PPLUS Trust Series GSC-2 (PYT) reports $402,966.84 interest distribution

Rhea-AI Filing Summary

Merrill Lynch Depositor, Inc., on behalf of PPLUS Trust Series GSC-2, reports the May 15, 2026 distribution for the PYT trust certificates. The report shows $402,966.84 of interest and $0.00 of principal paid, with a reported principal amount of $35,000,000 bearing a 6.345% interest rate.

The notional amount is listed as $35,000,000 at a separate 3.00% interest rate. Credit ratings are shown as N/A from Moody’s and BB+ from Standard & Poor’s. Investors are directed to The Goldman Sachs Group, Inc.’s Exchange Act reports for information on the underlying securities and guarantor, which the depositor and trustee have not independently verified.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Interest distributed: $402,966.84 Principal paid: $0.00 Principal amount: $35,000,000 +5 more

8 metrics

Interest distributed $402,966.84 Distribution date May 15, 2026

Principal paid $0.00 Distribution date May 15, 2026

Principal amount $35,000,000 Trust principal amount

Interest rate 6.345% Rate on $35,000,000 principal amount

Notional amount $35,000,000 Separate notional amount

Notional interest rate 3.00% Rate on $35,000,000 notional amount

Principal balance $35,000,000 Principal balance 11/17/25

S&P rating BB+ Standard & Poor’s Rating Service

Key Terms

PPLUS Trust Series GSC-2, junior subordinated debentures, Notional Amount, Principal Balance, +2 more

6 terms

PPLUS Trust Series GSC-2 financial

"MERRILL LYNCH DEPOSITOR, INC. (on behalf of PPLUS TRUST SERIES GSC-2)"

junior subordinated debentures financial

"information concerning the underlying securities and the junior subordinated debentures"

A junior subordinated debenture is a long-term loan a company issues to investors that sits low in the repayment order: holders get paid after most other creditors but usually before shareholders. Because it offers higher interest to compensate for greater risk, it can boost income for investors but also carries bigger chances of loss if the issuer faces financial trouble. Think of it as standing near the back of a line for repayment — you get a bigger reward but a smaller guarantee.

Notional Amount financial

"Notional Amount: | | $35,000,000 |"

Notional amount is the headline value assigned to a financial contract used only to calculate payments or obligations, not the cash exchanged up front. For investors it shows the scale of exposure and potential risk from contracts tied to interest rates, currencies or other assets—think of it as the 'price tag' used to work out bills on a loan even when that full sum never actually changes hands.

Principal Balance financial

"Principal Balance: | | $35,000,000 |"

Principal balance is the remaining amount of money still owed on a loan or debt instrument, not including interest or fees. For investors, it determines the size of upcoming cash flows, the amount that must be repaid if the borrower pays off the debt early, and the exposure to default—think of it as the unpaid 'purchase price' of a loan that drives interest income and repayment risk. Understanding principal balance helps investors value bonds, loans, and securitized assets and assess potential returns and losses.

creditworthiness financial

"no investigation as to their financial condition or creditworthiness"

Creditworthiness is a measure of how likely an entity is to repay borrowed money and meet its financial commitments; think of it as the borrower’s reputation for paying back loans. It matters to investors because higher creditworthiness usually means easier access to financing and lower borrowing costs, while lower creditworthiness raises the risk of default and can reduce a company’s value or increase yields demanded by lenders.

Distribution Date financial

"DISTRIBUTION REPORT FOR PPLUS TRUST SERIES GSC-2 DISTRIBUTION DATE May 15th, 2026"

The distribution date is the day a company, fund, or trust actually pays out cash or other assets to its shareholders or unitholders. Think of it as the payday when owners receive dividends, interest, or capital gains distributions; it matters to investors because it determines when you get the money, can affect the security’s price that day, and has tax and cash-flow consequences.

Understanding 8-K Material Events →

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 15^th, 2026

MERRILL LYNCH DEPOSITOR, INC.

(on behalf of PPLUS TRUST SERIES GSC-2)

(Exact name of registrant as specified in its charter)

Delaware		001-32247		13-3891329
(State or other		(Commission		(I. R. S. Employer
jurisdiction of		File Number)		Identification No.)
incorporation)

One Bryant Park, 4th FL
New York, NY		10036
(Address of principal		(Zip Code)
executive offices)

Registrant’s telephone number, including area code: (646) 855-6745

INFORMATION TO BE INCLUDED IN REPORT

Check the appropriate box below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
PPLUS Trust Series GSC-2		PYT		NYSE

Section 1. Registrant’s Business and Operations

Not applicable.

Section 2. Financial Information

Not applicable.

Section 3. Securities and Trading Markets

Not applicable.

Section 4. Matters Related to Accountants and Financial Statements

Not applicable.

Section 5. Corporate Governance and Management

Not applicable.

Section 6. Asset-Backed Securities

Not applicable.

Section 7. Regulation FD

Not applicable.

Section 8. Other Events

Item 8.01 Other events

99.1 Distribution to holders of the PPLUS Trust Certificates Series GSC-2 on May 15, 2026.

For information with respect to the underlying securities held by PPLUS Trust Series GSC-2, please refer to The Goldman Sachs Group, Inc.’s (Commission file number 001-14965) periodic reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and other information on file with the Securities and Exchange Commission (the “SEC”). You can read and copy these reports and other information at the public reference facilities maintained by the SEC at Room 1580, 100 F Street, NE, Washington, D.C. 20549. You may obtain copies of this material for a fee by writing to the SEC’s Public Reference Section of the SEC at 100 F Street, NE, Washington, D.C. 20549. You may obtain information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. You can also access some of this information electronically by means of the SEC’s website on the Internet at http://www.sec.gov, which contains reports, proxy and information statements and other information that the underlying securities guarantor and the underlying securities issuer has filed electronically with the SEC.

Although we have no reason to believe the information concerning the underlying securities and the junior subordinated debentures or the underlying securities issuer and the underlying securities guarantor contained in the underlying securities guarantor’s Exchange Act reports is not reliable, neither the depositor nor the trustee participated in the preparation of such documents or made any due diligence inquiry with respect to the information provided therein. No investigation with respect to the underlying securities issuer and the underlying securities guarantor (including, without limitation, no investigation as to their financial condition or creditworthiness) or of the underlying securities and the junior subordinated debentures has been made. You should obtain and evaluate the same information concerning the underlying securities issuer and the underlying securities guarantor as you would obtain and evaluate if your investment were directly in the underlying securities or in other securities issued by the underlying securities issuer or the underlying securities guarantor. There can be no assurance that events affecting the underlying securities and the junior subordinated debentures or the underlying securities issuer and the underlying securities guarantor have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.

Section 9. Financial Statement’s and Exhibits

Item 9.01 Financial Statements and Exhibits

(a) Financial statements of business acquired.

None.

(b) Pro forma financial information.

None.

(c) Shell company transaction.

Not applicable.

(d) Exhibits.

99.1 Trustee’s report in respect of the May 15th, 2026 distribution to holders of the PPLUS Trust Certificates Series GSC-2.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

MERRILL LYNCH DEPOSITOR, INC.

Date: May 15, 2025	By:	/s/ Matthew Nelson
	Name:	Matthew Nelson
	Title:	President

EXHIBIT INDEX

99.1 Trustee’s report in respect of the May 15, 2026 distribution to holders of the PPLUS Trust Certificates Series GSC-2.

MERRILL LYNCH DEPOSITOR, INC. 8-K

EXHIBIT 99.1

DISTRIBUTION REPORT

FOR

PPLUS TRUST SERIES GSC-2

DISTRIBUTION DATE

May 15^th, 2026

CUSIP NUMBER 73941X684

(i) the amounts received by the Trustee as of the last such statement in respect of principal, interest and premium on the 6.345% Capital Securities due 2034 issued by Goldman Sachs Capital I (the “Underlying Securities”):

Interest:		$0.00
Principal:		$0.00
Premium:		$0.00

(ii) the amounts received by the Trustee as of the last such statement in respect of Interest Rate Swap entered into between PPLUS Trust Series GSC-2 and Merrill Lynch International (the “Swap Agreement”):

Interest:		$402,966.84
Principal		$0.00

(iii) the amounts of compensation received by the Trustee, for the period relating to such Distribution Date:

Paid by the Trust:		$0.00
Paid by the Depositor:		$0.00

(iv) the amount of distribution on such Distribution Date to Holders allocable to principal of and premium, if any, and interest on the Certificates of each such Class and the amount of aggregate unpaid interest accrued as of such Distribution Date:

Interest:		$402,966.84	*
Principal:		$0.00
Unpaid Interest Accrued:		$0.00

(v) the amount of distribution on such Distribution Date to Merrill Lynch International in respect of the Interest Rate Swap entered into between PPLUS Trust Series GSC-2 and Merrill Lynch International (the “Swap Agreement:

Interest:		$0.00	*
Principal:		$0.00

· This is a net amount, reflecting netting of amounts receivable by the Trust and Merrill Lynch International under the Swap Agreement.

(vi) the aggregate stated principal amount and, if applicable, notional amount of the Underlying Securities related to such Series, the current interest rate or rates thereon at the close of business on such Distribution Date, and the current rating assigned to the Certificates.

Principal Amount:		$35,000,000
Interest Rate:		6.345%

Rating:
Moody’s Investor Service		N/A
Standard & Poor’s Rating Service		BB+

(vii) the aggregate notional amount of the Swap Agreement related to such Series, the current interest rate or rates thereon at the close of business on such Distribution Date.

Notional Amount:		$35,000,000
Interest Rate:		3.00%

(viii) the aggregate Certificate Principal Balance (or Notional Amount, if applicable) of each Class of such Series at the close of business on such Distribution Date.

($25 Stated Amount)
Principal Balance:		$35,000,000
Reduction:		(0	)
Principal Balance 11/17/25		$35,000,000

FAQ

What did PPLUS Trust Series GSC-2 (PYT) distribute on May 15, 2026?

PPLUS Trust Series GSC-2 reported an interest distribution of $402,966.84 and no principal repayment on May 15, 2026. The trust’s distribution report lists $0.00 principal paid and focuses entirely on interest for this period.

What are the key balance and rate terms for PPLUS Trust Series GSC-2 (PYT)?

The report shows a principal amount of $35,000,000 with a 6.345% interest rate. It also lists a notional amount of $35,000,000 at a 3.00% interest rate and a principal balance of $35,000,000 with no recorded reduction.

How is PPLUS Trust Series GSC-2 (PYT) rated in this distribution report?

The distribution report shows a Standard & Poor’s rating of BB+ and Moody’s listed as N/A. These ratings apply to the trust’s securities as reflected in the document and help frame perceived credit risk at this point in time.

Where can PYT investors find information on the underlying Goldman Sachs securities?

Investors are directed to The Goldman Sachs Group, Inc.’s periodic SEC reports for details on the underlying securities. These include Forms 10-K and 10-Q available through the SEC’s public reference facilities and electronic filings on the SEC website.

Did PPLUS Trust Series GSC-2 report any unpaid or accrued interest in this period?

The report lists unpaid interest accrued as $0.00 for the May 15, 2026 distribution. Interest of $402,966.84 is shown as paid, with no additional unpaid interest or premium amounts recorded in the distribution tables.

Filing Exhibits & Attachments

1 document

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