Goldman Sachs Private Credit Corp. 8-K

What Happened

• Goldman Sachs Private Credit Corp. filed an 8-K (Item 2.02 and 3.02) announcing preliminary, unaudited year‑end financial estimates as of December 31, 2025 and disclosing an unregistered sale of Class I shares on January 1, 2026 (final share count determined January 23, 2026). Management reported a preliminary NAV of approximately $8.6 billion, or about $24.99 per share, and expects to file its Form 10‑K on or about March 3, 2026. PricewaterhouseCoopers LLP has not audited or reviewed these preliminary numbers.

Key Details

• Preliminary NAV: ~ $8.6 billion; NAV per share: ~ $24.99 (as of 12/31/2025).
• Investment portfolio fair value and investments at cost: each ~ $15.7 billion (12/31/2025).
• Fund leverage: ~ 0.7x (average daily borrowings / average net assets during the month).
• Income / liquidity / indebtedness: net investment income ~ $2.32 per share for 2025; cash + affiliated money market fund ~ $471.2 million; total consolidated indebtedness ~ $7.1 billion.
• Performance note: preliminary net realized and unrealized losses of ~ $(0.26) per share for 2025; one investment was on non‑accrual as of 12/31/2025.
• Unregistered share sale (Item 3.02): 12,358,659 Class I shares sold (finalized 1/23/2026) for $308,842,901, sold under subscription agreements relying on exemptions (Reg D/Reg S/Section 4(a)(2)); purchasers represented as accredited investors and/or Non‑U.S. persons.

Why It Matters

• These preliminary figures give investors an early look at the company’s size, leverage and 2025 income: a NAV of $8.6B and modest leverage (0.7x) indicate scale and a leveraged profile, while $2.32 of net investment income per share shows the company’s reported income generation for the year. The small preliminary net loss ($(0.26)/share) and one non‑accrual are material for assessing credit performance.
• The $309M unregistered issuance of Class I shares increased capital base and was completed under private placement exemptions.
• All figures are preliminary and unaudited, subject to change after closing and audit procedures; PwC has not provided assurance on these estimates. Investors should review the company’s forthcoming Form 10‑K (expected ~March 3, 2026) for finalized results.