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

or

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

Commission file number: 814-01307

Goldman Sachs Private Middle Market Credit II LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware	83-3053002
(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 ☒

As of May 13, 2025, there were 13,854,750 limited liability company common units outstanding.

GOLDMAN SACHS PRIVATE MIDDLE MARKET CREDIT II LLC

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

	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members’ Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	24
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	53
ITEM 4.	Controls and Procedures	53
PART II.	OTHER INFORMATION	54
ITEM 1.	Legal Proceedings	54
ITEM 1A.	Risk Factors	54
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
ITEM 3.	Defaults Upon Senior Securities	54
ITEM 4.	Mine Safety Disclosures	54
ITEM 5.	Other Information	54
ITEM 6.	Exhibits	54
SIGNATURES		56

2

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.

3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)

	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $1,932,229 and $2,045,971)	$	1,897,862		$	2,006,266
Non-controlled affiliated investments (cost of $77,563 and $78,439)		79,114			80,815
Total investments, at fair value (cost of $2,009,792 and $2,124,410)	$	1,976,976		$	2,087,081
Investments in affiliated money market fund (cost of $89,875 and $84,647)		89,875			84,647
Cash		17,907			27,340
Interest and dividends receivable		17,296			17,732
Deferred financing costs		4,610			5,353
Other assets		1,305			564
Total assets	$	2,107,969		$	2,222,717
Liabilities
Debt	$	891,771		$	1,000,612
Interest and other debt expenses payable		15,629			19,968
Management fees payable		4,150			4,153
Incentive fees payable		68,369			63,988
Distribution payable		—			32,132
Accrued expenses and other liabilities		4,891			3,535
Total liabilities	$	984,810		$	1,124,388
Commitments and contingencies (Note 7)
Members’ capital
Preferred units (0 units issued and outstanding)	$	—		$	—
Common units (13,854,750 and 13,854,750 units issued and outstanding as of March 31, 2025 and December 31, 2024)		1,313,752			1,313,752
Distributable earnings (loss)		(190,593	)		(215,423	)
Total members’ capital	$	1,123,159		$	1,098,329
Total liabilities and members’ capital	$	2,107,969		$	2,222,717
Net asset value per unit	$	81.07		$	79.27

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

4

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	48,052		$	67,670
Payment-in-kind income		5,755			6,851
Other income		334			477
From non-controlled affiliated investments:
Dividend income		835			1,902
Interest income		957			402
Payment-in-kind income		463			—
Other income		10			6
Total investment income	$	56,406		$	77,308
Expenses:
Interest and other debt expenses	$	17,665		$	30,269
Management fees		4,150			4,451
Incentive fees		4,381			5,186
Professional fees		370			574
Directors’ fees		74			73
Other general and administrative expenses		630			657
Total expenses	$	27,270		$	41,210
Net investment income	$	29,136		$	36,098
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(8,881	)	$	(15,639	)
Foreign currency and other transactions		235			35
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		5,338			8,451
Non-controlled affiliated investments		(825	)		313
Foreign currency translations		(143	)		147
Net realized and unrealized gains (losses)	$	(4,276	)	$	(6,693	)
(Provision) benefit for taxes on realized gain/loss on investments	$	(30	)	$	15
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			(36	)
Net increase in members’ capital from operations	$	24,830		$	29,384
Weighted average units outstanding		13,854,750			13,854,750
Basic and diluted net investment income per unit	$	2.10		$	2.61
Basic and diluted earnings (loss) per unit	$	1.79		$	2.12

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

5

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Changes in Members’ Capital

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Members’ capital at beginning of period	$	1,098,329		$	1,183,278
Increase in members’ capital from operations:
Net investment income	$	29,136		$	36,098
Net realized gain (loss)		(8,646	)		(15,604	)
Net change in unrealized appreciation (depreciation)		4,370			8,911
(Provision) benefit for taxes on realized gain/loss on investments		(30	)		15
(Provision) benefit for unrealized appreciation/depreciation on investments		—			(36	)
Net increase in members’ capital from operations	$	24,830		$	29,384
Total increase in members’ capital	$	24,830		$	29,384
Members’ capital at end of period	$	1,123,159		$	1,212,662
Distributions per unit	$	—		$	—

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

6

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Cash flows from operating activities:
Net increase in members’ capital from operations:	$	24,830		$	29,384
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(20,183	)		(41,325	)
Payment-in-kind interest capitalized		(6,172	)		(9,171	)
Investments in affiliated money market fund, net		(5,228	)		146,986
Proceeds from sales of investments and principal repayments		134,434			65,119
Net realized (gain) loss on investments		8,881			15,639
Net change in unrealized (appreciation) depreciation on investments		(4,513	)		(8,764	)
Net change in unrealized (appreciation) depreciation on foreign currency transactions		(21	)		54
Amortization of premium and accretion of discount, net		(2,342	)		(3,018	)
Amortization of deferred financing costs		783			823
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		436			2,158
(Increase) decrease in other assets		(741	)		(131	)
Increase (decrease) in interest and other debt expenses payable		(4,339	)		(3,027	)
Increase (decrease) in management fees payable		(3	)		(37	)
Increase (decrease) in incentive fees payable		4,381			5,186
Increase (decrease) in accrued expenses and other liabilities		1,356			(430	)
Net cash provided by (used for) operating activities	$	131,559		$	199,446
Cash flows from financing activities:
Distributions paid	$	(32,132	)	$	(50,669	)
Financing costs paid		(40	)		(41	)
Repayments of debt		(108,841	)		(130,205	)
Net cash provided by (used for) financing activities	$	(141,013	)	$	(180,915	)
Net increase (decrease) in cash	$	(9,454	)	$	18,531
Effect of foreign exchange rate changes on cash and cash equivalents		21			(54	)
Cash, beginning of period		27,340			23,308
Cash, end of period	$	17,907		$	41,785
Supplemental and non-cash activities
Interest expense paid	$	19,164		$	31,271
Exchange of investments	$	15,956		$	52,435

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

7

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of March 31, 2025

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Debt Investments - 171.0%
Canada - 2.9%
1st Lien/Senior Secured Debt - 2.9%
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	9.95%	S + 5.50%	11/06/26	$		8,001	$	7,962		$	7,961		(5) (6) (7) (8)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services		S + 5.50%	11/06/26			1,160		(3	)		(6	)	(5) (6) (7) (8) (9)
Everest Clinical Research Corporation	Professional Services	9.95%	S + 5.50%	11/06/26			5,327		5,279			5,301		(5) (6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.70%	S + 6.25%	05/25/27			19,155		18,997			19,011		(5) (6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,065		(23	)		(23	)	(5) (6) (7) (9)
Total 1st Lien/Senior Secured Debt									32,212			32,244
Total Canada								$	32,212		$	32,244
United Kingdom - 1.2%
1st Lien/Senior Secured Debt - 1.2%
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.45%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		6,577	$	7,889		$	8,241		(5) (6) (7) (8)
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.45%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		5,307		4,751			4,810		(5) (6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									12,640			13,051
Total United Kingdom								$	12,640		$	13,051
United States - 166.9%
1st Lien/Senior Secured Debt - 162.7%
Thrasio, LLC	Broadline Retail		S + 10.00% PIK	06/18/29	$		14,303	$	11,402		$	11,872		(6) (7) (8) (10) (11)
Thrasio, LLC	Broadline Retail	14.55%	S + 10.26% PIK	06/18/29			4,644		4,635			4,575		(6) (7) (10)
Acuity Specialty Products, Inc. (dba Zep Inc.)	Chemicals	8.30%	S + 4.00%	10/02/28			15,217		15,217			15,065		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.94%	S + 5.50%	09/18/26			3,420		3,401			3,351		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.95%	S + 5.50%	09/18/26			1,340		1,330			1,313		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.95%	S + 5.50%	09/18/26			668		664			655		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.95%	S + 5.50%	09/18/26			501		497			491		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.96%	S + 5.50%	09/18/26			470		436			429		(6) (7) (8) (9)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.49%	S + 6.00%	12/16/26			1,904		1,879			1,827		(7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	10.15%	S + 5.75% PIK	06/30/27			18,920		18,800			18,731		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	10.15%	S + 5.75%	06/30/27			9,524		9,490			9,477		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies		S + 5.75%	06/30/27			4,201		(26	)		(21	)	(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.05%	S + 5.50%	06/29/27			28,955		28,772			28,666		(6) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27			858		(5	)		(9	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			30,203		30,061			30,052		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			9,841		6,254			6,243		(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,365		(20	)		(22	)	(6) (7) (8) (9)
Assembly Intermediate LLC	Diversified Consumer Services	9.55%	S + 5.25%	10/19/27			39,908		39,523			39,908		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services	9.55%	S + 5.25%	10/19/27			7,982		7,899			7,982		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(35	)		—		(6) (7) (9)
CorePower Yoga LLC	Diversified Consumer Services	10.48%	S + 7.25% (Incl. 1.25% PIK)	05/14/26			10,203		10,152			9,947		(6) (7) (8)
CorePower Yoga LLC	Diversified Consumer Services		S + 6.00%	05/14/26			633		(3	)		(16	)	(6) (7) (8) (9)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			17,155		17,053			16,554		(6) (7) (8)

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

8

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.15%	S + 5.75%	12/15/26	$		14,368	$	14,316		$	13,829		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			13,165		13,117			12,704		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.40%	S + 6.00%	12/15/26			7,113		7,062			6,864		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.33%	S + 6.00%	12/15/26			2,199		772			708		(6) (7) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27			9,628		9,531			9,556		(6) (7) (8) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27			6,766		6,687			6,715		(6) (7) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27			1,700		120			123		(6) (7) (9) (10)
Whitewater Holding Company LLC	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			12,820		12,628			12,692		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			4,304		4,236			4,261		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			4,276		4,212			4,233		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			2,395		2,354			2,371		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/29			2,100		(30	)		(21	)	(6) (7) (8) (9)
Whitewater Holding Company LLC	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29			1,732		1,694			1,715		(6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment	10.90%	S + 6.50%	12/31/27			27,458		27,178			27,115		(6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27			2,831		(26	)		(35	)	(6) (7) (8) (9)
Streamland Media Midco LLC	Entertainment	10.06%	S + 5.50%	04/02/29			7,134		6,996			6,992		(6) (7) (8)
Streamland Media Midco LLC	Entertainment		S + 5.50%	04/02/29			1,029		—			(21	)	(6) (7) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			21,797		21,601			21,688		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			2,881		(17	)		(14	)	(6) (7) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			951		937			946		(6) (7) (8)
Aria Systems, Inc.	Financial Services	12.44%	S + 8.00%	06/30/26			24,283		24,157			24,161		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.44%	S + 6.00%	01/25/28			48,084		47,645			47,122		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			1,924		(16	)		(38	)	(6) (7) (9)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			3,045		2,949			3,045		(6) (7) (8)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			958		931			958		(6) (7) (8)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			426		414			426		(6) (7) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			170		(4	)		—		(6) (7) (8) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.55%	S + 5.25%	05/25/28			22,326		22,172			22,215		(6) (8)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services		S + 5.25%	05/25/28			914		(7	)		(5	)	(6) (8) (9)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			18,424		18,210			16,766		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			3,869		3,821			3,521		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.45%	S + 6.00%	12/06/27			8,378		8,338			8,169		(6) (7) (8) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.92%	S + 5.50%	12/06/27			6,093		6,081			5,910		(6) (7) (8) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.92%	S + 5.50%	12/06/27			2,888		2,878			2,801		(6) (7) (8) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.92%	S + 5.50%	12/06/25			2,867		2,859			2,781		(6) (7) (8) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.92%	S + 5.50%	12/06/27			2,627		2,621			2,548		(6) (7) (8) (12)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.92%	S + 5.50%	12/06/27			1,365		1,362			1,324		(6) (7) (8) (12)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.30%	S + 5.00%	06/21/27			13,206		13,123			13,074		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.30%	S + 5.00%	06/21/27			9,352		9,303			9,258		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.30%	S + 5.00%	06/21/27			4,619		4,564			4,573		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.32%	S + 5.00%	06/21/27			1,806		198			188		(6) (7) (8) (9)

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

9

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
Argos Health Holdings, Inc	Health Care Providers & Services	10.30%	S + 6.00%	12/03/27	$	19,302	$	19,112		$	18,626		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		18,935		18,935			17,042		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		4,778		4,778			4,300		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		1,845		1,845			1,661		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.06%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		315		315			283		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.32%	S + 5.00%	08/07/31		8,603		8,546			8,474		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		1,314		(18	)		(20	)	(6) (7) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.43%	S + 5.00%	08/07/31		821		708			706		(6) (7) (8) (9)
CORA Health Holdings Corp	Health Care Providers & Services	10.21%	S + 5.75%	06/15/27		20,545		20,428			17,258		(6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	10.21%	S + 5.75%	06/15/27		339		337			285		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/28/28		18,970		18,763			18,401		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/28/28		1,997		1,976			1,937		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.15%	S + 5.75%	08/26/27		1,552		1,539			1,505		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		21,378		21,174			21,325		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		19,286		19,044			19,237		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	10.20%	S + 5.75%	10/15/27		13,519		13,379			13,486		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	12.25%	P + 4.75%	10/15/27		2,542		296			311		(6) (7) (9)
One GI LLC	Health Care Providers & Services	11.17%	S + 6.75%	12/22/25		20,496		20,425			19,267		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.17%	S + 6.75%	12/22/25		10,073		10,032			9,468		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.17%	S + 6.75%	12/22/25		8,522		8,493			8,010		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.17%	S + 6.75%	12/22/25		5,528		5,502			5,196		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.17%	S + 6.75%	12/22/25		3,246		3,236			3,052		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.56%	S + 6.00%	03/31/26		18,604		18,605			14,279		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.56%	S + 6.00%	03/31/26		12,161		12,161			9,333		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.56%	S + 6.00%	03/31/26		5,149		5,149			3,952		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.56%	S + 6.00%	03/31/26		3,287		3,287			2,523		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	9.45%	S + 5.00%	03/01/28		11,936		11,823			11,816		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	9.45%	S + 5.00%	03/01/28		3,285		3,251			3,252		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services		S + 5.00%	03/01/28		1,605		(15	)		(16	)	(6) (7) (8) (9)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.44%	S + 6.00%	08/15/25		16,175		16,145			16,014		(6) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.47%	S + 6.00%	08/15/25		8,749		8,729			8,661		(6) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.44%	S + 6.00%	08/15/25		7,002		6,985			6,932		(6) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.46%	S + 6.00%	08/15/25		3,887		3,877			3,848		(6)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.44%	S + 6.00%	08/15/25		3,814		3,806			3,776		(6) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.45%	S + 6.00%	08/15/25		2,361		2,239			2,219		(6) (8) (9)
Total Vision LLC	Health Care Providers & Services	10.56%	S + 6.00%	07/15/26		15,171		15,069			14,261		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.57%	S + 6.00%	07/15/26		8,778		8,710			8,251		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.58%	S + 6.00%	07/15/26		4,449		4,423			4,182		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.55%	S + 6.00%	07/15/26		2,223		2,210			2,090		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services		S + 6.00%	07/15/26		1,150		(6	)		(69	)	(6) (7) (9)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.95%	S + 5.50%	12/21/26		19,578		19,449			18,893		(6) (7) (8)

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

10

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.95%	S + 5.50%	12/21/26	$		8,464	$	8,418		$	8,168		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.95%	S + 5.50%	12/21/26			6,805		6,774			6,567		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services		S + 5.50%	12/21/26			2,812		(18	)		(98	)	(6) (7) (9)
Businessolver.com, Inc.	Health Care Technology	9.90%	S + 5.50%	12/01/27			16,318		16,237			16,195		(6) (7) (8)
Businessolver.com, Inc.	Health Care Technology	9.90%	S + 5.50%	12/01/27			2,446		576			565		(6) (7) (8) (9)
ESO Solutions, Inc.	Health Care Technology	11.07%	S + 6.75%	05/03/27			36,294		36,001			35,931		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	11.07%	S + 6.75%	05/03/27			3,292		2,478			2,469		(6) (7) (8) (9)
Experity, Inc.	Health Care Technology	10.32%	S + 6.00% (Incl. 3.25% PIK)	02/24/28			21,891		21,842			21,726		(6) (7) (8)
Experity, Inc.	Health Care Technology		S + 6.00% (Incl. 3.25% PIK)	02/24/28			3,023		(7	)		(23	)	(6) (7) (8) (9)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.80%	S + 5.50%	06/24/26			14,258		14,187			14,187		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.80%	S + 5.50%	06/24/26			2,494		2,490			2,482		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 5.50%	06/24/26			1,749		(8	)		(9	)	(6) (7) (9)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.80%	S + 5.50%	06/24/26			932		930			927		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology	9.07%	S + 4.75%	07/16/31			24,788		24,558			24,540		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology	9.07%	S + 4.75%	07/16/31			10,936		10,833			10,826		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31			3,297		(30	)		(33	)	(6) (7) (8) (9)
Intelligent Medical Objects, Inc.	Health Care Technology	9.36%	S + 5.00%	05/11/29			11,130		10,986			10,851		(6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	9.32%	S + 5.00%	05/11/29			1,408		1,389			1,373		(6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology		S + 5.00%	05/11/28			1,396		(16	)		(35	)	(6) (7) (8) (9)
MedeAnalytics, Inc.	Health Care Technology		3.00% PIK	10/23/28			9,900		6,058			6,806		(6) (7) (8) (10) (11)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28			22,055		21,782			22,000		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28			7,351		6,870			6,852		(6) (7) (8) (9)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28			2,145		2,132			2,140		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28			1,705		492			507		(6) (7) (9)
WebPT, Inc.	Health Care Technology	10.66%	S + 6.25%	01/18/28			12,701		12,500			12,129		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.68%	S + 6.25%	01/18/28			12,434		12,336			11,874		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.75%	S + 6.25%	01/18/28			2,146		1,487			1,405		(6) (7) (8) (9)
WebPT, Inc.	Health Care Technology	10.65%	S + 6.25%	01/18/28			1,811		1,795			1,729		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.80%	S + 6.50%	08/11/27			32,749		32,451			30,129		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.80%	S + 6.50%	08/11/27			6,246		6,246			5,746		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.80%	S + 6.50%	08/11/27			3,971		3,619			3,301		(6) (7) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50%	08/11/27			3,343		(29	)		(267	)	(6) (7) (9)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.81%	S + 7.25% (Incl. 3.25% PIK)	12/16/27			16,157		15,985			14,218		(6) (7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	10.81%	S + 7.25% (Incl. 3.25% PIK)	06/16/27			2,117		1,726			1,493		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.32%	S + 5.00%	10/01/29			13,386		13,265			13,386		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.32%	S + 5.00%	10/01/29			2,384		2,373			2,384		(6) (7) (8)
Bullhorn, Inc.	Professional Services		S + 5.00%	10/01/29			693		(6	)		—		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.32%	S + 5.00%	10/01/29			620		614			620		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.32%	S + 5.00%	10/01/29			278		275			278		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.32%	S + 5.00%	10/01/29			221		219			221		(6) (7) (8)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.56%	S + 6.25%	05/18/29			41,798		40,658			41,380		(6) (7) (8)

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

11

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.57%	S + 6.25%	05/18/29	$	3,676	$	1,129		$	1,176		(6) (7) (8) (9)
Diligent Corporation	Professional Services	9.31%	S + 5.00%	08/02/30		52,988		52,634			52,590		(6) (7) (8)
Diligent Corporation	Professional Services	9.31%	S + 5.00%	08/02/30		9,084		9,023			9,015		(6) (7) (8)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,473		(35	)		(41	)	(6) (7) (8) (9)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,255		(34	)		(39	)	(6) (7) (8) (9)
iCIMS, Inc.	Professional Services	10.04%	S + 5.75%	08/18/28		21,171		20,962			20,218		(6) (7) (8)
iCIMS, Inc.	Professional Services	10.04%	S + 5.75%	08/18/28		1,860		186			121		(6) (7) (8) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.16%	S + 5.75%	11/30/27		15,290		15,133			15,213		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.09%	S + 5.75%	11/30/27		15,041		14,904			14,966		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	12.25%	P + 4.75%	11/30/27		2,696		582			593		(6) (7) (8) (9)
Pluralsight, Inc.	Professional Services	11.83%	S + 7.50% PIK	08/22/29		13,986		13,051			13,566		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services	8.83%	S + 4.50% (Incl. 1.50% PIK)	08/22/29		8,826		8,746			8,738		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29		5,474		—			(55	)	(6) (7) (8) (9) (10)
Pluralsight, Inc.	Professional Services	8.83%	S + 4.50% (Incl. 1.50% PIK)	08/22/29		4,413		4,413			4,369		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29		2,189		—			(22	)	(6) (7) (8) (9) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.94%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		33,379		33,175			31,377		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.96%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,703		10,661			10,061		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.94%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,239		10,205			9,625		(5) (6) (7) (8)
MRI Software LLC	Real Estate Mgmt. & Development	9.05%	S + 4.75%	02/10/27		15,862		15,772			15,664		(8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	10.81%	S + 6.50%	07/01/27		79,740		79,740			78,943		(6) (7) (8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		8,383		—			(84	)	(6) (7) (9)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	10.81%	S + 6.50%	07/01/27		2,051		2,021			2,030		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	10.54%	S + 6.25%	03/10/27		2,565		2,541			2,340		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.25%	03/10/27		1,100		(9	)		(96	)	(6) (7) (8) (9)
Acquia, Inc.	Software	11.44%	S + 7.00%	10/30/26		24,940		24,793			24,691		(6) (7) (8)
Acquia, Inc.	Software	11.45%	S + 7.00%	10/30/26		1,933		1,923			1,914		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.56%	S + 7.00%	12/31/26		35,280		35,038			33,957		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.56%	S + 8.00%	12/31/26		5,900		5,900			5,782		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.57%	S + 7.00%	12/31/26		4,160		3,304			3,172		(6) (7) (8) (9)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.56%	S + 8.00%	12/31/26		2,127		2,127			2,084		(6) (7) (8)
CivicPlus LLC	Software	10.21%	S + 5.75%	08/24/27		6,001		5,942			5,941		(6) (7) (8)
CivicPlus LLC	Software	10.21%	S + 5.75%	08/24/27		5,945		5,886			5,886		(6) (7) (8)
CivicPlus LLC	Software	10.21%	S + 5.75%	08/24/27		2,795		2,766			2,768		(6) (7) (8)
CivicPlus LLC	Software		S + 5.75%	08/24/27		1,112		(10	)		(11	)	(6) (7) (8) (9)
CloudBees, Inc.	Software	11.44%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		27,410		26,813			27,410		(6) (7) (8)
CloudBees, Inc.	Software	11.44%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		11,711		11,438			11,711		(6) (7) (8)
Gainsight, Inc.	Software	10.46%	S + 6.00%	07/30/27		49,986		49,695			49,737		(6) (8)
Gainsight, Inc.	Software	10.46%	S + 6.00%	07/30/27		5,182		2,664			2,672		(6) (8) (9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.04%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		11,800		11,699			11,800		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.54%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,748		1,730			1,731		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.75% (Incl. 2.25% PIK)	01/17/31		1,645		(14	)		(8	)	(6) (7) (8) (9)

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

12

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.30%	S + 5.00%	12/01/28	$	51,783	$	51,604		$	51,266		(6) (7) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/01/28		11,671		(8	)		(117	)	(6) (7) (9)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/02/28		6,115		(25	)		(61	)	(6) (7) (8) (9)
Pioneer Buyer I, LLC	Software	10.30%	S + 6.00%	11/01/28		18,161		17,998			18,116		(6) (7) (8)
Pioneer Buyer I, LLC	Software		S + 6.00%	11/01/27		2,518		(22	)		(6	)	(6) (7) (8) (9)
Rubrik, Inc.	Software	11.47%	S + 7.00%	08/17/28		4,387		4,355			4,387		(6) (7) (8)
Rubrik, Inc.	Software	11.47%	S + 7.00%	08/17/28		613		577			581		(6) (7) (8) (9)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.05%	S + 4.75%	07/02/29		51,505		50,925			50,990		(6) (7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.05%	S + 4.75%	07/02/29		6,866		2,531			2,525		(6) (7) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.05%	S + 4.75%	06/02/31		17,031		16,875			16,861		(6) (7) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.05%	S + 4.75%	06/02/31		9,316		4,804			4,776		(6) (7) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30		2,178		(19	)		(22	)	(6) (7) (8) (9)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.07%	S + 5.75%	10/07/30		19,639		19,223			19,148		(6) (7) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.07%	S + 5.75%	10/07/30		15,532		10,719			10,620		(6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt								1,863,584			1,827,804
1st Lien/Last-Out Unitranche (13) - 2.6%
Streamland Media Midco LLC	Entertainment	11.06%	S + 6.50%	04/02/29	$	6,856	$	6,445		$	6,445		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	11.06%	S + 6.75%	07/07/28		17,879		17,588			17,521		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	11.06%	S + 6.75%	07/07/28		6,958		5,849			5,710		(6) (7) (8) (9)
Total 1st Lien/Last-Out Unitranche								29,882			29,676
2nd Lien/Senior Secured Debt - 0.3%
Sweep Midco LLC	Commercial Services & Supplies			03/12/36	$	14,704	$	—		$	—		(6) (7) (8) (14)
Sweep Midco LLC	Commercial Services & Supplies			03/12/34		5,052		3,789			3,827		(6) (7) (8) (14)
Total 2nd Lien/Senior Secured Debt								3,789			3,827
Unsecured Debt - 1.3%
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/31	$	7,649	$	6,559		$	6,654		(7) (8) (14)
CivicPlus LLC	Software	16.05%	S + 11.75% PIK	06/09/34		8,626		8,474			8,410		(6) (7) (8)
Total Unsecured Debt								15,033			15,064
Total United States							$	1,912,288		$	1,876,371
Total Debt Investments							$	1,957,140		$	1,921,666

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

13

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Initial Acquisition Date(15)	Shares (4)		Cost		Fair Value		Footnotes
Equity Securities - 5.0%
United States - 5.0%
Common Stock - 1.8%
Thrasio, LLC	Broadline Retail	06/18/24		235,056	$	—	$	—	(6) (7) (10) (14)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		1,573	(6) (7) (10) (14)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		1,829	(6) (7) (14)
Streamland Media Holdings LLC	Entertainment	03/31/25		68,561		2,755		2,755	(6) (7) (14)
Total Vision LLC	Health Care Providers & Services	07/15/21		115,714		2,150		417	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	04/21/23		373		—		—	(6) (7) (10) (14)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		1,679	(6) (7) (14)
Pluralsight, Inc.	Professional Services	08/22/24		4,378,896		11,920		11,298	(6) (7) (10) (14)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555		2,655		47	(6) (7) (14)
Total Common Stock						25,671		19,598
Preferred Stock - 3.2%
Whitewater Holding Company LLC	Diversified Consumer Services	10/02/24		695	$	92	$	101	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	10/09/20		—		—		—	(6) (7) (10) (14) (16)
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		6,487	(6) (7) (14)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		15,563	(6) (7) (14)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		9,549		9,310		13,146	(6) (7) (14)
Total Preferred Stock						25,315		35,297
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	415	(6) (7) (14)
Total Warrants						1,666		415
Total United States					$	52,652	$	55,310
Total Equity Securities					$	52,652	$	55,310
Total Investments - 176.0%					$	2,009,792	$	1,976,976
Investments in Affiliated Money Market Fund - 8.0%
United States - 8.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares				89,875,474	$	89,875	$	89,875	(8) (17) (18)
Total Investments in Affiliated Money Market Fund						89,875		89,875
Total United States					$	89,875	$	89,875
Total Investments and Investments in Affiliated Money Market Fund - 184.0%					$	2,099,667	$	2,066,851

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

14

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit 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 SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), 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, 1 month S was 4.32%, 3 month S was 4.29%, 6 month S was 4.19%, 3 month SN was 4.46%, and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at 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, Great British Pounds (“GBP”).

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, the aggregate fair value of these securities is $96,358 or 4.6% of the Company’s total assets.

(6)Represents co-investments made with the Company’s affiliates 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 fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(8)All, or a portion of, the assets are pledged as collateral for the revolving credit facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Revolving Credit Facility”). See Note 6 “Debt”.

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

(11)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(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 and may be deemed to be “restricted securities”. As of March 31, 2025, the aggregate fair value of these securities is $55,310 or 4.9% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Amount rounds to less than $1.

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

(18)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.

15

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, 2024

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Debt Investments - 185.2%
Canada - 2.9%
1st Lien/Senior Secured Debt - 2.9%
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	9.98%	S + 5.50%	11/06/26	$		8,022	$	7,978		$	7,982		(5) (6) (7) (8)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services		S + 5.50%	11/06/26			1,160		(4	)		(6	)	(5) (6) (7) (8) (9)
Everest Clinical Research Corporation	Professional Services	9.98%	S + 5.50%	11/06/26			5,341		5,285			5,314		(5) (6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.71%	S + 6.25%	05/25/27			19,155		18,981			19,011		(5) (6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,065		(25	)		(23	)	(5) (6) (7) (9)
Total 1st Lien/Senior Secured Debt									32,215			32,278
Total Canada								$	32,215		$	32,278
United Kingdom - 1.1%
1st Lien/Senior Secured Debt - 1.1%
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.70%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		6,415	$	7,680		$	7,790		(5) (6) (7) (8)
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.70%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28	GBP		5,211		4,626			4,545		(5) (6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									12,306			12,335
Total United Kingdom								$	12,306		$	12,335
United States - 181.2%
1st Lien/Senior Secured Debt - 177.4%
Thrasio, LLC	Broadline Retail		S + 10.26% PIK	06/18/29	$		13,762	$	11,402		$	12,008		(6) (7) (8) (10) (11)
Thrasio, LLC	Broadline Retail	14.89%	S + 10.26% PIK	06/18/29			4,469		4,459			4,457		(6) (7) (10)
Acuity Specialty Products, Inc. (dba Zep Inc.)	Chemicals	8.25%	S + 4.00%	10/02/28			15,256		15,256			15,103		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	10.28%	S + 5.50%	09/18/26			3,429		3,406			3,360		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	10.17%	S + 5.50%	09/18/26			1,343		1,331			1,316		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	10.31%	S + 5.50%	09/18/26			670		665			657		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	10.31%	S + 5.50%	09/18/26			502		497			492		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	10.12%	S + 5.50%	09/18/26			470		467			461		(6) (7) (8)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.64%	S + 6.00%	12/16/26			1,930		1,901			1,852		(7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	10.24%	S + 5.75% PIK	06/30/27			18,501		18,368			18,315		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	10.24%	S + 5.75%	06/30/27			9,548		9,511			9,501		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies		S + 5.75%	06/30/27			4,201		(29	)		(21	)	(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.35%	S + 5.50%	06/29/27			29,031		28,828			28,740		(6) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27			858		(6	)		(9	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.86%	S + 4.50%	08/29/31			30,279		30,133			30,128		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			9,856		(23	)		(49	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,365		(21	)		(22	)	(6) (7) (8) (9)
Assembly Intermediate LLC	Diversified Consumer Services	9.58%	S + 5.25%	10/19/27			39,908		39,490			39,908		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services	9.58%	S + 5.25%	10/19/27			7,982		7,892			7,982		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(38	)		—		(6) (7) (9)
CorePower Yoga LLC	Diversified Consumer Services	11.73%	S + 7.25% (Incl. 1.25% PIK)	05/14/26			10,194		10,132			9,786		(6) (7) (8)
CorePower Yoga LLC	Diversified Consumer Services	10.54%	S + 6.00%	05/14/26			633		374			352		(6) (7) (8) (9)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.43%	S + 6.00%	12/15/26			17,200		17,084			16,598		(6) (7) (8)

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

16

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.18%	S + 5.75%	12/15/26	$		14,405	$	14,346		$	13,829		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.43%	S + 6.00%	12/15/26			13,199		13,144			12,737		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.46%	S + 6.00%	12/15/26			7,131		7,073			6,882		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.36%	S + 6.00%	12/15/26			2,199		558			496		(6) (7) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27			9,653		9,545			9,580		(6) (7) (8) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27			6,783		6,696			6,732		(6) (7) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.48%	S + 6.00%	07/06/27			1,700		1,512			1,517		(6) (7) (9) (10)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			15,312		15,147			15,159		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			5,140		5,081			5,089		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			5,107		5,052			5,056		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	S + 6.00%	12/21/27			2,861		2,824			2,847		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/27			2,100		(21	)		(21	)	(6) (7) (8) (9)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			2,069		2,030			2,048		(6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment	10.92%	S + 6.50%	12/31/27			27,529		27,225			27,184		(6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27			2,831		(29	)		(35	)	(6) (7) (8) (9)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			19,217		19,228			12,011		(6) (7) (8) (12)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			1,069		1,069			1,069		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			1,069		1,069			1,283		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			346		346			356		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			346		346			346		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.83%	S + 5.50%	05/08/28			21,852		21,711			21,743		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.50%	05/08/28			2,881		(18	)		(14	)	(6) (7) (8) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.89%	S + 5.50%	05/08/28			953		938			948		(6) (7) (8)
Aria Systems, Inc.	Financial Services	12.47%	S + 8.00%	06/30/26			24,329		24,180			24,208		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.47%	S + 6.00%	01/25/28			48,084		47,610			46,161		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			1,924		(18	)		(77	)	(6) (7) (9)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			3,045		2,953			3,045		(6) (7) (8)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			958		933			958		(6) (7) (8)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			426		415			426		(6) (7) (8)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			170		(4	)		—		(6) (7) (8) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.58%	S + 5.25%	05/25/28			22,385		22,218			22,273		(6) (8)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services		S + 5.25%	05/25/28			914		(7	)		(5	)	(6) (8) (9)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			19,396		19,165			18,038		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			4,031		3,978			3,749		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.50%	S + 6.00%	12/06/25			8,399		8,346			8,189		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			6,109		6,093			5,926		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,895		2,882			2,809		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,875		2,863			2,788		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,634		2,626			2,555		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			1,365		1,361			1,324		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27			13,240		13,148			13,108		(6) (7) (8)

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

17

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27	$	9,376	$	9,323		$	9,282		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27		4,631		4,570			4,584		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.53%	S + 5.25%	06/21/27		1,806		352			343		(6) (7) (8) (9)
Argos Health Holdings, Inc	Health Care Providers & Services	10.90%	S + 6.25%	12/03/27		19,351		19,145			18,674		(6) (7) (8)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services	11.35%	S + 6.50%	10/01/26		39,118		38,853			38,922		(6) (8)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services		S + 6.50%	10/01/25		9,170		(29	)		(46	)	(6) (9)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		18,876		18,876			16,988		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		4,760		4,760			4,284		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		1,839		1,839			1,656		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		314		311			282		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.25%	S + 5.00%	08/07/31		8,625		8,566			8,495		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		1,314		(19	)		(20	)	(6) (7) (8) (9)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31		821		707			706		(6) (7) (8) (9)
CORA Health Holdings Corp	Health Care Providers & Services	10.74%	S + 5.75%	06/15/27		20,435		20,306			17,165		(6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	10.74%	S + 5.75%	06/15/27		340		338			286		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.18%	S + 5.75%	08/28/28		19,020		18,799			18,449		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.18%	S + 5.75%	08/28/28		2,002		1,980			1,942		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.20%	S + 5.75%	08/26/27		1,552		1,538			1,505		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		21,433		21,211			21,380		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		19,334		19,072			19,286		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		13,554		13,402			13,520		(6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	12.25%	P + 4.75%	10/15/27		2,542		294			311		(6) (7) (9)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		20,550		20,455			19,317		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		10,099		10,044			9,493		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		8,544		8,505			8,031		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		5,542		5,508			5,210		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.24%	S + 6.75%	12/22/25		3,246		3,233			3,052		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.87%	S + 6.00%	03/31/26		18,321		18,322			14,061		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		11,975		11,975			9,191		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		5,070		5,070			3,891		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		2,924		2,924			2,244		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	9.48%	S + 5.00%	03/01/28		11,966		11,845			11,847		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	9.55%	S + 5.00%	03/01/28		5,289		3,247			3,240		(6) (7) (8) (9)
SpendMend, LLC	Health Care Providers & Services		S + 5.00%	03/01/28		1,605		(16	)		(16	)	(6) (7) (8) (9)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		16,218		16,169			15,975		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.67%	S + 6.00%	08/15/25		8,771		8,739			8,640		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		7,020		6,992			6,915		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.66%	S + 6.00%	08/15/25		3,897		3,879			3,839		(6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		3,824		3,811			3,766		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.76%	S + 6.00%	08/15/25		2,361		1,882			1,853		(6) (7) (8) (9)
Total Vision LLC	Health Care Providers & Services	10.89%	S + 6.00%	07/15/26		15,210		15,089			14,449		(6) (7) (8)

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

18

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (4)		Cost			Fair Value			Footnotes
Total Vision LLC	Health Care Providers & Services	10.62%	S + 6.00%	07/15/26	$		8,800	$	8,720		$	8,360		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.78%	S + 6.00%	07/15/26			4,460		4,430			4,237		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.88%	S + 6.00%	07/15/26			2,229		2,214			2,118		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services		S + 6.00%	07/15/26			1,150		(7	)		(58	)	(6) (7) (9)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			19,629		19,482			18,942		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			8,486		8,433			8,189		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			6,823		6,787			6,584		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			2,812		822			744		(6) (7) (9)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27			16,360		16,272			16,237		(6) (7) (8)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27			2,448		577			566		(6) (7) (8) (9)
ESO Solutions, Inc.	Health Care Technology	11.27%	S + 6.75%	05/03/27			36,294		35,969			35,931		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	11.38%	S + 6.75%	05/03/27			3,292		2,278			2,272		(6) (7) (8) (9)
Experity, Inc.	Health Care Technology	10.32%	S + 6.00% (Incl. 3.25% PIK)	02/24/28			21,712		21,659			21,549		(6) (7) (8)
Experity, Inc.	Health Care Technology	10.32%	S + 6.00% (Incl. 3.25% PIK)	02/24/28			3,023		511			496		(6) (7) (8) (9)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			14,293		14,209			14,150		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			2,500		2,495			2,475		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 5.50%	06/24/26			1,749		(10	)		(17	)	(6) (7) (9)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			934		931			925		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology	9.13%	S + 4.75%	07/16/31			24,850		24,613			24,601		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology	9.15%	S + 4.75%	07/16/31			10,963		10,857			10,854		(6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31			3,297		(31	)		(33	)	(6) (7) (8) (9)
Intelligent Medical Objects, Inc.	Health Care Technology	9.36%	S + 5.00%	05/11/29			11,158		11,006			10,879		(6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	9.91%	S + 5.00%	05/11/29			1,411		1,391			1,376		(6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	9.57%	S + 5.00%	05/11/28			1,396		25			7		(6) (7) (8) (9)
MedeAnalytics, Inc.	Health Care Technology		3.00% PIK	10/23/28			9,751		6,057			6,680		(6) (7) (8) (10) (11)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			22,055		21,765			22,000		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			7,351		6,636			6,618		(6) (7) (8) (9)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			2,145		2,131			2,140		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			1,705		491			507		(6) (7) (9)
WebPT, Inc.	Health Care Technology	10.86%	S + 6.25%	01/18/28			12,701		12,484			12,129		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.86%	S + 6.25%	01/18/28			12,434		12,328			11,874		(6) (7) (8)
WebPT, Inc.	Health Care Technology	11.12%	S + 6.25%	01/18/28			2,146		1,118			1,038		(6) (7) (8) (9)
WebPT, Inc.	Health Care Technology	11.22%	S + 6.25%	01/18/28			1,811		1,794			1,729		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			25,947		25,890			25,817		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			5,382		5,365			5,355		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			2,186		1,471			1,465		(6) (7) (8) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			31,886		31,559			29,973		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			6,081		6,081			5,717		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			3,876		3,523			3,291		(6) (7) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50%	08/11/27			3,343		(32	)		(201	)	(6) (7) (9)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29			17,176		16,998			17,176		(6) (7) (8)

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

19

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
Kaseya Inc.	IT Services	9.83%	S + 5.50%	06/25/29	$	1,013	$	245		$	255		(6) (7) (8) (9)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		948		191			197		(6) (7) (8) (9)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		63		62			63		(6) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.96%	S + 5.50%	01/20/27		19,792		19,635			19,693		(6) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.96%	S + 5.50%	01/20/27		3,686		1,622			1,633		(6) (7) (8) (9)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 5.50%	01/20/27		2,400		(17	)		(12	)	(6) (7) (9)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.03%	S + 7.25% (Incl. 8.03% PIK)	12/16/27		15,732		15,545			13,844		(6) (7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.84%	S + 7.25% (Incl. 7.84% PIK)	06/16/27		2,111		1,689			1,459		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		13,386		13,260			13,386		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		2,384		2,373			2,384		(6) (7) (8)
Bullhorn, Inc.	Professional Services		S + 5.00%	10/01/29		693		(6	)		—		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		620		614			620		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		278		275			278		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		221		219			221		(6) (7) (8)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.76%	S + 6.25%	05/18/29		41,906		40,710			41,487		(6) (7) (8)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.76%	S + 6.25%	05/18/29		3,676		500			551		(6) (7) (8) (9)
Diligent Corporation	Professional Services	10.09%	S + 5.00%	08/02/30		52,988		52,622			52,590		(6) (7) (8)
Diligent Corporation	Professional Services	10.09%	S + 5.00%	08/02/30		9,084		9,021			9,015		(6) (7) (8)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,473		(37	)		(41	)	(6) (7) (8) (9)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,255		(35	)		(39	)	(6) (7) (8) (9)
iCIMS, Inc.	Professional Services	10.38%	S + 5.75%	08/18/28		21,171		20,950			20,218		(6) (7) (8)
iCIMS, Inc.	Professional Services	10.34%	S + 5.75%	08/18/28		1,860		352			288		(6) (7) (8) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.56%	S + 5.75%	11/30/27		15,329		15,159			15,253		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.44%	S + 5.75%	11/30/27		15,080		14,930			15,005		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		P + 4.75%	11/30/27		2,696		(27	)		(13	)	(6) (7) (8) (9)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29		13,560		12,743			13,154		(6) (7) (8) (10) (11)
Pluralsight, Inc.	Professional Services	9.01%	S + 4.50% (Incl. 1.50% PIK)	08/22/29		8,791		8,709			8,703		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl.1.50% PIK)	08/22/29		5,474		—			(55	)	(6) (7) (8) (9) (10)
Pluralsight, Inc.	Professional Services	9.01%	S + 4.50% (Incl.1.50% PIK)	08/22/29		4,396		4,396			4,352		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl.1.50% PIK)	08/22/29		2,189		—			(22	)	(6) (7) (8) (9) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.24%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		33,083		32,862			31,098		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.28%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,606		10,560			9,970		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.24%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,148		10,112			9,539		(5) (6) (7) (8)
MRI Software LLC	Real Estate Mgmt. & Development	9.08%	S + 4.75%	02/10/27		15,904		15,803			15,864		(8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		79,941		79,941			79,142		(6) (7) (8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		8,383		—			(84	)	(6) (7) (9)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		2,056		2,024			2,035		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	11.17%	S + 6.25%	03/10/27		7,193		7,122			6,923		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.25%	03/10/27		1,100		(10	)		(41	)	(6) (7) (8) (9)
Acquia, Inc.	Software	11.73%	S + 7.00%	10/31/25		24,940		24,820			24,691		(6) (7) (8)
Acquia, Inc.	Software	11.75%	S + 7.00%	10/31/25		1,933		1,075			1,063		(6) (7) (8) (9)

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

20

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (4)		Cost			Fair Value			Footnotes
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.65%	S + 7.00%	12/31/26	$	35,280	$	35,008		$	33,957		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.65%	S + 8.00%	12/31/26		5,900		5,900			5,782		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.67%	S + 7.00%	12/31/26		4,160		2,468			2,340		(6) (7) (8) (9)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.65%	S + 8.00%	12/31/26		2,127		2,127			2,084		(6) (7) (8)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		6,001		5,936			5,941		(6) (7) (8)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		5,945		5,881			5,886		(6) (7) (8)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		2,795		2,764			2,767		(6) (7) (8)
CivicPlus LLC	Software		S + 5.75%	08/24/27		1,112		(11	)		(11	)	(6) (7) (8) (9)
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		27,239		26,557			27,239		(6) (7) (8)
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		11,638		11,326			11,638		(6) (7) (8)
Gainsight, Inc.	Software	10.66%	S + 6.00%	07/30/27		49,986		49,667			49,736		(6) (7) (8)
Gainsight, Inc.	Software	10.66%	S + 6.00%	07/30/27		5,182		2,661			2,672		(6) (7) (8) (9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.34%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		11,761		11,658			11,644		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.84%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,742		1,723			1,725		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,645		(14	)		(16	)	(6) (7) (8) (9)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.33%	S + 5.00%	12/01/28		51,913		51,723			51,394		(6) (7) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/01/28		11,671		(8	)		(117	)	(6) (7) (9)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/02/27		6,115		(28	)		(61	)	(6) (7) (8) (9)
Pioneer Buyer I, LLC	Software	10.83%	S + 6.50%	11/01/28		18,161		17,988			18,116		(6) (7) (8)
Pioneer Buyer I, LLC	Software		S + 6.50%	11/01/27		2,518		(24	)		(6	)	(6) (7) (8) (9)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		4,387		4,353			4,387		(6) (7) (8)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		613		576			581		(6) (7) (8) (9)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.08%	S + 4.75%	07/02/29		51,635		51,026			51,118		(6) (7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.08%	S + 4.75%	07/02/29		6,866		2,756			2,754		(6) (7) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.08%	S + 4.75%	06/02/31		17,074		16,913			16,903		(6) (7) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.16%	S + 4.75%	06/02/31		9,327		3,581			3,548		(6) (7) (8) (9)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30		2,178		(20	)		(22	)	(6) (7) (8) (9)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		19,689		19,258			19,492		(6) (7) (8)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		15,560		10,736			10,880		(6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt								1,988,342			1,947,934
1st Lien/Last-Out Unitranche (13) - 2.1%
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28	$	17,879	$	17,570		$	17,521		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28		6,958		5,260			5,121		(6) (7) (8) (9)
Total 1st Lien/Last-Out Unitranche								22,830			22,642
2nd Lien/Senior Secured Debt - 0.3%
Sweep Midco LLC	Commercial Services & Supplies			03/12/36	$	14,704	$	—		$	—		(6) (7) (8) (14)
Sweep Midco LLC	Commercial Services & Supplies			03/12/34		5,052		3,789			3,587		(6) (7) (8) (14)
Total 2nd Lien/Senior Secured Debt								3,789			3,587
Unsecured Debt - 1.4%
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/31	$	7,649	$	6,559		$	6,559		(7) (8) (14)
CivicPlus LLC	Software	16.08%	S + 11.75% PIK	06/09/34		8,626		8,472			8,410		(6) (7) (8)
Total Unsecured Debt								15,031			14,969
Total United States							$	2,029,992		$	1,989,132
Total Debt Investments							$	2,074,513		$	2,033,745

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

21

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Initial Acquisition Date(15)	Shares (4)		Cost		Fair Value		Footnotes
Equity Securities - 4.8%
United States - 4.8%
Common Stock - 1.7%
Thrasio, LLC	Broadline Retail	06/18/24		235,056	$	—	$	—	(6) (7) (10) (14)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		1,623	(6) (7) (10) (14)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		1,749	(6) (7) (14)
Total Vision LLC	Health Care Providers & Services	07/15/21		115,714		2,150		956	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	04/21/23		373		—		—	(6) (7) (10) (14)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		2,007	(6) (7) (14)
Pluralsight, Inc.	Professional Services	08/22/24		4,378,896		11,920		12,086	(6) (7) (10) (14)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555		2,655		54	(6) (7) (14)
Total Common Stock						22,916		18,475
Preferred Stock - 3.1%
Whitewater Holding Company LLC	Diversified Consumer Services	10/02/24		695	$	92	$	96	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	10/09/20		—		—		—	(6) (7) (10) (14) (16)
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		6,325	(6) (7) (14)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		15,251	(6) (7) (14)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		9,549		9,310		12,810	(6) (7) (14)
Total Preferred Stock						25,315		34,482
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	379	(6) (7) (14)
Total Warrants						1,666		379
Total United States					$	49,897	$	53,336
Total Equity Securities					$	49,897	$	53,336
Total Investments - 190.0%					$	2,124,410	$	2,087,081
Investments in Affiliated Money Market Fund - 7.7%
United States - 7.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares				84,647,380	$	84,647	$	84,647	(8) (17) (18)
Total Investments in Affiliated Money Market Fund						84,647		84,647
Total United States					$	84,647	$	84,647
Total Investments and Investments in Affiliated Money Market Fund - 197.7%					$	2,209,057	$	2,171,728

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

22

Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit 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 SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2024, 1 month S was 4.33%, 3 month S was 4.31%, 6 month S was 4.25%, 3 month SN was 4.70%, and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(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 USD unless otherwise noted, GBP.

(5)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 $95,220 or 4.3% of the Company’s total assets.

(6)Represents co-investments made with the Company’s affiliates 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 fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(8)All, or a portion of, the assets are pledged as collateral for the revolving credit facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Revolving Credit Facility”). See Note 6 “Debt”.

(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)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”.

(11)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(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 and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $53,336 or 4.9% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Amount rounds to less than $1.

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

(18)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.

23

Goldman Sachs Private Middle Market Credit II LLC

Notes to the Consolidated Financial Statements

(in thousands, except unit and per unit amounts)

(Unaudited)

1. ORGANIZATION

Goldman Sachs Private Middle Market Credit II LLC (the “Company”, which term refers to either Goldman Sachs Private Middle Market Credit II LLC or Goldman Sachs Private Middle Market Credit II LLC, together with its consolidated subsidiaries, as the context may require) was formed on December 20, 2018 as a Delaware limited liability company and commenced operations on April 11, 2019. The Company 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, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2019.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

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

On March 25, 2019 (the “Initial Closing Date”), the Company began accepting subscription agreements (“Subscription Agreements”) from investors acquiring common units of the Company’s limited liability company interests (“Units”) in the Company’s private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase Units each time the Company delivers a drawdown notice. On February 26, 2020, the Company’s board of directors (the “Board of Directors” or the “Board”) approved an extension of the final date on which the Company accepted Subscription Agreements (the “Final Closing Date”) to September 26, 2020.

The investment period commenced on the Initial Closing Date and will continue until the third anniversary of the Final Closing Date in the Company’s private offering, provided that it may be extended by the Board of Directors, in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the unitholders of the Company (the “Unitholders”), for up to one additional year thereafter. In addition, the Board of Directors may terminate the investment period at any time in its discretion. On August 2, 2023, the Board approved and authorized an extension of the investment period of the Company for an additional twelve-month period, which ended on September 26, 2024.

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

The term of the Company will expire on the five-year anniversary of the expiration of the investment period, subject to the Board of Directors’ right to liquidate the Company at any time and to extend the term of the Company for up to two successive one-year periods. Upon the request of the Board of Directors and the approval of a majority-in-interest of the Unitholders, the term of the Company may be further extended.

Credit Alternatives GP LLC (the “Initial Member”), an affiliate of the Investment Adviser, made a capital contribution to the Company of one hundred dollars on April 11, 2019 and served as the sole initial member of the Company. The Company cancelled the Initial Member’s interest in the Company on May 3, 2019, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase Units.

24

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 U.S. Securities and Exchange Commission (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”).

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, PMMC II Blocker III LLC, Goldman Sachs Private Middle Market Credit II SPV II LLC (“SPV”), PMMC II Blocker IV LLC, PMMC II Blocker V LLC and PMMC II Blocker VI LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

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

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized 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
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	856	$	894

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.

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Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to 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 had certain investments held in two portfolio companies on non-accrual status, which represented 0.9% and 0.9% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2024, the Company had certain investments held in three portfolio companies on non-accrual status, which represented 1.4% and 1.5% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.

Investments

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

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

The Company generally invests in illiquid securities, including debt and equity investments, of 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;

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

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

Money Market Funds

Investments in money market funds are valued at net asset value (“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 (a “Custodian”). As of March 31, 2025 and December 31, 2024, the Company held $17,907 and $27,340 in cash. Foreign currency of $746 and $702 (acquisition cost of $755 and $732) is included in cash as of March 31, 2025 and December 31, 2024.

Foreign Currency Translation

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

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

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

Income Taxes

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

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2019. 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 Unitholders 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 Unitholders and will not be reflected in the consolidated financial statements of the Company.

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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 Unitholders 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 Unitholders 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 Unitholder’s tax basis in its Units. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to common Units 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 Unitholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its Unitholders 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 Unitholders 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 Unitholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of, and amendments to, the JPM Revolving Credit Facility and the revolving credit facility between the Company and MUFG Bank Ltd. (as amended, restated, supplemented or otherwise modified from time to time, the “MUFG Revolving Credit Facility” and together with the JPM Revolving Credit Facility, the “Revolving Credit Facilities”). These costs are amortized using the straight-line method over the respective terms 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 Financial Condition.

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 members’ capital 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 Financial Condition as “Total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

The Company entered into an investment advisory agreement, effective as of February 27, 2019 (the “Investment Advisory Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

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Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), payable quarterly in arrears, equal to 0.375% (i.e., an annual rate of 1.50%) of the average of the NAV of the Company (including un-invested cash and cash equivalents) at the end of the then-current calendar quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the average of the NAV of the Company at the end of such quarter and zero). The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three months ended March 31, 2025 and 2024, Management Fees amounted to $4,150 and $4,451. As of March 31, 2025, $4,150 remained payable.

Incentive Fee

Pursuant to the Investment Advisory Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

a)First, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (a) equal to aggregate Contributed Capital (as defined below);

b)Second, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (b) equal to a 7% return per annum, compounded annually, on aggregate unreturned Contributed Capital, from the date each capital contribution is made through the date such capital has been returned;

c)Third, subject to clauses (a) and (b), the Investment Adviser is entitled to an Incentive Fee equal to 100% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments, until such time as the cumulative Incentive Fee paid to the Investment Adviser pursuant to this clause (c) is equal to 15% of the amount by which the sum of (i) cumulative distributions to Unitholders pursuant to clauses (a) and (b) above and (ii) the cumulative Incentive Fee previously paid to the Investment Adviser pursuant to this clause exceeds Contributed Capital; and

d)Fourth, at any time that clause (c) has been satisfied, the Investment Adviser is entitled to an Incentive Fee equal to 15% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments.

The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable prior to a proposed distribution will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. The Incentive Fee is a fee owed by the Company to the Investment Adviser and is not paid out of distributions made to Unitholders.

“Contributed Capital” is the aggregate amount of capital contributions that have been made by all Unitholders in respect of their Units to the Company. All distributions (or deemed distributions), including investment income (i.e. proceeds received in respect of interest payments, dividends and fees) and proceeds attributable to the repayment or disposition of any Investment, to Unitholders will be considered a return of Contributed Capital. Unreturned Contributed Capital equals aggregate Contributed Capital minus cumulative distributions, but is never less than zero.

The term “proceeds intended for distribution and Incentive Fee payments” includes proceeds from the full or partial realization of the Company’s investments and income from investing activities and may include return of capital, ordinary income and capital gains.

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If, at the termination of the Company, the Investment Adviser has received aggregate payments of Incentive Fees in excess of the amount the Investment Adviser would have received had the Incentive Fees been determined upon such termination, then the Investment Adviser will reimburse the Company for the difference between the amount of Incentive Fees actually received and the amount determined at termination (the “Investment Adviser Reimbursement Obligation”). However, the Investment Adviser will not be required to reimburse the Company an amount greater than the aggregate Incentive Fees paid to the Investment Adviser, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Investment Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal and New York city and state income tax rates applied to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Investment Adviser by virtue of the payment made by the Investment Adviser pursuant to its Investment Adviser Reimbursement Obligation (assuming that, to the extent such payments are deductible by the Investment Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York city and state income tax rates).

If the Investment Advisory Agreement is terminated prior to the termination of the Company (other than the Investment Adviser voluntarily terminating the agreement), the Company will pay to the Investment Adviser a final Incentive Fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Investment Advisory Agreement is terminated and will equal the amount of Incentive Fee that would be payable to the Investment Adviser if (a) all investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Investment), and any unamortized deferred Investment-related fees would be deemed accelerated, (b) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (c) the remainder was distributed to Unitholders and paid as Incentive Fee in accordance with the Incentive Fee waterfall described above for determining the amount of the Incentive Fee, subject to the Incentive Fee Cap. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Investment Advisory Agreement is so terminated. The Investment Adviser Reimbursement Obligation will be determined as of the date of the termination of the Investment Advisory Agreement for purposes of the Final Incentive Fee Payment.

For the three months ended March 31, 2025 and 2024, the Company accrued unvested Incentive Fees of $4,381 and $5,186. As of March 31, 2025, $68,369 remained payable in accordance with the terms of the Investment Advisory Agreement.

Expense Limitation

Pursuant to the Investment Advisory Agreement, Company expenses borne by the Company in the ordinary course on an annual basis (excluding Management Fee, Incentive Fee, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to the Company by holders of its common Units; provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. For the three months ended March 31, 2025 and 2024, there have been no reimbursements from the Investment Adviser pursuant to this provision.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s Custodian.

For the three months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $344 and $385. As of March 31, 2025, $355 remained payable.

Transfer Agent Fees

State Street Bank and Trust Company serves as the Company’s transfer agent (the “Transfer Agent”), registrar and disbursing agent. For the three months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Transfer Agent of $29 and $29. As of March 31, 2025, $29 remained payable.

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Affiliates

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	$	84,647	$	232,838	$	(227,610	)	$	—	$	—		$	89,875	$	835
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		19,452		20		(1,435	)		—		(70	)		17,967		479
MedeAnalytics, Inc.		6,680		—		—			—		126			6,806		—
Pluralsight, Inc.		38,218		363		—			—		(687	)		37,894		782
Thrasio, LLC		16,465		176		—			—		(194	)		16,447		169
Total Non-Controlled Affiliates	$	165,462	$	233,397	$	(229,045	)	$	—	$	(825	)	$	168,989	$	2,265
For the Year Ended December 31, 2024
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	255,824	$	1,068,974	$	(1,240,151	)	$	—	$	—		$	84,647	$	7,260
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		14,794		5,224		(542	)		—		(24	)		19,452		1,906
MedeAnalytics, Inc.		6,277		—		(18	)		—		421			6,680		—
Pluralsight, Inc.		—		37,768		—			—		450			38,218		474
Thrasio, LLC		—		15,861		—			—		604			16,465		365
Total Non-Controlled Affiliates	$	276,895	$	1,127,827	$	(1,240,711	)	$	—	$	1,451		$	165,462	$	10,005

(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 on behalf of the Company in the ordinary course of business. As of March 31, 2025 and December 31, 2024, there were $0 and $19, respectively, included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company 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 Unitholders and do not involve overreaching in respect of the Company or its Unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s Unitholders and is consistent with the then-current investment objectives and strategies of the Company.

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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	$	1,908,436	$	1,873,099	$	2,032,863	$	1,992,547
1st Lien/Last-Out Unitranche		29,882		29,676		22,830		22,642
2nd Lien/Senior Secured Debt		3,789		3,827		3,789		3,587
Unsecured Debt		15,033		15,064		15,031		14,969
Preferred Stock		25,315		35,297		25,315		34,482
Common Stock		25,671		19,598		22,916		18,475
Warrants		1,666		415		1,666		379
Total investments	$	2,009,792	$	1,976,976	$	2,124,410	$	2,087,081

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		19.3	%		34.0	%		18.4	%		35.0	%
Health Care Providers & Services		17.1			30.2			18.1			34.5
Professional Services		12.6			22.1			11.9			22.6
Health Care Technology		10.8			19.1			10.2			19.4
Diversified Consumer Services		7.8			13.7			7.7			14.6
Real Estate Mgmt. & Development		7.5			13.1			7.1			13.4
Financial Services		7.1			12.5			6.8			12.9
Commercial Services & Supplies		3.2			5.6			3.0			5.6
Health Care Equipment & Supplies		2.6			4.5			2.4			4.6
Entertainment		2.2			3.9			2.0			3.8
Independent Power and Renewable Electricity Producers		2.0			3.6			1.9			3.7
Construction & Engineering		1.8			3.2			1.4			2.7
Trading Companies & Distributors		1.5			2.6			1.5			2.8
Chemicals		1.1			1.9			1.0			1.9
Specialty Retail		1.1			1.9			1.0			1.9
Broadline Retail		0.8			1.5			0.8			1.5
Pharmaceuticals		0.8			1.4			0.7			1.4
IT Services		0.7			1.2			2.5			4.7
Hotels, Restaurants & Leisure		—			—			1.6			3.0
Total		100.0	%		176.0	%		100.0	%		190.0	%

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

Geographic	March 31, 2025			December 31, 2024
United States		97.7	%		97.9	%
Canada		1.6			1.5
United Kingdom		0.7			0.6
Total		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

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

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

Basis of Fair Value Measurement

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

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

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.

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.

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The tables below present 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 rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments	Fair Value(1)(2)		Valuation Techniques(3)	Significant Unobservable Inputs	Range(4) of Significant Unobservable Inputs	Weighted Average(5)
As of March 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	1,704,473	Discounted cash flows	Discount Rate	8.0% - 20.1%	11.1%
	$	30,087	Comparable multiples	EV/EBITDA(6)	—	6.5x
	$	6,806	Comparable multiples	EV/Revenue	—	0.3x
1st Lien/Last-Out Unitranche	$	29,676	Discounted cash flows	Discount Rate	11.9% - 12.1%	12.0%
2nd Lien/Senior Secured Debt	$	3,827	Comparable multiples	EV/EBITDA(6)	—	9.0x
Unsecured Debt	$	15,064	Discounted cash flows	Discount Rate	11.2% - 17.3%	14.6%
Equity
Preferred Stock	$	19,734	Comparable multiples	EV/EBITDA(6)	13.0x - 21.0x	20.6x
	$	15,563	Comparable multiples	EV/Revenue	—	4.4x
Common Stock	$	3,866	Comparable multiples	EV/EBITDA(6)	7.0x - 13.0x	10.9x
	$	15,732	Comparable multiples	EV/Revenue	0.8x - 8.5x	2.2x
Warrants	$	415	Comparable multiples	EV/Revenue	—	4.4x
As of December 31, 2024
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	1,896,625	Discounted cash flows	Discount Rate	8.3% - 33.0%	11.6%
	$	18,734	Comparable multiples	EV/Revenue	0.4x - 1.0x	0.8x
	$	181	Collateral analysis	Recovery Rate	—	17.5%
1st Lien/Last-Out Unitranche	$	22,642	Discounted cash flows	Discount Rate	—	12.2%
2nd Lien/Senior Secured Debt	$	3,587	Comparable multiples	EV/EBITDA(6)	—	9.5x
Unsecured Debt	$	14,969	Discounted cash flows	Discount Rate	10.8% - 17.3%	14.5%
Equity
Preferred Stock	$	19,231	Comparable multiples	EV/EBITDA(6)	13.5x - 20.8x	20.5x
	$	15,251	Comparable multiples	EV/Revenue	—	4.2x
Common Stock	$	4,382	Comparable multiples	EV/EBITDA(6)	7.0x - 13.5x	10.6x
	$	14,093	Comparable multiples	EV/Revenue	1.5x - 10.0x	2.7x
Warrants	$	379	Comparable multiples	EV/Revenue	—	4.2x

(1)As of March 31, 2025, included within Level 3 assets of $1,961,312 is an amount of $116,069 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 $1,749,213 or 91.8% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)As of December 31, 2024, included within Level 3 assets of $2,071,217 is an amount of $61,143 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 $1,934,236 or 95.9% 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.

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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	$	—	$	15,664	$	1,857,435	$	1,873,099	$	—	$	15,864	$	1,976,683	$	1,992,547
1st Lien/Last-Out Unitranche		—		—		29,676		29,676		—		—		22,642		22,642
2nd Lien/Senior Secured Debt		—		—		3,827		3,827		—		—		3,587		3,587
Unsecured Debt		—		—		15,064		15,064		—		—		14,969		14,969
Preferred Stock		—		—		35,297		35,297		—		—		34,482		34,482
Common Stock		—		—		19,598		19,598		—		—		18,475		18,475
Warrants		—		—		415		415		—		—		379		379
Investments in Affiliated Money Market Fund		89,875		—		—		89,875		84,647		—		—		84,647
Total	$	89,875	$	15,664	$	1,961,312	$	2,066,851	$	84,647	$	15,864	$	2,071,217	$	2,171,728

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	$	1,976,683	$	32,522	$	(8,881	)	$	5,149		$	(150,348	)	$	2,310	$	—	$	—		$	1,857,435	$	(1,614	)
1st Lien/Last-Out Unitranche		22,642		7,034		—			(19	)		—			19		—		—			29,676		(19	)
2nd Lien/Senior Secured Debt		3,587		—		—			240			—			—		—		—			3,827		240
Unsecured Debt		14,969		—		—			93			—			2		—		—			15,064		93
Preferred Stock		34,482		—		—			815			—			—		—		—			35,297		815
Common Stock		18,475		2,755		—			(1,632	)		—			—		—		—			19,598		(1,632	)
Warrants		379		—		—			36			—			—		—		—			415		36
Total assets	$	2,071,217	$	42,311	$	(8,881	)	$	4,682		$	(150,348	)	$	2,331	$	—	$	—		$	1,961,312	$	(2,081	)
For the Three Months Ended March 31, 2024
1st Lien/Senior Secured Debt	$	2,332,364	$	97,702	$	(15,639	)	$	7,872		$	(117,442	)	$	2,972	$	45,552	$	(25,072	)	$	2,328,309	$	(2,025	)
1st Lien/Last-Out Unitranche		20,410		550		—			106			—			18		—		—			21,084		106
2nd Lien/Senior Secured Debt		—		3,789		—			—			—			—		—		—			3,789		—
Unsecured Debt		6,566		890		—			(27	)		—			4		—		—			7,433		(27	)
Preferred Stock		40,562		—		—			699			—			—		—		—			41,261		699
Common Stock		12,522		—		—			151			—			—		—		—			12,673		151
Warrants		220		—		—			3			—			—		—		—			223		3
Total assets	$	2,412,644	$	102,931	$	(15,639	)	$	8,804		$	(117,442	)	$	2,994	$	45,552	$	(25,072	)	$	2,414,772	$	(1,093	)

(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 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of March 31, 2025 and December 31, 2024, approximates its carrying value because the JPM Revolving Credit Facility has variable interest based on selected short-term rates.

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6. DEBT

On May 2, 2019, 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 226% and 210%.

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
JPM Revolving Credit Facility(1)	$	1,250,000	$	358,527	$	891,771	$	1,250,000	$	249,527	$	1,000,612
Total debt	$	1,250,000	$	358,527	$	891,771	$	1,250,000	$	249,527	$	1,000,612

(1)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 $886,500, in Canadian Dollars ("CAD") of CAD 150 and in GBP of GBP 4,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $995,500, in CAD of CAD 150 and in GBP of GBP 4,000.

The weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2025 was 6.61% and for the year ended December 31, 2024 was 7.94%. The average debt of the aggregate borrowings outstanding for the three months ended March 31, 2025 was $952,277 and for the year ended December 31, 2024 was $1,249,042.

MUFG Revolving Credit Facility

The Company entered into the MUFG Revolving Credit Facility on May 7, 2019 with MUFG Bank Ltd., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. The Company amended the MUFG Revolving Credit Facility on numerous occasions between July 31, 2019 and May 4, 2023. The MUFG Revolving Credit Facility matured on May 3, 2024 and was terminated in accordance with its terms.

Subject to availability under the “Borrowing Base,” the maximum principal amount of the MUFG Revolving Credit Facility was $50,050 until May 3, 2024. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the MUFG Revolving Credit Facility was May 3, 2024, following the Company’s exercise of its maturity extension on October 5, 2023.

As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the MUFG Revolving Credit Facility.

Proceeds from the MUFG Revolving Credit Facility were used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

Under the MUFG Revolving Credit Facility, the Company had the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one-, three- or, if available, six-month tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the MUFG Revolving Credit Facility), and loans denominated in U.S. Dollars may have been converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the MUFG Revolving Credit Facility was (A) Term Loan plus a credit adjustment spread for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 2.75% per annum or (B) an alternative base rate (the greatest of the prime rate set by MUFG Bank, Ltd., the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00% (“ABR”)) plus 1.75% per annum. The Company paid a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the MUFG Revolving Credit Facility.

Amounts drawn under the MUFG Revolving Credit Facility may have been prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans were subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors were subject to certain restrictions under the MUFG Revolving Credit Facility. In addition, any transfer of Units from a Unitholder whose undrawn commitments were included in the Borrowing Base to a Unitholder that was not eligible to be included in the Borrowing Base (or that was eligible to be included in the Borrowing Base at a lower advance rate) may have triggered mandatory prepayment obligations.

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The MUFG Revolving Credit Facility was secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds were deposited. Additionally, under the MUFG Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent would have been able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders could not seek recourse against a Unitholder in excess of such Unitholder’s obligation to contribute capital to the Company.

The MUFG Revolving Credit Facility contained customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of Unitholders’ ownership interest in the Units. The MUFG Revolving Credit Facility included customary conditions precedent to the draw-down of loans and customary events of default.

Costs of $6,051 were incurred in connection with obtaining and amending the MUFG Revolving Credit Facility and exercising its right under the accordion feature, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the MUFG Revolving Credit Facility using the straight-line method. As of March 31, 2025 and December 31, 2024, outstanding deferred financing costs were $0 and $0.

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

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Borrowing interest expense	$	—	$	—
Facility fees		—		49
Amortization of financing costs		—		54
Total	$	—	$	103
Weighted average interest rate	—%			0.00	%
Average outstanding balance	$	—	$	—

JPM Revolving Credit Facility

On September 24, 2020, SPV entered into the JPM Revolving Credit Facility. JPMorgan Chase Bank, National Association (“JPM”) serves as administrative agent, U.S. Bank Trust Company, National Association serves as collateral agent and collateral administrator, U.S. Bank National Association serves as securities intermediary and the Company serves as portfolio manager under the JPM Revolving Credit Facility. The Company amended the JPM Revolving Credit Facility on numerous occasions between February 12, 2021 and November 22, 2024.

Borrowings under the JPM Revolving Credit Facility bear interest (at SPV’s election) at a per annum rate equal to (x) Term SOFR (or the applicable benchmark for loans denominated in non-U.S. Dollar currencies) plus a credit spread adjustment of 0.15% (or other listed offered rate, depending upon the currency of borrowing) in effect and, (y) to the extent Term SOFR is unavailable, a rate per annum equal to the greater of (i) the prime rate of JPM in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 0.50%, in each case, plus the applicable margin. The applicable margin is 2.05% per annum. SPV will also pay a commitment fee of 0.55% per annum on the average daily unused amount of the financing commitments until the last day of the reinvestment period (as defined in the JPM Revolving Credit Facility), and an administrative fee of 0.20% per annum on the average daily commitment until the maturity date. The JPM Revolving Credit Facility is a multicurrency facility. As of March 31, 2025, the total commitments under the JPM Revolving Credit Facility were $1,250,000. The JPM Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the JPM Revolving Credit Facility to $2,000,000. All amounts outstanding under the JPM Revolving Credit Facility must be repaid by September 24, 2026, the stated scheduled termination date of the JPM Revolving Credit Facility, subject to a six-month extension of the maturity date with the consent of the administrative agent at such time.

SPV’s obligations to the lenders under the JPM Revolving Credit Facility are secured by a first priority security interest in all of SPV’s portfolio of investments and cash. The obligations of SPV under the JPM Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the JPM Revolving Credit Facility is limited to the value of the Company’s investment in SPV.

In connection with the JPM Revolving Credit Facility, SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The JPM Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV occurs or if the Company is no longer the portfolio manager of SPV. Upon the occurrence and during the continuation of an event of default, JPM may declare the outstanding advances and all other obligations under the JPM Revolving Credit Facility immediately due and payable. As of March 31, 2025, the Company was in compliance with these covenants.

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Costs of $15,061 were incurred in connection with obtaining the JPM Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the JPM Revolving Credit Facility using the straight-line method. As of March 31, 2025 and December 31, 2024, outstanding deferred financing costs were $4,610 and $5,353.

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

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	15,516		$	28,090
Facility fees		1,366			1,307
Amortization of financing costs		783			769
Total	$	17,665		$	30,166
Weighted average interest rate		6.61	%		8.16	%
Average outstanding balance	$	952,277		$	1,384,179

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

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

	March 31, 2025							December 31, 2024
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Units	$	1,475,812	$	132,823		91	%	$	1,475,812	$	132,823		91	%

Portfolio Company Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of 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:

	Unfunded Commitment Balances(1)
	March 31, 2025		December 31, 2024
1st Lien/Senior Secured Debt
1272775 B.C. LTD. (dba Everest Clinical Research)	$	1,160	$	1,160
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)		1,100		1,100
Admiral Buyer, Inc. (dba Fidelity Payment Services)		2,881		2,881
AQ Helios Buyer, Inc. (dba SurePoint)		832		1,664
Assembly Intermediate LLC		3,991		3,991
BSI3 Menu Buyer, Inc (dba Kydia)		1,924		1,924
Bullhorn, Inc.		693		693
Businessolver.com, Inc.		1,864		1,863
Charger Debt Merger Sub, LLC (dba Classic Collision)		6,626		7,864
Checkmate Finance Merger Sub, LLC		2,831		2,831
Chronicle Bidco Inc. (dba Lexitas)		2,463		3,088
CivicPlus LLC		1,112		1,112
Clearcourse Partnership Acquireco Finance Limited		1,840		1,784
Coding Solutions Acquisition, Inc. (dba CorroHealth)		1,417		1,417
CorePower Yoga LLC		633		256
Diligent Corporation		10,729		10,729
Elemica Parent, Inc.		31		—
ESO Solutions, Inc.		790		988
Experity, Inc.		3,023		2,505
Fullsteam Operations LLC		170		170
Gainsight, Inc.		2,484		2,484
GHA Buyer Inc. (dba Cedar Gate)		1,749		1,749
GovDelivery Holdings, LLC (dba Granicus, Inc.)		1,645		1,645
Governmentjobs.com, Inc. (dba NeoGov)		17,785		17,785
GS AcquisitionCo, Inc. (dba Insightsoftware)		914		914

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	Unfunded Commitment Balances(1)
	March 31, 2025		December 31, 2024
Harrington Industrial Plastics, LLC	$	4,524	$	4,524
HealthEdge Software, Inc.		3,297		3,297
Helios Buyer, Inc. (dba Heartland)		1,413		1,626
Honor HN Buyer, Inc		2,224		2,224
iCIMS, Inc.		1,655		1,488
Intelligent Medical Objects, Inc.		1,396		1,354
LS Clinical Services Holdings, Inc (dba CATO)		370		399
NFM & J, L.P. (dba the Facilities Group)		2,089		2,696
PDDS Holdco, Inc. (dba Planet DDS)		1,675		1,908
Pioneer Buyer I, LLC		2,518		2,518
Pluralsight, Inc.		7,663		7,663
Riverpoint Medical, LLC		1,600		1,445
Rodeo Buyer Company (dba Absorb Software)		3,065		3,065
Rubrik, Inc.		32		32
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		1,564		170
SpendMend, LLC		1,605		3,601
Streamland Media Midco LLC		1,029		—
Sundance Group Holdings, Inc. (dba NetDocuments)		4,272		4,043
Superman Holdings, LLC (dba Foundation Software)		7,913		14,221
Sweep Purchaser LLC		4,201		4,201
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		118		472
Total Vision LLC		1,150		1,150
USN Opco LLC (dba Global Nephrology Solutions)		2,812		1,970
Volt Bidco, Inc. (dba Power Factors)		3,696		3,696
VRC Companies, LLC (dba Vital Records Control)		858		858
WebPT, Inc.		644		1,012
Whitewater Holding Company LLC		2,100		2,100
Zarya Intermediate, LLC (dba iOFFICE)		8,384		8,383
Acquia, Inc.		—		851
Capitol Imaging Acquisition Corp.		—		9,170
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)		—		710
Kaseya Inc.		—		1,509
Wellness AcquisitionCo, Inc. (dba SPINS)		—		4,435
Total 1st Lien/Senior Secured Debt	$	144,554	$	169,388
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	1,109	$	1,698
Total 1st Lien/Last-Out Unitranche	$	1,109	$	1,698
Total	$	145,663	$	171,086

(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.

8. MEMBERS’ CAPITAL

Capital Drawdowns

The Company did not issue a capital drawdown for the three months ended March 31, 2025 and 2024.

Distributions

The following table reflects the distributions declared on the Company’s common Units:

Date Declared	Record Date	Payment Date	Amount Per Unit
For the Three Months Ended March 31, 2025
February 26, 2025	April 2, 2025	May 7, 2025	$	2.37
For the Three Months Ended March 31, 2024
February 27, 2024	April 2, 2024	May 8, 2024	$	3.44	(1)

(1) $0.53 is considered a capital gains distribution.

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9. EARNINGS (LOSS) PER UNIT

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

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Net increase (decrease) in Members’ Capital from operations	$	24,830	$	29,384
Weighted average Units outstanding		13,854,750		13,854,750
Basic and diluted earnings (loss) per unit	$	1.79	$	2.12

Diluted earnings (loss) per Unit equal basic earnings (loss) per Unit because there were no common Unit equivalents outstanding during the period presented.

10. FINANCIAL HIGHLIGHTS

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

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Unit Data:(1)
NAV, beginning of period	$	79.27		$	85.41
Net investment income		2.10			2.61
Net realized and unrealized gains (losses)(2)		(0.30	)		(0.49	)
Net increase in Members’ Capital from operations(2)	$	1.80		$	2.12
Total increase (decrease) in Members’ Capital	$	1.80		$	2.12
NAV, end of period	$	81.07		$	87.53
Units outstanding, end of period		13,854,750			13,854,750
Weighted average units outstanding		13,854,750			13,854,750
Total return based on NAV(3)		2.27	%		2.48	%
Supplemental Data/Ratio:(4)
Members’ Capital, end of period	$	1,123,159		$	1,212,662
Ratio of expenses (without incentive fees and interest and other debt     expenses) to average Members’ Capital		1.91	%		1.94	%
Ratio of interest and other debt expenses to average Members’ Capital		6.45	%		10.16	%
Ratio of incentive fees to average Members’ Capital		0.39	%		0.43	%
Ratio of total expenses to average Members’ Capital		8.75	%		12.53	%
Ratio of net investment income to average Members’ Capital		11.84	%		13.42	%
Portfolio turnover		2	%		4	%

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

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

(3)Calculated as the change in NAV per Unit during the period plus dividends recorded per Unit, divided by the beginning NAV per Unit.

(4)Ratios are annualized, except for, as applicable, unvested Incentive Fees.

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11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Financial Condition 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.

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.

On May 7, 2025, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per Unit, including net investment income (if positive) for the period beginning April 1, 2025 through June 30, 2025, which will be payable on or about July 29, 2025 to Unitholders of record as of July 2, 2025.

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

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Private Middle Market Credit II LLC or Goldman Sachs Private Middle Market Credit II LLC, together with its consolidated subsidiaries, 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. “GS & Co.” refers to Goldman Sachs & Co. LLC and its predecessors. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2019. From our commencement of investment operations on April 11, 2019 through March 31, 2025, we have originated approximately $4.45 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

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

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

We may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

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

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

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

KEY COMPONENTS OF OPERATIONS

Investments

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

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

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

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

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

Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. Pursuant to an investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”), Company expenses borne by us in the ordinary course on an annual basis (excluding Management Fees, Incentive Fees, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to us by holders of common units of our limited liability company interests (“Units”); provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. We bear all other expenses of our operations and transactions in accordance with our Investment Advisory Agreement and administration agreement (the “Administration Agreement”), including:

• our operational and organizational expenses;

• 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, fees and other expenses payable on indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, if any, incurred by us;

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

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• brokers’ commissions;

• fees and expenses associated with calculating our 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, transfer agent, or sub-transfer agent;

• the cost of preparing unit certificates or any other expenses, including clerical expenses of issue or repurchase of our Units;

• the expenses of and fees for registering or qualifying our Units for sale and of maintaining our registration or qualifying and registering us as a broker or a dealer;

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

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

• costs of holding Unitholder meetings;

• the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by limited liability company agreement or other organizational documents insofar as they govern agreements with any such custodian;

• insurance premiums; and

• 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 will not be required to pay expenses of activities which are primarily intended to result in sales of Units.

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

Leverage

The revolving credit facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Revolving Credit Facility”), allows us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Unitholders. The use of leverage involves significant risks. 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, equals at least 150% after such borrowing (if certain requirements are met). The revolving credit facility between us and MUFG Bank Ltd. (as amended, restated, supplemented or otherwise modified from time to time, the “MUFG Revolving Credit Facility”) matured on May 3, 2024 and was terminated in accordance with its terms. 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 the JPM Revolving Credit Facility and the MUFG Revolving Credit Facility (together, the “Revolving Credit Facilities”), as applicable) was 226% and 210%. 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	$	1,908.43	$	1,873.09	$	2,032.86	$	1,992.55
First Lien/Last-Out Unitranche		29.88		29.68		22.83		22.64
Second Lien/Senior Secured Debt		3.79		3.83		3.79		3.59
Unsecured Debt		15.03		15.06		15.03		14.97
Preferred Stock		25.32		35.30		25.32		34.48
Common Stock		25.67		19.60		22.91		18.47
Warrants		1.67		0.42		1.67		0.38
Total investments	$	2,009.79	$	1,976.98	$	2,124.41	$	2,087.08

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The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and 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)		10.6	%		12.0	%		10.8	%		13.3	%
First Lien/Last-Out Unitranche(2)(3)		13.0	%		13.3	%		13.3	%		13.6	%
Second Lien/Senior Secured Debt(2)		—			—			—			—
Unsecured Debt(2)		9.3	%		9.3	%		9.3	%		9.3	%
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Warrants(4)		—			—			—			—
Total Portfolio		10.3	%		11.7	%		10.5	%		12.9	%

(1)The weighted average yield of our portfolio does not represent the total return to our Unitholders.

(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.

(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 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 10.3% and 11.7%, as compared to 10.5% and 12.9% as of December 31, 2024. The decrease in total portfolio weighted average yield at fair value and First Lien/Senior Secured Debt weighted average yield at fair value, was driven by the restructuring of Streamland Midco LLC.

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			72				76
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 leverage (net debt/EBITDA)(3)		6.0x				6.2x
Weighted average interest coverage(3)		1.8x				1.7x
Median EBITDA(3)	$	57.69 million			$	55.67 million

(1)	Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.
(2)	Includes income producing preferred stock investments, if applicable.
(3)	For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
	As of March 31, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 20.9% and 19.6% of total debt investments at fair value.

Our Investment Adviser monitors, on an ongoing basis, the financial trends of each portfolio company 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 the following: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

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

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

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

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

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

Our Investment Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments with a grade of 3 or 4, our 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	$	41.45		2.1	%	$	—		—	%
Grade 2		1,854.10		93.8	%		1,993.87		95.5	%
Grade 3		63.33		3.2	%		74.44		3.6	%
Grade 4		18.10		0.9	%		18.77		0.9	%
Total Investments	$	1,976.98		100.0	%	$	2,087.08		100.0	%

The increase in investments with a grade 1 investment performance rating was driven by investments with an aggregate fair value of $41.45 million being upgraded from a grade 2 investment performance rating due to potential exits.

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	$	1,992.33		99.1	%	$	2,094.21		98.6	%
Non-accrual		17.46		0.9			30.20		1.4
Total Investments	$	2,009.79		100.0	%	$	2,124.41		100.0	%

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

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The following table shows our investment activity by investment type(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	$	3.22		$	90.06
Total	$	3.22		$	90.06
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	123.13		$	67.10
Total	$	123.13		$	67.10
Net increase (decrease) in portfolio	$	(119.91	)	$	22.96
Number of new portfolio companies with new investment commitments		—			1
Total new investment commitment amount in new portfolio companies	$	—		$	31.08
Average new investment commitment amount in new portfolio companies	$	—		$	31.08
Number of existing portfolio companies with new investment commitments		1			7
Total new investment commitment amount in existing portfolio companies	$	3.22		$	58.98
Weighted average remaining term for new investment commitments (in years)(2)		4.0			5.4
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)		12.3	%		11.6	%
Weighted average yield on new investment commitments(5)		12.3	%		11.6	%
Weighted average yield on debt and income producing investments sold or repaid(6)		10.5	%		11.8	%
Weighted average yield on investments sold or repaid(7)		10.5	%		11.8	%

(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 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.

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	$	56.41		$	77.31
Net expenses		(27.27	)		(41.21	)
Net investment income		29.14			36.10
Net realized gain (loss) on investments		(8.88	)		(15.64	)
Net unrealized appreciation (depreciation) on investments		4.51			8.76
Net realized and unrealized gains (losses) on foreign currency translations and other transactions		0.09			0.18
Income tax (provision) benefit, realized and unrealized gain/loss		(0.03	)		(0.02	)
Net increase in members’ capital from operations	$	24.83		$	29.38

Net increase in members’ capital 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.

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Investment Income

Our investment income was as follows:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
	($ in millions)
Interest income	$	49.01	$	68.08
Payment-in-kind income		6.22		6.85
Dividend income		0.84		1.90
Other income		0.34		0.48
Total investment income	$	56.41	$	77.31

In the table above:

•Interest income from investments, which included prepayment premiums and accelerated accretion of upfront loan origination fees, decreased from $68.08 million for the three months ended March 31, 2024 to $49.01 million for the three months ended March 31, 2025. The decrease was primarily driven by the decrease in the size of our portfolio. The amortized cost of our portfolio decreased from $2,528.75 million as of March 31, 2024 to $2,009.79 million as of March 31, 2025.

Expenses

Our expenses were as follows:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
	($ in millions)
Interest and other debt expenses	$	17.67	$	30.27
Management fees		4.15		4.45
Incentive fees		4.38		5.19
Professional fees		0.37		0.57
Directors’ fees		0.07		0.07
Other general and administrative expenses		0.63		0.66
Total expenses	$	27.27	$	41.21

In the table above:

•Interest and other debt expenses decreased from $30.27 million for the three months ended March 31, 2024 to $17.67 million for the three months ended March 31, 2025. The decrease was primarily driven by the repayments on our Revolving Credit Facilities.

•Incentive Fees decreased from $5.19 million for the three months ended March 31, 2024 to $4.38 million for the three months ended March 31, 2025. The decrease was primarily driven by the decrease in results of operations before Incentive Fees from $34.57 million for the three months ended March 31, 2024 to $29.21 million for the three months ended March 31, 2025.

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

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

	For the Three Months Ended
	March 31, 2025			March 31, 2024
	($ in millions)
Other, net	$	—		$	0.10
Streamland Media Midco LLC		(8.88	)		—
Sweep Purchaser LLC		—			(15.74	)
Net realized gain (loss) on investments	$	(8.88	)	$	(15.64	)

For the three months ended March 31, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investment in Streamland Media Midco LLC in March 2025, which resulted in a realized loss of $8.88 million.

For the three months ended March 31, 2024, net realized losses were primarily driven by the restructuring of our first lien debt investment in Sweep Purchaser, LLC in March 2024, which resulted in a realized loss of $15.74 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 was as follows:

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	For the Three Months Ended
	March 31, 2025			March 31, 2024
	($ in millions)
Unrealized appreciation	$	10.34		$	23.93
Unrealized depreciation		(5.83	)		(15.17	)
Net change in unrealized appreciation (depreciation) on investments	$	4.51		$	8.76

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

	For the Three Months Ended March 31, 2025
	($ in millions)
Portfolio Company:
Streamland Media Midco LLC	$	6.97
Coding Solutions Acquisition, Inc. (dba CorroHealth)		3.19
BSI3 Menu Buyer, Inc (dba Kydia)		0.96
Clearcourse Partnership Acquireco Finance Limited		0.38
Governmentjobs.com, Inc. (dba NeoGov)		0.32
Harrington Industrial Plastics, LLC		(0.54	)
Other, net (1)		(0.61	)
Pluralsight, Inc.		(0.69	)
Total Vision LLC		(0.89	)
Volt Bidco, Inc. (dba Power Factors)		(1.36	)
CORA Health Holdings Corp		(3.22	)
Total	$	4.51

(1)Includes gross unrealized appreciation of $1.70 million and gross unrealized depreciation of $(2.31) million

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Streamland Media Midco LLC, which was partially offset by the unrealized depreciation due to the financial underperformance of Cora Health Holdings Corp.

	For the Three Months Ended March 31, 2024
	($ in millions)
Portfolio Company:
Sweep Purchaser LLC	$	11.48
Other, net (1)		7.59
Superman Holdings, LLC (dba Foundation Software)		0.83
MRI Software LLC		0.76
Governmentjobs.com, Inc. (dba NeoGov)		0.71
Whitewater Holding Company LLC		0.60
LS Clinical Services Holdings, Inc (dba CATO)		(0.39	)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)		(0.44	)
Premier Imaging, LLC (dba Lucid Health)		(1.68	)
Pluralsight, Inc		(5.19	)
Thrasio, LLC		(5.51	)
Total	$	8.76

(1)Includes gross unrealized appreciation of $9.56 million and gross unrealized depreciation of $(1.97) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2024 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Sweep Purchaser, LLC and tightening credit spreads, which was partially offset by the financial underperformance of Thrasio, LLC, Pluralsight Inc. and Premier Imaging, LLC (dba Lucid Health).

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to our Unitholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our Unitholders, we may enter into credit facilities, in addition to our JPM Revolving Credit Facility, or issue other senior securities. We would expect that 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 the JPM Revolving Credit Facility) was 226% and 210%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

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

We began accepting subscription agreements (“Subscription Agreements”) from investors acquiring Units in our private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the amount of their undrawn capital commitment to purchase Units each time we deliver a drawdown notice. As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

	March 31, 2025							December 31, 2024
	Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded			Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded
Common Units	$	1,475.81	$	132.82		91	%	$	1,475.81	$	132.82		91	%

We did not issue a capital drawdown for the three months ended March 31, 2025 and 2024.

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Advisory Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of our average NAV and (2) an Incentive Fee based on investment performance. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company (the “Administrator”) has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Generally, either party may terminate the Investment Advisory Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of March 31, 2025:

	Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
JPM Revolving Credit Facility(1)	$	891.77	$	—	$	891.77	$	—	$	—

(1)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, we had outstanding borrowings denominated in USD of $886.50 million, in Canadian Dollars (“CAD”) of CAD 0.15 million and in Great British Pounds (“GBP”) of GBP 4.00 million.

MUFG Revolving Credit Facility

We entered into the MUFG Revolving Credit Facility on May 7, 2019 with MUFG Bank Ltd., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and a lender, and the other lenders from time to time party thereto. We amended the MUFG Revolving Credit Facility on numerous occasions between July 31, 2019 and May 4, 2023. The MUFG Revolving Credit Facility matured on May 3, 2024 and was terminated in accordance with its terms.

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Subject to availability under the “Borrowing Base,” the maximum principal amount of the MUFG Revolving Credit Facility was $50.05 million until May 3, 2024. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the MUFG Revolving Credit Facility was May 3, 2024, following our exercise of its maturity extension on October 5, 2023.

As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the MUFG Revolving Credit Facility.

Under the MUFG Revolving Credit Facility, we had the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one-, three- or, if available, six-month tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the MUFG Revolving Credit Facility), and loans denominated in U.S. Dollars may have been converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the MUFG Revolving Credit Facility was (A) Term SOFR plus a credit spread adjustment for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 2.75% per annum or (B) an alternative base rate (the greatest of the prime rate set by MUFG Bank, Ltd., the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00% (“ABR”)) plus 1.75% per annum. We paid a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the MUFG Revolving Credit Facility.

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

JPM Revolving Credit Facility

On September 24, 2020, Goldman Sachs Private Middle Market Credit II SPV II LLC (“SPV”) entered into the JPM Revolving Credit Facility. JPMorgan Chase Bank, National Association (“JPM”) serves as administrative agent, U.S. Bank Trust Company, National Association serves as collateral agent and collateral administrator, U.S. Bank National Association serves as securities intermediary and we serve as portfolio manager under the JPM Revolving Credit Facility. We amended the JPM Revolving Credit Facility on numerous occasions between February 12, 2021 and November 22, 2024.

Borrowings under the JPM Revolving Credit Facility bear interest (at SPV’s election) at a per annum rate equal to (x) Term SOFR (or the applicable benchmark for loans denominated in non-U.S. Dollar currencies) plus a credit spread adjustment of 0.15% (or other listed offered rate, depending upon the currency of borrowing) in effect and, (y) to the extent Term SOFR is unavailable, a rate per annum equal to the greater of (i) the prime rate of JPM in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 0.50%, in each case, plus the applicable margin. The applicable margin is 2.05% per annum. SPV will also pay a commitment fee of 0.55% per annum on the average daily unused amount of the financing commitments until the last day of the reinvestment period (as defined in the JPM Revolving Credit Facility), and an administrative fee of 0.20% per annum on the average daily commitment until the maturity date. The JPM Revolving Credit Facility is a multicurrency facility. As of March 31, 2025, the total commitments under the JPM Revolving Credit Facility were $1,250.00 million. The JPM Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the JPM Revolving Credit Facility to $2,000.00 million. All amounts outstanding under the JPM Revolving Credit Facility must be repaid by September 24, 2026, the stated scheduled termination date of the JPM Revolving Credit Facility, subject to a six-month extension of the maturity date with the consent of the administrative agent at that time.

SPV’s obligations to the lenders under the JPM Revolving Credit Facility are secured by a first priority security interest in all of SPV’s portfolio of investments and cash. The obligations of SPV under the JPM Revolving Credit Facility are non-recourse to us, and our exposure under the JPM Revolving Credit Facility is limited to the value of our investment in SPV.

For further details, see Note 6 “Debt – JPM Revolving Credit Facility” to 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
	March 31, 2025		December 31, 2024
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	144.55	$	169.39
First Lien/Last-Out Unitranche		1.11		1.70
Total	$	145.66	$	171.09

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HEDGING

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

Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a RIC) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These 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” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and 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.”

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RECENT DEVELOPMENTS

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.

On May 7, 2025, our Board of Directors declared a distribution equal to an amount up to our taxable earnings per Unit, including net investment income (if positive) for the period beginning April 1, 2025 through June 30, 2025, which will be payable on or about July 29, 2025 to Unitholders of record as of July 2, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

As of March 31, 2025 and December 31, 2024, on a fair value basis, 100.0% and 100.0% of our performing debt investments bore interest at a floating rate. Our borrowings under the JPM Revolving Credit Facility 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.

Based on our March 31, 2025 Consolidated Statements of Financial Condition, 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	$	45.72		$	(20.36	)	$	25.36
Up 200 basis points		30.48			(13.57	)		16.91
Up 100 basis points		15.24			(6.79	)		8.45
Up 75 basis points		11.43			(5.09	)		6.34
Up 50 basis points		7.62			(3.39	)		4.23
Up 25 basis points		3.81			(1.70	)		2.11
Down 25 basis points		(3.81	)		1.70			(2.11	)
Down 50 basis points		(7.62	)		3.39			(4.23	)
Down 75 basis points		(11.43	)		5.09			(6.34	)
Down 100 basis points		(15.24	)		6.79			(8.45	)
Down 200 basis points		(30.48	)		13.57			(16.91	)
Down 300 basis points		(45.72	)		20.36			(25.36	)

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of 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.

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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

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

None.

Item 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

None.

Item 6. EXHIBITS

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

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INDEX TO EXHIBITS

EXHIBIT NO.	EXHIBIT
3.1	Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56052), filed on May 2, 2019).
3.2	Third Amended and Restated Limited Liability Company Agreement dated December 16, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814-01307), filed on December 20, 2021).
31.1*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of 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 MIDDLE MARKET CREDIT II LLC
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)

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