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 ~~September~~March 3031, ~~2019~~2020

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

Commission file number: 000-55746

Goldman Sachs Middle Market Lending Corp.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		81-2506508
(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: (212) 902-0300

Not Applicable

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

Not Applicable

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

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 X ☒ 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: X☒ Smaller reporting company: ☐ Emerging growth company X☒

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. X☒

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of ~~November 7~~May 15, ~~2019~~2020 was 4953,~~470~~844,~~258~~947.

GOLDMAN SACHS MIDDLE MARKET LENDING CORP.

	INDEX	PAGE
		PAGE
PART I	FINANCIAL INFORMATION		4
	Cautionary Statement Regarding Forward-Looking Statements		3
PART I.	FINANCIAL INFORMATION		4
ITEM 1.	Financial Statements		4
	Consolidated Statements of Assets and Liabilities as of September 30, 2019 (Unaudited) and December 31, 2018		4
	Consolidated Statements of Assets and Liabilities as of March 31, 2020 (Unaudited) and December 31, 2019		4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)		5
	Consolidated Statements of Operations for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)		5
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)		6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)		6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)		7
	Consolidated Statements of Cash Flows for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)		7
	Consolidated Schedules of Investments as of September 30, 2019 (Unaudited) and December 31, 2018		8
	Consolidated Schedules of Investments as of March 31, 2020 (Unaudited) and December 31, 2019		8
	Notes to the Consolidated Financial Statements (Unaudited)		1720
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		3639
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk		52
ITEM 4.	Controls and Procedures		5352
PART II	OTHER INFORMATION		53
PART II.	OTHER INFORMATION		52
ITEM 1.	Legal Proceedings		5352
ITEM 1A.	Risk Factors		5352
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds		5456
ITEM 3.	Defaults Upon Senior Securities		5456
ITEM 4.	Mine Safety Disclosures		5456
ITEM 5.	Other Information		5456
ITEM 6.	Exhibits		5456
SIGNATURES			5659

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 thereof or other variations thereon 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~~annual ~~Report~~report on Form 10-K for the year ended December 31, ~~2018~~2019, 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. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Under Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in periodic reports we file under the Exchange Act, such as this quarterly report on Form 10-Q.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

• ~~changes~~the inimpact ~~political,~~of ~~economic~~the ornovel ~~industry~~coronavirus ~~conditions,~~(“COVID-19”) ~~the~~pandemic ~~interest~~on ~~rate~~our ~~environment~~business orand ~~conditions~~our ~~affecting~~portfolio ~~the~~companies, ~~financial~~including our and their ability to access capital ~~markets~~and liquidity;

• ~~uncertainty~~changes ~~surrounding~~in political, economic or industry conditions, the ~~financial~~interest ~~and~~rate ~~political~~environment ~~stability~~or ofconditions affecting the ~~United~~financial ~~States~~and capital markets, including the ~~United~~effect ~~Kingdom,~~of the ~~European~~current ~~Union~~COVID-19 ~~and China~~pandemic;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, including the effect of the current COVID-19 pandemic;

•

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 “Investment Adviser”) of the Company;

•

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, including the decommissioning of London InterBank Offered Rate (“LIBOR”);

•

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 and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);

•

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; ~~and~~

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

•

the ability of the parties to consummate the Merger (as defined below) on the expected timeline, or at all;

•

the ability to realize the anticipated benefits of the proposed Merger;

•

the effects of disruption on our business and the business of Goldman Sachs BDC, Inc. (“GS BDC”) from the proposed Merger;

•

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger; and

•

any potential termination of the Merger Agreement (as defined below) or action of our stockholders or GS BDC’s stockholders with respect to any proposed transaction.

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Goldman Sachs Middle Market Lending Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	September 30, 2019(unaudited)			December 31, 2018
	March 31, 2020(Unaudited)			December 31, 2019
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $1,568,446 and $1,076,982, respectively)	$	1,549,986		$	1,069,946
Non-controlled/non-affiliated investments (cost of $1,727,351 and $1,656,685)	$	1,611,971		$	1,633,562
Non-controlled affiliated investments (cost of $36,143 and $36,072, respectively)		39,326			37,239
Non-controlled affiliated investments (cost of $45,734 and $45,702)		49,947			49,598
Cash		11,317			15,010
Investments in affiliated money market fund (cost of $91,998 and $–)		91,998			–
Unrealized appreciation on foreign currency forward contracts		245			122
Cash		16,207			13,393
Interest and dividends receivable from non-controlled/affiliated investments and non-controlled/non-affiliated investments		8,502			5,977
Unrealized appreciation on foreign currency forward contracts		156			46
Deferred financing costs		3,005			3,233
Interest and dividends receivable from non-controlled/affiliated investments and non-controlled/non-affiliated investments		7,600			7,022
Receivable for investments sold		77			66
Deferred financing costs		2,679			2,617
Other assets		230			355
Receivable for investments sold		9,668			41
Total assets	$	1,612,688		$	1,131,948
Other assets		71			96
Total assets	$	1,790,297		$	1,706,375
Liabilities
Debt	$	~~639~~839,~~563~~884		$	~~286~~729,~~189~~986
Interest and other debt expenses payable		~~765~~694			~~727~~713
Management fees payable		3,~~489~~501			23,~~899~~520
Incentive fees payable		~~3,265~~–			3,~~512~~419
Distribution payable		2123,~~272~~153			1621,~~190~~272
Payable for investments purchased		15,868			–
Directors’ fees payable		106			–
Directors’ fees payable		99			–
Accrued expenses and other liabilities		3,265			2,676
Accrued expenses and other liabilities		2,408			2,277
Total liabilities	$	870,603		$	761,586
Total liabilities	$	686,729		$	311,794
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)	$	–		$	–
Common stock, par value $0.001 per share (200,000,000 shares authorized, 49,470,258 and 43,004,880 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively)		49			43
Common stock, par value $0.001 per share (200,000,000 shares authorized, 53,844,947 and 50,562,483 shares issued and outstanding as of March 31, 2020 and December 31, 2019)		54			51
Paid-in capital in excess of par		~~951~~1,~~632~~034,279			~~827~~972,~~483~~476
Distributable earnings		(25114,~~722~~639	)		(727,~~372~~738	)
TOTAL NET ASSETS	$	~~925~~919,~~959~~694		$	~~820~~944,~~154~~789
TOTAL LIABILITIES AND NET ASSETS	$	1,~~612~~790,~~688~~297		$	1,~~131~~706,~~948~~375
Net asset value per share	$	1817.7208		$	1918.0769

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30,2019			September 30,2018			September 30,2019			September 30,2018
	March 31, 2020			March 31, 2019
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	3738,~~135~~566		$	2129,~~441~~375		$	~~101,019~~		$	~~53,199~~
Other income		~~535~~331			~~439~~422			~~1,502~~			~~834~~
Total investment income from non-controlled/non-affiliated investments		3738,~~670~~897			2129,~~880~~797			~~102,521~~			~~54,033~~
From non-controlled affiliated investments:
Interest income		~~654~~803			~~649~~667			~~1,986~~			~~1,005~~
Dividend income		587			~~110~~36			~~149~~			~~129~~
Other income		7			7			20			10
Total investment income from non-controlled affiliated investments		~~719~~817			~~766~~710			~~2,155~~			~~1,144~~
Total investment income	$	3839,~~389~~714		$	2230,~~646~~507		$	~~104,676~~		$	~~55,177~~
Expenses:
Interest and other debt expenses	$	7,~~001~~446		$	34,~~393~~411		$	~~16,469~~		$	~~6,577~~
Management fees		3,~~489~~501			23,~~409~~226			~~10,145~~			~~6,248~~
Incentive fees		~~3,265~~–			~~(85~~5,968	)		~~14,605~~			~~(77~~	)
Offering costs		–			–			–			41
Professional fees		937			283
Professional fees		517			395			1,252			1,081
Administration, custodian and transfer agent fees		579			518
Administration, custodian and transfer agent fees		566			378			1,636			1,001
Directors’ fees		106			105
Directors’ fees		114			114			327			328
Other expenses		317			205
Other expenses		339			449			852			808
Total expenses	$	12,886		$	14,716
Total expenses	$	15,291		$	7,053		$	45,286		$	16,007
NET INVESTMENT INCOME BEFORE TAXES	$	26,828		$	15,791
NET INVESTMENT INCOME	$	23,098		$	15,593		$	59,390		$	39,170
Income tax expense (benefit), including excise tax	$	–		$	(7	)
Net realized and unrealized gains (losses):
NET INVESTMENT INCOME AFTER TAXES	$	26,828		$	15,798
Net realized gain (loss) from:
Net realized and unrealized gains (losses):
Non-controlled/non-affiliated investments	$	(7	)	$	–		$	(10,568	)	$	1,285
Net realized gain (loss) from:
Foreign currency forward contracts		53			–			65			–
Non-controlled/non-affiliated investments	$	226		$	(2	)
Foreign currency transactions		(19	)		(259	)		19			(259	)
Foreign currency forward contracts		38			12
Net change in unrealized appreciation (depreciation) from:
Foreign currency transactions		4			3
Non controlled/non-affiliated investments		(7,236	)		(1,332	)		(11,424	)		(2,057	)
Net change in unrealized appreciation (depreciation) from:
Non controlled affiliated investments		479			689			2,016			554
Non-controlled/non-affiliated investments		(92,257	)		(9,720	)
Foreign currency forward contracts		78			3			123			3
Non-controlled affiliated investments		317			414
Foreign currency translations		2,225			243			2,642			243
Foreign currency forward contracts		110			108
Net realized and unrealized gains (losses)	$	(4,427	)	$	(656	)	$	(17,127	)	$	(231	)
Foreign currency translations		879			1,143
(Provision) benefit for taxes on realized gain/loss on investments	$	–		$	–		$	100		$	(372	)
Net realized and unrealized gains (losses)	$	(90,683	)	$	(8,042	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		(171	)		(205	)		(614	)		(205	)
(Provision) benefit for taxes on realized gain/loss on investments	$	–		$	–
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	18,500		$	14,732		$	41,749		$	38,362
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		107			(103	)
Net investment income per share (basic and diluted)	$	0.47		$	0.52		$	1.27		$	1.44
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(63,748	)	$	7,653
Earnings (loss) per share (basic and diluted)	$	0.37		$	0.49		$	0.89		$	1.41
Weighted average shares outstanding		51,897,111			43,338,250
Weighted average shares outstanding		49,470,258			29,987,263			46,754,248			27,201,088
Net investment income per share (basic and diluted)	$	0.52		$	0.36
Earnings (loss) per share (basic and diluted)	$	(1.23	)	$	0.18

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Statements of Changes in Net Assets

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

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30,2019			September 30,2018			September 30,2019			September 30,2018
	March 31, 2020			March 31, 2019
Net assets at beginning of period	$	~~928~~944,~~731~~789		$	~~563~~820,~~219~~154		$	~~820,154~~		$	~~458,128~~
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2326,~~098~~828		$	15,~~593~~798		$	~~59,390~~		$	~~39,170~~
Net realized gain (loss)		27268			~~(259~~13	)		~~(10,484~~	)		~~1,026~~
Net change in unrealized appreciation (depreciation)		(490,~~454~~951	)		(~~397~~8,055	)		~~(6,643~~	)		~~(1,257~~	)
(Provision) benefit for taxes on realized gain/loss on investments		–			–			~~100~~			~~(372~~	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		~~(171~~107	)		(~~205~~103	)		~~(614~~	)		~~(205~~	)
Net increase (decrease) in net assets resulting from operations	$	18(63,~~500~~748	)	$	147,~~732~~653		$	~~41,749~~		$	~~38,362~~
Distributions to stockholders from:
Distributable earnings	$	(2123,~~272~~153	)	$	(1218,~~745~~492	)	$	~~(60,099~~	)	$	~~(34,760~~	)
Total distributions to stockholders	$	(2123,~~272~~153	)	$	(1218,~~745~~492	)	$	~~(60,099~~	)	$	~~(34,760~~	)
Capital transactions:
Issuance of common shares (0, 8,011,747, 6,465,378 and 13,402,214 shares, respectively)	$	–		$	154,825		$	124,155		$	258,301
Issuance of common shares	$	61,806		$	82,610
Net increase (decrease) in net assets resulting from capital transactions	$	–61,806		$	~~154~~82,~~825~~610		$	~~124,155~~		$	~~258,301~~
TOTAL INCREASE (DECREASE) IN NET ASSETS	$	(225,~~772~~095	)	$	~~156~~71,~~812~~771		$	~~105,805~~		$	~~261,903~~
Net assets at end of period	$	~~925~~919,~~959~~694		$	~~720~~891,~~031~~925		$	~~925,959~~		$	~~720,031~~
Distributions declared per share	$	0.43		$	0.43		$	~~1.29~~		$	~~1.29~~

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

	For the Nine Months Ended
	For the Three Months Ended
	September 30,2019			September 30,2018
	March 31, 2020			March 31, 2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations:	$	41(63,~~749~~748	)	$	387,~~362~~653
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(~~643~~134,~~023~~577	)		(~~519~~167,~~897~~977	)
Payment-in-kind interest capitalized		(~~794~~284	)		(~~172~~289	)
Investments in affiliated money market fund, net		–(91,998	)		(2–	)
Proceeds from sales of investments and principal repayments		~~146~~66,~~770~~416			4521,~~883~~590
Net realized (gain) loss		~~10,575~~(222	)		~~(1,285~~2	)
Net change in unrealized (appreciation) depreciation on investments		991,~~408~~940			19,~~503~~306
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions		(8987	)		(399	)
Amortization of premium and accretion of discount, net		(52,~~063~~031	)		(21,~~266~~040	)
Amortization of deferred financing costs		~~974~~368			~~680~~294
Amortization of deferred offering costs		–			41
Changes in operating assets and liabilities:
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		(578	)		(702	)
(Increase) decrease in interest and dividends receivable		(2,525	)		(2,394	)
(Increase) decrease in receivable for investments sold		(9,627	)		48
(Increase) decrease in receivable for investments sold		(11	)		(338	)
(Increase) decrease in other assets		25			81
(Increase) decrease in other assets		125			(282	)
Increase (decrease) in interest and other debt expenses payable		(23	)		(103	)
Increase (decrease) in interest and other debt expenses payable		38			351
Increase (decrease) in management fees payable		(19	)		327
Increase (decrease) in management fees payable		590			857
Increase (decrease) in incentive fees payable		(3,419	)		2,456
Increase (decrease) in incentive fees payable		(247	)		(77	)
Increase (decrease) in directors’ fees payable		106			105
Increase (decrease) in payable for investments purchased		15,868			5,099
Increase (decrease) in accrued expenses and other liabilities		589			286
Increase (decrease) in directors’ fees payable		99			100
Net cash provided by (used for) operating activities	$	(147,169	)	$	(128,062	)
Increase (decrease) in accrued expenses and other liabilities		131			1,245
Net cash provided by (used for) operating activities	$	(425,425	)	$	(432,595	)
Cash flows from financing activities:
Proceeds from issuance of common stock	$	~~124~~61,~~155~~806		$	~~258~~82,~~301~~610
Offering costs paid		–			(18	)
Financing cost paid		(426	)		–
Distributions paid		(5521,~~017~~272	)		(3116,~~287~~190	)
Borrowings on debt		~~586~~237,~~924~~098			~~459~~169,~~922~~499
Repayments of debt		(~~233~~127,~~550~~200	)		(~~245~~111,500	)
Financing costs paid		(745	)		(1,308	)
Net cash provided by (used for) financing activities	$	150,006		$	124,419
Net cash provided by (used for) financing activities	$	421,767		$	440,110
Net increase (decrease) in cash	$	2,837		$	(3,643	)
Net increase (decrease) in cash		(3,658	)		7,515
Effect of foreign exchange rate changes on cash and cash equivalents		(23	)		(9	)
Effect of foreign exchange rate changes on cash and cash equivalents		(35	)		–
Cash, beginning of period		13,393			15,010
Cash, beginning of period		15,010			3,537
Cash, end of period	$	16,207		$	11,358
Cash, end of period	$	11,317		$	11,052
Supplemental and non-cash activities
Supplemental and non-cash financing activities
Interest expense paid	$	6,934		$	3,963
Interest expense paid	$	14,745		$	4,862
Accrued but unpaid distributions	$	23,153		$	18,492
Accrued but unpaid offering costs	$	–		$	2
Accrued but unpaid deferred financing costs	$	4		$	–
Accrued but unpaid distributions	$	21,272		$	12,745
Accrued but unpaid excise tax expense	$	–		$	8
Accrued but unpaid deferred financing costs	$	–		$	23
Accrued but unpaid excise tax expense	$	8		$	–
Exchange of investments	$	1,054		$	994

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2019~~2020

(in thousands, except share and per share amounts)

(Unaudited)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	InterestRate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/Shares (++)		Cost			FairValue
Investments at Fair Value – 171.64% #
1st Lien/Senior Secured Debt – 138.73% #
Corporate Debt (1) – 169.14%
3SI Security Systems, Inc.(1)	Commercial Services & Supplies	6.75%	L + 5.75%; 1.00% Floor	06/16/2023	$	2,243	$	2,223		$	2,159
1st Lien/Senior Secured Debt – 121.47%
Accuity Delivery Systems, LLC^ (1) (2)	Health Care Providers & Services	8.00%	L + 7.00%; 1.00% Floor	06/13/2023		14,480		14,179			14,625
Accuity Delivery Systems,LLC^ (2) (3)	Health Care Providers & Services	9.13%	L + 7.00%; 1.00% Floor	06/13/2023		$ 14,480	$	14,139		$	14,227
Acquia, Inc.(1) (2)	Software	8.58%	L + 7.00%; 1.00% Floor	10/31/2025		18,197		17,853			17,287
Apptio, Inc.(2) (3)	IT Services	9.56%	L + 7.25%; 1.00% Floor	01/10/2025		46,452		45,602			45,523
Acquia, Inc.(1) (2) (3)	Software		L + 7.00%; 1.00% Floor	10/31/2025		1,946		(36	)		(97	)
Apptio, Inc.(2) (3) (4) (5)	IT Services		L + 7.25%; 1.00% Floor	01/10/2025		3,160		(56	)		(63	)
Apptio, Inc.(1) (2)	IT Services	8.25%	L + 7.25%; 1.00% Floor	01/10/2025		46,452		45,667			45,174
Associations, Inc.(2) (3)	Real Estate Management & Development	9.32%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		19,153		18,954			18,961
Apptio, Inc.(1) (2) (3)	IT Services		L + 7.25%; 1.00% Floor	01/10/2025		3,160		(51	)		(87	)
Associations, Inc.(2) (3) (4)	Real Estate Management & Development	9.32%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		4,229		2,418			2,418
Associations, Inc.(1) (2)	Real Estate Management & Development	8.91%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		19,448		19,267			18,038
Associations, Inc.(2) (3) (4) (5)	Real Estate Management & Development		L + 4.00%; 1.00% Floor	07/30/2024		836		(8	)		(8	)
Associations, Inc.(1) (2) (3)	Real Estate Management & Development	8.91%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		4,268		3,017			2,746
BJH Holdings III Corp.(2)	Hotels, Restaurants & Leisure	7.79%	L + 5.75%	08/19/2025		9,119		9,030			9,028
Associations, Inc.(1) (2)	Real Estate Management & Development	8.00%	L + 6.00%; 1.00% Floor	07/30/2024		836		828			775
Brillio, LLC(2) (3)	IT Services	6.79%	L + 4.75%; 1.00% Floor	02/06/2025		6,584		6,540			6,534
BJH Holdings III Corp. (dba Jack’s Family Restaurants)(1) (2)	Hotels, Restaurants & Leisure	7.20%	L + 5.75%; 1.00% Floor	08/19/2025		9,074		8,991			8,643
Brillio, LLC(2) (3) (4)	IT Services		L + 4.75%; 1.00% Floor	02/06/2025		2,200		—			(22	)
Brillio, LLC(1) (2)	IT Services	5.75%	L + 4.75%; 1.00% Floor	02/06/2025		6,551		6,495			6,190
Bullhorn, Inc.(2) (3)	Internet Software & Services	8.91%	L + 6.75%; 1.00% Floor	11/21/2022		18,867		18,724			18,867
Brillio, LLC(1) (2) (3)	IT Services	5.75%	L + 4.75%; 1.00% Floor	02/06/2025		2,200		1,100			979
Bullhorn, Inc.(2) (10)	Internet Software & Services		L + 5.50%; 1.00% Floor	10/01/2025		16,109		15,868			15,868
Bullhorn, Inc.(1) (2)	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		16,069		15,844			15,346
Bullhorn, Inc.(2) (3)	Internet Software & Services	8.91%	L + 6.75%; 1.00% Floor	11/21/2022		4,519		4,488			4,519
Bullhorn, Inc.(1) (2)	Professional Services	6.50%	L + 5.50%; 1.00% Floor	10/01/2025		799		788			763
Bullhorn, Inc.(2) (4) (10)	Internet Software & Services		L + 5.50%; 1.00% Floor	10/01/2025		1,331		—			—
Bullhorn, Inc.(1) (2)	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		266		262			254
Bullhorn, Inc.(2) (3) (4) (5)	Internet Software & Services		L + 6.75%; 1.00% Floor	11/21/2022		899		(12	)		—
Bullhorn, Inc.(1) (2) (3)	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		1,065		185			152
Bullhorn, Inc.(2) (4) (10)	Internet Software & Services		L + 5.50%; 1.00% Floor	10/01/2025		799		—			—
Businessolver.com, Inc.(1) (2)	Health Care Technology	9.19%	L + 7.50%; 1.00% Floor	05/15/2023		30,076		29,668			28,572
Businessolver.com, Inc.(2) (3)	Health Care Technology	9.66%	L + 7.50%; 1.00% Floor	05/15/2023		30,076		29,612			29,550
Businessolver.com, Inc.(1) (2)	Health Care Technology	9.15%	L + 7.50%; 1.00% Floor	05/15/2023		4,511		4,445			4,286
Businessolver.com, Inc.(2) (3) (4)	Health Care Technology	9.66%	L + 7.50%; 1.00% Floor	05/15/2023		4,511		3,171			3,154
Businessolver.com, Inc.(1) (2) (3)	Health Care Technology		L + 7.50%; 1.00% Floor	05/15/2023		3,760		(48	)		(188	)
Businessolver.com, Inc.(2) (3) (4)	Health Care Technology	9.55%	L + 7.50%; 1.00% Floor	05/15/2023		3,760		772			761
CFS Management, LLC (dba Center forSight Management)(1) (2)	Health Care Providers & Services	7.34%	L + 5.75%; 1.00% Floor	07/01/2024		6,975		6,913			6,644
CFS Management, LLC(2)	Health Care Providers & Services	7.95%	L + 5.75%; 1.00% Floor	07/01/2024		7,010		6,941			6,940
CFS Management, LLC (dba Center forSight Management)(1) (2) (3)	Health Care Providers & Services		L + 5.75%; 1.00% Floor	07/01/2024		2,067		(18	)		(98	)
CFS Management, LLC(2) (4) (5)	Health Care Providers & Services		L + 5.75%; 1.00% Floor	07/01/2024		2,067		(20	)		(21	)
Chronicle Bidco Inc. (dba Lexitas)(1) (2)	Professional Services	7.45%	L + 5.75%; 1.00% Floor	11/14/2025		10,274		10,079			9,915
Clarkson Eyecare, LLC(2)	Health Care Providers & Services	8.37%	L + 6.25%; 1.00% Floor	04/02/2021		10,980		10,770			10,760
Chronicle Bidco Inc. (dba Lexitas)(1) (2) (3)	Professional Services	7.38%	L + 5.75%; 1.00% Floor	11/14/2025		4,324		2,269			2,181
Clarkson Eyecare, LLC(2)	Health Care Providers & Services	8.39%	L + 6.25%; 1.00% Floor	04/02/2021		7,260		7,114			7,114
Chronicle Bidco Inc. (dba Lexitas)(1) (2) (3)	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025		1,300		(24	)		(45	)
Collaborative Imaging, LLC^^^ (2) (3)	Health Care Providers & Services	8.76%	L + 6.50%; 1.00% Floor	03/28/2025		12,700		12,541			12,446
Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)	Health Care Providers & Services	8.12%	L + 6.50%; 1.00% Floor	03/28/2025		12,700		12,553			12,287
Continuum Managed ServicesLLC(2) (3)	IT Services	8.05%	L + 6.00%; 1.00% Floor	06/08/2023		19,051		18,696			19,051
Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)	Health Care Providers & Services	8.12%	L + 6.50%; 1.00% Floor	03/28/2025		9,673		9,539			9,359
Continuum Managed ServicesLLC(2) (3)	IT Services	8.05%	L + 6.00%; 1.00% Floor	06/08/2023		5,479		5,386			5,479
ConnectWise, LLC(1) (2)	IT Services	7.07%	L + 6.00%; 1.00% Floor	02/28/2025		19,907		19,530			18,463
Continuum Managed ServicesLLC(2) (3)	IT Services	8.05%	L + 6.00%; 1.00% Floor	06/08/2023		1,614		1,586			1,614
ConnectWise, LLC(1) (2) (3)	IT Services		L + 6.00%; 1.00% Floor	02/28/2025		1,524		(29	)		(110	)
Continuum Managed ServicesLLC(2) (3) (4) (5)	IT Services		L + 6.00%; 1.00% Floor	06/08/2022		2,000		(30	)		—
Convene 237 Park Avenue, LLC (dba Convene)(1) (2)	Real Estate Management & Development	9.09%	L + 7.50%; 1.50% Floor	08/30/2024		31,000		30,439			26,350
Convene 237 Park Avenue, LLC(2)	Real Estate Management & Development	9.54%	L + 7.50%; 1.50% Floor	08/30/2024		31,000		30,389			30,380
Convene 237 Park Avenue, LLC (dba Convene)(1) (2) (3)	Real Estate Management & Development	9.24%	L + 7.50%; 1.50% Floor	08/30/2024		9,120		4,615			3,374
Convene 237 Park Avenue,LLC(2) (4) (5)	Real Estate Management & Development		L + 7.50%; 1.50% Floor	08/30/2024		9,120		(90	)		(91	)
CorePower Yoga LLC(2)	Diversified Consumer Services	5.47%	L + 4.50%	05/14/2025		14,808		14,613			13,327
CorePower Yoga LLC(2)	Diversified Consumer Services	6.61%	L + 4.50%	05/14/2025		12,420		12,243			12,233
CorePower Yoga LLC(2) (3)	Diversified Consumer Services		L + 4.50%	05/14/2025		236		(3	)		(24	)
CorePower Yoga LLC(2) (4) (5)	Diversified Consumer Services		L + 4.75%	05/14/2025		1,010		(14	)		(15	)
CorePower Yoga LLC(2) (3)	Diversified Consumer Services		L + 4.75%	05/14/2025		1,010		(13	)		(101	)
CorePower Yoga LLC(2) (4) (5)	Diversified Consumer Services		L + 4.50%	05/14/2025		2,692		(38	)		(40	)
CST Buyer Company (dba Intoxalock)(2)	Diversified Consumer Services	6.82%	L + 5.75%; 1.00% Floor	10/03/2025		18,170		17,952			15,444
DDS USA Holding, Inc.(2) (3)	Health Care Equipment & Supplies	7.35%	L + 5.25%; 1.00% Floor	06/30/2022		5,418		5,397			5,391
CST Buyer Company (dba Intoxalock)(2) (3)	Diversified Consumer Services	6.82%	L + 5.75%; 1.00% Floor	10/03/2025		1,294		761			582
DDS USA Holding, Inc.(2) (3)	Health Care Equipment & Supplies	7.35%	L + 5.25%; 1.00% Floor	06/30/2022		5,126		5,106			5,100
DDS USA Holding, Inc.(1) (2)	Health Care Equipment & Supplies	6.13%	L + 4.75%; 1.00% Floor	06/30/2022		5,391		5,374			5,202
DDS USA Holding, Inc.(2) (3) (4) (5)	Health Care Equipment & Supplies		L + 5.25%; 1.00% Floor	06/30/2022		1,533		(6	)		(8	)
DDS USA Holding, Inc.(1) (2)	Health Care Equipment & Supplies	6.13%	L + 4.75%; 1.00% Floor	06/30/2022		5,097		5,081			4,919
Diligent Corporation(2) (3)	Professional Services	7.75%	L + 5.50%; 1.00% Floor	04/14/2022		€ 22,880		26,229			24,689
DDS USA Holding, Inc.(1) (2)	Health Care Equipment & Supplies	7.00%	P + 3.75%; 1.00% Floor	06/30/2022		1,533		1,528			1,479
Diligent Corporation(2) (3) (4)	Professional Services	7.73%	L + 5.50%; 1.00% Floor	04/14/2022		11,551		2,896			2,892
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022	€	22,765		26,146			24,856
Diligent Corporation(2) (3)	Professional Services	7.81%	L + 5.50%; 1.00% Floor	04/14/2022		2,108		2,088			2,087
Diligent Corporation(1) (2)	Professional Services	6.93%	L + 5.50%; 1.00% Floor	04/14/2022		5,447		5,404			5,392
Diligent Corporation(2) (3) (4)	Professional Services	7.64%	L + 5.50%; 1.00% Floor	04/14/2022		1,800		1,552			1,566
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022		2,098		2,081			2,077
Diligent Corporation(2) (3)	Professional Services	7.56%	L + 5.50%; 1.00% Floor	04/14/2022		728		721			721
Diligent Corporation(1) (2) (3)	Professional Services	6.92%	L + 5.50%; 1.00% Floor	04/14/2022		1,800		1,558			1,566
Diligent Corporation(1) (2)	Professional Services	6.57%	L + 5.50%; 1.00% Floor	04/14/2022		725		718			717
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022		351		348			347
Diligent Corporation(1) (2) (3)	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022		6,083		(47	)		(61	)
DocuTAP, Inc.(1) (2)	Health Care Technology	6.50%	L + 5.50%; 1.00% Floor	05/12/2025		34,978		34,210			33,492
E2open, LLC(1) (2)	Software	7.36%	L + 5.75%; 1.00% Floor	11/26/2024		24,179		23,965			23,090

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2019~~2020 ~~(continued)~~

(in thousands, except share and per share amounts)

(Unaudited)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	InterestRate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/Shares (++)		Cost			Fair Value
Diligent Corporation(2) (3)	Professional Services	7.81%	L + 5.50%; 1.00% Floor	04/14/2022		$ 352	$	349		$	349
Elemica Parent, Inc.(1) (2)	Chemicals	6.39%	L + 5.50%	09/18/2025	$	4,247	$	4,148		$	3,928
DiscoverOrg, LLC(2)	Software	6.54%	L + 4.50%	02/02/2026		23,582		23,362			23,471
Elemica Parent, Inc.(1) (2) (3)	Chemicals	6.68%	L + 5.50%	09/18/2025		550		390			362
DocuTAP, Inc.(2) (3)	Health Care Technology	7.79%	L + 5.75%; 1.00% Floor	05/12/2025		35,154		34,320			34,802
Elemica Parent, Inc.(1) (2) (3)	Chemicals		L + 5.50%	09/18/2025		830		(9	)		(62	)
E2open, LLC(2)	Software	7.87%	L + 5.75%; 1.00% Floor	11/26/2024		24,300		24,066			24,057
Empirix, Inc.(1) (2)	Diversified Telecommunication Services	7.71%	L + 6.25%; 1.00% Floor	09/25/2024		31,415		30,980			27,645
Elemica Parent, Inc.(2)	Chemicals	7.65%	L + 5.50%	09/18/2025		4,268		4,162			4,161
Empirix, Inc.(1) (2)	Diversified Telecommunication Services	7.63%	L + 6.25%; 1.00% Floor	09/25/2023		1,800		1,778			1,584
Elemica Parent, Inc.(2) (4)	Chemicals	7.63%	L + 5.50%	09/18/2025		550		151			151
Eptam Plastics, Ltd.(1) (2)	Health Care Equipment & Supplies	6.50%	L + 5.50%; 1.00% Floor	12/06/2025		6,363		6,272			6,092
Elemica Parent, Inc.(2) (4) (5)	Chemicals		L + 5.50%	09/18/2025		830		(10	)		(10	)
Eptam Plastics, Ltd.(1) (2)	Health Care Equipment & Supplies	6.50%	L + 5.50%; 1.00% Floor	12/06/2025		1,354		1,335			1,296
Empirix, Inc.(2) (3)	Diversified Telecommunication Services	8.36%	L + 6.25%; 1.00% Floor	09/25/2024		31,569		31,092			30,070
Eptam Plastics, Ltd.(1) (2) (3)	Health Care Equipment & Supplies		L + 5.50%; 1.00% Floor	12/06/2025		2,708		(19	)		(115	)
Empirix, Inc.(2) (3) (4) (5)	Diversified Telecommunication Services		L + 6.25%; 1.00% Floor	09/25/2023		1,800		(25	)		(85	)
Fenergo Finance 3 Limited(1) (2) (4)	Diversified Financial Services	7.70%	L + 6.25%; 1.00% Floor	09/05/2024	€	25,300		29,001			26,578
Fenergo Finance 3Limited(2) (3) (6)	Diversified Financial Services	8.31%	L + 6.25%; 1.00% Floor	09/05/2024		€ 25,300		28,966			27,300
Fenergo Finance 3 Limited(1) (2) (3) (4)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		1,683		(22	)		(80	)
Fenergo Finance 3Limited(2) (3) (4) (5) (6)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		1,683		(24	)		(17	)
Fenergo Finance 3 Limited(1) (2) (3) (4)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024	€	2,200		(34	)		(115	)
Fenergo Finance 3Limited(2) (3) (4) (5) (6)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		€ 2,200		(37	)		(183	)
FWR Holding Corporation(dba First Watch Restaurants) (1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		4,033		4,001			3,801
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		11,437		11,237			11,323
FWR Holding Corporation(dba First Watch Restaurants) (1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		3,032		3,009			2,858
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		4,053		4,017			4,012
FWR Holding Corporation(dba First Watch Restaurants) (1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		3,017		2,993			2,843
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		3,032		3,005			3,002
FWR Holding Corporation(dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		11,379		11,202			10,724
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		2,285		2,246			2,262
FWR Holding Corporation(dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		2,273		2,239			2,143
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		1,445		1,420			1,430
FWR Holding Corporation(dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		1,437		1,416			1,355
FWR Holding Corporation(3) (4)	Hotels, Restaurants & Leisure	7.55%	L + 5.50%; 1.00% Floor	08/21/2023		1,506		351			361
FWR Holding Corporation(dba First Watch Restaurants)(1) (3)	Hotels, Restaurants & Leisure	6.77%	L + 5.50%; 1.00% Floor	08/21/2023		1,506		994			930
FWR HoldingCorporation(3) (4) (5)	Hotels, Restaurants & Leisure		L + 5.50%; 1.00% Floor	08/21/2023		3,040		(26	)		(30	)
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	6.86%	L + 5.50%; 1.00% Floor	09/04/2024		13,865		13,648			13,172
Gastro Health Holdco, LLC(2) (3)	Health Care Providers & Services	8.11%	L + 6.00%; 1.00% Floor	09/04/2024		18,008		17,699			17,693
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	6.95%	L + 5.50%; 1.00% Floor	09/04/2024		7,159		7,044			6,801
Gastro Health Holdco, LLC(2) (3)	Health Care Providers & Services	8.12%	L + 6.00%; 1.00% Floor	09/04/2024		7,189		7,063			7,063
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	7.71%	L + 5.50%; 1.00% Floor	09/04/2024		6,918		6,823			6,572
Gastro Health Holdco,LLC(2) (3) (4) (5)	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2023		2,900		(46	)		(51	)
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	6.95%	L + 5.50%; 1.00% Floor	09/04/2023		2,900		2,860			2,755
Gastro Health Holdco,LLC(2)(3) (4) (5)	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2024		6,933		(52	)		(121	)
GlobalTranz Enterprises, Inc.(2)	Road & Rail	5.93%	L + 5.00%	05/15/2026		11,415		11,209			8,076
Gastro Health Holdco,LLC(2)(3) (4) (5)	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2024		7,200		(62	)		(126	)
Governmentjobs.com, Inc. (dba NeoGov)(1) (2)	Software	8.24%	L + 6.50%; 1.00% Floor	02/05/2026		29,153		28,581			28,497
GlobalTranz Enterprises, Inc.(2)	Road & Rail	7.06%	L + 5.00%	05/15/2026		11,473		11,252			10,976
Governmentjobs.com, Inc. (dba NeoGov)(1) (2) (3)	Software		L + 6.50%; 1.00% Floor	02/05/2026		3,887		(76	)		(87	)
Granicus, Inc.(2)	Software	65.8575%	L + 4.75%; 1.00% Floor	09/07/2022		1214,~~206~~527		1214,~~102~~419			1213,~~084~~655
HS4 AcquisitionCo, Inc.(2)	Hotels, Restaurants & Leisure	8.85%	L + 6.75%; 1.00% Floor	07/09/2025		34,501		33,831			33,811
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)(1) (2)	Hotels, Restaurants & Leisure	8.20%	L + 6.75%; 1.00% Floor	07/09/2025		34,501		34,036			31,051
HS4 AcquisitionCo, Inc.(2) (4) (5)	Hotels, Restaurants & Leisure		L + 6.75%; 1.00% Floor	07/09/2025		2,805		(54	)		(56	)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)(1) (2) (3)	Hotels, Restaurants & Leisure	7.75%	L + 6.75%; 1.00% Floor	07/09/2025		2,805		1,576			1,332
Hygiena Borrower LLC	Life Sciences Tools & Services	65.1045%	L + 4.00%; 1.00% Floor	08/26/2022		5,~~328~~300		5,~~270~~252			5,~~221~~035
Hygiena Borrower LLC(4) (5)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		550		(6	)		(11	)
Hygiena Borrower LLC(3)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		550		(5	)		(27	)
Hygiena Borrower LLC(4) (5)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		814		(4	)		(16	)
Hygiena Borrower LLC(3)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		814		(4	)		(41	)
iCIMS, Inc.(2) (3)	Software	8.56%	L + 6.50%; 1.00% Floor	09/12/2024		42,594		41,862			41,849
iCIMS, Inc.(1) (2)	Software	7.50%	L + 6.50%; 1.00% Floor	09/12/2024		42,594		41,924			40,571
iCIMS, Inc.(2) (3)	Software	8.56%	L + 6.50%; 1.00% Floor	09/12/2024		7,844		7,695			7,707
iCIMS, Inc.(1) (2)	Software	7.50%	L + 6.50%; 1.00% Floor	09/12/2024		7,844		7,707			7,472
iCIMS, Inc.(2) (3) (4) (5)	Software		L + 6.50%; 1.00% Floor	09/12/2024		2,662		(44	)		(47	)
iCIMS, Inc.(1) (2) (3)	Software		L + 6.50%; 1.00% Floor	09/12/2024		2,662		(40	)		(126	)
Integral Ad Science, Inc.(2) (3)	Media	9.37%	L + 7.25% (incl. 1.25% PIK); 1.00% Floor	07/19/2024		34,139		33,576			33,541
Instructure Holdings(2)	Diversified Consumer Services	8.21%	L + 7.00%; 1.00% Floor	03/24/2026		38,785		38,302			38,301
Integral Ad Science,Inc.(2) (3) (4) (5)	Media		L + 6.00%; 1.00% Floor	07/19/2023		2,586		(40	)		(45	)
Instructure Holdings(2) (3)	Diversified Consumer Services		L + 7.00%; 1.00% Floor	03/24/2026		3,000		(37	)		(37	)
Internet Truckstop Group,LLC(2) (3)	Transportation Infrastructure	7.61%	L + 5.50%; 1.00% Floor	04/02/2025		32,459		31,703			31,647
Integral Ad Science, Inc.(1) (2)	Interactive Media & Services	8.25%	L + 7.25% (incl. 1.25% PIK); 1.00% Floor	07/19/2024		36,669		36,113			35,294
Internet Truckstop Group,LLC(2) (3) (4) (5)	Transportation Infrastructure		L + 5.50%; 1.00% Floor	04/02/2025		2,600		(60	)		(65	)
Lithium Technologies, Inc.(2) (3)	Internet Software & Services	10.04%	L + 8.00%; 1.00% Floor	10/03/2022		50,047		49,225			49,171

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2019~~2020 ~~(continued)~~

(in thousands, except share and per share amounts)

(Unaudited)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/Shares (++)		Cost			FairValue
Lithium Technologies,Inc.(2) (3) (4)	Internet Software & Services	10.04%	L + 8.00%; 1.00% Floor	10/03/2022		$ 3,448	$	638		$	629
Integral Ad Science, Inc.(1) (2) (3)	Interactive Media & Services		L + 6.00%; 1.00% Floor	07/19/2023	$	2,586	$	(34	)	$	(97	)
Mailgun Technologies,Inc.(2) (3)	Internet Software & Services	7.61%	L + 5.50%; 1.00% Floor	03/26/2025		19,124		18,767			18,741
Internet Truckstop Group, LLC (dba Truckstop)(1) (2)	Transportation Infrastructure	6.96%	L + 5.50%; 1.00% Floor	04/02/2025		32,296		31,600			31,004
Mailgun Technologies,Inc.(2)(3) (4)	Internet Software & Services		L + 5.50%; 1.00% Floor	03/26/2025		4,104		—			—
Internet Truckstop Group, LLC (dba Truckstop)(1) (2) (3)	Transportation Infrastructure		L + 5.50%; 1.00% Floor	04/02/2025		2,600		(54	)		(104	)
Mailgun Technologies,Inc.(2) (3) (4) (5)	Internet Software & Services		L + 5.50%; 1.00% Floor	03/26/2025		2,230		(41	)		(45	)
Lithium Technologies, Inc.(1) (2)	Interactive Media & Services	9.00%	L + 8.00%; 1.00% Floor	10/03/2022		50,047		49,346			47,420
Midwest Transport, Inc.(2) (3)	Road & Rail	9.06%	L + 7.00%; 1.00% Floor	10/02/2023		17,195		17,051			17,023
Lithium Technologies, Inc.(1) (2) (3)	Interactive Media & Services		L + 8.00%; 1.00% Floor	10/03/2022		3,448		(44	)		(181	)
MMIT Holdings, LLC(2) (3)	Health Care Technology	7.60%	L + 5.50%; 1.00% Floor	11/15/2024		29,807		29,263			29,285
Mailgun Technologies, Inc.(1) (2)	Interactive Media & Services	7.08%	L + 6.00%; 1.00% Floor	03/26/2025		23,112		22,708			21,956
MMIT Holdings,LLC(2) (3) (4) (5)	Health Care Technology		L + 5.50%; 1.00% Floor	11/15/2024		4,525		(78	)		(79	)
Mailgun Technologies, Inc.(1) (2) (3)	Interactive Media & Services		L + 6.00%; 1.00% Floor	03/26/2025		1,448		—			(72	)
Netvoyage Corporation(2) (3)	Software	10.30%	L + 8.25%; 1.00% Floor	03/22/2024		7,957		7,846			7,858
Midwest Transport, Inc.(1) (2)	Road & Rail	8.07%	L + 7.00%; 1.00% Floor	10/02/2023		16,743		16,618			16,408
NetvoyageCorporation(2) (3) (4) (5)	Software		L + 8.25%; 1.00% Floor	03/24/2022		610		(6	)		(8	)
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)(1) (2)	Health Care Technology	7.28%	L + 5.50%; 1.00% Floor	11/15/2024		29,657		29,160			28,619
Pathway Vet AllianceLLC(2) (3)	Health Care Providers & Services	6.55%	L + 4.50%	12/20/2024		6,973		6,910			6,904
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)(1) (2) (3)	Health Care Technology	7.59%	L + 5.50%; 1.00% Floor	11/15/2024		4,525		3,730			3,643
Pathway Vet AllianceLLC(2) (3) (4)	Health Care Providers & Services	6.55%	L + 4.50%	12/20/2024		2,465		1,888			1,883
MRI Software LLC	Real Estate Management & Development	6.57%	L + 5.50%; 1.00% Floor	02/10/2026		12,489		12,369			10,865
Picture Head Midco LLC(2) (3)	Media	8.79%	L + 6.75%; 1.00% Floor	08/31/2023		27,467		26,988			27,055
MRI Software LLC(3)	Real Estate Management & Development	6.57%	L + 5.50%; 1.00% Floor	02/10/2026		990		485			366
Picture Head Midco LLC(2) (3)	Media	8.81%	L + 6.75%; 1.00% Floor	08/31/2023		2,750		2,750			2,709
MRI Software LLC(3)	Real Estate Management & Development		L + 5.50%; 1.00% Floor	02/10/2026		2,171		(13	)		(282	)
PlanSource Holdings,Inc.(2) (3)	Health Care Technology	8.81%	L + 6.25%; 1.00% Floor	04/22/2025		33,940		33,300			33,261
Netvoyage Corporation (dba NetDocuments)(1) (2)	Software	8.83%	L + 7.75%; 1.00% Floor	03/22/2024		7,917		7,816			7,541
PlanSource Holdings,Inc.(2) (3) (4) (5)	Health Care Technology		L + 6.25%; 1.00% Floor	04/22/2025		4,681		(87	)		(94	)
Netvoyage Corporation (dba NetDocuments)(1) (2)	Software	8.83%	L + 7.75%; 1.00% Floor	03/22/2024		5,970		5,860			5,686
Power Stop, LLC(2)	Auto Components	6.85%	L + 4.75%	10/19/2025		10,818		10,794			10,710
Netvoyage Corporation (dba NetDocuments)(1) (2)	Software	8.83%	L + 7.75%; 1.00% Floor	03/24/2022		884		867			842
Riverpoint Medical,LLC(2) (3)	Health Care Equipment & Supplies	7.10%	L + 5.00%; 1.00% Floor	06/21/2025		13,439		13,375			13,305
Netvoyage Corporation (dba NetDocuments)(1) (2) (3)	Software		L + 7.75%; 1.00% Floor	03/24/2022		610		(5	)		(29	)
Riverpoint Medical,LLC(2) (3) (4) (5)	Health Care Equipment & Supplies		L + 5.00%; 1.00% Floor	06/21/2025		2,450		(12	)		(24	)
Picture Head Midco LLC(1) (2)	Entertainment	7.75%	L + 6.75%; 1.00% Floor	08/31/2023		27,467		27,041			24,857
SF Home Décor, LLC(2) (3)	Household Products	11.86%	L + 9.75%; 1.00% Floor	07/13/2022		24,300		23,721			23,510
PlanSource Holdings, Inc.(1) (2)	Health Care Technology	7.95%	L + 6.25%; 1.00% Floor	04/22/2025		33,940		33,347			32,073
Shopatron, LLC(2) (3)	Internet & Catalog Retail	11.83%	L + 9.50%; 1.00% Floor	12/18/2020		6,352		6,264			6,257
PlanSource Holdings, Inc.(1) (2) (3)	Health Care Technology		L + 6.25%; 1.00% Floor	04/22/2025		4,681		(79	)		(257	)
SPay, Inc.(2) (3)	Internet Software & Services	7.80%	L + 5.75%; 1.00% Floor	06/17/2024		14,745		14,504			14,266
Power Stop, LLC(2)	Auto Components	5.95%	L + 4.50%	10/19/2025		10,764		10,741			9,687
SPay, Inc.(2) (3) (4)	Internet Software & Services	7.90%	L + 5.75%; 1.00% Floor	06/17/2024		1,630		1,060			1,034
Premier Imaging, LLC (dba Lucid Health)(1) (2)	Health Care Providers & Services	6.50%	L + 5.50%; 1.00% Floor	01/02/2025		17,214		16,969			16,267
SPay, Inc.(2) (3)	Internet Software & Services	8.06%	L + 5.75%; 1.00% Floor	06/17/2024		543		539			526
PT Intermediate Holdings III, LLC (dba Parts Town)(2)	Trading Companies & Distributors	6.95%	L + 5.50%; 1.00% Floor	10/15/2025		17,277		17,195			14,167
The Center for Orthopedic and Research Excellence,Inc.(2)	Health Care Providers & Services	7.56%	L + 5.50%; 1.00% Floor	08/15/2025		19,627		19,338			19,284
Riverpoint Medical, LLC(1) (2)	Health Care Equipment & Supplies	5.75%	L + 4.75%; 1.00% Floor	06/21/2025		13,372		13,312			12,369
The Center for Orthopedic and Research Excellence, Inc.(2) (4)	Health Care Providers & Services	7.56%	L + 5.50%; 1.00% Floor	08/15/2025		2,707		366			359
Riverpoint Medical, LLC(1) (2) (3)	Health Care Equipment & Supplies	5.75%	L + 4.75%; 1.00% Floor	06/21/2025		2,450		1,214			1,041
The Center for Orthopedic and Research Excellence,Inc.(2) (4) (5)	Health Care Providers & Services		L + 5.50%; 1.00% Floor	08/15/2025		6,768		(56	)		(59	)
Selectquote, Inc.(2)	Insurance	7.03%	L + 6.00%; 1.00% Floor	11/05/2024		15,800		15,506			14,220
VRC Companies, LLC(3)	Commercial Services & Supplies	8.54%	L + 6.50%; 1.00% Floor	03/31/2023		10,026		9,946			9,951
SF Home Décor, LLC (dba SureFit Home Décor)(1) (2)	Household Products	11.21%	L + 9.75%; 1.00% Floor	07/13/2022		23,794		23,317			21,890
VRC Companies, LLC(3) (4)	Commercial Services & Supplies	9.33%	L + 6.50%; 1.00% Floor	03/31/2022		249		164			164
Shopatron, LLC (dba Kibo)(1) (2)	Internet & Direct Marketing Retail	9.08%	L + 8.00%; 1.00% Floor	12/18/2020		8,924		8,811			8,701
WebPT, Inc.(2)	Health Care Technology	8.89%	L + 6.75%; 1.00% Floor	08/28/2024		14,933		14,639			14,635
Shopatron, LLC (dba Kibo)(1) (2) (5)	Internet & Direct Marketing Retail	9.08%	L + 8.00%; 1.00% Floor	12/18/2020		2,750		2,734			2,682
WebPT, Inc.(2) (4) (5)	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024		1,867		(18	)		(19	)
SPay, Inc. (dba Stack Sports)(1) (2)	Interactive Media & Services	6.82%	L + 5.75%; 1.00% Floor	06/17/2024		14,745		14,526			13,234
WebPT, Inc.(2) (4) (5)	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024		1,556		(31	)		(31	)
SPay, Inc. (dba Stack Sports)(1) (2) (3)	Interactive Media & Services	6.75%	L + 5.75%; 1.00% Floor	06/17/2024		1,630		1,063			920
Wine.com, LLC(2) (3)	Beverages	9.59%	L + 7.00%; 1.00% Floor	11/14/2024		9,000		8,840			8,820
SPay, Inc. (dba Stack Sports)(1) (2)	Interactive Media & Services	7.63%	L + 5.75%; 1.00% Floor	06/17/2024		543		539			488
Wolfpack IP Co.(2) (3) (6)	Real Estate Management & Development	8.56%	L + 6.50%; 1.00% Floor	06/13/2025		47,220		46,312			46,275
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)(1) (2)	Health Care Providers & Services	6.25%	L + 5.25%; 1.00% Floor	08/15/2025		15,894		15,676			15,060
Wolfpack IP Co.(2) (3) (4) (5) (6)	Real Estate Management & Development		L + 6.50%; 1.00% Floor	06/13/2025		4,722		(90	)		(94	)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)(1) (2)	Health Care Providers & Services	6.28%	L + 5.25%; 1.00% Floor	08/15/2025		2,707		2,671			2,565
WorkForce Software, LLC(2)	Software	8.76%	L + 6.50%; 1.00% Floor	07/31/2025		12,732		12,483			12,477
Viant Medical Holdings, Inc.(1) (2)	Health Care Equipment & Supplies	7.70%	L + 6.25%; 1.00% Floor	07/02/2025		19,069		18,763			16,686
WorkForce Software,LLC(2) (4) (5)	Software		L + 6.50%; 1.00% Floor	07/31/2025		1,123		(22	)		(22	)
Villa Bidco Inc (dba Authority Brands)(2)	Diversified Consumer Services	6.75%	L + 5.75%; 1.00% Floor	03/21/2025		16,174		15,813			15,810
Wrike, Inc.(2) (3)	Professional Services	8.80%	L + 6.75%; 1.00% Floor	12/31/2024		23,044		22,628			22,583
Villa Bidco Inc (dba Authority Brands)(2) (3)	Diversified Consumer Services	8.00%	L + 5.75%; 1.00% Floor	03/21/2025		1,297		329			329
Wrike, Inc.(2) (3) (4) (5)	Professional Services		L + 6.75%; 1.00% Floor	12/31/2024		2,300		(40	)		(46	)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	7.95%	L + 6.50%; 1.00% Floor	03/31/2023		9,976		9,907			9,777
Xactly Corporation(2) (3)	Internet Software & Services	9.30%	L + 7.25%; 1.00% Floor	07/29/2022		34,852		34,377			34,416
Xactly Corporation(2) (3) (4) (5)	Internet Software & Services		L + 7.25%; 1.00% Floor	07/29/2022		2,177		(25	)		(27	)
Yasso, Inc.(2) (3)	Food Products	9.79%	L + 7.75%; 1.00% Floor	03/23/2022		7,432		7,349			7,172
Total 1st Lien/Senior Secured Debt								1,129,825			1,124,800
1st Lien/Last-Out Unitranche (7) – 10.89%
Doxim, Inc.(2) (3)	Diversified Financial Services	8.10%	L + 6.00%; 1.00% Floor	02/28/2024		27,300		26,603			26,549

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2019~~2020 ~~(continued)~~

(in thousands, except share and per share amounts)

(Unaudited)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	InterestRate (+)	Reference Rate andSpread (+)	Maturity	Par Amount/Shares (++)		Cost			FairValue
Doxim, Inc.(2) (3)	Diversified Financial Services	8.15%	L + 6.00%; 1.00% Floor	02/28/2024		$ 22,376	$	21,819		$	21,760
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	7.95%	L + 6.50%; 1.00% Floor	03/31/2022	$	249	$	248		$	244
RugsUSA, LLC(2) (3)	Household Products	8.55%	L + 6.50%; 1.00% Floor	04/30/2023		8,330		8,267			8,268
WebPT, Inc.(1) (2)	Health Care Technology	8.36%	L + 6.75%; 1.00% Floor	08/28/2024		14,933		14,664			13,701
Smarsh, Inc.(2) (3)	Software	9.93%	L + 7.88%; 1.00% Floor	03/31/2021		44,542		44,121			44,208
WebPT, Inc.(1) (2)	Health Care Technology	7.95%	L + 6.75%; 1.00% Floor	08/28/2024		1,556		1,528			1,427
Total 1st Lien/Last-Out Unitranche								100,810			100,785
WebPT, Inc.(1) (2) (3)	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024		1,867		(17	)		(154	)
2nd Lien/Senior Secured Debt – 36.78%
Wine.com, LLC(1) (2)	Beverages	8.93%	L + 7.00%; 1.00% Floor	11/14/2024		9,000		8,853			8,640
American Dental Partners,Inc.(2) (3)	Health Care Providers & Services	10.60%	L + 8.50%; 1.00% Floor	09/25/2023		5,333		5,241			5,239
Wolfpack IP Co. (dba Lone Wolf Technologies)(1) (2) (4)	Real Estate Management & Development	7.50%	L + 6.50%; 1.00% Floor	06/13/2025		47,220		46,376			46,039
Chase Industries, Inc.(2) (3)	Building Products	10.05%	L + 8.00%; 1.00% Floor	05/11/2026		24,300		23,659			22,781
Wolfpack IP Co. (dba Lone Wolf Technologies)(1) (2) (3) (4)	Real Estate Management & Development		L + 6.50%; 1.00% Floor	06/13/2025		4,722		(82	)		(118	)
Chase Industries, Inc.(2) (3) (4) (5)	Building Products		L + 8.00%; 1.00% Floor	05/11/2026		6,100		(153	)		(381	)
WorkForce Software, LLC(1) (2)	Software	8.11%	L + 6.50%; 1.00% Floor	07/31/2025		12,732		12,500			11,904
DiscoverOrg, LLC(2)	Software	10.60%	L + 8.50%	02/01/2027		14,600		14,392			14,478
WorkForce Software, LLC(1) (2) (3)	Software		L + 6.50%; 1.00% Floor	07/31/2025		1,123		(20	)		(73	)
ERC Finance, LLC(2) (3)	Health Care Providers & Services	10.26%	L + 8.22%; 1.00% Floor	09/22/2025		25,400		24,933			24,956
Wrike, Inc.(1) (2)	Professional Services	7.83%	L + 6.75%; 1.00% Floor	12/31/2024		32,260		31,694			31,292
Genesis Acquisition Co.(2) (3)	Diversified Financial Services	9.82%	L + 7.50%	07/31/2025		10,000		9,780			9,750
Wrike, Inc.(1) (2) (3)	Professional Services		L + 6.75%; 1.00% Floor	12/31/2024		2,300		(37	)		(69	)
Genesis AcquisitionCo.(2) (3) (4) (5)	Diversified Financial Services		L + 7.50%	07/31/2025		2,500		(26	)		(63	)
Xactly Corporation(1) (2)	IT Services	8.25%	L + 7.25%; 1.00% Floor	07/29/2022		34,852		34,454			33,632
Hygiena Borrower LLC(3)	Life Sciences Tools & Services	9.85%	L + 7.75%; 1.00% Floor	08/26/2023		2,650		2,608			2,604
Xactly Corporation(1) (2) (3)	IT Services		L + 7.25%; 1.00% Floor	07/29/2022		2,177		(21	)		(76	)
Hygiena Borrower LLC(3) (4)	Life Sciences Tools & Services	10.08%	L + 7.75%; 1.00% Floor	08/26/2023		970		130			122
Yasso, Inc.(1) (2)	Food Products	8.82%	L + 7.75%; 1.00% Floor	03/23/2022		7,390		7,323			7,094
ICP Industrial, Inc.(2) (3)	Chemicals	10.31%	L + 8.25%; 1.00% Floor	05/03/2024		28,900		28,345			28,322
Total 1st Lien/Senior Secured Debt								1,342,492			1,275,908
Intelligent Medical Objects,Inc.(2) (3)	Health Care Technology	10.81%	L + 8.50%; 1.00% Floor	12/22/2024		21,900		21,444			21,626
1st Lien/Last-Out Unitranche (6) – 10.60%
Market Track, LLC(2) (3)	Internet & Catalog Retail	9.79%	L + 7.75%; 1.00% Floor	06/05/2025		20,000		19,529			19,200
Doxim, Inc.(1) (2)	Diversified Financial Services	7.45%	L + 6.00%; 1.00% Floor	02/28/2024		27,300		26,670			25,526
National Spine and Pain Centers, LLC(2) (3)	Health Care Providers & Services	10.29%	L + 8.25%; 1.00% Floor	12/02/2024		17,400		17,000			16,878
Doxim, Inc.(1) (2)	Diversified Financial Services	7.00%	L + 6.00%; 1.00% Floor	02/28/2024		22,376		21,873			20,921
Odyssey Logistics & Technology Corporation(2)	Road & Rail	10.04%	L + 8.00%; 1.00% Floor	10/12/2025		26,626		26,126			26,093
RugsUSA, LLC(1) (2)	Household Products	7.96%	L + 6.50%; 1.00% Floor	04/30/2023		8,330		8,275			8,038
RSC Acquisition, Inc.(2) (3)	Insurance	10.26%	L + 8.00%; 1.00% Floor	11/30/2023		12,100		12,006			11,979
Smarsh, Inc.(1) (2)	Interactive Media & Services	8.88%	L + 7.88%; 1.00% Floor	03/31/2021		44,316		44,032			42,986
RSC Acquisition, Inc.(2) (3)	Insurance	10.26%	L + 8.00%; 1.00% Floor	11/30/2023		7,840		7,776			7,762
Total 1st Lien/Last-Out Unitranche								100,850			97,471
RSC Acquisition, Inc.(2) (3)	Insurance	10.18%	L + 8.00%; 1.00% Floor	11/30/2023		6,760		6,639			6,692
2nd Lien/Senior Secured Debt – 28.86%
RSC Acquisition, Inc.(2) (3)	Insurance	10.18%	L + 8.00%; 1.00% Floor	11/30/2023		6,100		6,055			6,039
American Dental Partners, Inc.(1) (2)	Health Care Providers & Services	9.95%	L + 8.50%; 1.00% Floor	09/25/2023		5,333		5,251			4,826
SMB Shipping Logistics,LLC(2) (3)	Air Freight & Logistics	10.17%	L + 8.00%; 1.00% Floor	02/03/2025		25,000		24,651			24,563
Chase Industries, Inc. (dba Senneca Holdings)(1) (2)	Building Products	11.21%	L + 9.50% (incl. 1.50% PIK); 1.00% Floor	05/11/2026		24,300		23,693			20,655
Spectrum Plastics Group,Inc.(2)	Containers & Packaging	9.04%	L + 7.00%; 1.00% Floor	01/31/2026		6,278		6,251			5,650
DiscoverOrg, LLC(2)	Software	10.08%	L + 8.50%	02/01/2027		14,600		14,402			13,140
USRP Holdings, Inc.(2) (3)	Insurance	10.79%	L + 8.75%; 1.00% Floor	09/29/2025		9,700		9,596			9,603
ERC Finance, LLC (dba Eating Recovery Center)(1) (2)	Health Care Providers & Services	9.22%	L + 8.22%; 1.00% Floor	09/22/2025		25,400		24,963			24,066
USRP Holdings, Inc.(2) (3) (4)	Insurance	10.79%	L + 8.75%; 1.00% Floor	09/29/2025		2,400		1,560			1,560
Genesis Acquisition Co. (dba ProCare Software)(1) (2)	Diversified Financial Services	9.41%	L + 7.50%	07/31/2025		10,000		9,795			8,975
Viant Medical Holdings, Inc.(2)	Health Care Equipment & Supplies	9.85%	L + 7.75%	07/02/2026		11,770		11,665			10,887
Genesis Acquisition Co. (dba ProCare Software)(1) (2) (3)	Diversified Financial Services		L + 7.50%	07/31/2025		2,500		(24	)		(256	)
Xcellence, Inc.(2) (3)	IT Services	10.86%	L + 8.75%; 1.00% Floor	06/22/2024		26,100		25,544			25,708
Hygiena Borrower LLC(1)	Life Sciences Tools & Services	9.20%	L + 7.75%; 1.00% Floor	08/26/2023		2,650		2,612			2,445
YI, LLC(2) (3)	Health Care Equipment & Supplies	9.85%	L + 7.75%; 1.00% Floor	11/07/2025		21,608		21,071			21,014
Hygiena Borrower LLC(1) (3)	Life Sciences Tools & Services	9.20%	L + 7.75%; 1.00% Floor	08/26/2023		970		131			63
Zep Inc.(2)	Chemicals	10.35%	L + 8.25%; 1.00% Floor	08/11/2025		30,500		29,881			17,538
ICP Industrial, Inc.(1) (2)	Chemicals	9.25%	L + 8.25%; 1.00% Floor	05/03/2024		28,900		28,394			27,166
Total 2nd Lien/Senior Secured Debt								355,703			340,600
Intelligent Medical Objects, Inc.(1) (2)	Health Care Technology	10.43%	L + 8.50%; 1.00% Floor	12/22/2024		21,900		21,478			20,641
Total Corporate Debt								1,586,338			1,566,185
Market Track, LLC(1) (2)	Media	9.53%	L + 7.75%; 1.00% Floor	06/05/2025		20,000		19,561			18,650
Portfolio Company	Industry		Coupon		Shares		Cost			Fair Value
National Spine and Pain Centers, LLC(1) (2)	Health Care Providers & Services	9.25%	L + 8.25%; 1.00% Floor	12/02/2024		17,400		17,031			15,356
Preferred Stock (1) – 1.03%
Odyssey Logistics & Technology Corporation(2)	Road & Rail	9.07%	L + 8.00%; 1.00% Floor	10/12/2025		26,626		26,157			18,460
Accuity Delivery Systems, LLC^ (2) (3) (8) (9)	Health Care Providers & Services					136,589	$	4,500		$	6,750
SMB Shipping Logistics, LLC (dba Worldwide Express)(1) (2)	Air Freight & Logistics	9.70%	L + 8.00%; 1.00% Floor	02/03/2025		25,000		24,677			22,437
Wine.com, LLC(2) (3) (8) (9)	Beverages					314,154		2,700			2,743
Spectrum Plastics Group, Inc.(2)	Containers & Packaging	8.07%	L + 7.00%	01/31/2026		6,278		6,253			4,132
Total Preferred Stock								7,200			9,493
USRP Holdings, Inc. (dba U.S. Retirement Partners)(1) (2)	Insurance	10.53%	L + 8.75%; 1.00% Floor	09/29/2025		9,700		9,602			8,730
Common Stock (1) – 1.47%
USRP Holdings, Inc. (dba U.S. Retirement Partners)(1) (2)	Insurance	10.39%	L + 8.75%; 1.00% Floor	09/29/2025		1,584		1,569			1,426
Collaborative Imaging Holdco, LLC – Class B^^^ (2) (3) (8)	Health Care Providers & Services					11,719		1,580			2,179
Xcellence, Inc. (dba Xact Data Discovery)(1) (2)	IT Services	10.02%	L + 8.75%; 1.00% Floor	06/22/2024		26,100		25,591			23,555
Collaborative Imaging Holdco, LLC – PerformanceUnits^^^ (2) (3) (6) (8) (9)	Health Care Providers & Services					11,060		220			561
YI, LLC (dba Young Innovations)(1) (2)	Health Care Equipment & Supplies	8.82%	L + 7.75%; 1.00% Floor	11/07/2025		21,608		21,105			18,745
Continuum Managed Services LLC – Class A(2) (3) (8) (9)	IT Services					663		663			815
Continuum Managed Services LLC – Class B(2) (3) (8) (9)	IT Services					449,713		7			1,340
Country Fresh Holding Company Inc.(2) (3) (8) (9)	Food Products					843		1,053			979
Elah Holdings, Inc.^ (2) (3) (8) (9)	Capital Markets					65,436		3,163			3,163
National Spine and Pain Centers, LLC(2) (3) (8) (9)	Health Care Providers & Services					500		500			144
Wrike, Inc.(2) (3) (8) (9)	Professional Services					494,952		3,075			4,123
Yasso, Inc.(2) (3) (8) (9)	Food Products					790		790			330
Total Common Stock								11,051			13,634
TOTAL INVESTMENTS – 171.64%							$	1,604,589		$	1,589,312
LIABILITIES IN EXCESS OF OTHER ASSETS – (71.64%)										$	(663,353	)
NET ASSETS – 100.00%										$	925,959

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2019~~2020 ~~(continued)~~

(in thousands, except share and per share amounts)

(Unaudited)


Investment *	Industry	Interest Rate ⁽⁺⁾	Reference Rate and Spread ⁽⁺⁾	Maturity		Par Amount/ Shares ⁽⁺⁺⁾		Cost		Fair Value
Zep Inc.⁽²⁾	Chemicals	9.32%	L + 8.25%; 1.00% Floor		08/11/2025	$	30,500	$	29,921	$	12,200

Total 2nd Lien/Senior Secured Debt									312,162		265,412

Preferred Stock– 1.18%
Accuity Delivery Systems, LLC^{^ (1) (2) (7) (8)}	Health Care Providers & Services						136,589	$	4,500	$	8,100
Wine.com, LLC^{(1) (2) (7) (8)}	Beverages						314,154		2,700		2,761

Total Preferred Stock									7,200		10,861

Common Stock– 1.34%
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Class B^{^^^ (1) (2) (8)}	Health Care Providers & Services						11,719		1,580		2,019
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Performance Units^{^^^ (1) (2) (4) (7) (8)}	Health Care Providers & Services						11,060		220		394
Country Fresh Holding Company Inc.^{(1) (2) (7) (8)}	Food Products						843		1,053		288
Elah Holdings, Inc.^{^ (1) (2) (7) (8)}	Capital Markets						65,436		3,163		3,163
National Spine and Pain Centers, LLC^{(1) (2) (7) (8)}	Health Care Providers & Services						500		500		67
Wrike, Inc.^{(1) (2) (7) (8)}	Professional Services						4,949,520		3,075		5,939
Yasso, Inc.^{(1) (2) (7) (8)}	Food Products						790		790		396

Total Common Stock									10,381		12,266

Investment^*			Yield			Shares		Cost		Fair Value

Investments in Affiliated Money Market Fund– 10.00%
Goldman Sachs Financial Square Government Fund – Institutional Shares^{^^^ (9)}			0.34%				91,998,034		91,998		91,998

Total Investments in Affiliated Money Market Fund									91,998		91,998

TOTAL INVESTMENTS – 190.71%								$	1,865,083	$	1,753,916

LIABILITIES IN EXCESS OF OTHER ASSETS – (90.71%)										$	(834,222	)

NET ASSETS – 100.00%										$	919,694

Assets are pledged as collateral for the Truist Revolving Credit Facility. See Note 6 “Debt”.

Percentages are based on net assets.

(+) ~~The~~Represents ~~Consolidated Schedule of Investments discloses~~ the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by reference to either LIBOR (“L”) or alternate base rate (commonly based on the Prime Rate (“P”)), at the borrower’s option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, 1 month or 1 week L rates. As of ~~September~~March 3031, ~~2019~~2020, rates for the 12 month, 6 month, 3 month, 2 month, 1 month and 1 week L are 21.0300%, 21.0618%, 21.0945%, 21.0726%, 20.0299% and 10.9150%~~, respectively~~. As of ~~September~~March 3031, ~~2019~~2020, P was 53.0025%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at ~~September~~March 3031, ~~2019~~2020.

(++) The total 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 (“$”) unless otherwise noted, ~~as denominated in~~ Euro (“€”).

^{^}

As defined in the Investment Company Act of 1940, the portfolio company 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”.

^{^^^}

The portfolio company is otherwise deemed to be an “affiliated person” of the Company under the Investment Company Act of 1940. See Note 3 “Significant Agreements and Related Party Transactions”.

(1) ~~Assets~~The ~~are~~fair ~~pledged~~value asof ~~collateral~~the ~~for~~investment ~~the~~was ~~SunTrust~~determined ~~Revolving~~using ~~Credit~~significant ~~Facility~~unobservable inputs. See Note 65 “~~Debt~~Fair Value Measurement”.

⁽²⁾

Represent co-investments made with certain funds managed by the Investment Adviser in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”.

(3) 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, ofif applicable, is the ~~investment~~result ~~was~~of ~~determined~~the ~~using~~capitalized ~~significant~~discount ~~unobservable~~on ~~inputs~~the loan. See Note 58 “~~Fair~~Commitments ~~Value~~and ~~Measurement~~Contingencies”.

~~(4) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion.~~ The ~~unfunded~~accompanying ~~loan~~notes ~~commitment~~are ~~may~~part beof ~~subject~~these tounaudited aconsolidated financial ~~commitment termination date that may expire prior to the maturity date stated~~statements. ~~See Note 8 “Commitments and Contingencies”.~~

~~(5)~~12 The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

~~(6)~~Goldman ~~The~~Sachs ~~investment~~Middle isMarket ~~not~~Lending ~~a qualifying asset under Section 55(a) of the Investment Company Act of 1940~~Corp. 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 September 30, 2019 the aggregate fair value of these securities is $73,842 or 4.58% of the Company’s total assets.

~~(7)~~Consolidated InSchedule ~~exchange for the greater risk~~ of ~~loss,~~Investments ~~the~~as ~~“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 of the loan would generally receive priority with respect to payment of principalMarch 31, ~~interest~~2020 ~~and any other amounts due thereunder over the “last-out” portion that the Company would continue to hold.~~

(8)in ~~Securities~~thousands, ~~exempt~~except ~~from~~share ~~registration~~and ~~under~~per ~~the~~share ~~Securities Act of 1933 (the “Securities Act”~~amounts), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2019, the aggregate fair value of these securities is $23,127 or 2.50% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Investment		Acquisition Date
Accuity Delivery Systems, LLC – Preferred Stock		06/13/2018
Collaborative Imaging Holdco, LLC – Class B – Common Stock		03/30/2018
Collaborative Imaging Holdco, LLC – Performance Units – Common Stock		03/30/2018
Continuum Managed Services LLC – Class A – Common Stock		06/08/2017
Continuum Managed Services LLC – Class B – Common Stock		06/08/2017
Country Fresh Holding Company Inc. – Common Stock		04/29/2019
Elah Holdings, Inc. – Common Stock		05/09/2018
National Spine and Pain Centers, LLC – Common Stock		06/02/2017
Wine.com, LLC – Preferred Stock		11/14/2018
Wrike, Inc. – Common Stock		12/31/2018
Yasso, Inc. – Common Stock		03/23/2017

(Unaudited)

(94) ~~Non~~The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-~~income~~qualifying ~~producing~~asset ~~security~~unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2020 the aggregate fair value of these securities is $72,698 or 4.06% of the Company’s total assets.

(105) ~~Position~~The orinvestment ~~portion~~includes ~~thereof~~an ~~unsettled~~exit asfee that is receivable upon repayment of ~~September~~the ~~30,~~loan. ~~2019~~See Note 2 “Significant Accounting Policies”.

⁽⁶⁾

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 of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion that the Company would continue to hold.

⁽⁷⁾

Non-income producing security.

⁽⁸⁾

Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2020, the aggregate fair value of these securities is $23,127 or 2.52% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Investment		Acquisition Date
Accuity Delivery Systems, LLC – Preferred Stock		06/13/2018
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Class B – Common Stock		03/30/2018
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Performance Units – Common Stock		03/30/2018
Country Fresh Holding Company Inc. – Common Stock		04/29/2019
Elah Holdings, Inc. – Common Stock		05/09/2018
National Spine and Pain Centers, LLC – Common Stock		06/02/2017
Wine.com, LLC – Preferred Stock		11/14/2018
Wrike, Inc. – Common Stock		12/31/2018
Yasso, Inc. – Common Stock		03/23/2017

⁽⁹⁾

The rate shown is the annualized seven-day yield as of March 31, 2020.

PIK – Payment-In-Kind

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

~~Currency Purchased~~CurrencyPurchased

CurrencySold

~~Currency Sold~~Settlement

Unrealized Appreciation(Depreciation)

~~Settlement~~

~~Unrealized Appreciation (Depreciation)~~

Bank of America, N.A

USD 541

EUR 451

10/04/2019

Bank of America, N.A.

USD 547

EUR 448

04/06/2020

Bank of America, N.A

USD 444

EUR 369

11/05/2019

Bank of America, N.A.

USD 337

EUR 303

04/06/2020

Bank of America, N.A

USD 540

EUR 446

01/06/2020

Bank of America, N.A.

USD 549

EUR 446

07/06/2020

Bank of America, N.A

USD 547

EUR 448

04/06/2020

Bank of America, N.A.

USD 321

EUR 288

07/06/2020

Bank of America, N.A

USD 549

EUR 446

07/06/2020

Bank of America, N.A.

USD 729

EUR 650

10/05/2020

245

Bank of America, N.A.

USD 716

EUR 635

01/05/2021

Bank of America, N.A.

USD 702

EUR 620

04/06/2021

Bank of America, N.A.

USD 701

EUR 617

07/06/2021

Bank of America, N.A.

USD 400

EUR 350

10/05/2021

156

Currency Abbreviations:

EUR – Euro

USD – U.S. Dollar

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

1213

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, ~~2018~~2019

(in thousands, except share and per share amounts)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	InterestRate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/Shares (++)		Cost			FairValue
Investments at Fair Value – 135.00% #
1st Lien/Senior Secured Debt - 134.05%#
Corporate Debt (1) – 132.81%
3SI Security Systems, Inc.(1)	Commercial Services & Supplies	7.65%	L + 5.75%; 1.00% Floor	06/16/2023	$	2,249	$	2,227		$	2,227
1st Lien/Senior Secured Debt – 78.63%
Accuity Delivery Systems, LLC^ (1) (2)	Health Care Providers & Services	8.75%	L + 7.00%; 1.00% Floor	06/13/2023		14,480		14,159			14,371
Accuity Delivery Systems,LLC^ (2) (3)	Health Care Providers & Services	9.78%	L + 7.00%; 1.00% Floor	06/13/2023		$ 14,480	$	14,084		$	14,082
Acquia, Inc.(2)	Software	8.91%	L + 7.00%; 1.00% Floor	10/31/2025		18,197		17,841			17,833
Apptio, Inc.(2) (4)	IT Services		L + 7.25%; 1.00% Floor	1/10/2025		37,920		—			—
Acquia, Inc.(2) (3)	Software		L + 7.00%; 1.00% Floor	10/31/2025		1,946		(38	)		(39	)
Apptio, Inc.(2) (4)	IT Services		L + 7.25%; 1.00% Floor	1/10/2025		3,160		—			—
Apptio, Inc.(1) (2)	IT Services	8.96%	L + 7.25%; 1.00% Floor	01/10/2025		46,452		45,634			45,639
Associations, Inc.(2) (3)	Real Estate Management & Development	9.40%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		16,796		16,598			16,628
Apptio, Inc.(1) (2) (3)	IT Services		L + 7.25%; 1.00% Floor	01/10/2025		3,160		(53	)		(55	)
Associations, Inc.(2) (3) (4)	Real Estate Management & Development	9.40%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		4,186		1,441			1,448
Associations, Inc.(1) (2)	Real Estate Management & Development	9.09%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		19,300		19,110			19,107
Associations, Inc.(2) (3) (4) (5)	Real Estate Management & Development		L + 4.00%; 1.00% Floor	07/30/2024		836		(10	)		(8	)
Associations, Inc.(1) (2) (3)	Real Estate Management & Development	9.09%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		4,247		2,907			2,905
Bullhorn, Inc.(2) (3)	Internet Software & Services	9.40%	L + 6.75%; 1.00% Floor	11/21/2022		17,208		17,064			17,079
Associations, Inc.(1) (2) (3)	Real Estate Management & Development		L + 4.00%; 1.00% Floor	07/30/2024		836		(8	)		(8	)
Bullhorn, Inc.(2) (3)	Internet Software & Services	9.40%	L + 6.75%; 1.00% Floor	11/21/2022		4,553		4,516			4,519
BJH Holdings III Corp. (dba Jack’s Family Restaurants)(1) (2)	Hotels, Restaurants & Leisure	7.55%	L + 5.75%; 1.00% Floor	08/19/2025		9,097		9,010			9,006
Bullhorn, Inc.(2) (3)	Internet Software & Services	9.33%	L + 6.75%; 1.00% Floor	11/21/2022		899		885			892
Brillio, LLC(1) (2)	IT Services	6.55%	L + 4.75%; 1.00% Floor	02/06/2025		6,567		6,509			6,501
Businessolver.com, Inc.(2) (3)	Health Care Technology	10.12%	L + 7.50%; 1.00% Floor	05/15/2023		30,076		29,535			29,474
Brillio, LLC(1) (2) (3)	IT Services		L + 4.75%; 1.00% Floor	02/06/2025		2,200		—			(22	)
Businessolver.com, Inc.(2) (3) (4)	Health Care Technology	12.00%	P + 6.50%; 2.00% Floor	05/15/2023		3,760		1,438			1,429
Bullhorn, Inc.(1) (2)	Professional Services	7.44%	L + 5.50%; 1.00% Floor	10/01/2025		16,109		15,876			15,868
Businessolver.com, Inc.(2) (3) (4)	Health Care Technology	10.12%	L + 7.50%; 1.00% Floor	05/15/2023		4,511		1,078			1,038
Bullhorn, Inc.(1) (2) (3)	Professional Services	7.46%	L + 5.50%; 1.00% Floor	10/01/2025		1,331		247			246
Collaborative Imaging, LLC^^^ (2) (3)	Health Care Providers & Services	9.03%	L + 6.50%; 1.00% Floor	03/28/2025		12,700		12,525			12,446
Bullhorn, Inc.(1) (2) (3)	Professional Services		L + 5.50%; 1.00% Floor	10/01/2025		799		(11	)		(12	)
Continuum Managed ServicesLLC(2)(3)	IT Services	8.53%	L + 6.00%; 1.00% Floor	06/08/2023		19,198		18,779			18,814
Businessolver.com, Inc.(1) (2)	Health Care Technology	9.41%	L + 7.50%; 1.00% Floor	05/15/2023		30,076		29,640			29,550
Continuum Managed ServicesLLC(2)(3)	IT Services	8.53%	L + 6.00%; 1.00% Floor	06/08/2023		5,520		5,410			5,410
Businessolver.com, Inc.(1) (2)	Health Care Technology	9.41%	L + 7.50%; 1.00% Floor	05/15/2023		4,511		4,441			4,432
Continuum Managed ServicesLLC(2)(3)	IT Services	8.53%	L + 6.00%; 1.00% Floor	06/08/2023		1,626		1,593			1,593
Businessolver.com, Inc.(1) (2) (3)	Health Care Technology	9.98%	L + 7.50%; 1.00% Floor	05/15/2023		3,760		1,452			1,438
Continuum Managed ServicesLLC(2)(3) (4) (5)	IT Services		L + 6.00%; 1.00% Floor	06/08/2022		2,000		(38	)		(40	)
CFS Management, LLC (dba Center for Sight Management)(1) (2)	Health Care Providers & Services	7.95%	L + 5.75%; 1.00% Floor	07/01/2024		6,992		6,927			6,923
Dade Paper & Bag, LLC(2) (3)	Distributors	10.02%	L + 7.50%; 1.00% Floor	06/10/2024		9,850		9,687			9,702
CFS Management, LLC (dba Center for Sight Management)(1) (2) (3)	Health Care Providers & Services		L + 5.75%; 1.00% Floor	07/01/2024		2,067		(19	)		(21	)
Dade Paper & Bag, LLC(2) (3)	Distributors	9.52%	L + 7.00%; 1.00% Floor	06/10/2024		1,256		1,245			1,209
Chronicle Bidco Inc. (dba Lexitas)(2)	Professional Services	7.66%	L + 5.75%; 1.00% Floor	11/14/2025		10,300		10,098			10,094
Datto, Inc.(2)	IT Services	10.46%	L + 8.00%; 1.00% Floor	12/07/2022		52,418		51,572			52,024
Chronicle Bidco Inc. (dba Lexitas)(2) (3)	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025		1,300		(25	)		(26	)
Datto, Inc.(2) (4) (5)	IT Services		L + 8.00%; 1.00% Floor	12/07/2022		3,529		(55	)		(26	)
Chronicle Bidco Inc. (dba Lexitas)(2) (3)	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025		4,330		(42	)		(43	)
DDS USA Holding, Inc.(2)	Health Care Equipment & Supplies	8.57%	L + 5.75%; 1.00% Floor	06/30/2022		5,641		5,614			5,599
Clarkson Eyecare, LLC (dba EyeCare Partners)(2)	Health Care Providers & Services	8.05%	L + 6.25%; 1.00% Floor	04/02/2021		10,953		10,776			10,733
DDS USA Holding, Inc.(2)	Health Care Equipment & Supplies	8.57%	L + 5.75%; 1.00% Floor	06/30/2022		5,459		5,433			5,418
Clarkson Eyecare, LLC (dba EyeCare Partners)(2)	Health Care Providers & Services	8.05%	L + 6.25%; 1.00% Floor	04/02/2021		7,241		7,123			7,097
DDS USA Holding, Inc.(2) (4) (5)	Health Care Equipment & Supplies		L + 5.75%; 1.00% Floor	06/30/2022		1,533		(7	)		(12	)
Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)	Health Care Providers & Services	8.30%	L + 6.50%; 1.00% Floor	03/28/2025		12,700		12,547			12,478
Diligent Corporation(2) (3)	Professional Services	8.03%	L + 5.50%; 1.00% Floor	04/14/2022		€ 23,054		26,356			26,084
Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2)	Health Care Providers & Services	8.30%	L + 6.50%	03/28/2025		9,673		9,533			9,504
Diligent Corporation(2) (3)	Professional Services	8.03%	L + 5.50%; 1.00% Floor	04/14/2022		734		724			725
ConnectWise, LLC(2)	IT Services	7.94%	L + 6.00%; 1.00% Floor	02/28/2025		19,957		19,564			19,707
Diligent Corporation(2) (3) (4)	Professional Services	8.28%	L + 5.50%; 1.00% Floor	04/14/2022		1,800		680			697
ConnectWise, LLC(2) (3)	IT Services		L + 6.00%; 1.00% Floor	02/28/2025		1,524		(30	)		(19	)
Diligent Corporation(2) (3) (4) (5)	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022		354		(5	)		(4	)
Convene 237 Park Avenue, LLC (dba Convene)(1) (2)	Real Estate Management & Development	9.54%	L + 7.50%; 1.50% Floor	08/30/2024		31,000		30,414			30,380
Diligent Corporation(2) (3) (4) (5)	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022		13,670		(171	)		(171	)
Convene 237 Park Avenue, LLC (dba Convene)(1) (2) (3)	Real Estate Management & Development		L + 7.50%; 1.50% Floor	08/30/2024		9,120		(85	)		(182	)
Empirix, Inc.(2) (3)	Diversified Telecommunication Services	8.93%	L + 6.25%; 1.00% Floor	09/25/2024		31,800		31,263			31,243
CorePower Yoga LLC(2)	Diversified Consumer Services	6.44%	L + 4.50%	05/14/2025		12,389		12,219			12,203
Empirix, Inc.(2) (3) (4) (5)	Diversified Telecommunication Services		L + 6.25%; 1.00% Floor	09/25/2023		1,800		(30	)		(32	)
CorePower Yoga LLC(2) (3)	Diversified Consumer Services		L + 4.75%	05/14/2025		1,010		(14	)		(15	)
Fenergo Finance 3 Limited(2) (3) (6)	Diversified Financial Services	9.13%	L + 6.25%; 1.00% Floor	09/05/2024		€ 25,300		28,916			28,408
CorePower Yoga LLC(2) (3)	Diversified Consumer Services		L + 4.50%	05/14/2025		2,692		(36	)		(40	)
Fenergo Finance 3Limited(2) (3) (4) (5) (6)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		1,683		(28	)		(34	)
CST Buyer Company (dba Intoxalock)(2)	Diversified Consumer Services	7.55%	L + 5.75%; 1.00% Floor	10/03/2025		18,215		17,989			18,215
Fenergo Finance 3Limited(2) (3) (4) (5) (6)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		€ 2,200		(42	)		(87	)
CST Buyer Company (dba Intoxalock)(2) (3)	Diversified Consumer Services		L + 5.75%; 1.00% Floor	10/03/2025		1,294		(16	)		—
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	8.26%	L + 5.75%; 1.00% Floor	08/21/2023		11,525		11,290			11,294
DDS USA Holding, Inc.(1) (2)	Health Care Equipment & Supplies	7.22%	L + 5.25%; 1.00% Floor	06/30/2022		5,405		5,386			5,378
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	8.26%	L + 5.75%; 1.00% Floor	08/21/2023		2,296		2,251			2,251
DDS USA Holding, Inc.(1) (2)	Health Care Equipment & Supplies	7.22%	L + 5.25%; 1.00% Floor	06/30/2022		5,112		5,093			5,086
FWR Holding Corporation(3)	Hotels, Restaurants & Leisure	8.26%	L + 5.75%; 1.00% Floor	08/21/2023		1,456		1,427			1,427
DDS USA Holding, Inc.(1) (2) (3)	Health Care Equipment & Supplies	9.00%	P + 4.25%; 1.00% Floor	06/30/2022		1,533		148			146
FWR Holding Corporation(3) (4)	Hotels, Restaurants & Leisure	10.25%	P + 4.75%; 2.00% Floor	08/21/2023		1,506		535			535
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022	€	22,822		26,188			25,344
Gastro Health Holdco, LLC(2) (3)	Health Care Providers & Services	8.74%	L + 6.00%; 1.00% Floor	09/04/2024		14,500		14,222			14,210
Diligent Corporation(1) (2)	Professional Services	7.58%	L + 5.50%; 1.00% Floor	04/14/2022		5,460		5,413			5,406
Gastro Health Holdco,LLC(2) (3) (4) (5)	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2023		2,900		(54	)		(58	)
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022		2,103		2,084			2,082
Diligent Corporation(1) (2) (3)	Professional Services	7.48%	L + 5.50%; 1.00% Floor	04/14/2022		1,800		1,555			1,566

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

1314

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, ~~2018~~2019 (continued)

(in thousands, except share and per share amounts)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	InterestRate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/ Shares (++)		Cost			FairValue
Gastro Health Holdco, LLC(2) (3) (4) (5)	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2024		$ 7,200	$	(85	)	$	(144	)
Diligent Corporation(1) (2)	Professional Services	7.56%	L + 5.50%; 1.00% Floor	04/14/2022	$	727	$	719		$	719
Hygiena Borrower LLC	Life Sciences Tools & Services	6.80%	L + 4.00%; 1.00% Floor	08/26/2022		5,369		5,297			5,261
Diligent Corporation(1) (2)	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022		352		348			348
Hygiena Borrower LLC (4) (5)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		550		(7	)		(11	)
Diligent Corporation(1) (2) (3)	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022		6,083		(53	)		(61	)
Hygiena Borrower LLC (4) (5)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		814		(5	)		(16	)
DiscoverOrg, LLC(2)	Software	6.30%	L + 4.50%	02/02/2026		23,522		23,311			23,581
iCIMS, Inc.(2) (3)	Software	8.94%	L + 6.50%; 1.00% Floor	09/12/2024		42,594		41,776			41,742
DocuTAP, Inc.(1) (2)	Health Care Technology	7.30%	L + 5.50%; 1.00% Floor	05/12/2025		35,066		34,265			35,066
iCIMS, Inc.(2) (3) (4) (5)	Software		L + 6.50%; 1.00% Floor	09/12/2024		2,662		(51	)		(53	)
E2open, LLC(1) (2)	Software	7.66%	L + 5.75%; 1.00% Floor	11/26/2024		24,239		24,015			23,997
Integral Ad Science, Inc.(2) (3)	Media	9.78%	L + 7.25% (incl.1.25% PIK); 1.00% Floor	07/19/2024		33,817		33,185			33,141
Elemica Parent, Inc.(1) (2)	Chemicals	7.40%	L + 5.50%	09/18/2025		4,257		4,155			4,151
Integral Ad Science,Inc.(2) (3) (4) (5)	Media		L + 6.00%; 1.00% Floor	07/19/2023		2,586		(47	)		(52	)
Elemica Parent, Inc.(1) (2) (3)	Chemicals	7.40%	L + 5.50%	09/18/2025		550		171			170
Lithium Technologies,Inc.(2) (3)	Internet Software & Services	10.39%	L + 8.00%; 1.00% Floor	10/03/2022		50,047		49,056			49,046
Elemica Parent, Inc.(1) (2) (3)	Chemicals		L + 5.50%	09/18/2025		830		(10	)		(21	)
Lithium Technologies, Inc.(2) (3) (4) (5)	Internet Software & Services		L + 8.00%; 1.00% Floor	10/03/2022		3,448		(65	)		(69	)
Empirix, Inc.(1) (2)	Diversified Telecommunication Services	8.20%	L + 6.25%; 1.00% Floor	09/25/2024		31,492		31,036			28,343
Midwest Transport, Inc.(2)	Road & Rail	9.80%	L + 7.00%; 1.00% Floor	10/02/2023		17,874		17,702			17,695
Empirix, Inc.(1) (2) (3)	Diversified Telecommunication Services		L + 6.25%; 1.00% Floor	09/25/2023		1,800		(24	)		(180	)
MMIT Holdings, LLC(2)	Health Care Technology	8.02%	L + 5.50%; 1.00% Floor	11/15/2024		12,700		12,450			12,446
Eptam Plastics, Ltd.(2)	Health Care Equipment & Supplies	7.30%	L + 5.50%; 1.00% Floor	12/06/2025		6,363		6,268			6,267
MMIT Holdings, LLC(2) (4) (5)	Health Care Technology		L + 5.50%; 1.00% Floor	11/15/2024		3,620		(71	)		(72	)
Eptam Plastics, Ltd.(2) (3)	Health Care Equipment & Supplies	7.30%	L + 5.50%; 1.00% Floor	12/06/2025		1,354		318			318
Netvoyage Corporation(2) (3)	Software	11.53%	L + 9.00%; 1.00% Floor	03/24/2022		8,018		7,903			7,918
Eptam Plastics, Ltd.(2) (3)	Health Care Equipment & Supplies		L + 5.50%; 1.00% Floor	12/06/2025		2,708		(20	)		(20	)
Netvoyage Corporation(2) (3) (4) (5)	Software		L + 9.00%; 1.00% Floor	03/24/2022		610		(8	)		(8	)
Fenergo Finance 3 Limited(1) (2) (4)	Diversified Financial Services	8.31%	L + 6.25%; 1.00% Floor	09/05/2024	€	25,300		28,983			28,166
Picture Head Midco LLC(2) (3)	Media	9.27%	L + 6.75%; 1.00% Floor	08/31/2023		32,950		32,327			32,291
Fenergo Finance 3 Limited(1) (2) (3) (4)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024		1,683		(23	)		(13	)
Picture Head MidcoLLC(2) (3) (4)	Media	9.27%	L + 6.75%; 1.00% Floor	08/31/2023		3,620		1,052			1,014
Fenergo Finance 3 Limited(1) (2) (3) (4)	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024	€	2,200		(35	)		(19	)
Picture Head MidcoLLC(2) (3) (4) (5)	Media		L + 6.75%; 1.00% Floor	08/31/2023		3,620		(68	)		(72	)
FWR Holding Corporation (dba First Watch Restaurants) (1)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		4,043		4,009			4,002
Power Stop, LLC(2)	Auto Components	7.55%	L + 4.75%	10/19/2025		10,900		10,873			10,845
FWR Holding Corporation (dba First Watch Restaurants) (1)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		3,024		2,999			2,994
SF Home Décor, LLC(2) (3)	Household Products	12.31%	L + 9.50%; 1.00% Floor	07/13/2022		25,313		24,730			24,616
FWR Holding Corporation (dba First Watch Restaurants) (1) (3)	Hotels, Restaurants & Leisure		L + 5.50%; 1.00% Floor	08/21/2023		3,040		(25	)		(30	)
SPay, Inc.(2) (3)	Internet Software & Services	8.22%	L + 5.75%; 1.00% Floor	06/17/2024		14,700		14,428			14,332
FWR Holding Corporation (dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		11,408		11,219			11,294
SPay, Inc.(2) (3) (4)	Internet Software & Services	8.34%	L + 5.75%; 1.00% Floor	06/17/2024		1,630		1,165			1,155
FWR Holding Corporation (dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		2,279		2,243			2,256
SPay, Inc.(2) (3) (4) (5)	Internet Software & Services		L + 5.75%; 1.00% Floor	06/17/2024		8,150		(74	)		(204	)
FWR Holding Corporation (dba First Watch Restaurants)(1)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		1,441		1,418			1,427
VRC Companies, LLC(3)(4)	Commercial Services & Supplies	9.03%	L + 6.50%; 1.00% Floor	03/31/2023		5,231		3,943			3,941
FWR Holding Corporation (dba First Watch Restaurants)(1) (3)	Hotels, Restaurants & Leisure	7.29%	L + 5.50%; 1.00% Floor	08/21/2023		1,506		1,256			1,265
VRC Companies, LLC(3)	Commercial Services & Supplies	9.02%	L + 6.50%; 1.00% Floor	03/31/2023		2,667		2,644			2,640
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	7.45%	L + 5.50%; 1.00% Floor	09/04/2024		17,963		17,668			17,693
VRC Companies, LLC(3)(4)	Commercial Services & Supplies	9.45%	L + 6.50%; 1.00% Floor	03/31/2022		249		125			125
Gastro Health Holdco, LLC(1) (2)	Health Care Providers & Services	7.43%	L + 5.50%; 1.00% Floor	09/04/2024		7,171		7,050			7,063
Wine.com, LLC(2)	Beverages	9.86%	L + 7.00%; 1.00% Floor	11/14/2024		9,000		8,823			8,820
Gastro Health Holdco, LLC(1) (2) (3)	Health Care Providers & Services	7.40%	L + 5.50%; 1.00% Floor	09/04/2024		6,933		5,769			5,757
Wrike, Inc.(2)	Professional Services	9.28%	L + 6.75%; 1.00% Floor	12/31/2024		28,000		27,440			27,440
Gastro Health Holdco, LLC(1) (2) (3)	Health Care Providers & Services		L + 5.50%; 1.00% Floor	09/04/2023		2,900		(43	)		(44	)
Wrike, Inc.(2) (4) (5)	Professional Services		L + 6.75%; 1.00% Floor	12/31/2024		2,300		(46	)		(46	)
Gastro Health Holdco, LLC(1) (2) (3)	Health Care Providers & Services		L + 5.50%; 1.00% Floor	09/04/2024		7,200		(59	)		(108	)
Xactly Corporation(2) (3)	Internet Software & Services	9.78%	L + 7.25%; 1.00% Floor	07/29/2022		29,320		28,863			28,880
GlobalTranz Enterprises, Inc.(2)	Road & Rail	6.79%	L + 5.00%	05/15/2026		11,444		11,230			10,414
Xactly Corporation(2) (3) (4) (5)	Internet Software & Services		L + 7.25%; 1.00% Floor	07/29/2022		2,177		(32	)		(33	)
GlobalTranz Enterprises, Inc.(2) (3)	Road & Rail		L + 5.00%	05/15/2026		2,968		—			(267	)
Yasso, Inc.(2) (3)	Food Products	10.27%	L + 7.75%; 1.00% Floor	03/23/2022		7,495		7,390			7,139
Granicus, Inc.(2)	Software	6.69%	L + 4.75%; 1.00% Floor	09/07/2022		14,565		14,446			14,419
Total 1st Lien/Senior Secured Debt								646,334			644,913
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)(1) (2)	Hotels, Restaurants & Leisure	8.71%	L + 6.75%; 1.00% Floor	07/09/2025		34,501		33,854			33,811
1st Lien/Last-Out Unitranche (7) – 11.05%
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)(1) (2) (3)	Hotels, Restaurants & Leisure	8.54%	L + 6.75%; 1.00% Floor	07/09/2025		2,805		369			365
Intelligent Document Solutions, Inc.(2) (3)	Diversified Financial Services	8.80%	L + 6.00%; 1.00% Floor	02/28/2024		27,300		26,508			26,481
Hygiena Borrower LLC	Life Sciences Tools & Services	5.94%	L + 4.00%; 1.00% Floor	08/26/2022		5,314		5,261			5,208
Intelligent Document Solutions, Inc.(2) (3) (4)	Diversified Financial Services	8.79%	L + 6.00%; 1.00% Floor	02/28/2024		19,900		11,454			11,422
Hygiena Borrower LLC(3)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		550		(5	)		(11	)
RugsUSA, LLC(2) (3)	Household Products	9.31%	L + 6.50%; 1.00% Floor	04/30/2023		8,330		8,256			8,247
Hygiena Borrower LLC(3)	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		814		(4	)		(16	)
Smarsh, Inc.(2) (3)	Software	10.41%	L + 7.88%; 1.00% Floor	03/31/2021		44,881		44,265			44,432
iCIMS, Inc.(1) (2)	Software	8.29%	L + 6.50%; 1.00% Floor	09/12/2024		42,594		41,893			41,849
Total 1st Lien/Last-Out Unitranche								90,483			90,582
iCIMS, Inc.(1) (2)	Software	8.29%	L + 6.50%; 1.00% Floor	09/12/2024		7,844		7,701			7,707
2nd Lien/Senior Secured Debt – 43.13%
American Dental Partners,Inc.(2) (3)	Health Care Providers & Services	11.30%	L + 8.50%; 1.00% Floor	09/25/2023		5,333		5,228			5,226
Chase Industries, Inc.(2) (3)	Building Products	10.61%	L + 8.00%; 1.00% Floor	05/11/2026		24,300		23,610			23,510
Chase Industries,Inc.(2) (3) (4) (5)	Building Products		L + 8.00%; 1.00% Floor	05/11/2026		6,100		(169	)		(198	)
Country Fresh Holdings,LLC(2) (3)	Food Products	11.20%	L + 8.75%; 1.00% Floor	10/02/2023		11,800		11,606			9,794
DuBois Chemicals, Inc.(2)	Chemicals	10.52%	L + 8.00%; 1.00% Floor	03/15/2025		24,450		24,035			23,961

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

1415

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, ~~2018~~2019 (continued)

(in thousands, except share and per share amounts)

Portfolio Company	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	Par Amount (++)		Cost			Fair Value
Investment *	Industry	Interest Rate (+)	Reference Rate andSpread (+)	Maturity	ParAmount/Shares (++)		Cost			FairValue
ERC Finance, LLC(2) (3)	Health Care Providers & Services	10.74%	L + 8.22%; 1.00% Floor	09/22/2025		$ 25,400	$	24,892		$	24,892
iCIMS, Inc.(1) (2) (3)	Software		L + 6.50%; 1.00% Floor	09/12/2024	$	2,662	$	(42	)	$	(47	)
Genesis Acquisition Co.(2) (3)	Diversified Financial Services	10.02%	L + 7.50%	07/31/2025		10,000		9,760			9,725
Integral Ad Science, Inc.(1) (2)	Interactive Media & Services	9.05%	L + 7.25% (incl. 1.25% PIK); 1.00% Floor	07/19/2024		36,554		35,970			36,005
Genesis AcquisitionCo.(2) (3) (4) (5)	Diversified Financial Services		L + 7.50%	07/31/2025		2,500		(30	)		(69	)
Integral Ad Science, Inc.(1) (2) (3)	Interactive Media & Services		L + 6.00%; 1.00% Floor	07/19/2023		2,586		(37	)		(39	)
Hygiena Borrower LLC(3)	Life Sciences Tools & Services	10.55%	L + 7.75%; 1.00% Floor	08/26/2023		2,650		2,601			2,604
Internet Truckstop Group, LLC (dba Truckstop)(1) (2)	Transportation Infrastructure	6.95%	L + 5.00%; 1.00% Floor	04/02/2025		32,377		31,651			31,892
Hygiena Borrower LLC(3) (4)	Life Sciences Tools & Services	10.55%	L + 7.75%; 1.00% Floor	08/26/2023		970		128			121
Internet Truckstop Group, LLC (dba Truckstop)(1) (2) (3)	Transportation Infrastructure		L + 5.00%; 1.00% Floor	04/02/2025		2,600		(57	)		(39	)
ICP Industrial, Inc.(2) (3)	Chemicals	10.68%	L + 8.25%; 1.00% Floor	05/03/2024		28,900		28,276			28,250
Lithium Technologies, Inc.(1) (2)	Interactive Media & Services	10.04%	L + 8.00%; 1.00% Floor	10/03/2022		50,047		49,285			49,296
Institutional Shareholder Services Inc.(2)	Diversified Financial Services	10.55%	L + 7.75%; 1.00% Floor	10/16/2025		7,200		7,168			7,056
Lithium Technologies, Inc.(1) (2) (3)	Interactive Media & Services		L + 8.00%; 1.00% Floor	10/03/2022		3,448		(48	)		(52	)
Intelligent Medical Objects,Inc.(2) (3)	Health Care Technology	11.27%	L + 8.50%; 1.00% Floor	12/22/2024		17,500		17,109			17,325
Mailgun Technologies, Inc.(1) (2)	Interactive Media & Services	6.95%	L + 5.00%; 1.00% Floor	03/26/2025		23,170		22,749			22,765
Market Track, LLC(2) (3)	Internet Catalog & Retail	10.18%	L + 7.75%; 1.00% Floor	06/05/2025		20,000		19,484			19,000
Mailgun Technologies, Inc.(1) (2) (3)	Interactive Media & Services		L + 5.00%; 1.00% Floor	03/26/2025		1,448		—			(25	)
National Spine and Pain Centers, LLC(2) (3)	Health Care Providers & Services	10.77%	L + 8.25%; 1.00% Floor	12/02/2024		17,400		16,958			16,965
Midwest Transport, Inc.(1) (2)	Road & Rail	9.06%	L + 7.00%; 1.00% Floor	10/02/2023		16,969		16,835			16,799
Odyssey Logistics & Technology Corporation(2)	Road & Rail	10.52%	L + 8.00%; 1.00% Floor	10/12/2025		26,626		26,082			25,894
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)(1) (2)	Health Care Technology	7.43%	L + 5.50%; 1.00% Floor	11/15/2024		29,732		29,211			29,212
RSC Acquisition, Inc.(2) (3)	Insurance	10.53%	L + 8.00%; 1.00% Floor	11/30/2023		12,100		11,993			11,979
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)(1) (2) (3)	Health Care Technology	7.44%	L + 5.50%; 1.00% Floor	11/15/2024		4,525		1,193			1,188
RSC Acquisition, Inc.(2) (3)	Insurance	10.80%	L + 8.00%; 1.00% Floor	11/30/2023		7,840		7,767			7,762
Netvoyage Corporation (dba NetDocuments) (1) (2)	Software	9.55%	L + 7.75%; 1.00% Floor	03/22/2024		5,985		5,869			5,910
RSC Acquisition,Inc.(2) (3) (4) (5)	Insurance		L + 8.00%; 1.00% Floor	11/30/2023		6,100		(52	)		(61	)
Netvoyage Corporation (dba NetDocuments)(1) (2)	Software	9.55%	L + 7.75%; 1.00% Floor	03/22/2024		7,937		7,831			7,838
SMB Shipping Logistics,LLC(2)	Air Freight & Logistics	10.86%	L + 8.00%; 1.00% Floor	02/03/2025		25,000		24,616			24,500
Netvoyage Corporation (dba NetDocuments)(1) (2) (3)	Software		L + 7.75%; 1.00% Floor	03/24/2022		610		(5	)		(8	)
Spectrum Plastics Group,Inc.(2)	Containers & Packaging	9.52%	L + 7.00%; 1.00% Floor	01/31/2026		6,278		6,249			6,089
Pathway Vet Alliance LLC(1) (2)	Health Care Providers & Services	6.30%	L + 4.50%	12/20/2024		6,956		6,896			6,886
USRP Holdings, Inc.(2) (3)	Insurance	11.55%	L + 8.75%; 1.00% Floor	09/29/2025		9,700		9,587			9,579
Pathway Vet Alliance LLC(1) (2)	Health Care Providers & Services	6.30%	L + 4.50%	12/20/2024		2,459		2,436			2,434
USRP Holdings, Inc.(2) (3) (4)	Insurance	11.43%	L + 8.75%; 1.00% Floor	09/29/2025		2,400		1,557			1,554
Picture Head Midco LLC(1) (2)	Entertainment	8.55%	L + 6.75%; 1.00% Floor	08/31/2023		27,467		27,014			27,055
Viant Medical Holdings, Inc.(2)	Health Care Equipment & Supplies	10.55%	L + 7.75%	07/02/2026		11,770		11,657			11,417
PlanSource Holdings, Inc.(1) (2)	Health Care Technology	8.15%	L + 6.25%; 1.00% Floor	04/22/2025		33,940		33,324			33,261
Xcellence, Inc.(2) (3)	IT Services	11.57%	L + 8.75%; 1.00% Floor	06/22/2024		18,400		17,986			18,032
PlanSource Holdings, Inc.(1) (2) (3)	Health Care Technology		L + 6.25%; 1.00% Floor	04/22/2025		4,681		(83	)		(94	)
YI, LLC(2) (3)	Health Care Equipment & Supplies	10.55%	L + 7.75%; 1.00% Floor	11/07/2025		21,700		21,115			21,103
Power Stop, LLC(2)	Auto Components	6.44%	L + 4.50%	10/19/2025		10,791		10,768			10,683
Zep Inc.(2)	Chemicals	11.05%	L + 8.25%; 1.00% Floor	08/11/2025		30,500		29,826			27,755
Premier Imaging, LLC (dba Lucid Health)(2)	Health Care Providers & Services	7.49%	L + 5.75%; 1.00% Floor	01/02/2025		17,257		17,001			16,998
Total 2nd Lien/Senior Secured Debt								359,039			353,765
PT Intermediate Holdings III, LLC (dba Parts Town)(2)	Trading Companies & Distributors	7.44%	L + 5.50%; 1.00% Floor	10/15/2025		17,320		17,235			17,233
Total Corporate Debt								1,095,856			1,089,260
Riverpoint Medical, LLC(1) (2)	Health Care Equipment & Supplies	6.97%	L + 5.00%; 1.00% Floor	06/21/2025		13,406		13,343			13,272
Portfolio Company	Industry		Coupon		Shares		Cost			Fair Value
Riverpoint Medical, LLC(1) (2) (3)	Health Care Equipment & Supplies		L + 5.00%; 1.00% Floor	06/21/2025		2,450		(11	)		(25	)
Preferred Stock (1) – 0.99%
Selectquote, Inc.(2)	Insurance	7.70%	L + 6.00%; 1.00% Floor	11/05/2024		15,800		15,492			15,484
Accuity Delivery Systems, LLC^ (2) (3) (8) (9)	Health Care Providers & Services					136,589	$	4,500		$	5,400
SF Home Décor, LLC (dba SureFit HomeDécor)(1) (2)	Household Products	11.70%	L + 9.75%; 1.00% Floor	07/13/2022		23,963		23,436			23,064
Wine.com, LLC(2) (8) (9)	Beverages					314,154		2,700			2,700
Shopatron, LLC (dba Kibo)(1) (2)	Internet & Direct Marketing Retail	9.95%	L + 8.00%; 1.00% Floor	12/18/2020		8,947		8,795			8,812
Total Preferred Stock								7,200			8,100
Shopatron, LLC (dba Kibo)(1) (2) (8)	Internet & Direct Marketing Retail	9.95%	L + 8.00%; 1.00% Floor	12/18/2020		2,757		2,729			2,716
Common Stock (1) – 1.20%
SPay, Inc. (dba Stack Sports)(1) (2)	Interactive Media & Services	7.55%	L + 5.75%; 1.00% Floor	06/17/2024		14,745		14,515			14,266
Collaborative Imaging Holdco, LLC – Class B^^^ (2) (3) (8)	Health Care Providers & Services					11,719		1,580			1,842
SPay, Inc. (dba Stack Sports)(1) (2) (3)	Interactive Media & Services	7.52%	L + 5.75%; 1.00% Floor	06/17/2024		1,630		1,062			1,034
Collaborative Imaging Holdco, LLC – Class C^^^ (2) (3) (6) (8) (9)	Health Care Providers & Services					11,060		220			306
SPay, Inc. (dba Stack Sports)(1) (2)	Interactive Media & Services	7.76%	L + 5.75%; 1.00% Floor	06/17/2024		543		539			526
Continuum Managed Services LLC – Class A(2) (3) (8) (9)	IT Services					663		663			762
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)(1) (2)	Health Care Providers & Services	7.31%	L + 5.25%; 1.00% Floor	08/15/2025		19,578		19,300			19,236
Continuum Managed Services LLC – Class B(2) (3) (8) (9)	IT Services					449,713		7			243
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)(1) (2) (3)	Health Care Providers & Services	7.31%	L + 5.25%; 1.00% Floor	08/15/2025		2,707		97			88
Elah Holdings, Inc.^ (2) (3) (8) (9)	Capital Markets					65,436		3,163			3,163
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)(1) (2) (3)	Health Care Providers & Services		L + 5.25%; 1.00% Floor	08/15/2025		6,768		(54	)		(118	)
National Spine and Pain Centers, LLC(2) (3) (8) (9)	Health Care Providers & Services					500		500			265
Viant Medical Holdings, Inc.(2)	Health Care Equipment & Supplies	8.16%	L + 6.25%; 1.00% Floor	07/02/2025		19,117		18,798			18,926
Wrike, Inc.(2) (8) (9)	Professional Services					494,952		3,075			3,075
VRC Companies, LLC (dba Vital Records Control)(1)	Commercial Services & Supplies	8.30%	L + 6.50%; 1.00% Floor	03/31/2023		10,000		9,925			9,925
Yasso, Inc.(2) (3) (8) (9)	Food Products					790		790			169
VRC Companies, LLC (dba Vital Records Control)(1) (3)	Commercial Services & Supplies	8.60%	L + 6.50%; 1.00% Floor	03/31/2022		249		136			136
Total Common Stock								9,998			9,825
WebPT, Inc.(1) (2)	Health Care Technology	8.66%	L + 6.75%; 1.00% Floor	08/28/2024		14,933		14,651			14,635
TOTAL INVESTMENTS – 135.00%							$	1,113,054		$	1,107,185
WebPT, Inc.(1) (2) (3)	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024		1,556		(29	)		(31	)
LIABILITIES IN EXCESS OF OTHER ASSETS – (35.00%)										$	(287,031	)
WebPT, Inc.(1) (2) (3)	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024		1,867		(17	)		(37	)
NET ASSETS – 100.00%										$	820,154

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, 2019 (continued)

(in thousands, except share and per share amounts)


Investment *	Industry	Interest Rate ⁽⁺⁾	Reference Rate and Spread ⁽⁺⁾	Maturity	Par Amount/ Shares ⁽⁺⁺⁾		Cost			Fair Value
Wine.com, LLC^{(1) (2)}	Beverages	8.93%	L + 7.00%; 1.00% Floor	11/14/2024	$	9,000	$	8,847		$	8,820
Wolfpack IP Co. (dba Lone Wolf Technologies)^{(1) (2) (4)}	Real Estate Management & Development	8.29%	L + 6.50%; 1.00% Floor	06/13/2025		47,220		46,344			46,275
Wolfpack IP Co. (dba Lone Wolf Technologies)^{(1) (2) (3) (4)}	Real Estate Management & Development		L + 6.50%; 1.00% Floor	06/13/2025		4,722		(86	)		(94	)
WorkForce Software, LLC^{(1) (2)}	Software	8.41%	L + 6.50%; 1.00% Floor	07/31/2025		12,732		12,491			12,477
WorkForce Software, LLC^{(1) (2) (3)}	Software		L + 6.50%; 1.00% Floor	07/31/2025		1,123		(21	)		(23	)
Wrike, Inc.^{(1) (2)}	Professional Services	8.55%	L + 6.75%; 1.00% Floor	12/31/2024		32,260		31,670			31,615
Wrike, Inc.^{(1) (2) (3)}	Professional Services		L + 6.75%; 1.00% Floor	12/31/2024		2,300		(38	)		(46	)
Xactly Corporation^{(1) (2)}	IT Services	9.05%	L + 7.25%; 1.00% Floor	07/29/2022		34,852		34,415			34,416
Xactly Corporation^{(1) (2) (3)}	IT Services		L + 7.25%; 1.00% Floor	07/29/2022		2,177		(23	)		(27	)
Yasso, Inc.^{(1) (2)}	Food Products	9.55%	L + 7.75%; 1.00% Floor	03/23/2022		7,411		7,336			7,170

Total 1st Lien/Senior Secured Debt								1,272,044			1,266,486

1st Lien/Last-Out Unitranche⁽⁵⁾ – 10.67%
Doxim, Inc.^{(1) (2)}	Diversified Financial Services	7.94%	L + 6.00%; 1.00% Floor	02/28/2024		27,300		26,636			26,618
Doxim, Inc.^{(1) (2)}	Diversified Financial Services	7.90%	L + 6.00%; 1.00% Floor	02/28/2024		22,376		21,846			21,816
RugsUSA, LLC^{(1) (2)}	Household Products	8.45%	L + 6.50%; 1.00% Floor	04/30/2023		8,330		8,271			8,268
Smarsh, Inc.^{(1) (2)}	Interactive Media & Services	9.68%	L + 7.88%; 1.00% Floor	03/31/2021		44,429		44,076			44,095

Total 1st Lien/Last-Out Unitranche								100,829			100,797

2nd Lien/Senior Secured Debt- 31.14%
American Dental Partners, Inc.^{(1) (2)}	Health Care Providers & Services	10.44%	L + 8.50%; 1.00% Floor	09/25/2023		5,333		5,246			5,239
Chase Industries, Inc. (dba Senneca Holdings)^{(1) (2)}	Building Products	11.55%	L + 9.50% (incl. 1.50% PIK); 1.00% Floor	05/11/2026		24,300		23,676			22,781
DiscoverOrg, LLC⁽²⁾	Software	10.19%	L + 8.50%	02/01/2027		14,600		14,397			14,600
ERC Finance, LLC (dba Eating Recovery Center)^{(1) (2)}	Health Care Providers & Services	10.02%	L + 8.22%; 1.00% Floor	09/22/2025		25,400		24,948			24,955
Genesis Acquisition Co. (dba ProCare Software)^{(1) (2)}	Diversified Financial Services	9.60%	L + 7.50%	07/31/2025		10,000		9,788			9,750
Genesis Acquisition Co. (dba ProCare Software)^{(1) (2) (3)}	Diversified Financial Services		L + 7.50%	07/31/2025		2,500		(25	)		(63	)
Hygiena Borrower LLC⁽¹⁾	Life Sciences Tools & Services	9.69%	L + 7.75%; 1.00% Floor	08/26/2023		2,650		2,610			2,604
Hygiena Borrower LLC^{(1) (3)}	Life Sciences Tools & Services	9.69%	L + 7.75%; 1.00% Floor	08/26/2023		970		131			122
ICP Industrial, Inc.^{(1) (2)}	Chemicals	10.04%	L + 8.25%; 1.00% Floor	05/03/2024		28,900		28,369			28,322
Intelligent Medical Objects, Inc.^{(1) (2)}	Health Care Technology	10.81%	L + 8.50%; 1.00% Floor	12/22/2024		21,900		21,461			21,462
Market Track, LLC^{(1) (2)}	Media	9.68%	L + 7.75%; 1.00% Floor	06/05/2025		20,000		19,545			19,250
National Spine and Pain Centers, LLC^{(1) (2)}	Health Care Providers & Services	10.05%	L + 8.25%; 1.00% Floor	12/02/2024		17,400		17,015			16,748
Odyssey Logistics & Technology Corporation⁽²⁾	Road & Rail	9.80%	L + 8.00%; 1.00% Floor	10/12/2025		26,626		26,141			25,694
SMB Shipping Logistics, LLC (dba Worldwide Express)^{(1) (2)}	Air Freight & Logistics	9.90%	L + 8.00%; 1.00% Floor	02/03/2025		25,000		24,664			24,563
Spectrum Plastics Group, Inc.⁽²⁾	Containers & Packaging	8.80%	L + 7.00%; 1.00% Floor	01/31/2026		6,278		6,252			4,949
USRP Holdings, Inc. (dba U.S. Retirement Partners)^{(1) (2)}	Insurance	10.68%	L + 8.75%; 1.00% Floor	09/29/2025		9,700		9,599			9,603
USRP Holdings, Inc. (dba U.S. Retirement Partners)^{(1) (2) (3)}	Insurance	10.72%	L + 8.75%; 1.00% Floor	09/29/2025		2,400		1,560			1,560
Xcellence, Inc. (dba Xact Data Discovery)^{(1) (2)}	IT Services	10.70%	L + 8.75%; 1.00% Floor	06/22/2024		26,100		25,568			25,708
YI, LLC (dba Young Innovations)^{(1) (2)}	Health Care Equipment & Supplies	9.69%	L + 7.75%; 1.00% Floor	11/07/2025		21,608		21,088			21,068
Zep Inc.⁽²⁾	Chemicals	10.19%	L + 8.25%; 1.00% Floor	08/11/2025		30,500		29,900			15,250

Total 2nd Lien/Senior Secured Debt								311,933			294,165

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

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, 2019 (continued)

(in thousands, except share and per share amounts)


Investment *	Industry	Interest Rate	Par Amount/ Shares ⁽⁺⁺⁾		Cost		Fair Value

*Preferred Stock^ – 1.07%**
Accuity Delivery Systems, LLC^{^ (1) (2) (6) (7)}	Health Care Providers & Services			$136,589	$	4,500	$	7,200
Wine.com, LLC^{(1) (2) (6) (7)}	Beverages			314,154		2,700		2,937

Total Preferred Stock						7,200		10,137

*Common Stock^ – 1.22%**
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Class B^{^^^ (1) (2) (7)}	Health Care Providers & Services			11,719		1,580		2,239
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Performance Units^{^^^ (1) (2) (4) (6) (7)}	Health Care Providers & Services			11,060		220		643
Country Fresh Holding Company Inc.^{(1) (2) (6) (7)}	Food Products			843		1,053		731
Elah Holdings, Inc.^{^ (1) (2) (6) (7)}	Capital Markets			65,436		3,163		3,163
National Spine and Pain Centers, LLC^{(1) (2) (6) (7)}	Health Care Providers & Services			500		500		100
Wrike, Inc.^{(1) (2) (6) (7)}	Professional Services			4,949,520		3,075		4,266
Yasso, Inc.^{(1) (2) (6) (7)}	Food Products			790		790		433

Total Common Stock						10,381		11,575
TOTAL INVESTMENTS – 178.15%					$	1,702,387	$	1,683,160

LIABILITIES IN EXCESS OF OTHER ASSETS – (78.15%)							$	(738,371	)

NET ASSETS – 100.00%							$	944,789

Assets are pledged as collateral for the Truist Revolving Credit Facility. See Note 6 “Debt”.

Percentages are based on net assets.

(+) ~~The~~Represents ~~Consolidated Schedule of Investments discloses~~ the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by reference to either LIBOR (“L”) or alternate base rate (commonly based on the Prime Rate (“P”)), at the borrower’s option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, 1 month or 1 week L rates. As of December 31, ~~2018~~2019, rates for the 12 month, 6 month, 3 month, 2 month, 1 month and 1 week L are 32.0100%, 21.8891%, 21.8191%, 21.6183%, 21.5076% and 21.4163%~~, respectively~~. As of December 31, ~~2018~~2019, P was 54.5075%. 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, ~~2018~~2019.

^{^}

^{^^^}

⁽²⁾

(4) ~~Position~~The orinvestment ~~portion thereof~~ is annot ~~unfunded~~a ~~loan~~qualifying ~~commitment,~~asset ~~and~~under noSection ~~interest~~55(a) isof ~~being~~the ~~earned~~Investment onCompany ~~the~~Act ~~unfunded~~of ~~portion~~1940. The ~~unfunded~~Company ~~loan~~may ~~commitment~~not ~~may~~acquire beany ~~subject~~non-qualifying toasset aunless, ~~commitment~~at ~~termination~~the ~~date~~time ~~that~~of ~~may~~acquisition, ~~expire~~qualifying ~~prior~~assets torepresent at least 70% of the ~~maturity~~Company’s ~~date~~total ~~stated~~assets. ~~See~~As ~~Note~~of 8December ~~“Commitments~~31, ~~and~~2019 ~~Contingencies”~~the aggregate fair value of these securities is $74,958 or 4.39% of the Company’s total assets.

(5) ~~The~~In ~~negative~~exchange ~~cost~~for isthe greater risk of loss, the ~~result~~“last-out” portion of the ~~capitalized~~Company’s ~~discount~~unitranche ~~being~~loan ~~greater~~investment generally earns a higher interest rate than the ~~principal~~“first-out” ~~amount~~portions. ~~outstanding~~The on“first-out” portion of the loan. ~~The~~would ~~negative~~generally ~~fair~~receive ~~value~~priority iswith ~~the~~respect ~~result~~to payment of principal, interest and any other amounts due thereunder over the ~~capitalized~~“last-out” ~~discount~~portion onthat the ~~loan~~Company would continue to hold.

(6) ~~The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non~~Non-~~qualifying~~income ~~asset~~producing ~~unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets~~security. ~~As of December 31, 2018 the aggregate fair value of these securities is $28,593 or 2.53% of the Company’s total assets.~~

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

1518

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, ~~2018~~2019 (continued)

(in thousands, except share and per share amounts)

(7) InSecurities ~~exchange~~exempt ~~for~~from registration under the ~~greater~~Securities ~~risk~~Act of ~~loss,~~1933 (the “~~last-out~~Securities Act”), ~~portion~~and ofmay ~~the~~be ~~Company’s~~deemed ~~unitranche~~to ~~loan~~be ~~investment~~“restricted ~~generally~~securities” ~~earns~~under ~~a higher interest rate than~~ the ~~“first-out”~~Securities ~~portions~~Act. ~~The~~As ~~“first-out” portion~~ of ~~the~~December ~~loan~~31, ~~would~~2019, ~~generally~~the ~~receive~~aggregate ~~priority~~fair ~~with~~value ~~respect~~of tothese ~~payment~~securities ofis ~~principal~~$21,712 ~~interest~~or ~~and~~2.30% ~~any~~of ~~other~~the ~~amounts~~Company’s ~~due~~net ~~thereunder~~assets. ~~over~~The ~~the~~acquisition ~~“last-out”~~dates ~~portion~~of ~~that~~ the ~~Company~~restricted ~~would~~securities ~~continue~~are toas ~~hold.~~follows:

(8) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2018, the aggregate fair value of these securities is $17,925 or 2.19% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Investment		Acquisition Date
Accuity Delivery Systems, LLC – Preferred Stock		06/13/2018
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Class B – Common Stock		03/30/2018
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) – Performance Units – Common Stock		03/30/2018
Country Fresh Holding Company Inc. – Common Stock		04/29/2019
Elah Holdings, Inc. – Common Stock		05/09/2018
National Spine and Pain Centers, LLC – Common Stock		06/02/2017
Wine.com, LLC – Preferred Stock		11/14/2018
Wrike, Inc. – Common Stock		12/31/2018
Yasso, Inc. – Common Stock		03/23/2017

Investment		Acquisition Date
Accuity Delivery Systems, LLC – Preferred Stock		6/13/2018
Collaborative Imaging Holdco, LLC – Class B – Common Stock		3/30/2018
Collaborative Imaging Holdco, LLC – Class C – Common Stock		3/30/2018
Continuum Managed Services LLC – Class A – Common Stock		6/8/2017
Continuum Managed Services LLC – Class B – Common Stock		6/8/2017
Elah Holdings, Inc. – Common Stock		5/9/2018
National Spine and Pain Centers, LLC – Common Stock		6/2/2017
Wine.com, LLC – Preferred Stock		11/14/2018
Wrike, Inc. – Common Stock		12/31/2018
Yasso, Inc. – Common Stock		3/23/2017

⁽⁸⁾

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

(9) Non-income producing security.

PIK – Payment-In-Kind

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

~~CurrencyPurchased~~Currency Purchased

~~CurrencySold~~Currency Sold

Settlement

Unrealized Appreciation (Depreciation)

Bank of America, N.A

USD 481

EUR 411

01/04/2019

Bank of America, N.A.

USD 221

EUR 200

01/06/2020

)

Bank of America, N.A

USD 394

EUR 335

02/05/2019

Bank of America, N.A.

USD 540

EUR 446

01/06/2020

Bank of America, N.A

USD 486

EUR 412

04/03/2019

Bank of America, N.A.

USD 337

EUR 303

04/06/2020

)

Bank of America, N.A

USD 423

EUR 357

05/06/2019

Bank of America, N.A.

USD 547

EUR 448

04/06/2020

Bank of America, N.A

USD 514

EUR 432

07/03/2019

Bank of America, N.A.

USD 321

EUR 288

07/06/2020

)

Bank of America, N.A

USD 426

EUR 357

08/05/2019

Bank of America, N.A.

USD 549

EUR 446

07/06/2020

Bank of America, N.A

USD 541

EUR 451

10/04/2019

Bank of America, N.A.

USD 729

EUR 650

10/05/2020

(13

)

Bank of America, N.A

USD 444

EUR 369

11/05/2019

Bank of America, N.A.

USD 716

EUR 635

01/05/2021

(13

)

Bank of America, N.A

USD 540

EUR 446

01/06/2020

Bank of America, N.A.

USD 702

EUR 620

04/06/2021

(14

)

Bank of America, N.A

USD 547

EUR 448

04/06/2020

Bank of America, N.A.

USD 701

EUR 617

07/06/2021

(14

)

Bank of America, N.A

USD 549

EUR 446

07/06/2020

Bank of America, N.A.

USD 400

EUR 350

10/05/2021

)

~~122~~46

Currency Abbreviations:

EUR – Euro

USD – U.S. Dollar

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

1619

Goldman Sachs Middle Market Lending Corp.

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

(Unaudited)

1.	ORGANIZATION

Goldman Sachs Middle Market Lending LLC (“MMLC LLC”) was formed on June 13, 2016. Effective January 30, 2017, MMLC LLC converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. (the “Company”), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC. The Company commenced operations on January 11, 2017. On January 30, 2017, the Company’s initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member’s initial capital contribution to MMLC LLC was canceled. The Company has elected to be treated 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”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2017.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation. The Company will seek to achieve this objective, primarily through direct originations of secured debt, including first lien debt, unitranche loans, 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. (“Group Inc.”), together with GS & Co., GSAM and its other subsidiaries.

From December 29, 2016 through September 29, 2017 (the “Final Closing Date”) the Company conducted an offering pursuant to which investors made capital commitments (each, a “Commitment”) to purchase shares of the Company’s common stock pursuant to subscription agreements (“Subscription Agreements”) entered into with the Company pursuant to which each investor agreed to purchase common stock for an aggregate purchase price equal to its Commitment. Each investor is required to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice at least five business days prior to the required funding date (the “Drawdown Date”). The offering and sale of common stock is exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States.

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

The investment period commenced on December 29, 2016 (the “Initial Closing Date”). On August 8, 2019, ~~the~~our ~~Board~~board of ~~Directors~~directors (the “Board of Directors”) extended the investment period for one additional six-month period from September 29, 2019 to March 29, 2020 (the “Investment Period”). ~~With~~The ~~the~~Investment ~~approval~~Period ofexpired aon ~~majority-in-interest~~March 29, 2020. Following the end of the ~~stockholders~~Investment Period, the ~~investment~~Company ~~period~~has ~~may~~the beright ~~extended~~to ~~for~~issue updrawdowns only (i) to ~~one~~pay, and/or establish reserves for, actual or anticipated ~~additional~~Company ~~year~~expenses, ~~thereafter~~liabilities, including the payment or repayment of indebtedness for borrowed money (~~such~~including ~~period~~through the issuance of notes and other evidence of indebtedness), ~~including~~other ~~any~~indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the ~~“Investment~~Management ~~Period”~~Fee (as defined below)., Inwhether ~~addition~~incurred before or after the end of the investment period, (ii) to fulfill investment commitments made or approved by the ~~Board~~investment committee of GSAM’s ~~Directors~~Private ~~may~~Credit ~~terminate~~Group (the “Investment Committee”) prior to the expiration of the Investment Period, at(iii) to ~~any~~engage ~~time~~in hedging transactions or (iv) to make additional investments in ~~its~~existing ~~discretion~~portfolio companies (including transactions to hedge interest rate or currency risks related to such additional investment).

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

An affiliate of the Investment Adviser, (the “Initial Member”), made a capital contribution to the Company of one hundred dollars on January 13, 2017 and served as the sole initial member of the Company. The Company cancelled the Initial Member’s interest in the Company on January 30, 2017, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase stock (the “Initial Drawdown Date”).

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

1720

On December 9, 2019, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Goldman Sachs BDC, Inc., a Delaware corporation (“GS BDC”), Evergreen Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of GS BDC (“Merger Sub”), and GSAM, a Delaware limited partnership and investment adviser to each of the Company and GS BDC. The Merger Agreement provides that, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company (the “First Merger”) and, immediately thereafter, the Company will merge with and into GS BDC, with GS BDC continuing as the surviving company (the “Second Merger” and, together with the First Merger, the “Merger”).

2.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, ~~2018~~2019, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on ~~March~~February 127, ~~2019~~2020. The results for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2019~~2020 are not necessarily indicative of the results to be ~~expected~~ expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

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

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly owned subsidiaries, MMLC Blocker I, LLC (formerly known as My-On MMLC Blocker, LLC), MMLC Blocker II, LLC, and MMLC Wine I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

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

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, ~~respectively,~~ into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, ~~unamortized~~ unamortized upfront loan origination fees and unamortized discounts are recorded as interest income~~. For the three and nine months ended September 30~~, ~~2019,~~for which the Company has earned ~~$0 and $1,213 in prepayment premiums, respectively, and $520 and $1,747 in accelerated accretion of upfront loan origination fees and unamortized discounts, respectively. For~~ the ~~three~~following: and nine months ended September 30, 2018, the Company earned $0 and $537 in prepayment premiums, respectively, and $15 and $601 in accelerated accretion of upfront loan origination fees and unamortized discounts, respectively.


	For the three months ended
	March 31, 2020		March 31, 2019
Prepayment premiums	$	–	$	72
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	584	$	114

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 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~~21 investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively.

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

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

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest, or dividends will not be collected according to 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 ~~September 30,~~March ~~2019~~31, ~~the~~2020 ~~Company~~and ~~did not have any investments on non-accrual status. As of~~ December 31, ~~2018~~2019, the Company did not have any investments on non-accrual status.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations or alternative price sources. In the absence of quoted market prices, broker or dealer quotations or alternative price sources, investments are measured at fair value as determined by the Company’s Board of Directors within the meaning of 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 delegated to the Investment Adviser day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures adopted by the Board of Directors, market quotations are generally used to assess the value of the investments for which market quotations are readily available. The Investment Adviser obtains these market quotations from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available; otherwise 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 services or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Board of Directors or Investment Adviser has a bona fide reason to believe 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 adopted by the Board of Directors contemplate a multi-step valuation process each quarter, 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 portfolio investment;

(2)

The Board of Directors 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 provided by the investment professionals of the Investment Adviser and the portfolio companies as well as any market quotations obtained from independent pricing services, brokers, dealers or market dealers. 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 Board of Directors or the Audit Committee. 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 (“VOG”), a team that is part of the Controllers Department within the Finance Division 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. VOG presents the valuations to the Private Investment Valuation and Side Pocket Working Group of the Investment Management Division Valuation Committee, which is comprised of representatives from GSAM who are independent of the investment decision making process;

(4)

The Investment Management Division Valuation Committee ratifies fair valuations and makes recommendations to the Audit Committee of the Board of Directors;

(5)

The Audit Committee of the Board of Directors reviews valuation information provided by the Investment Management Division Valuation Committee, the Investment Adviser and the Independent Valuation Advisors. The Audit Committee then assesses such valuation recommendations; and

(6)

The Board of Directors discusses the valuations 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 Investment Adviser, the Independent Valuation Advisors and the Audit Committee.

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 a custodian bank. As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, the Company held an aggregate cash balance of $1116,~~317~~207 and $1513,~~010, respectively~~393. Foreign currency of $1,~~598~~393 (acquisition cost of $1,~~632~~402) and $~~252~~1,299 (acquisition cost of $~~250~~1,286) is included in cash as of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018, respectively~~2019.

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 are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

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

Derivatives

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

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

Income Taxes

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

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

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2017. So long as the Company maintains its status as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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

20Certain 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.

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. For the three and nine months ended September 30, 2019, the Company accrued provision for taxes on realized gains on investments of $0 and $(100), respectively. For the three and nine months ended September 30, 2018, the Company accrued provision for taxes on realized gains on investments of $0 and $372, respectively. For the three and nine months ended September 30, 2019, the Company accrued provision for taxes on unrealized gains on investments of $171 and $614, respectively. For the three and nine months ended September 30, 2018, the Company accrued provision for taxes on unrealized gains on investments of $205 and $205, respectively. As of September 30, 2019, $996 of income taxes remained payable.

Distributions

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

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility between the Company and Truist Bank (formerly known as SunTrust Bank) (the “~~SunTrust~~Truist Revolving Credit Facility”). These costs are amortized using the straight-line method over the term of the ~~SunTrust~~Truist Revolving Credit Facility. Deferred financing costs related to the ~~SunTrust~~ Truist Revolving Credit Facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months beginning on the date of commencement of operations. All costs have been fully amortized through January 11, 2018.

New Accounting Pronouncements

In ~~October 2018~~March 2020, the ~~SEC~~FASB ~~adopted~~issued ~~the~~Accounting ~~final~~Standard ~~rule~~Update ~~under~~(“ASU”) ~~SEC release~~ No. 33 2020-~~10532~~04, ~~Disclosure~~“Reference ~~Update~~Rate ~~and~~Reform ~~Simplification,~~(Topic ~~amending~~848): ~~certain~~Facilitation of ~~disclosure~~the ~~requirements~~Effects ~~that~~of ~~were~~Reference ~~redundant,~~Rate ~~duplicative,~~Reform ~~overlapping,~~on ~~outdated or~~Financial ~~superseded~~Reporting. ~~The~~” ~~Company~~This isASU noprovides ~~longer~~optional ~~required~~exceptions tofor ~~present~~applying ~~components~~GAAP ofto ~~distributable~~contract ~~earnings~~modifications, onhedging ~~the~~relationships ~~Consolidated~~and ~~Statements~~other oftransactions ~~Assets~~affected ~~and~~by ~~Liabilities~~reference orrate ~~the~~reform ~~sources~~if ofcertain criteria ~~distributable~~are ~~earnings~~met. ~~and~~ASU ~~the~~2020-04 ~~amount~~is ofelective ~~undistributed~~and ~~net~~is ~~investment income~~effective on ~~the~~March ~~Consolidated~~12, ~~Statements~~2020 ofthrough ~~Changes~~December in31, ~~Net Assets~~2022. ~~Prior~~ ~~period~~The ~~information~~Company ~~has~~expects ~~been~~that ~~reclassified~~the toadoption ~~conform~~of tothis ~~the~~guidance ~~current~~will ~~period~~not ~~presentation~~have ~~and~~a ~~this~~material ~~had~~impact ~~no effect~~ on ~~the~~its ~~Company’s~~ consolidated financial ~~position or the consolidated results of operations as previously reported~~statements. ~~The~~ ~~following provides the prior period reclassifications.~~

Consolidated Statements of Changes in Net Assets – The table below provides a reconciliation for previously disclosed distributions from net investment income and realized gain for the nine months ended September 30, 2018 to distributions from distributable earnings as disclosed in the current filing.

Distributions to stockholders from:	For the Nine Months Ended September 30, 2018
Net investment income	$	(34,760	)
Total distributions to stockholders	$	(34,760	)

3.	SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an investment management agreement effective as of January 13, 2017 (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

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 NAV of the Company (including un-invested cash and cash equivalents) at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the NAV as of such quarter-end). The Management Fee for any partial quarter will be appropriately prorated. Following the occurrence (if any) of a listing, average gross assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter-end following such event, the Company’s gross assets as of such quarter-end) will be used instead of average NAV to calculate the Management Fee.

For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2019,~~2020 ~~Management Fees amounted to $3,489~~ and ~~$10~~2019,~~145,~~ ~~respectively. For the three and nine months ended September 30, 2018,~~ Management Fees amounted to $23,~~409~~501 and $63,~~248, respectively~~226. As of ~~September~~March 3031, ~~2019~~2020, net Management Fees payable amounted to $3,~~489~~501.

Incentive Fee

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

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

i. Quarterly Incentive Fee Based on Income

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

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

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

•

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

•

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

•

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

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

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

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

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

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

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

ii. Annual Incentive Fee Based on Capital Gains

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

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

For the three ~~and nine~~ months ended ~~September~~March 3031, 2020 and 2019, the Company accrued an Incentive Fee based on income of $~~3,265~~0 and $145,~~605~~968. As of March 31, ~~respectively~~2020, no incentive fees remained payable. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2018~~2020 and 2019, the Company ~~accrued~~did annot ~~Incentive~~accrue ~~Fee~~or ~~based~~pay onany ~~income~~Incentive ofFees $0based ~~and~~on ~~$0,~~capital ~~respectively~~gains. ~~As of September 30, 2019, $3,265 remained payable.~~

For the three and nine months ended September 30, 2019, the Company accrued an Incentive Fee based on capital gains under GAAP of $0 and $0, respectively, for which none were realized. For the three and nine months ended September 30, 2018, the Company accrued an Incentive Fee based on capital gains under GAAP of $(85) and $(77), respectively, for which none were realized.

Administration and Custodian Fees

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

23For the three months ended March 31, 2020 and 2019, the Company incurred expenses for services provided by the Administrator and the Custodian of $299 and $260. As of March 31, 2020, $195 remained payable.

For the three and nine months ended September 30, 2019, the Company incurred expenses for services provided by the Administrator and the Custodian of $287 and $824, respectively. As of September 30, 2019, $187 remained payable. For the three and nine months ended September 30, 2018, the Company incurred expenses for services provided by the Administrator and the Custodian of $185 and $501, respectively.

Transfer Agent Fees

The Company has entered into a transfer agency agreement (the “Transfer Agency Agreement”), with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.12% of the average NAV of the Company at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end).

For the three ~~and nine~~ months ended ~~September~~March 3031, 2020 and 2019, the Company incurred expenses for services provided by the Transfer Agent of $~~279 and~~280 and $~~812, respectively~~258. As of ~~September~~March 3031, ~~2019~~2020, $~~279~~280 remained payable. ~~For the three and nine months ended September 30, 2018, the Company incurred expenses for services provided by the Transfer Agent of $193 and $500, respectively.~~

Affiliates

The ~~Company’s investments~~table inbelow ~~affiliates~~presents ~~for~~ the ~~nine~~Company’s ~~months~~affiliated ~~ended September 30, 2019 were as follows~~investments:

	Fair Value as of December 31, 2018		Gross Additions(2)		Gross Reductions(3)			NetRealized Gain (Loss)		Net Change in Unrealized Appreciation(Depreciation)			Fair Value as of September 30,2019		Dividend, Interest and Other Income
	Beginning Fair Value Balance		Gross Additions(2)		Gross Reductions(3)			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, 2020
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund (1)	$	–	$	~~159~~152,~~916~~549	$	(~~159~~60,~~916~~551	)	$	–	$	–		$	–91,998	$	376
Accuity Delivery Systems, LLC		1921,~~482~~571		5520		–			–		1,~~440~~134			2022,~~977~~725		~~1,120~~338
Collaborative Imaging, LLC		14,594		16		–			–		576			15,186		998
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates)		24,864		12		–			–		(817	)		24,059		473
Elah Holdings, Inc.		3,163		–		–			–		–			3,163		–
Total Non-Controlled Affiliates	$	3749,~~239~~598	$	~~159~~152,~~987~~581	$	(~~159~~60,~~916~~551	)	$	–	$	~~2,016~~317		$	39141,~~326~~945	$	~~2,155~~817
For the Year Ended December 31, 2019
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund (1)	$	–	$	205,169	$	(205,169	)	$	–	$	–		$	–	$	45
Accuity Delivery Systems, LLC		19,482		75		–			–		2,014			21,571		1,479
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates)		14,594		9,555		–			–		715			24,864		1,513
Elah Holdings, Inc.		3,163		–		–			–		–			3,163		–
Total Non-Controlled Affiliates	$	37,239	$	214,799	$	(205,169	)	$	–	$	2,729		$	49,598	$	3,037

⁽¹⁾

Fund advised by an affiliate of Goldman Sachs.

⁽²⁾

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, 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.

⁽³⁾

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.

The Company’s investments in affiliates for the year ended December 31, 2018 were as follows:

	Fair Value as of December 31, 2017			Gross Additions(2)		Gross Reductions(3)			NetRealized Gain (Loss)		Net Change in Unrealized Appreciation(Depreciation)		Fair Value as of December 31, 2018		Dividend, Interest and Other Income
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund (1)	$	–	(4)	$	212,620	$	(212,620	)	$	–	$	–	$	–	$	55
Accuity Delivery Systems, LLC		–			18,584		–			–		898		19,482		810
Collaborative Imaging, LLC		–			14,325		–			–		269		14,594		999
Elah Holdings, Inc.		–			3,163		–			–		–		3,163		–
Total Non-Controlled Affiliates	$	–	(4)	$	248,692	$	(212,620	)	$	–	$	1,167	$	37,239	$	1,864

(1) Fund advised by an affiliate of Goldman Sachs.

(2) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, 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.

(3) 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.

(4) Amount rounds to less than $1.

Due to Affiliates

The Investment Adviser paid certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, there were $~~306~~694 and $~~475~~417, ~~respectively,~~ included within accrued expenses and other liabilities paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-investment Activity

In certain circumstances, negotiated co-investments by the Company and other funds managed by the Investment Adviser may be made only pursuant to an order from the SEC permitting the Company to do so. On January 4, 2017, the SEC granted exemptive relief (“Exemptive Relief”) that permits the Company to co-invest with ~~Goldman Sachs BDC, Inc. (“~~GS BDC”), Goldman Sachs Private Middle Market Credit LLC (“GS PMMC”), Goldman Sachs Private Middle Market Credit II LLC (“GS PMMC II”) and certain other funds that may be managed by GSAM, including the GSAM Credit Alternatives Team, after the date of the exemptive order, subject to certain conditions including that co-investments are made in a manner consistent with the Company’s investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and pursuant to the conditions required by the Exemptive Relief, and are allocated fairly among participants. The GSAM Credit Alternatives Team is comprised of investment professionals dedicated to the Company’s investment strategy and other funds that share a similar investment strategy with the Company, who are 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, together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. Under the terms of the Exemptive Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the then-current investment objectives and strategies of the Company. As a result of the Exemptive Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of GS BDC, GS PMMC, GS PMMC II and/or other funds established by the GSAM Credit Alternatives Team that could avail themselves of the Exemptive Relief.

4.	INVESTMENTS

As of the dates indicated, the Company’s investments (excluding an investment in a money market fund, if any, managed by an affiliate of Group Inc.) consisted of the following:

September 30, 2019

December 31, 2018

March 31, 2020

December 31, 2019

Investment Type

Cost

Fair Value

Cost

Fair Value

1st Lien/Senior Secured Debt

1,~~129~~342,~~825~~492

1,~~124~~275,~~800~~908

~~646~~1,~~334~~272,044

~~644~~1,~~913~~266,486

1st Lien/Last-Out Unitranche

100,~~810~~850

~~100~~97,~~785~~471

90100,~~483~~829

90100,~~582~~797

2nd Lien/Senior Secured Debt

~~355~~312,~~703~~162

~~340~~265,~~600~~412

~~359~~311,~~039~~933

~~353~~294,~~765~~165

Preferred Stock

7,200

910,~~493~~861

7,200

810,~~100~~137

Common Stock

1110,~~051~~381

1312,~~634~~266

910,~~998~~381

911,~~825~~575

Total Investments

1,~~604~~773,~~589~~085

1,~~589~~661,~~312~~918

1,~~113~~702,~~054~~387

1,~~107~~683,~~185~~160

As of the dates indicated, the industry composition of the Company’s portfolio at fair value and net assets was as follows:

	September 30, 2019						December 31, 2018
	March 31, 2020						December 31, 2019
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Software		1110.82	%		2018.34	%		810.51	%		1118.50	%
Health Care Technology		10.50			18.0			510.61			718.50
Health Care Providers & Services		10.1			17.4			8.6			11.6
Interactive Media & Services		9.7			17.6			10.0			17.8
Internet Software & Services		9.9			17.1			10.4			14.1
Health Care Providers & Services		9.7			17.5			11.5			20.5
IT Services		67.7			1113.49			87.8			1114.80
Real Estate Management & Development		6.25			1011.68			15.69			210.24
Diversified Financial Services		5.4			9.2			7.5			10.1
Professional Services		6.0			10.9			5.8			10.3
Hotels, Restaurants & Leisure		4.1			7.0			1.4			1.9
Diversified Consumer Services		5.0			9.1			1.8			3.2
Media		4.0			6.8			6.0			8.1
Diversified Financial Services		4.9			8.9			5.1			9.1
Professional Services		3.7			6.4			5.2			7.1
Health Care Equipment & Supplies		4.1			7.4			4.2			7.5
Health Care Equipment & Supplies		3.5			6.0			3.9			5.3
Hotels, Restaurants & Leisure		3.9			7.1			3.9			7.0
Road & Rail		3.4			5.8			3.9			5.3
Chemicals		2.6			4.7			2.8			5.1
Chemicals		3.2			5.4			7.2			9.8
Road & Rail		2.6			4.7			3.1			5.6
Insurance		2.7			4.7			2.8			3.8
Transportation Infrastructure		1.9			3.4			1.9			3.4
Household Products		21.08			3.43			31.09			43.03
Transportation Infrastructure		2.0			3.4			–			–
Diversified Telecommunication Services		1.8			3.2			1.7			3.0
Diversified Telecommunication Services		1.9			3.2			2.8			3.8
Entertainment		1.5			2.7			1.6			2.9
Internet & Catalog Retail		1.6			2.8			1.7			2.3
Insurance		1.5			2.7			1.6			2.8
Air Freight & Logistics		1.54			2.74			21.25			32.06
Building Products		1.42			2.43			2.1.4			2.84
Diversified Consumer Services		0.8			1.3			–			–
Media		1.1			2.0			1.1			2.1
Beverages		0.7			1.3			1.0			1.4
Trading Companies & Distributors		0.9			1.5			1.0			1.8
Auto Components		0.7			1.2			1.0			1.3
Commercial Services & Supplies		0.7			1.3			0.7			1.3
Commercial Services & Supplies		0.6			1.1			0.6			0.8
Beverages		0.7			1.2			0.7			1.3
Food Products		0.5			0.9			1.6			2.1
Internet & Direct Marketing Retail		0.7			1.2			0.7			1.2
Life Sciences Tools & Services		0.5			0.9			0.7			1.0
Auto Components		0.6			1.1			0.6			1.1
Containers & Packaging		0.4			0.6			0.6			0.7
Food Products		0.5			0.8			0.5			0.9
Capital Markets		0.2			0.3			0.3			0.4
Life Sciences Tools & Services		0.4			0.8			0.5			0.8
Distributors		–			–			1.0			1.3
Containers & Packaging		0.2			0.5			0.3			0.5
Total		100.0	%		171.6	%		100.0	%		135.0	%
Capital Markets		0.2			0.3			0.2			0.3
Total		100.0	%		180.7	%		100.0	%		178.2	%

As of the dates indicated, the geographic composition of the Company’s portfolio at fair value was as follows:

Geographic	~~September~~March 3031, ~~2019~~2020			December 31, ~~2018~~2019
United States		95.46	%		9795.46	%
Canada		2.98			–2.7
Ireland		1.76			21.67
Total		100.0	%		100.0	%

5.	FAIR VALUE MEASUREMENT

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

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

Basis of Fair Value Measurement

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

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

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

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

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

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

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.

27The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets and liabilities as of March 31, 2020 and December 31, 2019. 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 yield 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 and liabilities.

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets and liabilities as of September 30, 2019 and December 31, 2018. 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 yield 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 and liabilities.


Level 3 Instruments	Level 3 Assets as of March 31, 2020⁽¹⁾	Significant Unobservable Inputs by Valuation Techniques⁽²⁾	Range⁽³⁾ of Significant Unobservable Inputs (Weighted Average⁽⁴⁾) as of March 31, 2020
Bank Loans, Corporate Debt, and	1st Lien/Senior Secured	Discounted cash flows:
Other Debt Obligations	$1,106,535	• Discount Rate	7.0% - 15.1% (9.0%)
	1st Lien/Last-Out Unitranche	Discounted cash flows:
	$97,471	• Discount Rate	8.9% - 12.0% (10.9%)
	2nd Lien/Senior Secured	Discounted cash flows:
	$217,480	• Discount Rate	10.4% - 13.8% (11.7%)
Equity	Preferred Stock	Comparable multiples:
	$10,861	• EV/EBITDA⁽⁵⁾	3.8x - 27.5x (17.4x)

		Comparable multiples:
		• EV/Revenue	0.6x - 3.4x (1.2x)
	Common Stock	Discounted cash flows:
	$12,266	• Discount Rate	12.7% - 31.5% (24.1%)

		Comparable multiples:
		• EV/EBITDA⁽⁵⁾	8.8x - 9.8x (9.7x)

		Comparable multiples:
		• EV/Revenue	2.3x - 9.7x (9.6x)

Level 3 Instruments	Level 3 Assets as of September 30, 2019(1)	Significant Unobservable Inputs by Valuation Techniques(2)	Range(3) of Significant Unobservable Inputs (Weighted Average(4)) as of September 30, 2019
Bank Loans, Corporate Debt, and Other Debt Obligations	1st Lien/Senior Secured Debt	Discounted cash flows:
	$861,471	• Discount Rate	6.1% – 12.5% (8.3%)
	1st Lien/Last-Out Unitranche	Discounted cash flows:
	$100,785	• Discount Rate	8.1% – 9.8% (9.5%)
	2nd Lien/Senior Secured Debt	Discounted cash flows:
	$265,954	• Discount Rate	9.5% – 10.8% (10.1%)
Equity	Preferred Stock	Comparable multiples:
	$9,493	• EV/EBITDA(5)	3.6x – 31.0x (19.8x)
		Comparable multiples:
		• EV/Revenue	1.1x – 3.4x (1.3x)
	Common Stock	Discounted cash flows:
	$13,634	• Discount Rate	14.7% – 31.1% (24.5%)
		Comparable multiples:
		• EV/EBITDA(5)	8.5x – 16.6x (13.8x)
		Comparable multiples:
		• EV/Revenue	4.8x – 25.0x (9.5x)

⁽¹⁾

Included within Level 3 assets of $1,602,666 is an amount of $158,053 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 $1,421,486 or 90% of Level 3 bank loans, corporate debt, and other debt obligations.

(1) Included within Level 3 assets of $1,480,219 is an amount of $228,882 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions).

⁽²⁾

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.

⁽³⁾

The range for an asset category consisting of a single investment represents the relevant market data considered in determining the fair value of the investment.

⁽⁴⁾

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.

⁽⁵⁾

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

Level 3 Instruments	Level 3 Assets as of December 31, 2018(1)	Significant Unobservable Inputs by Valuation Techniques(2)	Range(3) of Significant Unobservable Inputs (Weighted Average(4)) as of December 31, 2018
Bank Loans, Corporate Debt, and Other Debt Obligations	1st Lien/Senior Secured Debt	Discounted cash flows:
	$499,548	• Discount Rate	8.4% – 13.0% (9.9%)
	1st Lien/Last-Out Unitranche	Discounted cash flows:
	$90,582	• Discount Rate	9.3% – 10.9% (10.6%)
	2nd Lien/Senior Secured Debt	Discounted cash flows:
	$227,093	• Discount Rate	10.8% – 16.5% (11.5%)
Equity	Preferred Stock	Comparable multiples:
	$5,400	• EV/EBITDA(5)	4.0x – 27.6x (18.9x)
	Common Stock	Discounted cash flows:
	$6,750	• Discount Rate	14.6% – 31.0% (24.5%)
		Comparable multiples:
		• EV/EBITDA(5)	8.4x – 13.0x (11.7x)

(1) Included within Level 3 assets of $1,053,536 is an amount of $224,163 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions).


Level 3 Instruments	Level 3 Assets as of December 31, 2019⁽¹⁾	Significant Unobservable Inputs by Valuation Techniques⁽²⁾	Range⁽³⁾ of Significant Unobservable Inputs (Weighted Average⁽⁴⁾) as of December 31, 2019
Bank Loans, Corporate Debt, and Other Debt Obligations	1st Lien/Senior Secured Debt	Discounted cash flows:
	$1,031,569	• Discount Rate	6.5% – 13.3% (8.7%)
	1st Lien/Last-Out Unitranche	Discounted cash flows:
	$100,797	• Discount Rate	8.5% – 10.1% (9.8%)
	2nd Lien/Senior Secured Debt	Discounted cash flows:
	$233,672	• Discount Rate	9.9% – 12.4% (10.7%)
Equity	Preferred Stock	Comparable multiples:
	$10,137	• EV/EBITDA⁽⁵⁾	4.2x – 30.2x (19.0x)
		Comparable multiples:
		• EV/Revenue	1.0x – 3.2x (1.3x)
	Common Stock	Discounted cash flows:
	$11,575	• Discount Rate	13.9% – 31.0% (23.9%)
		Comparable multiples:
		• EV/EBITDA⁽⁵⁾	8.5x – 12.7x (9.7x)
		Comparable multiples:
		• EV/Revenue	2.3x – 9.7x (9.6x)

⁽¹⁾

Included within Level 3 assets of $1,579,087 is an amount of $191,337 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 $1,366,038 or 87.7% of Level 3 bank loans, corporate debt, and other debt obligations.

⁽²⁾

⁽³⁾

The range for an asset category consisting of a single investment represents the relevant market data considered in determining the fair value of the investment.

⁽⁴⁾

⁽⁵⁾

Enterprise value of portfolio company as a multiple of EBITDA.

28As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2020 and December 31, 2019. 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 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 or decreases in market comparable transactions or market multiples would result in an increase or decrease, in the fair value.

As ~~noted above, the income and market approaches were used in the determination~~ of ~~fair value of certain Level 3 assets as of September 30, 2019 and December 31, 2018. The significant unobservable inputs used in~~ the ~~income~~dates ~~approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment~~indicated, ~~which include both future principal and interest payments. An increase in~~ the ~~discount~~following ~~rate~~is ~~or market yield would result in~~ a ~~decrease~~summary ~~in the fair value. Included in the consideration and selection~~ of ~~discount~~ ~~rates is risk of default, rating of~~ the ~~investment,~~Company’s ~~call~~assets ~~provisions~~categorized ~~and~~within ~~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 or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value hierarchy.

The following is a summary of the Company’s assets categorized within the fair value hierarchy as of September 30, 2019:


	March 31, 2020								December 31, 2019
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	–	$	23,520	$	1,252,388	$	1,275,908	$	–	$	58,830	$	1,207,656	$	1,266,486
1st Lien/Last-Out Unitranche		–		–		97,471		97,471		–		–		100,797		100,797
2nd Lien/Senior Secured Debt		–		35,732		229,680		265,412		–		45,243		248,922		294,165
Preferred Stock		–		–		10,861		10,861		–		–		10,137		10,137
Common Stock		–		–		12,266		12,266		–		–		11,575		11,575
Investments in Affiliated Money Market Fund		91,998		–		–		91,998		–		–		–		–
Total Assets	$	91,998	$	59,252	$	1,602,666	$	1,753,916	$	–	$	104,073	$	1,579,087	$	1,683,160
Foreign currency forward contracts (asset)⁽¹⁾	$	–	$	156	$	–	$	156	$	–	$	46	$	–	$	46

Investments – Assets	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	–	$	34,447	$	1,090,353	$	1,124,800
1st Lien/Last-Out Unitranche		–		–		100,785		100,785
2nd Lien/Senior Secured Debt		–		74,646		265,954		340,600
Preferred Stock		–		–		9,493		9,493
Common Stock		–		–		13,634		13,634
Total	$	–	$	109,093	$	1,480,219	$	1,589,312
Derivatives	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts (asset)(1)	$	–	$	245	$	–	$	245
Total	$	–	$	245	$	–	$	245

⁽¹⁾

Amounts disclosed represent the unrealized appreciation on the foreign currency forward contracts.

~~The following is a summary of the Company’s assets categorized within the fair value hierarchy as of December~~ 31, ~~2018:~~

Investments – Assets	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	–	$	–	$	644,913	$	644,913
1st Lien/Last-Out Unitranche		–		–		90,582		90,582
2nd Lien/Senior Secured Debt		–		53,649		300,116		353,765
Preferred Stock		–		–		8,100		8,100
Common Stock		–		–		9,825		9,825
Total	$	–	$	53,649	$	1,053,536	$	1,107,185
Derivatives	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts (asset)(1)	$	–	$	122	$	–	$	122
Total	$	–	$	122	$	–	$	122

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

(1) Amounts disclosed represent the unrealized appreciation on the foreign currency forward contracts.


Level 3	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⁽³⁾			Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
*For the three months ended March 31, 2020*
1st Lien/Senior Secured Debt	$	1,207,656	$	134,861	$	222		$	(55,973	)	$	(42,705	)	$	1,440	$	25,102	$	(18,215	)	$	1,252,388	$	(56,167	)
1st Lien/Last-Out Unitranche		100,797		–		–			(3,347	)		(113	)		134		–		–			97,471		(3,347	)
2nd Lien/Senior Secured Debt		248,922		–		–			(19,450	)		–			208		–		–			229,680		(19,450	)
Preferred Stock		10,137		–		–			724			–			–		–		–			10,861		724
Common Stock		11,575		–		–			691			–			–		–		–			12,266		691
Total assets	$	1,579,087	$	134,861	$	222		$	(77,355	)	$	(42,818	)	$	1,782	$	25,102	$	(18,215	)	$	1,602,666	$	(77,549	)
*For the three months ended March 31, 2019*
1st Lien/Senior Secured Debt	$	644,913	$	115,567	$	(4	)	$	(1,084	)	$	(14,277	)	$	678	$	–	$	–		$	745,793	$	(1,089	)
1st Lien/Last-Out Unitranche		90,582		3,940		–			(115	)		(113	)		117		–		–			94,411		(115	)
2nd Lien/Senior Secured Debt		300,116		25,296		–			(8,469	)		(7,200	)		212		–		(6,089	)		303,866		(8,581	)
Preferred Stock		8,100		–		–			530			–			–		–		–			8,630		530
Common Stock		9,825		–		–			875			–			–		–		–			10,700		875
Total assets	$	1,053,536	$	144,803	$	(4	)	$	(8,263	)	$	(21,590	)	$	1,007	$	–	$	(6,089	)	$	1,163,400	$	(8,380	)

The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2019:

Level 3	Beginning Balance as of January 1,2019		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)(2)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In		Transfers Out			Ending Balance as of September 30,2019
1st Lien/Senior Secured Debt	$	644,913	$	559,371	$	(21	)	$	(3,437	)	$	(114,031	)	$	3,558	$	–	$	–		$	1,090,353
1st Lien/Last-Out Unitranche		90,582		10,294		–			(124	)		(339	)		372		–		–			100,785
2nd Lien/Senior Secured Debt		300,116		24,522		(10,553	)		1,181			(32,795	)		987		–		(17,504	)		265,954
Preferred Stock		8,100		–		–			1,393			–			–		–		–			9,493
Common Stock		9,825		1,054		–			2,755			–			–		–		–			13,634
Total assets	$	1,053,536	$	595,241	$	(10,574	)	$	1,768		$	(147,165	)	$	4,917	$	–	$	(17,504	)	$	1,480,219

⁽¹⁾

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

(2) ~~Change~~Transfers in ~~unrealized~~were ~~appreciation~~primarily ~~(depreciation)~~due ~~relating~~ to ~~assets~~decreased ~~still~~price held at September 30, 2019 totaled $227 consisting of the following: 1st Lien/Senior Secured Debt $(2,981), 1st Lien/Last-Out Unitranche $(124), 2nd Lien/Senior Secured Debt $(816), Preferred Stock $1,393 and Common Stock $2,755transparency.

29(3) Transfers out were primarily due to increased price transparency.

The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2018:

Level 3	Beginning Balance as of January 1,2018		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)(2)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In		Transfers Out		Ending Balance as of September 30,2018
1st Lien/Senior Secured Debt	$	199,464	$	331,171	$	(6	)	$	(126	)	$	(13,696	)	$	816	$	–	$	–	$	517,623
1st Lien/Last-Out Unitranche		37,138		74,740		–			(151	)		(22,026	)		763		–		–		90,464
2nd Lien/Senior Secured Debt		226,781		104,731		–			(696	)		(8,370	)		601		26,322		–		349,369
Preferred Stock		–		4,500		–			450			–			–		–		–		4,950
Common Stock		2,070		4,963		1,291			290			(1,791	)		–		–		–		6,823
Total assets	$	465,453	$	520,105	$	1,285		$	(233	)	$	(45,883	)	$	2,180	$	26,322	$	–	$	969,229

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

(2) Change in unrealized appreciation (depreciation) relating to assets still held at September 30, 2018 totaled $(44), consisting of the following: 1st Lien/Senior Secured Debt $(126), 1st Lien/Last-Out Unitranche $(20), 2nd Lien/Senior Secured Debt $(638), Preferred Stock $450 and Common Stock $290.

Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. For the nine months ended September 30, 2019, transfers from Level 3 to Level 2 were primarily due to increased price transparency. For the nine months ended September 30, 2018, transfers from Level 2 to Level 3 were primarily due to decreased price transparency.

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 ~~September~~ March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, approximates its carrying value because the Truist Revolving Credit Facility has variable interest based on selected short term rates.

DEBT

In accordance with the Investment Company Act, with certain exceptions, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 200% after such borrowing (or 150% if certain requirements are met). As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was ~~244~~209% and ~~381~~228%~~, respectively~~.

~~The~~As ~~Company’s~~of ~~outstanding~~the ~~debt~~dates ~~as of September 30~~indicated, ~~2019~~the ~~and~~Company’s ~~December 31,~~outstanding ~~2018~~debt was as follows:

	As of
	September 30, 2019						December 31, 2018
	March 31, 2020						December 31, 2019
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value~~(3)~~		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value~~(3)~~
SunTrust Revolving Credit Facility (1)(2)	$	850,000	$	210,186	$	639,563	$	600,000	$	314,401	$	286,189
Truist Revolving Credit Facility (1)(2)	$	850,000	$	10,271	$	839,884	$	850,000	$	120,648	$	729,986
Total Debt	$	850,000	$	~~210~~10,~~186~~271	$	~~639~~839,~~563~~884	$	~~600~~850,000	$	~~314~~120,~~401~~648	$	~~286~~729,~~189~~986

(1) The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD have been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of ~~September~~March 3031, ~~2019~~2020, the Company had outstanding borrowings denominated in USD of $~~587~~787,~~300~~000 and in Euros (EUR) of ~~EUR~~ 47,950. As of December 31, ~~2018~~2019, the Company had outstanding borrowings denominated in USD of $~~231~~676,~~250~~200 and in ~~Euros (~~EUR) of ~~EUR~~ 47,950.

⁽²⁾

Provides, under certain circumstances, a total borrowing capacity of $900,000.

~~(3)~~The ~~Debt~~weighted ~~outstanding~~average ~~denominated~~interest inrate ~~currencies~~of ~~other~~the ~~than~~aggregate ~~USD~~borrowings ~~have~~outstanding ~~been~~for ~~converted to USD using~~ the ~~applicable~~three ~~foreign~~months ~~currency~~ended ~~exchange~~March 31, ~~rate~~2020 asand offor ~~September~~the 30year ended December 31, 2019 ~~and~~were ~~December~~3.82% ~~31,~~and ~~2018~~4.27%.

~~The~~Truist ~~combined~~Revolving ~~weighted~~Credit ~~average interest~~Facility ~~rate of the aggregate borrowings outstanding for the nine months ended September 30, 2019 and for the year ended December 31, 2018 were 4.40% and 4.20%, respectively.~~

~~SunTrust~~On September 11, 2017, the Company entered into the Truist Revolving Credit Facility, a multicurrency facility, with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent. The Company amended the Truist Revolving Credit Facility on September 17, 2018, July 10, 2019 and February 25, 2020.

~~On September 11,~~32 2017, the Company entered into the SunTrust Revolving Credit Facility with various lenders. SunTrust Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent. The Company amended the SunTrust Revolving Credit Facility on September 17, 2018 and July 10, 2019.

The ~~SunTrust Revolving Credit Facility is a multicurrency facility, and as of September 30, 2019,~~ total commitments under the ~~SunTrust~~Truist Revolving Credit Facility ~~were~~is $850,000. The accordion feature of the ~~SunTrust~~Truist Revolving Credit Facility allows the Company, subject to the satisfaction of various conditions, to bring total commitments under the ~~SunTrust~~Truist Revolving Credit Facility to $900,000.

30Borrowings under the Truist Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest (at the Company’s election) of either the Adjusted LIBO Rate (as defined in the Truist Revolving Credit Facility) plus the Applicable Margin (as defined in the Truist Revolving Credit Facility) or the Applicable Margin plus the higher of the Prime Rate (as defined in the Truist Revolving Credit Facility), Federal Funds Effective Rate (as defined in the Truist Revolving Credit Facility) plus 0.5% or overnight London Interbank Offered Rate (“LIBOR”) plus 1.0%. Interest is payable quarterly in arrears or as defined in the Truist Revolving Credit Facility. The Company pays a fee of 0.375% per annum on committed but undrawn amounts under the Truist Revolving Credit Facility, payable quarterly in arrears. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on March 11, 2022.

~~Borrowings~~The Truist ~~under the SunTrust~~ Revolving Credit Facility, ~~including~~may ~~amounts~~be ~~drawn~~guaranteed inby ~~respect~~certain of ~~letters~~ ~~of credit, bear interest (at~~ the Company’s ~~election)~~subsidiaries ofthat ~~either~~are ~~the~~formed ~~Adjusted LIBO Rate (as defined in the SunTrust Revolving Credit Facility) plus the Applicable Margin (as defined in the SunTrust Revolving Credit Facility)~~ or ~~the Applicable~~acquired ~~Margin~~by ~~plus~~ the ~~higher~~Company ~~of the Prime Rate (as defined~~ in the ~~SunTrust~~future ~~Revolving Credit Facility)~~(collectively, ~~Federal Funds Effective Rate (as defined in~~ the ~~SunTrust Revolving Credit Facility) plus 0.5% or overnight London Interbank Offered Rate (~~“~~LIBOR~~Guarantors”) ~~plus 1~~.~~0%.~~ ~~Interest~~Proceeds isfrom ~~payable~~borrowings ~~quarterly~~may inbe ~~arrears~~used orfor asgeneral corporate ~~defined~~purposes, inincluding the ~~SunTrust~~funding ~~Revolving Credit Facility. The Company pays a fee~~ of ~~0.375%~~portfolio ~~per annum on committed but undrawn amounts under the SunTrust Revolving Credit Facility, payable quarterly in arrears~~investments. ~~Any amounts borrowed under the SunTrust Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on September 13, 2021.~~

The ~~SunTrust~~Company’s obligations to the lenders under the Truist Revolving Credit Facility ~~may~~are besecured ~~guaranteed~~ by ~~certain~~a first priority security interest in substantially all of the Company’s ~~subsidiaries~~portfolio ~~that~~of ~~are~~investments ~~formed~~and orcash, ~~acquired~~with bycertain ~~the~~exceptions. The Truist Revolving Credit Facility contains certain customary ~~Company~~covenants, inincluding: ~~the~~(i) maintaining ~~future~~a minimum shareholder’s equity, (~~collectively~~ii) maintaining an asset coverage ratio of at least 2 to 1, (iii) maintaining a minimum liquidity test of at least 15% of the “~~Guarantors~~covered debt amount”). during ~~Proceeds~~any ~~from~~period ~~borrowings~~when ~~may~~the be“adjusted ~~used~~covered ~~for~~debt ~~general~~balance” ~~corporate~~is ~~purposes~~greater than 85% of the “adjusted borrowing base,” ~~including~~as such quoted terms are defined in the ~~funding~~Truist ofRevolving ~~portfolio~~Credit ~~investments~~Facility and (iv) restrictions on industry concentrations in the Company’s investment portfolio.

The ~~Company’s~~Truist ~~obligations to the lenders under the SunTrust~~ Revolving Credit Facility ~~are~~also ~~secured~~includes bycustomary ~~a first priority security interest~~representations inand ~~substantially~~warranties, ~~all~~conditions ofprecedent ~~the~~to ~~Company’s~~funding ~~portfolio~~ of ~~investments~~draws and ~~cash,~~events with certain exceptions. The SunTrust Revolving Credit Facility contains certain customary covenants, including: (i) maintaining a minimum shareholder’s equity, (ii) maintaining an asset coverage ratio of atdefault ~~least 2 to 1,~~ (~~iii)~~including ~~maintaining~~ a ~~minimum~~change ~~liquidity~~in ~~test~~control ofevent ~~at least 15%~~ of ~~the~~default “covered debt amount” during any period when the “adjusted covered debt balance” is greater than 85% of the “adjusted borrowing base,” as such quoted terms are defined in the SunTrust Revolving Credit Facility and (ivtrigger) ~~restrictions on industry concentrations in the Company’s investment portfolio~~.

~~The~~Costs ~~SunTrust~~of $5,626 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility ~~also~~and ~~includes~~exercising ~~customary~~its ~~representations~~right ~~and~~under the ~~warranties~~accordion feature, ~~conditions~~which ~~precedent~~have tobeen ~~funding~~recorded as deferred financing costs on the Consolidated Statements of ~~draws~~Assets and ~~events~~ Liabilities and are being amortized over the life of ~~default~~the ~~(including~~Truist aRevolving ~~change~~Credit inFacility ~~control~~using ~~event~~the straight-line method. As of March 31, ~~default~~2020 ~~trigger)~~and December 31, 2019, deferred financing costs were $2,679 and $2,617.

~~Costs~~The ofbelow ~~$5,196~~table ~~were~~presents ~~incurred in connection with obtaining and amending~~ the SunTrust Revolving Credit Facility and exercising its right under the accordion feature, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over thesummary ~~life~~information of the ~~SunTrust~~Truist Revolving Credit Facility ~~using the straight-line method~~. ~~As of September 30, 2019 and December 31, 2018, deferred financing costs were $3,005 and $3,233, respectively.~~

The summary information of the SunTrust Revolving Credit Facility for the three and nine months ended September 30, 2019 and 2018 is as follows:


	For the three months ended March 31, 2020			For the three months ended March 31, 2019
Borrowing interest expense	$	6,954		$	3,874
Facility fees		124			242
Amortization of financing costs		368			295
Total	$	7,446		$	4,411
Weighted average interest rate		3.82	%		4.43	%
Average outstanding balance	$	733,081		$	355,006

	For the ThreeMonths Ended September 30,2019		For the ThreeMonths Ended September 30,2018		For the NineMonths Ended September 30,2019		For the NineMonths Ended September 30,2018
Borrowing interest expense	$	6,399	$	2,950	$	14,810	$	5,268
Facility fees		228		187		685		629
Amortization of financing costs		374		256		974		680
Total	$	7,001	$	3,393	$	16,469	$	6,577
Weighted average interest rate		4.34%		4.21%		4.40%		4.17%
Average outstanding balance	$	584,493	$	278,343	$	450,012	$	168,956

7.	DERIVATIVES

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included in the Consolidated Statements of Assets and Liabilities as due to/due from a broker. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that they believe to be in good standing and by monitoring the financial stability of those counterparties.

For the three months ended March 31, 2020 and 2019, the Company’s average USD notional exposure to foreign currency forward contracts was $5,192 and $4,788.

~~For~~As ~~the~~of ~~three and nine months ended September 30, 2019,~~ the ~~Company’s~~dates ~~average USD notional exposure to foreign currency forward contracts was $2~~indicated,~~963~~ ~~and $3,855, respectively. For~~ the ~~period~~table ~~from~~below ~~August 8,~~sets ~~2018~~forth ~~to September 30, 2018,~~ the Company’s ~~average~~net ~~USD notional~~ exposure to foreign currency forward contracts ~~was~~ ~~$3,334.~~by ~~The~~counterparty that ~~Company~~are ~~did~~subject ~~not~~to ~~hold~~ISDA ~~any~~Master ~~derivative~~Agreements ~~instruments~~or ~~prior~~similar ~~to August 8, 2018~~agreements.

The following table sets forth the Company’s net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements as of September 30, 2019.


	Gross Amount of Assets		Gross Amount of (Liabilities)		Net Amount of Assets or (Liabilities)		Collateral (Received) Pledged ⁽¹⁾		Net Amounts⁽²⁾
March 31, 2020
Bank of America, N.A.	$	156	$	–	$	156	$	–	$	156
December 31, 2019
Bank of America, N.A.	$	46	$	–	$	46	$	–	$	46

Counterparty	Gross Amount of Assets on the Consolidated Statements of Assets and Liabilities		Gross Amount of (Liabilities) on the Consolidated Statements of Assets and Liabilities		Net Amount of Assets or (Liabilities) Presented on the Consolidated Statements of Assets and Liabilities		Collateral (Received) Pledged (1)		Net Amounts (2)
Bank of America, N.A.	$	245	$	–	$	245	$	–	$	245
Total	$	245	$	–	$	245	$	–	$	245

⁽¹⁾

Amount excludes excess cash collateral paid.

⁽²⁾

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

The ~~following~~effect ~~table~~of ~~sets~~transactions ~~forth~~in ~~the~~derivative ~~Company’s~~instruments ~~net exposure~~ to ~~foreign~~the ~~currency~~Consolidated ~~forward~~Statements ~~contracts~~of ~~that~~Operations ~~are~~was ~~subject to ISDA Master Agreements or similar agreements~~ as offollows: ~~December 31, 2018.~~

Counterparty	Gross Amount of Assets on the Consolidated Statements of Assets and Liabilities		Gross Amount of (Liabilities) on the Consolidated Statements of Assets and Liabilities		Net Amount of Assets or (Liabilities) Presented on the Consolidated Statements of Assets and Liabilities		Collateral (Received) Pledged (1)		Net Amounts (2)
	March 31, 2020		March 31, 2019
Bank of America, N.A.	$	122	$	–	$	122	$	–	$	122
Net realized gain (loss) on foreign currency forward contracts	$	38	$	12
Total	$	122	$	–	$	122	$	–	$	122
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		110		108
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	148	$	120

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the three and nine months ended September 30, 2019 and 2018 was as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Net realized gain (loss) on foreign currency forward contracts	$	53	$	—	$	65	$	—
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		78		3		123		3
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	131	$	3	$	188	$	3

8.	COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows as of the dates indicated:

September 30, 2019

December 31, 2018

March 31, 2020

December 31, 2019

Capital Commitments

Unfunded Capital Commitments

% of Capital Commitments Funded

Capital Commitments

Unfunded Capital Commitments

% of Capital Commitments Funded

Common Stock

1,034,~~998~~646

~~82,878~~–

92100

1,~~035~~034,~~043~~992

~~207~~62,~~078~~152

8094

3234

Portfolio Company Commitments

The Company may enter into investment commitments to fund investments through signed commitment letters which in certain circumstances may be disclosed by the Company. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement to fund investments. As of ~~September~~ March 3031, ~~2019~~ 2020, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types ~~as of the dates indicated~~:

	September 30, 2019							December 31, 2018
			Unfunded CommitmentBalances(2)					Fair Value(3)
	CommitmentExpirationDate(1)		~~UnfundedCommitment(2)~~March 31,2020		~~FairValue(3)~~December 31,2019			~~CommitmentExpirationDate(1)~~March 31,2020			~~UnfundedCommitment(2)~~December 31,2019			~~Fair Value(3)~~
1st Lien/Senior Secured Debt
Picture Head Midco LLC		–	$	–	$	–			3/31/2019		$	3,620		$	(72	)
Hygiena Borrower LLC		6/29/2020	$	814	$	814		$	(41	)	$	(16	)
VRC Companies, LLC		–		–		–			9/27/2019			1,238			(12	)
Convene 237 Park Avenue, LLC (dba Convene)		8/30/2020		4,378		9,120			(657	)		(182	)
SPay, Inc.		–		–		–			6/15/2020			8,069			(204	)
Diligent Corporation		12/19/2020		6,083		6,083			(61	)		(61	)
Diligent Corporation		–		–		–			8/3/2020			354			(4	)
Brillio, LLC		2/6/2021		1,100		2,200			(61	)		(22	)
Gastro Health Holdco, LLC		–		–		–			9/4/2020			7,146			(144	)
CorePower Yoga LLC		5/14/2021		236		2,692			(24	)		(40	)
Datto, Inc.		–		–		–			12/7/2022			3,529			(26	)
CFS Management, LLC (dba Center for Sight Management)		7/1/2021		2,067		2,067			(98	)		(21	)
Picture Head Midco LLC		–		–		–			8/31/2023			2,509			(51	)
Associations, Inc.		7/30/2021		1,212		1,299			(88	)		(13	)
Apptio, Inc.		–		–		–			1/10/2025			37,161			–
WebPT, Inc.		8/28/2021		1,867		1,867			(154	)		(37	)
Mailgun Technologies, Inc.		12/10/2019		4,022		–			–			–			–
Elemica Parent, Inc.		9/18/2021		830		830			(62	)		(21	)
Gastro Health Holdco, LLC		4/13/2020		6,933		(121	)		–			–			–
Bullhorn, Inc.		10/1/2021		865		1,065			(39	)		(16	)
Businessolver.com, Inc.		5/15/2020		1,278		(22	)		5/15/2020			3,350			(68	)
Chronicle Bidco Inc. (dba Lexitas)		11/14/2021		1,992		4,330			(70	)		(43	)
Hygiena Borrower LLC		6/29/2020		814		(16	)		6/29/2020			808			(16	)
Eptam Plastics, Ltd.		12/6/2021		2,708		2,708			(115	)		(20	)
Convene 237 Park Avenue, LLC		8/30/2020		9,120		(91	)		–			–			–
MRI Software LLC		2/10/2022		2,171		–			(282	)		–
Diligent Corporation		12/19/2020		8,544		(85	)		12/19/2020			13,670			(171	)
Netvoyage Corporation (dba NetDocuments)		3/24/2022		610		610			(29	)		(8	)
Pathway Vet Alliance LLC		12/21/2020		557		(6	)		–			–			–
Diligent Corporation		4/14/2022		216		216			(2	)		(2	)
Brillio, LLC		2/6/2021		2,200		(22	)		–			–			–
Xactly Corporation		7/29/2022		2,177		2,177			(76	)		(27	)
FWR Holding Corporation		2/28/2021		3,040		(30	)		–			–			–
Hygiena Borrower LLC		8/26/2022		550		550			(27	)		(11	)
CorePower Yoga, LLC		5/14/2021		2,692		(40	)		–			–			–
Lithium Technologies, Inc.		10/3/2022		3,448		3,448			(181	)		(52	)
CFS Management, LLC		7/1/2021		2,067		(21	)
Businessolver.com, Inc.		5/15/2023		3,760		2,256			(188	)		(39	)
Associations, Inc.		7/30/2021		1,768		(18	)		7/30/2021			2,696			(27	)
Integral Ad Science, Inc.		7/19/2023		2,586		2,586			(97	)		(39	)
The Center for Orthopedic and Research Excellence, Inc.		8/15/2021		6,768		(59	)		–			–			–
FWR Holding Corporation (dba First Watch Restaurants)		8/21/2023		490		226			(28	)		(2	)
WebPT, Inc.		8/28/2021		1,867		(19	)		–			–			–
SPay, Inc. (dba Stack Sports)		6/17/2024		543		543			(56	)		(18	)
Gastro Health Holdco, LLC		9/13/2021		7,200		(126	)		–			–			–
Fenergo Finance 3 Limited		9/5/2024		2,426		2,468			(115	)		(19	)
Elemica Parent, Inc.		9/18/2021		830		(10	)		–			–			–
Fenergo Finance 3 Limited		9/5/2024		1,683		1,683			(80	)		(13	)
Bullhorn, Inc.		10/1/2021		1,311		–			–			–			–
iCIMS, Inc.		9/12/2024		2,662		2,662			(126	)		(47	)
Netvoyage Corporation		3/24/2022		610		(8	)		3/24/2022			610			(8	)
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)		11/15/2024		724		3,258			(25	)		(57	)
VRC Companies, LLC		3/31/2022		83		(1	)		3/31/2022			122			(1	)
Wrike, Inc.		12/31/2024		2,300		2,300			(69	)		(46	)
Diligent Corporation		4/14/2022		216		(2	)		4/14/2022			1,080			(14	)
Apptio, Inc.		1/10/2025		3,160		3,160			(87	)		(55	)
Continuum Managed Services LLC		6/8/2022		2,000		–			6/8/2022			2,000			(40	)
ConnectWise, LLC		2/28/2025		1,524		1,524			(110	)		(19	)
DDS USA Holding, Inc.		6/30/2022		1,533		(8	)		6/30/2022			1,533			(12	)
Villa Bidco Inc (dba Authority Brands)		3/21/2025		939		–			(21	)		–
Xactly Corporation		7/29/2022		2,177		(27	)		7/29/2022			2,177			(33	)
Mailgun Technologies, Inc.		3/26/2025		1,448		1,448			(72	)		(25	)
Hygiena Borrower LLC		8/26/2022		550		(11	)		8/26/2022			550			(11	)
Internet Truckstop Group, LLC (dba Truckstop)		4/2/2025		2,600		2,600			(104	)		(39	)
Lithium Technologies, Inc.		10/3/2022		2,758		(48	)		10/3/2022			3,448			(69	)
PlanSource Holdings, Inc.		4/22/2025		4,681		4,681			(257	)		(94	)
Bullhorn, Inc.		11/21/2022		899		–			–			–			–
CorePower Yoga LLC		5/14/2025		1,010		1,009			(101	)		(15	)
Businessolver.com, Inc.		5/15/2023		2,932		(51	)		5/15/2023			2,256			(45	)
Wolfpack IP Co. (dba Lone Wolf Technologies)		6/13/2025		4,722		4,722			(118	)		(94	)
Integral Ad Science, Inc.		7/19/2023		2,586		(45	)		7/19/2023			2,586			(52	)
Riverpoint Medical, LLC		6/21/2025		1,225		2,450			(92	)		(25	)
FWR Holding Corporation		8/21/2023		1,129		(11	)		8/21/2023			941			(19	)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)		7/9/2025		1,192		2,384			(119	)		(48	)
Gastro Health Holdco, LLC		9/4/2023		2,900		(51	)		9/4/2023			2,900			(58	)
WorkForce Software, LLC		7/31/2025		1,123		1,123			(73	)		(23	)
Empirix, Inc.		9/25/2023		1,800		(85	)		9/25/2023			1,800			(32	)
Elemica Parent, Inc.		9/18/2025		147		366			(11	)		(9	)
SPay, Inc.		6/17/2024		543		(18	)		6/17/2024			435			(11	)
CST Buyer Company (dba Intoxalock)		10/3/2025		517		1,294			(78	)		–
Associations, Inc.		7/30/2024		836		(8	)		7/30/2024			836			(8	)
Acquia, Inc.		10/31/2025		1,946		1,946			(97	)		(39	)
WebPT, Inc.		8/28/2024		1,556		(31	)		–			–			–
Chronicle Bidco Inc. (dba Lexitas)		11/14/2025		1,300		1,300			(45	)		(26	)
Fenergo Finance 3 Limited		9/5/2024		2,398		(183	)		9/5/2024			2,521			(87	)
Governmentjobs.com, Inc. (dba NeoGov)		2/5/2026		3,887		–			(87	)		–
Fenergo Finance 3 Limited		9/5/2024		1,683		(17	)		9/5/2024			1,683			(34	)
MRI Software LLC		2/10/2026		495		–			(64	)		–
iCIMS, Inc.		9/12/2024		2,662		(47	)		9/12/2024			2,662			(53	)
Instructure Holdings		3/24/2026		3,000		–			(37	)		–
MMIT Holdings, LLC		11/15/2024		4,525		(79	)		11/15/2024			3,620			(72	)
Gastro Health Holdco, LLC		4/13/2020		–		1,072			–			(16	)
Wrike, Inc.		12/31/2024		2,300		(46	)		12/31/2024			2,300			(46	)
GlobalTranz Enterprises, Inc.		5/15/2020		–		2,968			–			(267	)
Apptio, Inc.		1/10/2025		3,160		(63	)		1/10/2025			3,097			–
FWR Holding Corporation (dba First Watch Restaurants)		2/28/2021		–		3,040			–			(30	)
Mailgun Technologies, Inc.		3/26/2025		2,230		(45	)		–			–			–
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		8/15/2021		–		6,768			–			(118	)
Internet Truckstop Group, LLC		4/2/2025		2,600		(65	)		–			–			–
Gastro Health Holdco, LLC		9/13/2021		–		7,200			–			(108	)
PlanSource Holdings, Inc.		4/22/2025		4,681		(94	)		–			–			–
VRC Companies, LLC (dba Vital Records Control)		3/31/2022		–		111			–			(1	)
CorePower Yoga LLC		5/14/2025		1,010		(15	)		–			–			–
DDS USA Holding, Inc.		6/30/2022		–		1,380			–			(7	)
Wolfpack IP Co.		6/13/2025		4,722		(94	)		–			–			–
Gastro Health Holdco, LLC		9/4/2023		–		2,900			–			(44	)
Riverpoint Medical, LLC		6/21/2025		2,450		(24	)		–			–			–
Empirix, Inc.		9/25/2023		–		1,800			–			(180	)
HS4 AcquisitionCo, Inc.		7/9/2025		2,805		(56	)		–			–			–
Associations, Inc.		7/30/2024		–		836			–			(8	)
WorkForce Software, LLC		7/31/2025		1,123		(22	)		–			–			–
WebPT, Inc.		8/28/2024		–		1,556			–			(31	)
The Center for Orthopedic and Research Excellence, Inc.		8/15/2025		2,301		(40	)		–			–			–
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		8/15/2025		–		2,572			–			(45	)
Elemica Parent, Inc.		9/18/2025		385		(10	)		–			–			–
Bullhorn, Inc.		10/1/2025		–		799			–			(12	)
Bullhorn, Inc.		10/1/2025		787		–			–			–			–
Eptam Plastics, Ltd.		12/6/2025		–		1,015			–			(15	)
Total 1st Lien/Senior Secured Debt			$	~~127~~85,~~941~~414	$	(1124,~~991~~082	)	$	(4,424	)	$	~~123~~(2,~~307~~265	)	$	~~(1,500~~	)
1st Lien/Last-Out Unitranche
2nd Lien/Senior Secured Debt
Intelligent Document Solutions, Inc.		–	$	–	$	–			2/28/2020		$	7,880		$	(236	)
Hygiena Borrower LLC		6/29/2020	$	831	$	831		$	(64	)	$	(15	)
Total 1st Lien/Last-Out Unitranche			$	–	$	–					$	7,880		$	(236	)
Genesis Acquisition Co. (dba ProCare Software)		7/31/2020		2,500		2,500			(256	)		(63	)
2nd Lien/Senior Secured Debt
USRP Holdings, Inc. (dba U.S. Retirement Partners)		3/29/2020		–		816			–			(8	)
RSC Acquisition, Inc.		–	$	–	$	–			3/5/2020		$	6,100		$	(61	)
Total 2nd Lien/Senior Secured Debt			$	3,331	$	4,147		$	(320	)	$	(86	)
USRP Holdings, Inc.		3/29/2020		816		(8	)		3/29/2020			816			(10	)
Total			$	88,745	$	128,229		$	(4,744	)	$	(2,351	)
Chase Industries, Inc.		5/11/2020		6,100		(381	)		5/11/2020			6,100			(198	)
Hygiena Borrower LLC		6/29/2020		831		(15	)		6/29/2020			823			(15	)
Genesis Acquisition Co.		7/31/2020		2,500		(63	)		7/31/2020			2,469			(69	)
Total 2nd Lien/Senior Secured Debt			$	10,247	$	(467	)				$	16,308		$	(353	)
Total			$	138,188	$	(2,458	)				$	147,495		$	(2,089	)

⁽¹⁾

Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2) Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using ~~the applicable foreign currency~~ exchange rate as of ~~September~~the ~~30,~~applicable ~~2019~~reporting ~~and December 31, 2018~~date.

⁽³⁾

The fair value is reflected as investments, at fair value on the Consolidated Statements of Assets and Liabilities.

3335

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.

9.	NET ASSETS

Capital Drawdowns

The following table summarizes the total shares issued and proceeds received related to capital drawdowns ~~delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2019~~:

Share Issue Date	~~Shares Issued~~SharesIssued		Proceeds Received
For the three months ended March 31, 2020
February 24, 2020		3,282,464	$	61,806
Total capital drawdowns		3,282,464	$	61,806
For the three months ended March 31, 2019
March 25, 2019		4,286,182	$	82,610
June 27, 2019		2,179,196		41,545
Total capital drawdowns		4,286,182	$	82,610
Total capital drawdowns		6,465,378	$	124,155

The following table summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2018:

Share Issue Date	Shares Issued		Proceeds Received
March 26, 2018		2,700,602	$	51,856
June 25, 2018		2,689,865		51,620
September 27, 2018		8,011,747		154,825
Total capital drawdowns		13,402,214	$	258,301

Distributions

The following table reflects the distributions declared on shares of the Company’s common stock ~~for the nine months ended September 30, 2019~~:

Date Declared	Record Date	Payment Date	Amount Per Share
For the three months ended March 31, 2020
February 27, 2020	March 16, 2020	April 30, 2020	$0.43
For the three months ended March 31, 2019
February 28, 2019	March 15, 2019	April 30, 2019	$0.43
May 9, 2019	June 14, 2019	July 31, 2019	$0.43
August 8, 2019	September 13, 2019	October 31, 2019	$0.43

~~The~~10. ~~following~~EARNINGS ~~table~~(LOSS) ~~reflects~~PER ~~the distributions declared on shares of the Company’s common stock for the nine months ended September 30, 2018:~~ SHARE

Date Declared	Record Date	Payment Date	Amount Per Share
March 1, 2018	March 15, 2018	April 30, 2018	$0.43
May 3, 2018	June 15, 2018	July 31, 2018	$0.43
August 2, 2018	September 14, 2018	October 31, 2018	$0.43

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

10. EARNINGS PER SHARE


	For the three months ended
	March 31, 2020			March 31, 2019
Net increase (decrease) in net assets resulting from operations	$	(63,748	)	$	7,653
Weighted average shares outstanding		51,897,111			43,338,250
Basic and diluted earnings (loss) per share	$	(1.23	)	$	0.18

~~The~~Diluted ~~following~~earnings ~~information~~(loss) ~~sets~~per ~~forth~~share ~~the~~equal ~~computation of~~ basic ~~and diluted~~ earnings (loss) per share ~~for~~because ~~the~~there ~~three~~were ~~and~~no ~~nine~~common ~~months ended~~share ~~September 30,~~equivalents ~~2019~~outstanding ~~and~~during ~~2018:~~the period presented.

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Numerator for basic and diluted earnings per share – increase in net assets resulting from operations	$	18,500	$	14,732	$	41,749	$	38,362
Denominator for basic and diluted earnings per share – weighted average shares outstanding		49,470,258		29,987,263		46,754,248		27,201,088
Basic and diluted earnings per share	$	0.37	$	0.49	$	0.89	$	1.41

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

11.

FINANCIAL HIGHLIGHTS

Below ispresents the schedule of financial highlights of the Company ~~for the nine months ended September 30, 2019 and 2018~~:

	For the Nine MonthsEndedSeptember 30, 2019			For the Nine MonthsEndedSeptember 30, 2018
	For the three months ended
	March 31, 2020			March 31, 2019
Per Share Data:(1)
NAV, beginning of period	$	1918.0769		$	1819.8907
Net investment income		10.2752			10.4436
Net realized and unrealized gains (losses)(2)		(01.3270	)		(0.1014	)
Income tax provision, realized and unrealized gains		(0.0100	(7)		(0.0200	)(7)
Net increase (decrease) in net assets resulting from operations(2)		0(1.9418	)		10.5222
Distributions declared from net investment income(3)		(1.29	)		(1.29	)
Distributions declared from net investment income		(0.43	)		(0.43	)
Total increase (decrease) in net assets		(01.3561	)		(0.2321	)
NAV, end of period	$	1817.7208		$	1918.1286
Shares outstanding, end of period		4953,~~470~~844,~~258~~947			3747,~~650~~291,~~673~~062
Weighted average shares outstanding		4651,~~754~~897,~~248~~111			2743,~~201~~338,~~088~~250
Total return based on NAV(4)		4.93%			8.05%
Total return based on NAV(3)		(6.31)%			1.15%
Ratio/Supplemental Data (all amounts in thousands except ratios):
Ratio/Supplemental Data:
Net assets, end of period	$	~~925~~919,~~959~~694		$	~~720~~891,~~031~~925
Ratio of net expenses to average net assets(5)		6.85%			4.09%
Ratio of net expenses to average net assets(4)		5.38%			7.25%
Ratio of expenses (without incentive fees and interest and other debt expenses) to average net assets(5)		2.13%			2.40%
Ratio of expenses (without incentive fees and interest and other debt expenses) to average net assets(4)		2.15%			2.12%
Ratio of interest and other debt expenses to average net assets(5)		23.5023%			12.7018%
Ratio of incentive fees to average net assets(6)		2.22%			(0.01)%
Ratio of incentive fees to average net assets(5)		–			2.95%
Ratio of total expenses to average net assets(5)		6.85%			4.09%
Ratio of total expenses to average net assets(4)		5.38%			7.25%
Ratio of net investment income to average net assets(5)		9.04%			10.19%
Ratio of net investment income to average net assets(4)		11.87%			7.80%
Average debt outstanding	$	~~450~~733,~~012~~081		$	~~168~~355,~~956~~006
Average debt per share(7)	$	9.63		$	6.21
Average debt per share(6)	$	14.13		$	8.19
Portfolio turnover		114%			62%

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

⁽²⁾

The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of the distribution.

(3) ~~The~~Total ~~per~~return ~~share~~based ~~data~~on ~~for~~NAV ~~distributions~~is ~~declared~~calculated ~~reflects~~as the ~~actual~~change ~~amount~~in ofNAV ~~distributions~~per share during the period plus dividends declared per share, ~~for~~divided by the ~~applicable~~beginning ~~period~~NAV per share.

(4) ~~Total return based on NAV is calculated as the change in NAV per share during the period plus dividends declared per share~~Annualized, ~~divided~~except byfor ~~the~~certain ~~beginning~~operating ~~NAV per share~~expenses.

(5) Annualized ~~except for certain operating expenses~~.

(6) ~~Annualized~~Average debt per share is calculated as average debt outstanding divided by the weighted average shares outstanding during the applicable period.

(7) ~~Average~~Amount ~~debt~~rounds ~~per~~to ~~share~~less isthan ~~calculated as average debt outstanding divided by the weighted average shares outstanding during the applicable period~~$0.00.

12. ~~SUBSEQUENT~~PENDING ~~EVENTS~~MERGER WITH GS BDC

~~Subsequent~~On ~~events~~December 9, ~~after~~2019, the ~~Consolidated~~Company ~~Statements~~entered ofinto ~~Assets~~the Merger Agreement with GS BDC, Merger Sub, and ~~Liabilities~~the ~~date~~Investment ~~have~~Adviser. ~~been~~The ~~evaluated~~Merger Agreement ~~through~~provides that, subject to the ~~date~~conditions set forth in the ~~unaudited consolidated~~Merger ~~financial~~Agreement, ~~statements~~Merger ~~were~~Sub ~~issued.~~will ~~Other~~merge ~~than~~with and into the ~~items~~Company, ~~discussed~~with ~~below~~the Company continuing as the surviving company and, immediately thereafter, the Company ~~has~~will ~~concluded~~merge ~~that~~with ~~there~~and into isGS noBDC, ~~impact~~with ~~requiring~~GS ~~adjustment~~BDC orcontinuing ~~disclosure~~as inthe surviving company. The parties to the ~~consolidated~~Merger ~~financial~~Agreement ~~statements~~intend the Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Code.

OnPursuant ~~November 7,~~to ~~2019~~Merger, ~~the~~each ~~Board~~share of ~~Directors~~the ~~declared~~Company’s acommon ~~distribution~~stock issued and outstanding immediately prior to the effective time of $the Merger will be converted into 0.439939 ~~per~~shares ~~share~~of ~~payable~~GS onBDC’s ~~January~~common stock (the “Exchange Ratio”) in connection with the closing of the Merger (other than certain excluded shares as described in the Merger Agreement). The Exchange Ratio will only be adjusted if, between the date of the Merger Agreement and the effective time, (i) 23either the Company or GS BDC declares or pays an extraordinary dividend, ~~2020~~or to(ii) the ~~stockholders~~respective outstanding shares of GS BDC’s common stock or the Company’s common stock will have been increased or decreased or changed into or exchanged for a different number or kind of shares or securities, as a result of any reclassification, recapitalization, stock split, reverse stock split, split-up, combination or exchange of shares, or if a stock dividend or dividend payable in any other securities will be declared with a record date within such period, other than shares issued pursuant to GS BDC’s distribution reinvestment plan, as permitted by the Merger Agreement. No fractional shares of ~~December 13~~GS BDC’s common stock will be issued, ~~2019~~and holders of the Company’s common stock will receive cash in lieu of fractional shares.

3537

The Merger Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of each of MMLC’s and GS BDC’s businesses during the period prior to the closing of the Merger. MMLC and GS BDC have agreed to convene and hold stockholder meetings for the purpose of obtaining the approvals required of MMLC’s and GS BDC’s stockholders, and the boards of directors of MMLC and GS BDC have agreed to recommend that their respective stockholders approve the applicable proposals (as described below).

The directors of GS BDC immediately prior to the First Merger will remain the directors of GS BDC and will hold office until their respective successors are duly elected and qualify, or their earlier death, resignation or removal. Notwithstanding the foregoing, upon the consummation of the Merger, (i) the GS BDC board of directors (the “GS BDC Board”) will expand the size of the GS BDC Board to eight (8) directors and will appoint our independent directors (the “MMLC Independent Directors”) as of December 9, 2019 who are also members of our Board of Directors as of the date of the Closing (the “Closing Date”) to the GS BDC Board (the “MMLC Designated Directors”), and (ii) the MMLC Designated Directors will be apportioned among Class I (to serve until the 2021 annual meeting of stockholders) and Class II (to serve until the 2022 annual meeting of stockholders) of the GS BDC Board. In addition, the GS BDC Board will appoint the chairman of the Audit Committee of MMLC (the “MMLC Audit Committee”) as of the Closing Date to serve as the chairman of the Audit Committee of GS BDC (the “GS BDC Audit Committee”), effective as of the Closing Date. The officers of GS BDC immediately prior to the Merger will remain the officers of GS BDC and will hold office until their respective successors are duly appointed and qualify, or their earlier death, resignation or removal.

In connection with the transaction, GS BDC will adopt an amended and restated certificate of incorporation (the “Amended and Restated GS BDC Charter”) to be effective upon the closing of the Second Merger (the “Closing”) that will generally restrict all stockholders who received shares of GS BDC Common Stock in the First Merger (the “Affected Stockholders”) from transferring their respective shares for at least 90 days following the date of filing of the Amended and Restated GS BDC Charter (the “Filing Date”), subject to a modified lock-up schedule thereafter. If approved, the Amended and Restated GS BDC Charter would provide that following the Closing, without the prior consent of the GS BDC Board, our stockholders who acquire shares of GS BDC Common Stock in the Merger (each, an “Affected Stockholder”) would not be able to transfer or sell:

•

any shares of GS BDC Common Stock acquired by such Affected Stockholder in the Merger for 90 days following the Filing Date, which is expected to be filed on the Closing date;

•

two-thirds of the shares of GS BDC Common Stock acquired by such Affected Stockholder in the Merger for 180 days following the Filing Date; and

•

one-third of the shares of GS BDC Common Stock acquired by such Affected Stockholder in the Merger for 270 days following the Filing Date.

The Merger Agreement provides that neither MMLC nor GS BDC may solicit proposals relating to alternative transactions, or, subject to certain exceptions, initiate or participate in discussions or negotiations regarding, or provide information with respect to, any proposal for an alternative transaction. However, each of the MMLC Board and the GS BDC Board may, subject to certain conditions, change its recommendation to the applicable stockholders or, on payment of a termination fee of approximately $20.5 million for GS BDC and $27.8 million for MMLC, terminate the Merger Agreement and enter into an agreement with respect to, in the case of MMLC, a “MMLC Superior Proposal” or, in the case of GS BDC, a “GS BDC Superior Proposal” (each as defined in the Merger Agreement) if it determines in its reasonable good faith judgment, after consultation with its outside legal counsel and on the recommendation of the applicable Special Committee, that the failure to take such action would be reasonably likely to breach its fiduciary duty under applicable law (taking into account any changes to the Merger Agreement proposed by GS BDC or MMLC, as applicable).

Consummation of the Merger is subject to certain closing conditions, including (a) GS BDC stockholder approval of each of (i) the Merger Agreement, (ii) the Amended and Restated GS BDC Charter, (iii) the issuance of shares of GS BDC Common Stock pursuant to the Merger Agreement, and (iv) the amendment and restatement of the investment management agreement between GS BDC and GSAM, and (b) MMLC stockholder approval of each of (i) the Merger Agreement and (ii) the Amended and Restated GS BDC Charter, and (c) certain other closing conditions.

13.

SUBSEQUENT EVENTS

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

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Middle Market Lending Corp., unless otherwise specified. The terms “GSAM,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “Group Inc.” refers to The Goldman Sachs Group, Inc. The term “Goldman Sachs” refers to Group Inc., together with Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refers 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, and expect to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2017. From our commencement of operations on January 11, 2017 through ~~September~~March 3031, ~~2019~~2020, we originated $2.0232 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, 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 may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In a number of instances, we may find another lender to provide the “first out” portion of such loan and 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 payment of principal, interest and any other amounts due thereunder over the “last out” portion that we would continue to hold. In exchange for the greater risk of loss, the “last out” portion generally earns a higher interest rate than the “first-out” portion. We use the term “mezzanine” to refer to debt that ranks senior 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 middle-market corporate credit obligations and related instruments; including other income-producing assets. 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 $125 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. We expect to invest primarily in U.S. middle-market companies, which we believe are underserved by traditional providers of capital such as banks and the public debt markets. 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. In addition, as a result of fluctuations in the value of one asset relative to another asset, 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. Investors will be notified at least 60 days prior to any change to our 80% investment policy described above.

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

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.

~~The~~Pending ~~investment~~Merger ~~period~~with ~~commenced~~GS onBDC December 29, 2016 (the “Initial Closing Date”). On August 8, 2019, our Board of Directors (the “Board of Directors”) extended the investment period for one additional six-month period from September 29, 2019 to March 29, 2020. With the approval of a majority-in-interest of the stockholders, the investment period may be extended for up to one additional year thereafter (such period, including any extensions, the “Investment Period”). In addition, our Board of Directors may terminate the Investment Period at any time in its discretion.

WeOn ~~will~~December 9, ~~continue~~2019, towe ~~operate~~entered asinto aan ~~private~~Agreement ~~BDC~~and ~~reporting~~Plan ~~company,~~of ~~until~~Merger (the ~~earlier~~“Merger ofAgreement”) ~~the~~with ~~following~~GS ~~events~~BDC, ~~each~~a ~~referred to as~~Delaware ancorporation, ~~“Exit~~Evergreen ~~Event”:~~Merger ~~(i)~~Sub, ~~any~~Inc., ~~listing~~a ofDelaware ~~our~~corporation ~~shares~~and ofwholly ~~common~~owned ~~stock~~subsidiary onof aGS ~~national~~BDC ~~securities exchange~~ (a “~~listing~~Merger Sub”), ~~including~~and inGSAM, ~~connection~~a ~~with~~Delaware anlimited ~~initial~~partnership ~~public~~and ~~offering~~investment ~~(“IPO”),~~adviser ~~(ii)~~to ~~merger~~each ~~with~~of ~~another~~us ~~entity,~~and ~~including an~~GS ~~affiliated~~BDC. ~~company,~~The ~~subject~~Merger toAgreement ~~any~~provides that, ~~limitations~~on ~~under~~ the ~~Investment~~terms ~~Company~~and ~~Act~~subject orto ~~(iii)~~ the ~~sale~~conditions ofset ~~all~~forth orin ~~substantially~~the ~~all~~Merger ofAgreement, ~~our~~Merger ~~assets.~~Sub Ifwill wemerge ~~have~~with ~~not~~and ~~consummated~~into anus, ~~Exit~~with ~~Event~~us bycontinuing ~~the~~as ~~sixth anniversary of~~ the ~~Final~~surviving ~~Closing~~company ~~Date~~and, ~~the Board~~immediately ofthereafter, ~~Directors~~we ~~(to~~will ~~the~~merge ~~extent consistent~~ with ~~its~~and ~~fiduciary~~into ~~duties~~GS ~~and~~BDC, ~~subject~~with toGS ~~any~~BDC continuing ~~necessary~~as ~~stockholder~~the ~~approvals~~surviving ~~and~~company. ~~applicable~~For ~~requirements~~further ofinformation, ~~the~~see ~~Investment~~Note ~~Company~~12 ~~Act~~“Pending ~~and~~Merger ~~the~~with ~~Code)~~GS ~~will~~BDC” ~~meet~~ to ~~consider~~ our ~~potential~~consolidated ~~wind~~financial ~~down~~statements ~~and/or liquidation~~included ~~and~~in ~~dissolution~~this report.

3639

For a discussion of the competitive landscape we face, please see “Item 1A. ~~Risk~~ Risk Factors–Risks Relating to Our Business and Structure–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, ~~2018~~2019.

Impact of COVID-19 Pandemic

The COVID-19 pandemic has resulted in governments around the world implementing a broad suite of measures to help control the spread of the virus, including quarantines, travel restrictions and business curtailments and others. The emergence of COVID-19 has created economic and financial disruptions that during the first quarter adversely affected, and are likely to continue to adversely affect, our business, financial condition, liquidity and our portfolio companies’ results of operations and by extension our operating results. The extent to which the COVID-19 pandemic will continue to negatively affect our business, financial condition, liquidity and our portfolio companies’ results of operations and by extension our operating results will depend on future developments, which are highly uncertain and cannot be predicted.

Our investment portfolio continues to be focused on industries and sectors that are generally expected to be more durable than industries and sectors that are more prone to economic cycles. The largest five industries in the investment portfolio are Software, Health Care Technology, Interactive Media and Services, Health Care Providers and Services, and IT Services. 3.9% of our investment portfolio at fair value is in Hotels, Restaurants and Leisure. Given the unprecedented nature of the COVID-19 exigency and the fiscal and monetary response designed to mitigate strain to businesses and the economy, the operating environment of our portfolio companies is evolving rapidly. Business disruption experienced by our portfolio companies may reduce, over time, the amount of interest and dividend income that we receive from our investments companies and may require us to contribute additional capital to such portfolio companies. We may need to restructure our investments in some portfolio companies, which could result in reduced interest payments or permanent impairments on our investments. Any such decrease in our net investment income would increase the percentage of our cash flows dedicated to our debt obligations and distribution payments to our stockholders, for which we may be required to reduce the future amount of distributions to our stockholders. We continue to closely monitor our investment portfolio in order to be positioned to respond appropriately.

In response to the COVID-19 pandemic, Goldman Sachs activated and executed on its business continuity planning (the “BCP”) strategy. Goldman Sachs priority has been to safeguard its employees and to ensure continuity of business operations on behalf of our investors. Goldman Sachs has a central team that manages its COVID-19 response, which is led by its chief administrative officer and chief medical officer. As a result of the execution of Goldman Sachs’s BCP , nearly all of its employees are working remotely. Our systems and infrastructure have continued to support our business operations. We implemented a heightened level of communication across senior management, the rest of our private credit group and our board of directors (the “Board of Directors”). Furthermore, we have proactively engaged with our vendors on a regular basis to ensure they continue to meet our criteria for business continuity.

For further information about the risks associated with COVID-19, see “—Item 1A. Risk Factors” in Part II.

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 U.S. Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. 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 (including GS BDC, GS PMMC, and GS PMMC II, collectively with other client accounts managed by our Investment Adviser, 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.

Expenses

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

• 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;

•

brokers’ commissions;

•

fees and expenses associated with calculating our net asset value (“NAV”) (including 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 stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of the shares;

•

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

•

the fees and expenses of our independent directors;

•

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

•

costs of holding stockholders meetings;

•

listing fees, if any;

•

the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our 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.

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

Leverage

We expect from time to time to borrow funds for a variety of purposes, subject to the limitations of the Investment Company Act, including to bridge fundings for investments in advance of drawdowns, as part of our investment strategy, to meet other short-term liquidity needs, including to pay the Management Fee, and to facilitate our hedging activities. Sources of leverage include the issuance of senior securities (including preferred stock) and other credit facilities (secured by Investments and/or pledges of Undrawn Commitments). We have entered into a revolving credit facility with Truist Bank (formerly known as SunTrust Bank), as administrative agent (the “~~SunTrust~~Truist Revolving Credit Facility”), which allows us to borrow money and lever our ~~investment~~ investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage ~~involves~~ 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 200% after such borrowing (or 150% if certain requirements are met). ~~As of September 30, 2019 and December 31, 2018, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 244% and 381%, respectively.~~ The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements and, in the case of BDCs without common equity listed on a national securities exchange, such as us, an offer to repurchase shares held by the BDC’s stockholders as of the date the requisite approval is obtained. Under the legislation, BDCs are able to increase their leverage capacity if shareholders approve a proposal to do so. If a BDC receives shareholder approval, it would be allowed to increase its leverage capacity on the first day after such approval. Alternatively, the legislation allows the majority of the directors who are not “interested persons,” as defined in the Investment Company Act, of the BDC to approve an increase in its leverage capacity, and such approval would become effective after one year.

Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. In accordance with applicable SEC staff guidance and interpretations, when we engage in such transactions, instead of maintaining an asset coverage ratio of at least 200% (or 150% if the above referenced requirements are met), we may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to our exposure, on a mark-to-market basis, to such transactions (as calculated pursuant to requirements of the SEC). 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 and we will not otherwise segregate or earmark liquid assets or enter into offsetting positions for such transactions. The amount of leverage that we employ will depend on our Investment Adviser’s and our Board of Directors’ assessment of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

AsOur ~~of September 30, 2019 and December 31, 2018, our~~ portfolio (excluding our investment in a money market fund, if any, managed by an affiliate of Group Inc.) consisted of the following:

	As of
	September 30, 2019							December 31, 2018
	March 31, 2020							December 31, 2019
	AmortizedCost		FairValue		Percentageof TotalPortfolio atFair Value			AmortizedCost		FairValue		Percentageof TotalPortfolio atFair Value
	($ in millions)							($ in millions)
First Lien/Senior Secured Debt	$	1,~~129~~342.8349	$	1,~~124~~275.8091		7076.87	%	$	~~646~~1,272.3305	$	~~644~~1,266.9149		5875.2	%
First Lien/Last-Out Unitranche		100.8185		~~100~~97.7947		65.39			90100.4883		90100.5880		86.20
Second Lien/Senior Secured Debt		~~355~~312.7016		~~340~~265.6041		2116.40			~~359~~311.0493		~~353~~294.7716		3217.05
Preferred Stock		7.20		910.4986		0.67			7.20		8.10.14		0.76
Common Stock		1110.0538		1312.6327		0.97			10.0038		911.8357		0.97
Total Investments	$	1,~~604~~773.5908	$	1,~~589~~661.3192		100.0	%	$	1,~~113~~702.0539	$	1,~~107~~683.1916		100.0	%

AsThe ~~of September 30, 2019 and December 31, 2018, the~~ weighted average yield on our total portfolio by asset type (excluding our investment in a money market fund, if any, managed by an affiliate of Group Inc.), at amortized cost and fair value, was as follows:

	As of
	September 30, 2019				December 31, 2018
	March 31, 2020				December 31, 2019
	AmortizedCost		FairValue		AmortizedCost		FairValue
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		98.01%		9.04%		98.97%		108.07%
First Lien/Last-Out Unitranche(2)(4)		109.34		1011.3		1110.01		10.91
Second Lien/Senior Secured Debt(2)		10.71		1113.57		1110.27		11.58
Preferred Stock(3)		–		–		–		–
Common Stock(3)		–		–		–		–
Total Portfolio		98.45%		910.51%		109.30%		109.42%

⁽¹⁾

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

(2) Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value,. ~~respectively~~This calculation excludes exit fees that are receivable upon repayment of certain loan investments.

(3) Computed based on the (a) 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~~, respectively~~.

⁽⁴⁾

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

As of ~~September~~ March 3031, ~~2019~~2020, the total portfolio weighted average yield at amortized cost and fair value was 98.45% and 910.51%~~, respectively,~~ ~~which~~as ~~decreased~~compared ~~from~~to 109.30% and 109.42%, ~~respectively,~~ as of December 31, ~~2018~~2019. ~~Within~~The ~~First~~change ~~Lien/Senior Secured Debt the decrease~~ in weighted average yield at amortized cost and fair value both ~~was~~on ~~primarily~~the total portfolio level and individual lien type was driven by ~~the~~portfolio ~~decrease~~company fundamental performance in ~~LIBOR~~ relation to the increased market volatility, economic disruption, and wider credit spreads resulting from the recent COVID-19 pandemic. For further discussion of the impact of the COVID-19 pandemic on our ~~variable~~portfolio, ~~rate~~please ~~secured~~see ~~debt~~“ ~~investments~~—Impact of COVID-19 Pandemic.”

~~The~~42 following table presents certain selected information regarding our investment portfolio (excluding our investment in a money market fund, if any, managed by an affiliate of Group Inc.) as of September 30, 2019 and December 31, 2018:

	As of
	September 30, 2019		December 31, 2018
Number of portfolio companies		74		55
Percentage of performing debt bearing a floating rate(1)		100.0%		100.0%
Percentage of performing debt bearing a fixed rate(1)(2)		0.0%		0.0%
Weighted average leverage (net debt/EBITDA)(3)		5.9x		5.7x
Weighted average interest coverage(3)		2.2x		2.1x
Median EBITDA(3)	$	37.80 million	$	45.11 million

The following table presents certain selected information regarding our investment portfolio (excluding our investment in a money market fund, if any, managed by an affiliate of Group Inc.):


	As of
	March 31, 2020		December 31, 2019
Number of portfolio companies		83		81
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⁾		5.9x		5.9x
Weighted average interest coverage⁽³⁾		2.5x		2.3x
Median EBITDA⁽³⁾	$	41.04 million	$	40.25 million

⁽¹⁾

Measured on a fair value basis. Excludes investments, if any, placed on non-accrual.

⁽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 ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 2833.8% and 3230.54%, ~~respectively,~~ of total debt investments at fair value. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the respective reported end date. Portfolio company statistics have not been independently verified by us and may reflect a normalized or adjusted amount.

~~Floating~~Our ~~rates~~Investment ~~are~~Adviser ~~primarily~~monitors ~~LIBOR~~on ~~plus~~an aongoing ~~spread~~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 company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the (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.

~~Our~~As ~~Investment~~part ~~Adviser~~of ~~monitors~~the monitoring process, our ~~portfolio~~Investment ~~companies~~Adviser onalso employs an ~~ongoing~~investment ~~basis~~rating system to categorize our investments. ItIn ~~monitors~~addition to various risk management and monitoring tools, our Investment Adviser grades the ~~financial~~credit ~~trends~~risk of ~~each~~all investments on a ~~portfolio~~scale ~~company~~of 1 to ~~determine~~4 ifno itless isfrequently ~~meeting~~than ~~its~~quarterly. ~~respective~~This ~~business~~system ~~plan~~is ~~and~~intended primarily to ~~assess~~reflect the ~~appropriate~~underlying ~~course~~risk of ~~action~~a ~~for~~portfolio ~~each~~investment ~~company.~~relative ~~Our~~to ~~Investment~~our ~~Adviser~~initial ~~has~~cost ~~several~~basis ~~methods~~in respect of ~~evaluating~~such ~~and~~portfolio ~~monitoring~~investment ~~the~~(e.g. ~~performance~~at ~~and~~the ~~fair~~time ~~value~~ of origination ~~our~~or ~~investments~~acquisition), ~~which~~although it may ~~include~~also take into account in certain circumstances the ~~following~~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:

• ~~assessment~~Grade of1 ~~success~~investments ininvolve ~~adhering~~the least amount of risk to ~~the~~our ~~portfolio~~initial ~~company’s~~cost ~~business~~basis. ~~plan~~The trends and ~~compliance~~risk ~~with~~factors ~~covenants~~for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

• ~~periodic~~Grade or2 ~~regular~~investments ~~contact~~involve ~~with~~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 ~~management~~is generally performing as expected and, ifthe ~~appropriate,~~risk factors to our ability to ultimately recoup the ~~financial~~cost orof ~~strategic~~our ~~sponsor~~investment are neutral to ~~discuss~~favorable. ~~financial~~All ~~position,~~investments ~~requirements~~or ~~and~~acquired ~~accomplishments~~investments in new portfolio companies are initially assessed a grade of 2;

• ~~comparisons~~Grade 3 investments indicate that the risk to our ~~other~~ability ~~portfolio~~to ~~companies~~recoup in the ~~industry~~initial cost basis of such investment has increased materially since origination or acquisition, ifincluding ~~any~~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

• ~~attendance~~Grade at4 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 ~~participation~~the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in ~~board~~most ~~meetings~~cases, most or ~~presentations~~all byof ~~portfolio~~the ~~companies;~~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.

•43 ~~review of monthly and quarterly financial statements and financial projections of portfolio companies.~~

AsOur ~~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 onin aour ~~scale~~portfolio ofat 1least ~~to 4 no less frequently than~~ quarterly. ~~This~~and ~~system~~it is ~~intended primarily to~~ ~~reflect~~possible that the ~~underlying~~grade ~~risk~~ of a portfolio investment ~~relative~~may tobe ~~our~~reduced ~~initial~~or ~~cost~~increased ~~basis~~over ~~in respect of such portfolio investment (e~~time.g. atFor ~~the~~investments ~~time~~graded of3 ~~origination~~ or ~~acquisition)~~4, ~~although~~our itInvestment ~~may~~Adviser ~~also~~enhances ~~take~~its ~~into~~level ~~account~~of inscrutiny ~~certain~~over ~~circumstances~~ the ~~performance~~ monitoring of ~~the~~such portfolio company’s. ~~business,~~The ~~the~~following ~~collateral~~table ~~coverage~~shows the composition of ~~the~~our ~~investment~~portfolio ~~and~~on ~~other~~the ~~relevant~~1 ~~factors.~~to ~~The~~4 grading ~~system is as follows~~scale:

• investments with a grade of 1 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;


	As of
	March 31, 2020					December 31, 2019
Investment Performance Rating	Fair Value		Percentage of Total Portfolio at Fair Value			Fair Value		Percentage of Total Portfolio at Fair Value
	*(in* *millions)*					*(in* *millions)*
Grade 1	$	–		–	%	$	17.83		1.0	%
Grade 2		1,418.00		85.3			1,643.87		97.7
Grade 3		243.92		14.7			21.46		1.3
Grade 4		–		–			–		–

Total Investments	$	1,661.92		100.0	%	$	1,683.16		100.0	%

•The decrease in investments with a grade of1 2investment ~~involve~~performance arating ~~level~~as of ~~risk~~March 31, to2020 ~~our~~compared ~~initial~~to December 31, ~~cost~~2019 ~~basis~~was ~~that~~primarily isdue ~~similar~~ to the ~~risk~~repayment toof ~~our~~investments ~~initial~~with ~~cost~~an ~~basis~~aggregate atfair ~~the~~value ~~time~~ of ~~origination~~$17.83 million. orThe ~~acquisition.~~increase ~~This~~in ~~portfolio~~investments ~~company~~with isa ~~generally~~grade ~~performing~~3 investment performance rating as ~~expected~~of March 31, 2020 compared to December 31, 2019 was primarily driven by increased market volatility, economic disruption and wider credit spreads resulting from the ~~risk~~recent ~~factors~~COVID-19 pandemic. Given the unprecedented nature of COVID-19 and the fiscal and monetary response designed to ~~our~~mitigate ~~ability~~strain to ~~ultimately~~businesses ~~recoup~~and the ~~cost~~economy, the operating environment of our ~~investment~~portfolio ~~are~~companies ~~neutral~~is toevolving ~~favorable~~rapidly. ~~All~~For ~~investments~~further ordiscussion ~~acquired~~of ~~investments~~the inimpact of ~~new~~the ~~portfolio~~COVID-19 ~~companies~~pandemic ~~are~~on ~~initially~~our ~~assessed~~portfolio, aplease ~~grade~~see “ —Impact of 2;COVID-19 Pandemic.”

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

• investments with a grade of 4 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.

As of

March 31, 2020

December 31, 2019

Amortized
Cost

Percentage
of Total
Portfolio
at
Amortized
Cost

Amortized
Cost

Percentage
of Total
Portfolio
at
Amortized
Cost

(in

millions)

(in

millions)

Performing

1,773.08

100.0

1,702.39

100.0

Non-accrual

–

Total Investments

1,773.08

100.0

1,702.39

100.0

Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, 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 our investment in a money market fund, if any, managed by an affiliate of Group Inc.) on the 1 to 4 grading scale as of September 30, 2019 and December 31, 2018:

	As of
	September 30, 2019					December 31, 2018
Investment Performance Rating	Fair Value		Percentageof TotalPortfolioat FairValue			Fair Value		Percentageof TotalPortfolioat FairValue
	(in millions)					(in millions)
Grade 1	$	67.55		4.2	%	$	–		–	%
Grade 2		1,498.10		94.3			1,097.23		99.1
Grade 3		23.66		1.5			9.96		0.9
Grade 4		–		–			–		–
Total Investments	$	1,589.31		100.0	%	$	1,107.19		100.0	%

The increase in investments with a grade 1 investment performance rating as of September 30, 2019 compared to December 31, 2018 was driven by two portfolio companies with an aggregate fair value of $67.55 million being upgraded due to potential exits. The increase in investments with a grade 2 investment performance rating as of September 30, 2019 compared to December 31, 2018 was primarily driven by an increase in net investment activity.

The following table shows the amortized cost of our performing and non-accrual investments (excluding our investment in a money market fund, if any, managed by an affiliate of Group Inc.) as of September 30, 2019 and December 31, 2018:

	As of
	September 30, 2019					December 31, 2018
	AmortizedCost		Percentageof TotalPortfolioatAmortizedCost			AmortizedCost		Percentageof TotalPortfolioatAmortizedCost
	(in millions)					(in millions)
Performing	$	1,604.59		100.0	%	$	1,113.05		100.0	%
Non-accrual		–		–			–		–
Total Investments	$	1,604.59		100.0	%	$	1,113.05		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. 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. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.

4144

The following table shows our investment activity ~~for the three months ended September 30, 2019 and 2018~~ by investment type:

	For the ThreeMonths EndedSeptember 30, 2019		For the ThreeMonths EndedSeptember 30, 2018
	For the three months ended
	March 31, 2020		March 31, 2019
	($ in millions)
New investment commitments at cost:
Gross originations	$	~~251~~107.9413	$	~~283~~219.9588
Less: Syndications(1)		–		–
Net amount of new investments committed at cost:	$	~~251~~107.9413	$	~~283~~219.9588
Amount of investments committed at cost(2)
First Lien/Senior Secured Debt	$	~~249~~107.5313	$	~~254~~194.9858
First Lien/Last-Out Unitranche		~~2.41~~–		–
Second Lien/Senior Secured Debt		–		2825.9730
Preferred Stock		–		–
Common Stock		–		–
Total	$	~~251~~107.9413	$	~~283~~219.9588
Proceeds from investments sold or repaid(9):
Proceeds from investments sold or repaid(13):
First Lien/Senior Secured Debt	$	1160.3466	$	810.7912
First Lien/Last-Out Unitranche		0.11		0.1211
Second Lien/Senior Secured Debt		~~24.45~~–		–7.20
Preferred Stock		–		–
Common Stock		–		–
Total	$	3560.9077	$	817.9143
Net increase (decrease) in portfolio	$	~~216~~46.0436	$	~~275~~202.0445
Number of new portfolio companies with new investment commitments(3)		104		98
Total new investment commitment amount in new portfolio companies(3)	$	~~201~~106.7526	$	~~250~~185.3820
Average new investment commitment amount in new portfolio companies(3)	$	2026.1857	$	2723.8215
Number of existing portfolio companies with new investment commitments(3)		61		35
Total new investment commitment amount in existing portfolio companies(3)	$	500.2087	$	3334.5768
Weighted average remaining term for new investment commitments (in years)(3)(4)		5.17		5.57
Percentage of new debt investment commitments at floating interest rates(3)(10)		100.0%		100.0%
Percentage of new debt investment commitments at fixed interest rates(3)(10)		~~0.0%~~–		~~0.0%~~–
Weighted average yield on new debt and income producing investment commitments(2)(3)(5)		8.91%		98.59%
Weighted average yield on new investment commitments(2)(3)(6)		8.91%		98.59%
Weighted average yield on debt and income producing investments sold or paid down(7)(9)		106.09%		910.68%
Weighted average yield on investments sold or paid down(8)(9)		106.09%		910.68%

⁽¹⁾

Only includes syndications, if any, that occurred at the initial close of the investment.

⁽²⁾

Net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial close of the investment.

⁽³⁾

May include positions originated during the period but not held at the reporting date.

⁽⁴⁾

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

⁽⁵⁾

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. 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 new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual 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.

⁽⁷⁾

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 non-accrual.

⁽⁸⁾

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 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.

⁽⁹⁾

Excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

⁽¹⁰⁾

Computed based on amount of investments committed at cost.

4245

RESULTS OF OPERATIONS

Our operating results ~~for the three and nine months ended September 30, 2019 and 2018~~ were as follows:

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30,2019			September 30,2018			September 30,2019			September 30,2018
	March 31, 2020			March 31, 2019
	($ in millions)
Total investment income	$	~~38.~~39.71		$	2230.6451		$	~~104.68~~		$	~~55.18~~
Net expenses		~~(15~~12.2988	)		(714.0572	)		~~(45.29~~	)		~~(16.01~~	)
Net investment income		23.10			15.59			59.39			39.17
Net investment income before taxes		26.83			15.79
Net realized gain (loss) on investments		(0.01	)		–			(10.57	)		1.28
Income tax expense (benefit), including excise tax		–			(0.01	)
Net realized gain (loss) on foreign currency transactions		0.04			(0.26	)		0.08			(0.26	)
Net investment income after taxes		26.83			15.80
Net unrealized appreciation (depreciation) on investments		(6.76	)		(0.64	)		(9.41	)		(1.50	)
Net realized gain (loss) on investments		0.23			–
Net unrealized appreciation (depreciation) on foreign currency forward contracts and translations		2.30			0.25			2.77			0.25
Net realized gain (loss) on foreign currency transactions		0.04			0.02
Income tax provision, realized and unrealized gain		(0.17	)		(0.21	)		(0.51	)		(0.58	)
Net unrealized appreciation (depreciation) on investments		(91.94	)		(9.31	)
Net increase in net assets resulting from operations	$	18.50		$	14.73		$	41.75		$	38.36
Net unrealized appreciation (depreciation) on foreign currency forward contracts and translations		0.99			1.25
Income tax provision, realized and unrealized gain		0.10			(0.11	)
Net increase (decrease) in net assets resulting from operations	$	(63.75	)	$	7.65

Net increase (decrease) in net assets resulting 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 on the investment portfolio. ~~As a result, comparisons may not be meaningful.~~

Investment Income

	For the Three Months Ended				~~For the Nine Months Ended~~
	September 30,2019		September 30,2018		September 30,2019		September 30,2018
	March 31, 2020		March 31, 2019
	($ in millions)
Interest	$	3739.7936	$	2230.0904	$	~~103.01~~	$	~~54.20~~
Dividend income		0.0601		0.1104		~~0.15~~		~~0.13~~
Other income		0.5434		0.4443		~~1.52~~		~~0.85~~
Total investment income	$	~~38.~~39.71	$	2230.6451	$	~~104.68~~	$	~~55.18~~

Interest

Interest income from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees and ~~unamortized~~ unamortized discounts, increased from $2230.0904 million for the three months ended ~~September~~March 3031, ~~2018~~2019 to $3739.796 million for the three ~~months~~ ended ~~September~~March 3031, ~~2019~~2020, primarily due to an increase in recurring interest income, which resulted primarily from an increase in the size of our portfolio. The amortized cost of the portfolio increased from $~~999~~1,260.2677 million as of ~~September~~March 3031, ~~2018~~2019 to $1,~~604~~773.5908 million as of ~~September~~March 3031, ~~2019~~2020. Included in interest for the three months ended ~~September~~ March 3031, ~~2019~~2020 and ~~for~~2019 ~~the three months ended September 30, 2018~~ is $0~~.00~~ million and $0.0007 million, ~~respectively,~~ in prepayment premiums and $0.5258 million and $0.0211 million, ~~respectively,~~ in accelerated accretion of upfront loan origination fees and unamortized discounts.

Interest from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts, increased from $54.20 million for the nine months ended September 30, 2018 to $103.01 million for the nine months ended September 30, 2019, primarily due to an increase in recurring interest income, which resulted primarily from an increase in the size of our portfolio. The amortized cost of the portfolio increased from $999.26 million as of September 30, 2018 to $1,604.59 million as of September 30, 2019. Included in interest for the nine months ended September 30, 2019 and for the nine months ended September 30, 2018 is $1.21 million and $0.54 million, respectively, in prepayment premiums and $1.75 million and $0.60 million, respectively, in accelerated accretion of upfront loan origination fees and unamortized discounts.

Dividend income

Dividend income for the three ~~and nine~~ months ended ~~September~~March 3031, 2020 and 2019 remained relatively consistent ~~as compared to the three and nine months ended September 30, 2018~~.

Other income

Other income ~~increased from $0.44 million~~ for the three months ended ~~September~~March 3031, ~~2018~~2020 toand ~~$0.54 million for the three months ended September 30,~~ 2019, ~~which~~remained ~~resulted~~relatively ~~primarily from an increase in the size of our portfolio~~consistent. Other income increased from $0.85 million for the nine months ended September 30, 2018 to $1.52 million for the nine months ended September 30, 2019, which resulted primarily from an increase in the size of our portfolio.

Expenses

	For the Three Months Ended					~~For the Nine Months Ended~~
	September 30,2019		September 30,2018			September 30,2019		September 30,2018
	March 31, 2020		March 31, 2019
	($ in millions)
Interest and other debt expenses	$	7.0044	$	34.3941		$	~~16.47~~	$	~~6.58~~
Management fees		3.4950		23.4123			~~10.15~~		~~6.25~~
Incentive fees		~~3.26~~–		(05.0997	)		~~14.60~~		~~(0.08~~	)
Offering costs		–		–			–		0.04
Professional fees		0.94		0.28
Professional fees		0.52		0.40			1.25		1.08
Administration, custodian and transfer agent fees		0.58		0.52
Administration, custodian and transfer agent fees		0.57		0.38			1.64		1.00
Directors’ fees		0.11		0.11
Directors’ fees		0.11		0.11			0.33		0.33
Other expenses		0.31		0.20
Other expenses		0.34		0.45			0.85		0.81
Total expenses	$	12.88	$	14.72
Total expenses	$	15.29	$	7.05		$	45.29	$	16.01

Interest and other debt expenses

Interest and other debt expense increased from $34.3941 million for the three months ended ~~September~~March 3031, ~~2018~~2019 to $7.0044 million for the three months ended ~~September~~March 3031, ~~2019~~2020 primarily due to the increase in ~~the weighted~~ average ~~interest~~aggregate ~~rate~~daily ~~for~~borrowings ~~the SunTrust Revolving Credit Facility~~ from 4$355.~~21%~~01 million to 4$733.~~34%~~08 million, ~~and~~partially offset by the ~~increase~~decrease in the weighted average ~~aggregate~~interest ~~daily~~rate for the Truist ~~borrowings~~Revolving Credit Facility from ~~$278~~4.~~34 million~~43% to ~~$584~~3.~~49 million~~82%.

Interest and other debt expense increased from $6.58 million for the nine months ended September 30, 2018 to $16.47 million for the nine months ended September 30, 2019 primarily due to the increase in the weighted average interest rate for the SunTrust Revolving Credit Facility from 4.17% to 4.40% and the increase in average aggregate daily borrowings from $168.96 million to $450.01 million.

Management Fees and Incentive Fees

Management Fees ~~increased from $2.41 million~~ for the three months ended ~~September~~March 3031, ~~2018~~ to2020 ~~$3.49 million~~and ~~for the three months ended September 30,~~ 2019 asremained arelatively ~~result of capital drawdowns, which led to an increase in net assets~~consistent. The accrual for Incentive Fees based on income ~~increased~~decreased from $05.0097 million for the three months ended ~~September~~March 3031, ~~2018~~2019 to $30.2600 million for the three months ended ~~September~~March 3031, ~~2019~~2020, as a result of ~~Ordinary~~unrealized ~~Income~~depreciation ~~exceeding the hurdle amount, which was primarily driven by an increase~~ in ~~the size of~~ our portfolio.

Management Fees increased from $6.25 million for the nine months ended September 30, 2018 to $10.15 million for the nine months ended September 30, 2019 as a result of capital drawdowns, which led to an increase in net assets. The accrual for Incentive Fees based on income increased from $0.00 million for the nine months ended September 30, 2018 to $14.60 million for the nine months ended September 30, 2019, as a result of Ordinary Income exceeding the hurdle amount, which was primarily driven by an increase in the size of our portfolio.

Professional fees and other general and administrative expenses

Professional fees increased from $0.28 million for the three months ended ~~September~~March 3031, 2019 ~~remained~~to ~~relatively~~$0.94 million ~~consistent~~for ~~as compared to~~ the three ~~months~~ months ended ~~September~~March 3031, ~~2018~~2020 primarily related to expenses incurred from our pending Merger with GS BDC. Other general and administrative expenses for the three months ended ~~September~~March 3031, 2020 and 2019 remained relatively consistent ~~as compared to the three months ended September 30, 2018~~.

Professional fees for the nine months ended September 30, 2019 remained relatively consistent as compared to the nine months ended September 30, 2018. Other general and administrative expenses increased from $2.14 million for the nine months ended September 30, 2018 to $2.82 million for the nine months ended September 30, 2019 primarily related to administration, custodian and transfer agent fees due to an increase in the size of the portfolio and an increase in costs associated with servicing a larger investment portfolio.

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 ~~during the three and nine months ended September 30, 2019 and 2018~~ consisted of the following:

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30,2019			September 30,2018			September 30,2019			September 30,2018
	March 31, 2020			March 31, 2019
	($ in millions)
Country Fresh Holding Company Inc.	$	–		$	–		$	(10.55	)	$	–
Gastro Health Holdco, LLC	$	0.12		$	–
Picture Head Midco LLC		(0.01	)		–			(0.01	)		–
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		0.10			–
myON, LLC		–			–			–			1.29
Other, net		0.01			–	(1)
Other, net		–			–	(1)		(0.01	)		(0.01	)
Net realized gain (loss) on investments	$	0.23		$	–	(1)
Net realized gain (loss) on investments	$	(0.01	)	$	–	(1)	$	(10.57	)	$	1.28

(1) Amount rounds to less than $(0.0100) million.

44Any 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” in our consolidated financial statements. Net change unrealized appreciation (depreciation) on investments were as follows:

For the nine months ended September 30, 2019, net realized losses were primarily driven by our investment in Country Fresh Holding Company Inc. whereby, in April 2019, we exchanged our second lien debt for common equity, which resulted in a realized loss of $10.55 million.


	For the Three Months Ended
	March 31, 2020			March 31, 2019
	*($ in millions)*
Unrealized appreciation	$	2.52		$	3.17
Unrealized depreciation		(94.46	)		(12.48	)

Net change in unrealized appreciation (depreciation) on investments	$	(91.94	)	$	(9.31	)

InThe ~~connection~~change ~~with the proceeds received from the exit of our equity investment~~ in ~~myON,~~unrealized ~~LLC,~~appreciation we(depreciation) ~~recorded an income tax provision~~ on ~~realized~~investments ~~gains~~consisted of ~~$0.37 million for~~ the ~~nine~~following: ~~months ended September 30, 2018.~~

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 “Critical Accounting Policies – Valuation of Portfolio Investments.” Net unrealized appreciation (depreciation) on investments for the three and nine months ended September 30, 2019 and 2018 was as follows:


	For the three months ended March 31, 2020
	*($ in millions)*
Portfolio Company:
Wrike, Inc.	$	1.30
Accuity Delivery Systems, LLC		1.13
Picture Head Midco LLC		(2.22	)
YI, LLC (dba Young Innovations)		(2.34	)
CST Buyer Company (dba Intoxalock)		(2.93	)
PT Intermediate Holdings III, LLC (dba Parts Town)		(3.03	)
Zep Inc.		(3.07	)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)		(3.18	)
Convene 237 Park Avenue, LLC (dba Convene)		(5.20	)
Odyssey Logistics & Technology Corporation		(7.25	)
Other, net ⁽¹⁾		(65.15	)

Total	$	(91.94	)

	For the Three Months Ended						For the Nine Months Ended
	September 30,2019			September 30,2018			September 30,2019			September 30,2018
	($ in millions)
Unrealized appreciation	$	2.14		$	1.72		$	8.59		$	2.14
Unrealized depreciation		(8.90	)		(2.36	)		(18.00	)		(3.64	)
Net change in unrealized appreciation (depreciation) on investments	$	(6.76	)	$	(0.64	)	$	(9.41	)	$	(1.50	)

⁽¹⁾

For the three months ended March 31, 2020, Other, net includes gross unrealized appreciation of 0.09 million and gross unrealized depreciation of $(65.24) million.

~~The~~47 ~~change in unrealized appreciation (depreciation) on investments for the three and nine months ended September 30, 2019 consisted of the following:~~

	For the ThreeMonths EndedSeptember 30, 2019			For the NineMonths EndedSeptember 30, 2019
	($ in millions)
Portfolio Company:
Accuity Delivery Systems, LLC	$	0.47		$	1.44
DuBois Chemicals, Inc.		0.28			0.07
SPay, Inc.		0.23			(0.04	)
Continuum Managed Services LLC – Class B		0.21			1.10
Bullhorn, Inc.		0.17			0.16
DocuTAP, Inc.		(0.03	)		0.48
Country Fresh Holding Company Inc.		(0.05	)		1.74
Wrike, Inc.		(0.07	)		1.00
Empirix, Inc.		(0.27	)		(1.06	)
Other, net(1)		(0.56	)		0.02
Viant Medical Holdings, Inc.		(0.68	)		(0.54	)
Chase Industries, Inc.		(0.93	)		(0.98	)
Diligent Corporation		(1.11	)		(1.28	)
Fenergo Finance 3 Limited		(1.30	)		(1.25	)
Zep Inc.		(3.12	)		(10.27	)
Total	$	(6.76	)	$	(9.41	)

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2020, was primarily driven by increased market volatility, economic disruption, and wider credit spreads resulting from the recent COVID-19 pandemic. Given the unprecedented nature of COVID-19 and the fiscal and monetary response designed to mitigate strain to businesses and the economy, the operating environment of our portfolio companies is evolving rapidly. For further discussion of the impact of the COVID-19 pandemic on our portfolio, please see “ —Impact of COVID-19 Pandemic.”

~~(1)~~Valuations ~~For~~of ~~the~~investments ~~three~~are ~~and~~more difficult ~~nine~~to ~~months~~determine ~~ended~~when ~~September~~a ~~30,~~severe ~~2019~~economic shock occurs. Recent market conditions, ~~Other~~characterized by dislocations of asset prices, ~~net~~higher ~~includes~~volatility ~~gross~~and ~~unrealized~~reduced ~~appreciation~~price transparency have made it more challenging to determine the fair value of $0some of our investments.78 ~~million~~Valuation ~~and~~under ~~$2.60~~the ~~million,~~current ~~respectively,~~circumstances ~~and~~has ~~gross~~required ~~unrealized~~greater ~~depreciation~~use of ~~$(1~~judgment.~~34)~~ ~~million~~For ~~and~~further ~~$(2.58)~~information ~~million~~about fair value measurements, ~~respectively~~see Note 5 “Fair Value Measurement” to our consolidated financial statements included in this report.

45The change in unrealized appreciation (depreciation) on investments consisted of the following:

Net change in unrealized appreciation (depreciation) in our investments for the three and nine months ended September 30, 2019 was primarily driven by the unrealized depreciation in Zep, Inc., which was due to financial underperformance.


	For the three months ended March 31, 2020
	*($ in millions)*
Portfolio Company:
Accuity Delivery Systems, LLC	$	0.54
Continuum Managed Services LLC - Class B		0.52
Wrike, Inc.		0.47
Datto, Inc.		0.37
Viant Medical Holdings, Inc.		0.35
Intelligent Medical Objects, Inc.		(0.28	)
Other, net ⁽¹⁾		(0.48	)
Diligent Corporation		(0.59	)
Fenergo Finance 3 Limited		(0.67	)
Zep Inc.		(0.93	)
Country Fresh Holdings, LLC		(8.61	)

Total	$	(9.31	)

~~The~~(1) ~~change~~For inthe ~~unrealized~~three ~~appreciation~~months ~~(depreciation)~~ended onMarch ~~investments~~31, ~~for~~2019, ~~the~~Other, ~~three~~net ~~and~~includes ~~nine~~gross ~~months~~unrealized ~~ended~~appreciation ~~September 30, 2018~~of ~~consisted~~$0.92 ofmillion ~~the~~and ~~following:~~gross unrealized depreciation of $(1.40) million.

	For the ThreeMonths EndedSeptember 30, 2018			For the NineMonths EndedSeptember 30, 2018
	($ in millions)
Portfolio Company:
Accuity Delivery Systems, LLC	$	0.43		$	0.43
MedPlast Holdings, Inc.		0.26			0.26
Xactly Corporation		0.21			0.16
Collaborative Imaging Holdco, LLC – Class B		0.17			0.17
Lithium Technologies, Inc.		0.17			0.18
Continuum Managed Services LLC – Class B		0.14			0.34
Odyssey Logistics & Technology Corporation		0.02			(0.22	)
Market Track, LLC		(0.01	)		(0.24	)
Intelligent Document Solutions, Inc.		(0.05	)		(0.25	)
National Spine and Pain Centers, LLC		(0.13	)		(0.11	)
Yasso, Inc.		(0.16	)		(0.32	)
Country Fresh Holdings, LLC		(0.24	)		(0.49	)
SF Home Décor, LLC		(0.29	)		(0.09	)
Other, net(1)		(0.30	)		(0.05	)
Zep Inc.		(0.86	)		(1.27	)
Total	$	(0.64	)	$	(1.50	)

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2019 was primarily driven by the unrealized depreciation in Country Fresh Holdings, LLC, which was placed on non-accrual status due to financial underperformance.

(1) For the three and nine months ended September 30, 2018, Other, net includes gross unrealized appreciation of $0.32 million and $0.60 million, respectively, and gross unrealized depreciation of $(0.62) million and $(0.65) million, respectively.

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 stockholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to our existing credit facility, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors.

As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 200% after such borrowing (or 150% if certain requirements are met). See “—Key Components of Operations— – Leverage.” As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was ~~244~~209% and ~~381~~228%~~, respectively~~. 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 which may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

As of ~~September~~March 3031, ~~2019~~2020, we had cash of approximately $1116.3221 million, aan ~~decrease~~increase of $3 2.6981 million from December 31, ~~2018~~2019. Cash used by operating activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 was approximately $~~425~~147.4217 million, primarily driven by net purchases of investments of $~~496~~134.2558 million, annet ~~increase~~purchase of investments in affiliated money market fund of $92.00, a decrease in net assets resulting from operations of $4163.75 million, partially offset by proceed from sales of investments and principal repayments of $66.42 and proceeds from other operating activities of $2976.0874 million. Cash provided by financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 was approximately $~~421~~150.7601 million, primarily driven by proceeds from the issuance of common stock of $~~124~~61.1681 million and net borrowings on debt of $~~353~~109.3790 million, partially offset by distributions paid of $5521.0227 million and other financing activities of $0.7543 million.

As of ~~September~~March 3031, ~~2018~~2019, we had cash of approximately $11.0536 million. ~~In addition, as of September 30, 2018, we had an investment in a money market fund managed by an affiliate of Group Inc. of less than $0.00 million.~~ Cash used by operating activities for the ~~nine~~three months ended ~~September~~ March 3031, ~~2018~~2019 was approximately $~~432~~128.6006 million, primarily driven by net purchases of investments of $~~474~~146.0239 million, ~~net purchase of investments in the affiliated money market fund of less than $0.00 million and~~ an increase in net assets resulting from operations of $387.3665 million and proceeds from other operating activities of $310.0668 million. Cash provided by financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2018~~2019 was approximately $~~440~~124.1142 million, primarily driven by proceeds from the issuance of common stock of $~~258~~82.3061 million and net borrowings on debt of $~~214~~58.4200 million, partially offset by distributions paid of $3116.2919 million ~~and other financing activities of $1~~.~~32 million.~~

4648

To the extent permissible under the risk retention rules and applicable provisions of the Investment Company Act, we may raise capital by securitizing certain of our investments, including through the formation of one or more collateralized loan obligations or asset based facilities, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. We may also pursue other forms of debt financing, including potentially from the Small Business Administration through a future small business investment company ~~(“SBIC”)~~ subsidiary (subject to regulatory approvals).

As of ~~September 30,~~the ~~2019~~dates ~~and December 31~~indicated, ~~2018,~~ we had aggregate capital commitments and undrawn capital commitments from investors as follows:

September 30, 2019

December 31, 2018

March 31, 2020

December 31, 2019

Capital Commitments ($ in millions)

Unfunded Capital Commitments ($ in millions)

% of CapitalCommitmentsFunded

Capital Commitments ($ in millions)

Unfunded Capital Commitments ($ in millions)

% of CapitalCommitmentsFunded

Common Stock

1,~~035~~034.0065

~~82.88~~–

92100

1,~~035~~034.0499

~~207~~62.0815

8094

The following table summarizes the total common shares issued and proceeds received related to ~~capital~~ capital drawdowns ~~delivered pursuant to the subscription agreements from investors acquiring shares of our common stock in our private offering during the nine months ended September 30, 2019~~:

Share Issue Date	~~Shares Issued~~SharesIssued		~~Proceeds Received~~ ProceedsReceived($ in millions)
For the three months ended March 31, 2020
February 24, 2020		3,282,463	$	61.81
Total capital drawdowns		3,282,463	$	61.81
For the three months ended March 31, 2019
March 25, 2019		4,286,182	$	82.61
June 27, 2019		2,179,196		41.55
Total capital drawdowns		4,286,182	$	82.61
Total capital drawdowns		6,465,378	$	124.16

The following table summarizes the total common shares issued and proceeds received related to capital drawdowns delivered pursuant to the subscription agreements from investors acquiring shares of our common stock in our private offering for the nine months ended September 30, 2018:

Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
March 26, 2018		2,700,602	$	51.86
June 25, 2018		2,689,865		51.62
September 27, 2018		8,011,747		154.82
Total capital drawdowns		13,402,214	$	258.30

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of 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 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. Either party may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Generally, either party may terminate the Administration Agreement without penalty upon at least 90 days’ written notice to the other party.

~~The~~49 ~~following table shows our contractual obligations as of September 30, 2019:~~

	Payments Due by Period ($ in millions)
	Total		Less Than1 Year		1 – 3 Years		3 – 5 Years		More Than5 Years
SunTrust Revolving Credit Facility	$	587.30	$	–	$	587.30	$	–	$	–
SunTrust Revolving Credit Facility	€	47.95	€	–	€	47.95	€	–	€	–

The following table shows our contractual obligations as of March 31, 2020:


	Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
Truist Revolving Credit Facility	$	787.00	$	–	$	787.00	$	–	$	–
Triust Revolving Credit Facility	€	47.95	€	–	€	47.95	€	–	€	–

Euro (“€”)

~~SunTrust~~Truist Revolving Credit Facility

On September 11, 2017, we entered into the ~~SunTrust~~Truist Revolving Credit Facility, a multicurrency facility, with various lenders. ~~SunTrust~~Truist Bank ~~serves~~ serves as administrative agent and Bank of America, N.A. serves as syndication agent. We amended the ~~SunTrust~~Truist Revolving Credit Facility on September 17, 2018, ~~and~~ July 10, 2019, and February 25, 2020.

47Total commitments under the Truist Revolving Credit Facility are $850.00 million. The accordion feature of the Truist Revolving Credit Facility allows us, subject to the satisfaction of various conditions, to bring total commitments under the Truist Revolving Credit Facility to $900.00 million.

~~The~~Borrowings ~~SunTrust~~under the Truist Revolving Credit Facility, isincluding aamounts ~~multicurrency~~drawn ~~facility~~in respect of letters of credit, ~~and~~bear interest (at our election) of either the Adjusted LIBO Rate (as defined in the Truist Revolving Credit Facility) plus the Applicable Margin (as defined in the Truist Revolving Credit Facility) or the Applicable Margin plus the higher of the Prime Rate (as defined in ~~September 30,~~the ~~2019~~Truist Revolving Credit Facility), ~~total~~Federal ~~commitments~~Funds ~~under~~Effective Rate (as provided for in the ~~SunTrust~~Truist Revolving Credit Facility) ~~were~~plus ~~$850~~0.~~00 million~~5% or overnight London InterBank Offered Rate (“LIBOR”) plus 1.0%. ~~The~~Interest ~~accordion~~is ~~feature~~payable ofquarterly in arrears or as defined in the ~~SunTrust~~Truist Revolving Credit Facility. ~~allows~~We ~~us,~~pay ~~subject~~a tofee ~~the~~of ~~satisfaction~~0.375% ofper

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