 | 36250 |
| Circustrix Holdings, LLC (dba SkyZone) | 1606 | 642 |
| Coding Solutions Acquisition, Inc. (dba CorroHealth) | 11789 | 9139 |
| Consilio Midco Limited (dba Cyncly) | 33013 |  |
| Convenient Payments Acquisition, Inc. | 2756 |  |
| Coretrust Purchasing Group LLC | 11053 | 11053 |
| Creek Parent, Inc. (dba Catalent) | 9980 | 9980 |
| Crewline Buyer, Inc. (dba New Relic) | 6165 | 6165 |
| CST Holding Company (dba Intoxalock) | 4310 | 4310 |
| CURiO Brands LLC | 5176 |  |
| Curriculum Associates, LLC | 188244 |  |
| DFS Holding Company, Inc. |  | 5491 |
| Diamond Communications LLC | 17200 |  |
| Dwyer Instruments, LLC | 23783 | 26366 |
| Eagle Family Foods Group LLC | 22753 | 22753 |
| Easy Mile Fitness, LLC | 3617 | 4650 |
| Engage2Excel, Inc. | 825 | 495 |
| eResearch Technology, Inc. (dba Clario) | 40214 |  |
| Financière N (dba Nemera) | 4900 |  |
| Formulations Parent Corporation (dba Chase Corp) |  | 9068 |
| Frontgrade Technologies Holdings Inc. | 3689 | 3689 |
| Frontline Road Safety Operations, LLC | 57801 |  |
| Fullsteam Operations LLC | 18618 | 35960 |
| Galway Borrower LLC | 6502 | 8069 |
| Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) | 11636 | 17738 |
| GovDelivery Holdings, LLC (dba Granicus, Inc.) | 3457 | 3863 |
| Groundworks, LLC | 1314 |  |
| Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) | 15659 | 15659 |
| Hamilton Thorne, Inc. | 19055 | 12695 |
| HealthEdge Software, Inc. |  | 4580 |

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| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** <sup>(1)</sup> | **Unfunded Commitment Balances** <sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| **1st Lien/Senior Secured Debt** |  |  |
| Highfive Dental Holdco, LLC | $979 | $979 |
| Hyland Software, Inc. | 4525 | 4525 |
| iCIMS, Inc. | 2607 | 2454 |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | 9560 |  |
| INK (BC) BIDCO S.R.L. (dba Namirial) | 36727 |  |
| iWave Information Systems, Inc. | 2391 | 2391 |
| Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) | 13191 |  |
| Jupiter Refuel US Buyer, Inc. (dba 4Refuel) | 941 |  |
| Kairos Bidco AB (dba Karo Healthcare) | 23698 |  |
| Kene Acquisition, Inc. (dba Entrust) | 22173 | 22173 |
| KPA Parent Holdings, Inc. | 6311 |  |
| Kryptona Bidco US, LLC (dba Kyriba) | 10825 | 10825 |
| Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) | 11000 | 14000 |
| Mandrake Bidco, Inc. (dba Miratech) | 5910 | 5910 |
| NAVEX TopCo, Inc. | 4050 | 4050 |
| NC Topco, LLC (dba NContracts) | 16282 | 16282 |
| NCWS Intermediate, Inc. (dba National Carwash Solutions) | 26639 | 29149 |
| Netrisk Group Luxco 4 S.à r.l. | 4005 |  |
| Netsmart Technologies, Inc. | 47843 | 47843 |
| North Star Acquisitionco, LLC (dba Everway) | 93988 | 11202 |
| Octane Purchaser, Inc. (dba Office Ally) | 66993 |  |
| Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) | 8719 | 8719 |
| OMEGA II AB (dba Fortnox) | 6947 |  |
| Onyx CenterSource, Inc. | 110 | 1100 |
| Optima S.P.A | 51311 |  |
| Orthrus Limited (dba Ocorian) | 3323 | 3031 |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | 145202 |  |
| Paris US Holdco, Inc. (dba Precinmac) | 62841 | 63690 |
| Project Accelerate Parent, LLC (dba ABC Fitness) | 5000 | 5000 |
| Project Maroon, LLC (dba Jeppesen) | 236805 |  |
| Prophix Software Inc. (dba Pound Bidco) | 6105 | 7756 |
| PT Intermediate Holdings III, LLC (dba Parts Town) | 7953 | 7953 |
| QBS Parent, Inc. (dba Quorum Software) | 22127 | 3820 |
| Recorded Books Inc. (dba RBMedia) | 6278 | 6278 |
| Rocket Bidco, Inc. (dba Recochem) | 17063 | 14807 |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | 42598 | 58598 |
| Rubix Foods, LLC | 3300 |  |
| Rubrik, Inc. |  | 627 |
| Runner Bidco AB (dba nShift) | 84960 |  |
| Runway Bidco, LLC (dba Redwood Software) | 18750 | 18750 |
| Shields Health Solutions Holdings, LLC | 275700 |  |
| Singlewire Software, LLC | 3226 | 3226 |
| Solar Holdings Bidco Limited (dba SLR Consulting) | 15787 | 19046 |
| Sonar Acquisitionco, Inc. (dba SimPRO) | 29434 | 29434 |
| Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) | 13672 | 15976 |
| Splash Car Wash, Inc. | 11137 |  |
| Summit Buyer, LLC (dba Classic Collision) | 154834 | 35389 |
| Sunshine Cadence HoldCo, LLC (dba Cadence Education) | 15292 | 16326 |
| Superman Holdings, LLC (dba Foundation Software) | 7380 | 13262 |
| Supreme Fitness Group NY Holdings, LLC | 6683 |  |

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| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** <sup>(1)</sup> | **Unfunded Commitment Balances** <sup>(1)</sup> |
|  | **June 30, 2025** | **December 31, 2024** |
| TEI Intermediate LLC (dba Triumvirate Environmental) | $47143 | $47488 |
| Tropical Bidco, LLC (dba Tropical Cheese) | 17538 | 14615 |
| Trystar, LLC | 18837 | 18837 |
| United Flow Technologies Intermediate Holdco II, LLC | 4904 | 26338 |
| US Signal Company, LLC | 12447 | 13579 |
| USA DeBusk, LLC | 31998 | 34430 |
| Valet Waste Holdings, Inc. (dba Valet Living) | 12899 | 13040 |
| Vamos Bidco, Inc. (dba VIP) | 28417 |  |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | 91 | 319 |
| VASA Fitness Buyer, Inc. | 1306 | 1306 |
| VisionSafe Holdings, Inc. | 1320 | 1320 |
| Wellness AcquisitionCo, Inc. (dba SPINS) | 1716 |  |
| Westwood Professional Services Inc. | 27855 | 30988 |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | 162289 |  |
| Zeus Company LLC | 16313 | 18270 |
| **Total 1st Lien/Senior Secured Debt** | $**2922260** | $**1163027** |
| **1st Lien/Last-Out Unitranche** |  |  |
| EIP Consolidated, LLC (dba Everest Infrastructure) | $3125 | $7500 |
| Esperanto BidCo AG (dba BSI Software) | 30357 | 26541 |
| K2 Towers III, LLC | 1705 | 4858 |
| Skyway Towers Intermediate LLC | 6183 | 7349 |
| Tarpon Towers II LLC | 8619 | 10063 |
| Thor FinanceCo LLC (dba Harmoni Towers) | 11833 | 17167 |
| Towerco IV Holdings, LLC | 2319 | 2982 |
| **Total 1st Lien/Last-Out Unitranche** | $**64141** | $**76460** |
| **2nd Lien/Senior Secured Debt** |  |  |
| Consilio IntermediateCo Limited (dba Cyncly) | $6603 | $— |
| INK (BC) BIDCO S.R.L. (dba Namirial) | 6234 |  |
| **Total 2nd Lien/Senior Secured Debt** | $**12837** | $**—** |
| **Total** | $**2999238** | $**1239487** |

---

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

**Contingencies** 

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

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**8. NET ASSETS** 

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

**Transactions in Shares** 

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

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds Received** |
| ***For the Six Months Ended June 30, 2025*** |  |  |
| January 1, 2025 | 23191555 | $584891 |
| February 1, 2025 | 15021187 | 378834 |
| March 1, 2025 | 12743027 | 320487 |
| April 1, 2025 | 19173626 | 481450 |
| May 1, 2025 | 9608339 | 240497 |
| June 1, 2025 | 9247618 | 231745 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **88985352** | $**2237904** |
| ***For the Six Months Ended June 30, 2024*** |  |  |
| January 1, 2024 | 13232488 | $333459 |
| February 1, 2024 | 6122455 | 154286 |
| March 1, 2024 | 7852924 | 197815 |
| April 1, 2024 | 9027996 | 228589 |
| May 1, 2024 | 9154226 | 231693 |
| June 1, 2024 | 10422835 | 263698 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **55812924** | $**1409540** |

---

**Distributions to Common Stockholders**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Shares** |
| ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** | ***For the Six Months Ended June 30, 2025*** |
| November 7, 2024 | January 31, 2025 | February 28, 2025 | $0.20 | 633167 |
| February 26, 2025 | February 28, 2025 | April 7, 2025 | $0.19<br><sup>(1)</sup> | 653785 |
| February 26, 2025 | March 31, 2025 | April 28, 2025 | $0.19 | 689129 |
| February 26, 2025 | April 30, 2025 | May 28, 2025 | $0.19 | 712313 |
| May 7, 2025 | May 30, 2025 | July 3, 2025 | $0.19 | 742338 |
| May 7, 2025 | June 30, 2025 | July 29, 2025 | $0.19 | 759594 |
| ***For the Six Months Ended June 30, 2024*** | ***For the Six Months Ended June 30, 2024*** |  |  |  |
| November 1, 2023 | January 31, 2024 | February 29, 2024 | $0.21 | 284014 |
| February 27, 2024 | February 29, 2024 | March 28, 2024 | $0.21 | 303114 |
| February 27, 2024 | March 28, 2024 | April 26, 2024 | $0.21 | 328736 |
| February 27, 2024 | April 30, 2024 | May 28, 2024 | $0.21 | 358447 |
| May 1, 2024 | May 31, 2024 | June 26, 2024 | $0.21 | 396199 |
| May 1, 2024 | June 28, 2024 | July 26, 2024 | $0.21 | 421156 |

---

<sup>(1)</sup> Less than $0.01 is considered a return of capital distribution; less than $0.01 is considered capital gain distribution.

**Share Repurchase Program**

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

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

The following table presents the share repurchases completed during the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration Date** | **Percentage of Outstanding Units the Company Offered to Repurchase**<sup>(1)(2)</sup> | **Purchase Price Per Share** | **Amount Repurchased** <sup>(3)</sup> | **Number of Shares Repurchased** |
| ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |
| February 24, 2025 | March 21, 2025 | 5.0% | $25.11 | $66945 | 2667462 |
| May 22, 2025 | June 20, 2025 | 5.0% | $25.07 | 140224 | 5594727 |
| **Total** |  |  |  | $**207169** | **8262189** |
| ***For the Six Months Ended June 30, 2024*** |  |  |  |  |  |
| February 16, 2024 | March 15, 2024 | 5.0% | $25.32 | $394 | 15551 |
| May 17, 2024 | June 14, 2024 | 5.0% | $25.31 | 12989 | 513509 |
| **Total** |  |  |  | $**13383** | **529060** |

---

<sup>(1)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

<sup>(2)</sup> All repurchase requests were satisfied in full.

<sup>(3)</sup> Amounts shown net of Early Repurchase Deduction.

**9. EARNINGS PER COMMON SHARE**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net increase in net assets from operations | $147092 | $68684 | $255627 | $133119 |
| Weighted average shares outstanding | 274775417 | 110477322 | 254099616 | 97055046 |
| Basic and diluted earnings (loss) per share | $0.54 | $0.62 | $1.01 | $1.37 |

---

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

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**10. FINANCIAL HIGHLIGHTS** 

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

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Per Common Share Data**<sup>(1)</sup>**:** |  |  |
| NAV, beginning of period | $25.22 | $25.20 |
| Net investment income | 1.15 | 1.25 |
| Net realized and unrealized gains (losses)<sup>(2)</sup> | (0.15) | 0.12 |
| Net increase in net assets from operations<sup>(2)</sup> | $1.00 | $1.37 |
| Distributions recorded: |  |  |
| &nbsp;&nbsp;From distributable earnings | (1.14) | (1.26) |
| &nbsp;&nbsp;From return of capital | (0.01) |  |
| Total increase in net assets | $(0.15) | $0.11 |
| NAV, end of period | $25.07 | $25.31 |
| Shares outstanding, end of period | 279279667 | 120352179 |
| Weighted average shares outstanding | 254099616 | 97055046 |
| Total return based on NAV<sup>(3)</sup> | 4.05% | 5.55% |
| **Supplemental Data/Ratio**<sup>(4)</sup>**:** |  |  |
| Net assets, end of period | $7002707 | $3046532 |
| Ratio of net expenses to average net assets | 4.58% | 4.21% |
| Ratio of net expenses before voluntary waivers to average net assets | 5.12% | 4.45% |
| Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets | 1.13% | 1.12% |
| Ratio of interest and other debt expenses to average net assets | 2.66% | 1.91% |
| Ratio of net incentive fees to average net assets | 0.79% | 1.18% |
| Ratio of total expenses to average net assets | 5.29% | 4.86% |
| Ratio of net investment income to average net assets | 8.50% | 9.34% |
| Portfolio turnover | 7% | 6% |

---

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

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

<sup>(3)</sup> Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company's DRIP.

<sup>(4)</sup> Ratios are annualized, except for, as applicable, fee waivers, expense support and unvested Incentive Fees. NAV used in ratios represents NAV to common stockholders.

**11. SUBSEQUENT EVENTS**

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

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

On July 11, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Goldman Sachs Middle Market Lending Corp. II ("MMLC II") and GSAM. The Merger Agreement provides that, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), MMLC II will merge with and into the Company, with the Company continuing as the surviving company (the "Merger"). The Board of Directors and the board of directors of MMLC II, including all of their respective independent directors, in each case, on the recommendation of a committee (such company's "Special Committee") comprised solely of certain, separate independent directors of the Company or MMLC II, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

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

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

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

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

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

*Third Amendment to the MS Revolving Credit Facility*

On July 16, 2025, the Company entered into the third amendment of the MS Revolving Credit Facility (the "MS Facility Third Amendment"). The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility).

*Upsize of the Truist Revolving Credit Facility*

On July 17, 2025, the Company increased the amount of revolving commitments under the Truist Revolving Credit Facility by $50,000 through the increase of an existing lender's commitment. The aggregate revolving commitments under the Truist Revolving Credit Facility increased from $2,245,000 to $2,295,000.

*July and August Subscriptions*

On July 1, 2025, the Company received $334,722 of proceeds relating to the issuance of 13,351,495 Shares. Included in the aforementioned proceeds is $102,777 that the Company received from affiliates of the Investment Adviser.

On August 1, 2025, the Company received $355,562 of proceeds relating to the issuance of Shares. Included in the aforementioned proceeds is $62,919 that the Company received from an affiliate of the Investment Adviser.

*Distributions* 

On August 6, 2025, the Board of Directors declared monthly distributions from the Company's taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:

---

| | |
|:---|:---|
| **<u>Record Date</u>** | **<u>Payable Date</u>** |
| August 29, 2025 | September 29, 2025 |
| September 30, 2025 | October 29, 2025 |
| October 31, 2025 | November 26, 2025 |

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

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

**OVERVIEW** 

We are a specialty finance company that is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company ("RIC"), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2023. From our commencement of investment operations on April 6, 2023 through June 30, 2025, we have originated approximately $11.87 billion in aggregate principal amount of Private Credit Investments (as defined below) and related equity prior to any subsequent exits and repayments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leveraging Goldman Sachs Asset Management Private Credit's position within Goldman Sachs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct origination with borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prudent investment selection with intensive due diligence and credit analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provision of large-sized commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Structuring expertise with a focus on risk mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rigorous portfolio management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Focus on companies with attractive business fundamentals.

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

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

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

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

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

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

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

**KEY COMPONENTS OF OPERATIONS** 

***Revenues*** 

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

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

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

***Expenses*** 

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

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

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

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financial or other advisors, but excluding the stockholder servicing fee);

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with calculating our net asset value ("NAV") (including the costs and expenses of any independent valuation firm);

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Leverage** 

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares of stock senior to our common stock if our asset coverage ratio, as defined under the Investment Company Act, is at least equal to 150% immediately after each such issuance. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150%, subject to certain approval and disclosure requirements. Our board of directors (the "Board of Directors" or the "Board") and the initial member approved the application of the 150% asset coverage ratio to us in accordance with the requirements of the Investment Company Act. While the leverage we employ may be greater or less than these levels from time to time, we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt

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

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

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

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

**PORTFOLIO AND INVESTMENT ACTIVITY** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| First Lien/Senior Secured Debt | $9312.90 | $9300.76 | $7014.26 | $7006.80 |
| First Lien/Last-Out Unitranche | 279.82 | 282.10 | 263.35 | 261.65 |
| Second Lien/Senior Secured Debt | 43.53 | 43.90 |  |  |
| Preferred Stock | 3.10 |  | 3.10 |  |
| Common Stock | 5.21 | 4.18 | 5.21 | 5.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | $**9644.56** | $**9630.94** | $**7285.92** | $**7273.82** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| **Weighted Average Yield**<sup>(1)</sup> |  |  |  |  |
| First Lien/Senior Secured Debt<sup>(2)</sup> | 9.1% | 9.1% | 9.4% | 9.4% |
| First Lien/Last-Out Unitranche<sup>(2)(3)</sup> | 10.7% | 10.6% | 11.0% | 11.1% |
| Second Lien/Senior Secured Debt<sup>(2)</sup> | 11.1% | 11.1% |  |  |
| Preferred Stock<sup>(4)</sup> |  |  |  |  |
| Common Stock<sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | **9.1%** | **9.2%** | **9.5%** | **9.5%** |

---

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

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<sup>(2)</sup> Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value. This calculation excludes investments that are unsettled as of period-end as the interest rate associated with the investment is not known prior to the settlement date.

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

<sup>(4)</sup> Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

As of June 30, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 9.1% and 9.2%, as compared to 9.5% and 9.5% as of December 31, 2024.

As of June 30, 2025, the Liquid Investments portfolio weighted average yield measured at amortized cost and fair value was 7.2% and 7.3%, compared to 7.5% and 7.5% as of December 31, 2024.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |  |
|  | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |  |
| Number of portfolio companies in which we have Private Credit Investments |  | 128 | 96 | 96 |  |
| Number of Liquid Investments |  | 170 | 174 | 174 |  |
| Percentage of performing debt bearing a floating rate<sup>(1)</sup> |  | 100.0% |  | 100.0 | % |
| Percentage of performing debt bearing a fixed rate<sup>(1)(2)</sup> |  | —% | —% | —% |  |
| Weighted average loan-to-value ("LTV")<sup>(3)</sup> |  | 40.7% |  | 40.4 | % |
| Weighted average leverage (net debt/EBITDA)<sup>(4)</sup> |  | 5.5x |  | 5.7 | x |
| Weighted average interest coverage<sup>(4)</sup> |  | 2.0x |  | 2.0 | x |
| Median EBITDA<sup>(4)</sup> | $| $101.40 million | $— | 98.65 million |  |

---

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

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

<sup>(3)</sup> Includes all Private Credit Investments for which fair value is determined by the Investment Adviser, as the valuation designee (the "Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. Figures are derived from the financial statements most recently validated by the Investment Adviser. LTV is calculated as net debt through each respective loan tranche divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable private debt investments.

<sup>(4)</sup> Includes all Private Credit Investments for which fair value is determined by the Investment Adviser, as the Valuation Designee designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. For a particular portfolio company, we calculate the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our applicable Private Credit Investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

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

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

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

As of June 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 7.1% and 11.8% of total Private Credit Investments at fair value.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Investment Performance Rating** | **Fair Value** | **Percentage of Total** | **Fair Value** | **Percentage of Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Grade 1 | $— | —% | $— | —% |
| Grade 2 | 9613.79 | 99.8 | 7273.82 | 100.0 |
| Grade 3 | 17.15 | 0.2 |  |  |
| Grade 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**9630.94** | **100.0%** | $**7273.82** | **100.0%** |

---

The increase in investments with a Grade 3 investment performance rating was primarily driven by investments with an aggregate fair value of $17.15 million being downgraded from a Grade 2 investment performance rating due to financial underperformance.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Amortized Cost** | **Percentage of<br>Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Performing | $9644.56 | 100.0% | $7285.92 | 100.0% |
| Non-accrual |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**9644.56** | **100.0%** | $**7285.92** | **100.0%** |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Amount of investments committed at cost**: |  |  |
| First Lien/Senior Secured Debt | $2392.76 | $1086.64 |
| Second Lien/Senior Secured Debt | 38.05 |  |
| Common Stock |  | 5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**2430.81** | $**1091.85** |
| **Proceeds from investments sold or repaid:** |  |  |
| First Lien/Senior Secured Debt | $216.71 | $29.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**216.71** | $**29.40** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in portfolio** | $**2214.10** | $**1062.45** |
| **Number of new portfolio companies with new investment commitments** | 24 | 13 |
| **Total new investment commitment amount in new portfolio companies** | $1943.89 | $1054.02 |
| **Average new investment commitment amount in new portfolio companies** | $81.00 | $81.08 |
| **Number of existing portfolio companies with new investment commitments** | 8 | 3 |
| **Total new investment commitment amount in existing portfolio companies** | $486.92 | $37.83 |
| **Weighted average remaining term for new investment commitments (in years)**<sup>(2)</sup> | 6.4 | 5.9 |
| **Percentage of new debt investment commitments at floating interest rates** | 100.0% | 100.0% |
| **Percentage of new debt investment commitments at fixed interest rates**<sup>(3)</sup> | —% | —% |
| **Weighted average yield on new debt and income producing investment commitments**<sup>(4)</sup> | 8.7% | 10.8% |
| **Weighted average yield on new investment commitments**<sup>(5)</sup> | 8.7% | 10.7% |
| **Weighted average yield on debt and income producing investments sold or repaid**<sup>(6)</sup> | 10.3% | 10.5% |
| **Weighted average yield on investments sold or repaid**<sup>(7)</sup> | 10.3% | 10.5% |

---

<sup>(1)</sup> New investment commitments are shown net of capitalized fees, expenses and original issue discount ("OID") that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

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

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

<sup>(4)</sup> Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

<sup>(5)</sup> Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

<sup>(6)</sup> Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.

<sup>(7)</sup> Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

Our net investment activity at amortized cost for Liquid Investments (excluding investments in money market funds, if any) for the three months ended June 30, 2025 and for the three months ended June 30, 2024 was $308.36 million and $158.60 million. As of June 30, 2025 and June 30, 2024, the fair value of Liquid Investments (excluding investments in money market funds, if any) was $2,029.52 million, or 21.1% and $661.15 million, or 16.9% of our portfolio.

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**RESULTS OF OPERATIONS** 

Our operating results were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Total investment income | $222.57 | $98.52 | $414.09 | $165.15 |
| Net expenses | (72.35) | (28.80) | (122.47) | (44.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $**150.22** | $**69.72** | $**291.62** | $**121.10** |
| Net realized gain (loss) on investments | (3.82) | (0.37) | (7.49) | (4.38) |
| Net unrealized appreciation (depreciation) on investments | 20.78 | (2.17) | (1.51) | 12.54 |
| Net realized and unrealized gain (losses) on translations and transactions | (20.09) | 1.50 | (26.99) | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | $**(3.13)** | $**(1.04)** | $**(35.99)** | $**12.02** |
| **Net increase in net assets from operations** | $**147.09** | $**68.68** | $**255.63** | $**133.12** |

---

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

***Investment Income*** 

Our investment income was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest income | $213.83 | 93.11 | $396.57 | $154.25 |
| Dividend income | 4.43 | 3.51 | 8.74 | 8.03 |
| Other income | 4.31 | 1.90 | 8.78 | 2.87 |
| **Total investment income** | $**222.57** | $**98.52** | $**414.09** | $**165.15** |

---

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

***Expenses***

Our expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Interest and other debt expenses | $45.53 | $15.53 | $84.13 | $23.33 |
| Management fees | 21.36 | 8.63 | 39.56 | 15.08 |
| Incentive fees based on income | 18.98 | 9.03 | 35.44 | 15.30 |
| Incentive fees based on capital gains |  | (0.13) |  | 1.50 |
| Professional fees | 0.68 | 0.48 | 1.30 | 0.94 |
| Offering costs | 0.32 | 0.35 | 0.59 | 1.05 |
| Directors' fees | 0.17 | 0.16 | 0.34 | 0.33 |
| Other general and administrative expenses | 3.38 | 1.40 | 5.95 | 2.51 |
| **Total expenses** | $**90.42** | $**35.45** | $**167.31** | $**60.04** |
| Fee waivers | (12.00) | (3.50) | (34.60) | (5.93) |
| Expense support | (6.07) | (3.15) | (10.24) | (10.06) |
| **Net Expenses** | $**72.35** | $**28.80** | $**122.47** | $**44.05** |

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

In the table above:

• Interest and other debt expenses increased from $15.53 million and $23.33 million for the three and six months ended June 30, 2024 to $45.53 million and $84.13 million for the three and six months ended June 30, 2025. The increase was primarily driven by an increase in the weighted average aggregate borrowings outstanding from $801.49 million and $575.08 million for the three and six months ended June 30, 2024 to $2,598.77 million and $2,431.75 million for the three and six months ended June 30, 2025.

• Management Fees increased from $8.63 million and $15.08 million for the three and six months ended June 30, 2024 to $21.36 million and $39.56 million for the three and six months ended June 30, 2025. The increase was primarily driven by an increase in net assets. The Investment Adviser waived $2.49 million and $2.49 million for the three and six months ended June 30, 2024 and $3.00 million and $13.60 million for the three and six months ended June 30, 2025.

• Incentive Fees based on income increased from $9.03 million and $15.30 million for the three and six months ended June 30, 2024 to $18.98 million and $35.44 million for the three and six months ended June 30, 2025. The increase was primarily driven by the performance of our investment portfolio. The Investment Adviser waived $1.01 million and $3.44 million for the three and six months ended June 30, 2024 and $9.00 million and $21.00 million for the three and six months ended June 30, 2025.

• The Investment Adviser elected to pay $6.07 million and $10.24 million of certain of our expenses on our behalf for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, the Investment Adviser elected to pay $3.15 million and $10.06 million. For further details, see Note 3 "Significant Agreements and Related Party Transactions — Expense Support and Conditional Reimbursement Agreement" in our consolidated financial statements included in this report.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***(in millions)*** | ***(in millions)*** | ***(in millions)*** | ***(in millions)*** |
| Other, net | $(0.54) | $(0.02) | $(4.10) | $(0.03) |
| Ascend Performance Materials Operations, LLC | (1.60) |  | (1.60) |  |
| MH Sub I, LLC | (0.52) |  | (0.52) |  |
| Oscar AcquisitionCo, LLC | (0.33) |  | (0.42) |  |
| Peraton Corp. | (0.33) |  | (0.33) |  |
| Summit Behavioral Healthcare, LLC | (0.29) |  | (0.29) |  |
| Foundation Building Materials Holding Company, LLC | (0.21) |  | (0.21) |  |
| Virgin Media Bristol, LLC | (0.00) | (0.35) | (0.02) | (0.35) |
| LCG Vardiman Black, LLC (dba Specialty Dental Brands) |  |  |  | (4.00) |
| M6 ETX Holdings II Midco, LLC |  | (0.03) |  | (0.03) |
| Calpine Corporation |  | 0.03 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | $**(3.82)** | $**(0.37)** | $**(7.49)** | $**(4.38)** |

---

For the three and six months ended June 30, 2024, we had a realized loss of $(0.37) million and $(4.38) million. For the three and six months ended June 30, 2024, net realized losses were primarily driven by the restructuring of the first lien debt investment in LCG Vardiman Black, LLC (dba Specialty Dental Brands), which resulted in a realized loss of $4.00 million.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| Unrealized appreciation | $46.69 | $5.44 | $44.40 | $20.36 |
| Unrealized depreciation | (25.91) | (7.61) | (45.91) | (7.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments** | $**20.78** | $**(2.17)** | $**(1.51)** | $**12.54** |

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Portfolio Company:** |  |  |
| Other, net<sup>(1)</sup> | $21.09 | $(0.53) |
| Solar Holdings Bidco Limited (dba SLR Consulting) | 4.36 | 5.71 |
| Consilio Midco Limited (dba Cyncly) | 2.36 | 2.36 |
| Esperanto BidCo AG (dba BSI Software) | 2.19 | 2.81 |
| Rocket Bidco, Inc. (dba Recochem) | 2.00 | 1.94 |
| Hamilton Thorne, Inc. | 1.99 | 3.02 |
| Kryptona Bidco US, LLC (dba Kyriba) | 1.47 | 2.41 |
| Ardonagh Midco 3 PLC |  | 3.19 |
| DFS Holding Company, Inc. | (0.47) | (1.26) |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | (0.67) | (2.51) |
| Packaging Coordinators Midco, Inc. (dba PCI Pharma) | (0.77) | (2.01) |
| Blast Bidco Inc. (dba Bazooka Candy Brands) | (0.93) | (0.98) |
| Eagle Family Foods Group LLC | (1.16) | (1.23) |
| PT Intermediate Holdings III, LLC (dba Parts Town) | (1.23) | (1.24) |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | (2.11) | (4.15) |
| Renaissance Holding Corp. | (7.34) | (9.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**20.78** | $**(1.51)** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $32.33 million and $22.95 million and gross unrealized depreciation of $(11.24) million and $(23.48) million.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2024** | **June 30, 2024** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Portfolio Company:** |  |  |
| BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) | $1.14 | 0.71 |
| Rocket Bidco, Inc. (dba Recochem) | 0.78 | 0.44 |
| CST Holding Company (dba Intoxalock) | 0.68 | 0.87 |
| BEP Intermediate Holdco LLC (dba Buyers Edge) | 0.34 | 0.34 |
| Zeus Company LLC | 0.33 | 0.32 |
| Vardiman Black Holdings, LLC (dba Specialty Dental Brands) | (0.27) | 5.24 |
| Trader Corporation | (0.48) | (1.03) |
| Ardonagh Midco 3 PLC | (0.70) | (0.83) |
| Renaissance Holding Corp. | (1.09) | (0.55) |
| Other, net<sup>(1)</sup> | (1.37) | 8.52 |
| Heartland Dental, LLC | (1.53) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**(2.17)** | $**12.54** |

---

<sup>(1)</sup> For the three and six months ended June 30, 2024, Other, net includes gross unrealized appreciation of $2.18 million and $12.44 million and gross unrealized depreciation of $(3.55) million and $(3.92) million.

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2024 was primarily driven by tightening of credit spreads and the reversal of unrealized depreciation in connection with the aforementioned restructuring of the first lien debt investment in LCG Vardiman Black, LLC (dba Specialty Dental Brands).

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES** 

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

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

We expect to generate cash primarily from the net proceeds of any future offerings of securities, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to the Revolving Credit Facilities, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See "*—Key Components of Operations—Leverage.*" As of June 30, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes our Revolving Credit Facilities) was 356% and 290%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

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

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

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds<br>Received<br>*($ in millions)*** |
| ***For the Six Months Ended June 30, 2025*** |  |  |
| **Class I Common Stock** |  |  |
| January 1, 2025 | 23191555 | $584.89 |
| February 1, 2025 | 15021187 | 378.83 |
| March 1, 2025 | 12743027 | 320.49 |
| April 1, 2025 | 19173626 | 481.45 |
| May 1, 2025 | 9608339 | 240.50 |
| June 1, 2025 | 9247618 | 231.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **88985352** | **2237.90** |
| ***For the Six Months Ended June 30, 2024*** |  |  |
| January 1, 2024 | 13232488 | $333.46 |
| February 1, 2024 | 6122455 | 154.29 |
| March 1, 2024 | 7852924 | 197.81 |
| April 1, 2024 | 9027996 | 228.59 |
| May 1, 2024 | 9154226 | 231.69 |
| June 1, 2024 | 10422835 | 263.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **55812924** | **1409.54** |

---

***Share Repurchase Program***

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration Date** | **Percentage of Outstanding Units the Company Offered to Repurchase**<sup>(1)(2)</sup> | **Purchase Price Per Share** | **Amount Repurchased** <sup>(3)</sup><br>***($ in millions)*** | **Number of Shares Repurchased** |
| ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |
| February 24, 2025 | March 21, 2025 | 5.0% | $25.11 | $66.95 | 2667462 |
| May 22, 2025 | June 20, 2025 | 5.0% | $25.07 | 140.22 | 5594727 |
| **Total** |  |  |  | $**207.17** | **8262189** |
| ***For the Six Months Ended June 30, 2024*** |  |  |  |  |  |
| February 16, 2024 | March 15, 2024 | 5.0% | $25.32 | $0.39 | 15551 |
| May 17, 2024 | June 14, 2024 | 5.0% | $25.31 | $12.99 | 513509 |
| **Total** |  |  |  | $**13.38** | **529060** |

---

<sup>(1)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

<sup>(2)</sup> All repurchase requests were satisfied in full.

<sup>(3)</sup> Amounts shown net of Early Repurchase Deduction.

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***Distribution Reinvestment Plan*** 

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

***Contractual Obligations*** 

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** |
|  | **Total** | **Less Than<br>1 Year** | **1 – 3<br>Years** | **3 – 5<br>Years** | **More Than<br>5 Years** |
| Truist Revolving Credit Facility<sup>(1)</sup> | $570.40 | $— | $— | $570.40 | $— |
| BNPP Revolving Credit Facility<sup>(2)</sup> | $450.00 | $— | $450.00 | $— | $— |
| MS Revolving Credit Facility<sup>(3)</sup> | $715.00 | $— | $— | $— | $715.00 |
| 2028 Notes | $400.00 | $— | $400.00 | $— | $— |
| 2030 Notes | $600.00 | $— | $— | $600.00 | $— |

---

<sup>(1)</sup> We may borrow amounts in U.S. Dollars ("USD") or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $133.00 million, in Euros of EUR 202.40 million, in CAD of CAD 108.80 million, in GBP of GBP 60.50 million, in NOK of NOK 90.00 million and in AUD of AUD 41.20 million.

<sup>(2)</sup> We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $450.00 million.

<sup>(3)</sup> We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $715.00 million.

***Truist Revolving Credit Facility*** 

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

The total loans and commitments under the Truist Revolving Credit Facility are $2,370.00 million, of which $1,790.00 million is under a multicurrency sub-facility, $455.00 million is under a USD sub-facility and $125.00 million is under a term loan tranche. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555.00 million. We have amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and June 16, 2025.

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

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

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

***BNPP Revolving Credit Facility***

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

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

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

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

***MS Revolving Credit Facility*** 

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

The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000.00 million (the "Tranche B Advances"). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies.

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

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

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

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***2028 Notes***

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

For further details, see Note 6 "Debt—2028 Notes" to our consolidated financial statements included in this report.

***2030 Notes***

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

For further details, see Note 6 "Debt—2030 Notes" to our consolidated financial statements included in this report.

***Short-Term Borrowings***

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

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

***Off-Balance Sheet Arrangements***

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
|  | ***(in millions)*** | ***(in millions)*** |
| **Unfunded Commitments** |  |  |
| First Lien/Senior Secured Debt | $2922.26 | $1163.03 |
| First Lien/Last-Out Unitranche | 64.14 | 76.46 |
| Second Lien/Senior Secured Debt | 12.84 |  |
| **Total** | $**2999.24** | $**1239.49** |

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**HEDGING**

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

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profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

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

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

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

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

**Fair Value Measurement of Investments**

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

**RECENT DEVELOPMENTS**

*Retirement of Directors and Resignation and Appointment of Officers*

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

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

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

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

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

On August 6, 2025, Ross J. Kari notified our Board that he intends to retire from the Board and all committees thereof, effective as of the close of business on December 31, 2025.

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

On July 11, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with MMLC II and GSAM. The Merger Agreement provides that, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), MMLC II will merge with and into us, with us continuing as the surviving company (the "Merger"). Our Board of Directors and the board of directors of MMLC II, including all of their respective independent directors, in each case, on the recommendation of a committee (such company's "Special Committee") comprised solely of certain, separate independent directors of ours or MMLC II, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

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

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

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

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

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

*Third Amendment to the MS Revolving Credit Facility*

On July 16, 2025, we entered into the third amendment of the MS Revolving Credit Facility (the "MS Facility Third Amendment"). The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility).

*Upsize of the Truist Revolving Credit Facility*

On July 17, 2025, we increased the amount of revolving commitments under the Truist Revolving Credit Facility by $50.00 million through the increase of an existing lender's commitment. The aggregate revolving commitments under the Truist Revolving Credit Facility increased from $2,245.00 million to $2,295.00 million.

*July and August Subscriptions*

On July 1, 2025, we received $334.72 million of proceeds, relating to the issuance of 13,351,495 Shares.

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On August 1, 2025, we received $355.56 million of proceeds, relating to the issuance of Shares.

*Distributions*

On August 6, 2025, our Board of Directors declared monthly distributions from our taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:

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| | |
|:---|:---|
| **<u>Record Date</u>** | **<u>Payable Date</u>** |
| August 29, 2025 | September 29, 2025 |
| September 30, 2025 | October 29, 2025 |
| October 31, 2025 | November 26, 2025 |

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

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

As of June 30, 2025 and December 31, 2024 on a fair value basis, 100% and 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the Truist Revolving Credit Facility, the BNPP Revolving Credit Facility, the MS Revolving Credit Facility and Short-Term Borrowings each bear interest at a floating rate and our 2028 Notes and 2030 Notes bear interest at a fixed rate.

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

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

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| | | | |
|:---|:---|:---|:---|
| **As of June 30, 2025<br>Basis Point Change** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
| ***($ in millions)*** |  |  |  |
| Up 300 basis points | $247.61 | $(41.78) | $205.83 |
| Up 200 basis points | 165.07 | (27.85) | 137.22 |
| Up 100 basis points | 82.53 | (13.92) | 68.61 |
| Up 75 basis points | 61.89 | (10.44) | 51.45 |
| Up 50 basis points | 41.27 | (6.96) | 34.31 |
| Up 25 basis points | 20.63 | (3.48) | 17.15 |
| Down 25 basis points | (20.61) | 3.48 | (17.13) |
| Down 50 basis points | (41.22) | 6.96 | (34.26) |
| Down 75 basis points | (61.82) | 10.44 | (51.38) |
| Down 100 basis points | (82.40) | 13.92 | (68.48) |
| Down 200 basis points | (164.16) | 27.85 | (136.31) |
| Down 300 basis points | (244.35) | 41.78 | (202.57) |

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

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

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**ITEM 4. CONTROLS AND PROCEDURES**

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

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

**PART II –** **OTHER INFORMATION**

**Item 1. Legal Proceedings.** 

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

**Item 1A. Risk Factors.** 

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

**Risks Relating to Our Investments**

***Our investments are very risky and highly speculative.*** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Risks Relating to Our Business and Structure**

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

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

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

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

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

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

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

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

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

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

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

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

The following table summarizes the total securities issued and proceeds:

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds<br>Received<br>*($ in millions)*** |
| ***For the Six Months Ended June 30, 2025*** |  |  |
| **Class I Common Stock** |  |  |
| January 1, 2025 | 23191555 | $584.89 |
| February 1, 2025 | 15021187 | 378.83 |
| March 1, 2025 | 12743027 | 320.49 |
| April 1, 2025 | 19173626 | 481.45 |
| May 1, 2025 | 9608339 | 240.50 |
| June 1, 2025 | 9247618 | 231.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **88985352** | **2237.90** |
| ***For the Six Months Ended June 30, 2024*** |  |  |
| January 1, 2024 | 13232488 | $333.46 |
| February 1, 2024 | 6122455 | 154.29 |
| March 1, 2024 | 7852924 | 197.81 |
| April 1, 2024 | 9027996 | 228.59 |
| May 1, 2024 | 9154226 | 231.69 |
| June 1, 2024 | 10422835 | 263.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **55812924** | **1409.54** |

---

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

*Issuer Purchases of Equity Securities* 

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

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

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

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration Date** | **Percentage of Outstanding Units the Company Offered to Repurchase**<sup>(1)(2)</sup> | **Purchase Price Per Share** | **Amount Repurchased** <sup>(3)</sup><br>***($ in millions)*** | **Number of Shares Repurchased** |
| ***For the Six Months Ended June 30, 2025*** |  |  |  |  |  |
| February 24, 2025 | March 21, 2025 | 5.0% | $25.11 | $66.95 | 2667462 |
| May 22, 2025 | June 20, 2025 | 5.0% | $25.07 | 140.22 | 5594727 |
| **Total** |  |  |  | $**207.17** | **8262189** |
| ***For the Six Months Ended June 30, 2024*** |  |  |  |  |  |
| February 16, 2024 | March 15, 2024 | 5.0% | $25.32 | $0.39 | 15551 |
| May 17, 2024 | June 14, 2024 | 5.0% | $25.31 | $12.99 | 513509 |
| **Total** |  |  |  | $**13.38** | **529060** |

---

<sup>(1)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

<sup>(2)</sup> All repurchase requests were satisfied in full.

<sup>(3)</sup> Amounts shown net of Early Repurchase Deduction.

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

Not applicable.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

**Item 5. Other Information.** 

None`

**Item 6. Exhibits.** 

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

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**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **EXHIBIT NO.**  | **EXHIBIT**  |
| 3.1 | [<u>Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56531), filed on May 18, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312523148093/d410243dex9931.htm) |
| 3.2 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Form 10-Q (File No. 814-01627), filed on May 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000095017025070289/ck0001920145-ex3_2.htm) |
| 4.1 | [<u>Indenture, dated as of May 6, 2025, by and between the Company and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex41.htm) |
| 4.2 | [<u>First Supplemental Indenture, dated as of May 6, 2025, relating to the 5.875% Notes due 2028, by and between the Company and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex42.htm) |
| 4.3 | [<u>Second Supplemental Indenture, dated as of May 6, 2025, relating to the 6.250% Notes due 2030, by and between the Company and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex43.htm) |
| 4.4 | [<u>Form of 5.875% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex42.htm) |
| 4.5 | [<u>Form of 6.250% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex43.htm) |
| 4.6 | [<u>Registration Rights Agreement, dated as of May 6, 2025, relating to the 5.875% Notes due 2028, by and between the Company and BofA Securities, Inc., as the representative of the Initial Purchasers (incorporated by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex46.htm) |
| 4.7 | [<u>Registration Rights Agreement, dated as of May 6, 2025, relating to the 6.250% Notes due 2030, by and between the Company and BofA Securities, Inc., as the representative of the Initial Purchasers (incorporated by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on May 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525114875/d866820dex47.htm)<br>|
| 10.1 | [<u>Second Amendment to Loan and Servicing Agreement, dated as of June 12, 2025, by and among GSCR Mott Street, as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as servicer and as transferor, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on June 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525142738/d949769dex101.htm) |
| 10.2 | [<u>Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of June 16, 2025, by and among the Company, as Borrower, the Lenders and Issuing Banks party thereto, and Truist Bank, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01627), filed on June 20, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1920145/000119312525143672/d30484dex101.htm) |
| 31.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex31_1.htm) |
| 31.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex31_2.htm) |
| 31.3\* | [<u>Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex31_3.htm) |
| 32.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex32_1.htm) |
| 32.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex32_2.htm) |
| 32.3\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001920145-ex32_3.htm) |

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| | |
|:---|:---|
| 101.INS\* | <u>Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document</u> |
| 101.SCH\* | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> |
| 104\* | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

\* Filed herewith.

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**SIGNATURES**

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

---

| | |
|:---|:---|
|  | **GOLDMAN SACHS PRIVATE CREDIT CORP.** |
| Date: August 12, 2025 | /s/ Vivek Bantwal |
|  | Name: Vivek Bantwal |
|  | Title: Co-Chief Executive Officer  |
|  | (Co-Principal Executive Officer) |
| Date: August 12, 2025 | /s/ David Miller |
|  | Name: David Miller |
|  | Title: Co-Chief Executive Officer  |
|  | (Co-Principal Executive Officer) |
| Date: August 12, 2025 | /s/ Stanley Matuszewski |
|  | Name: Stanley Matuszewski |
|  | Title: Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

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## Exhibit 31.1

**Exhibit 31.1** 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Vivek Bantwal, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Private Credit Corp.;

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

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

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

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

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

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

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

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

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

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

Date: August 12, 2025

------

---

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

---

------

## Exhibit 31.2

**Exhibit 31.2** 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Miller, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Private Credit Corp.;

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

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

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

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

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

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

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

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

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

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

Date: August 12, 2025

---

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

---

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## Exhibit 31.3

**Exhibit 31.3** 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stanley Matuszewski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Private Credit Corp.;

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

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

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

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

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

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

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

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

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

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

Date: August 12, 2025

---

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

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Co-Chief Executive Officer**

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

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

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

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

Date: August 12, 2025

---

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

---

------

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Co-Chief Executive Officer**

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

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

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

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

Date: August 12, 2025

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

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## Exhibit 32.3

**Exhibit 32.3**

**Certification of Chief Financial Officer** 

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

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

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

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

Date: August 12, 2025

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

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