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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\n☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO\n\nCommission file number 000-56667\n\nGOLDMAN SACHS REAL ESTATE FINANCE TRUST INC\n\n(Exact name of registrant as specified in its charter)\n\nMaryland99-2025085\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n200 West Street, New York, New York\n10282\n\n(Address of principal executive offices)(Zip Code)\n\n(212) 902-1000\n\n(Registrant’s telephone number including area code)\n\nSecurities to be registered pursuant to Section 12(b) of the Act:\n\nTitle of each class*\nTrading Symbol(s)Name of each exchange on which registered\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.\n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n☒\n\nIf 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. ☒\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\nAs of May 13, 2026, the registrant had the following shares of common stock outstanding: 14,971,895 shares of Series T, Series S, Series D and Series I, 2,000,000 shares of Class F-I, 1,996,805 shares of Class F-II, 4,056,907 shares of Series NV-1 and Series NV-2.*\n\n*The registrant’s views its different series of common stock as being part of the same single class of common stock; i.e. the Series T, Series S, Series D and Series I are part of the same undesignated class of voting common stock and the Series NV-1 and Series NV-2 are part of the same undesignated class of non-voting common stock. However, in order to mirror common industry terminology, the registrant refers to these separate series of common stock as “classes.”\n\nGoldman Sachs Real Estate Finance Trust Inc\n\nTable of Contents\n\nPage No.\n\n[Part I. Financial Information](#ic9265acf0010414ebe1c8ab71a3a3833_10)\n\n[2](#ic9265acf0010414ebe1c8ab71a3a3833_10)\n\n[Item 1.](#ic9265acf0010414ebe1c8ab71a3a3833_13)\n\n[Financial Statements](#ic9265acf0010414ebe1c8ab71a3a3833_13)\n\n[2](#ic9265acf0010414ebe1c8ab71a3a3833_13)\n\n[Unaudited Consolidated Balance Sheets as of March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_16)[6](#ic9265acf0010414ebe1c8ab71a3a3833_16)[and December 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_16)[5](#ic9265acf0010414ebe1c8ab71a3a3833_16)\n\n[2](#ic9265acf0010414ebe1c8ab71a3a3833_16)\n\n[Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_19)[6](#ic9265acf0010414ebe1c8ab71a3a3833_19)[and](#ic9265acf0010414ebe1c8ab71a3a3833_19)[March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_19)5\n\n[3](#ic9265acf0010414ebe1c8ab71a3a3833_19)\n\n[Unaudited Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_22)[6](#ic9265acf0010414ebe1c8ab71a3a3833_22)[and](#ic9265acf0010414ebe1c8ab71a3a3833_22)[March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_22)[5](#ic9265acf0010414ebe1c8ab71a3a3833_22)\n\n[4](#ic9265acf0010414ebe1c8ab71a3a3833_22)\n\n[Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_25)[6](#ic9265acf0010414ebe1c8ab71a3a3833_25)[and](#ic9265acf0010414ebe1c8ab71a3a3833_25)[March 31, 202](#ic9265acf0010414ebe1c8ab71a3a3833_25)[5](#ic9265acf0010414ebe1c8ab71a3a3833_25)\n\n[5](#ic9265acf0010414ebe1c8ab71a3a3833_25)\n\n[Notes to Unaudited Consolidated Financial Statements](#ic9265acf0010414ebe1c8ab71a3a3833_28)\n\n[7](#ic9265acf0010414ebe1c8ab71a3a3833_28)\n\n[Item 2.](#ic9265acf0010414ebe1c8ab71a3a3833_202)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ic9265acf0010414ebe1c8ab71a3a3833_202)\n\n[27](#ic9265acf0010414ebe1c8ab71a3a3833_202)\n\n[Item 3.](#ic9265acf0010414ebe1c8ab71a3a3833_295)\n\n[Quantitative and Qualitative Disclosure About Market Risk](#ic9265acf0010414ebe1c8ab71a3a3833_295)\n\n[42](#ic9265acf0010414ebe1c8ab71a3a3833_295)\n\n[Item 4.](#ic9265acf0010414ebe1c8ab71a3a3833_298)\n\n[Controls and Procedures](#ic9265acf0010414ebe1c8ab71a3a3833_298)\n\n[42](#ic9265acf0010414ebe1c8ab71a3a3833_298)\n\n[Part II. Other Information](#ic9265acf0010414ebe1c8ab71a3a3833_301)\n\n[43](#ic9265acf0010414ebe1c8ab71a3a3833_301)\n\n[Item 1.](#ic9265acf0010414ebe1c8ab71a3a3833_304)\n\n[Legal Proceedings](#ic9265acf0010414ebe1c8ab71a3a3833_304)\n\n[43](#ic9265acf0010414ebe1c8ab71a3a3833_304)\n\n[Item 1A.](#ic9265acf0010414ebe1c8ab71a3a3833_307)\n\n[Risk Factors](#ic9265acf0010414ebe1c8ab71a3a3833_307)\n\n[43](#ic9265acf0010414ebe1c8ab71a3a3833_307)\n\n[Item 2.](#ic9265acf0010414ebe1c8ab71a3a3833_202)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#ic9265acf0010414ebe1c8ab71a3a3833_310)\n\n[43](#ic9265acf0010414ebe1c8ab71a3a3833_310)\n\n[Item 3.](#ic9265acf0010414ebe1c8ab71a3a3833_295)\n\n[Defaults Upon Senior Securities](#ic9265acf0010414ebe1c8ab71a3a3833_313)\n\n[45](#ic9265acf0010414ebe1c8ab71a3a3833_313)\n\n[Item 4.](#ic9265acf0010414ebe1c8ab71a3a3833_298)\n\n[Mine Safety Disclosures](#ic9265acf0010414ebe1c8ab71a3a3833_316)\n\n[45](#ic9265acf0010414ebe1c8ab71a3a3833_316)\n\n[Item 5.](#ic9265acf0010414ebe1c8ab71a3a3833_310)\n\n[Other Information](#ic9265acf0010414ebe1c8ab71a3a3833_319)\n\n[45](#ic9265acf0010414ebe1c8ab71a3a3833_319)\n\n[Item 6.](#ic9265acf0010414ebe1c8ab71a3a3833_322)\n\n[Exhibits](#ic9265acf0010414ebe1c8ab71a3a3833_322)\n\n[46](#ic9265acf0010414ebe1c8ab71a3a3833_322)\n\n[SIGNATURES](#ic9265acf0010414ebe1c8ab71a3a3833_325)\n\n                        1\n\nPART I. FINANCIAL INFORMATION"}