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 June 30, 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

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	None	None

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

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

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

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

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 10, 2020 was 53,844,947.

GOLDMAN SACHS MIDDLE MARKET LENDING CORP.


	INDEX	PAGE
	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 June 30, 2020 (Unaudited) and December 31, 2019	4
	Consolidated Statements of Operations for the three and six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)	7
	Consolidated Schedules of Investments as of June 30, 2020 (Unaudited) and December 31, 2019	8
	Notes to the Consolidated Financial Statements (Unaudited)	20
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	55
ITEM 4.	Controls and Procedures	56

PART II	OTHER INFORMATION	56
ITEM 1.	Legal Proceedings	56
ITEM 1A.	Risk Factors	56
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
ITEM 3.	Defaults Upon Senior Securities	63
ITEM 4.	Mine Safety Disclosures	63
ITEM 5.	Other Information	63
ITEM 6.	Exhibits	63

SIGNATURES		65

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives 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 report on Form 10-K for the year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended March 31, 2020, 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;

•	the impact of the novel coronavirus (“COVID-19”) pandemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;

•	changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the current COVID-19 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;

•	currency fluctuations, particularly to the extent that we receive payments denominated in currency 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 Amended and Restated Merger Agreement (as defined below) or action of our stockholders or GS BDC’s stockholders with respect to any proposed transaction.

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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)

	June 30, 2020 (Unaudited)			December 31, 2019
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $1,708,569 and $1,656,685)	$	1,625,388		$	1,633,562
Non-controlled affiliated investments (cost of $45,766 and $45,702)		50,390			49,598
Investments in affiliated money market fund (cost of $117,788 and $-)		117,788			—
Cash		18,463			13,393
Receivable for investments sold		200			41
Interest and dividends receivable		10,416			7,022
Deferred financing costs		2,335			2,617
Unrealized appreciation on foreign currency forward contracts		45			46
Other assets		227			96
Total assets	$	1,825,252		$	1,706,375
Liabilities
Debt	$	840,872		$	729,986
Interest and other debt expenses payable		453			713
Management fees payable		3,524			3,520
Incentive fees payable		—			3,419
Distribution payable		—			21,272
Directors’ fees payable		97			—
Accrued expenses and other liabilities		2,941			2,676
Total liabilities	$	847,887		$	761,586
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, 53,844,947 and 50,562,483 shares issued and outstanding as of June 30, 2020 and December 31, 2019)		54			51
Paid-in capital in excess of par		1,034,279			972,476
Distributable earnings		(56,968	)		(27,738	)
TOTAL NET ASSETS	$	977,365		$	944,789
TOTAL LIABILITIES AND NET ASSETS	$	1,825,252		$	1,706,375
Net asset value per share	$	18.15		$	18.69

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

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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 Six Months Ended
	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	36,820		$	34,509		$	75,386		$	63,884
Other income		277			545			608			967
Total investment income from non-controlled/non-affiliated investments		37,097			35,054			75,994			64,851
From non-controlled affiliated investments:
Interest income		765			665			1,568			1,332
Dividend income		51			55			58			91
Other income		59			6			66			13
Total investment income from non-controlled affiliated investments		875			726			1,692			1,436
Total investment income	$	37,972		$	35,780		$	77,686		$	66,287
Expenses:
Interest and other debt expenses	$	6,154		$	5,057		$	13,600		$	9,468
Management fees		3,524			3,429			7,025			6,656
Incentive fees		—			5,372			—			11,340
Professional fees		1,080			452			2,017			735
Administration, custodian and transfer agent fees		586			552			1,165			1,070
Directors’ fees		107			108			213			213
Other expenses		343			310			660			514
Total expenses	$	11,794		$	15,280		$	24,680		$	29,996
NET INVESTMENT INCOME BEFORE TAXES	$	26,178		$	20,500		$	53,006		$	36,291
Income tax expense (benefit), including excise tax	$	—		$	6		$	—		$	(1	)
NET INVESTMENT INCOME AFTER TAXES	$	26,178		$	20,494		$	53,006		$	36,292
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	—		$	(10,559	)	$	226		$	(10,561	)
Foreign currency forward contracts		72			—			110			12
Foreign currency transactions		(31	)		35			(27	)		38
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		32,199			5,532			(60,058	)		(4,188	)
Non-controlled affiliated investments		411			1,123			728			1,537
Foreign currency forward contracts		(111	)		(63	)		(1	)		45
Foreign currency translations		(956	)		(726	)		(77	)		417
Net realized and unrealized gains (losses)	$	31,584		$	(4,658	)	$	(59,099	)	$	(12,700	)
(Provision) benefit for taxes on realized gain/loss on investments	$	—		$	100		$	—		$	100
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		(91	)		(340	)		16			(443	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,671		$	15,596		$	(6,077	)	$	23,249
Weighted average shares outstanding		53,844,947			47,386,851			52,871,029			45,373,734
Net investment income per share (basic and diluted)	$	0.49		$	0.43		$	1.00		$	0.80
Earnings (loss) per share (basic and diluted)	$	1.07		$	0.33		$	(0.11	)	$	0.51

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

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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 Six Months Ended
	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019

Net assets at beginning of period	$	919,694		$	891,925		$	944,789		$	820,154
Increase (decrease) in net assets resulting from operations:
Net investment income	$	26,178		$	20,494		$	53,006		$	36,292
Net realized gain (loss)		41			(10,524	)		309			(10,511	)
Net change in unrealized appreciation (depreciation)		31,543			5,866			(59,408	)		(2,189	)
(Provision) benefit for taxes on realized gain/loss on investments		—			100			—			100
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		(91	)		(340	)		16			(443	)
Net increase (decrease) in net assets resulting from operations	$	57,671		$	15,596		$	(6,077	)	$	23,249
Distributions to stockholders from:
Distributable earnings	$	—		$	(20,335	)	$	(23,153	)	$	(38,827	)
Total distributions to stockholders	$	—		$	(20,335	)	$	(23,153	)	$	(38,827	)
Capital transactions:
Issuance of common shares	$	—		$	41,545		$	61,806		$	124,155
Net increase (decrease) in net assets resulting from capital transactions	$	—		$	41,545		$	61,806		$	124,155
TOTAL INCREASE (DECREASE) IN NET ASSETS	$	57,671		$	36,806		$	32,576		$	108,577
Net assets at end of period	$	977,365		$	928,731		$	977,365		$	928,731
Distributions declared per share	$	—		$	0.43		$	0.43		$	0.86

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

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Goldman Sachs Middle Market Lending Corp.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

	For the Six Months Ended
	June 30, 2020			June 30, 2019

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations:	$	(6,077	)	$	23,249
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(145,375	)		(418,208	)
Payment-in-kind interest capitalized		(771	)		(537	)
Investments in affiliated money market fund, net		(117,788	)		—
Proceeds from sales of investments and principal repayments		98,245			109,193
Net realized (gain) loss		(220	)		10,561
Net change in unrealized (appreciation) depreciation on investments		59,330			2,651
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions		(8	)		(47	)
Amortization of premium and accretion of discount, net		(3,827	)		(3,302	)
Amortization of deferred financing costs		712			600
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		(159	)		66
(Increase) decrease in interest and dividends receivable		(3,394	)		(739	)
(Increase) decrease in other assets		(131	)		157
Increase (decrease) in interest and other debt expenses payable		(260	)		(42	)
Increase (decrease) in management fees payable		4			530
Increase (decrease) in incentive fees payable		(3,419	)		1,860
Increase (decrease) in directors’ fees payable		97			103
Increase (decrease) in accrued expenses and other liabilities		265			(48	)
Net cash provided by (used for) operating activities	$	(122,776	)	$	(273,953	)
Cash flows from financing activities:
Proceeds from issuance of common stock	$	61,806		$	124,155
Distributions paid		(44,425	)		(34,682	)
Financing costs paid		(430	)		(148	)
Borrowings on debt		238,086			377,785
Repayments of debt		(127,200	)		(197,150	)
Net cash provided by (used for) financing activities	$	127,837		$	269,960
Net increase (decrease) in cash		5,061			(3,993	)
Effect of foreign exchange rate changes on cash and cash equivalents		9			2
Cash, beginning of period		13,393			15,010
Cash, end of period	$	18,463		$	11,019
Supplemental and non-cash activities
Interest expense paid	$	12,859		$	8,413
Accrued but unpaid excise tax expense	$	—		$	8
Accrued but unpaid distributions	$	—		$	20,335
Exchange of investments	$	11,852		$	1,054

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

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Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of June 30, 2020

(in thousands, except share and per share amounts)

(Unaudited)

Investment *	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par Amount/ Shares (++)		Cost			Fair Value
1st Lien/Senior Secured Debt - 131.81% #
3SI Security Systems, Inc.⁽¹⁾	Commercial Services & Supplies	6.75%	L + 5.75%; 1.00% Floor	06/16/2023	$	2,238	$	2,218	$	2,171
Accuity Delivery Systems, LLC^{^ (1) (2)}	Health Care Providers & Services	8.32%	L + 7.00%; 1.00% Floor	06/13/2023		14,480		14,200		14,625
Acquia, Inc.^{(1) (2)}	Software	8.00%	L + 7.00%; 1.00% Floor	10/31/2025		18,197		17,865		17,606
Acquia, Inc.^{(1) (2) (3)}	Software		L + 7.00%; 1.00% Floor	10/31/2025		1,946		(35)		(63)
Apptio, Inc.⁽²⁾	IT Services	8.25%	L + 7.25%; 1.00% Floor	01/10/2025		46,452		45,701		44,826
Apptio, Inc.^{(2) (3)}	IT Services		L + 7.25%; 1.00% Floor	01/10/2025		3,160		(48)		(111)
Associations, Inc.^{(1) (2)}	Real Estate Management & Development	8.46%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		19,596		19,424		18,812
Associations, Inc.^{(1) (2) (3)}	Real Estate Management & Development	8.46%	L + 7.00% (incl. 3.00% PIK); 1.00% Floor	07/30/2024		4,291		3,042		2,907
Associations, Inc.^{(1) (2)}	Real Estate Management & Development	7.46%	L + 6.00%; 1.00% Floor	07/30/2024		836		829		802
Axiom Software^{(2) (3)}	Health Care Technology			07/31/2027		419		—		—
Axiom Software^{(2) (3)}	Health Care Technology			07/31/2026		66		—		—
BJH Holdings III Corp. (dba Jack’s Family Restaurants)⁽²⁾	Hotels, Restaurants & Leisure	6.75%	L + 5.75%; 1.00% Floor	08/19/2025		9,051		8,971		8,327
Brillio, LLC^{(1) (2)}	IT Services	5.75%	L + 4.75%; 1.00% Floor	02/06/2025		6,534		6,481		6,305
Brillio, LLC^{(1) (2) (3)}	IT Services	5.75%	L + 4.75%; 1.00% Floor	02/06/2025		2,200		1,100		1,023
Bullhorn, Inc.^{(1) (2)}	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		16,029		15,813		15,548
Bullhorn, Inc.^{(1) (2)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	10/01/2025		799		788		775
Bullhorn, Inc.^{(1) (2)}	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		265		261		257
Bullhorn, Inc.^{(1) (2) (3)}	Professional Services	6.57%	L + 5.50%; 1.00% Floor	10/01/2025		1,065		185		167
Businessolver.com, Inc.^{(1) (2)}	Health Care Technology	8.50%	L + 7.50%; 1.00% Floor	05/15/2023		30,076		29,697		28,948
Businessolver.com, Inc.⁽¹⁾⁽²⁾	Health Care Technology	8.50%	L + 7.50%; 1.00% Floor	05/15/2023		4,511		4,450		4,342
Businessolver.com, Inc.^{(1) (2) (3)}	Health Care Technology		L + 7.50%; 1.00% Floor	05/15/2023		3,760		(44)		(141)
CFS Management, LLC (dba Center for Sight Management)^{(1) (2)}	Health Care Providers & Services	7.34%	L + 5.75%; 1.00% Floor	07/01/2024		6,957		6,899		6,609
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		(17)		(103)
Chronicle Bidco Inc. (dba Lexitas)^{(1) (2)}	Professional Services	6.75%	L + 5.75%; 1.00% Floor	11/14/2025		10,249		10,061		9,915
Chronicle Bidco Inc. (dba Lexitas)^{(1) (2) (3)}	Professional Services	6.75%	L + 5.75%; 1.00% Floor	11/14/2025		4,318		2,265		2,186
Chronicle Bidco Inc. (dba Lexitas)^{(1) (2) (3)}	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025		1,300		(23)		(42)
Collaborative Imaging, LLC (dba Texas Radiology Associates)^{^^^ (1) (2)}	Health Care Providers & Services	7.50%	L + 6.50%; 1.00% Floor	03/28/2025		12,700		12,559		12,287
Collaborative Imaging, LLC (dba Texas Radiology Associates)^{^^^ (1) (2)}	Health Care Providers & Services	7.50%	L + 6.50%; 1.00% Floor	03/28/2025		9,673		9,544		9,359
ConnectWise, LLC^{(1) (2)}	IT Services	7.07%	L + 6.00%; 1.00% Floor	02/28/2025		19,856		19,497		19,112
ConnectWise, LLC^{(1) (2) (3)}	IT Services		L + 6.00%; 1.00% Floor	02/28/2025		1,524		(27)		(57)
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		30,465		26,350
Convene 237 Park Avenue, LLC (dba Convene)^{(1) (2)}	Real Estate Management & Development	9.13%	L + 7.50%; 1.50% Floor	08/30/2024		9,120		8,999		7,752
CorePower Yoga LLC⁽²⁾	Diversified Consumer Services	5.61%	L + 4.75%	05/14/2025		14,771		14,585		13,293
CorePower Yoga LLC^{(2) (3)}	Diversified Consumer Services		L + 4.75%	05/14/2025		236		(3)		(24)
CorePower Yoga LLC^{(2) (3)}	Diversified Consumer Services		L + 4.75%	05/14/2025		1,010		(12)		(101)
CST Buyer Company (dba Intoxalock)⁽²⁾	Diversified Consumer Services	6.32%	L + 5.25%; 1.00% Floor	10/03/2025		18,124		17,915		15,949
CST Buyer Company (dba Intoxalock)^{(2) (3)}	Diversified Consumer Services	6.32%	L + 5.25%; 1.00% Floor	10/03/2025		1,294		761		621
DDS USA Holding, Inc.^{(1) (2)}	Health Care Equipment & Supplies	6.25%	L + 5.25%; 1.00% Floor	06/30/2022		5,377		5,362		5,216
DDS USA Holding, Inc.^{(1) (2)}	Health Care Equipment & Supplies	6.25%	L + 5.25%; 1.00% Floor	06/30/2022		5,083		5,069		4,931
DDS USA Holding, Inc.^{(1) (2)}	Health Care Equipment & Supplies	6.25%	L + 5.25%; 1.00% Floor	06/30/2022		1,533		1,529		1,487
Diligent Corporation^{(1) (2)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	04/14/2022	€	22,707		26,105		25,320
Diligent Corporation^{(1) (2)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	04/14/2022		5,433		5,396		5,392
Diligent Corporation^{(1) (2)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	04/14/2022		2,092		2,078		2,077
Diligent Corporation^{(1) (2) (3)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	04/14/2022		1,800		1,561		1,571
Diligent Corporation^{(1) (2)}	Professional Services	6.57%	L + 5.50%; 1.00% Floor	04/14/2022		723		717		717
Diligent Corporation^{(1) (2)}	Professional Services	6.50%	L + 5.50%; 1.00% Floor	04/14/2022		350		347		347
Diligent Corporation^{(1) (2) (3)}	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022		6,083		(42)		(46)

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

Table of Contents

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of June 30, 2020

(in thousands, except share and per share amounts)

(Unaudited)

Investment *	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par Amount/ Shares (++)		Cost		Fair Value
DocuTAP, Inc.^{(1) (2)}	Health Care Technology	6.50%	L + 5.50%; 1.00% Floor	05/12/2025	$	34,890	$	34,156	$		33,843
E2open, LLC^{(1) (2)}	Software	6.75%	L + 5.75%; 1.00% Floor	11/26/2024		24,118		23,914		23,394
Elemica Parent, Inc.^{(1) (2)}	Chemicals	5.81%	L + 5.50%	09/18/2025		4,236		4,142		3,929
Elemica Parent, Inc.^{(1) (2) (3)}	Chemicals	5.98%	L + 5.50%	09/18/2025		550		391		363
Elemica Parent, Inc.^{(1) (2) (3)}	Chemicals		L + 5.50%	09/18/2025		830		(9)		(60)
Empirix, Inc.^{(1) (2)}	Diversified Telecommunication Services	7.25%	L + 6.25%; 1.00% Floor	09/25/2024		31,338		30,924		29,615
Empirix, Inc.^{(1) (2) (3)}	Diversified Telecommunication Services		L + 6.25%; 1.00% Floor	09/25/2023		1,800		(21)		(99)
Eptam Plastics, Ltd.^{(1) (2)}	Health Care Equipment & Supplies	6.50%	L + 5.50%; 1.00% Floor	12/06/2025		6,347		6,259		6,156
Eptam Plastics, Ltd.^{(1) (2)}	Health Care Equipment & Supplies	6.50%	L + 5.50%; 1.00% Floor	12/06/2025		1,354		1,335		1,313
Eptam Plastics, Ltd.^{(1) (2) (3)}	Health Care Equipment & Supplies		L + 5.50%; 1.00% Floor	12/06/2025		2,708		(18)		(81)
Fenergo Finance 3 Limited^{(1) (2) (4)}	Diversified Financial Services	7.00%	L + 6.00%; 1.00% Floor	09/05/2024	€	25,300		29,019		27,927
Fenergo Finance 3 Limited^{(1) (2) (3) (4)}	Diversified Financial Services		L + 6.00%; 1.00% Floor	09/05/2024		1,683		(21)		(29)
Fenergo Finance 3 Limited^{(1) (2) (3) (4)}	Diversified Financial Services		L + 6.00%; 1.00% Floor	09/05/2024	€	2,200		(32)		(43)
FWR Holding Corporation (dba First Watch Restaurants)^{(1) (3)}	Hotels, Restaurants & Leisure		L + 5.50%; 1.00% Floor	08/21/2023		96		—		(5)
FWR Holding Corporation (dba First Watch Restaurants) ⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		4,007		3,978		3,797
FWR Holding Corporation (dba First Watch Restaurants) ⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		3,013		2,991		2,855
FWR Holding Corporation (dba First Watch Restaurants) ⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		2,998		2,976		2,840
FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		11,306		11,142		10,713
FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		2,259		2,227		2,141
FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾	Hotels, Restaurants & Leisure	6.50%	L + 5.50%; 1.00% Floor	08/21/2023		1,428		1,408		1,353
FWR Holding Corporation (dba First Watch Restaurants)^{(1) (3)}	Hotels, Restaurants & Leisure	7.10%	L + 5.50%; 1.00% Floor	08/21/2023		1,506		770		712
Gastro Health Holdco, LLC^{(1) (2)}	Health Care Providers & Services	7.05%	L + 6.00%; 1.00% Floor	09/04/2024		13,830		13,624		13,139
Gastro Health Holdco, LLC^{(1) (2)}	Health Care Providers & Services	7.00%	L + 6.00%; 1.00% Floor	09/04/2024		7,141		7,032		6,784
Gastro Health Holdco, LLC^{(1) (2)}	Health Care Providers & Services	7.01%	L + 6.00%; 1.00% Floor	09/04/2024		6,903		6,813		6,558
Gastro Health Holdco, LLC^{(1) (2) (3)}	Health Care Providers & Services		L + 6.00%; 1.00% Floor	09/04/2023		2,900		(37)		(145)
GlobalTranz Enterprises, Inc.⁽²⁾	Road & Rail	5.18%	L + 5.00%	05/15/2026		11,387		11,188		8,768
Governmentjobs.com, Inc. (dba NeoGov)^{(1) (2)}	Software	7.50%	L + 6.50%; 1.00% Floor	02/05/2026		29,153		28,601		28,570
Governmentjobs.com, Inc. (dba NeoGov)^{(1) (2) (3)}	Software	7.50%	L + 6.50%; 1.00% Floor	02/05/2026		3,887		219		214
Granicus, Inc.^{(1) (2)}	Software	5.75%	L + 4.75%; 1.00% Floor	09/07/2022		14,489		14,392		14,417
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)^{(1) (2)}	Hotels, Restaurants & Leisure	7.75%	L + 6.75%; 1.00% Floor	07/09/2025		34,501		34,053		31,568
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		876		673
Hygiena Borrower LLC	Life Sciences Tools & Services	5.02%	L + 4.00%; 1.00% Floor	08/26/2022		5,221		5,178		4,960
Hygiena Borrower LLC⁽³⁾	Life Sciences Tools & Services		L + 4.00%; 1.00% Floor	08/26/2022		550		(4)		(28)
iCIMS, Inc.⁽²⁾	Software	7.50%	L + 6.50%; 1.00% Floor	09/12/2024		42,594		41,956		40,997
iCIMS, Inc.⁽²⁾	Software	7.50%	L + 6.50%; 1.00% Floor	09/12/2024		7,844		7,714		7,550
iCIMS, Inc.^{(2) (3)}	Software		L + 6.50%; 1.00% Floor	09/12/2024		2,662		(38)		(100)
Instructure Holdings^{(1) (2)}	Diversified Consumer Services	8.00%	L + 7.00%; 1.00% Floor	03/24/2026		38,688		38,222		38,205
Instructure Holdings^{(1) (2) (3)}	Diversified Consumer Services		L + 7.00%; 1.00% Floor	03/24/2026		3,000		(36)		(38)

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

Table of Contents

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of June 30, 2020

(in thousands, except share and per share amounts)

(Unaudited)

Investment *	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par Amount/ Shares (++)		Cost		Fair Value
Integral Ad Science, Inc.^{(1) (2)}	Interactive Media & Services	8.25%	L + 7.25% (incl. 1.25% PIK); 1.00% Floor	07/19/2024	$	36,785	$	36,257	$	35,314
Integral Ad Science, Inc.^{(1) (2) (3)}	Interactive Media & Services		L + 6.00%; 1.00% Floor	07/19/2023		2,586		(32)		(103)
Internet Truckstop Group, LLC (dba Truckstop)^{(1) (2)}	Transportation Infrastructure	6.50%	L + 5.50%; 1.00% Floor	04/02/2025		32,215		31,550		31,168
Internet Truckstop Group, LLC (dba Truckstop)^{(1) (2)}⁽³⁾	Transportation Infrastructure		L + 5.50%; 1.00% Floor	04/02/2025		2,600		(52)		(85)
Lithium Technologies, Inc.^{(1) (2)}	Interactive Media & Services	9.00%	L + 8.00%; 1.00% Floor	10/03/2022		50,047		49,409		47,670
Lithium Technologies, Inc.^{(1) (2)}⁽³⁾	Interactive Media & Services	9.21%	L + 8.00%; 1.00% Floor	10/03/2022		3,448		1,684		1,560
Mailgun Technologies, Inc.^{(1) (2)}	Interactive Media & Services	6.58%	L + 5.50%; 1.00% Floor	03/26/2025		23,054		22,668		22,247
Mailgun Technologies, Inc.⁽¹⁾^{(2) (3)}	Interactive Media & Services		L + 5.50%; 1.00% Floor	03/26/2025		1,448		—		(51)
Midwest Transport, Inc.^{(1) (2)}	Road & Rail	8.07%	L + 7.00%; 1.00% Floor	10/02/2023		16,516		16,401		16,475
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)^{(1) (2)}	Health Care Technology	6.50%	L + 5.50%; 1.00% Floor	11/15/2024		29,582		29,109		28,990
MMIT Holdings, LLC (dba Managed Markets Insight & Technology)^{(1) (2) (3)}	Health Care Technology	6.50%	L + 5.50%; 1.00% Floor	11/15/2024		4,525		3,733		3,711
MRI Software LLC	Real Estate Management & Development	6.57%	L + 5.50%; 1.00% Floor	02/10/2026		13,608		13,484		12,928
MRI Software LLC⁽³⁾	Real Estate Management & Development		L + 5.50%; 1.00% Floor	02/10/2026		990		(9)		(50)
MRI Software LLC⁽³⁾	Real Estate Management & Development		L + 5.50%; 1.00% Floor	02/10/2026		1,020		(10)		(51)
Netvoyage Corporation (dba NetDocuments)^{(1) (2)}	Software	8.83%	L + 7.75%; 1.00% Floor	03/22/2024		7,897		7,802		7,601
Netvoyage Corporation (dba NetDocuments)^{(1) (2)}	Software	8.83%	L + 7.75%; 1.00% Floor	03/22/2024		5,955		5,851		5,732
Netvoyage Corporation (dba NetDocuments)^{(1) (2)}	Software	8.83%	L + 7.75%; 1.00% Floor	03/24/2022		882		867		849
Netvoyage Corporation (dba NetDocuments)^{(1) (2) (3)}	Software		L + 7.75%; 1.00% Floor	03/24/2022		610		(4)		(23)
Picture Head Midco LLC^{(1) (2)}	Entertainment	7.75%	L + 6.75%; 1.00% Floor	08/31/2023		27,467		27,068		24,857
PlanSource Holdings, Inc.^{(1) (2)}	Health Care Technology	7.95%	L + 6.25%; 1.00% Floor	04/22/2025		33,940		33,371		32,667
PlanSource Holdings, Inc.^{(1) (2) (3)}	Health Care Technology		L + 6.25%; 1.00% Floor	04/22/2025		4,681		(75)		(176)
Power Stop, LLC⁽²⁾	Auto Components	4.93%	L + 4.75%	10/19/2025		10,737		10,715		9,663
Premier Imaging, LLC (dba Lucid Health)^{(1) (2)}	Health Care Providers & Services	6.75%	L + 5.75%; 1.00% Floor	01/02/2025		17,170		16,938		16,355
PT Intermediate Holdings III, LLC (dba Parts Town)⁽²⁾	Trading Companies & Distributors	6.50%	L + 5.50%; 1.00% Floor	10/15/2025		17,233		17,155		15,338
Riverpoint Medical, LLC^{(1) (2)}	Health Care Equipment & Supplies	5.75%	L + 4.75%; 1.00% Floor	06/21/2025		13,338		13,281		12,471
Riverpoint Medical, LLC^{(1) (2) (3)}	Health Care Equipment & Supplies		L + 4.75%; 1.00% Floor	06/21/2025		2,450		(10)		(159)
Selectquote, Inc.⁽²⁾	Insurance	7.01%	L + 6.00%; 1.00% Floor	11/05/2024		12,082		11,868		12,082
SF Home Décor, LLC (dba SureFit Home Décor)^{(1) (2)}	Household Products	10.75%	L + 9.75%; 1.00% Floor	07/13/2022		23,625		23,199		21,322
Shopatron, LLC (dba Kibo)^{(1) (2)}	Internet & Direct Marketing Retail	9.08%	L + 8.00%; 1.00% Floor	12/18/2020		8,902		8,827		8,768
Shopatron, LLC (dba Kibo)^{(1) (2) (5)}	Internet & Direct Marketing Retail	9.08%	L + 8.00%; 1.00% Floor	12/18/2020		2,744		2,738		2,702
SPay, Inc. (dba Stack Sports)^{(1) (2)}	Interactive Media & Services	8.82%	L + 7.75% (incl. 2.00% PIK); 1.00% Floor	06/17/2024		14,914		14,706		13,124
SPay, Inc. (dba Stack Sports)^{(1) (2)}	Interactive Media & Services	8.84%	L + 7.75% (incl. 2.00% PIK); 1.00% Floor	06/17/2024		1,087		1,072		956
SPay, Inc. (dba Stack Sports)^{(1) (2)}	Interactive Media & Services	8.97%	L + 7.75% (incl. 2.00% PIK); 1.00% Floor	06/17/2024		543		540		478
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)^{(1) (2)}	Health Care Providers & Services	6.50%	L + 5.50%; 1.00% Floor	08/15/2025		15,854		15,645		15,022
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)^{(1) (2) (3)}	Health Care Providers & Services		L + 5.50%; 1.00% Floor	08/15/2025		2,707		(35)		(142)
Viant Medical Holdings, Inc.⁽²⁾	Health Care Equipment & Supplies	7.25%	L + 6.25%; 1.00% Floor	07/02/2025		19,021		18,728		17,500
Villa Bidco Inc (dba Authority Brands)^{(1) (2)}	Diversified Consumer Services	6.75%	L + 5.75%; 1.00% Floor	03/21/2025		16,133		15,788		15,770
Villa Bidco Inc (dba Authority Brands)^{(1) (2) (3)}	Diversified Consumer Services	8.00%	P + 4.75%	03/21/2025		1,297		330		329

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

Table of Contents

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of June 30, 2020

(in thousands, except share and per share amounts)

(Unaudited)

Investment *	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par Amount/ Shares (++)			Cost			Fair Value
VRC Companies, LLC (dba Vital Records Control)⁽¹⁾	Commercial Services & Supplies	7.50%	L + 6.50%; 1.00% Floor	03/31/2023		$	9,951	$		9,887	$		9,876
VRC Companies, LLC (dba Vital Records Control)^{(1) (3)}	Commercial Services & Supplies		L + 6.50%; 1.00% Floor	03/31/2022			249			(1)			(2)
WebPT, Inc.^{(1) (2)}	Health Care Technology	7.75%	L + 6.75%; 1.00% Floor	08/28/2024			14,933			14,677			14,299
WebPT, Inc.^{(1) (2)}	Health Care Technology	7.75%	L + 6.75%; 1.00% Floor	08/28/2024			1,556			1,529			1,489
WebPT, Inc.^{(1) (2) (3)}	Health Care Technology		L + 6.75%; 1.00% Floor	08/28/2024			1,867			(16)			(79)
Wine.com, LLC^{(1) (2)}	Beverages	8.00%	L + 7.00%; 1.00% Floor	11/14/2024			9,000			8,860			8,978
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			46,410			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			(78)			(94)
WorkForce Software, LLC^{(1) (2)}	Software	7.50%	L + 6.50%; 1.00% Floor	07/31/2025			12,764			12,541			12,062
WorkForce Software, LLC^{(1) (2) (3)}	Software		L + 6.50%; 1.00% Floor	07/31/2025			1,123			(19)			(62)
Wrike, Inc.⁽²⁾	Professional Services	7.83%	L + 6.75%; 1.00% Floor	12/31/2024			32,260			31,719			31,292
Wrike, Inc.^{(2) (3)}	Professional Services		L + 6.75%; 1.00% Floor	12/31/2024			2,300			(35)			(69)
Xactly Corporation^{(1) (2)}	IT Services	8.25%	L + 7.25%; 1.00% Floor	07/29/2022			34,852			34,493			34,155
Xactly Corporation^{(1) (2) (3)}	IT Services		L + 7.25%; 1.00% Floor	07/29/2022			2,177			(18)			(44)
Yasso, Inc.^{(1) (2)}	Food Products	8.82%	L + 7.75%; 1.00% Floor	03/23/2022			7,369			7,310			7,369
Total 1st Lien/Senior Secured Debt									1,335,588			1,288,224

1st Lien/Last-Out Unitranche⁽⁶⁾ - 10.17%
Doxim, Inc.^{(1) (2)}	Diversified Financial Services	7.00%	L + 6.00%; 1.00% Floor	02/28/2024			27,300			26,705			26,276
Doxim, Inc.^{(1) (2)}	Diversified Financial Services	7.00%	L + 6.00%; 1.00% Floor	02/28/2024			22,376			21,901			21,537
RugsUSA, LLC^{(1) (2)}	Household Products	7.50%	L + 6.50%; 1.00% Floor	04/30/2023			8,330			8,279			8,122
Smarsh, Inc.^{(1) (2)}	Interactive Media & Services	8.88%	L + 7.88%; 1.00% Floor	03/31/2021			44,033			43,819			43,482
Total 1st Lien/Last-Out Unitranche										100,704			99,417

2nd Lien/Senior Secured Debt - 26.55%
American Dental Partners, Inc.^{(1) (2)}	Health Care Providers & Services	9.50%	L + 8.50%; 1.00% Floor	09/25/2023			5,333			5,256			4,799
Chase Industries, Inc. (dba Senneca Holdings)^{(1) (2) (7)}	Building Products		11.00% PIK	05/11/2026			12,150			11,847			—
Chase Industries, Inc. (dba Senneca Holdings)^{(1) (2)}	Building Products	10.00% PIK	10.00% PIK	11/11/2025			12,150			10,702			9,842
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			24,978			24,511
Genesis Acquisition Co. (dba ProCare Software)^{(1) (2)}	Diversified Financial Services	8.95%	L + 7.50%	07/31/2025			10,000			9,803			9,025
Genesis Acquisition Co. (dba ProCare Software)^{(1) (2)}	Diversified Financial Services	7.67%	L + 7.50%	07/31/2025			2,500			2,445			2,256
Hygiena Borrower LLC⁽¹⁾	Life Sciences Tools & Services	8.75%	L + 7.75%; 1.00% Floor	08/26/2023			2,650			2,615			2,531
Hygiena Borrower LLC⁽¹⁾	Life Sciences Tools & Services	8.75%	L + 7.75%; 1.00% Floor	08/26/2023			139			137			133
ICP Industrial, Inc.^{(1) (2)}	Chemicals	9.25%	L + 8.25%; 1.00% Floor	05/03/2024			28,900			28,420			27,816
Intelligent Medical Objects, Inc.^{(1) (2)}	Health Care Technology	9.50%	L + 8.50%; 1.00% Floor	12/22/2024			21,900			21,495			21,024
Market Track, LLC^{(1) (2)}	Media	8.75%	L + 7.75%; 1.00% Floor	06/05/2025			20,000			19,578			18,700
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			17,047			16,182
Odyssey Logistics & Technology Corporation⁽²⁾	Road & Rail	9.07%	L + 8.00%; 1.00% Floor	10/12/2025			26,626			26,174			21,301
SMB Shipping Logistics, LLC (dba Worldwide Express)^{(1) (2)}	Air Freight & Logistics	9.00%	L + 8.00%; 1.00% Floor	02/03/2025			25,000			24,690			23,250
Spectrum Plastics Group, Inc.⁽²⁾	Containers & Packaging	8.07%	L + 7.00%	01/31/2026			6,278			6,254			4,708
USRP Holdings, Inc. (dba U.S. Retirement Partners)^{(1) (2)}	Insurance	9.75%	L + 8.75%; 1.00% Floor	09/29/2025			9,700			9,606			9,021
USRP Holdings, Inc. (dba U.S. Retirement Partners)^{(1) (2)}	Insurance	9.83%	L + 8.75%; 1.00% Floor	09/29/2025			1,584			1,569			1,473
Xcellence, Inc. (dba Xact Data Discovery)^{(1) (2)}	IT Services	9.75%	L + 8.75%; 1.00% Floor	06/22/2024			26,100			25,616			24,273
YI, LLC (dba Young Innovations)^{(1) (2)}	Health Care Equipment & Supplies	8.82%	L + 7.75%; 1.00% Floor	11/07/2025			21,608			21,122			18,853
Zep Inc.⁽²⁾	Chemicals	9.32%	L + 8.25%; 1.00% Floor	08/11/2025			30,500			29,942			19,825
Total 2nd Lien/Senior Secured Debt										299,296			259,523

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

Table of Contents

Investment *	Industry	Par Amount/ Shares (++)				Cost			Fair Value
Preferred Stock^* - 1.47%
Accuity Delivery Systems, LLC^{^ (1) (2) (8) (9)}	Health Care Providers & Services		136,589		$	4,500		$			8,550
Wine.com, LLC^{(1) (2) (8) (9)}	Beverages		314,154			2,700					5,831
Total Preferred Stock						7,200					14,381

Common Stock^* - 1.46%
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Class B^{^^^ (1) (2) (9)}	Health Care Providers & Services			11,719		1,580				2,007

Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Performance Units^{^^^ (1) (2) (4) (8) (9)}	Health Care Providers & Services			11,060		220				399
Country Fresh Holding Company Inc.^{(1) (2) (8) (9)}	Food Products			843		1,053				191
Elah Holdings, Inc.^{^ (1) (2) (8) (9)}	Capital Markets			65,436		3,163				3,163
National Spine and Pain Centers, LLC^{(1) (2) (8) (9)}	Health Care Providers & Services			500		500				25
Wrike, Inc.^{(1) (2) (8) (9)}	Professional Services			4,949,520		3,075				7,969
Yasso, Inc.^{(1) (2) (8) (9)}	Food Products			790		790				479
Total Common Stock						10,381				14,233

Warrants - 0.00%
KDOR Holdings Inc. (dba Senneca Holdings)^{(1) (2) (9)}	Building Products			1,406	$	1,036			$	—
KDOR Holdings Inc. (dba Senneca Holdings)^{(1) (2) (9)}	Building Products			176		130				—
Total Warrants							1,166					—

	Yield	Shares		Cost		Fair Value
Investments in Affiliated Money Market Fund^* - 12.05%
Goldman Sachs Financial Square Government Fund - Institutional Shares^{^^^ (10)}	0.15%	117,787,817		117,788		117,788
Total Investments in Affiliated Money Market Fund				117,788		117,788

TOTAL INVESTMENTS - 183.51%			$	1,872,123	$	1,793,566

LIABILITIES IN EXCESS OF OTHER ASSETS - (83.51%)					$	(816,201)

NET ASSETS - 100.00%					$	977,365

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

Table of Contents

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of June 30, 2020

(in thousands, except share and per share amounts)

(Unaudited)

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

Percentages are based on net assets.

⁽⁺⁾

Represents 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 the larger of the floor or the 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 June 30, 2020, rates for the 12 month, 6 month, 3 month, 2 month, 1 month and 1 week L are 0.55%, 0.37%, 0.30%, 0.23%, 0.16% and 0.10%, respectively. As of June 30, 2020, P was 3.25%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 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, 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⁾

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “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, if applicable, is the result of the capitalized discount on the loan. See Note 8 "Commitments and Contingencies".

⁽⁴⁾

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-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2020 the aggregate fair value of these securities is $74,435 or 4.08% of the Company's total assets.

⁽⁵⁾

The investment includes an exit fee that is receivable upon repayment of the loan. 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⁾

The investment is on non-accrual status as of June 30, 2020.

⁽⁸⁾

Non-income producing security.

⁽⁹⁾

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 June 30, 2020, the aggregate fair value of these securities is $28,614 or 2.93% 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
KDOR Holdings Inc. (dba Senneca Holdings) - Warrants	05/29/2020
KDOR Holdings Inc. (dba Senneca Holdings) - Warrants	05/29/2020
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

⁽¹⁰⁾

The rate shown is the annualized seven-day yield as of June 30, 2020.

PIK – Payment-In-Kind

ADDITIONAL INFORMATION

Foreign currency forward contracts


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Bank of America, N.A.	USD 549	EUR 446	07/06/2020	$	48
Bank of America, N.A.	USD 321	EUR 288	07/06/2020		(2)
Bank of America, N.A.	USD 729	EUR 650	10/05/2020		(4)
Bank of America, N.A.	USD 716	EUR 635	01/05/2021		(1)
Bank of America, N.A.	USD 702	EUR 620	04/06/2021		—
Bank of America, N.A.	USD 701	EUR 617	07/06/2021		2
Bank of America, N.A.	USD 400	EUR 350	10/05/2021		2
				$	45

Currency Abbreviations:

EUR - Euro

USD - U.S. Dollar

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

Table of Contents

Goldman Sachs Middle Market Lending Corp.

Consolidated Schedule of Investments as of December 31, 2019

(in thousands, except share and per share amounts)

Investment *	Industry	Interest Rate ⁽⁺⁾	Reference Rate and Spread ⁽⁺⁾	Maturity	Par Amount/ Shares ⁽⁺⁺⁾		Cost		Fair Value

1st Lien/Senior Secured Debt- 134.05%^#
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
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
Acquia, Inc.⁽²⁾	Software	8.91%	L + 7.00%; 1.00% Floor	10/31/2025	18,197		17,841		17,833
Acquia, Inc.^{(2) (3)}	Software		L + 7.00%; 1.00% Floor	10/31/2025	1,946		(38)		(39)
Apptio, Inc.^{(1) (2)}	IT Services	8.96%	L + 7.25%; 1.00% Floor	01/10/2025	46,452		45,634		45,639
Apptio, Inc.^{(1) (2) (3)}	IT Services		L + 7.25%; 1.00% Floor	01/10/2025	3,160		(53)		(55)
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.^{(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
Associations, Inc.^{(1) (2) (3)}	Real Estate Management & Development		L + 4.00%; 1.00% Floor	07/30/2024	836		(8)		(8)
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
Brillio, LLC^{(1) (2)}	IT Services	6.55%	L + 4.75%; 1.00% Floor	02/06/2025	6,567		6,509		6,501
Brillio, LLC^{(1) (2) (3)}	IT Services		L + 4.75%; 1.00% Floor	02/06/2025	2,200		—		(22)
Bullhorn, Inc.^{(1) (2)}	Professional Services	7.44%	L + 5.50%; 1.00% Floor	10/01/2025	16,109		15,876		15,868
Bullhorn, Inc.^{(1) (2) (3)}	Professional Services	7.46%	L + 5.50%; 1.00% Floor	10/01/2025	1,331		247		246
Bullhorn, Inc.^{(1) (2) (3)}	Professional Services		L + 5.50%; 1.00% Floor	10/01/2025	799		(11)		(12)
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
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
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
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
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)
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
Chronicle Bidco Inc. (dba Lexitas)^{(2) (3)}	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025	1,300		(25)		(26)
Chronicle Bidco Inc. (dba Lexitas)^{(2) (3)}	Professional Services		L + 5.75%; 1.00% Floor	11/14/2025	4,330		(42)		(43)
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
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
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
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
ConnectWise, LLC⁽²⁾	IT Services	7.94%	L + 6.00%; 1.00% Floor	02/28/2025	19,957		19,564		19,707
ConnectWise, LLC^{(2) (3)}	IT Services		L + 6.00%; 1.00% Floor	02/28/2025	1,524		(30)		(19)
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
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)
CorePower Yoga LLC⁽²⁾	Diversified Consumer Services	6.44%	L + 4.50%	05/14/2025	12,389		12,219		12,203
CorePower Yoga LLC^{(2) (3)}	Diversified Consumer Services		L + 4.75%	05/14/2025	1,010		(14)		(15)
CorePower Yoga LLC^{(2) (3)}	Diversified Consumer Services		L + 4.50%	05/14/2025	2,692		(36)		(40)
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
CST Buyer Company (dba Intoxalock)^(2) (3)	Diversified Consumer Services		L + 5.75%; 1.00% Floor	10/03/2025	1,294		(16)		—
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
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
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
Diligent Corporation^{(1) (2)}	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022	€	22,822	26,188		25,344
Diligent Corporation^{(1) (2)}	Professional Services	7.58%	L + 5.50%; 1.00% Floor	04/14/2022	5,460		5,413		5,406
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.

Table of Contents

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
Diligent Corporation^{(1) (2)}	Professional Services	7.56%	L + 5.50%; 1.00% Floor	04/14/2022	$	727	$	719	$	719
Diligent Corporation^{(1) (2)}	Professional Services	7.42%	L + 5.50%; 1.00% Floor	04/14/2022	352		348		348
Diligent Corporation^{(1) (2) (3)}	Professional Services		L + 5.50%; 1.00% Floor	04/14/2022	6,083		(53)		(61)
DiscoverOrg, LLC⁽²⁾	Software	6.30%	L + 4.50%	02/02/2026	23,522		23,311		23,581
DocuTAP, Inc.^{(1) (2)}	Health Care Technology	7.30%	L + 5.50%; 1.00% Floor	05/12/2025	35,066		34,265		35,066
E2open, LLC^{(1) (2)}	Software	7.66%	L + 5.75%; 1.00% Floor	11/26/2024	24,239		24,015		23,997
Elemica Parent, Inc.^{(1) (2)}	Chemicals	7.40%	L + 5.50%	09/18/2025	4,257		4,155		4,151
Elemica Parent, Inc.^{(1) (2) (3)}	Chemicals	7.40%	L + 5.50%	09/18/2025	550		171		170
Elemica Parent, Inc.^{(1) (2) (3)}	Chemicals		L + 5.50%	09/18/2025	830		(10)		(21)
Empirix, Inc.^{(1) (2)}	Diversified Telecommunication Services	8.20%	L + 6.25%; 1.00% Floor	09/25/2024	31,492		31,036		28,343
Empirix, Inc.^{(1) (2) (3)}	Diversified Telecommunication Services		L + 6.25%; 1.00% Floor	09/25/2023	1,800		(24)		(180)
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
Eptam Plastics, Ltd.^{(2) (3)}	Health Care Equipment & Supplies	7.30%	L + 5.50%; 1.00% Floor	12/06/2025	1,354		318		318
Eptam Plastics, Ltd.^{(2) (3)}	Health Care Equipment & Supplies		L + 5.50%; 1.00% Floor	12/06/2025	2,708		(20)		(20)
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
Fenergo Finance 3 Limited^{(1) (2) (3) (4)}	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024	1,683		(23)		(13)
Fenergo Finance 3 Limited^{(1) (2) (3) (4)}	Diversified Financial Services		L + 6.25%; 1.00% Floor	09/05/2024	€	2,200	(35)		(19)
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
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
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)
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
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
FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾

Goldman Sachs Middle Market Lending Corp. 10-Q