{"url_path":"/sec/cik-0002027537/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A RISK FACTORS.","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/2027537/0001628280-26-034919-index.html","accession_number":"0001628280-26-034919","cik":"0002027537","ticker":null,"issuer_name":"Goldman Sachs Real Estate Finance Trust Inc","edgar_url":"https://www.sec.gov/Archives/edgar/data/2027537/0001628280-26-034919-index.html","primary_entity_key":"0002027537","primary_entity_name":"Goldman Sachs Real Estate Finance Trust Inc"},"word_count":311,"has_tables":true,"body_markdown":"ITEM 1A.RISK FACTORS.\n\nExcept as set forth below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A. “Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 25, 2026.\n\nSecuritizations may subject us to U.S. federal income tax.\n\nOur securitizations have resulted, and could in the future result, in the creation of taxable mortgage pools (“TMPs”), for U.S. federal income tax purposes. A TMP is generally treated as a fully taxable C-corporation for tax purposes. However, so long as our REIT subsidiary owns 100% of the equity interests in a TMP and such REIT subsidiary remains qualified as a REIT for U.S. federal income tax purposes, the TMP is expected to be treated as a “qualified REIT subsidiary” that is generally treated as part of such REIT subsidiary rather than as a fully taxable C-corporation for tax purposes. Our REIT subsidiary currently owns 100% of the equity interests in each TMP created by our securitizations.\n\nCLO arrangements are TMPs. To minimize the negative tax impact that “excess inclusion income” relating to CLOs would have on certain of our stockholders, in our discretion, we have structured CLOs through a REIT subsidiary that we hold through an intervening partnership. The REIT subsidiary structure is intended to prevent any excess inclusion income from being allocated to us or our stockholders, although the IRS might take a different view. Instead, any excess inclusion income is intended to be allocated to a domestic TRS through its interest in the intervening partnership. Since a domestic TRS is generally subject to U.S. federal corporate income tax, this would generally increase the entity-level tax of the TRS that all of our stockholders will indirectly bear regardless of whether such stockholder may be sensitive to receiving excess inclusion income."}