Compared against all funds.
1Y return
+8.7%
52th pctile · ahead of most peersas of 2026-02-25computed from net asset value per share and distributions, which the manager determines
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$582.3M
as of 2026-02-25
Net expenses
16.81%
98th pctile · pricier than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
96.5%
70th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)16.81%
Minus interest on borrowings, the cost of portfolio leverage13.67%
Minus incentive fees accrued this period, which vary with returns0.87%
Ongoing cost, determined from the filings2.27%
Ongoing cost is about 2.3% a year: a 1.25% management fee on net asset value, about 1.1% blended because one class is waived, plus roughly 1.1% of accounting, legal, transfer agent and loan origination costs. Interest of 13.7% and the 12.5% performance fee are excluded. One-time 2025 start-up costs of 0.7% do not repeat. Class S pays 0.85% more a year plus up to 3.5% upfront.
Sales loadnone
Total drag per year2.27%
This is the cost for class I (Class F-II carries the same drag; Class S adds 0.85% per year plus up to 3.5% upfront, and Class F-I is currently fee-waived). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
Based on Annual report FY2025 used as the base, then adjusted: the adviser's management and performance fee waiver expired 6 October 2025, so FY2025 dollars un.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Performance fee of 12.5% of cumulative Core Earnings for the trailing four calendar quarters, subject to a 5% annual hurdle rate on average adjusted capital with a full catch-up; accrued monthly, paid quarterly. Waived for most classes through October 6, 2025; Class F-II never pays it. $0.9 million ) apply only to returns earned. How this is calculated
Against all funds
Total drag
63th pctile · pricier than most
1Y return
52th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annual report FY2025 used as the base, then adjusted: the adviser's management and performance fee waiver expired 6 October 2025, so FY2025 dollars understate ongoing fees. Figure therefore rests on the six months ended 30 June 2026 interim, whose dollar expenses I annualized (x2) against average net assets of about $513 million (weighted average 20,513,939 shares at about $25.00 NAV per share). FY2025 also carried one-time organization costs of $2.05 million (0.71% of that year's average net assets) that do not repeat..
Open the filing on sec.gov (0001628280-26-011507)Size and leverage
Net assets$582.3M?
Borrowings$1.68B?
Leveragedebt to equity2.94x?
Investments held37?
Started2025-01-06?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of cumulative Core Earnings for the immediately preceding four calendar quarters, subject to a hurdle rate expressed as an annual rate of return on average adjusted capital of 5.0%, with a catch-up until Core Earnings exceed the hurdle divided by 0.875; accrued monthly, paid quarterly in arrears; Class F-II is not subject to the performance fee.?
Hurdle5.00%?
Expense cap2.00%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee5.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Funded by borrowing0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position6.30%?
Top ten44.80%?
Floating rate100.00%?
Priced by the managerno market price available96.50%?
MostlyMultifamily (63% of loan fair value)?
Who is involved
AdviserGoldman Sachs Asset Management, L.P.?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class T | 0.85% | 3.50% | - | - |
| Class S | 0.85% | 3.50% | - | - |
| Class D | 0.25% | 1.50% | - | - |
| Class I | 0.00% | 0.00% | - | - |
| Class F-I | 0.00% | 0.00% | - | - |
| Class F-II | 0.00% | 0.00% | - | - |
| Class NV-1 (sponsor only) | 0.00% | 0.00% | - | - |
| Class NV-2 | 0.00% | 0.00% | - | - |
Also worth knowing
- In March 2026 the company issued $977.8 million of CLO notes through GS REFT 2026-FL1, retaining $53.8 million, with $924.0 million placed with third parties and a reinvestment period running to September 2028.
- The adviser's management fee and performance fee waiver for Class S, T, D, I and non-voting shares expired 6 October 2025; Class F-I fees remain waived until the third anniversary of raising $50 million of F-I proceeds and Class F-II never pays the performance fee.
- Goldman Sachs funded the second $25 million tranche of its $100 million sponsor commitment in May 2026 when NAV reached $500 million, with further tranches at $750 million and $1 billion of NAV.
- All repurchase requests were satisfied in the quarter ended 30 June 2026: 197,759 shares at an average $24.93, equal to 0.86% of NAV.
- Unfunded loan commitments versus liquidity: 135.8 million unfunded against 93.1 million cash and 1,746.8 million undrawn repurchase capacity USD (Unfunded draws are contractual obligations that must be met even if subscriptions slow; coverage tells you whether new capital is needed to honor them.)
- Repurchase facility financial covenants: Minimum liquidity of the greater of 10 million and 5% of recourse debt; liabilities not more than 4.0x assets; tangible net worth at least 75% of net equity proceeds; in compliance (A covenant breach on any facility triggers cross-defaults and can force asset sales, which would hit NAV and suspend repurchases.)
- Guaranty on repurchase agreements: 25 % of then-outstanding obligations (The REIT itself guarantees a quarter of each facility balance and can become fully recourse, so financing stress is not contained in the special purpose subsidiaries.)
- Organization and offering costs being reimbursed to the adviser: 3.5 million payable, reimbursed ratably over 60 months from 6 January 2026 USD (These start-up costs are not in current expenses but reduce NAV as they are paid, about 0.7 million a year through 2030.)
- Accrued distribution fees excluded from NAV: 8.6 USD millions (A real accrued liability to the placement agent is deliberately left out of the published NAV, so reported NAV per share is higher than a full GAAP liability view would give.)
- Leverage ratio and target: 70% at 31 December 2025 against a 60% to 80% target (High leverage on floating rate loans magnifies both the yield and any credit or spread loss, and explains why interest is 13.7% of net assets.)
- Counterparty net exposure over 10% of equity: Citibank 82.7 million and Morgan Stanley 52.5 million, 135.3 million total USD (Over-collateralization pledged to two dealers is at risk if a counterparty defaults, a concentrated operational credit exposure outside the loan book.)
- Concentrated holder of Class F-I and F-II shares: KREI West St. Investments, LLC held 17.9% of voting shares (One holder owns all of the fee-waived F-I and F-II shares, so a single redemption could consume the quarterly repurchase capacity available to other investors.)
Fees
Valuation
Independent valuation firmvaries across filingsEngaged, name in filing
Valuation frequencyunchanged, 2 filingsmonthly
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
Charts appear here once a field has two dated values extracted from different filings.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.