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Goldman Sachs Middle Market Lending Corp. II

What Do They Do?

Lends to middle-market companies, primarily through directly originated secured and unsecured debt, with select equity investments.

How Do They Make Money?

Earns mainly interest on loans to portfolio companies, with additional income from loan fees and, to a lesser extent, gains and dividends on equity investments. Interest and loan fees accrue over the life of an investment; some interest is added to principal and generally comes due at maturity or when the investment is called.

FY2024 revenue

Who Are Their Customers?

Directly originates loans to middle-market companies, which can use the capital for growth, acquisitions, capital investments or refinancing debt.

Do Revenues Turn Into Profits?

Yes. Its net income in FY2024 was larger than its revenue.

Net income, FY2024
102% of revenue
▲ +119% vs FY2023 ($19.5M, 97%)

How Are They Changing?

Since the FY2024 annual report
Latest quarter: Q2 FY2025, the three months to Jun 30, 2025
Revenue
▲ +25%
vs $9.2M in Q2 FY2024
Net income
▲ +14%
vs $9.5M in Q2 FY2024
  • Oct 14, 2025 Goldman Sachs Private Credit Corp. completed its acquisition of the company The company merged into Goldman Sachs Private Credit Corp.; former shareholders were entitled to $18.41 per share in cash.
  • Jul 21, 2025 Vivek Bantwal was appointed co-CEO as Alex Chi planned to resign Bantwal was set to become co-CEO, while David Miller continued in the role.
  • Jul 11, 2025 The company agreed to merge into Goldman Sachs Private Credit Corp. The merger agreement provided for cash consideration based on the company’s closing net asset value per share and required stockholder approval.

Growing. Revenue grew 11.6x in 2 years, from $3.6M in FY2022 to $41.8M in FY2024, about 240% a year.

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