ThZeal - The Zeal

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

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

Commission file number 814-01627

Goldman Sachs Private Credit Corp.

(Exact Name of Registrant as Specified in Its Charter)


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

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

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

Not Applicable

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

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

     Title of each class 

     Trading Symbol(s) 

     Name of each exchange
on which registered

     None

     None

     None

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

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

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


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

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

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

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of May 13, 2025, was 264,563,786. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price for such shares has not been finalized at this time.

Table of Contents

GOLDMAN SACHS PRIVATE CREDIT CORP.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	2
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	Financial Statements (Unaudited)	3
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	34
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	71
ITEM 4.	Controls and Procedures	73

PART II.	OTHER INFORMATION	73
ITEM 1.	Legal Proceedings	73
ITEM 1A.	Risk Factors	73
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
ITEM 3.	Defaults Upon Senior Securities	74
ITEM 4.	Mine Safety Disclosures	74
ITEM 5.	Other Information	74
ITEM 6.	Exhibits	76

SIGNATURES		77

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

our future operating results;

•

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

•

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

•

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

•

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

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

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

•

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

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

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

•

the impact of future acquisitions and divestitures;

•

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

•

our ability to maintain our status as a BDC;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the effect of global climate change on our portfolio companies;

•

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

•

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

Table of Contents

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)


	March 31,			December 31,
	2025 (Unaudited)			2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $8,181,154 and $7,234,752)	$	8,153,403		$	7,226,585
Non-controlled affiliated investments (cost of $52,812 and $51,170)		46,166			47,230
Total investments, at fair value (cost of $8,233,966 and $7,285,922)	$	8,199,569		$	7,273,815
Investments in affiliated money market fund (cost of $333,491 and $444,718)		333,491			444,718
Cash		89,700			120,377
Interest and dividends receivable		42,449			40,396
Deferred financing costs		30,849			29,448
Receivable for investments sold		11,629			40,859
Receivable from investment adviser		4,177			3,074
Deferred offering costs		985			965
Other assets		3,974			599
Total assets	$	8,716,823		$	7,954,251
Liabilities
Debt	$	2,267,169		$	2,576,893
Payable for investments purchased		131,801			349,328
Distribution payable		75,012			64,446
Payable for share repurchases		66,980			25,582
Interest and other debt expenses payable		16,422			15,335
Management fees payable		6,440			5,067
Incentive fees based on income payable		4,459			7,039
Accrued expenses and other liabilities		3,506			4,857
Total liabilities	$	2,571,789		$	3,048,547
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, 244,701,031 and 194,480,997 common shares issued and outstanding as of March 31, 2025 and December 31, 2024)		245			194
Paid-in capital in excess of par		6,171,465			4,907,427
Distributable earnings (loss)		(26,676	)		(1,917	)
Total net assets	$	6,145,034		$	4,905,704
Total liabilities and net assets	$	8,716,823		$	7,954,251
Net asset value per common share	$	25.11		$	25.22

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	181,402		$	61,116
Other income		4,426			968
From non-controlled affiliated investments:
Dividend income		4,315			4,519
Interest income		1,343			22
Other income		38			—
Total investment income	$	191,524		$	66,625
Expenses:
Interest and other debt expenses	$	38,602		$	7,804
Management fees		18,202			6,445
Incentive fees based on income		16,459			6,270
Incentive fees based on capital gains		—			1,632
Professional fees		629			459
Offering costs		269			696
Directors’ fees		169			166
Other general and administrative expenses		2,569			1,106
Total expenses	$	76,899		$	24,578
Fee waivers		(22,595	)		(2,425	)
Expense support		(4,177	)		(6,905	)
Net expenses	$	50,127		$	15,248
Net investment income	$	141,397		$	51,377
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(3,673	)	$	(4,016	)
Foreign currency transactions		3,266			(527	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(19,584	)		14,541
Non-controlled affiliated investments		(2,706	)		165
Foreign currency translations		(10,165	)		2,895
Net realized and unrealized gains (losses)	$	(32,862	)	$	13,058
Net increase in net assets from operations	$	108,535		$	64,435
Weighted average common shares and common units outstanding		233,194,083			83,632,769
Basic and diluted net investment income per share	$	0.61		$	0.61
Basic and diluted earnings (loss) per share	$	0.47		$	0.77

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Net assets at beginning of period	$	4,905,704		$	1,590,837
Increase (decrease) in net assets from operations:
Net investment income	$	141,397		$	51,377
Net realized gain (loss)		(407	)		(4,543	)
Net change in unrealized appreciation (depreciation)		(32,455	)		17,601
Net increase in net assets from operations	$	108,535		$	64,435
Distributions to stockholders from:
Distributable earnings to common stockholders	$	(133,294	)	$	(52,680	)
Return of capital	$	(1,824	)	$	—
Total distributions to stockholders	$	(135,118	)	$	(52,680	)
Capital transactions:
Issuance of common shares	$	1,284,212		$	685,560
Repurchased shares, net of early repurchase deduction		(66,971	)		(394	)
Reinvestment of common stockholder distributions		48,672			21,283
Net increase in net assets from capital transactions	$	1,265,913		$	706,449
Total increase in net assets	$	1,239,330		$	718,204
Net assets at end of period	$	6,145,034		$	2,309,041
Distributions per common share	$	0.58		$	0.63

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Cash Flows

(in thousands, except shares and per share amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Cash flows from operating activities:
Net increase in net assets from operations:	$	108,535		$	64,435
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments		(1,129,763	)		(903,684	)
Payment-in-kind interest capitalized		(7,104	)		(1,015	)
Investments in affiliated money market fund, net		111,227			(251,473	)
Proceeds from sales of investments and principal repayments		189,525			22,760
Net realized (gain) loss on investments		3,673			4,016
Net change in unrealized (appreciation) depreciation on investments		22,290			(14,706	)
Net change in unrealized (appreciation) depreciation on foreign currency translation		(173	)		80
Amortization of premium and accretion of discount, net		(4,374	)		(1,837	)
Amortization of deferred financing costs		1,882			661
Amortization of deferred offering costs		269			696
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		29,230			8,792
(Increase) decrease in interest and dividends receivable		(2,053	)		(6,794	)
(Increase) decrease in receivable from investment adviser		(1,103	)		(548	)
(Increase) decrease in other assets		(3,375	)		103
Increase (decrease) in interest and other debt expenses payable		1,043			1,230
Increase (decrease) in management fees payable		1,373			(732	)
Increase (decrease) in incentive fees based on income payable		(2,580	)		(409	)
Increase (decrease) in incentive fees based on capital gains payable		—			1,632
Increase (decrease) in payable for investments purchased		(217,527	)		162,913
Increase (decrease) in accrued expenses and other liabilities		(1,141	)		(90	)
Net cash provided by (used for) operating activities	$	(900,146	)	$	(913,970	)
Cash flows from financing activities:
Proceeds from issuance of common shares	$	1,284,212		$	685,560
Repurchased shares, net of early repurchase deduction		(25,575	)		—
Offering costs paid		(499	)		(498	)
Common stock distributions paid		(75,880	)		(25,506	)
Financing costs paid		(3,238	)		(582	)
Borrowings on debt		975,844			310,628
Repayments of debt		(1,285,568	)		(45,000	)
Net cash provided by (used for) financing activities	$	869,296		$	924,602
Net increase (decrease) in cash	$	(30,850	)	$	10,632
Effect of foreign exchange rate changes on cash		173			(80	)
Cash, beginning of period		120,377			19,325
Cash, end of period	$	89,700		$	29,877
Supplemental and non-cash activities
Interest expense paid	$	34,431		$	5,136
Accrued but unpaid distributions	$	75,012		$	19,150
Reinvestment of common stockholder distributions	$	48,672		$	21,283
Accrued but unpaid share repurchases	$	66,980		$	394
Exchange of Investments	$	—		$	44,377

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025

(in thousands, except share and per share amounts)

(Unaudited)


Investment (1) (5)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Debt Investments - 133.3%
Canada - 2.6%
1st Lien/Senior Secured Debt - 2.6%
Recochem, Inc	Chemicals	9.00%	C + 5.75%	11/01/30	CAD		57,603	$	40,845		$	40,029		(6) (7) (8)
Recochem, Inc	Chemicals	10.04%	S + 5.75%	11/01/30	$		25,296		24,836			25,296		(6) (7) (8)
Recochem, Inc	Chemicals	8.92%	C + 5.75%	11/01/30	CAD		14,167		181			262		(6) (7) (8) (9)
Recochem, Inc	Chemicals	10.04%	S + 5.75%	11/01/30			12,733		12,515			12,733		(6) (7) (8)
Recochem, Inc	Chemicals	10.04%	S + 5.75%	11/01/30	CAD		9,446		221			316		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.82%	S + 6.00%	02/01/27			61,429		61,207			61,121		(6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.82%	S + 6.00%	02/01/27			5,892		2,013			1,984		(6) (7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services		S + 6.00%	02/01/27			3,326		—			(17	)	(6) (7) (8) (9)
iWave Information Systems, Inc.	Software	11.08%	S + 6.75%	11/23/28			19,167		18,824			18,784		(7) (8)
iWave Information Systems, Inc.	Software		S + 6.75%	11/23/28			2,391		(39	)		(48	)	(7) (8) (9)
Total 1st Lien/Senior Secured Debt									160,603			160,460
Total Canada								$	160,603		$	160,460
France - 0.0%
1st Lien/Senior Secured Debt - 0.0%
Financière N (dba Nemera)	Health Care Equipment & Supplies		E + 5.00%	03/31/32	EUR		46,004	$	1		$	(445	)	(6) (7) (9)
Financière N (dba Nemera)	Health Care Equipment & Supplies		E + 5.00%	03/31/32	EUR		16,831		1			(242	)	(6) (7) (9)
Total 1st Lien/Senior Secured Debt									2			(687	)
Total France								$	2		$	(687	)
Luxembourg - 0.2%
1st Lien/Senior Secured Debt - 0.2%
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.25%	02/05/32	EUR		2,400	$	(20	)	$	—		(6) (7) (9)
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.25%	02/05/32	EUR		1,000		21			—		(6) (7) (9)
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.78%	E + 5.25%	02/05/32	EUR		13,200		13,402			14,072		(6) (7)
Total 1st Lien/Senior Secured Debt									13,403			14,072
Total Luxembourg								$	13,403		$	14,072
Switzerland - 0.3%
1st Lien/Last-Out Unitranche (13) - 0.3%
Esperanto BidCo AG (dba BSI Software)	Software		SARON + 5.00%	09/27/31	CHF		24,087	$	(391	)	$	(477	)	(6) (7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	5.69%	SARON + 5.00%	09/27/31	CHF		9,074		10,541			10,077		(6) (7) (8)
Esperanto BidCo AG (dba BSI Software)	Software	7.36%	E + 5.00%	09/27/31	EUR		6,929		7,516			7,380		(6) (7) (8)
Esperanto BidCo AG (dba BSI Software)	Software	5.69%	SARON + 5.00%	09/27/31	CHF		2,561		2,975			2,845		(6) (7) (8)
Total 1st Lien/Last-Out Unitranche									20,641			19,825
Total Switzerland								$	20,641		$	19,825
United Kingdom - 1.3%
1st Lien/Senior Secured Debt - 1.3%
INEOS Quattro Holdings UK Ltd	Chemicals	8.57%	S + 4.25%	10/07/31	$		1,909	$	1,908		$	1,784		(7)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.47%	B + 5.25%	10/06/31	AUD		16,301		10,872			9,982		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services		SN + 5.25%	10/06/31	GBP		15,214		(187	)		(393	)	(6) (7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.00%	C + 5.25%	10/06/31	CAD		14,958		10,804			10,187		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	12.46%	SN + 8.00% PIK	10/04/32	GBP		12,909		16,608			16,342		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.45%	S + 5.25%	10/06/31			9,635		9,452			9,467		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.70%	SN + 5.25%	10/06/31	GBP		8,266		10,643			10,464		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	12.46%	SN + 8.00% PIK	10/04/32	GBP		7,628		9,814			9,656		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.70%	SN + 5.25%	10/06/31	GBP		5,984		7,704			7,575		(6) (7) (8)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.45%	S + 5.25%	10/06/31			4,665		4,577			4,584		(6) (7) (8)
Total 1st Lien/Senior Secured Debt									82,195			79,648
Total United Kingdom								$	82,195		$	79,648
United States - 128.9%
1st Lien/Senior Secured Debt - 124.9%
Bleriot US Bidco Inc.	Aerospace & Defense	7.05%	S + 2.75%	10/31/30	$		8,987	$	9,033		$	8,910		(10)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.32%	S + 5.00%	01/09/30			34,945		34,141			34,595		(8)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28	$		3,689	$	(65	)	$	(37	)	(8) (9)
Propulsion (BC) Finco S.a.r.l.	Aerospace & Defense	7.55%	S + 3.25%	09/14/29			11,653		11,729			11,645		(7)
VisionSafe Holdings, Inc.	Aerospace & Defense	10.32%	S + 6.00%	04/19/30			8,770		8,615			8,594		(6) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 6.00%	04/19/30			1,320		(22	)		(26	)	(6) (8) (9)
Rand Parent, LLC	Air Freight & Logistics		S + 3.00%	03/18/30			6,284		6,306			6,193		(10)
Autokiniton US Holdings, Inc.	Automobile Components	8.44%	S + 4.00%	04/06/28			17,942		17,995			17,572
BBB Industries LLC	Automobile Components	9.65%	S + 5.25%	07/25/29			391		377			347
Clarios Global LP	Automobile Components	6.82%	S + 2.50%	05/06/30			5,485		5,517			5,403
Dealer Tire Financial, LLC	Automobile Components	7.32%	S + 3.00%	07/02/31			7,951		8,000			7,902
DexKo Global Inc.	Automobile Components	8.19%	S + 3.75%	10/04/28			3,976		3,930			3,692		(7)
First Brands Group, LLC	Automobile Components	9.55%	S + 5.00%	03/30/27			7,133		7,073			6,607
First Brands Group, LLC	Automobile Components	9.55%	S + 5.00%	03/30/27			24		24			22
Mavis Tire Express Services Corp.	Automobile Components	7.31%	S + 3.00%	05/04/28			9,588		9,616			9,517
Truck Hero, Inc.	Automobile Components	7.94%	S + 3.50%	01/31/28			244		238			233
American Builders & Contractors Supply Co., Inc.	Building Products	6.07%	S + 1.75%	01/31/31			27,372		27,470			27,310		(10)
Chamberlain Group Inc	Building Products	7.67%	S + 3.25%	11/03/28			13,902		13,958			13,760		(10)
Icebox Holdco III, Inc.	Building Products	8.06%	S + 3.50%	12/22/28			10,769		10,811			10,765		(10)
MI Windows and Doors, LLC	Building Products	7.32%	S + 3.00%	03/28/31			14,369		14,497			14,088
Oscar AcquisitionCo, LLC	Building Products	8.55%	S + 4.25%	04/29/29			7,920		7,860			7,388
Potters Industries, LLC	Building Products	7.32%	S + 3.00%	12/14/27			13,473		13,577			13,463		(10)
Quikrete Holdings, Inc.	Building Products	6.57%	S + 2.25%	03/19/29			26,853		26,930			26,570
Quikrete Holdings, Inc.	Building Products		S + 2.25%	04/14/31			499		499			493		(10)
Standard Industries, Inc.	Building Products	6.07%	S + 1.75%	09/22/28			16,074		16,126			16,055
Tecta America Corp.	Building Products		S + 3.00%	02/18/32			8,150		8,170			8,081		(10)
Vector WP Holdco, Inc.	Building Products	9.44%	S + 5.00%	10/12/28			219		216			216
White Cap Buyer LLC	Building Products	7.57%	S + 3.25%	10/19/29			13,466		13,502			13,033
Cube Industrials Buyer, Inc.	Capital Goods	7.79%	S + 3.50%	10/17/31			7,300		7,314			7,239
AAP Buyer Inc.	Chemicals	7.07%	S + 2.75%	09/09/31			7,182		7,226			7,146
Albaugh, LLC	Chemicals	8.06%	S + 3.75%	04/06/29			2,229		2,224			2,163
Ascend Performance Materials Operations, LLC	Chemicals	9.07%	S + 4.75%	08/27/26			2,091		2,063			502
Formulations Parent Corporation (dba Chase Corp)	Chemicals	10.07%	S + 5.75%	11/15/30			53,865		52,942			53,865		(6) (8)
Formulations Parent Corporation (dba Chase Corp)	Chemicals		S + 5.75%	11/15/29			9,068		(140	)		—		(6) (8) (9)
Illuminate Buyer, LLC	Chemicals	7.32%	S + 3.00%	12/31/29			22,450		22,539			22,378		(10)
INEOS Enterprises Holdings US Finco, LLC	Chemicals	8.16%	S + 3.75%	07/08/30			14,877		14,913			14,858		(7)
Innophos, Inc.	Chemicals	8.69%	S + 4.25%	03/16/29			11,931		11,914			11,752
Olympus Water US Holding Corporation	Chemicals	7.30%	S + 3.00%	06/20/31			9,944		9,984			9,773
Sparta U.S. HoldCo LLC	Chemicals	7.32%	S + 3.00%	08/02/30			3,489		3,501			3,458
W.R. Grace & Co.-Conn.	Chemicals	7.55%	S + 3.25%	09/22/28			8,616		8,663			8,519		(10)
AlixPartners, LLP	Commercial Services & Supplies	6.94%	S + 2.50%	02/04/28			22,443		22,526			22,418
Allied Universal Holdco LLC	Commercial Services & Supplies	8.17%	S + 3.75%	05/12/28			5,942		5,906			5,932

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Amentum Government Services Holdings LLC	Commercial Services & Supplies	6.57%	S + 2.25%	09/29/31	$		3,691	$	3,695		$	3,562		(7)
ASM Buyer, Inc.	Commercial Services & Supplies	9.83%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			85,986		83,798			85,127		(6) (8)
ASM Buyer, Inc.	Commercial Services & Supplies	9.32%	S + 5.00%	08/22/30			10,000		4,478			4,550		(6) (8) (9)
ASM Buyer, Inc.	Commercial Services & Supplies		S + 5.50% (Incl. 2.75% PIK)	08/22/31			5,000		(45	)		(50	)	(6) (8) (9)
BEP Intermediate Holdco LLC (dba Buyers Edge)	Commercial Services & Supplies	7.57%	S + 3.25%	04/25/31			46,177		45,974			46,177
Covanta Holding Corporation	Commercial Services & Supplies	6.81%	S + 2.50%	11/30/28			2,494		2,498			2,487
Covanta Holding Corporation	Commercial Services & Supplies	6.81%	S + 2.50%	11/30/28			137		138			137
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.07%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			143,577		142,155			142,141		(6)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.07%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			42,157		554			556		(6) (9)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies		S + 4.75% (Incl. 2.00% PIK)	03/04/32			24,528		(243	)		(245	)	(6) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.54%	S + 5.25%	02/07/31			41,585		40,852			41,169		(6) (8)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.54%	S + 5.25%	02/07/31			18,535		1,748			1,738		(6) (8) (9)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31			5,562		(94	)		(56	)	(6) (8) (9)
Madison IAQ LLC	Commercial Services & Supplies	6.76%	S + 2.50%	06/21/28			13,591		13,628			13,416		(10)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.56%	S + 6.25% (Incl. 2.75% PIK)	12/05/31			12,367		12,190			12,182		(6) (7) (8)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.70%	SN + 6.25% (Incl 2.75% PIK)	12/05/31	GBP		5,241		6,575			6,669		(6) (7) (8)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	8.71%	E + 6.25% (Incl. 2.75% PIK)	12/05/31	EUR		4,681		4,877			4,986		(6) (7) (8)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies		SN + 6.25% (Incl 2.75% PIK)	12/05/31	GBP		2,421		(18	)		(47	)	(6) (7) (8) (9)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.05%	S + 4.75%	12/15/31			107,928		106,906			106,849		(6) (8)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies		S + 4.75%	12/15/31			34,537		(166	)		(345	)	(6) (8) (9)
Rock Star Mergersub LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	11.25%	P + 3.75%	12/15/31			14,678		1,931			1,925		(6) (8) (9)
Superior Environmental Solutions	Commercial Services & Supplies	10.92%	S + 6.50%	08/01/29			10,290		10,088			10,239		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.17%	S + 5.75%	08/01/29			5,597		5,517			5,415		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies		S + 6.50%	08/01/29			4,750		(33	)		(154	)	(6) (8) (9)
Superior Environmental Solutions	Commercial Services & Supplies	10.92%	S + 6.50%	08/01/29			3,126		3,056			3,111		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.92%	S + 6.50%	08/01/29			2,755		579			613		(6) (8) (9)
Superior Environmental Solutions	Commercial Services & Supplies	10.92%	S + 6.50%	08/01/29			1,551		1,520			1,544		(6) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.92%	S + 6.50%	08/01/29			517		506			515		(6) (8)
Thevelia (US), LLC	Commercial Services & Supplies	7.30%	S + 3.00%	06/18/29			3,510		3,529			3,496		(7)
USA DeBusk, LLC	Commercial Services & Supplies	9.54%	S + 5.25%	04/30/31			80,990		79,892			80,586		(6) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.54%	S + 5.25%	04/30/31			29,922		4,061			4,137		(6) (8) (9)
USA DeBusk, LLC	Commercial Services & Supplies	9.56%	S + 5.25%	04/30/30			11,227		7,340			7,429		(6) (8) (9)
Vaco Holdings, LLC	Commercial Services & Supplies	9.45%	S + 5.00%	01/21/29			2,048		2,010			1,887
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.07%	S + 5.75%	05/01/29			93,635		93,088			92,231		(6) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.07%	S + 5.75%	05/01/29			9,904		4,706			4,614		(6) (8) (9)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 5.75%	05/01/29			8,253		(47	)		(124	)	(6) (8) (9)
Wand NewCo 3, Inc.	Commercial Services & Supplies	6.82%	S + 2.50%	01/30/31			11,331		11,386			11,149
Brown Group Holding, LLC	Construction & Engineering	6.81%	S + 2.50%	07/01/31			10,178		10,233			10,108
Brown Group Holding, LLC	Construction & Engineering	6.82%	S + 2.50%	07/01/31			8,235		8,252			8,181
Chromalloy Corporation	Construction & Engineering	8.06%	S + 3.75%	03/27/31			13,920		13,795			13,859

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
DG Investment Intermediate Holdings 2, Inc.	Construction & Engineering	8.19%	S + 3.75%	03/31/28	$		13,460	$	13,512		$	13,359
Geotechnical Merger Sub, Inc.	Construction & Engineering	9.05%	S + 4.75%	10/15/31			38,313		37,948			37,930		(6) (8)
Geotechnical Merger Sub, Inc.	Construction & Engineering	9.04%	S + 4.75%	10/15/31			14,190		2,052			1,987		(6) (8) (9)
Geotechnical Merger Sub, Inc.	Construction & Engineering	9.07%	S + 4.75%	10/15/31			5,321		1,724			1,721		(6) (8) (9)
KKR Apple Bidco, LLC	Construction & Engineering	6.82%	S + 2.50%	09/23/31			11,932		11,945			11,831
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.05%	S + 4.75%	10/24/30			33,962		7,728			7,585		(6) (7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.90%	B + 4.75%	10/24/30	AUD		33,598		22,100			20,784		(6) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		B + 4.75%	10/24/30			3,396		(32	)		(34	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			28,167		28,035			28,026		(6) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			9,177		5,833			5,822		(6) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,070		(19	)		(20	)	(6) (8) (9)
TRC Companies LLC	Construction & Engineering	7.32%	S + 3.00%	12/08/28			18,397		18,486			18,199
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.30%	S + 6.00%	10/04/30			62,503		61,181			61,878		(6) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			7,366		(139	)		(74	)	(6) (8) (9)
IRB Holding Corp.	Consumer Staples Distribution & Retail	6.82%	S + 2.50%	12/15/27			10,961		10,973			10,885
Buffalo Merger Sub, LLC (dba Oliver Packaging)	Containers & Packaging	9.54%	S + 5.25%	11/01/30			74,794		73,731			73,672		(6) (8)
Buffalo Merger Sub, LLC (dba Oliver Packaging)	Containers & Packaging		S + 5.25%	11/01/30			8,719		(122	)		(131	)	(6) (8) (9)
Charter NEX US, Inc.	Containers & Packaging	7.31%	S + 3.00%	11/29/30			13,465		13,540			13,439
Clydesdale Acquisition Holdings, Inc.	Containers & Packaging	7.50%	S + 3.18%	04/13/29			13,488		13,534			13,419
Pregis TopCo Corporation	Containers & Packaging	8.32%	S + 4.00%	07/31/26			13,452		13,533			13,440		(10)
Proampac PG Borrower LLC	Containers & Packaging	8.31%	S + 4.00%	09/15/28			10,783		10,854			10,702
Reynolds Group Holdings, Inc.	Containers & Packaging	6.82%	S + 2.50%	09/24/28			11,008		11,037			10,983		(7)
TricorBraun Holdings, Inc.	Containers & Packaging	7.69%	S + 3.25%	03/03/28			9,128		9,087			9,038		(10)
Trident TPI Holdings, Inc.	Containers & Packaging	8.05%	S + 3.75%	09/15/28			7,531		7,631			7,265
BCPE Empire Holdings, Inc.	Distributors	7.57%	S + 3.25%	12/11/30			5,184		5,199			5,104
CD&R Hydra Buyer Inc.	Distributors	8.42%	S + 4.00%	03/25/31			13,478		13,586			12,908		(10)
DFS Holding Company, Inc.	Distributors	11.30%	S + 7.00%	01/31/29			39,741		38,870			38,548		(8)
DFS Holding Company, Inc.	Distributors	11.30%	S + 7.00%	01/31/29			2,913		2,850			2,825		(8)
Fluid-Flow Products, Inc.	Distributors	7.55%	S + 3.25%	03/31/28			13,898		13,980			13,780		(10)
Veritiv Corporation	Distributors	8.30%	S + 4.00%	11/30/30			13,502		13,504			13,412
Windsor Holdings III, LLC	Distributors	7.07%	S + 2.75%	08/01/30			8,993		9,020			8,890
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29			17,686		17,385			17,333		(6) (8) (11)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.31%	S + 6.00%	04/26/29			8,250		3,065			3,036		(6) (8) (9) (11)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.31%	S + 6.00%	04/26/29			1,650		979			973		(6) (8) (9) (11)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31			93,525		93,055			93,058		(6) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			26,195		(294	)		(131	)	(6) (8) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			10,970		(98	)		(55	)	(6) (8) (9)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	9.42%	S + 5.00%	11/01/28			44,662		42,946			44,438		(8)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28			4,310		(156	)		(22	)	(8) (9)
Genuine Financial Holdings, LLC	Diversified Consumer Services	7.55%	S + 3.25%	09/27/30			11,938		11,946			11,711

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Pre-Paid Legal Services, Inc.	Diversified Consumer Services	7.57%	S + 3.25%	12/15/28	$		13,926	$	14,002		$	13,769
Splash Car Wash, Inc.	Diversified Consumer Services	9.30%	S + 5.00%	03/17/32			21,038		20,881			20,880		(6)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32			8,250		(31	)		(31	)	(6) (9)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/31			4,125		(31	)		(31	)	(6) (9)
Spotless Brands, LLC	Diversified Consumer Services	10.03%	S + 5.75%	07/25/28			32,110		31,360			32,110		(8)
Spotless Brands, LLC	Diversified Consumer Services	10.03%	S + 5.75%	07/25/28			4,978		4,873			4,978		(8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.31%	S + 5.00%	05/01/31			49,291		48,846			48,798		(6) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.30%	S + 5.00%	05/01/31			12,900		5,098			5,017		(6) (8) (9)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			7,538		(64	)		(75	)	(6) (8) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.92%	S + 7.50%	08/14/28			15,021		14,634			14,946		(6) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.92%	S + 7.50%	08/14/28			2,612		1,683			1,728		(6) (8) (9)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 7.50%	08/14/28			435		(10	)		(2	)	(6) (8) (9)
Citadel Securities LP	Diversified Financial services	6.32%	S + 2.00%	10/31/31			26,926		26,989			26,883
Edgewater Generation, LLC	Electric Utilities	7.32%	S + 3.00%	08/01/30			7,740		7,784			7,729		(10)
Lightning Power LLC	Electric Utilities	6.55%	S + 2.25%	08/18/31			8,955		9,057			8,894		(10)
LSF12 Crown US Commercial Bidco LLC	Electrical Equipment	8.57%	S + 4.25%	12/02/31			5,980		5,980			5,858
Nvent Electric Public Limited Company	Electrical Equipment	7.82%	S + 3.50%	01/30/32			5,275		5,305			5,266		(10)
Trystar, LLC	Electrical Equipment	8.80%	S + 4.50%	08/06/31			25,053		24,820			24,803		(6) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			12,558		(57	)		(126	)	(6) (8) (9)
Trystar, LLC	Electrical Equipment	8.79%	S + 4.50%	08/06/31			10,021		9,927			9,921		(6) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			6,279		(57	)		(63	)	(6) (8) (9)
GIP Pilot Acquisition Partners LP	Energy Equipment & Services	6.30%	S + 2.00%	10/04/30			14,897		15,005			14,813
WhiteWater DBR HoldCo, LLC	Energy Equipment & Services	6.55%	S + 2.25%	03/03/31			15,294		15,392			15,218		(10)
Whitewater Whistler Holdings, LLC	Energy Equipment & Services	6.05%	S + 1.75%	02/15/30			12,413		12,505			12,313		(10)
Arcis Golf LLC	Entertainment	7.07%	S + 2.75%	11/24/28			13,397		13,511			13,347		(10)
Fender Musical Instruments Corporation	Entertainment	8.42%	S + 4.00%	12/01/28			2,875		2,849			2,444
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			44,946		44,562			44,722		(6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			6,760		6,694			6,727		(6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			5,989		1,442			1,459		(6) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			5,940		(49	)		(30	)	(6) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			1,960		1,927			1,950		(6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			1,266		(6	)		(6	)	(6) (8) (9)
Advisor Group, Inc.	Financial Services	7.82%	S + 3.50%	08/17/28			4,052		4,067			4,018
AllSpring Buyer, LLC	Financial Services	7.31%	S + 3.00%	11/01/30			8,000		7,995			7,985
Celero Commerce LLC	Financial Services	9.31%	S + 5.00%	02/28/31			104,838		104,061			104,052		(6)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			24,962		(92	)		(94	)	(6) (9)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			8,321		(62	)		(62	)	(6) (9)
Computer Services, Inc.	Financial Services	9.57%	S + 5.25%	11/15/29			48,991		47,039			48,991		(8)
Coretrust Purchasing Group LLC	Financial Services	9.57%	S + 5.25%	10/01/29			37,098		35,925			36,913		(8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29			5,526		(105	)		(28	)	(8) (9)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29	$		5,526	$	(116	)	$	(28	)	(8) (9)
DRW Holdings, LLC	Financial Services	7.79%	S + 3.50%	06/26/31			17,489		17,506			17,413
Edelman Financial Center, LLC	Financial Services	7.32%	S + 3.00%	04/07/28			13,466		13,523			13,416
Eisner Advisory Group LLC	Financial Services	8.32%	S + 4.00%	02/28/31			8,052		8,113			8,034		(10)
Franklin Square Holdings, L.P.	Financial Services	6.57%	S + 2.25%	04/25/31			17,943		18,060			17,898
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			36,677		35,520			36,677		(6) (8)
Fullsteam Operations LLC	Financial Services	11.46%	S + 7.00%	11/27/29			22,748		11,882			11,823		(6) (8) (9)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			11,542		11,213			11,542		(6) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			8,273		(57	)		(124	)	(6) (8) (9)
Fullsteam Operations LLC	Financial Services	11.46%	S + 7.00%	11/27/29			5,687		3,746			3,737		(6) (8) (9)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			5,130		4,986			5,130		(6) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			2,052		(53	)		—		(6) (8) (9)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			919		(6	)		(14	)	(6) (8) (9)
Jefferies Finance LLC	Financial Services	7.32%	S + 3.00%	10/21/31			1,197		1,186			1,192
NEXUS Buyer LLC	Financial Services	7.82%	S + 3.50%	07/31/31			13,975		13,973			13,885
Priority Technology Holdings, Inc. (dba Priority Payment)	Financial Services	9.07%	S + 4.75%	05/16/31			155,367		154,762			155,172		(6) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.57%	S + 5.25%	02/24/31			34,738		34,430			34,390		(6) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31			5,000		(42	)		(50	)	(6) (8) (9)
Chobani, LLC	Food Products	6.82%	S + 2.50%	10/25/27			17,627		17,763			17,613
Eagle Family Foods Group Holdings, LLC	Food Products	9.29%	S + 5.00%	08/12/30			194,916		193,126			192,967		(6) (8)
Eagle Family Foods Group Holdings, LLC	Food Products		S + 5.00%	08/12/30			22,753		(204	)		(228	)	(6) (8) (9)
Froneri International Ltd.	Food Products	6.24%	S + 2.00%	09/30/31			810		806			804		(7)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.05%	S + 4.75%	12/11/30			110,795		109,198			109,133		(6) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.05%	S + 4.75%	12/11/30			17,538		773			760		(6) (8) (9)
Kenan Advantage Group, Inc.	Ground Transportation	7.57%	S + 3.25%	01/25/29			17,952		17,993			17,839
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	8.28%	E + 5.50%	11/28/31	EUR		25,290		27,066			26,799		(6) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		S + 5.50%	11/28/31			12,695		(121	)		(222	)	(6) (8) (9)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.94%	S + 5.50%	11/28/31			9,309		9,130			9,146		(6) (8)
Medline Borrower, LP	Health Care Equipment & Supplies	6.57%	S + 2.25%	10/23/28			26,875		26,981			26,813
Zeus Company, Inc.	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31			69,619		68,693			68,922		(6) (8)
Zeus Company, Inc.	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31			13,050		4,452			4,437		(6) (8) (9)
Zeus Company, Inc.	Health Care Equipment & Supplies		S + 5.50%	02/28/30			9,788		(121	)		(98	)	(6) (8) (9)
Advarra Holdings, Inc.	Health Care Providers & Services	8.82%	S + 4.50%	09/15/31			76,640		76,280			76,257		(6) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.82%	S + 4.50%	09/15/31			41,685		41,489			41,477		(6) (8)
Advarra Holdings, Inc.	Health Care Providers & Services		S + 4.50%	09/15/31			7,087		(16	)		(35	)	(6) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.32%	S + 5.00%	08/07/31			55,493		54,960			54,660		(6) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			8,477		(126	)		(127	)	(6) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.43%	S + 5.00%	08/07/31			5,298		4,563			4,557		(6) (8) (9)
Electron BidCo, Inc.	Health Care Providers & Services	7.07%	S + 2.75%	11/01/28			11,000		11,052			10,972
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.17%	S + 6.75%	06/13/28			8,660		8,478			8,531		(6) (8)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28	$		979	$	(19	)	$	(15	)	(6) (8) (9)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.42%	S + 5.00% (Incl. 6.42% PIK)	03/18/27			21,581		21,304			18,452		(6) (8) (11)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.42%	S + 5.00% (Incl. 6.42% PIK)	03/18/27			2,549		2,424			2,455		(6) (8) (9) (11) (12)
LifePoint Health, Inc.	Health Care Providers & Services	7.82%	S + 3.50%	05/19/31			3,706		3,706			3,559
LifePoint Health, Inc.	Health Care Providers & Services	8.05%	S + 3.75%	05/19/31			321		308			311
Netsmart Technologies, Inc.	Health Care Providers & Services	9.27%	S + 4.95% (Incl. 2.45% PIK)	08/25/31			180,064		178,412			178,263		(6) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 4.95% (Incl. 2.45% PIK)	08/25/31			24,158		(221	)		(242	)	(6) (8) (9)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 4.95% (Incl. 2.45% PIK)	08/25/31			23,684		(105	)		(237	)	(6) (8) (9)
Onex TSG Intermediate Corp.	Health Care Providers & Services	9.30%	S + 4.75%	02/28/28			7,875		7,918			7,915
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	9.04%	S + 4.75%	01/22/32			229,798		226,420			226,351		(6)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	01/22/32			96,801		—			(726	)	(6) (9)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	01/22/32			25,253		—			(442	)	(6) (9)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	01/22/32			23,148		(338	)		(347	)	(6) (9)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.80%	S + 5.50%	06/15/27			14,539		14,266			14,430		(8)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.80%	S + 5.50%	06/15/27			7,359		7,225			7,304		(8)
Summit Behavioral Healthcare, LLC	Health Care Providers & Services	8.55%	S + 4.25%	11/24/28			1,313		1,314			1,083
US Radiology Specialists, Inc.	Health Care Providers & Services	9.05%	S + 4.75%	12/15/27			4,478		4,500			4,470
Athenahealth Group, Inc.	Health Care Technology	7.32%	S + 3.00%	02/15/29			4,974		4,970			4,905
Cotiviti Corporation	Health Care Technology	7.07%	S + 2.75%	05/01/31			13,944		14,005			13,630
eResearch Technology, Inc. (dba Clario)	Health Care Technology	9.07%	S + 4.75%	01/15/32			156,715		155,182			157,206		(6)
eResearch Technology, Inc. (dba Clario)	Health Care Technology	9.07%	S + 4.75%	01/15/32			29,569		1,328			1,571		(6) (9)
eResearch Technology, Inc. (dba Clario)	Health Care Technology		S + 4.75%	01/15/32			26,021		(126	)		81		(6) (9)
eResearch Technology, Inc. (dba Clario)	Health Care Technology		S + 4.75%	10/17/31			14,784		(143	)		46		(6) (9)
HealthEdge Software, Inc.	Health Care Technology	9.07%	S + 4.75%	07/16/31			34,431		34,112			34,086		(6) (8)
HealthEdge Software, Inc.	Health Care Technology	9.07%	S + 4.75%	07/16/31			15,190		15,047			15,038		(6) (8)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31			4,580		(41	)		(46	)	(6) (8) (9)
Shields Health Solutions	Health Care Technology		S + 6.00%	03/03/32			270,506		—			—		(6) (9)
Shields Health Solutions	Health Care Technology		S + 6.00%	03/03/30			10,820		—			—		(6) (9)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	10.79%	S + 6.50%	09/12/29			23,477		23,277			23,242		(6) (8)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	10.79%	S + 6.50%	09/12/29			4,306		1,354			1,335		(6) (8) (9)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	10.79%	S + 6.50%	09/12/29			861		165			164		(6) (8) (9)
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	6.32%	S + 2.00%	09/18/31			17,960		18,066			17,882
Whatabrands LLC	Hotels, Restaurants & Leisure	6.82%	S + 2.50%	08/03/28			3,285		3,294			3,268
AI Aqua Merger Sub, Inc.	Household Durables	7.32%	S + 3.00%	07/31/28			4,166		4,169			4,124		(7)
Kronos Acquisition Holdings Inc.	Household Products	8.30%	S + 4.00%	07/08/31			5,453		5,471			4,663		(7)
CPM Holdings, Inc.	Industrial Conglomerates	8.82%	S + 4.50%	09/28/28			4,613		4,533			4,528
Acrisure, LLC	Insurance	7.32%	S + 3.00%	11/06/30			12,102		12,060			12,005
Acrisure, LLC	Insurance	7.07%	S + 2.75%	02/15/27			1,368		1,357			1,362
Alliant Holdings Intermediate, LLC	Insurance	7.07%	S + 2.75%	09/19/31			14,836		14,835			14,735
AmWINS Group, Inc.	Insurance		S + 2.25%	01/30/32			9,875		9,901			9,788		(10)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/31	$		51,214	$	50,738		$	50,702		(6) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/31			21,583		5,136			5,039		(6) (8) (9)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/30			4,000		1,244			1,240		(6) (8) (9)
AssuredPartners, Inc.	Insurance	7.82%	S + 3.50%	02/14/31			13,941		14,001			13,950		(10)
Asurion LLC	Insurance	8.67%	S + 4.25%	08/19/28			5,383		5,396			5,328
Broadstreet Partners, Inc.	Insurance	7.32%	S + 3.00%	06/13/31			13,048		13,094			12,923
Galway Holdings, LP	Insurance	8.80%	S + 4.50%	09/29/28			45,199		44,810			44,747		(8)
Galway Holdings, LP	Insurance	8.80%	S + 4.50%	09/29/28			4,489		234			209		(8) (9)
Galway Holdings, LP	Insurance	8.80%	S + 4.50%	09/29/28			3,995		1,273			1,266		(8) (9)
Galway Holdings, LP	Insurance	8.80%	S + 4.50%	09/29/28			850		844			841		(8)
HUB International Limited	Insurance	6.79%	S + 2.50%	06/20/30			18,396		18,484			18,305
OneDigital Borrower, LLC	Insurance	7.32%	S + 3.00%	07/02/31			11,678		11,692			11,591
Sedgwick Claims Management Services, Inc.	Insurance	7.31%	S + 3.00%	07/31/31			13,105		13,178			13,056
Truist Insurance Holdings LLC	Insurance	7.05%	S + 2.75%	05/06/31			9,102		9,147			9,034
USI, Inc.	Insurance	6.55%	S + 2.25%	11/21/29			17,660		17,723			17,476
USI, Inc.	Insurance	6.55%	S + 2.25%	09/29/30			5,226		5,243			5,171
Ark Data Centers, LLC	IT Services	9.05%	S + 4.75%	11/27/30			59,783		58,641			58,588		(6) (8)
Ark Data Centers, LLC	IT Services	9.06%	S + 4.75%	11/27/30			35,167		712			352		(6) (8) (9)
Ark Data Centers, LLC	IT Services		S + 4.75%	11/27/30			10,550		(199	)		(211	)	(6) (8) (9)
Boost Newco Borrower, LLC	IT Services	6.30%	S + 2.00%	01/31/31			22,506		22,693			22,330
Cloud Software Group, Inc.	IT Services	8.05%	S + 3.75%	03/29/29			7,357		7,410			7,278
Cloud Software Group, Inc.	IT Services	7.80%	S + 3.50%	03/29/29			6,105		6,111			6,043
CNT Holdings I Corp.	IT Services	6.80%	S + 2.50%	11/08/32			15,963		16,025			15,848
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.32%	S + 6.00%	10/02/29			33,218		32,682			32,885		(6) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.32%	S + 6.00%	10/02/29			11,733		11,565			11,616		(6) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29			8,700		(66	)		(87	)	(6) (8) (9)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29			6,960		(105	)		(70	)	(6) (8) (9)
Ingram Micro, Inc.	IT Services	7.05%	S + 2.75%	09/22/31			10,378		10,421			10,404		(7)
Kaseya Inc.	IT Services		S + 3.25%	03/22/32			7,300		7,300			7,268		(10)
MH Sub I, LLC	IT Services	8.57%	S + 4.25%	05/03/28			7,135		7,111			6,747		(10)
MH Sub I, LLC	IT Services	8.57%	S + 4.25%	12/31/31			4,829		4,814			4,417		(10)
Plano HoldCo Inc.	IT Services	7.80%	S + 3.50%	10/02/31			11,700		11,762			11,641
QBS Parent, Inc. (dba Quorum Software)	IT Services	9.05%	S + 4.75%	11/07/31			49,740		36,007			36,030		(6) (9)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	11/07/31			14,459		—			(63	)	(6) (9)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.75%	11/07/31			7,668		(18	)		(14	)	(6) (9)
QBS Parent, Inc. (dba Quorum Software)	IT Services	9.05%	S + 4.75%	11/07/31			3,346		3,330			3,331		(6)
US Signal Company, LLC	IT Services	9.92%	S + 5.50%	09/04/29			29,421		29,154			29,127		(6) (8)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29			9,053		(80	)		(91	)	(6) (8) (9)
US Signal Company, LLC	IT Services	9.91%	S + 5.50%	09/04/29			4,526		4,486			4,481		(6) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.05%	S + 4.75%	01/20/29			15,158		15,114			15,113		(6)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/20/29	$		1,716	$	(5	)	$	(9	)	(6) (9)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/20/29			1,452		(4	)		(4	)	(6) (9)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/20/29			1,188		(6	)		(6	)	(6) (9)
Alterra Mountain Company	Leisure Products	7.07%	S + 2.75%	08/17/28			13,710		13,773			13,675
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.82%	S + 6.50%	07/18/28			24,676		24,200			24,430		(6) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.82%	S + 6.50%	07/18/28			3,193		2,491			2,518		(6) (8) (9)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.82%	S + 6.50%	07/18/28			1,606		1,579			1,590		(6) (8)
GSM Holdings, Inc.	Leisure Products	9.30%	S + 5.00%	09/30/31			3,980		3,794			3,721
MajorDrive Holdings IV LLC	Leisure Products	8.56%	S + 4.00%	06/01/28			7,438		7,455			6,727
SRAM, LLC	Leisure Products	6.57%	S + 2.25%	02/27/32			13,465		13,556			13,331		(10)
WCG Intermediate Corp.	Life Sciences Tools & Services	7.32%	S + 3.00%	02/25/32			6,625		6,608			6,551
Brookfield WEC Holdings Inc.	Machinery	6.57%	S + 2.25%	01/27/31			8,691		8,710			8,604
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			75,034		74,328			74,284		(8)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			22,908		22,692			22,679		(8)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			18,688		902			890		(8) (9)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			14,681		14,543			14,535		(8)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			11,146		11,044			11,035		(8)
Dwyer Instruments, LLC	Machinery		S + 4.75%	07/20/29			7,678		(36	)		(77	)	(8) (9)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			4,086		4,048			4,045		(8)
Dwyer Instruments, LLC	Machinery	9.05%	S + 4.75%	07/20/29			1,214		1,202			1,202		(8)
Engineered Machinery Holdings, Inc.	Machinery	8.31%	S + 3.75%	05/19/28			13,472		13,518			13,464
Mandrake Bidco, Inc. (dba Miratech)	Machinery	9.04%	S + 4.75%	08/20/31			34,721		34,396			34,374		(6) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.75%	08/20/30			5,910		(53	)		(59	)	(6) (8) (9)
Precinmac, LP	Machinery	9.32%	S + 5.00%	12/02/31			164,533		162,945			162,888		(6) (8)
Precinmac, LP	Machinery		S + 5.00%	12/02/31			42,460		(203	)		(425	)	(6) (8) (9)
Precinmac, LP	Machinery	11.50%	P + 4.00%	12/02/31			21,230		10			—		(6) (8) (9)
Pro Mach Group, Inc.	Machinery	7.07%	S + 2.75%	08/31/28			9,000		9,074			8,970		(10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	9.05%	S + 4.75%	12/26/31			164,649		163,047			163,002		(6) (8)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	9.07%	S + 4.75%	12/26/31			42,218		4,627			4,433		(6) (8) (9)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	9.05%	S + 4.75%	12/26/31			21,109		5,791			5,784		(6) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.31%	S + 5.00%	07/01/31			31,816		31,376			31,498		(6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery		S + 5.00%	07/01/31			8,468		(57	)		(85	)	(6) (7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.34%	E + 5.00%	07/01/30			8,468		1,336			1,363		(6) (7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.68%	E + 5.00%	07/01/31	EUR		7,890		8,357			8,446		(6) (7) (8)
SPX Flow, Inc.	Machinery	7.32%	S + 3.00%	04/05/29			8,262		8,287			8,238
ABG Intermediate Holdings 2 LLC	Media	6.57%	S + 2.25%	12/21/28			14,372		14,481			14,208		(10)
Fleet Midco I Limited	Media	7.06%	S + 2.75%	02/21/31			2,996		3,004			2,985		(7)
Recorded Books Inc. (dba RBMedia)	Media	10.06%	S + 5.75%	09/02/30			76,605		74,692			75,839		(6) (8)
Recorded Books Inc. (dba RBMedia)	Media	10.04%	S + 5.75%	09/02/30			8,990		8,826			8,900		(6) (8)
Recorded Books Inc. (dba RBMedia)	Media	10.06%	S + 5.75%	08/31/28			6,278		3,904			3,973		(6) (8) (9)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Arsenal AIC Parent LLC	Metals & Mining	7.07%	S + 2.75%	08/19/30	$		14,701	$	14,813		$	14,573
Crosby US Acquisition Corp.	Metals & Mining	7.82%	S + 3.50%	08/16/29			8,933		9,005			8,931
AL GCX Fund VIII Holdings LLC	Oil, Gas & Consumable Fuels	6.32%	S + 2.00%	01/30/32			10,800		10,808			10,719		(10)
AL GCX Holdings, LLC	Oil, Gas & Consumable Fuels	6.31%	S + 2.00%	05/17/29			14,144		14,213			14,070		(10)
AL NGPL Holdings, LLC	Oil, Gas & Consumable Fuels	6.79%	S + 2.50%	04/13/28			23,865		23,965			23,829
Buckeye Partners, L.P.	Oil, Gas & Consumable Fuels	6.07%	S + 1.75%	11/22/30			5,283		5,293			5,275
CQP Holdco LP	Oil, Gas & Consumable Fuels	6.30%	S + 2.00%	12/31/30			31,508		31,623			31,402
Epic Y-Grade Services, LP	Oil, Gas & Consumable Fuels	10.04%	S + 5.75%	06/29/29			13,802		13,777			13,787		(10)
Kohler Energy Co LLC	Oil, Gas & Consumable Fuels	8.05%	S + 3.75%	05/01/31			11,003		11,042			10,814
Oryx Midstream Services Permian Basin, LLC	Oil, Gas & Consumable Fuels	6.57%	S + 2.25%	10/05/28			17,958		18,034			17,929
Oxbow Carbon LLC	Oil, Gas & Consumable Fuels	7.82%	S + 3.50%	05/10/30			2,338		2,339			2,326
Prairie ECI Acquiror LP	Oil, Gas & Consumable Fuels	8.57%	S + 4.25%	08/01/29			3,842		3,840			3,840
Third Coast Infrastructure LLC	Oil, Gas & Consumable Fuels	8.57%	S + 4.25%	09/25/30			13,416		13,404			13,281
Thunder Generation Funding LLC	Oil, Gas & Consumable Fuels	7.30%	S + 3.00%	10/03/31			18,409		18,575			18,386
Traverse Midstream Partners LLC	Oil, Gas & Consumable Fuels	7.29%	S + 3.00%	02/16/28			14,400		14,523			14,370
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	9.54%	S + 5.25%	09/30/30			24,002		23,417			23,762		(6) (8)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	7.86%	E + 5.25%	09/30/30	EUR		14,934		15,359			15,987		(6) (8)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	10/01/29			4,892		(111	)		(49	)	(6) (8) (9)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals	9.55%	S + 5.25%	09/30/30			3,673		3,576			3,636		(6) (8)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	09/30/30			3,058		(15	)		(31	)	(6) (8) (9)
Bamboo US BidCo LLC (aka Baxter)	Pharmaceuticals		S + 5.25%	09/30/30			3,058		(14	)		(31	)	(6) (8) (9)
Covetrus, Inc.	Pharmaceuticals	9.30%	S + 5.00%	10/13/29			2,544		2,547			2,441
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals	9.57%	S + 5.25%	12/18/31			68,808		67,640			67,604		(6) (8)
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals		S + 5.25%	12/18/31			9,980		(168	)		(175	)	(6) (8) (9)
Amspec Parent, LLC	Professional Services	8.55%	S + 4.25%	12/22/31			43,333		43,122			43,252		(6)
Amspec Parent, LLC	Professional Services		S + 4.25%	12/22/31			6,667		(16	)		(12	)	(6) (9)
Ankura Consulting Group, LLC	Professional Services	7.80%	S + 3.50%	12/29/31			13,463		13,555			13,292
Berkeley Research Group LLC	Professional Services		S + 3.25%	03/17/32			3,525		3,472			3,477		(10)
Engage2Excel, Inc.	Professional Services	10.72%	S + 6.50%	07/01/29			20,049		19,784			19,748		(6) (8)
Engage2Excel, Inc.	Professional Services	10.72%	S + 6.50%	07/01/29			1,650		803			800		(6) (8) (9)
iCIMS, Inc.	Professional Services	10.04%	S + 5.75%	08/18/28			34,646		34,266			33,087		(8)
iCIMS, Inc.	Professional Services	10.54%	S + 6.25%	08/18/28			6,000		5,926			5,820		(8)
iCIMS, Inc.	Professional Services	10.04%	S + 5.75%	08/18/28			3,067		303			199		(8) (9)
Westwood Professional Services Inc.	Professional Services	9.05%	S + 4.75%	09/19/31			81,183		80,417			80,372		(6) (8)
Westwood Professional Services Inc.	Professional Services	9.06%	S + 4.75%	09/19/31			23,633		4,763			4,647		(6) (8) (9)
Westwood Professional Services Inc.	Professional Services		S + 4.75%	09/19/31			12,239		(113	)		(122	)	(6) (8) (9)
AI Titan Parent, Inc. (dba Prometheus)	Software	9.07%	S + 4.75%	08/29/31			11,830		11,719			11,712		(6) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31			2,366		(11	)		(24	)	(6) (8) (9)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31			1,479		(14	)		(15	)	(6) (8) (9)
Aptean, Inc.	Software	9.56%	S + 5.25%	01/30/31			83,582		74,283			74,085		(6) (8) (9)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Aptean, Inc.	Software		S + 5.25%	01/30/31	$		25,527	$	—		$	(255	)	(6) (8) (9)
Aptean, Inc.	Software		S + 5.25%	01/30/31			22,691		(56	)		(227	)	(6) (8) (9)
Aptean, Inc.	Software		S + 5.25%	01/30/31			8,357		(59	)		(84	)	(6) (8) (9)
Aptean, Inc.	Software		S + 5.25%	01/30/31			3,767		1,430			1,430		(6) (8) (9)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.05%	S + 5.75%	07/01/30			8,715		8,539			8,671		(6) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software		S + 5.75%	07/01/30			1,460		(20	)		(7	)	(6) (8) (9)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.05%	S + 5.75%	07/01/30			571		566			568		(6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	8.80%	S + 4.50%	07/28/31			28,177		27,916			27,896		(6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/28/31			6,897		(31	)		(69	)	(6) (8) (9)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30			3,350		(30	)		(33	)	(6) (8) (9)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30			1,576		(14	)		(16	)	(6) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	9.05%	S + 4.75%	07/14/31			35,400		35,073			35,046		(6) (7) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31			16,857		(76	)		(169	)	(6) (7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31			6,743		(61	)		(67	)	(6) (7) (8) (9)
Clover Holdings 2 LLC	Software	8.29%	S + 4.00%	12/09/31			13,500		13,493			13,331
ConnectWise, LLC	Software	8.06%	S + 3.50%	09/29/28			13,473		13,492			13,448
Crewline Buyer, Inc. (dba New Relic)	Software	11.07%	S + 6.75%	11/08/30			61,726		60,395			60,182		(6) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30			6,165		(124	)		(154	)	(6) (8) (9)
Drake Software, LLC	Software	8.55%	S + 4.25%	06/26/31			3,356		3,316			3,218
First Advantage Holdings, LLC	Software	7.57%	S + 3.25%	10/31/31			524		526			520		(7)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.04%	S + 5.75% (Incl. 2.25% PIK)	01/17/31			20,768		20,592			20,768		(6) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.54%	S + 5.25% (Incl. 2.25% PIK)	01/17/31			5,592		5,540			5,536		(6) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.75% (Incl. 2.25% PIK)	01/17/31			2,895		(24	)		(14	)	(6) (8) (9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.75% (Incl. 2.25% PIK)	01/17/31			968		(9	)		(10	)	(6) (8) (9)
Hyland Software, Inc.	Software	9.32%	S + 5.00%	09/19/30			94,282		93,099			94,282		(6) (8)
Hyland Software, Inc.	Software		S + 5.00%	09/19/29			4,525		(53	)		—		(6) (8) (9)
iSolved Inc	Software	7.57%	S + 3.25%	10/15/30			13,472		13,588			13,468		(10)
KPA Parent Holdings, Inc.	Software	9.07%	S + 4.75%	03/12/32			25,988		25,729			25,728		(6)
KPA Parent Holdings, Inc.	Software		S + 4.75%	03/12/32			3,713		(18	)		(37	)	(6) (9)
KPA Parent Holdings, Inc.	Software		S + 4.75%	03/12/32			2,599		(26	)		(13	)	(6) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software	10.55%	S + 6.25% (Incl. 3.38% PIK)	12/18/31			100,400		98,469			98,392		(6) (7) (8)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.73%	E + 6.25% (Incl. 3.38% PIK)	12/18/31	EUR		23,235		23,638			24,621		(6) (7) (8)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 6.25% (Incl. 3.38% PIK)	12/18/31			10,825		(208	)		(216	)	(6) (7) (8) (9)
NAVEX TopCo, Inc.	Software	9.82%	S + 5.50%	11/08/30			45,491		44,714			45,377		(6) (8)
NAVEX TopCo, Inc.	Software		S + 5.50%	11/09/28			4,050		(59	)		(10	)	(6) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.31%	N + 4.75%	05/03/29	NOK		117,804		10,908			11,141		(6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.05%	S + 4.75%	05/03/29			47,673		47,471			47,435		(6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.15%	S + 4.75%	05/03/29			11,139		10,471			10,463		(6) (7) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software		S + 4.75%	05/03/29			10,582		(43	)		(53	)	(6) (7) (8) (9)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.21%	SN + 4.75%	05/03/29	GBP		5,375		6,741			6,909		(6) (7) (8)
Onyx CenterSource, Inc.	Software	9.71%	S + 5.25%	12/14/29			21,945		21,475			21,726		(6) (8)
Onyx CenterSource, Inc.	Software	9.70%	S + 5.25%	12/14/29			1,650		1,506			1,523		(6) (8) (9)
Physician Partners LLC	Software	8.45%	S + 4.00%	12/31/29			428		410			217		(10)
Physician Partners LLC	Software	9.95%	S + 5.50% (Incl. 4.00% PIK)	12/31/30			265		254			48		(10)
Physician Partners LLC	Software	10.30%	S + 6.00%	12/31/29			124		124			114

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity		Par(4)		Cost			Fair Value			Footnotes
Physician Partners LLC	Software	8.74%	S + 4.00%	12/26/28	$		121	$	116		$	36
Project Boost Purchaser, LLC	Software	7.30%	S + 3.00%	07/16/31			16,170		16,261			16,066
Quartz Acquireco LLC	Software	7.05%	S + 2.75%	06/28/30			8,973		9,010			8,906
Renaissance Holding Corp.	Software	8.57%	S + 4.00%	04/05/30			99,035		98,489			97,042		(6)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software	9.57%	S + 5.25% (Incl. 2.75% PIK)	09/01/31			40,881		40,505			40,472		(6) (8)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31			11,630		(53	)		(116	)	(6) (8) (9)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31			4,652		(43	)		(47	)	(6) (8) (9)
Rubrik, Inc.	Software	11.47%	S + 7.00%	08/17/28			85,514		84,887			85,514		(6) (8)
Rubrik, Inc.	Software	11.47%	S + 7.00%	08/17/28			11,952		11,240			11,325		(6) (8) (9)
Runway Bidco, LLC (dba Redwood Software)	Software	9.30%	S + 5.00%	12/17/31			50,311		49,823			49,808		(6) (8)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			12,500		(60	)		(125	)	(6) (8) (9)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			6,250		(60	)		(63	)	(6) (8) (9)
S2P Acquisition Borrower, Inc.	Software	7.56%	S + 3.25%	12/05/31			13,500		13,632			13,422
Singlewire Software, LLC	Software	9.55%	S + 5.25%	05/10/29			17,361		16,955			17,187		(6) (8)
Singlewire Software, LLC	Software		S + 5.25%	05/10/29			3,226		(67	)		(32	)	(6) (8) (9)
UKG Inc.	Software	7.30%	S + 3.00%	02/10/31			2,205		2,212			2,199
Vamos Bidco, Inc. (dba VIP)	Software	9.05%	S + 4.75%	01/30/32			52,462		51,946			51,937		(6)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			21,859		(107	)		(109	)	(6) (9)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			6,558		(64	)		(66	)	(6) (9)
World Wide Technology Holding Co. LLC	Software	6.57%	S + 2.25%	03/01/30			26,122		26,297			26,056
Zelis Payments Buyer, Inc.	Software	7.57%	S + 3.25%	11/26/31			4,564		4,580			4,548
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.05%	S + 4.75%	06/02/31			76,640		75,941			75,873		(6) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.05%	S + 4.75%	06/02/31			41,923		21,618			21,491		(6) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30			9,803		(85	)		(98	)	(6) (8) (9)
Foundation Building Materials Holding Company, LLC	Specialty Retail	7.80%	S + 3.25%	01/31/28			8,944		8,889			8,466
Harbor Freight Tools USA, Inc.	Specialty Retail	6.82%	S + 2.50%	06/11/31			3,186		3,165			3,102		(10)
Ahead DB Holdings, LLC	Technology Hardware & Equipment	7.30%	S + 3.00%	02/01/31			7,982		7,937			7,958		(10)
McAfee, LLC	Technology Hardware & Equipment	7.32%	S + 3.00%	03/01/29			17,948		17,966			17,100
Peraton Corp.	Technology Hardware & Equipment	8.17%	S + 3.75%	02/01/28			2,463		2,468			2,188
Virtusa Corporation	Technology Hardware & Equipment	7.57%	S + 3.25%	02/15/29			5,950		5,952			5,933
CCI Buyer, Inc.	Telecommunications	8.30%	S + 4.00%	12/17/27			2,493		2,485			2,492
Champ Acquisition Corporation	Textiles, Apparel & Luxury Goods	8.80%	S + 4.50%	11/25/31			8,944		9,086			8,985
Fanatics Commerce Intermediate Holdco, LLC	Textiles, Apparel & Luxury Goods	7.69%	S + 3.25%	11/24/28			3,017		3,025			3,009
Ortholite, LLC	Textiles, Apparel & Luxury Goods	10.55%	S + 6.25%	09/29/27			43,403		42,738			43,077		(6) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.07%	S + 5.75%	10/07/30			65,488		64,110			63,850		(6) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.07%	S + 5.75%	10/07/30			51,792		35,749			35,412		(6) (8) (9)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.80%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			179,597		177,275			168,821		(6) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.66%	S + 5.25%	12/31/29			20,916		5,171			4,183		(6) (8) (9)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.80%	S + 5.50%	12/31/29			12,562		1,320			656		(6) (8) (9)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	9.30%	S + 5.00% (Incl. 1.75% PIK)	04/09/30			113,137		112,964			112,571		(6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 5.00% (Incl. 1.75% PIK)	04/09/30			7,953		(7	)		(40	)	(6) (9)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.55%	S + 5.25%	06/23/31			42,805		42,214			42,377		(6) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.55%	S + 5.25%	06/23/31			23,894		17,721			17,775		(6) (8) (9)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors		S + 5.25%	06/21/30			4,780		(63	)		(48	)	(6) (8) (9)

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)


Investment(1) (5)	Industry(2)	Interest Rate(3)	Reference Rate and Spread(3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
Airwavz Solutions, Inc.	Wireless Telecommunication Services		S + 5.75%	03/31/27	$	4,408	$	(30	)	$	(33	)	(6) (9)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	10.19%	S + 5.75%	03/31/27		4,397		4,346			4,342		(6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	10.19%	S + 5.75%	03/31/27		4,397		4,346			4,342		(6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	10.19%	S + 5.75%	03/31/27		2,748		2,716			2,714		(6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services		S + 5.75%	03/31/27		551		(6	)		(7	)	(6) (9)
Total 1st Lien/Senior Secured Debt								7,701,173			7,674,350
1st Lien/Last-Out Unitranche (13) - 4.0%
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.57%	S + 6.25%	12/07/28	$	46,916	$	46,548		$	46,447		(6) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.57%	S + 6.25%	12/07/28		28,084		20,371			20,303		(6) (8) (9)
K2 Towers III, LLC	Wireless Telecommunication Services	10.85%	S + 6.55%	12/06/28		68,000		62,613			62,462		(6) (8) (9)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.93%	S + 6.61%	12/22/28		14,349		14,226			14,205		(6) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.93%	S + 6.61%	12/22/28		8,982		2,143			2,127		(6) (8) (9)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.16%	S + 6.83%	02/01/29		21,998		21,817			21,777		(6) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.16%	S + 6.83%	02/01/29		13,003		4,107			4,079		(6) (8) (9)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.30%	S + 7.00%	08/24/28		46,667		46,188			46,200		(6) (8)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.42%	S + 7.00%	08/24/28		28,333		13,394			13,383		(6) (8) (9)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	8.17%	S + 3.75%	08/31/28		19,000		16,227			16,242		(6) (8) (9)
Total 1st Lien/Last-Out Unitranche								247,634			247,225
Total United States							$	7,948,807		$	7,921,575
Total Debt Investments							$	8,225,651		$	8,194,893

Investment(1) (5)	Industry(2)			Initial Acquisition Date(15)	Shares(4)		Cost			Fair Value			Footnotes
Equity Securities - 0.1%
United States - 0.1%
Common Stock - 0.1%
VisionSafe Parent, LLC	Aerospace & Defense			04/19/24		660	$	660		$	759		(6) (8) (14)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services			04/26/24		4,554,000		4,554			3,917		(6) (8) (11) (14)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services			03/29/24		20,103,551		—			—		(8) (11) (14)
Total Common Stock								5,214			4,676
Preferred Stock - 0.0%
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services			03/29/24		9,754,188	$	3,101		$	—		(8) (11) (14)
Total Preferred Stock								3,101			—
Total United States							$	8,315		$	4,676
Total Equity Securities							$	8,315		$	4,676
Total Investments - 133.4%							$	8,233,966		$	8,199,569
Investments in Affiliated Money Market Fund - 5.4%
United States - 5.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares						333,490,771	$	333,491		$	333,491		(16) (17)
Total United States							$	333,491		$	333,491
Total Investments in Affiliated Money Market Fund								333,491			333,491
Total Investments and Investments in Affiliated Money Market Fund - 138.8%							$	8,567,457		$	8,533,060

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

(1)

Percentages are based on net assets.

(2)

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

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), SARON (“SARON”), BBSW (“B”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of March 31, 2025, the rate for 6 month S was 4.19%, 3 month S was 4.29%, 1 month S was 4.32%, 6 month E was 2.34%, 3 month E was 2.34%, 3 month SN was 4.46%, 3 month N was 4.57%, 3 month C was 2.66%, 3 month SARON was 0.21%, 3 month B was 4.13%, 1 month B was 4.10%, 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 March 31, 2025.

(4)

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

(5)

Assets are pledged as collateral for the Revolving Credit Facilities (as defined below). See Note 6 “Debt.”

(6)

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

(7)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, the aggregate fair value of these securities is $827,075 or 9.5% of the Company’s total assets.

(8)

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

(9)

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

(10)

Position or portion thereof unsettled as of March 31, 2025.

(11)

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.”

(12)

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

(13)

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.

(14)

Non-income producing security.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $4,676 or 0.1% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)

The annualized seven-day yield as of March 31, 2025 is 4.25%.

(17)

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

PIK - Payment-In-Kind

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

Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2024

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)


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

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

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

Table of Contents

Goldman Sachs Private Credit Corp.

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

(in thousands, except share and per share amounts)

(1)

Percentages are based on net assets.

(2)

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

(3)

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

(4)

(5)

Assets are pledged as collateral for the Revolving Credit Facilities (as defined below). See Note 6 “Debt.”

(6)

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

(7)

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

(8)

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

(9)

(10)

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

(11)

(12)

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

(13)

(14)

Non-income producing security.

(15)

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

(16)

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

(17)

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

PIK - Payment-In-Kind

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

Table of Contents

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.

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 months ended March 31, 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”).

Table of Contents

Basis of Consolidation

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

Revenue Recognition

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

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


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Prepayment premiums	$	16	$	35
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	1,064	$	322

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 March 31, 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.

Table of Contents

Investments

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

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

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

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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Table of Contents

(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 March 31, 2025 and December 31, 2024, the Company held an aggregate cash balance of $89,700 and $120,377. Foreign currency of $15,435 and $9,660 (acquisition cost of $15,499 and $9,896) is included in cash as of March 31, 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 under 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.

Table of Contents

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

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the credit facility with Truist Bank (the “Truist Revolving Credit Facility”), the credit facility with BNP Paribas (the “BNPP Revolving Credit Facility”) and the credit facility with Morgan Stanley Senior Funding, Inc. (the “MS Revolving Credit Facility” and together with the Truist Revolving Credit Facility and BNPP Revolving Credit Facility, collectively, the “Revolving Credit Facilities”). These costs are amortized using the straight-line method over the term of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

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.

Table of Contents

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.

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 months ended March 31, 2025 and 2024, Management Fees amounted to $18,202 and $6,445 and the Investment Adviser voluntarily agreed to waive $10,595 and $0. As of March 31, 2025, $6,440 remained payable.

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).

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:

Table of Contents

•

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

•

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

•

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

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 months ended March 31, 2025 and 2024, Incentive Fees based on income amounted to $16,459 and $6,270 and the Investment Adviser voluntarily waived $12,000 and $2,425. As of March 31, 2025, $4,459 remained payable.

ii. Incentive Fee Based on Capital Gains

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

•

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

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

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

For the three months ended March 31, 2025 and 2024, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $1,632, 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.

For the three months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $1,325 and $507. As of March 31, 2025, $1,304 remained payable.

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).

For the three months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Transfer Agent of $696 and $245. As of March 31, 2025, $696 remained payable.

Table of Contents

Affiliates

As of March 31, 2025 and December 31, 2024, affiliates of the Investment Adviser owned 24.7% and 25.6% of the Shares.

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


	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Ending Fair Value Balance		Dividend, Interest and Other Income
For the Three Months Ended March 31, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares	$	444,718	$	1,266,355	$	(1,377,582	)	$	—	$	—		$	333,491	$	4,315
ABC Investment Holdco Inc. (dba ABC Plumbing)		24,851		1,113		(45	)		—		(660	)		25,259		596
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		22,379		579		(5	)		—		(2,046	)		20,907		785
Total Non-Controlled Affiliates	$	491,948	$	1,268,047	$	(1,377,632	)	$	—	$	(2,706	)	$	379,657	$	5,696
For the Year Ended December 31, 2024
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares	$	65,977	$	6,362,920	$	(5,984,179	)	$	—	$	—		$	444,718	$	17,096
ABC Investment Holdco Inc. (dba ABC Plumbing)		—		25,565		(650	)		—		(64	)		24,851		1,512
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		—		26,264		(9	)		—		(3,876	)		22,379		2,332
Total Non-Controlled Affiliates	$	65,977	$	6,414,749	$	(5,984,838	)	$	—	$	(3,940	)	$	491,948	$	20,940

(1)

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

(2)

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

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of March 31, 2025 and December 31, 2024, there were $307 and $1,018, respectively, included within Accrued expenses and other liabilities, and $44 and $0, respectively, 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 can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On November 16, 2022, the SEC granted to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants exemptive relief on which the Company expects to rely to co-invest alongside certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”), which may include proprietary accounts of Goldman Sachs, in a manner consistent with the Company's investment objectives and strategies, certain Board-established criteria, the conditions of such exemptive relief and other pertinent factors (as amended, the “Relief”). On June 25, 2024, the SEC granted an amendment to the Relief, which permits the Company to participate in follow-on investments in the Company’s existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. 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. As a result of the Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs. The Goldman Sachs Asset Management Private Credit Team is composed of investment professionals dedicated to the Company’s investment strategy and to other funds that share a similar investment strategy with the Company. The Goldman Sachs Asset Management Private Credit Team is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, negotiating and structuring the Company’s investments and monitoring and servicing the Company’s investments. The team works together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. 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 a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the then-current investment objectives and strategies of the Company.

Placement Agent Agreement

Table of Contents

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 months ended March 31, 2025 and March 31, 2024, as applicable.

The following table presents a summary of Expense Payments and the related Reimbursement Payments for the three months ended March 31, 2025 and March 31, 2024:


For the Month Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
For the Three Months Ended March 31, 2025
January 31, 2025	$	1,222	$	—	$	1,222
February 28, 2025		1,216		—		1,216
March 31, 2025		1,739		—		1,739
Total	$	4,177	$	—	$	4,177
For the Three Months Ended March 31, 2024
January 31, 2024	$	2,759	$	—	$	2,759
February 29, 2024		3,248		—		3,248
March 31, 2024		898		—		898
Total	$	6,905	$	—	$	6,905

For the three months ended March 31, 2025 and March 31, 2024, the Investment Adviser agreed to advance $4,177 and $6,905, which have been included within Expense support in the Consolidated Statements of Operations. As of March 31, 2025, unreimbursed Expense Payments were $28,400.

4. INVESTMENTS

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


	March 31, 2025				December 31, 2024
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	7,957,376	$	7,927,843	$	7,014,260	$	7,006,800
1st Lien/Last-Out Unitranche		268,275		267,050		263,347		261,643
Preferred Stock		3,101		—		3,101		—
Common Stock		5,214		4,676		5,214		5,372
Total investments	$	8,233,966	$	8,199,569	$	7,285,922	$	7,273,815

Table of Contents

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


	March 31, 2025								December 31, 2024
Industry	Fair Value				Net Assets				Fair Value				Net Assets
Software		13.9	%			18.5	%			14.2	%			21.1	%
Commercial Services & Supplies		8.9				11.8				7.9				11.8
Health Care Providers & Services		8.0				10.7				6.0				8.9
Financial Services		7.9				10.6				7.2				10.6
Machinery		7.1				9.4				7.7				11.5
Trading Companies & Distributors		5.4				7.3				5.9				8.7
Food Products		3.9				5.2				4.4				6.5
Diversified Consumer Services		3.9				5.1				4.1				6.0
IT Services		3.5				4.6				3.5				5.2
Professional Services		3.4				4.6				3.8				5.6
Insurance		3.2				4.3				4.2				6.3
Wireless Telecommunication Services		3.2				4.2				3.3				4.9
Health Care Technology		2.8				3.7				0.9				1.4
Chemicals		2.6				3.5				3.2				4.7
Oil, Gas & Consumable Fuels		2.2				2.9				2.2				3.2
Construction & Engineering		2.2				2.9				2.3				3.5
Containers & Packaging		1.9				2.5				1.9				2.9
Building Products		1.8				2.5				2.0				2.9
Health Care Equipment & Supplies		1.6				2.2				1.9				2.8
Pharmaceuticals		1.4				1.8				1.5				2.3
Specialty Retail		1.3				1.8				1.4				2.1
Media		1.3				1.7				1.4				2.1
Distributors		1.2				1.6				1.1				1.6
Consumer Staples Distribution & Retail		0.9				1.2				1.0				1.5
Leisure Products		0.8				1.2				0.9				1.3
Aerospace & Defense		0.8				1.0				0.9				1.4
Textiles, Apparel & Luxury Goods		0.7				0.9				0.7				1.0
Automobile Components		0.6				0.8				0.7				1.0
Hotels, Restaurants & Leisure		0.6				0.7				0.7				1.1
Electrical Equipment		0.6				0.7				0.7				1.0
Energy Equipment & Services		0.5				0.7				0.5				0.7
Technology Hardware & Equipment		0.4				0.5				0.4				0.6
Diversified Financial services		0.3				0.4				0.4				0.5
Metals & Mining		0.3				0.4				0.2				0.3
Ground Transportation		0.2				0.3				0.1				0.2
Electric Utilities		0.2				0.3				0.2				0.3
Entertainment		0.2				0.3				0.2				0.3
Capital Goods		0.1				0.1				0.1				0.1
Life Sciences Tools & Services		0.1				0.1				0.1				0.1
Air Freight & Logistics		0.1				0.1				—				—
Household Products		—		(1)		0.1				0.1				0.1
Industrial Conglomerates		—		(1)		0.1				—				—
Household Durables		—		(1)		0.1				0.1				0.1
Telecommunications		—		(1)		—		(1)		—		(1)		0.1
Total		100.0	%			133.4	%			100.0	%			148.3	%

(1)

Amount rounds to less than 0.1%.

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


Geographic	March 31, 2025				December 31, 2024
United States		96.7	%			95.4	%
Canada		1.9				2.2
United Kingdom		1.0				2.1
Switzerland		0.2				0.3
Luxembourg		0.2				—
France		—		(1)		—
Total		100.0	%			100.0	%

(1)

Amount rounds to less than 0.1%.

Table of Contents

5. FAIR VALUE MEASUREMENT

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

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

Basis of Fair Value Measurement

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

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

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

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

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


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

Table of Contents


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

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


Level 3 Instruments	Fair Value(1) (2)		Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of March 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	4,944,428	Discounted cash flows	Discount Rate	7.6% — 13.0%	9.3%
	$	18,452	Comparable multiples	EV/EBITDA(6)	—	10.0x
1st Lien/Last-Out Unitranche	$	267,050	Discounted cash flows	Discount Rate	5.9% — 11.2%	10.2%
Equity
Common Stock	$	4,676	Comparable multiples	EV/EBITDA(6)	10.0x — 13.5x	12.9x
As of December 31, 2024
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	3,711,830	Discounted cash flows	Discount Rate	7.4% — 14.1%	9.7%
1st Lien/Last-Out Unitranche	$	261,643	Discounted cash flows	Discount Rate	6.2% — 11.4%	10.5%
Equity
Common Stock	$	5,372	Comparable multiples	EV/EBITDA(6)	10.0x — 13.5x	12.9x

(1)

As of March 31, 2025, included within the fair value of Level 3 assets of $5,956,416 is an amount of $721,810 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 $5,211,478 or 87.6% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 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.

Table of Contents

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


	March 31, 2025								December 31, 2024
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	2,243,153	$	5,684,690	$	7,927,843	$	—	$	1,875,466	$	5,131,334	$	7,006,800
1st Lien/Last-Out Unitranche		—		—		267,050		267,050		—		—		261,643		261,643
2nd Lien/Senior Secured Debt		—		—		—		—		—		—		—		—
Preferred Stock		—		—		—		—		—		—		—		—
Common Stock		—		—		4,676		4,676		—		—		5,372		5,372
Investments in Affiliated Money Market Fund		333,491		—		—		333,491		444,718		—		—		444,718
Total	$	333,491	$	2,243,153	$	5,956,416	$	8,533,060	$	444,718	$	1,875,466	$	5,398,349	$	7,718,533

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


Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)			Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Three Months Ended March 31, 2025
1st Lien/Senior Secured Debt	$	5,131,334	$	711,520	$	(2,923	)	$	202		$	(100,786	)	$	4,425	$	—	$	(59,082	)	$	5,684,690	$	(2,991	)
1st Lien/Last-Out Unitranche		261,643		4,766		—			479			—			162		—		—			267,050		479
2nd Lien/Senior Secured Debt		—		—		—			—			—			—		—		—			—		—
Preferred Stock		—		—		—			—			—			—		—		—			—		—
Common Stock		5,372		—		—			(696	)		—			—		—		—			4,676		(696	)
Total assets	$	5,398,349	$	716,286	$	(2,923	)	$	(15	)	$	(100,786	)	$	4,587	$	—	$	(59,082	)	$	5,956,416	$	(3,208	)
For the Three Months Ended March 31, 2024
1st Lien/Senior Secured Debt	$	1,418,647	$	431,101	$	(4,003	)	$	14,850		$	(36,110	)	$	1,574	$	—	$	—		$	1,826,059	$	9,586
1st Lien/Last-Out Unitranche		166,684		39,025		—			(117	)		—			117		—		—			205,709		(116	)
2nd Lien/Senior Secured Debt		20,017		—		—			240			—			10		—		—			20,267		240
Preferred Stock		—		3,420		—			—			—			—		—		—			3,420		—
Common Stock		—		—		—			—			—			—		—		—			—		—
Total assets	$	1,605,348	$	473,546	$	(4,003	)	$	14,973		$	(36,110	)	$	1,701	$	—	$	—		$	2,055,455	$	9,710

(1)

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

(2)

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

Table of Contents

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of March 31, 2025, approximates its carrying value because the Revolving Credit Facilities and the Short-Term Borrowings (as defined below) have variable interest based on selected short-term rates.

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 March 31, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 371% and 290%.

The Company’s outstanding debt was as follows:


	March 31, 2025						December 31, 2024
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
Truist Revolving Credit Facility(1)	$	1,630,000	$	978,028	$	652,169	$	1,255,000	$	92,090	$	1,161,893
BNPP Revolving Credit Facility(2)		1,100,000		200,000		900,000		900,000		200,000		700,000
MS Revolving Credit Facility(3)		2,000,000		1,285,000		715,000		2,000,000		1,285,000		715,000
Total debt	$	4,730,000	$	2,463,028	$	2,267,169	$	4,155,000	$	1,577,090	$	2,576,893

(1)

Provides, under certain circumstances, a total borrowing capacity of $1,770,000. 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 March 31, 2025, the Company had outstanding borrowings denominated in USD of $410,000, in Euros of EUR 89,640, in CAD of CAD 59,500, in GBP of GBP 60,500 and in AUD of AUD 41,200. 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.

(2)

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 March 31, 2025, the Company had outstanding borrowings denominated in USD of $900,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $700,000.

(3)

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 March 31, 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 three months ended March 31, 2025 and for the year ended December 31, 2024 were 6.12% and 6.92%, respectively. The combined average debt of the aggregate borrowings outstanding for the three months ended March 31, 2025 was $2,262,870 and for the year ended December 31, 2024 was $1,061,820.

Truist Revolving Credit Facility

On April 6, 2023, the Company entered into the Truist Revolving Credit Facility with Truist Bank (“Truist”), 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 May 23, 2024. The total commitments under the Truist Revolving Credit Facility are $1,630,000, of which $1,150,000 is under a multicurrency sub-facility, $390,000 is under a USD sub-facility and $90,000 is under a term loan tranche as of March 31, 2025. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility up to $1,770,000. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 23, 2029.

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

Table of Contents

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 2.00% 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 1.00% 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 2.00% 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, and (ii) Canadian Dollars 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 March 31, 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 $14,763 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 March 31, 2025 and December 31, 2024, outstanding deferred financing costs were $11,008 and $9,967.

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


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Borrowing interest expense	$	9,881		$	4,727
Facility fees		655			885
Amortization of financing costs		595			513
Total	$	11,131		$	6,125
Weighted average interest rate		5.84	%		7.15	%
Average outstanding balance	$	686,759		$	265,818

BNPP Revolving Credit Facility

On September 28, 2023, SPV Public I entered into BNPP Revolving Credit Facility with BNP Paribas (“BNPP”), 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 the BNPP Revolving Credit Facility is limited to the value of the Company’s investment in SPV Public I, subject to certain indemnification obligations.

Table of Contents

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 March 31, 2025, the Company and SPV Public I were in compliance with these covenants.

Costs of $7,777 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 March 31, 2025 and December 31, 2024, outstanding deferred financing costs were $6,171 and $5,038.

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


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	12,792		$	1,493
Facility fees		133			38
Amortization of financing costs		514			148
Total	$	13,439		$	1,679
Weighted average interest rate		6.02	%		7.25	%
Average outstanding balance	$	861,111		$	82,857

MS Revolving Credit Facility

On August 9, 2024, GSCR Mott Street entered into a 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 $1,000,000 (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 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, 2029.

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 March 31, 2025, the Company and GSCR Mott Street were in compliance with these covenants.

Costs of $15,360 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 March 31, 2025 and December 31, 2024, outstanding deferred financing costs were $13,670 and $14,443.

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


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Borrowing interest expense	$	11,485		$	—
Facility fees		1,774			—
Amortization of financing costs		773			—
Total	$	14,032		$	—
Weighted average interest rate		6.51	%	—%
Average outstanding balance	$	715,000		$	—

Table of Contents

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. The carrying value of investments subject to such security interest were $0 and $0 as of March 31, 2025 and December 31, 2024, respectively.

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 March 31, 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 March 31, 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:

Table of Contents


	Unfunded Commitment Balances (1)
	March 31, 2025		December 31, 2024
1st Lien/Senior Secured Debt
ABC Investment Holdco Inc. (dba ABC Plumbing)	$	5,693	$	6,781
Admiral Buyer, Inc. (dba Fidelity Payment Services)		11,706		10,440
Advarra Holdings, Inc.		7,087		7,087
AI Titan Parent, Inc. (dba Prometheus)		3,845		3,845
Airwavz Solutions, Inc.		4,959		—
Amspec Parent, LLC		6,667		6,667
Aptean, Inc.		67,535		9,567
AQ Sunshine, Inc. (dba Relation Insurance)		19,048		20,472
Ark Data Centers, LLC		44,662		45,717
Arrow Buyer, Inc. (dba Archer Technologies)		1,460		1,460
Artifact Bidco, Inc. (dba Avetta)		11,823		11,823
ASM Buyer, Inc.		10,350		14,000
Aurora Acquireco, Inc. (dba AuditBoard)		23,600		23,600
Bamboo US BidCo LLC (aka Baxter)		11,008		12,522
Blast Bidco Inc. (dba Bazooka Candy Brands)		7,366		7,366
Buffalo Merger Sub, LLC (dba Oliver Packaging)		8,719		8,719
Celero Commerce LLC		33,282		—
Charger Debt Merger Sub, LLC (dba Classic Collision)		29,816		35,389
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)		37,165		36,250
Circustrix Holdings, LLC (dba SkyZone)		642		642
Coding Solutions Acquisition, Inc. (dba CorroHealth)		9,140		9,139
Coretrust Purchasing Group LLC		11,053		11,053
Creek Parent, Inc. (dba Catalent)		9,980		9,980
Crewline Buyer, Inc. (dba New Relic)		6,165		6,165
CST Buyer Company (dba Intoxalock)		4,310		4,310
DFS Holding Company, Inc.	—			5,491
Dwyer Instruments, LLC		25,290		26,366
Eagle Family Foods Group Holdings, LLC		22,753		22,753
Easy Mile Fitness, LLC		3,617		4,650
Engage2Excel, Inc.		825		495
Eresearch Technology, Inc. (dba Clario)		68,896		—
Financière N (dba Nemera)		67,943		—
Formulations Parent Corporation (dba Chase Corp)		9,068		9,068
Frontgrade Technologies Holdings Inc.		3,689		3,689
Frontline Road Safety Operations, LLC		65,919		—
Fullsteam Operations LLC		23,693		35,960
Galway Holdings, LP		6,924		8,069
Geotechnical Merger Sub, Inc.		15,609		17,738
GovDelivery Holdings, LLC (dba Granicus, Inc.)		3,863		3,863
GPS Phoenix Buyer, Inc. (dba Guidepoint)		15,659		15,659
Hamilton Thorne, Inc.		12,695		12,695
Harrington Industrial Plastics, LLC		15,086		15,086
HealthEdge Software, Inc.		4,580		4,580
Highfive Dental Holdco, LLC		979		979
Hyland Software, Inc.		4,525		4,525
iCIMS, Inc.		2,730		2,454
iWave Information Systems, Inc.		2,391		2,391
Kene Acquisition, Inc. (dba Entrust)		22,173		22,173
KPA Parent Holdings, Inc.		6,311		—
Kryptona Bidco US, LLC (dba Kyriba)		10,825		10,825
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		222		319
Mandrake Bidco, Inc. (dba Miratech)		5,910		5,910
NAVEX TopCo, Inc.		4,050		4,050
NCWS Intermediate, Inc. (dba National Carwash Solutions)		26,631		29,149
Netrisk Group Luxco 4 S.à r.l.		3,676		—

Table of Contents


	Unfunded Commitment Balances (1)
	March 31, 2025		December 31, 2024
Netsmart Technologies, Inc.		47,843		47,843
Northstar Acquisition HoldCo, LLC (dba n2y)		11,202		11,202
Onyx CenterSource, Inc.		110		1,100
Orthrus Limited (dba Ocorian)		3,127		3,031
Packaging Coordinators Midco, Inc. (dba PCI Pharma)		145,202		—
Precinmac, LP		63,478		63,690
Project Accelerate Parent, LLC (dba ABC Fitness)		5,000		5,000
Prophix Software Inc. (dba Pound Bidco)		7,204		7,756
PT Intermediate Holdings III, LLC (dba Parts Town)		7,953		7,953
QBS Parent, Inc. (dba Quorum Software)		35,600		3,820
Recochem, Inc		15,832		14,807
Recorded Books Inc. (dba RBMedia)		2,242		6,278
Rock Star Mergersub LLC (dba Triumvirate Environmental)		47,143		47,488
Rocky Debt Merger Sub, LLC (dba NContracts)		16,282		16,282
Rotation Buyer, LLC (dba Rotating Machinery Services)		52,476		58,598
Rubrik, Inc.		627		627
Runway Bidco, LLC (dba Redwood Software)		18,750		18,750
Shields Health Solutions		275,700		—
Singlewire Software, LLC		3,226		3,226
Solar Holdings Bidco Limited (dba SLR Consulting)		19,653		19,046
Sonar Acquisitionco, Inc. (dba SimPRO)		29,434		29,434
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)		15,488		15,976
Splash Car Wash, Inc.		12,375		—
Sunshine Cadence HoldCo, LLC (dba Cadence Education)		15,292		16,326
Superior Environmental Solutions		6,878		6,878
Superman Holdings, LLC (dba Foundation Software)		7,380		13,262
Tropical Bidco, LLC (dba Tropical Cheese)		16,515		14,615
Trystar, LLC		18,837		18,837
United Flow Technologies Intermediate Holdco II, LLC		10,659		26,338
US Signal Company, LLC		9,053		13,579
USA DeBusk, LLC		29,378		34,430
Valet Waste Holdings, Inc. (dba Valet Living)		13,394		13,040
Vamos Bidco, Inc. (dba VIP)		28,417		—
VASA Fitness Buyer, Inc.		1,306		1,306
VisionSafe Holdings, Inc.		1,320		1,320
Wellness AcquisitionCo, Inc. (dba SPINS)		4,356		—
Westwood Professional Services Inc.		30,988		30,988
Zeus Company, Inc.		18,270		18,270
Total 1st Lien/Senior Secured Debt	$	1,891,603	$	1,163,027
1st Lien/Last-Out Unitranche
EIP Consolidated, LLC (dba Everest Infrastructure)	$	7,500	$	7,500
Esperanto BidCo AG (dba BSI Software)		27,226		26,541
K2 Towers III, LLC		4,858		4,858
Skyway Towers Intermediate LLC		6,766		7,349
Tarpon Towers II LLC		8,794		10,063
Thor FinanceCo LLC (dba Harmoni Towers)		14,667		17,167
Towerco IV Holdings, LLC		2,568		2,982
Total 1st Lien/Last-Out Unitranche	$	72,379	$	76,460
Total	$	1,963,982	$	1,239,487

(1)

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

Contingencies

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

Table of Contents

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 Three Months Ended March 31, 2025
January 1, 2025		23,191,555	$	584,891
February 1, 2025		15,021,187		378,834
March 1, 2025		12,743,027		320,487
Total		50,955,769	$	1,284,212
Share Issue Date	Shares Issued		Proceeds Received
For the Three Months Ended March 31, 2024
January 1, 2024		13,232,488	$	333,459
February 1, 2024		6,122,455		154,286
March 1, 2024		7,852,924		197,815
Total		27,207,867	$	685,560

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 Three Months Ended March 31, 2025
November 7, 2024	January 31, 2025	February 28, 2025	$	0.20			633,167
February 26, 2025	February 28, 2025	April 7, 2025	$	0.19	(1)		653,785
February 26, 2025	March 31, 2025	April 28, 2025	$	0.19			689,129
For the Three Months Ended March 31, 2024
November 1, 2023	January 31, 2024	February 29, 2024	$	0.21			284,014
February 27, 2024	February 29, 2024	March 28, 2024	$	0.21			303,114
February 27, 2024	March 28, 2024	April 26, 2024	$	0.21			328,736

(1)

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

Share Repurchase Program

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

Table of Contents

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 three months ended March 31, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3)		Number of Shares Repurchased
For the Three Months Ended March 31, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66,945		2,667,462
Total							$	66,945		2,667,462
For the Three Months Ended March 31, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	394		15,551
Total							$	394		15,551

(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

9. EARNINGS PER COMMON SHARE

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


	For the Three Months Ended
	March 31, 2025		March 31, 2024

Net increase in net assets from operations	$	108,535	$	64,435
Weighted average shares outstanding		233,194,083		83,632,769
Basic and diluted earnings (loss) per share	$	0.47	$	0.77

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

Table of Contents

10. FINANCIAL HIGHLIGHTS

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


	For the Three Months Ended			For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Common Share Data(1):
NAV, beginning of period	$	25.22		$	25.20
Net investment income		0.61			0.61
Net realized and unrealized gains (losses)(2)		(0.14	)		0.14
Net increase in net assets from operations(2)	$	0.47		$	0.75
Distributions recorded:
From distributable earnings		(0.57	)		(0.63	)
From return of capital		(0.01	)		—
Total increase in net assets	$	(0.11	)	$	0.12
NAV, end of period	$	25.11		$	25.32
Shares outstanding, end of period		244,701,031			91,177,249
Weighted average shares outstanding		233,194,083			83,632,769
Total return based on NAV(3)		1.88	%		3.01	%
Supplemental Data/Ratio(4):
Net assets, end of period	$	6,145,034		$	2,309,041
Ratio of net expenses to average net assets		4.85	%		4.02	%
Ratio of net expenses before voluntary waivers to average net assets		5.24	%		4.14	%
Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets		1.26	%		1.37	%
Ratio of interest and other debt expenses to average net assets		2.66	%		1.49	%
Ratio of net incentive fees to average net assets		0.93	%		1.16	%
Ratio of total expenses to average net assets		5.31	%		4.46	%
Ratio of net investment income to average net assets		8.37	%		8.70	%
Portfolio turnover		2	%		3	%

(1)

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

(2)

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

(3)

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

(4)

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

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.

April and May Subscriptions

On April 1, 2025, the Company received $481,450 of proceeds relating to the issuance of 19,173,626 Shares. Included in the aforementioned proceeds is $116,619 that the Company received from affiliates of the Investment Adviser.

On May 1, 2025, the Company received $240,497 of proceeds relating to the issuance of Shares. Included in the aforementioned proceeds is $18,733 that the Company received from an affiliate of the Investment Adviser.

Multi-Class Share Exemptive Relief

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.

Co-Investment Activity

The Company filed an application for a new exemptive order from the SEC (the “New Relief”) that would supersede the Relief and permit the Company to co-invest with the Accounts, under a co-investment process that contains fewer conditions than the Relief. The New Relief requires the majority of the Company’s independent directors to make the conclusions outlined previously (see Note 3 “Significant Agreements and Related Party Transactions—Co-Investment Activity”) in connection with co-investment transactions in a more limited set of circumstances than the Relief, while requiring the Board to maintain oversight of the Company’s participation in the co-investment program. On April 25, 2025, the SEC issued a notice to the Company relating to the New Relief, pursuant to which the New Relief will be granted at the expiration of the notice period on May 20, 2025, unless the SEC orders a hearing.

Table of Contents

Issuance of 2028 Notes and 2030 Notes

On May 6, 2025, the Company issued $400.0 million aggregate principal amount of 5.875% Notes due 2028 (the “2028 Notes”) and $600.0 million aggregate principal amount of 6.250% Notes due 2030 (the "2030 Notes" and together with the 2028 Notes, the "Notes"). The 2028 Notes bear interest at the rate of 5.875% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on November 6, 2025, and will mature on May 6, 2028. The 2030 Notes bear interest at the rate of 6.250% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on November 6, 2025, and will mature on May 6, 2030. At the Company's option, the Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

Distributions

On May 7, 2025, the Board of Directors declared monthly distributions from the Company's taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:


Record Date		Payable Date
May 30, 2025		June 27, 2025
June 30, 2025		July 29, 2025
July 31, 2025		August 27, 2025

Table of Contents

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

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

OVERVIEW

We are a specialty finance company that is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2023. From our commencement of investment operations on April 6, 2023 through March 31, 2025, we have originated approximately $9.44 billion in aggregate principal amount of Private Credit Investments (as defined below) and related equity prior to any subsequent exits and repayments.

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

•

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

•

Direct origination with borrowers;

•

Prudent investment selection with intensive due diligence and credit analysis;

•

Provision of large-sized commitments;

•

Structuring expertise with a focus on risk mitigation;

•

Rigorous portfolio management; and

•

Focus on companies with attractive business fundamentals.

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

We primarily hold directly originated, first lien senior secured, floating rate debt of companies located primarily in the United States and, to a lesser extent, in non-U.S. jurisdictions. We may also invest, to a lesser extent, in 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.

Table of Contents

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. 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. 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.

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:

•

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

Table of Contents

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

•

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

•

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

•

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

•

brokers’ commissions;

•

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

•

legal, auditing or accounting expenses;

•

taxes or governmental fees;

•

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

•

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

•

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

•

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

•

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

•

costs of holding stockholder meetings;

•

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

•

insurance premiums; or

•

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

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

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

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

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

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

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

Leverage

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

Table of Contents

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, 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
	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)
First Lien/Senior Secured Debt	$	7,957.38	$	7,927.84	$	7,014.26	$	7,006.80
First Lien/Last-Out Unitranche		268.28		267.05		263.35		261.65
Preferred Stock		3.10		—		3.10		—
Common Stock		5.21		4.68		5.21		5.37
Total investments	$	8,233.97	$	8,199.57	$	7,285.92	$	7,273.82

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
	March 31, 2025						December 31, 2024
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		9.3	%		9.3	%		9.4	%		9.4	%
First Lien/Last-Out Unitranche(2)(3)		10.8	%		10.8	%		11.0	%		11.1	%
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Total Portfolio		9.3	%		9.4	%		9.5	%		9.5	%

(1)

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

(2)

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

Table of Contents

(3)

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

(4)

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 March 31, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 9.3% and 9.4%, as compared to 9.5% and 9.5% as of December 31, 2024.

As of March 31, 2025, the Liquid Investments portfolio weighted average yield measured at amortized cost and fair value was 7.2% and 7.6%, 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
	March 31, 2025				December 31, 2024
Number of portfolio companies in which we have Private Credit Investments		107				96
Number of Liquid Investments		176				174
Percentage of performing debt bearing a floating rate(1)			100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)		—%				—%
Weighted average loan-to-value (“LTV”)(3)			41.4	%			40.4	%
Weighted average leverage (net debt/EBITDA)(4)			5.7	x			5.7	x
Weighted average interest coverage(4)			2.1	x			2.0	x
Median EBITDA(4)	$		100.50 million		$		98.65 million

(1)

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

(2)

Includes income producing preferred stock investments, if applicable.

(3)

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

(4)

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

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 March 31, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 9.0% and 11.8% of total Private Credit Investments at fair value.

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

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

•

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

Table of Contents

•

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

•

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

•

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

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


	As of
	March 31, 2025					December 31, 2024
Investment Performance Rating	Fair Value		Percentage of Total			Fair Value		Percentage of Total
	(in millions)					(in millions)
Grade 1	$	53.87		0.7	%	$	—		—	%
Grade 2		8,126.95		99.1			7,273.82		100.0
Grade 3		18.75		0.2			—		—
Grade 4		—		—			—		—
Total Investments	$	8,199.57		100.0	%	$	7,273.82		100.0	%

The increase in investments with a Grade 1 investment performance rating was driven by investments with an aggregate fair value of $53.87 million being upgraded from a Grade 2 investment performance rating due to potential exits. The increase in investments with a Grade 3 investment performance rating was primarily driven by investments with an aggregate fair value of $18.75 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
	March 31, 2025					December 31, 2024
	Amortized Cost		Percentage of Total			Amortized Cost		Percentage of Total
	(in millions)					(in millions)
Performing	$	8,233.97		100.0	%	$	7,285.92		100.0	%
Non-accrual		—		—			—		—
Total Investments	$	8,233.97		100.0	%	$	7,285.92		100.0	%

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

Table of Contents

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


	For the Three Months Ended
	March 31, 2025			March 31, 2024
	($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt	$	1,589.49		$	1,123.48
First Lien/Last-Out Unitranche		—			34.65
Total	$	1,589.49		$	1,158.13
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	90.75		$	35.25
Total	$	90.75		$	35.25
Net increase in portfolio	$	1,498.74		$	1,122.88
Number of new portfolio companies with new investment commitments		12			11
Total new investment commitment amount in new portfolio companies	$	1,486.84		$	998.64
Average new investment commitment amount in new portfolio companies	$	123.90		$	90.79
Number of existing portfolio companies with new investment commitments		4			5
Total new investment commitment amount in existing portfolio companies	$	102.65		$	159.49
Weighted average remaining term for new investment commitments (in years)(2)		6.6			6.4
Percentage of new debt investment commitments at floating interest rates		100.0	%		100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)		—	%		—	%
Weighted average yield on new debt and income producing investment commitments(4)		9.5	%		10.7	%
Weighted average yield on new investment commitments(5)		9.5	%		10.7	%
Weighted average yield on debt and income producing investments sold or repaid(6)		8.5	%		10.7	%
Weighted average yield on investments sold or repaid(7)		8.5	%		10.7	%

(1)

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

(2)

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

(3)

May include preferred stock investments.

(4)

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

(5)

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

(6)

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

(7)

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

Our net investment activity at amortized cost for Liquid Investments (excluding investments in money market funds, if any) for the three months ended March 31, 2025 and for the three months ended March 31, 2024 was $173.27 million and $368.81 million. As of March 31, 2025 and March 31, 2024, the fair value of Liquid Investments (excluding investments in money market funds, if any) was $1,704.85 million, or 20.8% and $503.46 million, or 18.8% of our portfolio.

RESULTS OF OPERATIONS

Our operating results were as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
	($ in millions)
Total investment income	$	191.52		$	66.63
Net expenses		(50.12	)		(15.25	)
Net investment income	$	141.40		$	51.38
Net realized gain (loss) on investments		(3.67	)		(4.02	)
Net unrealized appreciation (depreciation) on investments		(22.29	)		14.71
Net realized and unrealized gain (losses) on translations and transactions		(6.90	)		2.37
Net realized and unrealized gains (losses)	$	(32.86	)	$	13.06
Net increase in net assets from operations	$	108.54		$	64.44

Table of Contents

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
	March 31, 2025		March 31, 2024
	($ in millions)
Interest income	$	182.74	$	61.14
Dividend income		4.32		4.52
Other income		4.46		0.97
Total investment income	$	191.52	$	66.63

Investment income for the three months ended March 31, 2025 was driven by our deployment of capital into income producing investments.

Expenses

Our expenses were as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
	($ in millions)
Interest and other debt expenses	$	38.60		$	7.80
Management fees		18.20			6.45
Incentive fees based on income		16.46			6.27
Incentive fees based on capital gains		—			1.63
Professional fees		0.63			0.46
Offering costs		0.27			0.70
Directors’ fees		0.17			0.17
Other general and administrative expenses		2.57			1.10
Total expenses	$	76.90		$	24.58
Fee waivers		(22.60	)		(2.43	)
Expense support		(4.18	)		(6.90	)
Reimbursable expenses previously borne by Investment Adviser		—			—
Net Expenses	$	50.12		$	15.25

Table of Contents

In the table above:

•

Interest and other debt expenses increased from $7.80 million for the three months ended March 31, 2024 to $38.60 million for the three months ended March 31, 2025. The increase was primarily driven by an increase in the weighted average aggregate borrowings outstanding from $348.68 million for the three months ended March 31, 2024 to $2,262.87 million for the three months ended March 31, 2025.

•

Management Fees increased from $6.45 million for the three months ended March 31, 2024 to $18.20 million for the three months ended March 31, 2025. The increase was primarily driven by an increase in net assets. The Investment Adviser waived $0.00 million for the three months ended March 31, 2024 and $10.60 million for the three months ended March 31, 2025.

•

Incentive Fees based on income increased from $6.27 million for the three months ended March 31, 2024 to $16.46 million for the three months ended March 31, 2025. The increase was primarily driven by the performance of our investment portfolio. The Investment Adviser waived $2.43 million for the three months ended March 31, 2024 and $12.00 million for the three months ended March 31, 2025.

•

The Investment Adviser elected to pay $4.18 million of certain of our expenses on our behalf for the three months ended March 31, 2025. For the three months ended March 31, 2024, the Investment Adviser agreed to advance $6.90 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
	March 31, 2025			March 31, 2024
	(in millions)
LSF12 Crown US Commercial Bidco LLC	$	(0.21	)	$	—
Other, net		(0.51	)		(0.02	)
Ardonagh Midco 3 PLC		(2.95	)		—
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		—			(4.00	)
Net realized gain (loss)	$	(3.67	)	$	(4.02	)

For the three months ended March 31, 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
	March 31, 2025			March 31, 2024
	($ in millions)
Unrealized appreciation	$	15.62		$	17.70
Unrealized depreciation		(37.91	)		(2.99	)
Net change in unrealized appreciation (depreciation) on investments	$	(22.29	)	$	14.71

Table of Contents

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


	For the Three Months Ended
	March 31, 2025
	($ in millions)
Portfolio Company:
Ardonagh Midco 3 PLC	$	3.19
Eresearch Technology, Inc. (dba Clario)		2.66
Solar Holdings Bidco Limited (dba SLR Consulting)		1.37
Formulations Parent Corporation (dba Chase Corp)		1.22
Northstar Acquisition HoldCo, LLC (dba n2y)		1.04
Packaging Coordinators Midco, Inc. (dba PCI Pharma)		(1.25	)
Ascend Performance Materials Operations, LLC		(1.28	)
Renaissance Holding Corp.		(1.70	)
Harrington Industrial Plastics, LLC		(1.84	)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		(2.04	)
Other, net(1)		(23.66	)
Total	$	(22.29	)

(1)

For the three months ended March 31, 2025, Other, net includes gross unrealized appreciation of $6.14 million and gross unrealized depreciation of $(29.80) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2025 was primarily driven by market volatility.


	For the Three Months Ended
	March 31, 2024
	($ in millions)
Portfolio Company:
Other, net(1)	$	6.66
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		5.51
Hyland Software, Inc.		1.46
Rubrik, Inc.		0.94
Computer Services, Inc.		0.91
NAVEX TopCo, Inc.		0.85
Ardonagh Midco 3 PLC		(0.13	)
Physician Partners LLC		(0.17	)
Recochem, Inc		(0.34	)
Harrington Industrial Plastics, LLC		(0.43	)
Trader Corporation		(0.55	)
Total	$	14.71

(1)

For the three months ended March 31, 2024, Other, net includes gross unrealized appreciation of $8.04 million and gross unrealized depreciation of $(1.38) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2024 was primarily driven by tightening of credit spreads and the reversal of unrealized depreciation in connection with the aforementioned restructuring of 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.

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 March 31, 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 371% and 290%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

Table of Contents

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

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


Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the Three Months Ended March 31, 2025
Class I Common Stock
January 1, 2025		23,191,555	$	584.89
February 1, 2025		15,021,187		378.83
March 1, 2025		12,743,027		320.49
Total		50,955,769		1,284.21
For the Three Months Ended March 31, 2024
January 1, 2024		13,232,488	$	333.46
February 1, 2024		6,122,455		154.29
March 1, 2024		7,852,924		197.81
Total		27,207,867		685.56

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 three months ended March 31, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3) ($ in millions)		Number of Shares Repurchased
For the Three Months Ended March 31, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66.95		2,667,462
For the Three Months Ended March 31, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	0.39		15,551

(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Distribution Reinvestment Plan

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

Contractual Obligations

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

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

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

The following table shows our contractual obligations as of March 31, 2025:

Table of Contents


	Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
Truist Revolving Credit Facility(1)	$	652.17	$	—	$	—	$	652.17	$	—
BNPP Revolving Credit Facility(2)	$	900.00	$	—	$	900.00	$	—	$	—
MS Revolving Credit Facility(3)	$	715.00	$	—	$	—	$	715.00	$	—

(1)

We may borrow amounts in U.S. Dollars (“USD”) or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, the Company had outstanding borrowings denominated in USD of $410.00 million, in Euros (“EUR”) of EUR 89.64 million, in Canadian Dollars (“CAD”) of CAD 59.50 million, in Great British Pounds (“GBP”) of GBP 60.50 million, and in Australian Dollars (“AUD”) of AUD 41.20 million.

(2)

We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, the Company had outstanding borrowings denominated in USD of $900.00 million.

(3)

Truist Revolving Credit Facility

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

The total commitments under the Truist Revolving Credit Facility are $1,630.00 million, of which $1,150.00 million is under a multicurrency sub-facility, $390.00 million is under a USD sub-facility and $90.00 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 commitments under the Truist Revolving Credit Facility up to $1,770.00 million. We amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and May 23, 2024.

Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 23, 2029.

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 2.00% 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 1.00% 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 2.00% 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, and (ii) Canadian Dollars 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.

Table of Contents

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”).

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 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, 2029.

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.

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 March 31, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:


	As of		As of
	March 31, 2025		December 31, 2024
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	1,891.60	$	1,163.03
First Lien/Last-Out Unitranche		72.38		76.46
Total	$	1,963.98	$	1,239.49

HEDGING

Subject to applicable provisions of the Investment Company Act and applicable CFTC regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than USD, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our

Table of Contents

Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

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

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

April and May Subscriptions

On April 1, 2025, we received $481.45 million of proceeds, relating to the issuance of 19,173,626 Shares.

On May 1, 2025, we received $240.50 million of proceeds, relating to the issuance of Shares.

Multi-Class Share Exemptive Relief

On April 15, 2025, the SEC granted to us and our Investment Adviser exemptive relief permitting us to issue and sell multiple classes of shares with varying sales loads and asset-based distribution and/or service fees.

Table of Contents

Co-Investment Activity

We filed an application for a new exemptive order from the SEC (the “New Relief”) that would supersede the Relief and permit us to co-invest with the Accounts, under a co-investment process that contains fewer conditions than the Relief. The New Relief requires the majority of our independent directors to make the conclusions outlined previously (see Note 3 “Significant Agreements and Related Party Transactions—Co-Investment Activity” in our consolidated financial statements included in this report) in connection with co-investment transactions in a more limited set of circumstances than the Relief, while requiring the Board to maintain oversight of our participation in the co-investment program. On April 25, 2025, the SEC issued a notice to us relating to the New Relief, pursuant to which the New Relief will be granted at the expiration of the notice period on May 20, 2025, unless the SEC orders a hearing.

Issuance of 2028 Notes and 2030 Notes

On May 6, 2025, we issued $400.0 million aggregate principal amount of 5.875% Notes due 2028 (the “2028 Notes”) and $600.0 million aggregate principal amount of 6.250% Notes due 2030 (the "2030 Notes" and together with the 2028 Notes, the "Notes"). The 2028 Notes bear interest at the rate of 5.875% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on November 6, 2025, and will mature on May 6, 2028. The 2030 Notes bear interest at the rate of 6.250% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on November 6, 2025, and will mature on May 6, 2030. At our option, the Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

Distributions

On May 7, 2025, our Board of Directors declared monthly distributions from our taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:


Record Date		Payable Date
May 30, 2025		June 27, 2025
June 30, 2025		July 29, 2025
July 31, 2025		August 27, 2025

Amended and Restated Bylaws

On May 7, 2025, our Board of Directors approved the Amended and Restated Bylaws (the “Amended and Restated Bylaws”), to be effective as of May 7, 2025. The Amended and Restated Bylaws revise Section 2.05 to change the quorum requirement for the transaction of business at all meetings of stockholders from a majority to one-third of the issued and outstanding shares of our capital stock entitled to vote thereat, present in person or represented by proxy. Additionally, with respect to any matter to be considered at a meeting of stockholders, the holders of one-third of all issued and outstanding stock of any class or classes or series entitled to vote on such matter, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to such matter. All of the other provisions of our bylaws shall remain in full force and effect.

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 March 31, 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.

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.

Table of Contents

Based on our March 31, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:


As of March 31, 2025 Basis Point Change	Interest Income			Interest Expense			Net Income
($ in millions)
Up 300 basis points		213.79			(56.54	)		157.25
Up 200 basis points		142.54			(37.69	)		104.85
Up 100 basis points		71.27			(18.84	)		52.43
Up 75 basis points		53.45			(14.13	)		39.32
Up 50 basis points		35.63			(9.43	)		26.20
Up 25 basis points		17.81			(4.71	)		13.10
Down 25 basis points		(17.80	)		4.71			(13.09	)
Down 50 basis points		(35.60	)		9.43			(26.17	)
Down 75 basis points		(53.39	)		14.13			(39.26	)
Down 100 basis points		(71.16	)		18.84			(52.32	)
Down 200 basis points		(141.73	)		37.69			(104.04	)
Down 300 basis points		(211.78	)		56.55			(155.23	)

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.

Table of Contents

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 March 31, 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 March 31, 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. There have been no material changes to the risk factors previously reported under 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.

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

The following table summarizes the total securities issued and proceeds:


Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the Three Months Ended March 31, 2025
Class I Common Stock
January 1, 2025		23,191,555	$	584.89
February 1, 2025		15,021,187		378.83
March 1, 2025		12,743,027		320.49
Total		50,955,769		1,284.21
For the Three Months Ended March 31, 2024
January 1, 2024		13,232,488	$	333.46
February 1, 2024		6,122,455		154.29
March 1, 2024		7,852,924		197.81
Total		27,207,867		685.56

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

Table of Contents

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 three months ended March 31, 2025:


Offer Date	Tender Offer Expiration Date	Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)			Purchase Price Per Share		Amount Repurchased (3) ($ in millions)		Number of Shares Repurchased
For the Three Months Ended March 31, 2025
February 24, 2025	March 21, 2025		5.0	%	$	25.11	$	66.95		2,667,462
For the Three Months Ended March 31, 2024
February 16, 2024	March 15, 2024		5.0	%	$	25.32	$	0.39		15,551

(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Amended and Restated Bylaws

The foregoing description of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Bylaws, a copy of which is attached hereto as Exhibit 3.2 and incorporated herein by reference.

Table of Contents

2025 Annual Meeting of Stockholders

On May 7, 2025, we scheduled our 2025 Annual Meeting of Stockholders (the “Annual Meeting”) for July 28, 2025, which date is more than 30 days from the first anniversary of the date of our 2024 Annual Meeting of Stockholders, which was initially held on May 29, 2024 and adjourned for lack of quorum to July 30, 2024, October 25, 2024, December 18, 2024, and January 28, 2025, on which date it was concluded.

Stockholders may submit proposals on matters appropriate for shareholder action, including director nominations, at our annual meetings consistent with regulations adopted by the SEC and our bylaws. Because the date of the Annual Meeting is more than 30 days from the first anniversary of the date of the 2024 meeting, such stockholder proposals must be received by us within a reasonable time before we begin to print and send proxy materials for the Annual Meeting. In order to be considered timely, stockholder proposals to be considered for inclusion in our proxy statement and proxy card relating to the Annual Meeting must have been received by us no later than May 23, 2025. Any such proposal must have also met the requirements set forth in our bylaws and the rules and regulations of the SEC in order to be eligible for inclusion in the proxy materials for the Annual Meeting.

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.

Table of Contents

INDEX TO EXHIBITS


EXHIBIT NO.		EXHIBIT

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

3.2*		Amended and Restated Bylaws

10.1		Third Amendment to Revolving Credit and Security Agreement, dated as of January 31, 2025, by and among GS Private Credit SPV Public I LLC, as borrower, BNP Paribas, as administrative agent, State Street Bank and Trust Company, as collateral agent, and Goldman Sachs Private Credit Corp., as equityholder and investment advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 5, 2025).

10.2		Notice of Commitment Increase Request, dated as of March 5, 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 March 10, 2025).

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

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

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

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

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

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

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

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

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

* Filed herewith.

Table of Contents

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: May 13, 2025						/s/ Alex Chi
						Name: Alex Chi
						Title: Co-Chief Executive Officer and Co-President
						(Co-Principal Executive Officer)

Date: May 13, 2025						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer and Co-President
						(Co-Principal Executive Officer)

Date: May 13, 2025						/s/ Stanley Matuszewski
						Name: Stanley Matuszewski
						Title: Chief Financial Officer and Treasurer
						(Principal Financial Officer)