Goldman Sachs Private Credit Corp. Net Assets Dip to $9.4 Billion Despite $103 Million Raise

Class I’s monthly return fell to 0.4 percent, while its annualized distribution yield edged up to 9.1 percent on a lower share value.

October 20, 2026

Goldman Sachs Private Credit Corp.'s net asset value slipped to approximately $9.4 billion at the end of September, down from about $9.6 billion a month earlier, even as the non-traded business development company brought in about $103.1 million of new Class I capital in its October 1 share sale.

A larger raise, now across all three classes

Final share counts were fixed on October 16. The round included:

• Class I: 4,206,197 shares for about $103.1 million
• Class S: 19,378 shares for about $475,000
• Class D: 20,397 shares for about $500,000

The Class I total is up from about $93.0 million in the September 1 sale, which included no Class D shares. Shares were placed through subscription agreements with buyers who represented themselves as accredited investors or non-U.S. persons.

Balance sheet

NAV per share fell to $24.51 across all three classes as of September 30, from $24.60 at the end of August. The investment portfolio held at approximately $18.2 billion, and fund leverage, measured as average daily borrowings over average net assets for the month, stayed at 0.9 times. The company described the figures as preliminary management determinations that may differ from those in its subsequent quarterly and annual reports.

September distribution

The September distribution, declared August 6, is $0.1850 per share gross across all classes, payable on or about October 29 to holders of record as of September 30. After stockholder servicing and distribution fees, Class S nets $0.1676 per share and Class D nets $0.1799.

Annualized distribution yields came to 9.1 percent for Class I, 8.2 percent for Class S and 8.8 percent for Class D. Because the yield is measured against month-end NAV per share and the payout was unchanged, the lower share value nudged the Class I yield up from 9.0 percent in August.

Performance

Class I shares returned 0.4 percent for September, down from 0.8 percent in August, for 2.0 percent over three months and 4.9 percent year-to-date. The one-year return eased to 7.1 percent from 7.5 percent, and the annualized return since operations began in April 2023 stood at 9.3 percent.

Class S returned 0.3 percent for the month and 3.8 percent since its February launch, while Class D returned 0.4 percent and 4.4 percent since its March launch.

The report was signed by co-chief executives Vivek Bantwal and David Miller. Miller is set to step down from the co-CEO role at year-end, leaving Bantwal as sole chief executive.