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false2025Q300019016129/3011http://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatingxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregbdc4:segmentgbdc4:componentiso4217:EURgbdc4:contractgbdc4:portfolioCompany00019016122024-10-012025-06-3000019016122025-08-0700019016122025-06-3000019016122024-09-3000019016122023-10-012024-09-3000019016122025-04-012025-06-3000019016122024-04-012024-06-3000019016122023-10-012024-06-300001901612us-gaap:CommonStockMember2023-09-300001901612us-gaap:AdditionalPaidInCapitalMember2023-09-300001901612us-gaap:RetainedEarningsMember2023-09-3000019016122023-09-300001901612us-gaap:CommonStockMember2023-10-012024-06-300001901612us-gaap:AdditionalPaidInCapitalMember2023-10-012024-06-300001901612us-gaap:RetainedEarningsMember2023-10-012024-06-300001901612us-gaap:CommonStockMember2024-06-300001901612us-gaap:AdditionalPaidInCapitalMember2024-06-300001901612us-gaap:RetainedEarningsMember2024-06-3000019016122024-06-300001901612us-gaap:CommonStockMember2024-03-310001901612us-gaap:AdditionalPaidInCapitalMember2024-03-310001901612us-gaap:RetainedEarningsMember2024-03-3100019016122024-03-310001901612us-gaap:CommonStockMember2024-04-012024-06-300001901612us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001901612us-gaap:RetainedEarningsMember2024-04-012024-06-300001901612us-gaap:CommonStockMember2024-09-300001901612us-gaap:AdditionalPaidInCapitalMember2024-09-300001901612us-gaap:RetainedEarningsMember2024-09-300001901612us-gaap:CommonStockMember2024-10-012025-06-300001901612us-gaap:AdditionalPaidInCapitalMember2024-10-012025-06-300001901612us-gaap:RetainedEarningsMember2024-10-012025-06-300001901612us-gaap:CommonStockMember2025-06-300001901612us-gaap:AdditionalPaidInCapitalMember2025-06-300001901612us-gaap:RetainedEarningsMember2025-06-300001901612us-gaap:CommonStockMember2025-03-310001901612us-gaap:AdditionalPaidInCapitalMember2025-03-310001901612us-gaap:RetainedEarningsMember2025-03-3100019016122025-03-310001901612us-gaap:CommonStockMember2025-04-012025-06-300001901612us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001901612us-gaap:RetainedEarningsMember2025-04-012025-06-300001901612PPW Aero Buyer, Inc., One stop 12025-06-300001901612PPW Aero Buyer, Inc., One stop 22025-06-300001901612PPW Aero Buyer, Inc., One stop 32025-06-300001901612PPW Aero Buyer, Inc., One stop 42025-06-300001901612PPW Aero Buyer, Inc., One stop 52025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2025-06-300001901612RJW Group Holdings, Inc., One stop 12025-06-300001901612RJW Group Holdings, Inc., One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:AirFreightAndLogisticsMember2025-06-300001901612Arnott, LLC, One stop 12025-06-300001901612Arnott, LLC, One stop 22025-06-300001901612Collision SP Subco, LLC, One stop 12025-06-300001901612Collision SP Subco, LLC, One stop 22025-06-300001901612Collision SP Subco, LLC, One stop 32025-06-300001901612Collision SP Subco, LLC, One stop 42025-06-300001901612Collision SP Subco, LLC, One stop 52025-06-300001901612OEConnection, LLC, One stop 12025-06-300001901612OEConnection, LLC, One stop 22025-06-300001901612OEConnection, LLC, One stop 32025-06-300001901612OEConnection, LLC, One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2025-06-300001901612CAP-KSI Holdings, LLC, One stop 12025-06-300001901612CAP-KSI Holdings, LLC, One stop 22025-06-300001901612High Bar Brands Operating, LLC, Senior secured 12025-06-300001901612High Bar Brands Operating, LLC, Senior secured 22025-06-300001901612High Bar Brands Operating, LLC, Senior secured 32025-06-300001901612High Bar Brands Operating, LLC, Senior secured 42025-06-300001901612National Express Wash Parent Holdco, LLC, One stop 12025-06-300001901612National Express Wash Parent Holdco, LLC, One stop 22025-06-300001901612National Express Wash Parent Holdco, LLC, One stop 32025-06-300001901612National Express Wash Parent Holdco, LLC, One stop 42025-06-300001901612Quick Quack Car Wash Holdings, LLC, One stop 12025-06-300001901612Quick Quack Car Wash Holdings, LLC, One stop 22025-06-300001901612Quick Quack Car Wash Holdings, LLC, One stop 32025-06-300001901612Quick Quack Car Wash Holdings, LLC, One stop 42025-06-300001901612Yorkshire Parent, Inc., One stop 12025-06-300001901612Yorkshire Parent, Inc., One stop 22025-06-300001901612Yorkshire Parent, Inc., One stop 32025-06-300001901612Yorkshire Parent, Inc., One stop 42025-06-300001901612Yorkshire Parent, Inc., One stop 52025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2025-06-300001901612Empyrean Solutions, LLC, One stop 12025-06-300001901612Empyrean Solutions, LLC, One stop 22025-06-300001901612Empyrean Solutions, LLC, One stop 32025-06-300001901612OSP Hamilton Purchaser, LLC, One stop 12025-06-300001901612OSP Hamilton Purchaser, LLC, One stop 22025-06-300001901612OSP Hamilton Purchaser, LLC, One stop 32025-06-300001901612OSP Hamilton Purchaser, LLC, One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2025-06-300001901612Financial Information Technologies, LLC, One stop 12025-06-300001901612Financial Information Technologies, LLC, One stop 22025-06-300001901612Financial Information Technologies, LLC, One stop 32025-06-300001901612Financial Information Technologies, LLC, One stop 42025-06-300001901612Financial Information Technologies, LLC, One stop 52025-06-300001901612Spindrift Beverage Co. Inc., One stop 12025-06-300001901612Spindrift Beverage Co. Inc., One stop 22025-06-300001901612Spindrift Beverage Co. Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2025-06-300001901612BlueMatrix Holdings, LLC, One stop 12025-06-300001901612BlueMatrix Holdings, LLC, One stop 22025-06-300001901612BlueMatrix Holdings, LLC, One stop 32025-06-300001901612BlueMatrix Holdings, LLC, One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2025-06-300001901612AP Adhesives Holdings, LLC, One stop 12025-06-300001901612AP Adhesives Holdings, LLC, One stop 22025-06-300001901612AP Adhesives Holdings, LLC, One stop 32025-06-300001901612Krayden Holdings, Inc., Senior secured 12025-06-300001901612Krayden Holdings, Inc., Senior secured 22025-06-300001901612Krayden Holdings, Inc., Senior secured 32025-06-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2025-06-300001901612BradyIFS Holdings, LLC, One stop 12025-06-300001901612BradyIFS Holdings, LLC, One stop 22025-06-300001901612CHA Vision Holdings, Inc., One stop 12025-06-300001901612CHA Vision Holdings, Inc., One stop 22025-06-300001901612CHA Vision Holdings, Inc., One stop 32025-06-300001901612Kleinfelder Intermediate, LLC, One stop 12025-06-300001901612Kleinfelder Intermediate, LLC, One stop 22025-06-300001901612Kleinfelder Intermediate, LLC, One stop 32025-06-300001901612PSC Parent, Inc., One stop 12025-06-300001901612PSC Parent, Inc., One stop 22025-06-300001901612PSC Parent, Inc., One stop 32025-06-300001901612PSC Parent, Inc., One stop 42025-06-300001901612WRE Holding Corp., One stop 12025-06-300001901612WRE Holding Corp., One stop 22025-06-300001901612WRE Holding Corp., One stop 32025-06-300001901612WRE Holding Corp., One stop 42025-06-300001901612WRE Holding Corp., One stop 52025-06-300001901612WRE Holding Corp., One stop 62025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2025-06-300001901612Consor Intermediate II, LLC, One stop 12025-06-300001901612Consor Intermediate II, LLC, One stop 22025-06-300001901612Consor Intermediate II, LLC, One stop 32025-06-300001901612DCCM, LLC, One stop 12025-06-300001901612DCCM, LLC, One stop 22025-06-300001901612DCCM, LLC, One stop 32025-06-300001901612Royal Holdco Corporation, One stop 12025-06-300001901612Royal Holdco Corporation, One stop 22025-06-300001901612Royal Holdco Corporation, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2025-06-300001901612Packaging Coordinators Midco, Inc., One stop 12025-06-300001901612Packaging Coordinators Midco, Inc., One stop 22025-06-300001901612Packaging Coordinators Midco, Inc., One stop 32025-06-300001901612Packaging Coordinators Midco, Inc., One stop 42025-06-300001901612Packaging Coordinators Midco, Inc., One stop 52025-06-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMember2025-06-300001901612Any Hour, LLC, One stop 12025-06-300001901612Any Hour, LLC, One stop 22025-06-300001901612Any Hour, LLC, One stop 32025-06-300001901612Any Hour, LLC, One stop 42025-06-300001901612Apex Service Partners, LLC, One stop 12025-06-300001901612Apex Service Partners, LLC, One stop 22025-06-300001901612Apex Service Partners, LLC, One stop 32025-06-300001901612Apex Service Partners, LLC, One stop 42025-06-300001901612Apex Service Partners, LLC, One stop 52025-06-300001901612Apex Service Partners, LLC, One stop 62025-06-300001901612CHVAC Services Investment, LLC, One stop 12025-06-300001901612CHVAC Services Investment, LLC, One stop 22025-06-300001901612CHVAC Services Investment, LLC, One stop 32025-06-300001901612CHVAC Services Investment, LLC, One stop 42025-06-300001901612Entomo Brands Acquisitions, Inc., Senior secured 12025-06-300001901612Entomo Brands Acquisitions, Inc., Senior secured 22025-06-300001901612Entomo Brands Acquisitions, Inc., Senior secured 32025-06-300001901612HS Spa Holdings, Inc., One stop 12025-06-300001901612HS Spa Holdings, Inc., One stop 22025-06-300001901612HS Spa Holdings, Inc., One stop 32025-06-300001901612Litera Bidco, LLC, One stop 12025-06-300001901612Litera Bidco, LLC, One stop 22025-06-300001901612Litera Bidco, LLC, One stop 32025-06-300001901612Litera Bidco, LLC, One stop 42025-06-300001901612Mario Purchaser, LLC, One stop 12025-06-300001901612Mario Purchaser, LLC, One stop 22025-06-300001901612Mario Purchaser, LLC, One stop 32025-06-300001901612Mario Purchaser, LLC, One stop 42025-06-300001901612Mario Purchaser, LLC, One stop 52025-06-300001901612NSG Buyer, Inc., One stop 12025-06-300001901612NSG Buyer, Inc., One stop 22025-06-300001901612NSG Buyer, Inc., One stop 32025-06-300001901612NSG Buyer, Inc., One stop 42025-06-300001901612Severin Acquisition, LLC, One stop 12025-06-300001901612Severin Acquisition, LLC, One stop 22025-06-300001901612Severin Acquisition, LLC, One stop 32025-06-300001901612Stellar Brands, LLC, Senior secured 12025-06-300001901612Stellar Brands, LLC, Senior secured 22025-06-300001901612Virginia Green Acquisition, LLC, One stop 12025-06-300001901612Virginia Green Acquisition, LLC, One stop 22025-06-300001901612Virginia Green Acquisition, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-06-300001901612Baker Tilly Advisory Group, LP, One stop 12025-06-300001901612Baker Tilly Advisory Group, LP, One stop 22025-06-300001901612Baker Tilly Advisory Group, LP, One stop 32025-06-300001901612Baker Tilly Advisory Group, LP, One stop 42025-06-300001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-06-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 12025-06-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 22025-06-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 32025-06-300001901612Corsair Blade IV S.A R.L., One stop 12025-06-300001901612Corsair Blade IV S.A R.L., One stop 22025-06-300001901612Equity Methods, LLC, One stop 12025-06-300001901612Equity Methods, LLC, One stop 22025-06-300001901612Equity Methods, LLC, One stop 32025-06-300001901612Finastra USA, Inc., One stop 12025-06-300001901612Finastra USA, Inc., One stop 22025-06-300001901612Higginbotham Insurance Agency, Inc., One stop 12025-06-300001901612Higginbotham Insurance Agency, Inc., One stop 22025-06-300001901612Medlar Bidco Limited, One stop 12025-06-300001901612Medlar Bidco Limited, One stop 22025-06-300001901612Medlar Bidco Limited, One stop 32025-06-300001901612Wealth Enhancement Group, LLC, One stop 12025-06-300001901612Wealth Enhancement Group, LLC, One stop 22025-06-300001901612Wealth Enhancement Group, LLC, One stop 32025-06-300001901612Wealth Enhancement Group, LLC, One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2025-06-300001901612Smart Energy Systems, Inc., One stop 12025-06-300001901612Smart Energy Systems, Inc., One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricUtilitiesSectorMember2025-06-300001901612Power Grid Holdings, Inc., One stop 12025-06-300001901612Power Grid Holdings, Inc., One stop 22025-06-300001901612Wildcat TopCo, Inc., One stop 12025-06-300001901612Wildcat TopCo, Inc., One stop 22025-06-300001901612Wildcat TopCo, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2025-06-300001901612CST Holding Company, One stop 12025-06-300001901612CST Holding Company, One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-06-300001901612Blast Bidco Inc., One stop 12025-06-300001901612Blast Bidco Inc., One stop 22025-06-300001901612Eagle Family Foods Group, LLC, One stop 12025-06-300001901612Eagle Family Foods Group, LLC, One stop 22025-06-300001901612Zullas, L.C., One stop 12025-06-300001901612Zullas, L.C., One stop 22025-06-300001901612Zullas, L.C., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2025-06-300001901612Belmont Instrument, LLC, One stop 12025-06-300001901612Belmont Instrument, LLC, One stop 22025-06-300001901612HuFriedy Group Acquisition, LLC, One stop 12025-06-300001901612HuFriedy Group Acquisition, LLC, One stop 22025-06-300001901612HuFriedy Group Acquisition, LLC, One stop 32025-06-300001901612TIDI Legacy Products, Inc., One stop 12025-06-300001901612TIDI Legacy Products, Inc., One stop 22025-06-300001901612TIDI Legacy Products, Inc., One stop 32025-06-300001901612YI, LLC, One stop 12025-06-300001901612YI, LLC, One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2025-06-300001901612Bamboo US Bidco LLC, One stop 12025-06-300001901612Bamboo US Bidco LLC, One stop 22025-06-300001901612Bamboo US Bidco LLC, One stop 32025-06-300001901612Bamboo US Bidco LLC, One stop 42025-06-300001901612Bamboo US Bidco LLC, One stop 52025-06-300001901612Bamboo US Bidco LLC, One stop 62025-06-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-06-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-06-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-06-300001901612Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-06-300001901612BHG Holdings, LLC, One stop 12025-06-300001901612BHG Holdings, LLC, One stop 22025-06-300001901612BHG Holdings, LLC, One stop 32025-06-300001901612Community Care Partners, LLC, One stop2025-06-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-06-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-06-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-06-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-06-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 52025-06-300001901612LOV Acquisition LLC, Senior secured 12025-06-300001901612LOV Acquisition LLC, Senior secured 22025-06-300001901612PPV Intermediate Holdings, LLC, One stop 12025-06-300001901612PPV Intermediate Holdings, LLC, One stop 22025-06-300001901612PPV Intermediate Holdings, LLC, One stop 32025-06-300001901612PPV Intermediate Holdings, LLC, One stop 42025-06-300001901612PPV Intermediate Holdings, LLC, One stop 52025-06-300001901612PPV Intermediate Holdings, LLC, One stop 62025-06-300001901612PPV Intermediate Holdings, LLC, One stop 72025-06-300001901612PPV Intermediate Holdings, LLC, One stop 82025-06-300001901612Premise Health Holding Corp., One stop 12025-06-300001901612Premise Health Holding Corp., One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2025-06-300001901612Amberfield Acquisition Co., One stop 12025-06-300001901612Amberfield Acquisition Co., One stop 22025-06-300001901612Amberfield Acquisition Co., One stop 32025-06-300001901612Color Intermediate, LLC, Senior secured2025-06-300001901612Crow River Buyer, Inc., One stop 12025-06-300001901612Crow River Buyer, Inc., One stop 22025-06-300001901612Crow River Buyer, Inc., One stop 32025-06-300001901612GHX Ultimate Parent Corporation, One stop 12025-06-300001901612GHX Ultimate Parent Corporation, One stop 22025-06-300001901612Kona Buyer, LLC, One stop 12025-06-300001901612Kona Buyer, LLC, One stop 22025-06-300001901612Kona Buyer, LLC, One stop 32025-06-300001901612Kona Buyer, LLC, One stop 42025-06-300001901612Kona Buyer, LLC, One stop 52025-06-300001901612Kona Buyer, LLC, One stop 62025-06-300001901612Kona Buyer, LLC, One stop 72025-06-300001901612Kona Buyer, LLC, One stop 82025-06-300001901612Lacker Bidco Limited, One stop 12025-06-300001901612Lacker Bidco Limited, One stop 22025-06-300001901612Lacker Bidco Limited, One stop 32025-06-300001901612Modernizing Medicine, Inc., One stop 12025-06-300001901612Modernizing Medicine, Inc., One stop 22025-06-300001901612Neptune Holdings, Inc., One stop 12025-06-300001901612Neptune Holdings, Inc., One stop 22025-06-300001901612Netsmart Technologies, Inc., One stop 12025-06-300001901612Netsmart Technologies, Inc., One stop 22025-06-300001901612Netsmart Technologies, Inc., One stop 32025-06-300001901612Plasma Buyer LLC, One stop 12025-06-300001901612Plasma Buyer LLC, One stop 22025-06-300001901612Plasma Buyer LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-06-300001901612Barteca Restaurants, LLC, One stop 12025-06-300001901612Barteca Restaurants, LLC, One stop 22025-06-300001901612Barteca Restaurants, LLC, One stop 32025-06-300001901612Barteca Restaurants, LLC, One stop 42025-06-300001901612Crumbl Enterprises, LLC, One stop 12025-06-300001901612Crumbl Enterprises, LLC, One stop 22025-06-300001901612ESN Venture Holdings, LLC, One stop 12025-06-300001901612ESN Venture Holdings, LLC, One stop 22025-06-300001901612ESN Venture Holdings, LLC, One stop 32025-06-300001901612ESN Venture Holdings, LLC, One stop 42025-06-300001901612ESN Venture Holdings, LLC, One stop 52025-06-300001901612ESN Venture Holdings, LLC, One stop 62025-06-300001901612ESN Venture Holdings, LLC, One stop 72025-06-300001901612ESN Venture Holdings, LLC, One stop 82025-06-300001901612ESN Venture Holdings, LLC, One stop 92025-06-300001901612GFP Atlantic Holdco 2, LLC, One stop 12025-06-300001901612GFP Atlantic Holdco 2, LLC, One stop 22025-06-300001901612Health Buyer, LLC, Senior secured 12025-06-300001901612Health Buyer, LLC, Senior secured 22025-06-300001901612Health Buyer, LLC, Senior secured 32025-06-300001901612Health Buyer, LLC, Senior secured 42025-06-300001901612Health Buyer, LLC, Senior secured 52025-06-300001901612PB Group Holdings, LLC, One stop 12025-06-300001901612PB Group Holdings, LLC, One stop 22025-06-300001901612QSR Acquisition Co., One stop 12025-06-300001901612QSR Acquisition Co., One stop 22025-06-300001901612QSR Acquisition Co., One stop 32025-06-300001901612Rooster BidCo Limited, One stop 12025-06-300001901612Rooster BidCo Limited, One stop 22025-06-300001901612Rooster BidCo Limited, One stop 32025-06-300001901612SDC Holdco, LLC, One stop 12025-06-300001901612SDC Holdco, LLC, One stop 22025-06-300001901612SDC Holdco, LLC, Second lien2025-06-300001901612Super REGO, LLC, Subordinated debt2025-06-300001901612YE Brands Holding, LLC, One stop 12025-06-300001901612YE Brands Holding, LLC, One stop 22025-06-300001901612YE Brands Holding, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-06-300001901612WU Holdco, Inc., One stop 12025-06-300001901612WU Holdco, Inc., One stop 22025-06-300001901612WU Holdco, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:HouseholdProductsSectorMember2025-06-300001901612Dwyer Instruments, Inc., One stop 12025-06-300001901612Dwyer Instruments, Inc., One stop 22025-06-300001901612Dwyer Instruments, Inc., One stop 32025-06-300001901612Dwyer Instruments, Inc., One stop 42025-06-300001901612Dwyer Instruments, Inc., One stop 52025-06-300001901612Dwyer Instruments, Inc., One stop 62025-06-300001901612Dwyer Instruments, Inc., One stop 72025-06-300001901612Dwyer Instruments, Inc., One stop 82025-06-300001901612Dwyer Instruments, Inc., One stop 92025-06-300001901612Essential Services Holdings Corporation, One stop 12025-06-300001901612Essential Services Holdings Corporation, One stop 22025-06-300001901612Essential Services Holdings Corporation, One stop 32025-06-300001901612Excelitas Technologies Corp., One stop 12025-06-300001901612Excelitas Technologies Corp., One stop 22025-06-300001901612Excelitas Technologies Corp., One stop 32025-06-300001901612Excelitas Technologies Corp., One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2025-06-300001901612Bellwether Buyer, LLC, One stop 12025-06-300001901612Bellwether Buyer, LLC, One stop 22025-06-300001901612Bellwether Buyer, LLC, One stop 32025-06-300001901612Ben Nevis Midco Limited, One stop 12025-06-300001901612Ben Nevis Midco Limited, One stop 22025-06-300001901612Ben Nevis Midco Limited, One stop 32025-06-300001901612Ben Nevis Midco Limited, One stop 42025-06-300001901612Captive Resources Midco, LLC, One stop 12025-06-300001901612Captive Resources Midco, LLC, One stop 22025-06-300001901612Disco Parent, Inc., One stop 12025-06-300001901612Disco Parent, Inc., One stop 22025-06-300001901612Doxa Insurance Holdings LLC, One stop 12025-06-300001901612Doxa Insurance Holdings LLC, One stop 22025-06-300001901612Doxa Insurance Holdings LLC, One stop 32025-06-300001901612Doxa Insurance Holdings LLC, One stop 42025-06-300001901612Gimlet Bidco GMBH, One stop 12025-06-300001901612Gimlet Bidco GMBH, One stop 22025-06-300001901612Integrated Specialty Coverages, LLC, One stop 12025-06-300001901612Integrated Specialty Coverages, LLC, One stop 22025-06-300001901612Integrated Specialty Coverages, LLC, One stop 32025-06-300001901612Integrity Marketing Acquisition, LLC, One stop 42025-06-300001901612Integrity Marketing Acquisition, LLC, One stop 52025-06-300001901612Integrity Marketing Acquisition, LLC, One stop 62025-06-300001901612MRH Trowe Germany GMBH, One stop 12025-06-300001901612MRH Trowe Germany GMBH, One stop 22025-06-300001901612MRH Trowe Germany GMBH, One stop 32025-06-300001901612Oakbridge Insurance Agency LLC, One stop 12025-06-300001901612Oakbridge Insurance Agency LLC, One stop 22025-06-300001901612Oakbridge Insurance Agency LLC, One stop 32025-06-300001901612Oakbridge Insurance Agency LLC, One stop 42025-06-300001901612Pareto Health Intermediate Holdings, Inc., One stop 12025-06-300001901612Pareto Health Intermediate Holdings, Inc., One stop 22025-06-300001901612Pareto Health Intermediate Holdings, Inc., One stop 32025-06-300001901612Wasabi Lower Holdco, LLC, Senior secured 12025-06-300001901612Wasabi Lower Holdco, LLC, Senior secured 22025-06-300001901612World Insurance Associates, LLC, One stop 12025-06-300001901612World Insurance Associates, LLC, One stop 22025-06-300001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-06-300001901612Critical Start, Inc., One stop 12025-06-300001901612Critical Start, Inc., One stop 22025-06-300001901612Critical Start, Inc., One stop 32025-06-300001901612Goldcup 31018 AB, One stop 12025-06-300001901612Goldcup 31018 AB, One stop 22025-06-300001901612Goldcup 31018 AB, One stop 32025-06-300001901612Netwrix Corporation, One stop 12025-06-300001901612Netwrix Corporation, One stop 22025-06-300001901612Netwrix Corporation, One stop 32025-06-300001901612Netwrix Corporation, One stop 42025-06-300001901612PDQ Intermediate, Inc., Subordinated debt2025-06-300001901612ReliaQuest Holdings, LLC, One stop 12025-06-300001901612ReliaQuest Holdings, LLC, One stop 22025-06-300001901612ReliaQuest Holdings, LLC, One stop 32025-06-300001901612ReliaQuest Holdings, LLC, One stop 42025-06-300001901612WPEngine, Inc., One stop 12025-06-300001901612WPEngine, Inc., One stop 22025-06-300001901612Zarya Holdco, Inc., One stop 12025-06-300001901612Zarya Holdco, Inc., One stop 22025-06-300001901612Zarya Holdco, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2025-06-300001901612Crunch Holdings, LLC, One stop 12025-06-300001901612Crunch Holdings, LLC, One stop 22025-06-300001901612Movement Holdings, LLC, One stop 12025-06-300001901612Movement Holdings, LLC, One stop 22025-06-300001901612Movement Holdings, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2025-06-300001901612Celerion Buyer, Inc., One stop 12025-06-300001901612Celerion Buyer, Inc., One stop 22025-06-300001901612Celerion Buyer, Inc., One stop 32025-06-300001901612Celerion Buyer, Inc., One stop 42025-06-300001901612Graphpad Software, LLC, One stop 12025-06-300001901612Graphpad Software, LLC, One stop 22025-06-300001901612Graphpad Software, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-06-300001901612AI Titan Parent, Inc., One stop 12025-06-300001901612AI Titan Parent, Inc., One stop 22025-06-300001901612AI Titan Parent, Inc., One stop 32025-06-300001901612Thermogenics, Inc., One stop 12025-06-300001901612Thermogenics, Inc., One stop 22025-06-300001901612Thermogenics, Inc., One stop 32025-06-300001901612Thermogenics, Inc., One stop 42025-06-300001901612Blackbird Purchaser, Inc., One stop 12025-06-300001901612Blackbird Purchaser, Inc., One stop 22025-06-300001901612Blackbird Purchaser, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2025-06-300001901612Lotus Topco, Inc., One stop 12025-06-300001901612Lotus Topco, Inc., One stop 22025-06-300001901612Lotus Topco, Inc., One stop 32025-06-300001901612Shout! Factory, LLC, One stop 12025-06-300001901612Shout! Factory, LLC, One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2025-06-300001901612Envernus, Inc., One stop 12025-06-300001901612Envernus, Inc., One stop 22025-06-300001901612Envernus, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2025-06-300001901612Caerus Midco 3 S.A.R.L., One stop 12025-06-300001901612Caerus Midco 3 S.A.R.L., One stop 22025-06-300001901612Caerus Midco 3 S.A.R.L., One stop 32025-06-300001901612Caerus Midco 3 S.A.R.L., One stop 42025-06-300001901612Caerus Midco 3 S.A.R.L., One stop 52025-06-300001901612Creek Parent, Inc., One stop 12025-06-300001901612Creek Parent, Inc., One stop 22025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2025-06-300001901612ALKU Intermediate Holdings, LLC, One stop 12025-06-300001901612ALKU Intermediate Holdings, LLC, One stop 22025-06-300001901612bswift, LLC, One stop 12025-06-300001901612bswift, LLC, One stop 22025-06-300001901612DISA Holdings Corp., Senior secured 12025-06-300001901612DISA Holdings Corp., Senior secured 22025-06-300001901612DISA Holdings Corp., Senior secured 32025-06-300001901612DISA Holdings Corp., Subordinated debt2025-06-300001901612DISA Holdings Corp., Senior secured 42025-06-300001901612DISA Holdings Corp., One stop2025-06-300001901612DISA Holdings Corp., Senior secured 52025-06-300001901612Eclipse Buyer, Inc., One stop 12025-06-300001901612Eclipse Buyer, Inc., One stop 22025-06-300001901612Eclipse Buyer, Inc., One stop 32025-06-300001901612Varicent Intermediate Holdings Corporation, One stop 12025-06-300001901612Varicent Intermediate Holdings Corporation, One stop 22025-06-300001901612Varicent Intermediate Holdings Corporation, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2025-06-300001901612Anaplan, Inc., One stop 12025-06-300001901612Anaplan, Inc., One stop 22025-06-300001901612Armstrong Bidco Limited, One stop 12025-06-300001901612Armstrong Bidco Limited, One stop 22025-06-300001901612Arrow Buyer, Inc., One stop 12025-06-300001901612Arrow Buyer, Inc., One stop 22025-06-300001901612Arrow Buyer, Inc., One stop 32025-06-300001901612Artifact Bidco, Inc., One stop 12025-06-300001901612Artifact Bidco, Inc., One stop 22025-06-300001901612Artifact Bidco, Inc., One stop 32025-06-300001901612Artifact Bidco, Inc., One stop 42025-06-300001901612Azurite Intermediate Holdings, Inc., One stop 12025-06-300001901612Azurite Intermediate Holdings, Inc., One stop 22025-06-300001901612Azurite Intermediate Holdings, Inc., One stop 32025-06-300001901612Baxter Planning Systems, LLC, One stop 12025-06-300001901612Baxter Planning Systems, LLC, One stop 22025-06-300001901612Baxter Planning Systems, LLC, One stop 32025-06-300001901612BestPass, Inc., One stop 12025-06-300001901612BestPass, Inc., One stop 22025-06-300001901612BestPass, Inc., One stop 32025-06-300001901612Bloomerang, LLC, One stop 12025-06-300001901612Bloomerang, LLC, One stop 22025-06-300001901612Bloomerang, LLC, One stop 32025-06-300001901612Blue Bidco Limited, One stop 12025-06-300001901612Blue Bidco Limited, One stop 22025-06-300001901612Blue Bidco Limited, One stop 32025-06-300001901612Blue Bidco Limited, One stop 42025-06-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-06-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-06-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-06-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-06-300001901612Camelia Bidco Limited, One stop 12025-06-300001901612Camelia Bidco Limited, One stop 22025-06-300001901612Camelia Bidco Limited, One stop 32025-06-300001901612Camelia Bidco Limited, One stop 42025-06-300001901612CB Buyer, Inc., One stop 12025-06-300001901612CB Buyer, Inc., One stop 22025-06-300001901612CB Buyer, Inc., One stop 32025-06-300001901612Coupa Holdings, LLC, One stop 12025-06-300001901612Coupa Holdings, LLC, One stop 22025-06-300001901612Coupa Holdings, LLC, One stop 32025-06-300001901612Crewline Buyer, Inc., One stop 12025-06-300001901612Crewline Buyer, Inc., One stop 22025-06-300001901612Denali Bidco Limited, One stop 12025-06-300001901612Denali Bidco Limited, One stop 22025-06-300001901612Denali Bidco Limited, One stop 32025-06-300001901612Denali Bidco Limited, One stop 42025-06-300001901612Denali Bidco Limited, One stop 52025-06-300001901612Einstein Parent, Inc., One stop 12025-06-300001901612Einstein Parent, Inc., One stop 22025-06-300001901612Espresso Bidco, Inc., One stop 12025-06-300001901612Espresso Bidco, Inc., One stop 22025-06-300001901612Espresso Bidco, Inc., One stop 32025-06-300001901612Evergreen IX Borrower 2023, LLC, One stop 12025-06-300001901612Evergreen IX Borrower 2023, LLC, One stop 22025-06-300001901612Evergreen IX Borrower 2023, LLC, One stop 32025-06-300001901612GTY Technology Holdings, Inc., One stop 12025-06-300001901612GTY Technology Holdings, Inc., One stop 22025-06-300001901612GTY Technology Holdings, Inc., One stop 32025-06-300001901612GTY Technology Holdings, Inc., One stop 42025-06-300001901612GTY Technology Holdings, Inc., One stop 52025-06-300001901612GTY Technology Holdings, Inc., One stop 62025-06-300001901612GTY Technology Holdings, Inc., One stop 72025-06-300001901612Gurobi Optimization, LLC, One stop 12025-06-300001901612Gurobi Optimization, LLC, One stop 22025-06-300001901612Hornet Security Holding GMBH, One stop 12025-06-300001901612Hornet Security Holding GMBH, One stop 22025-06-300001901612Hornet Security Holding GMBH, One stop 32025-06-300001901612Hornet Security Holding GMBH, One stop 42025-06-300001901612Hyland Software, Inc., One stop 12025-06-300001901612Hyland Software, Inc., One stop 22025-06-300001901612Icefall Parent, Inc., One stop 12025-06-300001901612Icefall Parent, Inc., One stop 22025-06-300001901612ICIMS, Inc., One stop 12025-06-300001901612ICIMS, Inc., One stop 22025-06-300001901612IQN Holding Corp., One stop 12025-06-300001901612IQN Holding Corp., One stop 22025-06-300001901612IQN Holding Corp., One stop 32025-06-300001901612IQN Holding Corp., One stop 42025-06-300001901612Island Bidco AB, One stop 12025-06-300001901612Island Bidco AB, One stop 22025-06-300001901612Island Bidco AB, One stop 32025-06-300001901612Island Bidco AB, One stop 42025-06-300001901612Island Bidco AB, One stop 52025-06-300001901612LeadsOnline, LLC, One stop 12025-06-300001901612LeadsOnline, LLC, One stop 22025-06-300001901612LeadsOnline, LLC, One stop 32025-06-300001901612LeadsOnline, LLC, One stop 42025-06-300001901612Lighthouse Bidco GMBH, One stop 12025-06-300001901612Lighthouse Bidco GMBH, One stop 22025-06-300001901612Lighthouse Bidco GMBH, One stop 32025-06-300001901612LogicMonitor, Inc., One stop 12025-06-300001901612LogicMonitor, Inc., One stop 22025-06-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-06-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-06-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-06-300001901612Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-06-300001901612MYOB Invest Co Pty Ltd, One stop2025-06-300001901612Navex TopCo, Inc., One stop 12025-06-300001901612Navex TopCo, Inc., One stop 22025-06-300001901612Onit, Inc., One stop 12025-06-300001901612Onit, Inc., One stop 22025-06-300001901612Onit, Inc., One stop 32025-06-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-06-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-06-300001901612Panzura, LLC, One stop2025-06-300001901612Pineapple German Bidco GMBH, One stop 12025-06-300001901612Pineapple German Bidco GMBH, One stop 22025-06-300001901612Pineapple German Bidco GMBH, One stop 32025-06-300001901612Pineapple German Bidco GMBH, One stop 42025-06-300001901612Pineapple German Bidco GMBH, One stop 52025-06-300001901612Pineapple German Bidco GMBH, One stop 62025-06-300001901612Pineapple German Bidco GMBH, One stop 72025-06-300001901612PING Identity Holding Corp., One stop 12025-06-300001901612PING Identity Holding Corp., One stop 22025-06-300001901612Quant Buyer, Inc., One stop 12025-06-300001901612Quant Buyer, Inc., One stop 22025-06-300001901612Quant Buyer, Inc., One stop 32025-06-300001901612Quant Buyer, Inc., One stop 42025-06-300001901612Quant Buyer, Inc., One stop 52025-06-300001901612Rainforest Bidco Limited, One stop 12025-06-300001901612Rainforest Bidco Limited, One stop 22025-06-300001901612Rainforest Bidco Limited, One stop 32025-06-300001901612Rainforest Bidco Limited, One stop 42025-06-300001901612Rainforest Bidco Limited, One stop 52025-06-300001901612Templafy APS and Templafy, LLC, One stop 12025-06-300001901612Templafy APS and Templafy, LLC, One stop 22025-06-300001901612Togetherwork Holdings, LLC, One stop 12025-06-300001901612Togetherwork Holdings, LLC, One stop 22025-06-300001901612Togetherwork Holdings, LLC, One stop 32025-06-300001901612Transform Bidco Limited, One stop 12025-06-300001901612Transform Bidco Limited, One stop 22025-06-300001901612Transform Bidco Limited, One stop 32025-06-300001901612Transform Bidco Limited, One stop 42025-06-300001901612Transform Bidco Limited, One stop 52025-06-300001901612Transform Bidco Limited, One stop 62025-06-300001901612Transform Bidco Limited, One stop 72025-06-300001901612Tricentis Operations Holdings, Inc., One stop 12025-06-300001901612Tricentis Operations Holdings, Inc., One stop 22025-06-300001901612Tricentis Operations Holdings, Inc., One stop 32025-06-300001901612Vantage Bidco GMBH, One stop 12025-06-300001901612Vantage Bidco GMBH, One stop 22025-06-300001901612Varinem German Midco GMBH, One stop 12025-06-300001901612Varinem German Midco GMBH, One stop 22025-06-300001901612Viper Bidco, Inc., One stop 12025-06-300001901612Viper Bidco, Inc., One stop 22025-06-300001901612Viper Bidco, Inc., One stop 32025-06-300001901612Viper Bidco, Inc., One stop 42025-06-300001901612Zendesk, Inc., One stop 12025-06-300001901612Zendesk, Inc., One stop 22025-06-300001901612Zendesk, Inc., One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2025-06-300001901612Biscuit Parent, LLC, One stop 12025-06-300001901612Biscuit Parent, LLC, One stop 22025-06-300001901612Biscuit Parent, LLC, One stop 32025-06-300001901612Cavender Stores L.P., Senior secured2025-06-300001901612CVP Holdco, Inc., One stop 12025-06-300001901612CVP Holdco, Inc., One stop 22025-06-300001901612CVP Holdco, Inc., One stop 32025-06-300001901612Consilio Midco Limited, Senior secured 12025-06-300001901612Consilio Midco Limited, Senior secured 22025-06-300001901612Consilio Midco Limited, Senior secured 32025-06-300001901612Consilio Midco Limited, Senior secured 42025-06-300001901612Consilio Midco Limited, Senior secured 52025-06-300001901612Consilio Midco Limited, Subordinated debt 12025-06-300001901612Consilio Midco Limited, Subordinated debt 22025-06-300001901612Consilio Midco Limited, Subordinated debt 32025-06-300001901612Metal Supermarkets US Buyer, LLC, One stop 12025-06-300001901612Metal Supermarkets US Buyer, LLC, One stop 22025-06-300001901612PetVet Care Centers LLC, One stop 12025-06-300001901612PetVet Care Centers LLC, One stop 22025-06-300001901612PetVet Care Centers LLC, One stop 32025-06-300001901612Radiance Borrower, LLC, One stop 12025-06-300001901612Radiance Borrower, LLC, One stop 22025-06-300001901612Salon Lofts Group, LLC, Senior secured 12025-06-300001901612Salon Lofts Group, LLC, Second lien 12025-06-300001901612Salon Lofts Group, LLC, Second lien 22025-06-300001901612Salon Lofts Group, LLC, Senior secured 22025-06-300001901612Salon Lofts Group, LLC, Senior secured 32025-06-300001901612Salon Lofts Group, LLC, Senior secured 42025-06-300001901612Salon Lofts Group, LLC, Second lien 32025-06-300001901612Salon Lofts Group, LLC, Senior secured 52025-06-300001901612Salon Lofts Group, LLC, Senior secured 62025-06-300001901612Salon Lofts Group, LLC, Senior secured 72025-06-300001901612Salon Lofts Group, LLC, Senior secured 82025-06-300001901612Salon Lofts Group, LLC, Senior secured 92025-06-300001901612Salon Lofts Group, LLC, Senior secured 102025-06-300001901612Salon Lofts Group, LLC, Senior secured 112025-06-300001901612Salon Lofts Group, LLC, Second lien 42025-06-300001901612Salon Lofts Group, LLC, Senior secured 122025-06-300001901612Salon Lofts Group, LLC, Senior secured 132025-06-300001901612Salon Lofts Group, LLC, Second lien 52025-06-300001901612Salon Lofts Group, LLC, Senior secured 142025-06-300001901612Salon Lofts Group, LLC, Second lien 62025-06-300001901612Salon Lofts Group, LLC, Second lien 72025-06-300001901612Salon Lofts Group, LLC, Senior secured 152025-06-300001901612Salon Lofts Group, LLC, Senior secured 162025-06-300001901612Salon Lofts Group, LLC, Senior secured 172025-06-300001901612Salon Lofts Group, LLC, Second lien 82025-06-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-06-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-06-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-06-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-06-300001901612LDS Intermediate Holdings, LLC, One stop 12025-06-300001901612LDS Intermediate Holdings, LLC, One stop 22025-06-300001901612LDS Intermediate Holdings, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:TransportationInfrastructureSectorMember2025-06-300001901612Vessco Midco Holdings, LLC, One stop 12025-06-300001901612Vessco Midco Holdings, LLC, One stop 22025-06-300001901612Vessco Midco Holdings, LLC, One stop 32025-06-300001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2025-06-300001901612us-gaap:DebtSecuritiesMember2025-06-300001901612PPW Aero Buyer, Inc., LP units2025-06-300001901612RJW Group Holdings, Inc., LP units2025-06-300001901612Arnott, LLC, LP units2025-06-300001901612CAP-KSI Holdings, LLC, LP units2025-06-300001901612CAP-KSI Holdings, LLC, Preferred Stock2025-06-300001901612National Express Wash Parent Holdco, LLC, LP units2025-06-300001901612Quick Quack Car Wash Holdings, LLC, LP units2025-06-300001901612Quick Quack Car Wash Holdings, LLC, LLC units2025-06-300001901612Yorkshire Parent, Inc., LP units2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2025-06-300001901612Spindrift Beverage Co. Inc., LP units2025-06-300001901612CHA Vision Holdings, Inc., LP units2025-06-300001901612CHVAC Services Investment, LLC, Common Stock2025-06-300001901612DP Flores Holdings, LLC, LLC units2025-06-300001901612HS Spa Holdings, Inc., Common Stock2025-06-300001901612NSG Buyer, Inc., LP units2025-06-300001901612Virginia Green Acquisition, LLC, LP units2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2025-06-300001901612Smart Energy Systems, Inc., Warrant2025-06-300001901612Wildcat TopCo, Inc., LP units2025-06-300001901612Zullas, L.C., LP units2025-06-300001901612Amberfield Acquisition Co., LLC units2025-06-300001901612Modernizing Medicine, Inc., Preferred Stock2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:HealthcareTechnologySectorMember2025-06-300001901612PB Group Holdings, LLC, LP units2025-06-300001901612Rooster BidCo Limited, Preferred Stock2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2025-06-300001901612Oakbridge Insurance Agency LLC, LP units2025-06-300001901612Critical Start, Inc., Common Stock2025-06-300001901612Netwrix Corporation, LLC units2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2025-06-300001901612Movement Holdings, LLC, LLC units2025-06-300001901612Celerion Buyer, Inc., LP units 12025-06-300001901612Celerion Buyer, Inc., LP units 22025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2025-06-300001901612Creek Parent, Inc., LP Interest2025-06-300001901612Eclipse Buyer, Inc., Preferred Stock2025-06-300001901612Anaplan, Inc., LP Interest2025-06-300001901612CB Buyer, Inc., LP units2025-06-300001901612Cynet Security Ltd., Preferred Stock2025-06-300001901612Denali Bidco Limited, LP Interest2025-06-300001901612Energy Worldnet, LLC, LLC units2025-06-300001901612GTY Technology Holdings, Inc., LP units2025-06-300001901612Gurobi Optimization, LLC, Common Stock2025-06-300001901612Kaseya Inc., Preferred Stock2025-06-300001901612Kaseya Inc., LP Interest2025-06-300001901612LogicMonitor, Inc., LP Interest2025-06-300001901612Menlo Ridgeview Co-Invest, LLC, LLC Interest2025-06-300001901612Onit, Inc., Warrant2025-06-300001901612Panzura, LLC, LLC units2025-06-300001901612StrongDM, Inc., Preferred Stock2025-06-300001901612Templafy APS and Templafy, LLC, Warrant2025-06-300001901612Togetherwork Holdings, LLC, Preferred Stock2025-06-300001901612Transform Bidco Limited, LP Interest2025-06-300001901612Tricentis Operations Holdings, Inc., LP Interest2025-06-300001901612Zendesk, Inc., LP units2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2025-06-300001901612Metal Supermarkets US Buyer, LLC, LLC units2025-06-300001901612Metal Supermarkets US Buyer, LLC, Preferred Stock2025-06-300001901612Salon Lofts Group, LLC, LP units2025-06-300001901612us-gaap:EquitySecuritiesMembergbdc4:SpecialtyRetailSectorMember2025-06-300001901612us-gaap:EquitySecuritiesMember2025-06-300001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-06-300001901612gbdc4:NonQualifyingAssetMembergbdc4:AssetConcentrationRiskMembergbdc4:InvestmentsAtFairValueMember2024-10-012025-06-300001901612PPW Aero Buyer, Inc., One stop 12024-09-300001901612PPW Aero Buyer, Inc., One stop 22024-09-300001901612PPW Aero Buyer, Inc., One stop 32024-09-300001901612PPW Aero Buyer, Inc., One stop 42024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AerospaceAndDefenseSectorMember2024-09-300001901612Collision SP Subco, LLC, One stop 12024-09-300001901612Collision SP Subco, LLC, One stop 22024-09-300001901612Collision SP Subco, LLC, One stop 32024-09-300001901612OEConnection, LLC, One stop 12024-09-300001901612OEConnection, LLC, One stop 22024-09-300001901612OEConnection, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutoComponentsSectorMember2024-09-300001901612CAP-KSI Holdings, LLC, One stop 12024-09-300001901612CAP-KSI Holdings, LLC, One stop 22024-09-300001901612High Bar Brands Operating, LLC, Senior secured 12024-09-300001901612High Bar Brands Operating, LLC, Senior secured 22024-09-300001901612High Bar Brands Operating, LLC, Senior secured 32024-09-300001901612High Bar Brands Operating, LLC, Senior secured 42024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 12024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 22024-09-300001901612National Express Wash Parent Holdco, LLC, One stop 32024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001901612Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001901612Yorkshire Parent, Inc., One stop 12024-09-300001901612Yorkshire Parent, Inc., One stop 22024-09-300001901612Yorkshire Parent, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:AutomobilesSectorMember2024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 12024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 22024-09-300001901612OSP Hamilton Purchaser, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BanksSectorMember2024-09-300001901612Financial Information Technologies, LLC, One stop 12024-09-300001901612Financial Information Technologies, LLC, One stop 22024-09-300001901612Financial Information Technologies, LLC, One stop 32024-09-300001901612Financial Information Technologies, LLC, One stop 42024-09-300001901612Financial Information Technologies, LLC, One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:BeveragesSectorMember2024-09-300001901612BlueMatrix Holdings, LLC, One stop 12024-09-300001901612BlueMatrix Holdings, LLC, One stop 22024-09-300001901612BlueMatrix Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CapitalMarketsSectorMember2024-09-300001901612Krayden Holdings, Inc., Senior secured 12024-09-300001901612Krayden Holdings, Inc., Senior secured 22024-09-300001901612Krayden Holdings, Inc., Senior secured 32024-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMember2024-09-300001901612BradyIFS Holdings, LLC, One stop 12024-09-300001901612BradyIFS Holdings, LLC, One stop 22024-09-300001901612Encore Holdings, LLC, One stop 12024-09-300001901612Encore Holdings, LLC, One stop 22024-09-300001901612Encore Holdings, LLC, One stop 32024-09-300001901612FR Vision Holdings, Inc., One stop 12024-09-300001901612FR Vision Holdings, Inc., One stop 22024-09-300001901612FR Vision Holdings, Inc., One stop 32024-09-300001901612Kleinfelder Intermediate, LLC, One stop 12024-09-300001901612Kleinfelder Intermediate, LLC, One stop 22024-09-300001901612Kleinfelder Intermediate, LLC, One stop 32024-09-300001901612PSC Parent, Inc., One stop 12024-09-300001901612PSC Parent, Inc., One stop 22024-09-300001901612PSC Parent, Inc., One stop 32024-09-300001901612PSC Parent, Inc., One stop 42024-09-300001901612WRE Holding Corp., One stop 12024-09-300001901612WRE Holding Corp., One stop 22024-09-300001901612WRE Holding Corp., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:CommercialServicesAndSuppliesSectorMember2024-09-300001901612Consor Intermediate II, LLC, One stop 12024-09-300001901612Consor Intermediate II, LLC, One stop 22024-09-300001901612Consor Intermediate II, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ConstructionAndEngineeringSectorMember2024-09-300001901612Any Hour, LLC, One stop 12024-09-300001901612Any Hour, LLC, One stop 22024-09-300001901612Any Hour, LLC, One stop 32024-09-300001901612Any Hour, LLC, One stop 42024-09-300001901612Apex Service Partners, LLC, One stop 12024-09-300001901612Apex Service Partners, LLC, One stop 22024-09-300001901612Apex Service Partners, LLC, One stop 32024-09-300001901612Apex Service Partners, LLC, One stop 42024-09-300001901612CHVAC Services Investment, LLC, One stop 12024-09-300001901612CHVAC Services Investment, LLC, One stop 22024-09-300001901612CHVAC Services Investment, LLC, One stop 32024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 12024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 22024-09-300001901612Entomo Brands Acquisitions, Inc., Senior secured 32024-09-300001901612HS Spa Holdings, Inc., One stop 12024-09-300001901612HS Spa Holdings, Inc., One stop 22024-09-300001901612HS Spa Holdings, Inc., One stop 32024-09-300001901612Litera Bidco, LLC, One stop 12024-09-300001901612Litera Bidco, LLC, One stop 22024-09-300001901612Litera Bidco, LLC, One stop 32024-09-300001901612Litera Bidco, LLC, One stop 42024-09-300001901612Mario Purchaser, LLC, One stop 12024-09-300001901612Mario Purchaser, LLC, One stop 22024-09-300001901612Mario Purchaser, LLC, One stop 32024-09-300001901612Mario Purchaser, LLC, One stop 42024-09-300001901612Mario Purchaser, LLC, One stop 52024-09-300001901612NSG Buyer, Inc., One stop 12024-09-300001901612NSG Buyer, Inc., One stop 22024-09-300001901612NSG Buyer, Inc., One stop 32024-09-300001901612NSG Buyer, Inc., One stop 42024-09-300001901612Virginia Green Acquisition, LLC, One stop 12024-09-300001901612Virginia Green Acquisition, LLC, One stop 22024-09-300001901612Virginia Green Acquisition, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2024-09-300001901612Avalara, Inc., One stop 12024-09-300001901612Avalara, Inc., One stop 22024-09-300001901612Baker Tilly Advisory Group, LP, One stop 12024-09-300001901612Baker Tilly Advisory Group, LP, One stop 22024-09-300001901612Baker Tilly Advisory Group, LP, One stop 32024-09-300001901612Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001901612Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001901612Finastra USA, Inc., One stop 12024-09-300001901612Finastra USA, Inc., One stop 22024-09-300001901612Higginbotham Insurance Agency, Inc., One stop 12024-09-300001901612Higginbotham Insurance Agency, Inc., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:DiversifiedFinancialServicesSectorMember2024-09-300001901612Power Grid Holdings, Inc., One stop 12024-09-300001901612Power Grid Holdings, Inc., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectricalEquipmentSectorMember2024-09-300001901612CST Holding Company, One stop 12024-09-300001901612CST Holding Company, One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-09-300001901612Blast Bidco Inc., One stop 12024-09-300001901612Blast Bidco Inc., One stop 22024-09-300001901612Eagle Family Foods Group, LLC, One stop 12024-09-300001901612Eagle Family Foods Group, LLC, One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:FoodProductsSectorMember2024-09-300001901612Belmont Instrument, LLC, One stop 12024-09-300001901612Belmont Instrument, LLC, One stop 22024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 12024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 22024-09-300001901612HuFriedy Group Acquisition, LLC, One stop 32024-09-300001901612TIDI Legacy Products, Inc., One stop 12024-09-300001901612TIDI Legacy Products, Inc., One stop 22024-09-300001901612TIDI Legacy Products, Inc., One stop 32024-09-300001901612YI, LLC, One stop 12024-09-300001901612YI, LLC, One stop 22024-09-300001901612YI, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareEquipmentAndSuppliesSectorMember2024-09-300001901612Bamboo US Bidco LLC, One stop 12024-09-300001901612Bamboo US Bidco LLC, One stop 22024-09-300001901612Bamboo US Bidco LLC, One stop 32024-09-300001901612Bamboo US Bidco LLC, One stop 42024-09-300001901612Community Care Partners, LLC, One stop2024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001901612Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001901612Premise Health Holding Corp., One stop 12024-09-300001901612Premise Health Holding Corp., One stop 22024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareProvidersAndServicesSectorMember2024-09-300001901612Amberfield Acquisition Co., One stop 12024-09-300001901612Amberfield Acquisition Co., One stop 22024-09-300001901612Amberfield Acquisition Co., One stop 32024-09-300001901612Color Intermediate, LLC, Senior secured2024-09-300001901612Crow River Buyer, Inc., One stop 12024-09-300001901612Crow River Buyer, Inc., One stop 22024-09-300001901612HealthEdge Software, Inc., One stop 12024-09-300001901612HealthEdge Software, Inc., One stop 22024-09-300001901612HealthEdge Software, Inc., One stop 32024-09-300001901612Kona Buyer, LLC, One stop 12024-09-300001901612Kona Buyer, LLC, One stop 22024-09-300001901612Kona Buyer, LLC, One stop 32024-09-300001901612Kona Buyer, LLC, One stop 42024-09-300001901612Lacker Bidco Limited, One stop 12024-09-300001901612Lacker Bidco Limited, One stop 22024-09-300001901612Lacker Bidco Limited, One stop 32024-09-300001901612Neptune Holdings, Inc., One stop 12024-09-300001901612Neptune Holdings, Inc., One stop 22024-09-300001901612Netsmart Technologies, Inc., One stop 12024-09-300001901612Netsmart Technologies, Inc., One stop 22024-09-300001901612Netsmart Technologies, Inc., One stop 32024-09-300001901612Plasma Buyer LLC, One stop 12024-09-300001901612Plasma Buyer LLC, One stop 22024-09-300001901612Plasma Buyer LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HealthcareTechnologySectorMember2024-09-300001901612Barteca Restaurants, LLC, One stop 12024-09-300001901612Barteca Restaurants, LLC, One stop 22024-09-300001901612Barteca Restaurants, LLC, One stop 32024-09-300001901612Barteca Restaurants, LLC, One stop 42024-09-300001901612ESN Venture Holdings, LLC, One stop 12024-09-300001901612ESN Venture Holdings, LLC, One stop 22024-09-300001901612ESN Venture Holdings, LLC, One stop 32024-09-300001901612ESN Venture Holdings, LLC, One stop 42024-09-300001901612ESN Venture Holdings, LLC, One stop 52024-09-300001901612ESN Venture Holdings, LLC, One stop 62024-09-300001901612ESN Venture Holdings, LLC, One stop 72024-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001901612GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001901612Health Buyer, LLC, Senior secured 12024-09-300001901612Health Buyer, LLC, Senior secured 22024-09-300001901612Health Buyer, LLC, Senior secured 32024-09-300001901612Health Buyer, LLC, Senior secured 42024-09-300001901612Health Buyer, LLC, Senior secured 52024-09-300001901612PB Group Holdings, LLC, One stop 12024-09-300001901612PB Group Holdings, LLC, One stop 22024-09-300001901612SDC Holdco, LLC, One stop 12024-09-300001901612SDC Holdco, LLC, One stop 22024-09-300001901612SDC Holdco, LLC, Second lien2024-09-300001901612Super REGO, LLC, Subordinated debt2024-09-300001901612YE Brands Holding, LLC, One stop 12024-09-300001901612YE Brands Holding, LLC, One stop 22024-09-300001901612YE Brands Holding, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:HotelsRestaurantsAndLeisureSectorMember2024-09-300001901612Dwyer Instruments, Inc., One stop 12024-09-300001901612Dwyer Instruments, Inc., One stop 22024-09-300001901612Dwyer Instruments, Inc., One stop 32024-09-300001901612Dwyer Instruments, Inc., One stop 42024-09-300001901612Dwyer Instruments, Inc., One stop 52024-09-300001901612Essential Services Holdings Corporation, One stop 12024-09-300001901612Essential Services Holdings Corporation, One stop 22024-09-300001901612Essential Services Holdings Corporation, One stop 32024-09-300001901612Excelitas Technologies Corp., One stop 12024-09-300001901612Excelitas Technologies Corp., One stop 22024-09-300001901612Excelitas Technologies Corp., One stop 32024-09-300001901612Excelitas Technologies Corp., One stop 42024-09-300001901612Excelitas Technologies Corp., One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:IndustrialConglomeratesSectorMember2024-09-300001901612Ben Nevis Midco Limited, One stop 12024-09-300001901612Ben Nevis Midco Limited, One stop 22024-09-300001901612Ben Nevis Midco Limited, One stop 32024-09-300001901612Ben Nevis Midco Limited, One stop 42024-09-300001901612Captive Resources Midco, LLC, One stop 12024-09-300001901612Captive Resources Midco, LLC, One stop 22024-09-300001901612Disco Parent, Inc., One stop 12024-09-300001901612Disco Parent, Inc., One stop 22024-09-300001901612Doxa Insurance Holdings LLC, One stop 12024-09-300001901612Doxa Insurance Holdings LLC, One stop 22024-09-300001901612Doxa Insurance Holdings LLC, One stop 32024-09-300001901612Doxa Insurance Holdings LLC, One stop 42024-09-300001901612Gimlet Bidco GMBH, One stop 12024-09-300001901612Gimlet Bidco GMBH, One stop 22024-09-300001901612Integrated Specialty Coverages, LLC, One stop 12024-09-300001901612Integrated Specialty Coverages, LLC, One stop 22024-09-300001901612Integrated Specialty Coverages, LLC, One stop 32024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 12024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 22024-09-300001901612Integrity Marketing Acquisition, LLC, One stop 32024-09-300001901612MRH Trowe Germany GMBH, One stop2024-09-300001901612Oakbridge Insurance Agency LLC, One stop 12024-09-300001901612Oakbridge Insurance Agency LLC, One stop 22024-09-300001901612Oakbridge Insurance Agency LLC, One stop 32024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 12024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 22024-09-300001901612Pareto Health Intermediate Holdings, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2024-09-300001901612Critical Start, Inc., One stop 12024-09-300001901612Critical Start, Inc., One stop 22024-09-300001901612Critical Start, Inc., One stop 32024-09-300001901612Goldcup 31018 AB, One stop 12024-09-300001901612Goldcup 31018 AB, One stop 22024-09-300001901612Goldcup 31018 AB, One stop 32024-09-300001901612Netwrix Corporation, One stop 12024-09-300001901612Netwrix Corporation, One stop 22024-09-300001901612Netwrix Corporation, One stop 32024-09-300001901612PDQ Intermediate, Inc., Subordinated debt2024-09-300001901612ReliaQuest Holdings, LLC, One stop 12024-09-300001901612ReliaQuest Holdings, LLC, One stop 22024-09-300001901612ReliaQuest Holdings, LLC, One stop 32024-09-300001901612WPEngine, Inc., One stop 12024-09-300001901612WPEngine, Inc., One stop 22024-09-300001901612Zarya Holdco, Inc., One stop 12024-09-300001901612Zarya Holdco, Inc., One stop 22024-09-300001901612Zarya Holdco, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ITServicesSectorMember2024-09-300001901612Crunch Holdings, LLC, One stop 12024-09-300001901612Crunch Holdings, LLC, One stop 22024-09-300001901612Movement Holdings, LLC, One stop 12024-09-300001901612Movement Holdings, LLC, One stop 22024-09-300001901612Movement Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LeisureProductsSectorMember2024-09-300001901612Celerion Buyer, Inc., One stop 12024-09-300001901612Celerion Buyer, Inc., One stop 22024-09-300001901612Celerion Buyer, Inc., One stop 32024-09-300001901612Graphpad Software, LLC, One stop 12024-09-300001901612Graphpad Software, LLC, One stop 22024-09-300001901612Graphpad Software, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2024-09-300001901612AI Titan Parent, Inc., One stop 12024-09-300001901612AI Titan Parent, Inc., One stop 22024-09-300001901612AI Titan Parent, Inc., One stop 32024-09-300001901612Blackbird Purchaser, Inc., One stop 12024-09-300001901612Blackbird Purchaser, Inc., One stop 22024-09-300001901612Blackbird Purchaser, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MachinerySectorMember2024-09-300001901612Lotus Topco, Inc., One stop 12024-09-300001901612Lotus Topco, Inc., One stop 22024-09-300001901612Lotus Topco, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:MediaSectorMember2024-09-300001901612Envernus, Inc., One stop 12024-09-300001901612Envernus, Inc., One stop 22024-09-300001901612Envernus, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:OilGasAndConsumableFuelsSectorMember2024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 12024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 22024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 32024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 42024-09-300001901612Caerus Midco 3 S.A.R.L., One stop 52024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:PharmaceuticalsSectorMember2024-09-300001901612ALKU Intermediate Holdings, LLC, One stop 12024-09-300001901612ALKU Intermediate Holdings, LLC, One stop 22024-09-300001901612bswift, LLC, One stop2024-09-300001901612Citrin Cooperman Advisors LLC, One stop 12024-09-300001901612Citrin Cooperman Advisors LLC, One stop 22024-09-300001901612Citrin Cooperman Advisors LLC, One stop 32024-09-300001901612Citrin Cooperman Advisors LLC, One stop 42024-09-300001901612Citrin Cooperman Advisors LLC, One stop 52024-09-300001901612DISA Holdings Corp., Senior secured 12024-09-300001901612DISA Holdings Corp., Senior secured 22024-09-300001901612DISA Holdings Corp., Senior secured 32024-09-300001901612DISA Holdings Corp., Subordinated debt2024-09-300001901612DISA Holdings Corp., Senior secured 42024-09-300001901612DISA Holdings Corp., One stop2024-09-300001901612DISA Holdings Corp., Senior secured 52024-09-300001901612Eclipse Buyer, Inc., One stop 12024-09-300001901612Eclipse Buyer, Inc., One stop 22024-09-300001901612Eclipse Buyer, Inc., One stop 32024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 12024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 22024-09-300001901612Varicent Intermediate Holdings Corporation, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:ProfessionalServicesSectorMember2024-09-300001901612Anaplan, Inc., One stop 12024-09-300001901612Anaplan, Inc., One stop 22024-09-300001901612Anaplan, Inc., One stop 32024-09-300001901612Armstrong Bidco Limited, One stop 12024-09-300001901612Armstrong Bidco Limited, One stop 22024-09-300001901612Arrow Buyer, Inc., One stop 12024-09-300001901612Arrow Buyer, Inc., One stop 22024-09-300001901612Arrow Buyer, Inc., One stop 32024-09-300001901612Artifact Bidco, Inc., One stop 12024-09-300001901612Artifact Bidco, Inc., One stop 22024-09-300001901612Artifact Bidco, Inc., One stop 32024-09-300001901612Artifact Bidco, Inc., One stop 42024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 12024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 22024-09-300001901612Azurite Intermediate Holdings, Inc., One stop 32024-09-300001901612Baxter Planning Systems, LLC, One stop 12024-09-300001901612Baxter Planning Systems, LLC, One stop 22024-09-300001901612Baxter Planning Systems, LLC, One stop 32024-09-300001901612BestPass, Inc., One stop 12024-09-300001901612BestPass, Inc., One stop 22024-09-300001901612BestPass, Inc., One stop 32024-09-300001901612Bloomerang, LLC, One stop 12024-09-300001901612Bloomerang, LLC, One stop 22024-09-300001901612Bloomerang, LLC, One stop 32024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-09-300001901612Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-09-300001901612Camelia Bidco Limited, One stop 12024-09-300001901612Camelia Bidco Limited, One stop 22024-09-300001901612Camelia Bidco Limited, One stop 32024-09-300001901612Camelia Bidco Limited, One stop 42024-09-300001901612CB Buyer, Inc., One stop 12024-09-300001901612CB Buyer, Inc., One stop 22024-09-300001901612CB Buyer, Inc., One stop 32024-09-300001901612Coupa Holdings, LLC, One stop 12024-09-300001901612Coupa Holdings, LLC, One stop 22024-09-300001901612Coupa Holdings, LLC, One stop 32024-09-300001901612Crewline Buyer, Inc., One stop 12024-09-300001901612Crewline Buyer, Inc., One stop 22024-09-300001901612Denali Bidco Limited, One stop 12024-09-300001901612Denali Bidco Limited, One stop 22024-09-300001901612Denali Bidco Limited, One stop 32024-09-300001901612Denali Bidco Limited, One stop 42024-09-300001901612Denali Bidco Limited, One stop 52024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001901612Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001901612GTY Technology Holdings, Inc., One stop 12024-09-300001901612GTY Technology Holdings, Inc., One stop 22024-09-300001901612GTY Technology Holdings, Inc., One stop 32024-09-300001901612GTY Technology Holdings, Inc., One stop 42024-09-300001901612GTY Technology Holdings, Inc., One stop 52024-09-300001901612GTY Technology Holdings, Inc., One stop 62024-09-300001901612Gurobi Optimization, LLC, One stop 12024-09-300001901612Gurobi Optimization, LLC, One stop 22024-09-300001901612Hornet Security Holding GMBH, One stop 12024-09-300001901612Hornet Security Holding GMBH, One stop 22024-09-300001901612Hornet Security Holding GMBH, One stop 32024-09-300001901612Hornet Security Holding GMBH, One stop 42024-09-300001901612Hyland Software, Inc., One stop 12024-09-300001901612Hyland Software, Inc., One stop 22024-09-300001901612Icefall Parent, Inc., One stop 12024-09-300001901612Icefall Parent, Inc., One stop 22024-09-300001901612ICIMS, Inc., One stop 12024-09-300001901612ICIMS, Inc., One stop 22024-09-300001901612ICIMS, Inc., One stop 32024-09-300001901612IQN Holding Corp., One stop 12024-09-300001901612IQN Holding Corp., One stop 22024-09-300001901612Island Bidco AB, One stop 12024-09-300001901612Island Bidco AB, One stop 22024-09-300001901612Island Bidco AB, One stop 32024-09-300001901612Island Bidco AB, One stop 42024-09-300001901612Island Bidco AB, One stop 52024-09-300001901612Kaseya Inc., One stop 12024-09-300001901612Kaseya Inc., One stop 22024-09-300001901612Kaseya Inc., One stop 32024-09-300001901612Kaseya Inc., One stop 42024-09-300001901612LeadsOnline, LLC, One stop 12024-09-300001901612LeadsOnline, LLC, One stop 22024-09-300001901612LeadsOnline, LLC, One stop 32024-09-300001901612LeadsOnline, LLC, One stop 42024-09-300001901612Navex TopCo, Inc., One stop 12024-09-300001901612Navex TopCo, Inc., One stop 22024-09-300001901612Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-09-300001901612Panzura, LLC, One stop2024-09-300001901612Pineapple German Bidco GMBH, One stop 12024-09-300001901612Pineapple German Bidco GMBH, One stop 22024-09-300001901612Pineapple German Bidco GMBH, One stop 32024-09-300001901612PING Identity Holding Corp., One stop 12024-09-300001901612PING Identity Holding Corp., One stop 22024-09-300001901612Quant Buyer, Inc., One stop 12024-09-300001901612Quant Buyer, Inc., One stop 22024-09-300001901612Quant Buyer, Inc., One stop 32024-09-300001901612Quant Buyer, Inc., One stop 42024-09-300001901612Rainforest Bidco Limited, One stop 12024-09-300001901612Rainforest Bidco Limited, One stop 22024-09-300001901612Rainforest Bidco Limited, One stop 32024-09-300001901612Rainforest Bidco Limited, One stop 42024-09-300001901612SailPoint Technologies Holdings, Inc., One stop 12024-09-300001901612SailPoint Technologies Holdings, Inc., One stop 22024-09-300001901612Templafy APS and Templafy, LLC, One stop 12024-09-300001901612Templafy APS and Templafy, LLC, One stop 22024-09-300001901612Togetherwork Holdings, LLC, One stop 12024-09-300001901612Togetherwork Holdings, LLC, One stop 22024-09-300001901612Togetherwork Holdings, LLC, One stop 32024-09-300001901612Transform Bidco Limited, One stop 12024-09-300001901612Transform Bidco Limited, One stop 22024-09-300001901612Transform Bidco Limited, One stop 32024-09-300001901612Vantage Bidco GMBH, One stop 12024-09-300001901612Vantage Bidco GMBH, One stop 22024-09-300001901612Varinem German Midco GMBH, One stop 12024-09-300001901612Varinem German Midco GMBH, One stop 22024-09-300001901612Zendesk, Inc., One stop 12024-09-300001901612Zendesk, Inc., One stop 22024-09-300001901612Zendesk, Inc., One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SoftwareSectorMember2024-09-300001901612Biscuit Parent, LLC, One stop 12024-09-300001901612Biscuit Parent, LLC, One stop 22024-09-300001901612Cavender Stores L.P., Senior secured2024-09-300001901612CVP Holdco, Inc., One stop 12024-09-300001901612CVP Holdco, Inc., One stop 22024-09-300001901612CVP Holdco, Inc., One stop 32024-09-300001901612PetVet Care Centers LLC, One stop 12024-09-300001901612PetVet Care Centers LLC, One stop 22024-09-300001901612PetVet Care Centers LLC, One stop 32024-09-300001901612PPV Intermediate Holdings, LLC, One stop 12024-09-300001901612PPV Intermediate Holdings, LLC, One stop 22024-09-300001901612PPV Intermediate Holdings, LLC, One stop 32024-09-300001901612PPV Intermediate Holdings, LLC, One stop 42024-09-300001901612PPV Intermediate Holdings, LLC, One stop 52024-09-300001901612PPV Intermediate Holdings, LLC, One stop 62024-09-300001901612PPV Intermediate Holdings, LLC, One stop 72024-09-300001901612PPV Intermediate Holdings, LLC, One stop 82024-09-300001901612Radiance Borrower, LLC, One stop 12024-09-300001901612Radiance Borrower, LLC, One stop 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 12024-09-300001901612Salon Lofts Group, LLC, Second lien 12024-09-300001901612Salon Lofts Group, LLC, Senior secured 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 32024-09-300001901612Salon Lofts Group, LLC, Second lien 22024-09-300001901612Salon Lofts Group, LLC, Senior secured 42024-09-300001901612Salon Lofts Group, LLC, Senior secured 52024-09-300001901612Salon Lofts Group, LLC, Senior secured 62024-09-300001901612Salon Lofts Group, LLC, Senior secured 72024-09-300001901612Salon Lofts Group, LLC, Senior secured 82024-09-300001901612Salon Lofts Group, LLC, Senior secured 92024-09-300001901612Salon Lofts Group, LLC, Senior secured 102024-09-300001901612Salon Lofts Group, LLC, Second lien 32024-09-300001901612Salon Lofts Group, LLC, Senior secured 112024-09-300001901612Salon Lofts Group, LLC, Senior secured 122024-09-300001901612Salon Lofts Group, LLC, Second lien 42024-09-300001901612Salon Lofts Group, LLC, Senior secured 132024-09-300001901612Salon Lofts Group, LLC, Second lien 52024-09-300001901612Salon Lofts Group, LLC, Second lien 62024-09-300001901612Salon Lofts Group, LLC, Senior secured 142024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-09-300001901612Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:SpecialtyRetailSectorMember2024-09-300001901612Vessco Midco Holdings, LLC, One stop 12024-09-300001901612Vessco Midco Holdings, LLC, One stop 22024-09-300001901612Vessco Midco Holdings, LLC, One stop 32024-09-300001901612us-gaap:DebtSecuritiesMembergbdc4:WaterUtilitiesSectorMember2024-09-300001901612us-gaap:DebtSecuritiesMember2024-09-300001901612PPW Aero Buyer, Inc., LP units2024-09-300001901612CAP-KSI Holdings, LLC, LP units2024-09-300001901612CAP-KSI Holdings, LLC, Preferred Stock2024-09-300001901612National Express Wash Parent Holdco, LLC, LP units2024-09-300001901612Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001901612Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001901612Yorkshire Parent, Inc., LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:AutomobilesSectorMember2024-09-300001901612FR Vision Holdings, Inc., LP units2024-09-300001901612CHVAC Services Investment, LLC, Common Stock2024-09-300001901612DP Flores Holdings, LLC, LLC units2024-09-300001901612HS Spa Holdings, Inc., Common Stock2024-09-300001901612NSG Buyer, Inc., LP units2024-09-300001901612Virginia Green Acquisition, LLC, LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:DiversifiedConsumerServicesSectorMember2024-09-300001901612Amberfield Acquisition Co., LLC units2024-09-300001901612PB Group Holdings, LLC, LP units2024-09-300001901612Oakbridge Insurance Agency LLC, LP units2024-09-300001901612Critical Start, Inc., Common Stock2024-09-300001901612Netwrix Corporation, LLC units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:ITServicesSectorMember2024-09-300001901612Movement Holdings, LLC, LLC units2024-09-300001901612Celerion Buyer, Inc., LP units 12024-09-300001901612Celerion Buyer, Inc., LP units 22024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:LifeSciencesToolsAndServicesSectorMember2024-09-300001901612Eclipse Buyer, Inc., Preferred Stock2024-09-300001901612Anaplan, Inc., LP Interest2024-09-300001901612CB Buyer, Inc., LP units2024-09-300001901612Cynet Security Ltd., Preferred Stock2024-09-300001901612Denali Bidco Limited, LP Interest2024-09-300001901612GTY Technology Holdings, Inc., LP units2024-09-300001901612Gurobi Optimization, LLC, Common Stock2024-09-300001901612Kaseya Inc., Preferred Stock2024-09-300001901612Kaseya Inc., LP Interest2024-09-300001901612Onit, Inc., Preferred Stock2024-09-300001901612Onit, Inc., Warrant2024-09-300001901612Panzura, LLC, LLC units2024-09-300001901612Templafy APS and Templafy, LLC, Warrant2024-09-300001901612Togetherwork Holdings, LLC, Preferred Stock2024-09-300001901612Zendesk, Inc., LP units2024-09-300001901612us-gaap:EquitySecuritiesMembergbdc4:SoftwareSectorMember2024-09-300001901612Salon Lofts Group, LLC, LP units2024-09-300001901612us-gaap:EquitySecuritiesMember2024-09-300001901612Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582) 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TABLE OF CONTENTS

_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01504

Golub Capital BDC 4, Inc.

(Exact name of registrant as specified in its charter)

Maryland						88-1608711
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class			Trading Symbol			Name of each exchange on which registered
None			None			None

Indicate 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 þ   No o

Indicate 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☐			Accelerated filer			☐
Non-accelerated filer			☑			Smaller reporting company			☐
Emerging growth company			☐

If 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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o  No þ

As of August 7, 2025, the Registrant had 66,397,771.207 shares of common stock, $0.001 par value, outstanding.

1

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TABLE OF CONTENTS

Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of June 30, 2025 (unaudited) and September 30, 2024			3
			Consolidated Statements of Operations for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			6
			Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024			8
			Notes to Consolidated Financial Statements (unaudited)			41
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			74
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			99
Item 4.			Controls and Procedures			101
Part II. Other Information
Item 1.			Legal Proceedings			102
Item 1A.			Risk Factors			102
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			102
Item 3.			Defaults Upon Senior Securities			102
Item 4.			Mine Safety Disclosures			102
Item 5.			Other Information			102
Item 6.			Exhibits			103

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

						June 30, 2025						September 30, 2024
						(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $1,862,707 and $1,291,512, respectively)						$	1,895,482					$	1,311,001
Cash and cash equivalents						20,215						8,175
Foreign currencies (cost of $609 and $873, respectively)						970						1,019
Restricted cash and cash equivalents						280,856						25,337
Restricted foreign currencies (cost of $883 and $294, respectively)						836						316
Interest receivable						17,544						16,566
Receivable for investments						838						5,085
Capital call receivable						68						—
Deferred offering costs						—						68
Other assets						753						117
Total Assets						$	2,217,562					$	1,367,684
Liabilities
Debt						$	1,195,554					$	691,985
Less unamortized debt issuance costs						(9,322)						(7,871)
Debt less unamortized debt issuance costs						1,186,232						684,114
Interest payable						10,484						12,293
Distributions payable						16,648						15,502
Management and income incentive fees payable						4,763						3,642
Unrealized depreciation on forward currency contracts						966						—
Accrued trustee fees						52						47
Accounts payable and other liabilities						2,450						1,884
Total Liabilities						1,221,595						717,482
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2025 and September 30, 2024						—						—
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 66,397,771.207 and 43,346,830.170 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively						66						43
Paid in capital in excess of par						995,595						649,853
Distributable earnings (losses)						306						306
Total Net Assets						995,967						650,202
Total Liabilities and Total Net Assets						$	2,217,562					$	1,367,684
Number of common shares outstanding						66,397,771.207						43,346,830.170
Net asset value per common share						$	15.00					$	15.00

See Notes to Consolidated Financial Statements

3

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

						Three months ended June 30,												Nine months ended June 30,
						2025						2024						2025						2024
Investment income
Interest income						$	42,211					$	26,660					$	116,401					$	62,641
Payment-in-kind interest income						2,449						1,655						7,020						4,038
Dividend income						181						45						456						120
Fee income						278						118						528						262
Total investment income						45,119						28,478						124,405						67,061
Expenses
Interest and other debt financing expenses						16,383						10,942						45,988						24,735
Base management fee						6,085						3,310						16,494						7,558
Incentive fee						4,936						4,329						14,149						8,790
Professional fees						370						246						1,126						711
Administrative service fee						577						289						1,540						592
General and administrative expenses						70						41						215						188
Total expenses						28,421						19,157						79,512						42,574
Base management fee waived (Note 4)						(3,872)						(2,106)						(10,495)						(4,810)
Incentive fee waived (Note 4)						(2,551)						(1,576)						(6,954)						(6,037)
Net expenses						21,998						15,475						62,063						31,727
Net investment income - before tax						23,121						13,003						62,342						35,334
Excise tax						—						—						—						25
Net investment income - after tax						23,121						13,003						62,342						35,309
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments						—						—						—						(3)
Foreign currency transactions						(214)						(51)						67						(22)
Net realized gain (loss) on investment transactions						(214)						(51)						67						(25)
Net change in unrealized appreciation (depreciation) from:
Investments						369						5,178						4,060						12,441
Forward currency contracts						(807)						—						(966)						—
Translation of assets and liabilities in foreign currencies						1,147						(34)						668						(39)
Net change in unrealized appreciation (depreciation) on investment transactions						709						5,144						3,762						12,402
Net gain (loss) on investment transactions						495						5,093						3,829						12,377
Net increase (decrease) in net assets resulting from operations						$	23,616					$	18,096					$	66,171					$	47,686
Per Common Share Data
Basic and diluted earnings (losses) per common share (Note 11)						$	0.40					$	0.63					$	1.29					$	2.08
Basic and diluted weighted average common shares outstanding (Note 11)						58,534,461						28,881,498						51,284,378						22,874,427

See Notes to Consolidated Financial Statements

4

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

			Common Stock												Paid in Capital in Excess of Par						Distributable Earnings (Losses)						Total Net Assets
			Shares						Par Amount
Balance at September 30, 2023			12,178,965.292						$	12					$	182,525					$	147					$	182,684
Issuance of common stock			21,196,796.355						21						317,932						—						317,953
Net increase (decrease) in net assets resulting from operations:
Net investment income - after tax			—						—						—						35,309						35,309
Net realized gain (loss) on investment transactions			—						—						—						(25)						(25)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						12,402						12,402
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			455,032.604						1						6,824						—						6,825
Distributions from distributable earnings (losses)			—						—						—						(33,306)						(33,306)
Distributions declared and payable			—						—						—						(14,380)						(14,380)
Total increase (decrease) for the nine months ended June 30, 2024			21,651,828.959						22						324,756						—						324,778
Balance at June 30, 2024			33,830,794.251						$	34					$	507,281					$	147					$	507,462
Balance at March 31, 2024			27,476,502.077						$	27					$	411,973					$	147					$	412,147
Issuance of common stock			6,108,945.198						7						91,628						—						91,635
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						13,003						13,003
Net realized gain (loss) on investment transactions			—						—						—						(51)						(51)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						5,144						5,144
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			245,346.976						—						3,680						—						3,680
Distributions from distributable earnings (losses)			—						—						—						(3,716)						(3,716)
Distributions declared and payable			—						—						—						(14,380)						(14,380)
Total increase (decrease) for the three months ended June 30, 2024			6,354,292.174						7						95,308						—						95,315
Balance at June 30, 2024			33,830,794.251						$	34					$	507,281					$	147					$	507,462
Balance at September 30, 2024			43,346,830.170						$	43					$	649,853					$	306					$	650,202
Issuance of common stock			22,182,337.103						22						332,713						—						332,735
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						62,342						62,342
Net realized gain (loss) on investment transactions			—						—						—						67						67
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						3,762						3,762
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			868,603.934						1						13,029						—						13,030
Distributions from distributable earnings (losses)			—						—						—						(49,523)						(49,523)
Distributions declared and payable			—						—						—						(16,648)						(16,648)
Total increase (decrease) for the nine months ended June 30, 2025			23,050,941.037						23						345,742						—						345,765
Balance at June 30, 2025			66,397,771.207						$	66					$	995,595					$	306					$	995,967
Balance at March 31, 2025			55,703,115.572						$	56					$	835,184					$	306					$	835,546
Issuance of common stock			10,388,413.154						10						155,817						—						155,827
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes			—						—						—						23,121						23,121
Net realized gain (loss) on investment transactions			—						—						—						(214)						(214)
Net change in unrealized appreciation (depreciation) on investment transactions			—						—						—						709						709
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan			306,242.481						—						4,594						—						4,594
Distributions from distributable earnings (losses)			—						—						—						(6,968)						(6,968)
Distributions declared and payable			—						—						—						(16,648)						(16,648)
Total increase (decrease) for the three months ended June 30, 2025			10,694,655.635						10						160,411						—						160,421
Balance at June 30, 2025			66,397,771.207						$	66					$	995,595					$	306					$	995,967

See Notes to Consolidated Financial Statements

5

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

						Nine months ended June 30,
						2025						2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	66,171					$	47,686
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs						3,070						931
Amortization of deferred offering costs						68						100
Accretion of discounts and amortization of premiums						(3,722)						(1,754)
Net realized (gain) loss on investments						—						3
Net realized (gain) loss on foreign currency transactions						(67)						22
Net change in unrealized (appreciation) depreciation on investments						(4,060)						(12,441)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						(668)						39
Net change in unrealized (appreciation) depreciation on forward currency contracts						966						—
Proceeds from (fundings of) revolving loans, net						(5,697)						(1,042)
Fundings of investments						(636,176)						(798,901)
Proceeds from principal payments and sales of portfolio investments						81,694						6,792
Payment-in-kind interest capitalized						(6,973)						(3,815)
Non-cash dividends capitalized						(387)						(120)
Proceeds from non-cash dividends						170						—
Changes in operating assets and liabilities:
Interest receivable						(978)						(9,165)
Receivable for investments						4,247						(69)
Other assets						(636)						(16)
Interest payable						(1,809)						8,026
Management and income incentive fees payable						1,121						2,456
Accrued trustee fees						5						17
Accounts payable and other liabilities						566						1,520
Net cash provided by (used in) operating activities						(503,095)						(759,731)
Cash flows from financing activities
Borrowings on debt						2,163,314						727,751
Repayments of debt						(1,667,345)						(246,499)
Proceeds from other short-term borrowings						—						481,469
Repayments on other short-term borrowings						—						(481,469)
Capitalized debt issuance costs						(4,521)						(2,736)
Deferred offering costs						—						(50)
Capital calls received in advance						—						8,179
Proceeds from issuance of common shares						332,667						314,440
Distributions paid						(51,995)						(30,462)
Net cash provided by (used in) financing activities						772,120						770,623
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies						269,025						10,892
Effect of foreign currency exchange rates						(995)						(51)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period						34,847						42,839
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period						$	302,877					$	53,680
Supplemental disclosure of cash flow information:
Cash paid during the period for interest						$	44,727					$	15,779
Distributions declared for the period						66,171						47,686
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable						$	68					$	3,513
Stock issued in connection with dividend reinvestment plan						13,030						6,825
Change in distributions payable						1,146						10,399

See Notes to Consolidated Financial Statements

6

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) - (continued)

(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

			As of
			June 30, 2025						September 30, 2024
Cash and cash equivalents			$	20,215					$	8,175
Foreign currencies (cost of $609 and $873, respectively)			970						1,019
Restricted cash and cash equivalents			280,856						25,337
Restricted foreign currencies (cost of $883 and $294, respectively)			836						316
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows (1)			$	302,877					$	34,847

(1) See Note 2 for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements

7

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.^			One stop						SF +			6.50%			(i)						10.82%															02/2029						$	14,614					$	14,343					1.5			%			$	14,760
			PPW Aero Buyer, Inc.			One stop						P +			5.50%			(a)						13.00%															02/2029						9						8						—						9
			PPW Aero Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															02/2029						—						(13)						—						—
			PPW Aero Buyer, Inc.#			One stop						SF +			5.00%			(i)						9.30%															02/2029						2,455						2,443						0.3						2,455
			PPW Aero Buyer, Inc.^			One stop						SF +			5.50%			(i)						9.80%															02/2029						1,397						1,388						0.1						1,404
																																													18,475						18,169						1.9						18,628
			Air Freight & Logistics
			RJW Group Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.30%															11/2031						12,449						12,217						1.3						12,449
			RJW Group Holdings, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(9)						—						—
																																													12,449						12,208						1.3						12,449
			Auto Components
			Arnott, LLC^			One stop						SF +			4.75%			(j)						8.97%															11/2030						1,263						1,252						0.2						1,250
			Arnott, LLC			One stop						SF +			4.75%			(j)						8.97%															11/2030						36						34						—						34
			Collision SP Subco, LLC^			One stop						SF +			4.75%			(i)						9.03%															01/2030						9,967						9,816						1.0						9,967
			Collision SP Subco, LLC#			One stop						SF +			4.75%			(i)						9.03%															01/2030						70						70						—						70
			Collision SP Subco, LLC(5)			One stop						SF +			4.75%									N/A(6)															01/2030						—						(8)						—						—
			Collision SP Subco, LLC			One stop						SF +			4.75%			(i)(j)						9.02%															01/2030						5,119						5,075						0.5						5,119
			Collision SP Subco, LLC(5)			One stop						SF +			4.75%									N/A(6)															01/2030						—						(25)						—						—
			OEConnection, LLC^			One stop						SF +			5.25%			(h)						9.58%															04/2031						2,965						2,938						0.3						2,965
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(15)						—						—
			OEConnection, LLC*^			One stop						SF +			5.25%			(h)						9.58%															04/2031						16,990						16,849						1.7						16,990
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(5)						—						—
																																													36,410						35,981						3.7						36,395
			Automobiles
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(i)						9.56%															06/2030						731						720						0.1						731
			CAP-KSI Holdings, LLC^			One stop						SF +			5.25%			(i)						9.54%															06/2030						7,142						7,054						0.7						7,142
			High Bar Brands Operating, LLC^			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						798						786						0.1						798
			High Bar Brands Operating, LLC#			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						166						164						—						166
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						24						20						—						24
			High Bar Brands Operating, LLC			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						141						137						—						141
			National Express Wash Parent Holdco, LLC^			One stop						SF +			5.00%			(i)						9.30%															07/2029						30,395						30,136						3.1						30,395
			National Express Wash Parent Holdco, LLC(5)			One stop						SF +			5.00%									N/A(6)															07/2029						—						(3)						—						—
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(j)						9.24%															07/2029						399						393						—						399
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.00%			(i)						9.30%															07/2029						389						387						—						389
			Quick Quack Car Wash Holdings, LLC*^			One stop						SF +			4.75%			(h)						9.08%															06/2031						27,166						26,973						2.7						27,064
			Quick Quack Car Wash Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(18)						—						(10)
			Quick Quack Car Wash Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(12)						—						(12)
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						9.07%															06/2031						2,117						2,088						0.2						2,107
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.80%															12/2029						17,639						17,436						1.8						17,683
			Yorkshire Parent, Inc.			One stop						SF +			5.50%			(i)						9.80%															12/2029						706						662						0.1						706

See Notes to Consolidated Financial Statements

8

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Yorkshire Parent, Inc.^			One stop						SF +			5.50%			(i)						9.79%															12/2029						$	4,887					$	4,838					0.5			%			$	4,899
			Yorkshire Parent, Inc.			One stop						SF +			5.00%			(i)						9.28%															12/2029						1						—						—						1
			Yorkshire Parent, Inc.#			One stop						SF +			5.00%			(i)						9.28%															12/2029						42						42						—						42
																																													92,743						91,803						9.3						92,665
			Banks
			Empyrean Solutions, LLC^			One stop						SF +			4.50%			(i)						8.80%															11/2031						1,484						1,477						0.1						1,484
			Empyrean Solutions, LLC(5)			One stop						SF +			4.75%									N/A(6)															11/2031						—						(1)						—						—
			Empyrean Solutions, LLC(5)			One stop						SF +			4.75%									N/A(6)															11/2031						—						(3)						—						—
			OSP Hamilton Purchaser, LLC^			One stop						SF +			4.75%			(i)						9.03%															12/2029						3,880						3,843						0.4						3,860
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(i)						9.01%															12/2029						1,720						1,685						0.2						1,702
			OSP Hamilton Purchaser, LLC(5)			One stop						SF +			4.75%									N/A(6)															12/2029						—						(16)						—						(17)
			OSP Hamilton Purchaser, LLC			One stop						SF +			4.75%			(i)						9.03%															12/2029						391						386						—						388
																																													7,475						7,371						0.7						7,417
			Beverages
			Financial Information Technologies, LLC(24)			One stop						N/A												14.00%			PIK												06/2031						10,314						10,138						1.1						10,623
			Financial Information Technologies, LLC^			One stop						SF +			5.25%			(i)						9.55%															06/2030						6,408						6,325						0.6						6,392
			Financial Information Technologies, LLC^			One stop						SF +			5.25%			(i)						9.55%															06/2030						2,620						2,596						0.3						2,613
			Financial Information Technologies, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2030						—						(9)						—						(4)
			Spindrift Beverage Co. Inc.			One stop						SF +			5.25%			(i)						9.53%															02/2032						70						58						—						70
			Spindrift Beverage Co. Inc.(5)			One stop						SF +			5.25%									N/A(6)															02/2032						—						(3)						—						—
			Spindrift Beverage Co. Inc.^			One stop						SF +			5.25%			(i)						9.53%															02/2032						5,073						5,013						0.5						5,073
																																													24,485						24,117						2.5						24,767
			Capital Markets
			BlueMatrix Holdings, LLC^			One stop						SF +			5.25%			(i)						9.55%															01/2031						14,093						13,995						1.4						14,093
			BlueMatrix Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(17)						—						—
			BlueMatrix Holdings, LLC			One stop						SF +			5.25%			(i)						9.55%															01/2031						1,538						1,506						0.1						1,538
			BlueMatrix Holdings, LLC^			One stop						SF +			5.25%			(i)						9.55%															01/2031						1,725						1,717						0.2						1,725
																																													17,356						17,201						1.7						17,356
			Chemicals
			AP Adhesives Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(3)						—						(3)
			AP Adhesives Holdings, LLC			One stop						SF +			4.75%			(h)						9.07%															04/2031						11						10						—						10
			AP Adhesives Holdings, LLC#			One stop						SF +			4.75%			(i)						8.80%															04/2032						1,667						1,658						0.2						1,658
			Krayden Holdings, Inc.^			Senior secured						SF +			4.75%			(h)						9.08%															03/2029						931						923						0.1						931
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						9.08%															03/2029						5						2						—						5
			Krayden Holdings, Inc.			Senior secured						SF +			4.75%			(h)						9.06%															03/2029						186						182						—						186
																																													2,800						2,772						0.3						2,787
			Commercial Services & Supplies
			BradyIFS Holdings, LLC			One stop						SF +			5.00%			(i)						9.32%															10/2029						217						206						—						217
			BradyIFS Holdings, LLC*^			One stop						SF +			5.00%			(i)						9.28%															10/2029						22,375						22,011						2.2						22,375
			CHA Vision Holdings, Inc.^			One stop						SF +			5.00%			(i)						9.27%															01/2031						18,399						18,230						1.8						18,399
			CHA Vision Holdings, Inc.			One stop						SF +			5.00%			(i)						9.29%															01/2031						3,618						3,564						0.4						3,618
			CHA Vision Holdings, Inc.(5)			One stop						SF +			5.00%									N/A(6)															01/2030						—						(13)						—						—
			Kleinfelder Intermediate, LLC^			One stop						SF +			5.00%			(i)						9.28%															09/2030						2,021						1,973						0.2						2,021
			Kleinfelder Intermediate, LLC(5)			One stop						SF +			5.00%									N/A(6)															09/2028						—						(4)						—						—
			Kleinfelder Intermediate, LLC			One stop						SF +			5.00%			(i)						9.28%															09/2030						219						216						—						219

See Notes to Consolidated Financial Statements

9

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PSC Parent, Inc.			One stop						SF +			5.25%			(h)						9.56%															04/2031						$	679					$	672					0.1			%			$	679
			PSC Parent, Inc.^			One stop						SF +			5.25%			(h)						9.58%															04/2031						1,079						1,075						0.1						1,079
			PSC Parent, Inc.			One stop						SF +			5.25%			(h)						9.57%															04/2030						506						497						0.1						506
			PSC Parent, Inc.^			One stop						SF +			5.25%			(h)						9.56%															04/2031						6,477						6,423						0.6						6,477
			WRE Holding Corp.(5)			One stop						SF +			5.00%									N/A(6)															07/2030						—						(18)						—						—
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.17%															07/2031						1,593						1,587						0.2						1,593
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.13%															07/2031						960						956						0.1						960
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.12%															07/2031						747						744						0.1						747
			WRE Holding Corp.*^			One stop						SF +			5.00%			(j)						9.22%															07/2031						14,517						14,392						1.5						14,517
			WRE Holding Corp.			One stop						SF +			5.00%			(i)(j)						9.17%															07/2031						261						258						—						261
																																													73,668						72,769						7.4						73,668
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop						SF +			4.50%									N/A(6)															05/2031						—						(31)						—						—
			Consor Intermediate II, LLC			One stop						SF +			4.50%			(i)						8.80%															05/2031						1,977						1,967						0.2						1,977
			Consor Intermediate II, LLC^			One stop						SF +			4.50%			(i)						8.80%															05/2031						11,716						11,667						1.2						11,716
			DCCM, LLC#			One stop						SF +			4.75%			(i)						9.07%															06/2032						1,961						1,951						0.2						1,951
			DCCM, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2032						—						(2)						—						(2)
			DCCM, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2032						—						(5)						—						(5)
			Royal Holdco Corporation(5)			One stop						SF +			4.50%									N/A(6)															12/2030						—						(1)						—						—
			Royal Holdco Corporation			One stop						SF +			4.50%			(i)						8.83%															12/2030						70						67						—						70
			Royal Holdco Corporation^			One stop						SF +			4.50%			(i)						8.81%															12/2030						1,743						1,727						0.2						1,743
																																													17,467						17,340						1.8						17,450
			Containers & Packaging
			Packaging Coordinators Midco, Inc.^			One stop						SF +			4.75%			(i)						9.02%															01/2032						1,410						1,407						0.1						1,410
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
																																													1,410						1,407						0.1						1,410
			Diversified Consumer Services
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.55%															05/2030						229						215						—						216
			Any Hour, LLC(24)			One stop						N/A												13.00%			PIK												05/2031						2,854						2,812						0.3						2,626
			Any Hour, LLC			One stop						SF +			5.25%			(i)						9.54%															05/2030						667						652						0.1						593
			Any Hour, LLC*^			One stop						SF +			5.25%			(i)						9.55%															05/2030						8,103						8,005						0.8						7,617
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.31%															10/2030						50						50						—						50
			Apex Service Partners, LLC#			One stop						SF +			5.00%			(i)						9.28%															10/2030						50						49						—						50
			Apex Service Partners, LLC			One stop						SF +			5.00%			(i)						9.31%															10/2030						21						20						—						21
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.33%															10/2030						5,674						5,553						0.6						5,674
			Apex Service Partners, LLC(5)			One stop						SF +			5.00%									N/A(6)															10/2029						—						(37)						—						—
			Apex Service Partners, LLC^			One stop						SF +			5.00%			(i)						9.33%															10/2030						23,840						23,305						2.4						23,840
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.80%															05/2030						4,273						4,225						0.4						4,273
			CHVAC Services Investment, LLC(5)			One stop						SF +			4.50%									N/A(6)															05/2030						—						(12)						—						—
			CHVAC Services Investment, LLC^			One stop						SF +			4.50%			(i)						8.82%															05/2030						16,424						16,278						1.6						16,424
			CHVAC Services Investment, LLC			One stop						SF +			4.50%			(i)						8.80%															05/2030						18						6						—						18
			Entomo Brands Acquisitions, Inc.^			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						860						851						0.1						860
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						15						14						—						15
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						249						245						—						249
			HS Spa Holdings, Inc.^			One stop						SF +			5.25%			(i)						9.58%															06/2029						1,142						1,129						0.1						1,142
			HS Spa Holdings, Inc.			One stop						P +			4.25%			(a)(h)						10.75%															06/2028						22						21						—						22
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(i)						9.55%															06/2029						606						604						0.1						606

See Notes to Consolidated Financial Statements

10

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Litera Bidco, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2028						$	—					$	(2)					—			%			$	—
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.33%															05/2028						3,023						3,017						0.3						3,023
			Litera Bidco, LLC			One stop						SF +			5.00%									N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC^			One stop						SF +			5.00%			(h)						9.33%															05/2028						7,572						7,544						0.8						7,572
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.18%															04/2029						655						648						0.1						629
			Mario Purchaser, LLC^			One stop						SF +			5.75%			(h)						10.18%															04/2029						849						838						0.1						815
			Mario Purchaser, LLC(24)			One stop						SF +			10.75%			(h)						15.18%			PIK												04/2032						469						464						—						459
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.18%															04/2028						12						11						—						10
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.18%															04/2029						399						396						—						383
			NSG Buyer, Inc. ^			One stop						SF +			5.00%			(i)						9.30%															11/2029						14,789						14,526						1.5						14,789
			NSG Buyer, Inc.			One stop						SF +			5.00%			(i)						9.30%															11/2028						146						136						—						146
			NSG Buyer, Inc. (5)			One stop						SF +			5.00%									N/A(6)															11/2029						—						(4)						—						—
			NSG Buyer, Inc. (5)			One stop						SF +			5.00%									N/A(6)															11/2029						—						(10)						—						—
			Severin Acquisition, LLC^(24)			One stop						SF +			5.00%			(h)						7.08%			cash/			2.25%			PIK						10/2031						9,182						9,101						0.9						9,090
			Severin Acquisition, LLC			One stop						SF +			4.75%			(h)						9.08%															10/2031						497						486						—						485
			Severin Acquisition, LLC(24)			One stop						SF +			5.00%			(h)						7.08%			cash/			2.25%			PIK						10/2031						252						243						—						233
			Stellar Brands, LLC^			Senior secured						SF +			4.50%			(j)						8.72%															02/2031						2,074						2,059						0.2						2,074
			Stellar Brands, LLC(5)			Senior secured						SF +			4.50%									N/A(6)															02/2031						—						(1)						—						—
			Virginia Green Acquisition, LLC^			One stop						SF +			5.25%			(j)						9.42%															12/2030						19,748						19,592						2.0						19,748
			Virginia Green Acquisition, LLC(5)			One stop						SF +			5.25%									N/A(6)															12/2029						—						(24)						—						—
			Virginia Green Acquisition, LLC			One stop						SF +			5.25%			(j)						9.48%															12/2030						5,532						5,428						0.6						5,532
																																													130,296						128,433						13.0						129,284
			Diversified Financial Services
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			4.50%									N/A(6)															06/2030						—						(13)						—						(12)
			Baker Tilly Advisory Group, LP^			One stop						SF +			4.75%			(h)						9.08%															06/2031						5,187						5,127						0.5						5,200
			Baker Tilly Advisory Group, LP#			One stop						SF +			4.50%			(h)						8.83%															06/2031						1,822						1,813						0.2						1,803
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			4.50%									N/A(6)															06/2031						—						(4)						—						(8)
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)(24)			Subordinated debt						E +			8.00%			(d)						2.60%			cash/			8.00%			PIK						07/2032						859						781						0.1						859
			Ceres Groupe SAS & Ceres PikCo*(7)(8)(19)			One stop						E +			5.25%			(d)						7.85%															07/2031						1,403						1,277						0.1						1,403
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop						E +			5.25%			(d)						7.51%															07/2031						199						183						—						199
			Ceres Groupe SAS & Ceres PikCo(7)(8)(19)			One stop						E +			5.25%									N/A(6)															07/2031						—						—						—						—
			Corsair Blade IV S.A R.L.(7)(8)(12)(24)			One stop						SN +			5.75%			(f)						9.72%			cash/			0.25%			PIK						12/2030						82						60						—						82
			Corsair Blade IV S.A R.L.(7)(12)(24)			One stop						SF +			5.75%			(i)						9.76%			cash/			0.25%			PIK						12/2030						249						249						—						249
			Equity Methods, LLC#			One stop						SF +			4.75%			(i)						9.05%															04/2032						7,549						7,512						0.7						7,512
			Equity Methods, LLC(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(7)						—						(7)
			Equity Methods, LLC(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(8)						—						(9)
			Finastra USA, Inc.^(7)(9)			One stop						SF +			7.25%			(j)						11.43%															09/2029						9,826						9,687						1.0						9,826
			Finastra USA, Inc.(7)(9)			One stop						SF +			7.25%			(i)						11.57%															09/2029						10						9						—						10
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(h)						9.08%															11/2028						979						972						0.1						974
			Higginbotham Insurance Agency, Inc.^			One stop						SF +			4.50%			(h)						8.83%															11/2028						3,823						3,801						0.4						3,784
			Medlar Bidco Limited#(7)(8)(20)			One stop						SN +			5.00%			(f)						9.22%															05/2032						9,612						9,241						1.0						9,612
			Medlar Bidco Limited(5)(7)(8)(20)			One stop						SN +			5.00%									N/A(6)															05/2032						—						(21)						—						—
			Medlar Bidco Limited#(7)(8)(20)			One stop						E +			5.00%			(c)						7.14%															05/2032						11,755						11,206						1.2						11,755
			Wealth Enhancement Group, LLC			One stop						SF +			5.00%									N/A(6)															10/2028						—						—						—						—
			Wealth Enhancement Group, LLC^			One stop						SF +			5.00%			(i)						9.28%															10/2028						737						737						0.1						737
			Wealth Enhancement Group, LLC^			One stop						SF +			5.00%			(i)						9.28%															10/2028						1,023						1,021						0.1						1,023
			Wealth Enhancement Group, LLC			One stop						SF +			5.00%			(h)(i)						9.31%															10/2028						242						237						—						242
																																													55,357						53,860						5.5						55,234

See Notes to Consolidated Financial Statements

11

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Electric Utilities
			Smart Energy Systems, Inc.(24)			One stop						SF +			7.50%			(j)						7.88%			cash/			3.75%			PIK						01/2030						$	188					$	186					—			%			$	181
			Smart Energy Systems, Inc.#(24)			One stop						SF +			7.50%			(i)(j)						8.01%			cash/			3.75%			PIK						01/2030						1,706						1,671						0.2						1,672
																																													1,894						1,857						0.2						1,853
			Electrical Equipment
			Power Grid Holdings, Inc.^			One stop						SF +			4.75%			(a)(i)						9.05%															12/2030						703						692						0.1						703
			Power Grid Holdings, Inc.			One stop						SF +			4.75%			(h)						9.06%															12/2030						10						8						—						10
			Wildcat TopCo, Inc.^			One stop						SF +			4.75%			(i)						9.05%															11/2031						6,214						6,157						0.6						6,214
			Wildcat TopCo, Inc.			One stop						P +			3.75%			(a)						11.25%															11/2031						89						79						—						89
			Wildcat TopCo, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(5)						—						—
																																													7,016						6,931						0.7						7,016
			Electronic Equipment, Instruments & Components
			CST Holding Company^			One stop						SF +			5.00%			(h)						9.43%															11/2028						5,359						5,185						0.5						5,359
			CST Holding Company(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(2)						—						—
																																													5,359						5,183						0.5						5,359
			Food Products
			Blast Bidco Inc.^			One stop						SF +			6.00%			(i)						10.30%															10/2030						16,898						16,706						1.7						16,898
			Blast Bidco Inc.(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(21)						—						—
			Eagle Family Foods Group, LLC^			One stop						SF +			5.00%			(i)(j)						9.01%															08/2030						3,323						3,295						0.3						3,323
			Eagle Family Foods Group, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2030						—						(3)						—						—
			Zullas, L.C.(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(2)						—						(2)
			Zullas, L.C.#			One stop						SF +			4.75%			(i)						9.07%															06/2031						1,452						1,445						0.2						1,445
			Zullas, L.C.(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(7)						—						(7)
																																													21,673						21,413						2.2						21,657
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC^			One stop						SF +			5.25%			(i)						9.55%															08/2028						4,138						4,083						0.4						4,138
			Belmont Instrument, LLC(5)			One stop						SF +			5.25%									N/A(6)															08/2028						—						(1)						—						—
			HuFriedy Group Acquisition, LLC*^			One stop						SF +			5.50%			(i)						9.83%															06/2031						10,822						10,731						1.1						10,822
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(i)						9.81%															05/2030						71						62						—						71
			HuFriedy Group Acquisition, LLC			One stop						SF +			5.50%			(i)						9.80%															06/2031						2,094						2,058						0.2						2,094
			TIDI Legacy Products, Inc.^			One stop						SF +			4.50%			(h)						8.83%															12/2029						2,175						2,165						0.2						2,175
			TIDI Legacy Products, Inc.			One stop						SF +			4.50%									N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.			One stop						SF +			5.00%									N/A(6)															12/2029						—						—						—						—
			YI, LLC^			One stop						SF +			5.75%			(h)						10.06%															12/2029						8,472						8,334						0.9						8,387
			YI, LLC(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(12)						—						(16)
																																													27,772						27,420						2.8						27,671
			Healthcare Providers & Services
			Bamboo US Bidco LLC#(7)(8)			One stop						E +			5.25%			(c)						7.44%															09/2030						3,624						3,188						0.4						3,624
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(i)						9.58%															09/2030						33						31						—						33
			Bamboo US Bidco LLC			One stop						SF +			5.25%									N/A(6)															09/2030						—						—						—						—
			Bamboo US Bidco LLC			One stop						SF +			5.25%			(i)						9.53%															09/2030						756						754						0.1						756
			Bamboo US Bidco LLC(5)			One stop						SF +			5.25%									N/A(6)															10/2029						—						(22)						—						—
			Bamboo US Bidco LLC^			One stop						SF +			5.25%			(i)						9.53%															09/2030						4,944						4,837						0.5						4,944
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						1,329						1,321						0.1						1,329
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop						SF +			5.00%									N/A(6)															11/2030						—						(1)						—						—
			Benefit Plan Administrators of Eau Claire, LLC(5)			One stop						SF +			5.00%									N/A(6)															11/2030						—						(4)						—						—
			Benefit Plan Administrators of Eau Claire, LLC^			One stop						SF +			5.00%			(i)						9.29%															11/2030						8,031						7,984						0.8						8,031
			BHG Holdings, LLC#			One stop						SF +			5.50%			(h)						9.83%															04/2032						15,940						15,805						1.6						15,801
			BHG Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															04/2032						—						(17)						—						(18)
			BHG Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															04/2032						—						(39)						—						(40)
			Community Care Partners, LLC			One stop						SF +			6.00%			(h)						10.44%															06/2026						345						343						—						345

See Notes to Consolidated Financial Statements

12

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(8)(9)			One stop						SN +			5.25%			(f)						9.47%															04/2031						$	3,159					$	2,842					0.3			%			$	3,159
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(9)						—						—
			Datix Bidco Limited and RL Datix Holdings, Inc.#(7)(9)			One stop						SF +			5.25%			(j)						9.54%															04/2031						4,967						4,885						0.5						4,967
			Datix Bidco Limited and RL Datix Holdings, Inc.(7)(9)			One stop						SF +			5.25%			(j)						9.54%															10/2030						181						167						—						181
			Datix Bidco Limited and RL Datix Holdings, Inc.(7)(8)(9)			One stop						SN +			5.25%			(f)						9.47%															04/2031						35						35						—						35
			LOV Acquisition LLC^			Senior secured						SF +			4.25%			(h)						8.58%															11/2031						6,738						6,707						0.7						6,738
			LOV Acquisition LLC(5)			Senior secured						SF +			4.25%									N/A(6)															11/2031						—						(3)						—						—
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												14.75%			PIK												08/2030						8,989						8,838						0.9						9,146
			PPV Intermediate Holdings, LLC^			One stop						SF +			5.75%			(i)						10.08%															08/2029						6,546						6,478						0.7						6,546
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						930						920						0.1						930
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						215						214						—						215
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						39						39						—						39
			PPV Intermediate Holdings, LLC(24)			One stop						N/A												13.75%			PIK												08/2030						39						37						—						39
			PPV Intermediate Holdings, LLC(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(5)						—						—
			PPV Intermediate Holdings, LLC			One stop						SF +			5.25%			(i)						9.58%															08/2029						865						852						0.1						865
			Premise Health Holding Corp.#^			One stop						SF +			5.25%			(i)						9.55%															03/2031						18,854						18,623						1.9						18,854
			Premise Health Holding Corp.			One stop						SF +			5.25%			(h)						9.57%															03/2030						147						121						—						147
																																													86,706						84,921						8.7						86,666
			Healthcare Technology
			Amberfield Acquisition Co.			One stop						SF +			5.50%			(i)						9.80%															05/2030						203						193						—						203
			Amberfield Acquisition Co.(5)			One stop						SF +			5.50%									N/A(6)															05/2030						—						(4)						—						—
			Amberfield Acquisition Co.^			One stop						SF +			5.50%			(i)						9.80%															05/2030						8,227						8,160						0.8						8,227
			Color Intermediate, LLC^			Senior secured						SF +			4.75%			(i)						9.15%															10/2029						2,336						2,307						0.2						2,312
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(i)						10.28%															01/2029						999						986						0.1						999
			Crow River Buyer, Inc.(5)			One stop						SF +			6.00%									N/A(6)															01/2029						—						(1)						—						—
			Crow River Buyer, Inc.#			One stop						SF +			6.00%			(h)						10.32%															01/2029						2,334						2,313						0.2						2,334
			GHX Ultimate Parent Corporation^			One stop						SF +			4.75%			(i)						9.05%															12/2031						28,849						28,581						2.9						28,849
			GHX Ultimate Parent Corporation(5)			One stop						SF +			4.75%									N/A(6)															12/2031						—						(25)						—						—
			Kona Buyer, LLC(5)			One stop						SF +			7.00%									N/A(6)															07/2031						—						(1)						—						(1)
			Kona Buyer, LLC^			One stop						SF +			4.50%			(i)						8.78%															07/2031						1,283						1,272						0.1						1,277
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.78%															07/2031						75						75						—						75
			Kona Buyer, LLC			One stop						SF +			4.50%			(i)						8.80%															07/2031						21						21						—						21
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(9)
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(6)
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(1)
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(1)
			Lacker Bidco Limited#(7)(8)(9)			One stop						SN +			5.75%			(f)						9.97%															02/2031						4,224						3,834						0.4						4,181
			Lacker Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.25%									N/A(6)															08/2030						—						(11)						—						(9)
			Lacker Bidco Limited(7)(8)(9)			One stop						SN +			5.75%			(f)						9.97%															02/2031						3,507						3,309						0.4						3,451
			Modernizing Medicine, Inc.#(24)			One stop						SF +			5.25%			(i)						6.80%			cash/			2.75%			PIK						04/2032						22,971						22,748						2.3						22,741
			Modernizing Medicine, Inc.(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(21)						—						(21)
			Neptune Holdings, Inc.^			One stop						SF +			4.50%			(i)						8.80%															09/2030						6,239						6,141						0.6						6,239
			Neptune Holdings, Inc.(5)			One stop						SF +			4.50%									N/A(6)															08/2029						—						(1)						—						—
			Netsmart Technologies, Inc.*^(24)			One stop						SF +			4.95%			(h)						6.83%			cash/			2.45%			PIK						08/2031						18,361						18,203						1.9						18,361
			Netsmart Technologies, Inc.(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(21)						—						—
			Netsmart Technologies, Inc.(5)			One stop						SF +			6.95%									N/A(6)															08/2031						—						(11)						—						—
			Plasma Buyer LLC^			One stop						SF +			5.75%			(i)						10.05%															05/2029						477						471						0.1						458
			Plasma Buyer LLC			One stop						SF +			5.75%			(i)						10.05%															05/2028						54						54						—						53
			Plasma Buyer LLC			One stop						SF +			6.25%			(i)						10.55%															05/2029						18						18						—						17
																																													100,178						98,590						10.0						99,750
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC^			One stop						SF +			6.00%			(i)(j)						10.47%															08/2028						1,436						1,428						0.2						1,436

See Notes to Consolidated Financial Statements

13

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(j)						10.38%															08/2028						$	72					$	72					—			%			$	72
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)(j)						10.43%															08/2028						100						99						—						100
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.45%															08/2028						411						383						0.1						411
			Crumbl Enterprises, LLC#			One stop						SF +			4.50%			(i)						8.83%															05/2032						17,877						17,790						1.8						17,788
			Crumbl Enterprises, LLC			One stop						SF +			4.50%			(i)						8.83%															05/2032						232						225						—						225
			ESN Venture Holdings, LLC#			One stop						SF +			5.75%			(i)						10.05%															10/2028						317						314						—						317
			ESN Venture Holdings, LLC^			One stop						SF +			5.75%			(i)						10.05%															10/2028						4,572						4,518						0.5						4,572
			ESN Venture Holdings, LLC^			One stop						SF +			5.75%			(i)						10.05%															10/2028						691						683						0.1						691
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.05%															10/2028						155						154						—						155
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.05%															10/2028						58						55						—						58
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.05%															10/2028						115						105						—						115
			ESN Venture Holdings, LLC^			One stop						SF +			5.75%			(i)						10.04%															10/2028						781						776						0.1						781
			ESN Venture Holdings, LLC#			One stop						SF +			5.75%			(i)						10.05%															10/2028						374						371						—						374
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.05%															10/2028						333						331						—						333
			GFP Atlantic Holdco 2, LLC^			One stop						SF +			6.00%			(i)						10.32%															11/2029						3,604						3,560						0.4						3,604
			GFP Atlantic Holdco 2, LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(48)						—						—
			Health Buyer, LLC#			Senior secured						SF +			5.25%			(i)						9.55%															04/2029						232						230						—						232
			Health Buyer, LLC#			Senior secured						SF +			5.50%			(i)						9.80%															04/2029						119						117						—						119
			Health Buyer, LLC			Senior secured						SF +			5.25%									N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.80%															04/2029						60						59						—						60
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						9.80%															04/2029						117						116						—						117
			PB Group Holdings, LLC^(24)			One stop						SF +			5.50%			(h)						7.08%			cash/			2.75%			PIK						08/2030						9,628						9,588						1.0						9,628
			PB Group Holdings, LLC			One stop						SF +			5.00%			(h)						9.33%															08/2030						132						127						—						132
			QSR Acquisition Co.#			One stop						SF +			4.25%			(i)						8.57%															06/2032						28,067						27,962						2.8						27,962
			QSR Acquisition Co.(5)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(9)						—						(9)
			QSR Acquisition Co.(5)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(23)						—						(23)
			Rooster BidCo Limited(7)(8)(9)			One stop						SN +			5.00%									N/A(6)															03/2032						—						—						—						—
			Rooster BidCo Limited(5)(7)(8)(9)			One stop						SN +			5.00%									N/A(6)															03/2032						—						(7)						—						—
			Rooster BidCo Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						9.22%															03/2032						1,480						1,382						0.2						1,480
			SDC Holdco, LLC*^			One stop						SF +			4.75%			(i)						9.05%															06/2031						19,252						19,170						1.9						19,252
			SDC Holdco, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(7)						—						—
			SDC Holdco, LLC(24)			Second lien						SF +			8.50%			(i)						12.80%			PIK												06/2032						3,258						3,239						0.3						3,258
			Super REGO, LLC(24)			Subordinated debt						N/A												15.00%			PIK												03/2030						36						35						—						36
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						9.05%															10/2027						934						925						0.1						934
			YE Brands Holding, LLC^			One stop						SF +			4.75%			(i)						9.05%															10/2027						7,050						7,004						0.7						7,050
			YE Brands Holding, LLC			One stop						SF +			4.75%									N/A(6)															10/2027						—						—						—						—
																																													101,493						100,724						10.2						101,260
			Household Products
			WU Holdco, Inc.#			One stop						SF +			4.75%			(i)						9.05%															04/2032						2,744						2,730						0.3						2,730
			WU Holdco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(1)						—						(1)
			WU Holdco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(2)						—						(3)
																																													2,744						2,727						0.3						2,726
			Industrial Conglomerates
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						9.05%															07/2029						575						569						0.1						575
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(a)(i)						9.42%															07/2029						144						136						—						144
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						9.05%															07/2029						146						144						—						146
			Dwyer Instruments, Inc.#			One stop						SF +			4.75%			(i)						9.05%															07/2029						73						72						—						73
			Dwyer Instruments, Inc.			One stop						SF +			4.75%			(i)						9.05%															07/2029						86						85						—						86
			Dwyer Instruments, Inc.(5)(7)(8)			One stop						E +			5.00%									N/A(6)															07/2029						—						(14)						—						—
			Dwyer Instruments, Inc.#(7)(8)			One stop						E +			5.00%			(c)						6.94%															07/2029						18,188						16,136						1.8						18,188
			Dwyer Instruments, Inc.(5)			One stop						SF +			4.75%									N/A(6)															07/2029						—						(10)						—						—
			Dwyer Instruments, Inc.^			One stop						SF +			4.75%			(i)						9.05%															07/2029						508						503						0.1						508
			Essential Services Holdings Corporation*^			One stop						SF +			5.00%			(i)						9.28%															06/2031						10,198						10,111						1.0						10,096

See Notes to Consolidated Financial Statements

14

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Essential Services Holdings Corporation			One stop						SF +			5.00%			(i)						9.33%															06/2030						$	150					$	140					—			%			$	141
			Essential Services Holdings Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(9)						—						(20)
			Excelitas Technologies Corp.(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(104)						—						—
			Excelitas Technologies Corp.^			One stop						SF +			5.25%			(h)						9.58%															08/2029						643						635						0.1						643
			Excelitas Technologies Corp.#(7)(8)			One stop						E +			5.25%			(b)						7.18%															08/2029						129						113						—						129
			Excelitas Technologies Corp.			One stop						SF +			5.25%									N/A(6)															08/2028						—						—						—						—
																																													30,840						28,507						3.1						30,709
			Insurance
			Bellwether Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															04/2032						—						(1)						—						(1)
			Bellwether Buyer, LLC#			One stop						SF +			4.50%			(h)						8.81%															04/2032						1,446						1,439						0.2						1,442
			Bellwether Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															04/2032						—						(2)						—						(2)
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.78%															03/2028						2,486						2,453						0.3						2,486
			Ben Nevis Midco Limited^(7)(9)			One stop						SF +			5.50%			(i)						9.83%															03/2028						1,672						1,672						0.2						1,672
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(i)						9.80%															03/2028						429						427						—						429
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(i)						9.82%															03/2028						2,058						2,025						0.2						2,058
			Captive Resources Midco, LLC^			One stop						SF +			4.50%			(h)						8.83%															07/2029						9,184						9,106						0.9						9,184
			Captive Resources Midco, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2028						—						(2)						—						—
			Disco Parent, Inc.#			One stop						SF +			7.00%			(i)						11.33%															03/2029						1,819						1,789						0.2						1,819
			Disco Parent, Inc.(5)			One stop						SF +			7.50%									N/A(6)															03/2029						—						(1)						—						—
			Doxa Insurance Holdings LLC#^			One stop						SF +			5.25%			(i)						9.55%															12/2030						14,119						14,007						1.4						14,119
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.55%															12/2029						368						345						—						368
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						9.55%															12/2030						13,300						13,196						1.3						13,300
			Doxa Insurance Holdings LLC			One stop						SF +			5.00%									N/A(6)															12/2030						—						—						—						—
			Gimlet Bidco GMBH#(7)(8)(18)			One stop						E +			5.75%			(c)						7.94%															04/2031						7,684						6,833						0.8						7,684
			Gimlet Bidco GMBH(7)(8)(18)			One stop						E +			5.75%			(b)(c)						7.90%															04/2031						2,178						1,975						0.2						2,178
			Integrated Specialty Coverages, LLC^			One stop						SF +			4.75%			(h)						9.08%															07/2030						2,309						2,280						0.2						2,309
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			4.75%									N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			4.75%									N/A(6)															07/2030						—						(1)						—						—
			Integrity Marketing Acquisition, LLC^			One stop						SF +			5.00%			(i)						9.33%															08/2028						11,117						11,034						1.1						11,117
			Integrity Marketing Acquisition, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2028						—						(1)						—						—
			Integrity Marketing Acquisition, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2028						—						(1)						—						—
			MRH Trowe Germany GMBH(5)(7)(8)(18)			One stop						E +			5.00%									N/A(6)															11/2031						—						(1)						—						(1)
			MRH Trowe Germany GMBH#(7)(8)(18)			One stop						E +			5.00%			(c)						7.14%															08/2025						2,377						2,246						0.2						2,365
			MRH Trowe Germany GMBH(5)(7)(8)(18)			One stop						E +			5.00%									N/A(6)															05/2032						—						—						—						(4)
			Oakbridge Insurance Agency LLC^			One stop						SF +			5.75%			(h)						10.06%															11/2029						9,128						9,062						0.9						9,151
			Oakbridge Insurance Agency LLC(5)			One stop						SF +			5.00%									N/A(6)															11/2029						—						(16)						—						(33)
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						10.06%															11/2029						105						95						—						105
			Oakbridge Insurance Agency LLC			One stop						SF +			5.75%			(h)						10.06%															11/2029						3,798						3,765						0.4						3,809
			Pareto Health Intermediate Holdings, Inc.#^			One stop						SF +			4.75%			(i)						9.05%															05/2030						19,455						19,242						2.0						19,455
			Pareto Health Intermediate Holdings, Inc.(5)			One stop						SF +			4.75%									N/A(6)															05/2030						—						(16)						—						—
			Pareto Health Intermediate Holdings, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2029						—						(1)						—						—
			Wasabi Lower Holdco, LLC(5)			Senior secured						SF +			4.50%									N/A(6)															06/2032						—						(3)						—						(3)
			Wasabi Lower Holdco, LLC			Senior secured						SF +			4.50%			(i)						8.80%															06/2032						990						977						0.1						977
			World Insurance Associates, LLC(5)			One stop						SF +			5.00%									N/A(6)															04/2030						—						(5)						—						—
			World Insurance Associates, LLC(5)			One stop						SF +			5.00%									N/A(6)															04/2030						—						(1)						—						—
																																													106,022						103,915						10.6						105,983
			IT Services
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.40%			cash/			3.63%			PIK						05/2028						538						536						0.1						533
			Critical Start, Inc.#(24)			One stop						SF +			6.75%			(i)						7.40%			cash/			3.63%			PIK						05/2028						273						270						—						270
			Critical Start, Inc.			One stop						SF +			6.25%			(a)(i)						11.41%															05/2028						33						33						—						33
			Goldcup 31018 AB#(7)(8)(14)(24)			One stop						E +			6.50%			(d)						9.03%			PIK												07/2029						898						769						0.1						853
			Goldcup 31018 AB(7)(8)(14)(24)			One stop						E +			6.50%			(d)						9.03%			PIK												07/2029						85						76						—						78

See Notes to Consolidated Financial Statements

15

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Goldcup 31018 AB(7)(8)(14)			One stop						E +			6.25%			(d)						8.58%															01/2029						$	118					$	104					—			%			$	110
			Netwrix Corporation*^			One stop						SF +			4.75%			(i)						9.08%															06/2029						11,776						11,728						1.2						11,776
			Netwrix Corporation(5)			One stop						SF +			4.75%									N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			4.75%			(i)						9.08%															06/2029						336						264						—						336
			Netwrix Corporation^			One stop						SF +			4.75%			(i)						9.08%															06/2029						1,429						1,420						0.1						1,429
			PDQ Intermediate, Inc.(24)			Subordinated debt						N/A												13.75%			PIK												10/2031						63						62						—						63
			ReliaQuest Holdings, LLC#(24)			One stop						SF +			6.00%			(i)						7.03%			cash/			3.25%			PIK						04/2031						50						50						—						50
			ReliaQuest Holdings, LLC(5)			One stop						SF +			6.00%									N/A(6)															04/2031						—						(14)						—						(10)
			ReliaQuest Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															04/2031						—						(6)						—						(5)
			ReliaQuest Holdings, LLC*(24)			One stop						SF +			6.00%			(i)						7.03%			cash/			3.25%			PIK						04/2031						24,337						24,181						2.4						24,215
			WPEngine, Inc.#			One stop						SF +			5.75%			(i)						10.07%															08/2029						1,069						1,054						0.1						1,069
			WPEngine, Inc.(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(1)						—						—
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.83%															07/2027						366						361						0.1						366
			Zarya Holdco, Inc.^			One stop						SF +			6.50%			(i)						10.83%															07/2027						964						964						0.1						964
			Zarya Holdco, Inc.			One stop						SF +			6.50%									N/A(6)															07/2027						—						—						—						—
																																													42,335						41,850						4.2						42,130
			Leisure Products
			Crunch Holdings, LLC#			One stop						SF +			4.75%			(h)						9.06%															09/2031						29,294						29,221						2.9						29,221
			Crunch Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(10)						—						(10)
			Movement Holdings, LLC^(7)(9)			One stop						SF +			5.25%			(h)						9.58%															03/2030						7,015						6,959						0.7						7,015
			Movement Holdings, LLC(5)(7)(9)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(9)						—						—
			Movement Holdings, LLC(5)(7)(9)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(37)						—						—
																																													36,309						36,124						3.6						36,226
			Life Sciences Tools & Services
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.26%															11/2029						10,479						10,280						1.0						10,479
			Celerion Buyer, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2029						—						(31)						—						—
			Celerion Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.26%															11/2029						5,889						5,837						0.6						5,889
			Graphpad Software, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(3)						—						—
			Graphpad Software, LLC^			One stop						P +			3.75%			(a)						11.25%															06/2031						7,797						7,763						0.8						7,797
			Graphpad Software, LLC			One stop						P +			3.75%			(a)						11.25%															06/2031						195						187						—						195
																																													24,360						24,032						2.4						24,360
			Machinery
			AI Titan Parent, Inc.^			One stop						SF +			4.50%			(h)						8.83%															08/2031						2,705						2,681						0.3						2,705
			AI Titan Parent, Inc.(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(2)						—						—
			AI Titan Parent, Inc.(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(3)						—						—
			Thermogenics, Inc.#(7)(8)(11)			One stop						CA +			4.25%			(k)						6.93%															06/2032						469						465						—						467
			Thermogenics, Inc.(5)(7)(11)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(2)						—						(2)
			Thermogenics, Inc.#(7)(11)			One stop						SF +			4.25%			(i)						8.55%															06/2032						597						594						0.1						594
			Thermogenics, Inc.(5)(7)(11)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(9)						—						(9)
			Blackbird Purchaser, Inc.^			One stop						SF +			5.50%			(i)						9.80%															12/2030						23,121						22,939						2.3						23,121
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						9.80%															12/2030						2,560						2,524						0.3						2,560
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(h)(i)						9.80%															12/2029						1,547						1,523						0.1						1,547
																																													30,999						30,710						3.1						30,983
			Media
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(9)						—						—
			Lotus Topco, Inc.^			One stop						SF +			4.75%			(i)						9.05%															06/2030						7,100						7,056						0.7						7,100
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(22)						—						—
			Shout! Factory, LLC*			One stop						SF +			5.25%			(i)						9.55%															06/2031						4,828						4,792						0.5						4,756
			Shout! Factory, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2031						—						(4)						—						(9)
																																													11,928						11,813						1.2						11,847

See Notes to Consolidated Financial Statements

16

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Oil, Gas & Consumable Fuels
			Envernus, Inc.#^			One stop						SF +			5.50%			(h)						9.83%															12/2029						$	16,374					$	16,192					1.7			%			$	16,374
			Envernus, Inc.			One stop						SF +			5.50%			(h)						9.82%															12/2029						94						80						—						94
			Envernus, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(2)						—						—
																																													16,468						16,270						1.7						16,468
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.^(7)			One stop						SF +			5.00%			(i)						9.30%															05/2029						775						766						0.1						775
			Caerus Midco 3 S.A.R.L.#(7)			One stop						SF +			5.00%			(i)						9.30%															05/2029						138						137						—						138
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.30%															05/2029						118						117						—						118
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(h)						9.32%															05/2029						19						18						—						19
			Caerus Midco 3 S.A.R.L.(7)			One stop						SF +			5.00%			(i)						9.30%															05/2029						20						20						—						20
			Creek Parent, Inc.^			One stop						SF +			5.25%			(h)						9.57%															12/2031						20,233						19,905						2.0						20,233
			Creek Parent, Inc.(5)			One stop						SF +			5.25%									N/A(6)															12/2031						—						(46)						—						—
																																													21,303						20,917						2.1						21,303
			Professional Services
			ALKU Intermediate Holdings, LLC^			One stop						SF +			6.25%			(i)						10.55%															05/2029						1,256						1,244						0.1						1,256
			ALKU Intermediate Holdings, LLC#			One stop						SF +			5.50%			(i)						9.80%															05/2029						139						137						—						136
			bswift, LLC^			One stop						SF +			4.75%			(h)						9.06%															11/2028						1,114						1,094						0.1						1,114
			bswift, LLC^			One stop						SF +			4.75%			(h)						9.07%															11/2028						8,008						7,970						0.8						8,008
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(i)						9.33%															09/2028						1,432						1,417						0.1						1,432
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(i)						9.30%															09/2028						1,051						1,039						0.1						1,051
			DISA Holdings Corp.^			Senior secured						SF +			5.00%			(i)						9.33%															09/2028						707						700						0.1						707
			DISA Holdings Corp.(24)			Subordinated debt						SF +			8.50%			(i)						10.82%			cash/			2.00%			PIK						03/2029						52						51						—						52
			DISA Holdings Corp.#			Senior secured						SF +			5.00%			(i)						9.33%															09/2028						81						81						—						81
			DISA Holdings Corp.#			One stop						SF +			5.00%			(i)						9.33%															09/2028						96						95						—						96
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(i)						9.33%															09/2028						86						81						—						86
			Eclipse Buyer, Inc.(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(16)						—						—
			Eclipse Buyer, Inc.^			One stop						SF +			4.75%			(h)						9.06%															09/2031						3,676						3,644						0.4						3,676
			Eclipse Buyer, Inc.(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(3)						—						—
			Varicent Intermediate Holdings Corporation*(7)(11)(24)			One stop						SF +			5.75%			(i)						6.93%			cash/			3.13%			PIK						08/2031						15,661						15,465						1.6						15,661
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop						SF +			5.25%									N/A(6)															08/2031						—						(25)						—						—
			Varicent Intermediate Holdings Corporation(5)(7)(11)			One stop						SF +			5.75%									N/A(6)															08/2031						—						(19)						—						—
																																													33,359						32,955						3.3						33,356
			Software
			Anaplan, Inc.*#^			One stop						SF +			4.50%			(i)						8.83%															06/2029						32,901						32,746						3.3						32,901
			Anaplan, Inc.			One stop						SF +			4.50%									N/A(6)															06/2028						—						—						—						—
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.00%			(f)						9.22%															06/2029						702						615						0.1						702
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.00%			(f)						9.22%															06/2029						366						312						—						366
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.30%															07/2030						4,646						4,562						0.5						4,646
			Arrow Buyer, Inc.			One stop						SF +			5.00%			(i)						9.30%															07/2030						295						293						—						295
			Arrow Buyer, Inc.^			One stop						SF +			5.00%			(i)						9.30%															07/2030						305						303						—						305
			Artifact Bidco, Inc.(5)			One stop						SF +			4.25%									N/A(6)															05/2031						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop						SF +			4.25%									N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.(5)			One stop						SF +			4.25%									N/A(6)															05/2030						—						(1)						—						—
			Artifact Bidco, Inc.^			One stop						SF +			4.25%			(i)						8.55%															05/2031						1,341						1,329						0.1						1,341
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.33%															03/2031						2,452						2,422						0.2						2,452
			Azurite Intermediate Holdings, Inc.^			One stop						SF +			6.00%			(h)						10.33%															03/2031						5,573						5,503						0.6						5,573
			Azurite Intermediate Holdings, Inc.(5)			One stop						SF +			6.00%									N/A(6)															03/2031						—						(11)						—						—
			Baxter Planning Systems, LLC(5)			One stop						SF +			6.25%									N/A(6)															05/2031						—						(4)						—						—
			Baxter Planning Systems, LLC(5)			One stop						SF +			5.75%									N/A(6)															05/2031						—						(5)						—						—
			Baxter Planning Systems, LLC*(24)			One stop						SF +			6.25%			(i)						7.16%			cash/			3.38%			PIK						05/2031						3,750						3,727						0.4						3,750
			BestPass, Inc.*^			One stop						SF +			4.75%			(h)						9.08%															08/2031						18,082						18,003						1.8						18,082

See Notes to Consolidated Financial Statements

17

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			BestPass, Inc.(5)			One stop						SF +			4.75%									N/A(6)															08/2031						$	—					$	(8)					—			%			$	—
			BestPass, Inc.(5)			One stop						SF +			4.75%									N/A(6)															08/2031						—						(10)						—						—
			Bloomerang, LLC*#			One stop						SF +			6.00%			(i)						10.30%															12/2029						13,536						13,434						1.4						13,536
			Bloomerang, LLC			One stop						SF +			6.00%			(i)						10.32%															12/2029						757						734						0.1						757
			Bloomerang, LLC			One stop						SF +			6.00%			(i)						10.30%															12/2029						1,354						1,323						0.1						1,354
			Blue Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(d)						7.04%															06/2032						2,041						1,953						0.2						2,020
			Blue Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						9.22%															06/2032						3,603						3,503						0.4						3,567
			Blue Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.00%									N/A(6)															06/2032						—						(9)						—						(18)
			Blue Bidco Limited#(7)(9)			One stop						SF +			5.00%			(j)						9.26%															06/2032						510						507						0.1						504
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						956						938						0.1						956
			Bynder BidCo, Inc.& Bynder BidCo B.V.*(7)(17)			One stop						SF +			6.00%			(j)						10.14%															01/2029						365						358						—						365
			Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(17)			One stop						SF +			6.00%									N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(17)			One stop						SF +			6.00%									N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited#(7)(8)(9)			One stop						SN +			5.50%			(f)						9.72%															08/2030						703						642						0.1						703
			Camelia Bidco Limited#(7)(8)(9)			One stop						A +			5.50%			(e)						9.16%															08/2030						42						40						—						42
			Camelia Bidco Limited(7)(8)(9)			One stop						SN +			5.50%			(f)						9.72%															08/2030						99						88						—						99
			Camelia Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.50%									N/A(6)															08/2030						—						(23)						—						—
			CB Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															07/2031						—						(15)						—						—
			CB Buyer, Inc.*^			One stop						SF +			5.25%			(i)						9.55%															07/2031						17,065						16,924						1.7						17,065
			CB Buyer, Inc.			One stop						SF +			5.25%			(i)						9.55%															07/2031						518						495						0.1						518
			Coupa Holdings, LLC^			One stop						SF +			5.25%			(i)						9.53%															02/2030						8,308						8,152						0.8						8,308
			Coupa Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															02/2030						—						(8)						—						—
			Crewline Buyer, Inc.#			One stop						SF +			6.75%			(h)						11.08%															11/2030						28,293						27,969						2.8						28,293
			Crewline Buyer, Inc.(5)			One stop						SF +			6.75%									N/A(6)															11/2030						—						(34)						—						—
			Denali Bidco Limited#(7)(8)(9)			One stop						SN +			5.00%			(f)						9.22%															08/2030						2,673						2,417						0.3						2,673
			Denali Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(c)						6.98%															08/2030						665						602						0.1						665
			Denali Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(c)						6.98%															08/2030						4,603						4,095						0.5						4,603
			Denali Bidco Limited#(7)(8)(9)			One stop						E +			5.00%			(c)						6.98%															08/2030						931						824						0.1						931
			Denali Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.00%									N/A(6)															08/2030						—						(36)						—						—
			Einstein Parent, Inc.#			One stop						SF +			6.50%			(i)						10.77%															01/2031						12,284						12,057						1.2						12,162
			Einstein Parent, Inc.(5)			One stop						SF +			6.50%									N/A(6)															01/2031						—						(24)						—						(13)
			Espresso Bidco, Inc.(5)			One stop						SF +			5.25%									N/A(6)															03/2032						—						(10)						—						—
			Espresso Bidco, Inc.(5)			One stop						SF +			5.25%									N/A(6)															03/2032						—						(9)						—						—
			Espresso Bidco, Inc.#(24)			One stop						SF +			5.75%			(i)						7.17%			cash/			2.88%			PIK						03/2032						5,236						5,161						0.5						5,236
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						9.05%															09/2030						13,107						12,802						1.3						13,107
			Evergreen IX Borrower 2023, LLC(5)			One stop						SF +			4.75%									N/A(6)															10/2029						—						(32)						—						—
			Evergreen IX Borrower 2023, LLC^			One stop						SF +			4.75%			(i)						9.05%															09/2030						1,145						1,135						0.1						1,145
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						4,381						4,337						0.4						4,381
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						2,864						2,831						0.3						2,864
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						524						522						0.1						524
			GTY Technology Holdings, Inc.			One stop						SF +			6.00%			(a)(i)						10.96%															07/2029						473						457						0.1						473
			GTY Technology Holdings, Inc.(24)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						1,613						1,582						0.2						1,613
			GTY Technology Holdings, Inc.*(24)			One stop						SF +			6.63%			(i)						6.76%			cash/			4.13%			PIK						07/2029						689						684						0.1						689
			GTY Technology Holdings, Inc.#(24)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						8,536						8,419						0.9						8,536
			Gurobi Optimization, LLC(5)			One stop						SF +			4.50%									N/A(6)															09/2031						—						(10)						—						—
			Gurobi Optimization, LLC^			One stop						SF +			4.50%			(i)						8.80%															09/2031						13,014						12,899						1.3						13,014
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(d)						7.21%															02/2031						5,311						4,813						0.5						5,364
			Hornet Security Holding GMBH#(7)(8)(18)			One stop						E +			4.75%			(d)						7.21%															02/2031						3,540						3,208						0.4						3,575
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(b)						6.64%															08/2030						86						70						—						86
			Hornet Security Holding GMBH(7)(8)(18)			One stop						E +			4.75%			(d)						6.80%															02/2031						736						703						0.1						753

See Notes to Consolidated Financial Statements

18

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hyland Software, Inc.*^			One stop						SF +			5.00%			(h)						9.33%															09/2030						$	24,527					$	24,251					2.5			%			$	24,527
			Hyland Software, Inc.(5)			One stop						SF +			5.00%									N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.#			One stop						SF +			5.75%			(i)						10.03%															01/2030						22,609						22,265						2.3						22,609
			Icefall Parent, Inc.(5)			One stop						SF +			5.75%									N/A(6)															01/2030						—						(33)						—						—
			ICIMS, Inc.^(24)			One stop						SF +			5.75%			(i)						10.03%															08/2028						5,814						5,766						0.6						5,523
			ICIMS, Inc.			One stop						SF +			5.75%			(i)						10.03%															08/2028						24						23						—						16
			IQN Holding Corp. ^(24)			One stop						SF +			5.75%			(i)						6.96%			cash/			3.13%			PIK						05/2029						1,466						1,459						0.2						1,459
			IQN Holding Corp.			One stop						SF +			5.25%			(i)						9.58%															05/2028						81						80						—						80
			IQN Holding Corp. (24)			One stop						SF +			5.75%			(i)						6.93%			cash/			3.13%			PIK						05/2029						1,548						1,533						0.2						1,541
			IQN Holding Corp. (5)			One stop						SF +			5.75%									N/A(6)															05/2029						—						—						—						(2)
			Island Bidco AB#(7)(8)(14)(24)			One stop						E +			7.25%			(d)						2.04%			cash/			7.25%			PIK						07/2028						785						696						0.1						785
			Island Bidco AB#(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						321						320						—						321
			Island Bidco AB(7)(14)			One stop						SF +			6.50%			(j)						10.77%															07/2028						25						25						—						25
			Island Bidco AB(7)(8)(14)			One stop						E +			6.50%									N/A(6)															07/2028						—						—						—						—
			Island Bidco AB*(7)(14)(24)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						3,214						3,202						0.3						3,214
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						4,919						4,837						0.5						4,919
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.79%															02/2028						868						854						0.1						868
			LeadsOnline, LLC(5)			One stop						SF +			4.50%									N/A(6)															02/2028						—						(1)						—						—
			LeadsOnline, LLC^			One stop						SF +			4.50%			(i)						8.80%															02/2028						597						595						0.1						597
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop						E +			5.00%									N/A(6)															06/2031						—						(2)						—						—
			Lighthouse Bidco GMBH#(7)(8)(18)			One stop						E +			5.00%			(c)						6.98%															12/2031						1,425						1,254						0.1						1,425
			Lighthouse Bidco GMBH(5)(7)(8)(18)			One stop						E +			5.00%									N/A(6)															12/2031						—						(7)						—						—
			LogicMonitor, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2031						—						(10)						—						—
			LogicMonitor, Inc.#			One stop						SF +			5.50%			(i)						9.78%															11/2031						14,298						14,216						1.4						14,298
			Metatiedot Bidco Oy & Metatiedot US, LLC(5)(7)(8)(13)			One stop						E +			5.25%									N/A(6)															11/2030						—						(11)						—						—
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(8)(13)			One stop						E +			5.25%			(c)						7.26%															11/2031						4,610						4,078						0.5						4,610
			Metatiedot Bidco Oy & Metatiedot US, LLC(7)(8)(13)			One stop						E +			5.25%			(c)						7.26%															11/2031						37						24						—						37
			Metatiedot Bidco Oy & Metatiedot US, LLC#(7)(13)			One stop						SF +			5.25%			(i)						9.58%															11/2031						2,931						2,890						0.3						2,931
			MYOB Invest Co Pty Ltd#(7)(8)(10)			One stop						A +			5.50%			(e)						9.21%															06/2030						25,537						24,949						2.5						25,282
			Navex TopCo, Inc.^			One stop						SF +			5.25%			(h)						9.57%															11/2030						28,319						27,881						2.8						28,319
			Navex TopCo, Inc.(5)			One stop						SF +			5.75%									N/A(6)															11/2028						—						(34)						—						—
			Onit, Inc.^			One stop						SF +			4.75%			(i)						9.03%															01/2032						1,448						1,435						0.1						1,448
			Onit, Inc.(5)			One stop						SF +			4.75%									N/A(6)															01/2032						—						(2)						—						—
			Onit, Inc.(5)			One stop						SF +			4.75%									N/A(6)															01/2032						—						(3)						—						—
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.00%			(c)						6.98%															11/2029						101						83						—						101
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(7)(8)(17)			One stop						E +			5.75%			(c)						7.73%															11/2029						3,196						2,866						0.3						3,220
			Panzura, LLC(24)			One stop						N/A												4.00%			cash/			11.00%			PIK						08/2027						64						61						—						58
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.19%															01/2031						7,307						6,631						0.7						7,216
			Pineapple German Bidco GMBH(5)(7)(8)(18)			One stop						E +			5.25%									N/A(6)															01/2031						—						(22)						—						(47)
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.25%			(c)						7.19%															01/2031						501						451						—						495
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.50%			(c)						7.44%															01/2031						2,265						2,033						0.2						2,236
			Pineapple German Bidco GMBH(7)(8)(18)(24)			One stop						E +			5.50%			(c)						7.44%															01/2031						377						322						—						360
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.54%															01/2031						1,065						1,055						0.1						1,051
			Pineapple German Bidco GMBH(7)(18)(24)			One stop						SF +			5.25%			(i)						9.54%															01/2031						491						481						—						485
			PING Identity Holding Corp.^			One stop						SF +			4.75%			(i)						9.05%															10/2029						2,196						2,171						0.2						2,196
			PING Identity Holding Corp.(5)			One stop						SF +			4.75%									N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.58%															06/2029						6,412						6,376						0.6						6,412

See Notes to Consolidated Financial Statements

19

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.56%															06/2029						$	8,944					$	8,880					0.9			%			$	8,944
			Quant Buyer, Inc.			One stop						SF +			5.25%			(i)						9.58%															06/2029						85						84						—						85
			Quant Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(53)						—						—
			Quant Buyer, Inc.^			One stop						SF +			5.25%			(i)						9.58%															06/2029						1,382						1,369						0.1						1,382
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.72%			cash/			2.55%			PIK						07/2029						808						691						0.1						804
			Rainforest Bidco Limited(7)(9)			One stop						SF +			4.00%			(g)						8.29%															07/2029						1,816						1,816						0.2						1,816
			Rainforest Bidco Limited#(7)(9)(24)			One stop						SF +			6.05%			(g)						7.79%			cash/			2.55%			PIK						07/2029						139						138						—						138
			Rainforest Bidco Limited#(7)(8)(9)(24)			One stop						SN +			6.05%			(f)						7.72%			cash/			2.55%			PIK						07/2029						59						51						—						59
			Rainforest Bidco Limited(7)(8)(9)(24)			One stop						SN +			6.80%			(f)						8.22%			cash/			2.80%			PIK						07/2029						4,125						3,610						0.4						4,125
			Templafy APS and Templafy, LLC*(7)(16)			One stop						SF +			6.00%			(h)						10.43%															07/2028						543						535						0.1						543
			Templafy APS and Templafy, LLC(7)(16)			One stop						SF +			6.00%									N/A(6)															07/2028						—						—						—						—
			Togetherwork Holdings, LLC			One stop						SF +			5.00%			(h)						9.33%															05/2031						636						606						0.1						594
			Togetherwork Holdings, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2031						—						(20)						—						(31)
			Togetherwork Holdings, LLC^			One stop						SF +			5.00%			(h)						9.33%															05/2031						25,396						25,210						2.5						25,142
			Transform Bidco Limited(5)(7)(9)			One stop						SF +			7.00%									N/A(6)															06/2030						—						(13)						—						—
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.50%			(i)						10.76%															01/2031						9,098						8,968						0.9						9,098
			Transform Bidco Limited(5)(7)(9)			One stop						SF +			7.00%									N/A(6)															01/2031						—						(14)						—						—
			Transform Bidco Limited(7)(8)(9)			One stop						A +			6.25%			(e)						10.01%															01/2031						758						744						0.1						758
			Transform Bidco Limited(7)(8)(9)			One stop						SN +			6.25%			(f)						10.47%															01/2031						122						114						—						123
			Transform Bidco Limited#(7)(9)			One stop						SF +			6.50%			(i)						10.76%															01/2031						1,252						1,229						0.1						1,252
			Transform Bidco Limited(5)(7)(9)			One stop						SF +			6.50%									N/A(6)															01/2031						—						(10)						—						—
			Tricentis Operations Holdings, Inc.(5)			One stop						SF +			5.50%									N/A(6)															02/2032						—						(10)						—						—
			Tricentis Operations Holdings, Inc.#(24)			One stop						SF +			6.25%			(i)						5.68%			cash/			4.88%			PIK						02/2032						16,500						16,423						1.7						16,500
			Tricentis Operations Holdings, Inc.(5)			One stop						SF +			5.50%									N/A(6)															02/2032						—						(15)						—						—
			Vantage Bidco GMBH*(7)(8)(18)(24)			One stop						E +			6.25%			(c)						8.23%															04/2031						8,164						7,305						0.8						8,164
			Vantage Bidco GMBH(5)(7)(8)(18)			One stop						E +			6.25%									N/A(6)															10/2030						—						(16)						—						—
			Varinem German Midco GMBH*(7)(8)(18)			One stop						E +			5.25%			(d)						7.84%															07/2031						6,909						6,341						0.7						6,926
			Varinem German Midco GMBH(7)(8)(18)			One stop						E +			5.00%			(c)						7.35%															07/2031						1,839						1,696						0.2						1,839
			Viper Bidco, Inc.#(7)(8)			One stop						SN +			5.00%			(f)						9.22%															11/2031						10,196						9,305						1.0						10,196
			Viper Bidco, Inc.#^			One stop						SF +			5.00%			(i)						9.30%															11/2031						20,278						20,186						2.0						20,278
			Viper Bidco, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(9)						—						—
			Viper Bidco, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(12)						—						—
			Zendesk, Inc.			One stop						SF +			5.00%			(i)						9.32%															11/2028						748						742						0.1						748
			Zendesk, Inc.			One stop						SF +			5.00%									N/A(6)															11/2028						—						—						—						—
			Zendesk, Inc.^			One stop						SF +			5.00%			(i)						9.32%															11/2028						9,737						9,629						1.0						9,737
																																													529,886						516,776						53.1						528,698
			Specialty Retail
			Biscuit Parent, LLC^			One stop						SF +			4.75%			(i)						9.05%															02/2031						17,543						17,435						1.8						17,543
			Biscuit Parent, LLC(5)			One stop						SF +			4.75%									N/A(6)															02/2031						—						(33)						—						—
			Biscuit Parent, LLC			One stop						SF +			4.75%									N/A(6)															02/2031						—						—						—						—
			Cavender Stores L.P.^			Senior secured						SF +			5.00%			(i)						9.30%															10/2029						24,625						24,449						2.5						24,625
			CVP Holdco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(11)						—						—
			CVP Holdco, Inc.*^			One stop						SF +			4.75%			(h)						9.08%															06/2031						11,983						11,881						1.2						11,983
			CVP Holdco, Inc.			One stop						SF +			4.75%			(h)						9.07%															06/2031						652						639						0.1						652
			Consilio Midco Limited#(7)(8)(9)			Senior secured						E +			4.75%			(c)						6.73%															04/2032						4,855						4,663						0.5						4,831
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.05%															04/2032						3,938						3,919						0.4						3,918
			Consilio Midco Limited#(7)(9)			Senior secured						SF +			4.75%			(i)						9.05%															04/2032						2,427						2,415						0.2						2,415
			Consilio Midco Limited(5)(7)(9)			Senior secured						SF +			4.75%									N/A(6)															04/2032						—						—						—						(7)
			Consilio Midco Limited(5)(7)(9)			Senior secured						SF +			4.75%									N/A(6)															04/2032						—						—						—						(5)
			Consilio Midco Limited(7)(9)			Subordinated debt						SF +			7.50%			(j)						11.64%															04/2033						1,691						1,678						0.2						1,678
			Consilio Midco Limited(7)(8)(9)			Subordinated debt						E +			7.50%			(d)						9.71%															04/2033						1,358						1,301						0.2						1,348
			Consilio Midco Limited(5)(7)(9)			Subordinated debt						SF +			4.75%									N/A(6)															04/2033						—						—						—						(6)

See Notes to Consolidated Financial Statements

20

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Metal Supermarkets US Buyer, LLC^(7)(11)			One stop						SF +			4.75%			(j)						8.97%															12/2030						$	3,096					$	3,082					0.3			%			$	3,096
			Metal Supermarkets US Buyer, LLC(5)(7)(11)			One stop						SF +			4.75%									N/A(6)															12/2030						—						(2)						—						—
			PetVet Care Centers LLC^			One stop						SF +			6.00%			(h)						10.33%															11/2030						12,836						12,640						1.2						12,066
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(28)						—						(102)
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2030						—						(13)						—						—
			Radiance Borrower, LLC			One stop						SF +			5.25%			(h)						9.58%															06/2031						182						168						—						182
			Radiance Borrower, LLC^(24)			One stop						SF +			5.75%			(h)						7.33%			cash/			2.75%			PIK						06/2031						19,353						19,231						1.9						19,353
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						4,379						4,348						0.5						4,401
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						661						656						0.1						666
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						597						592						0.1						604
			Salon Lofts Group, LLC			Senior secured						SF +			5.25%			(i)						9.55%															08/2028						642						639						0.1						642
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						293						291						—						294
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						286						284						—						288
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						171						166						—						173
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						227						225						—						228
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						94						94						—						95
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						131						128						—						131
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						72						71						—						72
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						66						66						—						67
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						418						414						—						420
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						524						519						0.1						526
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						351						348						—						353
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						129						128						—						130
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						88						87						—						88
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						33						32						—						33
			Salon Lofts Group, LLC^			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						450						447						0.1						452
			Salon Lofts Group, LLC(5)(24)			Second lien						SF +			9.00%									N/A(6)															09/2029						—						(15)						—						24
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						128						127						—						129
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						141						141						—						142
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.25%									N/A(6)															08/2028						—						(7)						—						—
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						205						203						—						206
			Salon Lofts Group, LLC(24)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						1,344						1,334						0.1						1,361
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^(7)(11)			One stop						SF +			5.25%			(i)						9.55%															12/2029						1,729						1,710						0.2						1,712
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)(11)			One stop						SF +			5.25%			(i)						9.55%															12/2028						399						393						—						391
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)(11)			One stop						SF +			5.25%			(i)						9.55%															12/2029						69						66						—						66
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*(7)(8)(11)			One stop						CA +			5.25%			(k)						7.93%															12/2029						7,184						7,073						0.7						7,112
																																													125,350						123,974						12.5						124,376
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC(5)			One stop						SF +			5.00%									N/A(6)															02/2032						—						(12)						—						—
			LDS Intermediate Holdings, LLC^			One stop						SF +			5.00%			(h)						9.33%															02/2032						13,286						13,208						1.3						13,286
			LDS Intermediate Holdings, LLC(5)			One stop						SF +			5.00%									N/A(6)															02/2032						—						(16)						—						—
																																													13,286						13,180						1.3						13,286
			Water Utilities
			Vessco Midco Holdings, LLC^			One stop						SF +			4.75%			(h)(j)						9.05%															07/2031						1,523						1,510						0.2						1,523
			Vessco Midco Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															07/2031						—						(1)						—						—
			Vessco Midco Holdings, LLC			One stop						SF +			4.75%			(h)(j)						9.04%															07/2031						198						196						—						198
																																													1,721						1,705						0.2						1,721
			Total debt investments																																										1,869,392						1,835,925						187.2						1,864,914

See Notes to Consolidated Financial Statements

21

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

Investment Type

Spread Above Index(1)

Interest Rate(2)

Acquisition Date

Maturity Date

Principal ($) / Shares(3)

Amortized Cost

Percentage of Net Assets

Fair Value (4)

Equity investments(21)(22)

Aerospace & Defense

PPW Aero Buyer, Inc.

LP units

N/A

N/A

02/2023

N/A

40

$

399

—

%

$

260

Air Freight & Logistics

RJW Group Holdings, Inc.

LP units

N/A

N/A

11/2024

N/A

1,172

1,172

0.1

1,265

Auto Components

Arnott, LLC

LP units

N/A

N/A

12/2024

N/A

—

94

—

95

Automobiles

CAP-KSI Holdings, LLC

LP units

N/A

N/A

06/2024

N/A

571

—

—

111

CAP-KSI Holdings, LLC

Preferred stock

N/A

N/A

06/2024

N/A

571

571

0.1

622

National Express Wash Parent Holdco, LLC

LP units

N/A

N/A

07/2022

N/A

1

77

—

145

Quick Quack Car Wash Holdings, LLC

LP units

N/A

N/A

06/2024

N/A

3,673

3,673

0.5

4,614

Quick Quack Car Wash Holdings, LLC

LLC units

N/A

N/A

06/2024

N/A

727

727

0.1

876

Yorkshire Parent, Inc.

LP units

N/A

N/A

12/2023

N/A

—

131

—

141

5,179

0.7

6,509

Beverages

Spindrift Beverage Co. Inc.

LP units

N/A

N/A

02/2025

N/A

2

2,164

0.3

2,368

Commercial Services & Supplies

CHA Vision Holdings, Inc.

LP units

N/A

N/A

01/2024

N/A

—

110

—

136

Diversified Consumer Services

CHVAC Services Investment, LLC

Common stock

N/A

N/A

05/2024

N/A

95

240

0.1

398

DP Flores Holdings, LLC

LLC units

N/A

N/A

09/2022

N/A

88

70

—

139

HS Spa Holdings, Inc.

Common stock

N/A

N/A

05/2022

N/A

78

78

—

68

NSG Buyer, Inc. (7)

LP units

N/A

N/A

11/2022

N/A

1

953

0.1

1,335

Virginia Green Acquisition, LLC

LP units

N/A

N/A

12/2023

N/A

96

96

—

108

1,437

0.2

2,048

Electric Utilities

Smart Energy Systems, Inc.

Warrant

N/A

N/A

01/2025

N/A

5

26

—

101

Electrical Equipment

Wildcat TopCo, Inc.

LP units

N/A

N/A

12/2024

N/A

135

135

—

151

Food Products

Zullas, L.C.

LP units

N/A

N/A

06/2025

N/A

1

564

0.1

564

Healthcare Technology

Amberfield Acquisition Co.

LLC units

N/A

N/A

05/2024

N/A

404

404

—

409

Modernizing Medicine, Inc.(23)

Preferred stock

N/A

0.13

Non-Cash

04/2025

N/A

5

4,560

0.5

4,458

4,964

0.5

4,867

See Notes to Consolidated Financial Statements

22

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hotels, Restaurants & Leisure
			PB Group Holdings, LLC			LP units						N/A												N/A															08/2024						N/A						99						$	228					—			%			$	271
			Rooster BidCo Limited(7)(9)			Preferred stock						N/A												N/A															03/2025						N/A						364						376						0.1						376
																																																									604						0.1						647
			Insurance
			Oakbridge Insurance Agency LLC			LP units						N/A												N/A															11/2023						N/A						5						98						—						127
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A															05/2022						N/A						38						38						—						17
			Netwrix Corporation			LLC units						N/A												N/A															06/2022						N/A						11						21						—						28
																																																									59						—						45
			Leisure Products
			Movement Holdings, LLC(7)(9)			LLC units						N/A												N/A															03/2024						N/A						—						421						—						301
			Life Sciences Tools & Services
			Celerion Buyer, Inc.(23)			LP units						N/A												N/A															11/2022						N/A						446						373						—						305
			Celerion Buyer, Inc.			LP units						N/A												N/A															11/2022						N/A						446						—						0.1						1,066
																																																									373						0.1						1,371
			Pharmaceuticals
			Creek Parent, Inc.			LP interest						N/A												N/A															12/2024						N/A						905						905						0.1						979
			Professional Services
			Eclipse Buyer, Inc.(23)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						1,594						0.2						1,622
			Software
			Anaplan, Inc.			LP interest						N/A												N/A															06/2022						N/A						890						890						0.2						1,387
			CB Buyer, Inc.			LP units						N/A												N/A															07/2024						N/A						228						228						—						156
			Cynet Security Ltd.(7)(15)			Preferred stock						N/A												N/A															08/2022						N/A						23						81						—						113
			Denali Bidco Limited(7)(9)			LP interest						N/A												N/A															08/2023						N/A						85						110						—						203
			Energy Worldnet, LLC(23)			LLC units						N/A												N/A															02/2025						N/A						50						52						—						52
			GTY Technology Holdings, Inc.			LP units						N/A												N/A															07/2022						N/A						60						60						—						138
			Gurobi Optimization, LLC			Common stock						N/A												N/A															09/2024						N/A						—						183						—						200
			Kaseya Inc.(23)			Preferred stock						SF +			10.75%			(i)						14.92%			Non-Cash												06/2022						N/A						1						777						0.1						806
			Kaseya Inc.			LP interest						N/A												N/A															06/2022						N/A						50						50						—						57
			LogicMonitor, Inc.			LP interest						N/A												N/A															12/2024						N/A						250						250						—						266
			Menlo Ridgeview Co-Invest, LLC			LLC interest						N/A												N/A															05/2025						N/A						359						365						0.1						365
			Onit, Inc.			Warrant						N/A												N/A															02/2023						N/A						—						6						—						8
			Panzura, LLC			LLC units						N/A												N/A															03/2025						N/A						1						4						—						—
			StrongDM, Inc.			Preferred stock						N/A												N/A															05/2025						N/A						164						871						0.1						871
			Templafy APS and Templafy, LLC(7)(16)			Warrant						N/A												N/A															07/2022						N/A						—						8						—						5
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						272						1,188						0.1						1,154
			Transform Bidco Limited(7)(9)			LP interest						N/A												N/A															04/2025						N/A						894						894						0.1						894
			Tricentis Operations Holdings, Inc.			LP interest						N/A												N/A															02/2025						N/A						40						40						—						42
			Zendesk, Inc.			LP units						N/A												N/A															11/2022						N/A						22						218						—						215
																																																									6,275						0.7						6,932

See Notes to Consolidated Financial Statements

23

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Metal Supermarkets US Buyer, LLC(7)(11)			LLC units						N/A												N/A															12/2024						N/A						—						—						—						—
			Metal Supermarkets US Buyer, LLC(7)(11)			Preferred stock						N/A												N/A															12/2024						N/A						1						93						—						93
			Salon Lofts Group, LLC			LP units						N/A												N/A															08/2022						N/A						—						116						—						87
																																																									209						—						180
			Total equity investments																																																						26,782						3.1						30,568
			Total investments																																																						1,862,707						190.3						1,895,482
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					4.16		%	(25)																														$	253,823					25.5			%			$	253,823
			Total money market funds																																																						253,823						25.5						253,823
			Total investments and money market funds																																																						$	2,116,530					215.8			%			$	2,149,305

See Notes to Consolidated Financial Statements

24

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

*						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 8).
#						Denotes that all or a portion of the investment collateralizes the BNP Credit Facility (as defined in Note 8).
^						Denotes that all or a portion of the investment collateralizes the notes offered in the 2025 Debt Securitization (as defined in Note 8).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or the Sterling Overnight Index Average (“SONIA” or “SN”) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of June 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of June 30, 2025, as the loan could have priced or repriced based on an index rate prior to June 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of June 30, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.93% as of June 30, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 1.94% as of June 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.04% as of June 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.60% as of June 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.22% as of June 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.45% as of June 30, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.32% as of June 30, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 4.29% as of June 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 4.15% as of June 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.68% as of June 30, 2025.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2025.

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7.

(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)The entire commitment was unfunded as of June 30, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2025, total non-qualifying assets at fair value represented 12.5% of the Company’s total assets calculated in accordance with the 1940 Act.

(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.

(9)The headquarters of this portfolio company is located in the United Kingdom.

(10)The headquarters of this portfolio company is located in Australia.

(11)The headquarters of this portfolio company is located in Canada.

(12)The headquarters of this portfolio company is located in Luxembourg.

(13)The headquarters of this portfolio company is located in Finland.

(14)The headquarters of this portfolio company is located in Sweden.

(15)The headquarters of this portfolio company is located in Israel.

(16)The headquarters of this portfolio company is located in Denmark.

(17)The headquarters of this portfolio company is located in Netherlands.

(18)The headquarters of this portfolio company is located in Germany.

(19)The headquarters of this portfolio company is located in France.

(20)The headquarters of this portfolio company is located in Jersey.

(21)Equity investments are non-income producing securities, unless otherwise noted.

(22)Ownership of certain equity investments occurs through a holding company or partnership.

(23)The Company holds an equity investment that is income producing.

See Notes to Consolidated Financial Statements

25

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

(24)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the nine months ended June 30, 2025.

(25)The rate shown is the annualized seven-day yield as of June 30, 2025.

See Notes to Consolidated Financial Statements

26

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.#~			One stop						SF +			6.50%			(h)(i)						11.24%															02/2029						$	14,726					$	14,401					2.3			%			$	14,947
			PPW Aero Buyer, Inc.			One stop						SF +			6.50%			(a)(h)(i)						12.20%															02/2029						26						25						—						26
			PPW Aero Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															02/2029						—						(15)						—						—
			PPW Aero Buyer, Inc.~			One stop						SF +			5.50%			(i)						10.10%															02/2029						765						761						0.1						765
																																													15,517						15,172						2.4						15,738
			Auto Components
			Collision SP Subco, LLC~			One stop						SF +			5.50%			(i)						10.75%															01/2030						9,658						9,486						1.5						9,658
			Collision SP Subco, LLC			One stop						SF +			5.50%			(h)(j)						10.36%															01/2030						1,764						1,714						0.3						1,764
			Collision SP Subco, LLC			One stop						SF +			5.50%			(i)						10.75%															01/2030						238						210						—						238
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(14)						—						—
			OEConnection, LLC(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(17)						—						—
			OEConnection, LLC#			One stop						SF +			5.25%			(h)						10.10%															04/2031						17,119						16,958						2.6						17,119
																																													28,779						28,337						4.4						28,779
			Automobiles
			CAP-KSI Holdings, LLC			One stop						SF +			5.25%			(h)						10.10%															06/2030						161						148						—						161
			CAP-KSI Holdings, LLC#			One stop						SF +			5.25%			(i)						9.85%															06/2030						5,832						5,748						0.9						5,832
			High Bar Brands Operating, LLC~			Senior secured						SF +			5.00%			(i)						9.60%															12/2029						803						789						0.1						803
			High Bar Brands Operating, LLC~			Senior secured						SF +			5.00%			(i)						9.60%															12/2029						167						165						—						167
			High Bar Brands Operating, LLC(5)			Senior secured						SF +			5.25%									N/A(6)															12/2029						—						(4)						—						—
			High Bar Brands Operating, LLC			Senior secured						SF +			5.00%			(i)						9.60%															12/2029						142						137						—						142
			National Express Wash Parent Holdco, LLC#			One stop						SF +			5.50%			(i)						10.74%															07/2029						17,836						17,697						2.8						17,479
			National Express Wash Parent Holdco, LLC			One stop						SF +			5.50%			(j)						9.75%															07/2029						70						69						—						66
			National Express Wash Parent Holdco, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2029						—						(102)						—						—
			Quick Quack Car Wash Holdings, LLC#			One stop						SF +			4.75%			(h)						9.60%															06/2031						21,259						21,085						3.3						21,259
			Quick Quack Car Wash Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(20)						—						—
			Quick Quack Car Wash Holdings, LLC			One stop						SF +			4.75%			(h)						9.60%															06/2031						823						754						0.1						823
			Yorkshire Parent, Inc.#			One stop						SF +			6.00%			(i)						10.60%															12/2029						20,857						20,676						3.2						20,857
			Yorkshire Parent, Inc.(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(39)						—						—
			Yorkshire Parent, Inc.(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(50)						—						—
																																													67,950						67,053						10.4						67,589
			Banks
			OSP Hamilton Purchaser, LLC~			One stop						SF +			5.00%			(i)						10.25%															12/2029						3,909						3,867						0.6						3,909
			OSP Hamilton Purchaser, LLC			One stop						SF +			5.00%			(i)						10.26%															12/2029						741						701						0.1						741
			OSP Hamilton Purchaser, LLC(5)			One stop						SF +			5.00%									N/A(6)															12/2029						—						(6)						—						—
																																													4,650						4,562						0.7						4,650
			Beverages
			Financial Information Technologies, LLC(20)			One stop						N/A												14.00%			PIK												06/2031						9,292						9,095						1.4						9,292
			Financial Information Technologies, LLC#~			One stop						SF +			5.25%			(i)						9.85%															06/2030						6,456						6,362						1.0						6,456
			Financial Information Technologies, LLC#~			One stop						SF +			5.25%			(i)						9.85%															06/2030						2,640						2,613						0.4						2,640
			Financial Information Technologies, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2030						—						(1)						—						—
			Financial Information Technologies, LLC(5)			One stop						SF +			5.25%									N/A(6)															06/2030						—						(10)						—						—
																																													18,388						18,059						2.8						18,388

See Notes to Consolidated Financial Statements

27

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Capital Markets
			BlueMatrix Holdings, LLC~			One stop						SF +			5.25%			(i)						9.85%															01/2031						$	14,200					$	14,089					2.2			%			$	14,200
			BlueMatrix Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(20)						—						—
			BlueMatrix Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															01/2031						—						(37)						—						—
																																													14,200						14,032						2.2						14,200
			Chemicals
			Krayden Holdings, Inc.~			Senior secured						SF +			4.75%			(h)						9.60%															03/2029						938						929						0.1						929
			Krayden Holdings, Inc.(5)			Senior secured						SF +			4.75%									N/A(6)															03/2029						—						(3)						—						(3)
			Krayden Holdings, Inc.(5)			Senior secured						SF +			4.75%									N/A(6)															03/2029						—						(5)						—						(5)
																																													938						921						0.1						921
			Commercial Services & Supplies
			BradyIFS Holdings, LLC#~			One stop						SF +			6.00%			(i)						11.25%															10/2029						20,896						20,541						3.2						20,896
			BradyIFS Holdings, LLC			One stop						SF +			6.00%			(h)(i)						11.18%															10/2029						1,648						1,628						0.3						1,648
			Encore Holdings, LLC#			One stop						SF +			5.50%			(i)						10.25%															11/2028						12,922						12,718						2.0						12,955
			Encore Holdings, LLC~			One stop						SF +			5.50%			(i)						10.20%															11/2028						2,570						2,528						0.4						2,576
			Encore Holdings, LLC			One stop						SF +			5.25%			(i)						10.11%															11/2028						3,874						3,813						0.6						3,874
			FR Vision Holdings, Inc.*~			One stop						SF +			5.50%			(i)						10.78%															01/2031						18,539						18,372						2.9						18,539
			FR Vision Holdings, Inc.			One stop						SF +			5.50%			(i)						10.78%															01/2031						1,561						1,507						0.2						1,561
			FR Vision Holdings, Inc.(5)			One stop						SF +			5.50%									N/A(6)															01/2030						—						(13)						—						—
			Kleinfelder Intermediate, LLC~			One stop						SF +			6.25%			(i)						11.31%															09/2030						2,037						1,982						0.3						2,037
			Kleinfelder Intermediate, LLC			One stop						P +			4.00%			(a)						12.00%															09/2028						64						59						—						64
			Kleinfelder Intermediate, LLC(5)			One stop						SF +			5.00%									N/A(6)															09/2030						—						(4)						—						—
			PSC Parent, Inc.(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(7)						—						—
			PSC Parent, Inc.			One stop						SF +			5.25%			(h)						10.10%															04/2031						1,088						1,083						0.2						1,088
			PSC Parent, Inc.			One stop						SF +			5.25%			(a)(h)						10.36%															04/2030						694						683						0.1						694
			PSC Parent, Inc.#			One stop						SF +			5.25%			(h)						10.42%															04/2031						6,526						6,465						1.0						6,526
			WRE Holding Corp.(5)			One stop						SF +			5.00%									N/A(6)															07/2030						—						(20)						—						—
			WRE Holding Corp.#			One stop						SF +			5.00%			(j)						9.25%															07/2031						14,627						14,486						2.2						14,627
			WRE Holding Corp.			One stop						SF +			5.00%			(j)						9.81%															07/2031						213						194						—						213
																																													87,259						86,015						13.4						87,298
			Construction & Engineering
			Consor Intermediate II, LLC(5)			One stop						SF +			4.75%									N/A(6)															05/2031						—						(43)						—						—
			Consor Intermediate II, LLC(5)			One stop						SF +			4.75%									N/A(6)															05/2031						—						(12)						—						—
			Consor Intermediate II, LLC#			One stop						SF +			4.75%			(i)						9.35%															05/2031						10,008						9,961						1.5						10,008
																																													10,008						9,906						1.5						10,008
			Diversified Consumer Services
			Any Hour, LLC			One stop						SF +			5.00%			(i)						10.28%															05/2030						231						214						—						207
			Any Hour, LLC(20)			One stop						N/A												13.00%			PIK												05/2031						2,590						2,543						0.4						2,564
			Any Hour, LLC			One stop						SF +			5.00%			(i)						9.90%															05/2030						395						378						0.1						383
			Any Hour, LLC#			One stop						SF +			5.00%			(i)						9.60%															05/2030						8,165						8,049						1.2						8,083
			Apex Service Partners, LLC			One stop						SF +			5.00%			(h)						9.86%															10/2030						5						5						—						5
			Apex Service Partners, LLC			One stop						SF +			5.00%			(h)						9.86%															10/2030						5,717						5,579						0.9						5,660
			Apex Service Partners, LLC			One stop						SF +			5.00%			(h)						9.86%															10/2029						883						820						0.1						869
			Apex Service Partners, LLC			One stop						SF +			5.00%			(h)						9.86%															10/2030						24,020						23,409						3.7						23,779
			CHVAC Services Investment, LLC			One stop						SF +			5.00%			(i)						9.60%															05/2030						3,537						3,429						0.5						3,537
			CHVAC Services Investment, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(11)						—						—
			CHVAC Services Investment, LLC#			One stop						SF +			5.00%			(i)						9.60%															05/2030						7,598						7,535						1.2						7,598
			Entomo Brands Acquisitions, Inc.*			Senior secured						SF +			5.50%			(i)						10.25%															07/2029						866						856						0.1						866
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						10.25%															07/2029						15						14						—						15
			Entomo Brands Acquisitions, Inc.			Senior secured						SF +			5.50%			(i)						10.25%															07/2029						249						244						—						249
			HS Spa Holdings, Inc.~			One stop						SF +			5.25%			(i)						10.31%															06/2029						1,151						1,135						0.2						1,151
			HS Spa Holdings, Inc.			One stop						SF +			5.25%			(a)(h)						11.15%															06/2028						32						30						—						32
			HS Spa Holdings, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(3)						—						—
			Litera Bidco, LLC(5)			One stop						SF +			5.00%									N/A(6)															05/2028						—						(2)						—						—

See Notes to Consolidated Financial Statements

28

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Litera Bidco, LLC			One stop						SF +			5.00%			(h)						9.85%															05/2028						$	1,555					$	1,548					0.2			%			$	1,555
			Litera Bidco, LLC			One stop						SF +			5.00%									N/A(6)															05/2028						—						—						—						—
			Litera Bidco, LLC#			One stop						SF +			5.00%			(h)						9.85%															05/2028						7,629						7,594						1.2						7,629
			Mario Purchaser, LLC~			One stop						SF +			5.75%			(h)						10.70%															04/2029						660						651						0.1						653
			Mario Purchaser, LLC~			One stop						SF +			5.75%			(h)						10.70%															04/2029						855						843						0.1						847
			Mario Purchaser, LLC(20)			One stop						SF +			10.75%			(h)						15.70%			PIK												04/2032						418						412						0.1						414
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.70%															04/2028						7						6						—						7
			Mario Purchaser, LLC			One stop						SF +			5.75%			(h)						10.70%															04/2029						402						365						0.1						362
			NSG Buyer, Inc. #			One stop						SF +			6.25%			(h)						11.20%															11/2029						11,755						11,582						1.8						11,844
			NSG Buyer, Inc. (5)			One stop						SF +			6.25%									N/A(6)															11/2028						—						(7)						—						—
			NSG Buyer, Inc. (5)			One stop						SF +			5.50%									N/A(6)															11/2029						—						(13)						—						—
			NSG Buyer, Inc. #~			One stop						SF +			5.50%			(h)						10.35%															11/2029						1,868						1,823						0.3						1,868
			Virginia Green Acquisition, LLC#			One stop						SF +			5.25%			(j)						9.50%															12/2030						19,898						19,721						3.1						19,898
			Virginia Green Acquisition, LLC(5)			One stop						SF +			5.25%									N/A(6)															12/2029						—						(28)						—						—
			Virginia Green Acquisition, LLC			One stop						SF +			5.25%			(j)						9.50%															12/2030						821						750						0.1						821
																																													101,322						99,471						15.5						100,896
			Diversified Financial Services
			Avalara, Inc.#			One stop						SF +			6.25%			(i)						10.85%															10/2028						2,655						2,610						0.4						2,655
			Avalara, Inc.(5)			One stop						SF +			7.25%									N/A(6)															10/2028						—						(2)						—						—
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(13)						—						—
			Baker Tilly Advisory Group, LP#			One stop						SF +			5.00%			(h)						9.85%															06/2031						4,538						4,475						0.7						4,538
			Baker Tilly Advisory Group, LP(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(5)						—						—
			Ceres Groupe SAS & Ceres PikCo(7)(8)(16)(20)			Subordinated debt						E +			8.00%			(d)						3.59%			cash/			8.00%			PIK						07/2032						766						737						0.1						758
			Ceres Groupe SAS & Ceres PikCo#(7)(8)(16)			One stop						E +			5.25%			(d)						8.84%															07/2031						1,326						1,276						0.2						1,314
			Ceres Groupe SAS & Ceres PikCo(7)(8)(16)			One stop						E +			5.25%									N/A(6)															07/2031						—						—						—						—
			Ceres Groupe SAS & Ceres PikCo(7)(8)(16)			One stop						E +			5.25%									N/A(6)															07/2031						—						—						0.1						—
			Finastra USA, Inc.			One stop						SF +			7.25%			(i)						12.18%															09/2029						23						22						—						23
			Finastra USA, Inc.#			One stop						SF +			7.25%			(i)						12.18%															09/2029						9,900						9,737						1.5						9,937
			Higginbotham Insurance Agency, Inc.			One stop						SF +			4.75%			(h)						9.60%															11/2028						335						327						0.1						335
			Higginbotham Insurance Agency, Inc.#			One stop						SF +			4.50%			(h)						9.35%															11/2028						3,852						3,825						0.6						3,852
																																													23,395						22,989						3.7						23,412
			Electrical Equipment
			Power Grid Holdings, Inc.~			One stop						SF +			4.75%			(i)						10.00%															12/2030						706						694						0.1						706
			Power Grid Holdings, Inc.(5)			One stop						SF +			4.75%									N/A(6)															12/2030						—						(3)						—						—
																																													706						691						0.1						706
			Electronic Equipment, Instruments & Components
			CST Holding Company#			One stop						SF +			5.00%			(h)						9.95%															11/2028						5,400						5,188						0.8						5,400
			CST Holding Company(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(2)						—						—
																																													5,400						5,186						0.8						5,400
			Food Products
			Blast Bidco Inc.#~			One stop						SF +			6.00%			(i)						10.60%															10/2030						17,027						16,807						2.6						17,027
			Blast Bidco Inc.(5)			One stop						SF +			6.00%									N/A(6)															10/2029						—						(25)						—						—
			Eagle Family Foods Group, LLC#			One stop						SF +			5.00%			(i)						10.33%															08/2030						3,457						3,423						0.5						3,423
			Eagle Family Foods Group, LLC			One stop						SF +			5.00%			(i)						10.33%															08/2030						52						48						—						48
																																													20,536						20,253						3.1						20,498

See Notes to Consolidated Financial Statements

29

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Equipment & Supplies
			Belmont Instrument, LLC#			One stop						SF +			6.25%			(i)						10.85%															08/2028						$	4,170					$	4,102					0.6			%			$	4,170
			Belmont Instrument, LLC			One stop						SF +			6.25%			(i)						10.85%															08/2028						32						31						—						32
			HuFriedy Group Acquisition, LLC#			One stop						SF +			5.50%			(i)						10.56%															06/2031						10,905						10,801						1.7						10,796
			HuFriedy Group Acquisition, LLC(5)			One stop						SF +			5.50%									N/A(6)															05/2030						—						(11)						—						(12)
			HuFriedy Group Acquisition, LLC(5)			One stop						SF +			5.50%									N/A(6)															06/2031						—						(23)						—						(24)
			TIDI Legacy Products, Inc.~			One stop						SF +			5.50%			(h)						10.35%															12/2029						2,192						2,180						0.3						2,192
			TIDI Legacy Products, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(3)						—						—
			TIDI Legacy Products, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(1)						—						—
			YI, LLC#			One stop						SF +			5.75%			(h)						10.87%															12/2029						8,537						8,374						1.3						8,537
			YI, LLC(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(14)						—						—
			YI, LLC(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(15)						—						—
																																													25,836						25,421						3.9						25,691
			Healthcare Providers & Services
			Bamboo US Bidco LLC*(20)			One stop						SF +			6.75%			(i)						8.62%			cash/			3.38%			PIK						09/2030						4,938						4,815						0.9						4,889
			Bamboo US Bidco LLC*(7)(8)(20)			One stop						E +			6.75%			(c)						7.01%			cash/			3.38%			PIK						09/2030						3,421						3,169						0.5						3,387
			Bamboo US Bidco LLC(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(25)						—						(8)
			Bamboo US Bidco LLC(20)			One stop						SF +			6.75%			(i)						8.56%			cash/			3.38%			PIK						09/2030						366						356						0.2						358
			Community Care Partners, LLC			One stop						SF +			6.00%			(h)						10.96%															06/2026						347						346						0.1						337
			Datix Bidco Limited and RL Datix Holdings, Inc.*(7)(8)(9)			One stop						SN +			5.50%			(f)						10.45%															04/2031						3,077						2,836						0.5						3,046
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop						SF +			5.50%									N/A(6)															04/2031						—						(11)						—						(11)
			Datix Bidco Limited and RL Datix Holdings, Inc.*(7)(9)			One stop						SF +			5.50%			(j)						10.81%															04/2031						4,967						4,874						0.8						4,918
			Datix Bidco Limited and RL Datix Holdings, Inc.(5)(7)(9)			One stop						SF +			5.50%									N/A(6)															10/2030						—						(18)						—						(10)
			Premise Health Holding Corp.*~			One stop						SF +			5.50%			(j)						10.76%															03/2031						18,997						18,736						2.9						18,997
			Premise Health Holding Corp.(5)			One stop						SF +			5.50%									N/A(6)															03/2030						—						(30)						—						—
																																													36,113						35,048						5.9						35,903
			Healthcare Technology
			Amberfield Acquisition Co.(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(35)						—						—
			Amberfield Acquisition Co.(5)			One stop						SF +			5.00%									N/A(6)															05/2030						—						(5)						—						—
			Amberfield Acquisition Co.#			One stop						SF +			5.00%			(i)						9.60%															05/2030						5,609						5,557						0.9						5,609
			Color Intermediate, LLC~			Senior secured						SF +			4.75%			(i)						9.45%															10/2029						2,353						2,319						0.3						2,353
			Crow River Buyer, Inc.~			One stop						SF +			7.75%			(h)(i)						13.00%															01/2029						999						984						0.2						999
			Crow River Buyer, Inc.			One stop						SF +			7.75%			(i)						12.85%															01/2029						13						12						—						13
			HealthEdge Software, Inc.#			One stop						SF +			4.75%			(h)						9.85%															07/2031						1,398						1,385						0.1						1,384
			HealthEdge Software, Inc.(5)			One stop						SF +			4.75%									N/A(6)															07/2031						—						(2)						—						(2)
			HealthEdge Software, Inc.(5)			One stop						SF +			4.75%									N/A(6)															07/2031						—						(3)						—						(3)
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						(1)						—						(2)
			Kona Buyer, LLC#			One stop						SF +			4.50%			(i)						9.78%															07/2031						1,290						1,277						0.2						1,277
			Kona Buyer, LLC			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						—
			Kona Buyer, LLC(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						(2)						—						(2)
			Lacker Bidco Limited*(7)(8)(9)			One stop						SN +			5.25%			(f)						10.20%															02/2031						4,114						3,828						0.6						4,114
			Lacker Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.25%									N/A(6)															08/2030						—						(13)						—						—
			Lacker Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						10.20%															02/2031						926						821						0.1						926
			Neptune Holdings, Inc.#~			One stop						SF +			5.75%			(i)						10.35%															09/2030						6,287						6,207						1.0						6,287
			Neptune Holdings, Inc.(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(1)						—						—
			Netsmart Technologies, Inc.#(20)			One stop						SF +			5.20%			(h)						7.35%			cash/			2.70%			PIK						08/2031						18,004						17,827						2.6						17,824
			Netsmart Technologies, Inc.(5)			One stop						SF +			5.20%									N/A(6)															08/2031						—						(24)						—						(24)
			Netsmart Technologies, Inc.(5)			One stop						SF +			5.20%									N/A(6)															08/2031						—						(12)						—						(12)
			Plasma Buyer LLC~			One stop						SF +			5.75%			(i)						10.35%															05/2029						481						474						0.1						467
			Plasma Buyer LLC			One stop						SF +			5.75%			(i)						10.35%															05/2028						31						30						—						29
			Plasma Buyer LLC			One stop						SF +			6.25%			(i)						10.88%															05/2029						11						11						—						10
																																													41,516						40,634						6.1						41,247

See Notes to Consolidated Financial Statements

30

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC#			One stop						SF +			6.00%			(i)						11.21%															08/2028						$	1,447					$	1,437					0.2			%			$	1,447
			Barteca Restaurants, LLC~			One stop						SF +			6.00%			(i)						11.40%															08/2028						73						73						—						73
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.85%															08/2028						20						19						—						20
			Barteca Restaurants, LLC			One stop						SF +			6.00%			(i)						10.75%															08/2028						414						380						0.1						414
			ESN Venture Holdings, LLC~			One stop						SF +			5.75%			(i)						10.35%															10/2028						320						315						—						320
			ESN Venture Holdings, LLC#			One stop						SF +			5.75%			(i)						10.35%															10/2028						4,607						4,541						0.7						4,607
			ESN Venture Holdings, LLC#			One stop						SF +			5.75%			(i)						10.35%															10/2028						696						687						0.1						696
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.85%															10/2028						226						221						—						226
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.35%															10/2028						58						55						—						58
			ESN Venture Holdings, LLC(5)			One stop						SF +			5.75%									N/A(6)															10/2028						—						(14)						—						—
			ESN Venture Holdings, LLC			One stop						SF +			5.75%			(i)						10.93%															10/2028						787						780						0.1						787
			GFP Atlantic Holdco 2, LLC#			One stop						SF +			6.00%			(i)						11.13%															11/2027						3,631						3,574						0.6						3,631
			GFP Atlantic Holdco 2, LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2027						—						(64)						—						—
			Health Buyer, LLC~			Senior secured						SF +			5.25%			(i)						9.85%															04/2029						233						231						—						231
			Health Buyer, LLC*			Senior secured						SF +			5.50%			(i)						10.10%															04/2029						119						117						—						119
			Health Buyer, LLC			Senior secured						SF +			5.25%									N/A(6)															04/2028						—						—						—						—
			Health Buyer, LLC			Senior secured						SF +			5.50%			(i)						10.10%															04/2029						48						47						—						48
			Health Buyer, LLC(5)			Senior secured						SF +			5.50%									N/A(6)															04/2029						—						(1)						—						—
			PB Group Holdings, LLC~(20)			One stop						SF +			5.50%			(h)						7.60%			cash/			2.75%			PIK						08/2030						9,453						9,406						1.4						9,406
			PB Group Holdings, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2030						—						(6)						—						(6)
			SDC Holdco, LLC#			One stop						SF +			5.00%			(i)						9.60%															06/2031						19,252						19,160						3.0						19,252
			SDC Holdco, LLC			One stop						SF +			5.00%			(i)						9.66%															06/2031						170						162						0.1						170
			SDC Holdco, LLC(20)			Second lien						SF +			8.50%			(i)						13.10%			PIK												06/2032						2,959						2,938						0.5						2,959
			Super REGO, LLC(20)			Subordinated debt						N/A												15.00%			PIK												03/2030						54						53						—						54
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						9.40%															10/2027						791						779						0.1						791
			YE Brands Holding, LLC#			One stop						SF +			4.75%			(i)						9.35%															10/2027						7,104						7,043						1.1						7,104
			YE Brands Holding, LLC			One stop						SF +			4.75%			(i)						9.47%															10/2027						27						27						—						27
																																													52,489						51,960						8.0						52,434
			Industrial Conglomerates
			Dwyer Instruments, Inc.~			One stop						SF +			5.75%			(i)						10.45%															07/2027						580						573						0.1						580
			Dwyer Instruments, Inc.(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(1)						—						—
			Dwyer Instruments, Inc.~			One stop						SF +			5.75%			(i)						10.45%															07/2027						147						145						—						147
			Dwyer Instruments, Inc.*			One stop						SF +			5.75%			(i)						10.45%															07/2027						74						73						—						74
			Dwyer Instruments, Inc.(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(1)						—						—
			Essential Services Holdings Corporation#			One stop						SF +			5.00%			(i)						10.29%															06/2031						10,198						10,100						1.7						10,096
			Essential Services Holdings Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2030						—						(12)						—						(12)
			Essential Services Holdings Corporation(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(10)						—						(20)
			Excelitas Technologies Corp.(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(122)						—						(177)
			Excelitas Technologies Corp.#			One stop						SF +			5.25%			(i)						9.85%															08/2029						643						634						0.1						637
			Excelitas Technologies Corp.~(7)(8)			One stop						E +			5.25%			(c)						8.60%															08/2029						123						113						—						122
			Excelitas Technologies Corp.			One stop						SF +			5.25%									N/A(6)															08/2028						—						—						—						—
			Excelitas Technologies Corp.			One stop						SF +			5.25%									N/A(6)															08/2029						—						—						—						—
																																													11,765						11,492						1.9						11,447
			Insurance
			Ben Nevis Midco Limited*(7)(9)			One stop						SF +			5.50%			(h)						10.35%															03/2028						2,486						2,443						0.4						2,486
			Ben Nevis Midco Limited*(7)(9)			One stop						SF +			5.50%			(i)						10.56%															03/2028						1,672						1,672						0.3						1,672
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(h)						10.34%															03/2028						263						264						—						263
			Ben Nevis Midco Limited(7)(9)			One stop						SF +			5.50%			(h)						10.36%															03/2028						408						391						0.1						408
			Captive Resources Midco, LLC#(20)			One stop						SF +			5.25%			(h)						10.10%															07/2029						7,206						7,114						1.1						7,206
			Captive Resources Midco, LLC(5)			One stop						SF +			5.25%									N/A(6)															07/2028						—						(2)						—						—
			Disco Parent, Inc.~			One stop						SF +			7.50%			(i)						12.56%															03/2029						1,047						1,027						0.2						1,047
			Disco Parent, Inc.(5)			One stop						SF +			7.50%									N/A(6)															03/2029						—						(1)						—						—
			Doxa Insurance Holdings LLC*~			One stop						SF +			5.25%			(i)						10.06%															12/2030						14,227						14,099						2.2						14,262

See Notes to Consolidated Financial Statements

31

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Doxa Insurance Holdings LLC(5)			One stop						SF +			5.50%									N/A(6)															12/2029						$	—					$	(27)					—			%			$	—
			Doxa Insurance Holdings LLC			One stop						SF +			5.25%			(i)						10.22%															12/2030						11,757						11,637						1.8						11,791
			Doxa Insurance Holdings LLC			One stop						SF +			5.00%									N/A(6)															12/2030						—						—						—						—
			Gimlet Bidco GMBH~(7)(8)(15)			One stop						E +			5.75%			(c)						9.39%															04/2031						7,263						6,814						1.1						7,190
			Gimlet Bidco GMBH(7)(8)(15)			One stop						E +			5.75%			(c)						9.39%															04/2031						538						484						0.1						508
			Integrated Specialty Coverages, LLC*			One stop						SF +			6.00%			(h)(i)(j)						10.98%															07/2030						997						977						0.2						997
			Integrated Specialty Coverages, LLC(5)			One stop						SF +			6.00%									N/A(6)															07/2029						—						(1)						—						—
			Integrated Specialty Coverages, LLC			One stop						SF +			6.00%			(h)(i)(j)						10.88%															07/2030						199						194						—						199
			Integrity Marketing Acquisition, LLC			One stop						SF +			5.00%			(i)						10.07%															08/2028						8,842						8,744						1.3						8,754
			Integrity Marketing Acquisition, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2028						—						(1)						—						(1)
			Integrity Marketing Acquisition, LLC(5)			One stop						SF +			5.00%									N/A(6)															08/2028						—						(4)						—						(24)
			MRH Trowe Germany GMBH(7)(8)(15)			One stop						E +			6.00%			(c)						9.49%															02/2029						2,255						2,147						0.3						2,255
			Oakbridge Insurance Agency LLC~			One stop						SF +			5.50%			(h)						10.66%															11/2029						9,198						9,120						1.4						9,198
			Oakbridge Insurance Agency LLC			One stop						P +			4.50%			(a)(h)						12.07%															11/2029						460						448						0.1						460
			Oakbridge Insurance Agency LLC			One stop						SF +			5.50%			(h)						10.66%															11/2029						368						330						0.1						368
			Pareto Health Intermediate Holdings, Inc.#			One stop						SF +			6.25%			(i)						10.85%															05/2030						4,118						4,050						0.6						4,118
			Pareto Health Intermediate Holdings, Inc.			One stop						SF +			6.25%			(i)						10.85%															05/2030						1,373						1,350						0.2						1,373
			Pareto Health Intermediate Holdings, Inc.(5)			One stop						SF +			6.25%									N/A(6)															06/2029						—						(1)						—						—
																																													74,677						73,268						11.5						74,530
			IT Services
			Critical Start, Inc.(20)			One stop						SF +			6.75%			(i)						8.40%			cash/			3.63%			PIK						05/2028						523						520						0.1						518
			Critical Start, Inc.~(20)			One stop						SF +			6.75%			(i)						8.40%			cash/			3.63%			PIK						05/2028						266						262						—						263
			Critical Start, Inc.(5)			One stop						SF +			6.25%									N/A(6)															05/2028						—						—						—						(1)
			Goldcup 31018 AB(7)(8)(11)(20)			One stop						E +			6.50%			(d)						10.18%			PIK												07/2029						839						760						0.1						839
			Goldcup 31018 AB(7)(8)(11)(20)			One stop						E +			6.50%			(d)						10.18%			PIK												07/2029						78						74						—						78
			Goldcup 31018 AB(5)(7)(8)(11)			One stop						E +			6.50%									N/A(6)															01/2029						—						(1)						—						—
			Netwrix Corporation#			One stop						SF +			5.50%			(i)						10.56%															06/2029						11,866						11,807						1.8						11,866
			Netwrix Corporation(5)			One stop						SF +			5.50%									N/A(6)															06/2029						—						(1)						—						—
			Netwrix Corporation			One stop						SF +			5.50%			(i)						10.56%															06/2029						1,440						1,343						0.2						1,570
			PDQ Intermediate, Inc.(20)			Subordinated debt						N/A												13.75%			PIK												10/2031						57						56						—						57
			ReliaQuest Holdings, LLC(5)			One stop						SF +			6.75%									N/A(6)															04/2031						—						(10)						—						—
			ReliaQuest Holdings, LLC(5)			One stop						SF +			6.25%									N/A(6)															04/2031						—						(4)						—						—
			ReliaQuest Holdings, LLC#(20)			One stop						SF +			6.75%			(i)						8.37%			cash/			3.63%			PIK						04/2031						23,684						23,574						3.6						23,684
			WPEngine, Inc.~			One stop						SF +			6.50%			(i)						11.62%															08/2029						1,069						1,051						0.2						1,069
			WPEngine, Inc.(5)			One stop						SF +			6.50%									N/A(6)															08/2029						—						(1)						—						—
			Zarya Holdco, Inc.*			One stop						SF +			6.50%			(i)						11.56%															07/2027						368						362						0.1						361
			Zarya Holdco, Inc.#			One stop						SF +			6.50%			(i)						11.56%															07/2027						971						971						0.1						951
			Zarya Holdco, Inc.(5)			One stop						SF +			6.50%									N/A(6)															07/2027						—						—						—						(1)
																																													41,161						40,763						6.2						41,254
			Leisure Products
			Crunch Holdings, LLC(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(10)						—						(10)
			Crunch Holdings, LLC~			One stop						SF +			4.75%			(h)						9.61%															09/2031						14,880						14,806						2.3						14,806
			Movement Holdings, LLC~			One stop						SF +			5.25%			(h)						10.10%															03/2030						7,068						7,003						1.1						7,068
			Movement Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(11)						—						—
			Movement Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															03/2030						—						(43)						—						—
																																													21,948						21,745						3.4						21,864

See Notes to Consolidated Financial Statements

32

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Life Sciences Tools & Services
			Celerion Buyer, Inc.#			One stop						SF +			5.50%			(i)						10.73%															11/2029						$	10,137					$	9,930					1.6			%			$	10,137
			Celerion Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2028						—						(1)						—						—
			Celerion Buyer, Inc.(5)			One stop						SF +			5.50%									N/A(6)															11/2029						—						(33)						—						—
			Graphpad Software, LLC(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(4)						—						—
			Graphpad Software, LLC#			One stop						SF +			4.75%			(i)						9.35%															06/2031						7,856						7,818						1.2						7,856
			Graphpad Software, LLC			One stop						SF +			4.75%			(i)						9.35%															06/2031						196						187						—						196
																																													18,189						17,897						2.8						18,189
			Machinery
			AI Titan Parent, Inc.#			One stop						SF +			4.75%			(i)						9.81%															08/2031						2,705						2,678						0.4						2,678
			AI Titan Parent, Inc.(5)			One stop						SF +			4.75%									N/A(6)															08/2031						—						(3)						—						(3)
			AI Titan Parent, Inc.(5)			One stop						SF +			4.75%									N/A(6)															08/2031						—						(3)						0.1						(3)
			Blackbird Purchaser, Inc.*~			One stop						SF +			5.50%			(i)						10.10%															12/2030						23,297						23,090						3.6						23,297
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						10.10%															12/2030						1,382						1,341						0.2						1,382
			Blackbird Purchaser, Inc.			One stop						SF +			5.50%			(i)						10.10%															12/2029						464						437						0.1						464
																																													27,848						27,540						4.4						27,815
			Media
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(10)						—						—
			Lotus Topco, Inc.#			One stop						SF +			4.75%			(j)						9.00%															06/2030						7,154						7,103						1.1						7,154
			Lotus Topco, Inc.(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(25)						—						—
																																													7,154						7,068						1.1						7,154
			Oil, Gas & Consumable Fuels
			Envernus, Inc.#~			One stop						SF +			5.50%			(h)						10.35%															12/2029						15,998						15,788						2.5						15,998
			Envernus, Inc.			One stop						SF +			5.50%			(h)						10.35%															12/2029						83						66						—						83
			Envernus, Inc.(5)			One stop						SF +			5.50%									N/A(6)															12/2029						—						(5)						—						—
																																													16,081						15,849						2.5						16,081
			Pharmaceuticals
			Caerus Midco 3 S.A.R.L.~(7)(10)			One stop						SF +			5.00%			(i)						9.60%															05/2029						780						770						0.1						773
			Caerus Midco 3 S.A.R.L.~(7)(10)			One stop						SF +			5.00%			(i)						9.60%															05/2029						139						137						—						138
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(i)						9.60%															05/2029						53						52						—						51
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(h)						9.87%															05/2029						46						45						—						45
			Caerus Midco 3 S.A.R.L.(7)(10)			One stop						SF +			5.00%			(i)						9.60%															05/2029						9						9						—						9
																																													1,027						1,013						0.1						1,016
			Professional Services
			ALKU Intermediate Holdings, LLC~			One stop						SF +			6.25%			(j)						10.50%															05/2029						1,266						1,251						0.2						1,281
			ALKU Intermediate Holdings, LLC*			One stop						SF +			5.50%			(j)						9.75%															05/2029						140						137						—						140
			bswift, LLC			One stop						SF +			6.38%			(i)						11.68%															11/2028						1,123						1,098						0.2						1,142
			Citrin Cooperman Advisors LLC~			One stop						SF +			5.00%			(i)						10.32%															10/2027						482						479						0.1						482
			Citrin Cooperman Advisors LLC~			One stop						SF +			5.00%			(i)						10.32%															10/2027						209						205						—						209
			Citrin Cooperman Advisors LLC~			One stop						SF +			5.00%			(i)						10.42%															10/2027						62						61						—						62
			Citrin Cooperman Advisors LLC*			One stop						SF +			5.25%			(i)						10.67%															10/2027						34						33						—						34
			Citrin Cooperman Advisors LLC			One stop						SF +			5.25%			(i)						10.67%															10/2027						88						86						—						88
			DISA Holdings Corp.#			Senior secured						SF +			5.00%			(i)						10.02%															09/2028						1,443						1,424						0.2						1,443
			DISA Holdings Corp.			Senior secured						SF +			5.00%			(i)						10.11%															09/2028						124						117						—						124
			DISA Holdings Corp.~			Senior secured						SF +			5.00%			(i)						10.02%															09/2028						713						703						0.1						713
			DISA Holdings Corp.(20)			Subordinated debt						SF +			8.50%			(h)						11.51%			cash/			2.00%			PIK						03/2029						52						51						—						52
			DISA Holdings Corp.~			Senior secured						SF +			5.00%			(i)						10.02%															09/2028						82						81						—						82
			DISA Holdings Corp.~			One stop						SF +			5.00%			(i)						10.02%															09/2028						97						95						—						97
			DISA Holdings Corp.(5)			Senior secured						SF +			5.00%									N/A(6)															09/2028						—						(6)						—						—
			Eclipse Buyer, Inc.(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(18)						—						(5)
			Eclipse Buyer, Inc.#			One stop						SF +			4.75%			(i)						9.74%															09/2031						3,676						3,640						0.6						3,639
			Eclipse Buyer, Inc.(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(3)						—						(3)

See Notes to Consolidated Financial Statements

33

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Varicent Intermediate Holdings Corporation#(20)			One stop						SF +			6.00%			(i)						7.35%			cash/			3.25%			PIK						08/2031						$	14,480					$	14,268					2.3			%			$	14,263
			Varicent Intermediate Holdings Corporation(5)			One stop						SF +			6.00%									N/A(6)															08/2031						—						(28)						—						(29)
			Varicent Intermediate Holdings Corporation(5)			One stop						SF +			6.00%									N/A(6)															08/2031						—						(27)						—						(28)
																																													24,071						23,647						3.7						23,786
			Software
			Anaplan, Inc.#~			One stop						SF +			5.25%			(i)						9.85%															06/2029						22,836						22,682						3.5						22,836
			Anaplan, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2028						—						(2)						—						—
			Anaplan, Inc.~			One stop						SF +			5.25%			(i)						9.85%															06/2029						3,265						3,235						0.5						3,265
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						10.20%															06/2029						684						613						0.1						684
			Armstrong Bidco Limited(7)(8)(9)			One stop						SN +			5.25%			(f)						10.20%															06/2029						357						311						0.1						357
			Arrow Buyer, Inc.#~			One stop						SF +			5.75%			(i)						10.35%															07/2030						4,681						4,585						0.8						4,681
			Arrow Buyer, Inc.(5)			One stop						SF +			5.75%									N/A(6)															07/2030						—						(13)						—						—
			Arrow Buyer, Inc.#			One stop						SF +			5.75%			(i)						10.35%															07/2030						307						305						—						307
			Artifact Bidco, Inc.(5)			One stop						SF +			4.50%									N/A(6)															05/2031						—						(2)						—						(2)
			Artifact Bidco, Inc.(5)			One stop						SF +			4.50%									N/A(6)															05/2030						—						(1)						—						(1)
			Artifact Bidco, Inc.(5)			One stop						SF +			4.50%									N/A(6)															05/2030						—						(2)						—						(2)
			Artifact Bidco, Inc.~			One stop						SF +			4.50%			(i)						9.10%															05/2031						1,341						1,328						0.2						1,328
			Azurite Intermediate Holdings, Inc.~			One stop						SF +			6.50%			(h)						11.35%															03/2031						2,452						2,418						0.4						2,452
			Azurite Intermediate Holdings, Inc.			One stop						SF +			6.50%			(h)						11.35%															03/2031						3,566						3,503						0.5						3,567
			Azurite Intermediate Holdings, Inc.(5)			One stop						SF +			6.50%									N/A(6)															03/2031						—						(12)						—						—
			Baxter Planning Systems, LLC(5)			One stop						SF +			6.25%									N/A(6)															05/2031						—						(5)						—						—
			Baxter Planning Systems, LLC(5)			One stop						SF +			5.75%									N/A(6)															05/2031						—						(5)						—						—
			Baxter Planning Systems, LLC#(20)			One stop						SF +			6.25%			(i)						8.12%			cash/			3.38%			PIK						05/2031						3,656						3,630						0.6						3,656
			BestPass, Inc.#			One stop						SF +			5.25%			(h)						10.10%															08/2031						18,219						18,130						2.8						18,128
			BestPass, Inc.(5)			One stop						SF +			5.25%									N/A(6)															08/2031						—						(9)						—						(9)
			BestPass, Inc.(5)			One stop						SF +			5.25%									N/A(6)															08/2031						—						(12)						—						(12)
			Bloomerang, LLC#~			One stop						SF +			6.00%			(h)						10.85%															12/2029						13,536						13,417						2.1						13,536
			Bloomerang, LLC(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(26)						—						—
			Bloomerang, LLC(5)			One stop						SF +			6.00%									N/A(6)															12/2029						—						(35)						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(14)			One stop						SF +			7.25%			(i)						12.53%															01/2029						956						935						0.1						956
			Bynder BidCo, Inc.& Bynder BidCo B.V.#(7)(14)			One stop						SF +			7.25%			(i)						12.53%															01/2029						365						357						0.1						365
			Bynder BidCo, Inc.& Bynder BidCo B.V.(7)(14)			One stop						SF +			7.25%									N/A(6)															01/2029						—						—						—						—
			Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(7)(14)			One stop						SF +			7.25%									N/A(6)															01/2029						—						(1)						—						—
			Camelia Bidco Limited*(7)(8)(9)			One stop						SN +			5.50%			(f)						10.45%															08/2030						685						641						0.1						685
			Camelia Bidco Limited*(7)(8)(9)			One stop						A +			5.50%			(e)						9.93%															08/2030						44						40						—						44
			Camelia Bidco Limited*(7)(8)(9)			One stop						SN +			5.50%			(f)						10.45%															08/2030						97						87						0.1						97
			Camelia Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.50%									N/A(6)															08/2030						—						(27)						—						—
			CB Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															07/2031						—						(17)						—						—
			CB Buyer, Inc.#			One stop						SF +			5.25%			(i)						9.85%															07/2031						15,848						15,695						2.4						15,848
			CB Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															07/2031						—						(22)						—						—
			Coupa Holdings, LLC~			One stop						SF +			5.50%			(i)						10.75%															02/2030						8,371						8,190						1.4						8,371
			Coupa Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															02/2029						—						(1)						—						—
			Coupa Holdings, LLC(5)			One stop						SF +			5.50%									N/A(6)															02/2030						—						(9)						—						—
			Crewline Buyer, Inc.~			One stop						SF +			6.75%			(i)						11.35%															11/2030						28,243						27,874						4.3						28,243
			Crewline Buyer, Inc.(5)			One stop						SF +			6.75%									N/A(6)															11/2030						—						(39)						—						—
			Denali Bidco Limited*(7)(8)(9)			One stop						SN +			6.00%			(f)						10.95%															08/2030						2,604						2,410						0.4						2,617
			Denali Bidco Limited*(7)(8)(9)			One stop						E +			6.00%			(c)						9.35%															08/2030						628						601						0.1						631
			Denali Bidco Limited*(7)(8)(9)			One stop						E +			5.50%			(c)						8.85%															08/2030						4,351						4,087						0.7						4,351
			Denali Bidco Limited(7)(8)(9)			One stop						E +			6.00%			(c)						9.35%															08/2030						880						822						0.1						884
			Denali Bidco Limited(5)(7)(8)(9)			One stop						SN +			5.50%									N/A(6)															08/2030						—						(41)						—						—
			Evergreen IX Borrower 2023, LLC*~			One stop						SF +			4.75%			(i)						9.35%															09/2030						13,206						12,858						2.0						13,074

See Notes to Consolidated Financial Statements

34

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Evergreen IX Borrower 2023, LLC(5)			One stop						SF +			4.75%									N/A(6)															10/2029						$	—					$	(38)					—			%			$	(11)
			Evergreen IX Borrower 2023, LLC#			One stop						SF +			4.75%			(i)						9.35%															09/2030						1,154						1,143						0.2						1,142
			GTY Technology Holdings, Inc.#(20)			One stop						SF +			6.88%			(i)						7.18%			cash/			4.30%			PIK						07/2029						4,244						4,192						0.6						4,202
			GTY Technology Holdings, Inc.#(20)			One stop						SF +			6.88%			(h)						7.54%			cash/			4.30%			PIK						07/2029						2,771						2,732						0.5						2,744
			GTY Technology Holdings, Inc.#(20)			One stop						SF +			6.88%			(i)						7.18%			cash/			4.30%			PIK						07/2029						508						505						0.1						503
			GTY Technology Holdings, Inc.(5)			One stop						SF +			6.25%									N/A(6)															07/2029						—						(2)						—						(1)
			GTY Technology Holdings, Inc.(5)			One stop						SF +			7.13%									N/A(6)															07/2029						—						(19)						—						—
			GTY Technology Holdings, Inc.#(20)			One stop						SF +			7.13%			(i)						7.92%			cash/			4.45%			PIK						07/2029						667						661						0.1						667
			Gurobi Optimization, LLC(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(11)						—						(11)
			Gurobi Optimization, LLC~			One stop						SF +			4.75%			(h)(i)						9.47%															09/2031						13,580						13,445						2.1						13,444
			Hornet Security Holding GMBH*(7)(8)(15)(20)			One stop						E +			7.00%			(d)						5.91%			cash/			4.50%			PIK						02/2031						5,019						4,816						0.8						5,019
			Hornet Security Holding GMBH*(7)(8)(15)(20)			One stop						E +			7.00%			(c)(d)						5.91%			cash/			4.50%			PIK						02/2031						3,346						3,210						0.5						3,346
			Hornet Security Holding GMBH(7)(8)(15)			One stop						E +			6.50%									N/A(6)															08/2030						—						—						—						—
			Hornet Security Holding GMBH(5)(7)(8)(15)			One stop						E +			6.50%									N/A(6)															02/2031						—						(18)						—						—
			Hyland Software, Inc.#			One stop						SF +			6.00%			(h)						10.85%															09/2030						24,713						24,397						3.8						24,713
			Hyland Software, Inc.(5)			One stop						SF +			6.00%									N/A(6)															09/2029						—						(1)						—						(1)
			Icefall Parent, Inc.~			One stop						SF +			6.50%			(h)						11.35%															01/2030						22,609						22,208						3.5						22,609
			Icefall Parent, Inc.(5)			One stop						SF +			6.50%									N/A(6)															01/2030						—						(38)						—						—
			ICIMS, Inc.~(20)			One stop						SF +			5.75%			(h)(i)						10.67%															08/2028						5,810						5,750						0.8						5,519
			ICIMS, Inc.			One stop						SF +			5.75%			(h)						10.62%															08/2028						48						47						—						40
			ICIMS, Inc.(5)			One stop						SF +			5.75%									N/A(6)															08/2028						—						—						—						(48)
			IQN Holding Corp. #			One stop						SF +			5.25%			(i)						10.31%															05/2029						1,477						1,468						0.2						1,477
			IQN Holding Corp.			One stop						SF +			5.25%			(i)						10.31%															05/2028						26						25						—						26
			Island Bidco AB~(7)(8)(11)(20)			One stop						E +			7.25%			(b)(d)						3.65%			cash/			7.25%			PIK						07/2028						703						658						0.1						703
			Island Bidco AB~(7)(11)(20)			One stop						SF +			7.00%			(j)						8.76%			cash/			3.50%			PIK						07/2028						313						311						—						313
			Island Bidco AB(7)(11)			One stop						SF +			6.50%									N/A(6)															07/2028						—						—						—						—
			Island Bidco AB(7)(8)(11)			One stop						E +			6.50%									N/A(6)															07/2028						—						—						—						—
			Island Bidco AB#(7)(11)(20)			One stop						SF +			7.00%			(i)(j)						8.76%			cash/			3.50%			PIK						07/2028						3,131						3,117						0.5						3,131
			Kaseya Inc.#(20)			One stop						SF +			5.50%			(i)						10.75%															06/2029						4,546						4,500						0.7						4,546
			Kaseya Inc.(20)			One stop						SF +			5.50%			(i)						10.10%															06/2029						68						66						—						68
			Kaseya Inc.			One stop						SF +			5.50%			(i)						10.78%															06/2029						52						50						—						52
			Kaseya Inc.~			One stop						SF +			5.50%			(i)						10.75%															06/2029						17						15						—						17
			LeadsOnline, LLC~			One stop						SF +			4.75%			(i)						10.17%															02/2028						4,956						4,851						0.8						4,956
			LeadsOnline, LLC*			One stop						SF +			4.75%			(i)						10.17%															02/2028						875						856						0.1						875
			LeadsOnline, LLC(5)			One stop						SF +			4.75%									N/A(6)															02/2028						—						(1)						—						—
			LeadsOnline, LLC#			One stop						SF +			4.75%			(i)						9.45%															02/2028						601						599						0.1						601
			Navex TopCo, Inc.~			One stop						SF +			5.50%			(h)						10.60%															11/2030						28,534						28,035						4.4						28,534
			Navex TopCo, Inc.(5)			One stop						SF +			5.75%									N/A(6)															11/2028						—						(41)						—						—
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.(5)(7)(8)(14)			One stop						E +			5.75%									N/A(6)															11/2029						—						(35)						—						—
			Panzura, LLC(20)			One stop						N/A												4.00%			cash/			15.00%			PIK						08/2027						59						54						—						49
			Pineapple German Bidco GMBH*(7)(8)(15)(20)			One stop						E +			7.00%			(c)						10.51%			PIK												01/2031						6,728						6,452						1.0						6,660
			Pineapple German Bidco GMBH(7)(8)(15)(20)			One stop						E +			7.00%			(c)						10.51%			PIK												01/2031						462						438						0.1						457
			Pineapple German Bidco GMBH(7)(8)(15)(20)			One stop						E +			7.00%			(c)						10.51%			PIK												01/2031						1,600						1,519						0.2						1,574
			PING Identity Holding Corp.~			One stop						SF +			4.75%			(i)						9.35%															10/2029						2,213						2,183						0.3						2,213
			PING Identity Holding Corp.(5)			One stop						SF +			4.75%									N/A(6)															10/2028						—						(1)						—						—
			Quant Buyer, Inc.#			One stop						SF +			5.25%			(i)						10.31%															06/2029						6,461						6,419						1.0						6,461
			Quant Buyer, Inc.#~			One stop						SF +			5.25%			(i)						10.39%															06/2029						9,012						8,936						1.4						9,012
			Quant Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(1)						—						—
			Quant Buyer, Inc.(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(67)						—						—
			Rainforest Bidco Limited(7)(8)(9)(20)			One stop						SN +			6.05%			(f)						8.45%			cash/			2.55%			PIK						07/2029						772						675						0.1						743
			Rainforest Bidco Limited(7)(9)(20)			One stop						SF +			6.05%			(g)						8.34%			cash/			2.55%			PIK						07/2029						136						135						—						131

See Notes to Consolidated Financial Statements

35

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Rainforest Bidco Limited(7)(8)(9)(20)			One stop						SN +			6.05%			(f)						8.45%			cash/			2.55%			PIK						07/2029						$	57					$	50					—			%			$	54
			Rainforest Bidco Limited(7)(8)(9)(20)			One stop						SN +			6.55%			(f)						8.95%			cash/			2.55%			PIK						07/2029						3,926						3,569						0.6						3,926
			SailPoint Technologies Holdings, Inc.#			One stop						SF +			6.00%			(i)						11.10%															08/2029						6,827						6,731						1.0						6,827
			SailPoint Technologies Holdings, Inc.(5)			One stop						SF +			6.00%									N/A(6)															08/2028						—						(1)						—						—
			Templafy APS and Templafy, LLC#(7)(13)			One stop						SF +			6.00%			(i)						11.40%															07/2028						543						533						0.1						543
			Templafy APS and Templafy, LLC(7)(13)			One stop						SF +			6.00%									N/A(6)															07/2028						—						—						—						—
			Togetherwork Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(34)						—						—
			Togetherwork Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															05/2031						—						(22)						—						—
			Togetherwork Holdings, LLC#			One stop						SF +			5.25%			(h)						10.10%															05/2031						25,588						25,379						3.9						25,588
			Transform Bidco Limited(5)(7)(9)			One stop						SF +			7.00%									N/A(6)															06/2030						—						(12)						—						(11)
			Transform Bidco Limited*(7)(9)			One stop						SF +			7.00%			(i)						12.31%															01/2031						9,098						8,975						1.4						8,984
			Transform Bidco Limited(5)(7)(9)			One stop						SF +			7.00%									N/A(6)															01/2031						—						(27)						—						(28)
			Vantage Bidco GMBH#(7)(8)(15)(20)			One stop						E +			6.25%			(c)						6.47%			cash/			3.13%			PIK						04/2031						7,707						7,285						1.2						7,630
			Vantage Bidco GMBH(5)(7)(8)(15)			One stop						E +			6.25%									N/A(6)															10/2030						—						(18)						—						(13)
			Varinem German Midco GMBH#(7)(8)(15)			One stop						E +			6.00%			(d)						9.67%															07/2031						6,530						6,334						1.0						6,465
			Varinem German Midco GMBH(7)(8)(15)			One stop						E +			6.00%									N/A(6)															07/2031						—						—						—						—
			Zendesk, Inc.#			One stop						SF +			5.00%			(i)						9.69%															11/2028						9,809						9,677						1.5						9,809
			Zendesk, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(1)						—						—
			Zendesk, Inc.(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(16)						—						—
																																													378,474						371,070						58.1						377,186
			Specialty Retail
			Biscuit Parent, LLC~			One stop						SF +			4.75%			(i)						9.35%															02/2031						17,626						17,504						2.7						17,626
			Biscuit Parent, LLC(5)			One stop						SF +			4.75%									N/A(6)															02/2031						—						(37)						—						—
			Cavender Stores L.P.#~			Senior secured						SF +			5.00%			(i)						9.60%															10/2029						24,812						24,605						3.8						24,812
			CVP Holdco, Inc.(5)			One stop						SF +			7.50%									N/A(6)															06/2030						—						(12)						—						—
			CVP Holdco, Inc.#			One stop						SF +			5.00%			(h)						9.85%															06/2031						11,983						11,868						1.8						11,983
			CVP Holdco, Inc.(5)			One stop						SF +			7.50%									N/A(6)															06/2031						—						(15)						—						—
			PetVet Care Centers LLC			One stop						SF +			6.00%			(h)						10.85%															11/2030						12,934						12,708						1.9						12,287
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(33)						—						(87)
			PetVet Care Centers LLC(5)			One stop						SF +			6.00%									N/A(6)															11/2030						—						(15)						—						—
			PPV Intermediate Holdings, LLC(20)			One stop						N/A												14.75%			PIK												08/2030						8,054						7,881						1.3						8,215
			PPV Intermediate Holdings, LLC#			One stop						SF +			5.75%			(i)						10.81%															08/2029						6,596						6,514						1.0						6,596
			PPV Intermediate Holdings, LLC(20)			One stop						N/A												13.75%			PIK												08/2030						839						828						0.1						839
			PPV Intermediate Holdings, LLC(20)			One stop						N/A												13.75%			PIK												08/2030						194						193						—						194
			PPV Intermediate Holdings, LLC(20)			One stop						N/A												13.75%			PIK												08/2030						36						35						—						36
			PPV Intermediate Holdings, LLC(20)			One stop						N/A												13.75%			PIK												08/2030						35						33						—						35
			PPV Intermediate Holdings, LLC(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(5)						—						—
			PPV Intermediate Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															08/2029						—						(11)						—						(11)
			Radiance Borrower, LLC			One stop						SF +			5.25%			(h)						10.10%															06/2031						363						348						0.1						363
			Radiance Borrower, LLC#(20)			One stop						SF +			5.75%			(h)						7.85%			cash/			2.75%			PIK						06/2031						19,094						18,957						2.9						19,094
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						4,413						4,374						0.7						4,413
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)						13.60%			PIK												09/2029						598						592						0.1						598
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						293						290						—						293
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						288						286						—						288
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)(j)						14.11%			PIK												09/2029						155						148						—						155
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						228						226						—						228
			Salon Lofts Group, LLC~			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						95						94						—						95
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(2)						—						—
			Salon Lofts Group, LLC~			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						72						71						—						72
			Salon Lofts Group, LLC~			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						67						66						—						67
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(5)						—						—
			Salon Lofts Group, LLC(5)			Senior secured						SF +			5.75%									N/A(6)															08/2028						—						(7)						—						—

See Notes to Consolidated Financial Statements

36

---

TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)						13.60%			PIK												09/2029						$	317					$	314					—			%			$	317
			Salon Lofts Group, LLC#			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						130						129						—						130
			Salon Lofts Group, LLC~			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						88						87						—						88
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)						13.60%			PIK												09/2029						29						29						—						29
			Salon Lofts Group, LLC~			Senior secured						SF +			5.75%			(i)						10.35%															09/2029						453						450						0.1						453
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)						13.60%			PIK												09/2029						274						240						—						274
			Salon Lofts Group, LLC(20)			Second lien						SF +			9.00%			(i)(j)						14.30%			PIK												09/2029						114						112						—						114
			Salon Lofts Group, LLC			Senior secured						SF +			5.75%			(i)						10.35%															08/2028						143						142						—						143
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#~(7)			One stop						SF +			5.25%			(i)						9.85%															12/2029						1,651						1,635						0.4						1,651
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(7)			One stop						SF +			5.25%			(i)						9.85%															12/2028						604						596						0.1						604
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.(5)(7)			One stop						SF +			5.25%									N/A(6)															12/2029						—						(2)						—						—
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.#(7)(8)			One stop						CA +			5.25%			(k)						9.18%															12/2029						7,282						7,120						1.1						7,282
																																													119,860						118,331						18.1						119,276
			Water Utilities
			Vessco Midco Holdings, LLC#			One stop						SF +			5.25%			(h)(j)						10.22%															07/2031						1,523						1,508						0.2						1,508
			Vessco Midco Holdings, LLC(5)			One stop						SF +			5.25%									N/A(6)															07/2031						—						(2)						—						(2)
			Vessco Midco Holdings, LLC			One stop						SF +			5.25%			(j)						9.54%															07/2031						74						72						—						69
																																													1,597						1,578						0.2						1,575
			Total debt investments																																										1,298,854						1,276,971						199.0						1,294,931

See Notes to Consolidated Financial Statements

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TABLE OF CONTENTS

Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments(17)(18)
			Aerospace & Defense
			PPW Aero Buyer, Inc.			LP units						N/A												N/A															02/2023						N/A						40						$	399					0.1			%			$	331
			Automobiles
			CAP-KSI Holdings, LLC			LP units						N/A												N/A															06/2024						N/A						571						—						—						—
			CAP-KSI Holdings, LLC			Preferred stock						N/A												N/A															06/2024						N/A						571						571						0.1						571
			National Express Wash Parent Holdco, LLC			LP units						N/A												N/A															07/2022						N/A						1						77						—						110
			Quick Quack Car Wash Holdings, LLC			LP units						N/A												N/A															06/2024						N/A						3,673						3,673						0.6						3,867
			Quick Quack Car Wash Holdings, LLC			LLC units						N/A												N/A															06/2024						N/A						727						727						0.1						766
			Yorkshire Parent, Inc.			LP units						N/A												N/A															12/2023						N/A						—						131						—						141
																																																									5,179						0.8						5,455
			Commercial Services & Supplies
			FR Vision Holdings, Inc.			LP units						N/A												N/A															01/2024						N/A						—						111						—						118
			Diversified Consumer Services
			CHVAC Services Investment, LLC			Common stock						N/A												N/A															05/2024						N/A						95						240						0.1						273
			DP Flores Holdings, LLC			LLC units						N/A												N/A															09/2022						N/A						88						88						—						113
			HS Spa Holdings, Inc.			Common stock						N/A												N/A															05/2022						N/A						78						78						—						78
			NSG Buyer, Inc. (7)			LP units						N/A												N/A															11/2022						N/A						1						953						0.2						1,240
			Virginia Green Acquisition, LLC			LP units						N/A												N/A															12/2023						N/A						96						96						—						110
																																																									1,455						0.3						1,814
			Healthcare Technology
			Amberfield Acquisition Co.			LLC units						N/A												N/A															05/2024						N/A						404						404						0.1						406
			Hotels, Restaurants & Leisure
			PB Group Holdings, LLC			LP units						N/A												N/A															08/2024						N/A						99						228						—						228
			Insurance
			Oakbridge Insurance Agency LLC			LP units						N/A												N/A															11/2023						N/A						5						98						—						101
			IT Services
			Critical Start, Inc.			Common stock						N/A												N/A															05/2022						N/A						38						38						—						19
			Netwrix Corporation			LLC units						N/A												N/A															06/2022						N/A						11						21						0.1						27
																																																									59						0.1						46
			Leisure Products
			Movement Holdings, LLC			LLC units						N/A												N/A															03/2024						N/A						—						421						0.1						382
			Life Sciences Tools & Services
			Celerion Buyer, Inc.			LP units						N/A												N/A															11/2022						N/A						446						446						0.1						446
			Celerion Buyer, Inc.			LP units						N/A												N/A															11/2022						N/A						446						—						0.1						337
																																																									446						0.2						783
			Professional Services
			Eclipse Buyer, Inc.(19)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						1,452						0.2						1,439

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Software
			Anaplan, Inc.			LP interest						N/A												N/A															06/2022						N/A						890						$	891					0.3			%			$	1,380
			CB Buyer, Inc.			LP units						N/A												N/A															07/2024						N/A						228						228						—						228
			Cynet Security Ltd.(7)(12)			Preferred stock						N/A												N/A															08/2022						N/A						23						81						—						106
			Denali Bidco Limited(7)(9)			LP interest						N/A												N/A															08/2023						N/A						85						110						—						162
			GTY Technology Holdings, Inc.			LP units						N/A												N/A															07/2022						N/A						60						60						—						115
			Gurobi Optimization, LLC			Common stock						N/A												N/A															09/2024						N/A						—						183						—						183
			Kaseya Inc.(19)			Preferred stock						SF +			10.75%			(i)						15.35%			Non-Cash												06/2022						N/A						1						1,098						0.2						1,157
			Kaseya Inc.			LP interest						N/A												N/A															06/2022						N/A						50						50						—						53
			Onit, Inc.(19)			Preferred stock						N/A												15.00%			Non-Cash												02/2023						N/A						—						55						—						64
			Onit, Inc.			Warrant						N/A												N/A															02/2023						N/A						—						6						—						10
			Panzura, LLC			LLC units						N/A												N/A															09/2023						N/A						1						4						—						—
			Templafy APS and Templafy, LLC(7)(13)			Warrant						N/A												N/A															07/2022						N/A						—						8						—						11
			Togetherwork Holdings, LLC			Preferred stock						N/A												N/A															07/2024						N/A						272						1,188						0.2						1,200
			Zendesk, Inc.			LP units						N/A												N/A															11/2022						N/A						22						218						—						206
																																																									4,180						0.7						4,875
			Specialty Retail
			Salon Lofts Group, LLC			LP units						N/A												N/A															08/2022						N/A						—						109						—						92
			Total equity investments																																																						14,541						2.6						16,070
			Total investments																																																						1,291,512						201.6						1,311,001
			Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
			Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					4.8		%	(21)																														$	20,893					3.2			%			$	20,893
			Total money market funds																																																						20,893						3.2						20,893
			Total investments and money market funds																																																						$	1,312,405					204.8			%			$	1,331,894

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

*						Denotes that all or a portion of the investment collateralizes the PNC Facility (as defined in Note 8).
#						Denotes that all or a portion of the investment collateralizes the DB Credit Facility (as defined in Note 8).
~						Denotes that all or a portion of the investment collateralizes the BNP Credit Facility (as defined in Note 8).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF”), Prime (“P”), Australian Interbank Rate (“AUD” or “A”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or the Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR, which was 4.85% as of September 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR, which was 4.59% as of September 30, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR, which was 4.25% as of September 30, 2024.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024.

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7.

(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)The entire commitment was unfunded as of September 30, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 8.0% of the Company’s total assets calculated in accordance with the 1940 Act.

(8)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.

(9)The headquarters of this portfolio company is located in the United Kingdom.

(10)The headquarters of this portfolio company is located in Luxembourg.

(11)The headquarters of this portfolio company is located in Sweden.

(12)The headquarters of this portfolio company is located in Israel.

(13)The headquarters of this portfolio company is located in Denmark.

(14)The headquarters of this portfolio company is located in Netherlands.

(15)The headquarters of this portfolio company is located in Germany.

(16)The headquarters of this portfolio company is located in France.

(17)Equity investments are non-income producing securities, unless otherwise noted.

(18)Ownership of certain equity investments occurs through a holding company or partnership.

(19)The Company holds an equity investment that is income producing.

(20)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.

(21)The rate shown is the annualized seven-day yield as of September 30, 2024.

See Notes to Consolidated Financial Statements

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

Golub Capital BDC 4, Inc. (“GBDC 4” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on April 1, 2022. On April 1, 2022, the date of the commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GBDC 4’s common stock in private placements. In addition, for U.S. federal income tax purposes, GBDC 4 has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, primarily U.S. middle-market companies. The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”).

The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Investment Adviser’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7.

Use of estimates: The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital 4 Holdings LLC, Golub Capital BDC 4 Funding LLC (“GBDC 4 Funding”), GBDC 4 Funding II LLC (“GBDC 4 Funding II”), GBDC 4 Funding III LLC (“GBDC 4 Funding III”), Golub Capital 4 Holdings Coinvest, Inc., Golub Capital BDC 4 CLO 1 LLC (“2025 Issuer”) and Golub Capital BDC 4 CLO 1 Depositor LLC (“GBDC 4 CLO 1 Depositor”) in its consolidated financial statements.

Cash and cash equivalents and foreign currencies: Cash and cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.

Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Derivative instruments:

The Company follows the guidance in ASC Topic 815 - Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the forward currency contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on forward currency contracts” or “Net unrealized depreciation on forward currency contracts” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 6 for more information regarding the forward currency contracts.

Revenue recognition:

Investments and related investment income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments.

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and nine months ended June 30, 2025, the Company received Loan Origination Fees that were capitalized of $1,706 and $6,085, respectively. For the three and nine months ended June 30, 2024, the Company received Loan Origination Fees that were capitalized of $3,992 and $13,240, respectively. For the three and nine months ended June 30, 2025, interest income included $1,285 and $3,722, respectively, of Discount Amortization. For the three and nine months ended June 30, 2024, interest income included $727 and $1,754, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2025, investment income included $2,449 and $7,020, respectively, of PIK interest and the Company capitalized PIK interest of $2,412 and $6,973, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2024, investment income included $1,655 and $4,038, respectively, of PIK interest and the Company capitalized PIK interest of $1,423 and $3,815, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three and nine months ended June 30, 2025, fee income included $127 and $151 from non-recurring prepayment premiums, respectively. For the three and nine months ended June 30, 2024, fee income included $20 and $39 from non-recurring prepayment premiums, respectively. All other income is recorded into income when earned.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2025, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $35,166 and $112,228, respectively. For the three and nine months ended June 30, 2024, the Company received interest and fee income in cash, which excludes capitalized Loan Origination Fees, in the amounts of $22,508 and $51,983, respectively.

Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.

For the three and nine months ended June 30, 2025, the Company recognized PIK and non-cash dividend income of $179 and $387, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2024, the Company recognized PIK and non-cash dividend income of $45 and $120, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended June 30, 2025, the Company did not record any cash payments of accrued and capitalized preferred dividends. For the nine months ended June 30, 2025, the Company received $170 of cash payments of accrued and capitalized preferred dividends. For the three and nine months ended June 30, 2024, the Company received no cash payments of accrued and capitalized preferred dividends.

Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three months ended June 30, 2025, the Company recorded dividend income received in cash of $2 and received less than $1 of return of capital distributions in cash. For the nine months ended June 30, 2025, the Company recorded dividend income received in cash of $69 and return of capital distributions received in cash of $91. For the three and nine months ended June 30, 2024, the Company did not record any dividend income received in cash and did not receive any return of capital distributions in cash.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Non-accrual loans: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of June 30, 2025 and September 30, 2024, the Company had no portfolio company investments on non-accrual status.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and nine months ended June 30, 2025, the Company did not record any U.S. federal excise tax expense. For the three months ended June 30, 2024, the Company did not record any U.S. federal excise tax expense. For the nine months ended June 30, 2024, the Company recorded $25 for U.S. federal excise tax expense.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2025. The Company’s tax returns for the 2022 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

Dividends and distributions: Dividends and distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company intends to authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act).

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $9,322 and $7,871, respectively. These amounts are amortized and included in “Interest and other debt financing expenses” in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2025, was $1,149 and $3,070, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2024, was $441 and $931, respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are amortized on a straight-line basis over three years. For the three and nine months ended June 30, 2025, the Company amortized $0 and $68, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. For the three and nine months ended June 30, 2024, the Company amortized $34 and $100, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations.

Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.

Recent accounting updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchase of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.

Note 3. Stockholders’ Equity

GBDC 4 is authorized to issue 1,000,000 shares of preferred stock at a par value of $0.001 per share and 200,000,000 shares of common stock at a par value of $0.001 per share. Since the commencement of operations on April 1, 2022, GBDC 4 has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GBDC 4’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GBDC 4’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by GBDC 4 with a minimum of 10 calendar days prior notice.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2025 and September 30, 2024, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

			As of June 30, 2025												As of September 30, 2024
			Subscriptions						Contributions						Subscriptions						Contributions
GBDC 4 Stockholders			$	1,523,641					$	968,701					$	1,032,820					$	635,966

As of June 30, 2025 and September 30, 2024, the ratio of total contributed capital to total capital subscriptions was 63.6% and 61.6%, respectively, and the Company had uncalled capital commitments of $554,940 and $396,854, respectively.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the shares of GBDC 4 common stock issued for the nine months ended June 30, 2025 and 2024:

			Date						Shares Issued						NAV per share						Proceeds
Shares issued for the nine months ended June 30, 2024
Issuance of shares			10/27/23						4,433,368.360						$	15.00					$	66,501
Issuance of shares			11/28/23						2,849,722.599						15.00						42,746
Issuance of shares			12/29/23						1,899,815.000						15.00						28,498
Issuance of shares			02/12/24						2,952,472.599						15.00						44,287
Issuance of shares			03/25/24						2,952,472.599						15.00						44,287
Issuance of shares			05/30/24						3,054,472.599						15.00						45,817
Issuance of shares			06/24/24						3,054,472.599						15.00						45,817
Shares issued for capital drawdowns									21,196,796.355												$	317,953
Issuance of shares			11/21/23						38,883.631						$	15.00					$	583
Issuance of shares			12/27/23						67,391.724						15.00						1,011
Issuance of shares			02/20/24						53,724.497						15.00						806
Issuance of shares			03/19/24						49,685.776						15.00						745
Issuance of shares			05/21/24						197,881.153						15.00						2,968
Issuance of shares			06/18/24						47,465.823						15.00						712
Shares issued through DRIP									455,032.604												$	6,825
Shares issued for the nine months ended June 30, 2025
Issuance of shares			12/23/24						6,725,731.752						$	15.00					$	100,886
Issuance of shares			01/13/25						502,802.331						15.00						7,542
Issuance of shares			03/25/25						4,565,389.866						15.00						68,480
Issuance of shares			04/17/25						1,529,106.000						15.00						22,937
Issuance of shares			06/16/25						8,859,307.154						15.00						132,890
Shares issued for capital drawdowns									22,182,337.103												$	332,735
Issuance of shares			11/19/24						204,508.932						$	15.00					$	3,068
Issuance of shares			12/18/24						72,984.041						15.00						1,095
Issuance of shares			01/08/25						85,661.548						15.00						1,285
Issuance of shares			02/18/25						112,987.679						15.00						1,695
Issuance of shares			03/18/25						86,219.253						15.00						1,293
Issuance of shares			05/21/25						214,537.819						15.00						3,218
Issuance of shares			06/17/25						91,704.662						15.00						1,376
Shares issued through DRIP									868,603.934												$	13,030

Note 4. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. The Board most recently re-approved the Investment Advisory Agreement in May 2025. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The base management fee is calculated at an annual rate equal to 1.375% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GBDC 4, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

For periods ending on or prior to the earlier of (1) the date of pricing of an initial public offering or listing on a national securities exchange of the shares of common stock of GBDC 4 or (2) a sale of all or substantially all of the Company’s assets to, or other liquidity event with, an entity for consideration of publicly listed securities of the acquirer (each, a “Liquidity Event”), the Investment Adviser has irrevocably agreed to waive any base management fee in excess of 0.50% of the fair value of the Company’s average adjusted gross assets, as calculated in accordance with the Investment Advisory Agreement as described above.

For the three and nine months ended June 30, 2025, the base management fee incurred by the Company was $6,085 and $16,494, respectively, and the base management fee irrevocably waived by the Investment Adviser was $3,872 and $10,495, respectively. For the three and nine months ended June 30, 2024, the base management fee incurred by the Company was $3,310 and $7,558, respectively, and the base management fee irrevocably waived by the Investment Adviser was $2,106 and $4,810, respectively.

The Incentive Fee consists of three parts: the income component (the “Income Incentive Fee”), the capital gains component (the “Capital Gain Incentive Fee”) and the subordinated liquidation incentive component (the “Subordinated Liquidation Incentive Fee” and, together with the Income Incentive Fee and the Capital Gain Incentive Fee, the “Incentive Fee”).

The Income Incentive Fee is calculated quarterly in arrears based on Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value, and an Income Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Income Incentive Fee would cause the Company to pay Income Incentive Fees and Capital Gain Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap described below.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

•100% of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 20.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply. This portion of Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the ‘‘catch-up’’ provision; and

•20.0% of the amount of Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter.

For the three and nine months ended June 30, 2025, the Income Incentive Fee incurred was $5,101 and $13,908, respectively. For the three and nine months ended June 30, 2024, the Income Incentive Fee incurred was $3,151 and $7,612, respectively.

For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of the Income Incentive Fee calculated under the Investment Advisory Agreement in amounts in excess of the following amounts (computed on a quarterly basis, in arrears):

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which the amount payable to the Investment Adviser pursuant to the Income Incentive Fee equal 10.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply; and

•10.0% of the amount of Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The Investment Adviser has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for periods ending prior to April 1, 2024 (the “Waiver Period”). For the three and nine months ended June 30, 2025, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,551 and $6,954, respectively. For the three and nine months ended June 30, 2024, the Income Incentive Fee irrevocably waived by the Investment Adviser was $1,576 and $6,037, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year following the Waiver Period (or, upon termination of the Investment Advisory Agreement, as of the termination date), less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis from April 1, 2022, the date the Company elected to be a BDC. For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of the Capital Gain Incentive Fee payable under the Investment Advisory Agreement, calculated as described above, in excess of 10.0% of the Capital Gain Incentive Fee Base, provided that any amounts so waived shall be deemed paid to the Investment Adviser for purposes of determining the Capital Gain Incentive Fee payable after the closing of a public offering or listing. In addition, the Investment Adviser has agreed during the Waiver Period to defer payment of any Capital Gain Incentive Fee until after the Waiver Period, if and to the extent a Capital Gain Incentive Fee becomes payable as of any date after the Waiver Period.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital appreciation is calculated as the sum of the differences, if positive, between (a) the valuation of each investment in our portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. The Capital Gain Incentive Fee is calculated on a cumulative basis from April 1, 2022 through the end of each calendar year or the termination of the Investment Advisory Agreement.

For the three and nine months ended June 30, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of both June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to June 30, 2025.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 10.0% prior to a Liquidity Event (20% following a Liquidity Event) of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three months ended June 30, 2025, the Company recorded a reversal of the capital gain incentive fee under GAAP of $165. For the nine months ended June 30, 2025, the Company accrued a capital gain incentive fee under GAAP of $241. For both the three and nine months ended June 30, 2024, the Company accrued a capital gain incentive fee under GAAP of $1,178. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of June 30, 2025, there was $1,121 of cumulative accrual for capital gain incentive fee under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition. As of September 30, 2024, there was $880 of cumulative accrual for capital gain incentive fee under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 10.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation. For purposes of this calculation, (a) “liquidation” includes the sale of all or substantially all of the Company's assets or the acquisition of all or substantially all of the shares of the Company’s common stock in a single or series of related transactions and (b) “adjusted capital” means the net asset value of the Company calculated immediately prior to liquidation in accordance with GAAP less unrealized capital appreciation that would have been subject to the Capital Gain Incentive Fee had capital gain been recognized on the transfer of such assets in the liquidation.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is equal to the difference between (a) 10% of Cumulative Pre-Incentive Fee Net Income (20% for periods beginning after the date of the closing of a Liquidity Event) and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since April 1, 2022.

To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no incentive fee would be payable in that quarter. “Cumulative Pre-Incentive Fee Net Income” is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period since April 1, 2022 and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation since April 1, 2022.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities is $577 and $355, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through April 1, 2022 and has incurred $166 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2021.

The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700. Any costs in excess of $700 will be borne by the Investment Adviser. As of both June 30, 2025 and September 30, 2024, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $304.

The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2025 were $403 and $1,245, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2024 were $278 and $909, respectively. As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $692 and $308, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

On April 1, 2022, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution to the Company prior to such date of $11. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $100,000. As of June 30, 2025, GGP Class B-P, LLC has an aggregate commitment of $100,011. As of June 30, 2025, the Company had issued 6,667,366.664 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $100,011 and has also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2025, permits the Company to borrow a maximum of $100,000 and expires on March 26, 2028. Refer to Note 8 for discussion of the Adviser Revolver.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Investments

Investments as of June 30, 2025 and September 30, 2024 consisted of the following:

			As of June 30, 2025																		As of September 30, 2024
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	63,388					$	62,731					$	63,317					$	39,377					$	38,960					$	39,358
One stop			1,795,402						1,762,807						1,790,966						1,254,102						1,232,741						1,250,206
Second lien			6,543						6,479						6,601						4,446						4,373						4,446
Subordinated debt			4,059						3,908						4,030						929						897						921
Equity			N/A						26,782						30,568						N/A						14,541						16,070
Total			$	1,869,392					$	1,862,707					$	1,895,482					$	1,298,854					$	1,291,512					$	1,311,001

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.

			As of June 30, 2025												As of September 30, 2024
Amortized Cost:
United States
Midwest			$	362,658					19.5		%				$	260,483					20.2		%
West			361,416						19.4						256,337						19.8
Southeast			304,838						16.4						205,574						15.9
Southwest			250,000						13.4						149,845						11.6
Mid-Atlantic			220,027						11.8						199,479						15.4
Northeast			134,305						7.2						130,402						10.1
United Kingdom			88,244						4.7						40,106						3.1
Germany			47,369						2.6						39,463						3.1
Canada			28,884						1.6						—						—
Australia			24,949						1.3						—						—
Jersey			20,426						1.1						—						—
Finland			6,981						0.4						—						—
Sweden			5,192						0.3						4,919						0.4
Netherlands			4,244						0.2						1,256						0.1
France			2,241						0.1						2,013						0.2
Denmark			543						0.0		*				541						0.0		*
Luxembourg			309						0.0		*				1,013						0.1
Israel			81						0.0		*				81						0.0		*
Total			$	1,862,707					100.0		%				$	1,291,512					100.0		%
Fair Value:
United States
Midwest			$	369,803					19.5		%				$	264,441					20.2		%
West			365,000						19.3						260,330						19.9
Southeast			308,234						16.3						207,853						15.8
Southwest			252,556						13.3						151,420						11.5
Mid-Atlantic			223,191						11.8						201,474						15.4
Northeast			135,742						7.2						132,136						10.1
United Kingdom			91,917						4.9						42,123						3.2
Germany			52,150						2.8						41,091						3.1
Canada			29,181						1.5						—						—
Australia			25,282						1.3						—						—
Jersey			21,367						1.1						—						—
Finland			7,578						0.4						—						—
Sweden			5,386						0.3						5,064						0.4
Netherlands			4,642						0.2						1,321						0.1
France			2,461						0.1						2,072						0.2
Denmark			548						0.0		*				554						0.0		*
Luxembourg			331						0.0		*				1,016						0.1
Israel			113						0.0		*				106						0.0		*
Total			$	1,895,482					100.0		%				$	1,311,001					100.0		%

* Represents an amount less than 0.1%

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of June 30, 2025 and September 30, 2024 were as follows:

			As of June 30, 2025												As of September 30, 2024
Amortized Cost:
Aerospace & Defense			$	18,568					1.0		%				$	15,571					1.2		%
Air Freight & Logistics			13,380						0.7						—						—
Auto Components			36,075						1.9						28,337						2.2
Automobiles			96,982						5.2						72,232						5.6
Banks			7,371						0.4						4,562						0.3
Beverages			26,281						1.4						18,059						1.4
Capital Markets			17,201						0.9						14,032						1.1
Chemicals			2,772						0.1						921						0.1
Commercial Services & Supplies			72,879						3.9						86,126						6.7
Construction & Engineering			17,340						0.9						9,906						0.8
Containers & Packaging			1,407						0.1						—						—
Diversified Consumer Services			129,870						7.0						100,926						7.8
Diversified Financial Services			53,860						2.9						22,989						1.8
Electric Utilities			1,883						0.1						—						—
Electrical Equipment			7,066						0.4						691						0.0		*
Electronic Equipment, Instruments & Components			5,183						0.3						5,186						0.4
Food Products			21,977						1.2						20,253						1.6
Healthcare Equipment & Supplies			27,420						1.5						25,421						2.0
Healthcare Providers & Services			84,921						4.6						35,048						2.7
Healthcare Technology			103,554						5.6						41,038						3.2
Hotels, Restaurants & Leisure			101,328						5.4						52,188						4.0
Household Products			2,727						0.1						—						—
Industrial Conglomerates			28,507						1.5						11,492						0.9
Insurance			104,013						5.6						73,366						5.7
IT Services			41,909						2.2						40,822						3.2
Leisure Products			36,545						2.0						22,166						1.7
Life Sciences Tools & Services			24,405						1.3						18,343						1.4
Machinery			30,710						1.6						27,540						2.1
Media			11,813						0.6						7,068						0.5
Oil, Gas & Consumable Fuels			16,270						0.9						15,849						1.2
Pharmaceuticals			21,822						1.2						1,013						0.1
Professional Services			34,549						1.9						25,099						1.9
Software			523,051						28.1						375,250						29.1
Specialty Retail			124,183						6.7						118,440						9.2
Transportation Infrastructure			13,180						0.7						—						—
Water Utilities			1,705						0.1						1,578						0.1
Total			$	1,862,707					100.0		%				$	1,291,512					100.0		%

* Represents an amount less than 0.1%

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of June 30, 2025												As of September 30, 2024
Fair Value:
Aerospace & Defense			$	18,888					1.0		%				$	16,069					1.2		%
Air Freight & Logistics			13,714						0.7						—						—
Auto Components			36,490						1.9						28,779						2.2
Automobiles			99,174						5.2						73,044						5.6
Banks			7,417						0.4						4,650						0.3
Beverages			27,135						1.4						18,388						1.4
Capital Markets			17,356						0.9						14,200						1.1
Chemicals			2,787						0.2						921						0.1
Commercial Services & Supplies			73,804						3.9						87,416						6.7
Construction & Engineering			17,450						0.9						10,008						0.8
Containers & Packaging			1,410						0.1						—						—
Diversified Consumer Services			131,332						6.9						102,710						7.8
Diversified Financial Services			55,234						2.9						23,412						1.8
Electric Utilities			1,954						0.1						—						—
Electrical Equipment			7,167						0.4						706						0.1
Electronic Equipment, Instruments & Components			5,359						0.3						5,400						0.4
Food Products			22,221						1.2						20,498						1.6
Healthcare Equipment & Supplies			27,671						1.5						25,691						2.0
Healthcare Providers & Services			86,666						4.6						35,903						2.7
Healthcare Technology			104,617						5.5						41,653						3.2
Hotels, Restaurants & Leisure			101,907						5.4						52,662						4.0
Household Products			2,726						0.1						—						—
Industrial Conglomerates			30,709						1.6						11,447						0.9
Insurance			106,110						5.6						74,631						5.7
IT Services			42,175						2.2						41,300						3.2
Leisure Products			36,527						1.9						22,246						1.7
Life Sciences Tools & Services			25,731						1.4						18,972						1.4
Machinery			30,983						1.6						27,815						2.1
Media			11,847						0.6						7,154						0.5
Oil, Gas & Consumable Fuels			16,468						0.9						16,081						1.2
Pharmaceuticals			22,282						1.2						1,016						0.1
Professional Services			34,978						1.8						25,225						1.9
Software			535,630						28.3						382,061						29.1
Specialty Retail			124,556						6.6						119,368						9.1
Transportation Infrastructure			13,286						0.7						—						—
Water Utilities			1,721						0.1						1,575						0.1
Total			$	1,895,482					100.0		%				$	1,311,001					100.0		%

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 6. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency risk exposures.

Forward Currency Contracts

The outstanding forward currency contracts as of June 30, 2025 were as follows:

As of June 30, 2025
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
SMBC Capital Markets, Inc.						€	9,000		EUR						$	9,922		USD						5/28/2027						$	—					$	(966)
																														$	—					$	(966)

There were no outstanding forward currency contracts as of September 30, 2024.

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category						Three months ended June 30,												Nine months ended June 30,
						2025						2024						2025						2024
Foreign exchange						$	—					$	—					$	—					$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category						Three months ended June 30,												Nine months ended June 30,
						2025						2024						2025						2024
Foreign exchange						$	(807)					$	—					$	(966)					$	—

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2025 and 2024:

Average U.S. Dollar notional outstanding						Three months ended June 30,												Nine months ended June 30,
						2025						2024						2025						2024
Forward currency contracts						$	9,922					$	—					$	9,922					$	—

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, SMBC Capital Markets, Inc. (“SMBC”). The ISDA Master Agreement is a bilateral agreement between the Company and SMBC that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from SMBC, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of June 30, 2025, there was $660 of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. As of September 30, 2024, there was no collateral pledged for derivatives. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the financial statements of the Company including: the location of those fair values on the Consolidated Statement of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2025.

As of June 30, 2025
Counterparty						Consolidated Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statement of Financial Condition						Collateral (Received) /Pledged (1)						Net Amounts(2)
SMBC Capital Markets Inc.						Unrealized depreciation on forward currency contracts						$	—					$	(966)					$	(966)					$	660					$	(306)
												$	—					$	(966)					$	(966)					$	660					$	(306)

(1)The actual collateral pledged could be more than the amount shown due to over collateralization.

(2)Represents the net amount due from/(to) counterparties in the event of default.

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 7. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 

Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3:     Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both June 30, 2025 and September 30, 2024, were valued using Level 3 inputs. As of both June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs. As of June 30, 2025, all forward currency contracts were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2025 and September 30, 2024:

As of June 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	1,864,914					$	1,864,914
Equity investments(1)						—						—						30,568						30,568
Money market funds(1)(2)						253,823						—						—						253,823
Total assets, at fair value:						$	253,823					$	—					$	1,895,482					$	2,149,305
Liabilities, at fair value:
Forward currency contracts						$	—					$	(966)					$	—					$	(966)
Total liabilities, at fair value:						$	—					$	(966)					$	—					$	(966)
As of September 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	1,294,931					$	1,294,931
Equity investments(1)						—						—						16,070						16,070
Money market funds(1)(2)						20,893						—						—						20,893
Total assets, at fair value:						$	20,893					$	—					$	1,311,001					$	1,331,894

(1) Refer to the Consolidated Schedules of Investments for further details.

(2) Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2025 was $19,418 and $23,207, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of June 30, 2024 was $6,262 and $13,289, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2025 and 2024:

			For the nine months ended June 30, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	1,294,931					$	16,070					$	1,311,001
Net change in unrealized appreciation (depreciation) on investments			1,803						2,257						4,060
Net translation of investments in foreign currencies			9,225						—						9,225
Realized gain (loss) on translation of investments in foreign currencies			105						—						105
Fundings of (proceeds from) revolving loans, net			5,697						—						5,697
Fundings of investments			623,803						12,373						636,176
PIK interest and non-cash dividends			6,973						387						7,360
Proceeds from non-cash dividends			—						(170)						(170)
Proceeds from principal payments and sales of portfolio investments			(81,345)						(349)						(81,694)
Accretion of discounts and amortization of premiums			3,722						—						3,722
Fair value, end of period			$	1,864,914					$	30,568					$	1,895,482

			For the nine months ended June 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	313,688					$	5,227					$	318,915
Net change in unrealized appreciation (depreciation) on investments			11,947						494						12,441
Net translation of investments in foreign currencies			226						—						226
Realized gain (loss) on investments			—						(3)						(3)
Realized gain (loss) on translation of investments in foreign currencies			29						—						29
Fundings of (proceeds from) revolving loans, net			1,042						—						1,042
Fundings of investments			792,932						5,969						798,901
PIK interest and non-cash dividends			3,815						120						3,935
Proceeds from principal payments and sales of portfolio investments			(6,792)						—						(6,792)
Accretion of discounts and amortization of premiums			1,754						—						1,754
Fair value, end of period			$	1,118,641					$	11,807					$	1,130,448

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2025 and September 30, 2024:

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of June 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

63,317

Yield analysis

Market interest rate

7.3% - 9.3% (8.5%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.7x)

One stop loans(2)

$

1,790,966

Yield analysis

Market interest rate

3.8% - 20.0% (8.9%)

Market comparable companies

EBITDA multiples

5.3x - 36.0x (16.5x)

Market comparable companies

Revenue multiples

2.6x - 15.0x (9.6x)

Subordinated debt and second lien loans

$

10,631

Yield analysis

Market interest rate

8.8% - 15.0% (11.7%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (14.0x)

Equity(3)

$

30,568

Market comparable companies

EBITDA multiples

7.3x - 28.5x (17.7x)

Revenue multiples

2.6x - 15.0x (12.6x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)The Company valued $1,548,036 and $242,930 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $26,682 and $3,886 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

$

39,358

Yield analysis

Market interest rate

8.5% - 9.5% (8.9%)

Market comparable companies

EBITDA multiples

6.5x - 16.0x (8.6x)

One stop loans(2)

$

1,215,534

Yield analysis

Market interest rate

6.3% - 21.0% (9.3%)

Market comparable companies

EBITDA multiples

8.0x - 38.0x (16.4x)

Market comparable companies

Revenue multiples

2.8x - 16.5x (9.4x)

$

34,672

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

$

5,367

Yield analysis

Market interest rate

10.8% - 15.0% (12.2%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (12.3x)

Equity(3)

$

16,070

Market comparable companies

EBITDA multiples

9.0x - 23.0x (16.6x)

Revenue multiples

2.8x - 16.5x (15.3x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)The Company valued $1,027,881 and $187,653 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $14,365 and $1,705 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. Fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using applicable implied market rates.

The following are the carrying values and fair values of the Company’s debt as of June 30, 2025 and September 30, 2024:

			As of June 30, 2025												As of September 30, 2024
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt			$	1,195,554					$	1,195,554					$	691,985					$	691,985

Note 8. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On April 1, 2022, the Company’s sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of June 30, 2025, the Company’s asset coverage for borrowed amounts was 182.6%.

2025 Debt Securitization: On June 20, 2025, the Company completed a $1,154,900 term debt securitization (the “2025 Debt Securitization”). The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $667,000 of Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.63% (the “Class A-1 2025 Notes”); $40,250 of Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.80% (the “Class A-2 2025 Notes”); $92,000 of Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.00% (the “Class B 2025 Notes”); $69,000 of Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.80% (the “Class C 2025 Notes”); and $286,650 of Subordinated Notes due 2125 which do not bear interest (the “Subordinated 2025 Notes”). The Company indirectly retained the Class C 2025 Notes and Subordinated 2025 Notes.

Through June 20, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 Debt Securitization, allowing the Company to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are scheduled to mature on July 20, 2037. The Subordinated 2025 Notes are due in 2125. The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are included in the June 30, 2025 Consolidated Statement of Financial Condition as debt of the company. As of June 30, 2025, the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation.

As of June 30, 2025, there were 121 portfolio companies with a total fair value of $1,066,811 securing the 2025 Debt Securitization. The pool of loans in the 2025 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2025 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of June 30, 2025 based on the last interest rate reset was 4.29%.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2025 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	1,459					$	—					$	1,459					$	—
Amortization of debt issuance costs			23						—						23						—
Total interest expense			$	1,482					$	—					$	1,482					$	—
Cash paid for interest expense			$	—					$	—					$	—					$	—
Annualized average stated interest rate			6.1		%				N/A						6.1		%				N/A
Average outstanding balance			$	96,613					$	—					$	32,204					$	—

As of June 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are as follows:

Description

Class A-1 2025 Notes

Class A-2 2025 Notes

Class B 2025 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$667,000

$40,250

$92,000

S&P Rating

“AAA”

“AAA”

“AA”

Interest Rate

SOFR + 1.63%

SOFR + 1.80%

SOFR + 2.00%

As part of the 2025 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2025 Debt Securitization closing date as well as future sales from the Company to the 2025 Issuer through the GBDC 4 CLO 1 Depositor, (1) the Company sold and/or contributed to the GBDC 4 CLO 1 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2025 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the GBDC 4 CLO 1 Depositor, in turn, sold to the 2025 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2025 Issuer, and not the GBDC 4 CLO 1 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.

PNC Facility: On July 8, 2022, the Company entered into a Revolving Credit and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as administrative agent, collateral agent, and a lender, and PNC Capital Markets LLC, as structuring agent. On June 30, 2025, all amounts outstanding under the PNC Facility were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $100,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 and on May 27, 2025, the Company exercised the option pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250,000 to $100,000, effective as of June 3, 2025.

Prior to termination, the PNC Facility bore interest, at the Company’s election and depending on the currency of the borrowing, of either CORRA, SONIA, €STR, Daily Simple SOFR, Term SOFR, or the Base Rate (each, as defined in the PNC Facility) plus a margin ranging from 2.15% to 2.45%, depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GBDC 4 Funding securing the facility. As of June 20, 2025, the Company had no debt outstanding under the PNC Facility and as of September 30, 2024, the Company had outstanding debt of $240,428 under the PNC Facility.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates, and average outstanding balances for the PNC Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	1,784					$	7,558					$	8,245					$	17,048
Facility fees			47						13						84						96
Amortization of debt issuance costs			335						316						1,004						801
Total interest expense			$	2,166					$	7,887					$	9,333					$	17,945
Cash paid for interest expense			$	4,391					$	6,003					$	14,755					$	12,029
Annualized average stated interest rate(1)			6.5		%				7.7		%				6.7		%				7.7		%
Average outstanding balance			$	110,784					$	396,979					$	164,495					$	296,509

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

DB Credit Facility: On March 28, 2024 (the “DB Credit Facility Effective Date”), the Company and GBDC 4 Funding II entered into a loan financing and servicing agreement (the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GBDC 4 Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and continues through March 28, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on March 28, 2030, three years from the last day of the DB Credit Facility Revolving Period, unless terminated earlier in accordance with the DB Credit Facility. On June 13, 2025, the Company entered into an amendment to the DB Credit Facility that, among other things, reduced the applicable margin (a) effective during the DB Credit Facility Revolving Period from 2.35% to 1.75% and (b) effective after the DB Credit Facility Revolving Period from 2.85% to 2.25%. As of June 30, 2025, the DB Credit Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions.

As of June 30, 2025, the DB Credit Facility bears interest at the applicable base rate plus 1.75% per annum during the DB Credit Facility Revolving Period and 2.25% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment for a period of three months equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any advances denominated U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The DB Credit Facility is secured by all of the assets held by GBDC 4 Funding II. GBDC 4 Funding II has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding II through a sale and contribution agreement and causes GBDC 4 Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

As of June 30, 2025 and September 30, 2024, the Company had $201,077 and $299,557, respectively, of outstanding debt under the DB Credit Facility.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	3,183					$	2,628					$	12,350					$	2,628
Facility fees			254						275						673						282
Amortization of debt issuance costs			311						125						604						130
Total interest expense			$	3,748					$	3,028					$	13,627					$	3,040
Cash paid for interest expense			$	4,055					$	—					$	14,887					$	—
Annualized average stated interest rate(1)			6.4		%				7.7		%				6.7		%				7.7		%
Average outstanding balance			$	198,687					$	136,763					$	246,132					$	45,421

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

BNP Credit Facility: On August 15, 2024 (the “BNP Credit Facility Effective Date”), the Company and GBDC 4 Funding III entered into a revolving credit and security agreement (the “BNP Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral agent. Under the BNP Credit Facility, the lenders have agreed to extend credit to GBDC 4 Funding III in an aggregate principal amount of up to $750,000 as of June 30, 2025. The period during which GBDC 4 Funding III may request drawdowns under the BNP Credit Facility (the “BNP Credit Facility Revolving Period”) commenced on the BNP Credit Facility Effective Date and will continue through August 15, 2027, unless there is an earlier termination due to an event of default. The BNP Credit Facility will mature on August 15, 2030, the first business day on or after the date that is the 36-month anniversary of the last day of the BNP Credit Facility Revolving Period, unless terminated earlier in accordance with the BNP Credit Facility.

As of June 30, 2025, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 2.10% per annum during the BNP Credit Facility Revolving Period, and 2.35% per annum after the BNP Credit Facility Revolving Period (the “BNP Credit Facility Applicable Margin”), and borrowings in eligible currencies other than United States Dollars will bear interest at the applicable base rate plus (i) the BNP Credit Facility Applicable Margin and (ii) 0.15% per annum. The base rate under the BNP Credit Facility is (i) term CORRA with respect to any advances denominated in Canadian dollars, (ii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the adjusted cumulative compound Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, (v) daily simple adjusted non-cumulative compound SARON with respect to any advances denominated in Swiss francs, (vi) 3-month Norwegian Interbank Offered Rate with respect to any advances denominated in Norwegian Krona, (vii) 3-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish Krona and (viii) the term SOFR with respect to advances denominated in United States Dollars and any other advances.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The BNP Credit Facility is secured by all of the assets held by GBDC 4 Funding III. GBDC 4 Funding III has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the BNP Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding III through a sale and contribution agreement and causes GBDC 4 Funding III to originate or acquire loans, consistent with the Company’s investment objectives.

As of June 30, 2025 and September 30, 2024, the Company had $150,927 and $152,000, respectively, of outstanding debt under the BNP Credit Facility.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the BNP Credit Facility were as follows:

			Three months ended June 30,									Nine months ended June 30,
			2025						2024			2025						2024
Stated interest expense			$	8,367					$	—		$	19,966					$	—
Amortization of debt issuance costs			480						—			1,440						—
Total interest expense			$	8,847					$	—		$	21,406					$	—
Cash paid for interest expense			$	8,202					$	—		$	15,085					$	—
Annualized average stated interest rate(1)			6.3		%				N/A			6.4		%				N/A
Average outstanding balance			$	531,137					$	—		$	414,351					$	—

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2025 and September 30, 2024, the Company was permitted to borrow up to $100,000 in U.S. dollars and certain agreed upon foreign currencies, with a maturity date of March 26, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). As of June 30, 2025, the short-term AFR in effect on the Adviser Revolver based on the last interest rate reset was 4.1%. As of June 30, 2025, the Company had $44,300 of outstanding debt under the Adviser Revolver. As of September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.

For the three and nine months ended June 30, 2025 and 2024, the stated interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	140					$	2					$	140					$	68
Cash paid for interest expense			—						46						—						67
Annualized average stated interest rate(1)			4.1		%				4.6		%				4.1		%				5.0		%
Average outstanding balance			$	13,673					$	174					$	4,559					$	1,819

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

Other Short-Term Borrowings:  Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition. The Company includes other short-term borrowings in the balance of outstanding indebtedness in the calculation of the Company’s asset coverage requirement under the 1940 Act.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2025 and September 30, 2024, the Company had no other short-term borrowings.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, annualized average stated interest rates and average outstanding balances for short-term borrowings were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	25					$	—					$	3,682
Cash paid for interest expense			—						182						—						3,682
Annualized average stated interest rate			—		%				8.1		%				—		%				8.3		%
Average outstanding balance			$	—					$	1,235					$	—					$	59,061

For the three and nine months ended June 30, 2025, the average total debt outstanding was $950,894 and $861,741, respectively. For the three and nine months ended June 30, 2024, the average total debt outstanding was $535,151 and $402,810, respectively.

For the three and nine months ended June 30, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 6.9% and 7.1%, respectively. For the three and nine months ended June 30, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 8.2%.

A summary of the Company’s maturity requirements for borrowings as of June 30, 2025 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
Adviser Revolver			$	44,300					$	—					$	44,300					$	—					$	—
DB Credit Facility			201,077						—						—						201,077						—
BNP Credit Facility			150,927						—						—						—						150,927
2025 Debt Securitization			799,250						—						—						—						799,250
Total borrowings			$	1,195,554					$	—					$	44,300					$	201,077					$	950,177

Note 9. Commitments and Contingencies

Commitments: As of June 30, 2025, the Company had outstanding commitments to fund investments totaling $391,094, including $143,098 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $380,710, including $103,946 of commitments on undrawn revolvers.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of June 30, 2025. As of September 30, 2024, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, could engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk.

The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.

Note 10. Financial Highlights

The financial highlights for the Company are as follows:

						Nine months ended June 30,
Per share data:(1)						2025						2024
Net asset value at beginning of period						$	15.00					$	15.00
Distributions declared:(2)
From net investment income - after tax						(1.29)						(2.07)
Net investment income - after tax						1.22						1.54
Net realized gain (loss) on investment transactions						0.00		^				(0.00) ^
Net change in unrealized appreciation (depreciation) on investment transactions(3)						0.07						0.53
Net asset value at end of period						$	15.00					$	15.00
Total return based on net asset value per share(4)						8.86		%				14.39		%
Number of common shares outstanding						66,397,771.207						33,830,794.251

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

						Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:						2025						2024
Ratio of net investment income - after tax to average net assets*						10.87		%				13.82		%
Ratio of total expenses to average net assets*(5)						13.25		%				15.80		%
Ratio of management fee waiver to average net assets*						(1.83)		%				(1.88)		%
Ratio of incentive fee waiver to average net assets						(0.91)		%				(1.77)		%
Ratio of incentive fees to average net assets(5)						1.85		%				2.57		%
Ratio of excise tax to average net assets(5)						—		%				0.01		%
Ratio of net expenses to average net assets*(5)						10.51		%				12.15		%
Ratio of total expenses (without incentive fees) to average net assets*(5)						11.40		%				13.23		%
Total return based on average net asset value(6)						8.63		%				13.97		%
Total return based on average net asset value - annualized*(6)						11.54		%				18.66		%
Net assets at end of period						$	995,967					$	507,462
Average debt outstanding						$	861,741					$	402,810
Average debt outstanding per share						$	12.98					$	11.91
Portfolio Turnover*						6.89		%				1.28		%
Asset coverage ratio(7)						182.58		%				175.85		%
Asset coverage ratio per unit(8)						$	1,826					$	1,759
Average market value per unit (9):
2025 Debt Securitization						N/A						N/A
Adviser Revolver						N/A						N/A
DB Credit Facility						N/A						N/A
BNP Credit Facility						N/A						N/A
PNC Facility						N/A						N/A

* Annualized for periods less than one year, unless otherwise noted.

^ Represents an amount less than $0.01.

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period.

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.

(4)Total return based on net asset value per share assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

(5)Incentive fees and excise tax are not annualized in the calculation.

(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.

(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(9)Not applicable as the 2025 Debt Securitization Notes, Adviser Revolver, DB Credit Facility and BNP Credit Facility are not registered for public trading.

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 11. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2025 and 2024:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Earnings available to stockholders			$	23,616					$	18,096					$	66,171					$	47,686
Basic and diluted weighted average shares outstanding			58,534,461						28,881,498						51,284,378						22,874,427
Basic and diluted earnings per share			$	0.40					$	0.63					$	1.29					$	2.08

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the nine months ended June 30, 2025 and 2024:

Date Declared						Record Date						Payment Date						Shares Outstanding						Amount Per Share						Total Dividends Declared
For the nine months ended June 30, 2025
08/02/2024						10/15/2024						12/18/2024						43,346,830.170						$	0.1267					$	5,494
11/14/2024						11/15/2024						01/08/2025						43,346,830.170						0.1488						6,449
11/14/2024						12/13/2024						02/18/2025						43,551,339.102						0.1917						8,349
11/14/2024						01/17/2025						03/18/2025						50,938,518.774						0.1262						6,431
02/03/2025						02/26/2025						05/21/2025						51,051,506.453						0.1614						8,239
02/03/2025						03/17/2025						05/21/2025						51,051,506.453						0.1487						7,593
02/03/2025						04/18/2025						06/17/2025						57,232,221.572						0.1217						6,968
05/02/2025						05/26/2025						08/20/2025						57,446,759.391						0.1348						7,742
05/02/2025						06/20/2025						08/20/2025						66,397,771.207						0.1341						8,906
Total dividends declared for the nine months ended June 30, 2025																														$	66,171
For the nine months ended June 30, 2024
08/03/2023						10/20/2023						12/27/2023						12,178,965.292						$	0.1891					$	2,302
11/17/2023						11/20/2023						12/27/2023						16,612,333.652						0.2009						3,337
11/17/2023						12/15/2023						02/20/2024						19,500,939.882						0.2240						4,370
11/17/2023						01/19/2024						03/19/2024						21,468,146.606						0.1847						3,964
02/02/2024						02/26/2024						05/21/2024						24,474,343.702						0.2376						5,816
02/02/2024						03/15/2024						05/21/2024						24,474,343.702						0.4005						9,801
02/02/2024						04/19/2024						06/18/2024						27,476,502.077						0.1353						3,716
05/03/2024						05/27/2024						08/21/2024						27,674,383.230						0.3066						8,486
05/03/2024						06/21/2024						08/21/2024						30,776,321.652						0.1915						5,894
Total dividends declared for the nine months ended June 30, 2024																														$	47,686

The following table summarizes the Company’s distributions reinvested during the nine months ended June 30, 2025 and 2024:

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Golub Capital BDC 4, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Payment Date						DRIP Shares Issued						NAV ($) Per Share						DRIP Shares Value
For the nine months ended June 30, 2025
November 19, 2024						204,508.932						$	15.00					$	3,068
December 18, 2024						72,984.041						15.00						1,095
January 8, 2025						85,661.548						15.00						1,285
February 18, 2025						112,987.679						15.00						1,695
March 18, 2025						86,219.253						15.00						1,293
May 21, 2025						214,537.819						15.00						3,218
June 17, 2025						91,704.662						15.00						1,376
						868,603.934												$	13,030
For the nine months ended June 30, 2024
November 21, 2023						38,883.631						$	15.00					$	583
December 27, 2023						67,391.724						15.00						1,011
February 20, 2024						53,724.497						15.00						806
March 19, 2024						49,685.776						15.00						745
May 21, 2024						197,881.153						15.00						2,968
June 18, 2024						47,465.823						15.00						712
						455,032.604												$	6,825

Note 13. Subsequent Events

On May 2, 2025 and August 1, 2025, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 18, 2025

September 17, 2025

In an amount (if positive) such that the net asset value of the Company as of July 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period July 1, 2025 through July 31, 2025 and the payment of this distribution is $15.00 per share.

August 26, 2025

November 20, 2025

In an amount (if positive) such that the net asset value of the Company as of August 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period August 1, 2025 through August 31, 2025 and the payment of this distribution is $15.00 per share.

September 15, 2025

November 20, 2025

In an amount (if positive) such that the net asset value of the Company as of September 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period September 1, 2025 through September 30, 2025 and the payment of this distribution is $15.00 per share.

October 15, 2025

December 17, 2025

In an amount (if positive) such that the net asset value of the Company as of October 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2025 through October 31, 2025 and the payment of this distribution is $15.00 per share.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “GBDC 4” refer to Golub Capital BDC 4, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, without limitation, those caused by global health pandemics or other large scale events;

•the effect of investments that we expect to make and the competition for those investments;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•general economic and political trends and other external factors;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

•elevated levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;

•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;

•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;

•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics or other large scale events;

•turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;

•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;

•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions and cybersecurity attacks;

•general price and volume fluctuations in the stock markets;

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and

•the effect of changes to tax legislation and our tax position.

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Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024.

We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This Quarterly Report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We were formed in September 2021 as a Delaware limited liability company and converted to a Maryland corporation effective April 1, 2022.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $75.0 billion in capital under management(1) as of April 1, 2025, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2025. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $5.0 million to $30.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $30.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment.

(1) “Capital under management” is a gross measure of invested capital including leverage as of April 1, 2025

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As of June 30, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:

						As of June 30, 2025												As of September 30, 2024
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	63,317					3.3		%				$	39,358					3.0		%
One stop						1,790,966						94.5						1,250,206						95.4
Second lien						6,601						0.4						4,446						0.3
Subordinated debt						4,030						0.2						921						0.1
Equity						30,568						1.6						16,070						1.2
Total						$	1,895,482					100.0		%				$	1,311,001					100.0		%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2025 and September 30, 2024, one stop loans included $196.2 million and $187.7 million, respectively, of recurring revenue loans at fair value.

As of June 30, 2025 and September 30, 2024, we had debt and equity investments in 190 and 148 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, as well as the annualized total return based on our average net asset value and our annualized net investment income - return on equity, in each case, for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and 2024:

			Three months ended												Nine months ended
			June 30, 2025						March 31, 2025												June 30, 2025						June 30, 2024
Weighted average income yield(1)*			10.1%						10.2%												10.3%						12.1%
Weighted average investment income yield(2)*			10.4%						10.6%												10.6%						12.4%
Weighted average income yield of total investments(3)*			10.0%						10.1%												10.2%						12.0%
Weighted average investment income yield of total investments(4)*			10.3%						10.5%												10.5%						12.3%
Total return based on average net asset value(5)*			10.8%						11.8%												11.5%						18.7%
Net investment income - return on equity(6)*			10.6%						11.1%												10.9%						14.3%

* Annualized for periods of less than one year.

(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees and discounts, divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees and discounts, divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.

(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the daily average total fair value of portfolio investments, and does not represent a return to any investor in us.

(5)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(6)Net investment income - return on equity is calculated as (a) net investment income after excise tax divided by (b) the daily average of total net assets.

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As of June 30, 2025, GBDC 4 has earned an inception-to-date internal rate of return, or IRR, of 14.6% for stockholders taken as a whole. An individual stockholder’s IRR could vary based on the timing of their capital transactions. For the nine months ended June 30, 2025 and 2024, GBDC 4 earned a fiscal year-to-date IRR of 12.0% and 21.7%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the dividend reinvestment plan, or DRIP), outflows (capital distributions), the stockholders’ net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan Origination Fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies - Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

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Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions including:

•reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;

•calculating our NAV (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses, except reimbursement amounts waived by GC Advisors;

•expenses related to unsuccessful portfolio acquisition efforts;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

•transfer agent, dividend agent and custodial fees and expenses;

•U.S. federal and state registration and franchise fees;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders, including printing costs;

•costs associated with individual or group stockholders;

•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;

•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

•proxy voting expenses; and

•all other expenses incurred by us or the Administrator in connection with administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.

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Recent Developments

On May 2, 2025 and August 1, 2025, our board of directors declared distributions to holders of record as set forth in the table below:

Record Date

Payment Date

Amount Per Share

July 18, 2025

September 17, 2025

In an amount (if positive) such that our net asset value as of July 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with generally accepted accounting principles in the United States of America, or GAAP, for the period July 1, 2025 through July 31, 2025 and the payment of this distribution is $15.00 per share.

August 26, 2025

November 20, 2025

In an amount (if positive) such that our net asset value as of August 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period August 1, 2025 through August 31, 2025 and the payment of this distribution is $15.00 per share.

September 15, 2025

November 20, 2025

In an amount (if positive) such that our net asset value as of September 30, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period September 1, 2025 through September 30, 2025 and the payment of this distribution is $15.00 per share.

October 15, 2025

December 17, 2025

In an amount (if positive) such that our net asset value as of October 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period October 1, 2025 through October 31, 2025 and the payment of this distribution is $15.00 per share.

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Consolidated Results of Operations

In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.

Consolidated operating results for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2025						March 31, 2025												June 30, 2025  vs. March 31, 2025												June 30, 2025						June 30, 2024						June 30, 2025 vs. June 30, 2024
			(In thousands)
Interest income			$	40,926					$	37,215											$	3,711											$	112,679					$	60,887					$	51,792
Payment-in-kind interest income			2,449						2,265												184												7,020						4,038						2,982
Accretion of discounts and amortization of premiums			1,285						1,484												(199)												3,722						1,754						1,968
Non-cash dividend income			179						114												65												387						120						267
Dividend income			2						—												2												69						—						69
Fee income			278						136												142												528						262						266
Total investment income			45,119						41,214												3,905												124,405						67,061						57,344
Net expenses			21,998						20,175												1,823												62,063						31,727						30,336
Net investment income - before tax			23,121						21,039												2,082												62,342						35,334						27,008
Excise tax			—						—												—												—						25						(25)
Net investment income - after tax			23,121						21,039												2,082												62,342						35,309						27,033
Net realized gain (loss) on investment transactions			(214)						145												(359)												67						(25)						92
Net change in unrealized appreciation (depreciation) on investment transactions			709						1,079												(370)												3,762						12,402						(8,640)
Net increase (decrease) in net assets resulting from operations			$	23,616					$	22,263											$	1,353											$	66,171					$	47,686					$	18,485
Average earning debt investments, at fair value			$	1,726,789					$	1,578,652											$	148,137											$	1,563,212					$	721,765					$	841,447
Average earning preferred equity investments, at fair value			$	5,721					$	2,646											$	3,075											$	3,920					$	1,078					$	2,842

Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. In addition, as we have continued to raise and deploy capital, we have experienced significant growth in total assets, total liabilities and net assets. As a result, quarterly and year-to-date comparisons of operating results may not be meaningful.

Investment Income

Investment income increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $3.9 million, primarily due to an increase in interest income due to a $148.1 million increase in the average earning debt investments balance that was partially offset by a $0.2 million decrease in discount amortization driven by reduced repayments as compared to the three months ended March 31, 2025.

Investment income increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $57.3 million, primarily due to an increase in interest and payment-in-kind (“PIK”) interest income due to an increase in the average earning debt investments balance of $841.4 million.

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The annualized income yield by debt security type for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

			Three months ended									Nine months ended
			June 30, 2025						March 31, 2025									June 30, 2025						June 30, 2024
Senior secured			9.4		%				9.6		%							9.6		%				10.9		%
One stop			10.0		%				10.1		%							10.2		%				12.0		%
Second lien			13.5		%				13.8		%							13.9		%				15.5		%
Subordinated debt			11.5		%				11.9		%							11.5		%				14.2		%

Income yields on senior secured and one stop loans decreased for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 primarily due to (i) reduced accelerated discount amortization driven by reduced repayments and, to a lesser extent, (ii) declining interest base rates due to contracts resetting on non-U.S. dollar denominated loans. Income yields on senior secured and one stop loans decreased for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 96.9% of our loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.74% and 0.77%, respectively.

As of June 30, 2025, we have second lien investments in two portfolio companies and subordinated debt investments in five portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.

Expenses

The following table summarizes our expenses for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2025						March 31, 2025												June 30, 2025  vs. March 31, 2025												June 30, 2025						June 30, 2024						June 30, 2025 vs. June 30, 2024
			(In thousands)
Interest and facility fee expenses			$	15,234					$	13,827											$	1,407											$	42,918					$	23,804					$	19,114
Amortization of debt issuance costs			1,149						970												179												3,070						931						2,139
Base management fee, net of waiver			2,213						1,975												238												5,999						2,748						3,251
Income incentive fee, net of waiver			2,550						2,348												202												6,954						1,575						5,379
Capital gain incentive fee accrued under GAAP			(165)						90												(255)												241						1,178						(937)
Professional fees			370						367												3												1,126						711						415
Administrative service fee			577						527												50												1,540						592						948
General and administrative expenses			70						71												(1)												215						188						27
Net expenses			$	21,998					$	20,175											$	1,823											$	62,063					$	31,727					$	30,336
Average debt outstanding			$	950,894					$	858,820											$	92,074											$	861,741					$	402,810					$	458,931

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $1.6 million from the three months ended March 31, 2025 to the three months ended June 30, 2025, primarily due to an increase in average debt outstanding of $92.1 million that was partially offset by (1) borrowings on the Adviser Revolver (as defined in “Note 7 Borrowings” of our consolidated financial statements) that bears interest at the short-term Applicable Federal Rate and (2) reduced interest rate spreads incurred on (i) our DB Credit Facility (as defined in “Note 7 Borrowings” of our consolidated financial statements) resulting from the June amendment that reduced the interest rate spread to SOFR plus 1.75% from SOFR plus 2.35% and (ii) the June issuance of our 2025 Debt Securitization (as defined in “Note 7 Borrowings” of our consolidated financial statements) that bears interest at three-month SOFR plus a weighted average spread of 1.68%. Interest and other debt financing expenses, including

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amortization of debt issuance costs, increased by $21.3 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025, primarily due to an increase in average debt outstanding of $458.9 million. For more information about our outstanding borrowings for the nine months ended June 30, 2025 and 2024, including the terms thereof, see Note 8 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended June 30, 2025 and March 31, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 6.9% and 7.0%, respectively. For the nine months ended June 30, 2025 and 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 7.1% and 8.2%, respectively.

The effective average interest rate decreased from the three months ended March 31, 2025 compared to the three months ended June 30, 2025 primarily due to (1) the use of the Advisor Revolver and (2) lower interest rate spreads on our DB Facility and 2025 Debt Securitization. The effective average interest rate decreased from the nine months ended June 30, 2024 compared to the nine months ended June 30, 2025 primarily due to decreased interest base rates.

Management Fee

The base management fee, net of waiver, increased as a result of an increase in average gross assets for the three months ended March 31, 2025 to the three months ended June 30, 2025 and for the nine months ended June 30, 2024 to the nine months ended June 30, 2025.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.

For the nine months ended June 30, 2025, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee, as a percentage of Pre-Incentive Fee Net Investment Income was 20.0%. GC Advisors has agreed to irrevocably waive (i) all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”) and (ii) the portion of the Income Incentive Fee that exceeds 10% of Pre-Incentive Fee Net Investment Income for periods ending on or prior to the date of the closing of a Liquidity Event. The Income Incentive Fee, net of waiver, increased by $0.2 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets primarily driven by net funds growth. The Income Incentive Fee, net of waiver, increased by $5.4 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025, primarily due to 100% of the Income Incentive Fee being irrevocably waived by GC Advisors for the six months ended March 31, 2024.

As of June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the Capital Gain Incentive Fee actually payable under the Investment Advisory Agreement. As of June 30, 2025 and September 30, 2024, there was $1.1 million and $0.9 million, respectively, of capital gain incentive fee accrual under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition. For the three months ended June 30, 2025, we recorded a reversal of the capital gain incentive fee under GAAP of $0.2 million. For the three months ended March 31, 2025, the accrual for a capital gain incentive fee under GAAP was $0.1 million. For the nine months ended June 30, 2025, the accrual for a capital gain incentive fee under GAAP was $0.2 million. For the three and nine months ended June 30, 2024, the accrual for a capital gain incentive fee under GAAP was $1.2 million.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of June 30, 2025 and September 30, 2024, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

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Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.1 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to higher administrative expenses associated with servicing a growing portfolio.

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $1.4 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 primarily due to higher administrative expenses and professional fees associated with servicing a growing portfolio.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2025 and March 31, 2025 were $0.4 million and $0.5 million, respectively. Total expenses reimbursed to the Administrator during the nine months ended June 30, 2025 and 2024 were $1.2 million and $0.9 million, respectively.

As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $0.7 million and $0.3 million of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2025						March 31, 2025												June 30, 2025  vs. March 31, 2025												June 30, 2025						June 30, 2024						June 30, 2025 vs. June 30, 2024
			(In thousands)
Net realized gain (loss) from investments			$	—					$	—											$	—											$	—					$	(3)					$	3
Net realized gain (loss) from foreign currency transactions			(214)						145												(359)												67						(22)						89
Net realized gain (loss) on investment transactions			$	(214)					$	145											$	(359)											$	67					$	(25)					$	92
Unrealized appreciation from investments			3,795						4,030												(235)												8,825						13,001						(4,176)
Unrealized (depreciation) from investments			(3,426)						(3,095)												(331)												(4,765)						(560)						(4,205)
Unrealized appreciation (depreciation) from forward currency contracts			(807)						(256)												(551)												(966)						—						(966)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies			1,147						400												747												668						(39)						707
Net change in unrealized appreciation (depreciation) on investment transactions			$	709					$	1,079											$	(370)											$	3,762					$	12,402					$	(8,640)

During the three months ended June 30, 2025, we had a net realized loss of $0.2 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2025, we had a net realized gain of $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars.

During the nine months ended June 30, 2025, we had a net realized gain of $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2024, we had a net realized loss of an amount less than $0.1 million, primarily driven by the translation of foreign currency amounts and transactions into U.S. dollars that was partially offset by a realized loss recognized on the partial redemption of an equity investment.

For the three months ended June 30, 2025, we had $3.8 million in unrealized appreciation on 56 portfolio company investments, which was offset by $3.4 million in unrealized depreciation on 140 portfolio company investments. For the three months ended March 31, 2025, we had $4.0 million in unrealized appreciation on 51 portfolio company investments, which was offset by $3.1 million in unrealized depreciation on 127 portfolio company investments.

Unrealized appreciation for the three months ended June 30, 2025 and March 31, 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments.

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Unrealized depreciation for the three months ended June 30, 2025 and March 31, 2025 primarily resulted from amortization of discounts on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

For the nine months ended June 30, 2025, we had $8.8 million in unrealized appreciation on 89 portfolio company investments, which was offset by $4.8 million in unrealized depreciation on 107 portfolio company investments. For the nine months ended June 30, 2024, we had $13.0 million in unrealized appreciation on 97 portfolio company investments, which was offset by $0.6 million in unrealized depreciation on 39 portfolio company investments.

Unrealized appreciation for the nine months ended June 30, 2025 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from fair valuing recent originations up to or near par and an increase in fair value due to the rise in market prices of portfolio company investments.

Unrealized depreciation for the nine months ended June 30, 2025 primarily resulted from amortization of discounts on originated loans during the year and a modest decrease in market prices of certain portfolio company investments. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from amortization of discounts during the quarter on recently originated loans and a modest decrease in market prices of certain portfolio company investments.

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Liquidity and Capital Resources

For the nine months ended June 30, 2025, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $269.0 million. During the period, we used $503.1 million in operating activities, primarily as a result of fundings of portfolio investments of $636.2 million, partially offset by proceeds from principal payments and sales of portfolio investments of $81.7 million. During the same period, cash provided by financing activities was $772.1 million, primarily driven by borrowings on debt of $2,163.3 million and proceeds from the issuance of common shares of $332.7 million, partially offset by repayments of debt of $1,667.3 million and distributions paid of $52.0 million.

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $10.9 million. During the period, we used $759.7 million in operating activities, primarily as a result of fundings of portfolio investments of $798.9 million, partially offset by proceeds from principal payments and sales of portfolio investments of $6.8 million. During the same period, cash provided by financing activities was $770.6 million, primarily driven by borrowings on debt of $727.8 million, proceeds from other short-term borrowings of $481.5 million and proceeds from the issuance of common stock of $314.4 million, partially offset by repayments of debt of $246.5 million, repayments of other short-term borrowings of $481.5 million and distributions paid of $30.5 million.

As of June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $20.2 million and $8.2 million, respectively. In addition, we had foreign currencies of $1.0 million and $1.0 million as of June 30, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $280.9 million and $25.3 million and restricted foreign currencies of $0.8 million and $0.3 million as of June 30, 2025 and September 30, 2024, respectively. As of June 30, 2025, the increase in restricted cash and cash equivalents was primarily driven by the issuance of the 2025 Debt Securitization. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our credit facilities, as applicable.

As of June 30, 2025 and September 30, 2024, we had investor capital subscriptions totaling $1,523.6 million and $1,032.8 million, respectively, of which $968.7 million and $636.0 million, respectively, had been called and contributed, leaving $554.9 million and $396.9 million of uncalled investor capital subscriptions, respectively.

Revolving Debt Facilities

PNC Facility - Effective June 30, 2025, all amounts outstanding under the PNC Facility (as defined in Note 8 of our consolidated financial statements) were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow up to $100.0 million at any one time outstanding, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 and on May 27, 2025, the Company exercised the option pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250.0 million to $100.0 million, effective as of June 3, 2025. As of September 30, 2024, we had outstanding debt of $240.4 million under the PNC Facility.

DB Credit Facility - On March 28, 2024, we and GBDC 4 Funding II entered into the DB Credit Facility (as defined in Note 8 of our consolidated financial statements) with Deutsche Bank. As of June 30, 2025 and September 30, 2024, the DB Credit Facility, as amended, allowed GBDC 4 Funding II to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and September 30, 2024, we had $201.1 million and $299.6 million, respectively, outstanding under the DB Credit Facility. As of June 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $98.9 million of remaining commitments and $42.0 million of availability on the DB Credit Facility.

BNP Credit Facility - On August 15, 2024, we and GBDC 4 Funding III entered into the BNP Credit Facility (as defined in Note 8 of our consolidated financial statements) with BNP Paribas. As of June 30, 2025 and September 30, 2024, the BNP Credit Facility allowed GBDC 4 Funding III to borrow up to $750.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and September 30, 2024, we had outstanding debt of $150.9 million and $152.0 million, respectively, under the BNP Credit Facility. As of June 30, 2025, subject to leverage and borrowing base restrictions, we had approximately $599.1 million of remaining commitments and $149.0 million of availability on the BNP Credit Facility.

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Adviser Revolver - As of June 30, 2025 and September 30, 2024, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of June 30, 2025, we had outstanding debt of $44.3 million and $55.7 million of remaining commitments and availability under the Adviser Revolver. As of September 30, 2024, we had no outstanding debt under the Adviser Revolver.

Debt Securitizations

2025 Debt Securitization - On June 20, 2025, we completed the 2025 Debt Securitization. The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes (each as defined in Note 8 of our consolidated financial statements) are included in the June 30, 2025 Consolidated Statements of Financial Condition as our debt, and the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation. As of June 30, 2025, we had outstanding debt of $799.3 million under the 2025 Debt Securitization.

Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 1, 2022, our sole stockholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined an offer by us to repurchase all our outstanding shares of common stock. As a result of such approval, effective as of April 2, 2022, our asset coverage requirement is reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2025, our asset coverage for borrowed amounts was 182.6%.

As of June 30, 2025, we had outstanding commitments to fund investments totaling $391.1 million, including $143.1 million of unfunded commitments on revolvers. As of September 30, 2024, we had outstanding commitments to fund investments totaling $380.7 million, including $103.9 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement as of June 30, 2025 and September 30, 2024, respectively. A summary of maturity requirements for our principal borrowings under the DB Credit Facility, BNP Credit Facility, the 2025 Debt Securitization and the Adviser Revolver as of June 30, 2025 are included in Note 8 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2025. As of June 30, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash and restricted cash balances that we maintain, availability under our DB Credit Facility, BNP Credit Facility, 2025 Debt Securitization and Adviser Revolver, as well as ongoing principal repayments on debt investment assets and uncalled investor capital subscriptions.

In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 of our consolidated financial statements for outstanding forward currency contracts as of June 30, 2025. As of September 30, 2024, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We seek to minimize market risk through monitoring our investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from capital calls on existing and future investor capital subscriptions and through our dividend reinvestment plan as well as future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend, refinance, or enter into new leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy.

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Portfolio Composition, Investment Activity and Yield

As of June 30, 2025 and September 30, 2024, we had investments in 190 and 148 portfolio companies, respectively, with a total fair value of $1,895.5 million and $1,311.0 million, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

			Three months ended																											Nine months ended
			June 30, 2025												March 31, 2025																											June 30, 2025												June 30, 2024
			(In thousands)						Percentage						(In thousands)						Percentage																																							(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	16,640					6.2		%				$	4,768					3.5		%																																					$	28,856					4.3		%				$	30,056					2.7		%
One stop			241,743						89.6						128,876						94.4																																							621,959						93.1						1,087,992						96.2
Second lien			—						—						—						—																																							—						—						6,592						0.6
Subordinated debt			3,770						1.4						—						—																																							3,770						0.6						100						0.0		*
Equity			7,521						2.8						2,976						2.1																																							13,145						2.0						5,968						0.5
Total new investment commitments			$	269,674					100.0		%				$	136,620					100.0		%																																					$	667,730					100.0		%				$	1,130,708					100.0		%

* Represents an amount less than 0.1%.

For the nine months ended June 30, 2025 and 2024, we had approximately $81.7 million and $6.8 million, respectively, in proceeds from principal payments and sales of portfolio investments.

The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:

			As of June 30, 2025(1)																		As of September 30, 2024(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured			$	63,388					$	62,731					$	63,317					$	39,377					$	38,960					$	39,358
One stop			1,795,402						1,762,807						1,790,966						1,254,102						1,232,741						1,250,206
Second lien			6,543						6,479						6,601						4,446						4,373						4,446
Subordinated debt			4,059						3,908						4,030						929						897						921
Equity			N/A						26,782						30,568						N/A						14,541						16,070
Total			$	1,869,392					$	1,862,707					$	1,895,482					$	1,298,854					$	1,291,512					$	1,311,001

(1)As of June 30, 2025, $233.0 million and $237.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

(2)As of September 30, 2024, $181.7 million and $184.4 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of interest due on such loans to be PIK interest.

As of June 30, 2025 and September 30, 2024, we had no loans on non-accrual status. As of June 30, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 99.8% and 99.7%, respectively.

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The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and 2024:

			Three months ended												Nine months ended
			June 30, 2025						March 31, 2025												June 30, 2025						June 30, 2024
Weighted average rate of new investment fundings			9.0%						9.9%												9.3%						10.9%
Weighted average spread over the applicable base rate of new floating rate investment fundings			4.9%						5.6%												5.1%						5.6%
Weighted average fees of new investment fundings			0.6%						0.9%												0.8%						1.1%
Weighted average rate of sales and payoffs of portfolio investments			9.3%						9.7%												9.6%						11.6%

As of June 30, 2025, 97.0% and 96.9% of our debt portfolio at amortized cost and fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 96.5% and 96.4% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of June 30, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $83.6 million and $81.9 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:

Internal Performance Ratings
Rating						Definition
5						Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4						Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3						Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2						Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1						Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.

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GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2025 and September 30, 2024:

						As of June 30, 2025												As of September 30, 2024
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	79,802					4.2		%				$	1,142					0.1		%
4						1,806,298						95.3						1,303,520						99.4
3						9,382						0.5						6,339						0.5
2						0		*				0.0		†				—						—
1						—						—						—						—
Total						$	1,895,482					100.0		%				$	1,311,001					100.0		%

* Represents an amount less than $1.

† Represents an amount less than 0.1%.

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of June 30, 2025 and September 30, 2024:

						Average Price1
Category						As of June 30, 2025						As of September 30, 2024
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.8%						99.7%
Internal Performance Rating 3 (Performing Below Expectations)						95.5						94.2
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						—						—
Total						99.8%						99.7%

(1)Includes only debt investments held as of June 30, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

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Distributions

We intend to make periodic distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, the asset coverage requirements applicable to us as a business development company under the 1940 Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations can differ from net investment income and realized gains recognized for financial reporting purposes. Differences are permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions could be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders could be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

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Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our president and chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

•GC Advisors has agreed to irrevocably waive all Income Incentive Fees payable pursuant to the Investment Advisory Agreement for the periods ending prior to April 1, 2024 (the “Waiver Period”). In addition, GC Advisors has agreed during the Waiver Period to defer payment of any Capital Gain Incentive Fee until after the Waiver Period, if and to the extent a Capital Gain Incentive Fee becomes payable as of any date after the Waiver Period.

•Golub Capital LLC provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

•On April 1, 2022, GGP Holdings LP, an affiliate of GC Advisors, acquired 700.000 shares of our common stock as part of our conversion to a Maryland corporation in respect of GGP Holdings LP's capital contribution prior to such date of $10,500. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock and its capital commitments to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a subscription agreement with us to purchase our common stock on the same terms and conditions as other investors for a capital subscription of $100.0 million. As of June 30, 2025, we have issued 6,667,366.664 shares of our common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $100.0 million and have also issued 139,172.373 shares to GGP Class B-P, LLC through the DRIP.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, and Golub Capital Direct Lending Unlevered Corporation, or GDLCU, and Golub Capital Private Credit Fund, or GCRED, all of which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC, GDLC, GDLCU and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GDLCU, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts.

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We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Maryland.

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Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith.

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors, as permitted, has designated GC Advisors as our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of our board of directors.

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

Our Valuation Designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The Valuation Designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The Valuation Designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

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We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and could require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both June 30, 2025 and September 30, 2024 were valued using Level 3 inputs. As of both June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs. As of June 30, 2025, all forward currency contracts were valued using Level 2 inputs.

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When determining fair value of Level 3 debt and equity investments, the Valuation Designee could take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Valuation Designee could base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others could be willing to pay. Ask prices represent the lowest price that we and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as our best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that could ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which such investment had previously been recorded.

Our investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

In connection with each sale of shares of our common stock, we make a determination that we are not selling shares of our common stock at a price below the then-current net asset value per share of common stock at the time at which the sale is made or otherwise in violation of the 1940 Act. GC Advisors will consider the following factors, among others, in making such determination:

•The net asset value of our common stock disclosed in the most recent periodic report filed with the SEC; 

•Its assessment of whether any change in the net asset value per share of our common stock has occurred (including through the realization of gains on the sale of portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per share of our common stock and ending two days prior to the date of the sale; and

•The magnitude of the difference between the sale price of the shares of common stock and management’s assessment of any change in the net asset value per share of our common stock during the period discussed above.

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Valuation of Other Financial Assets and Liabilities

The fair value of our debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs or LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Non-accrual loans: Loans could be left on accrual status while we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. As of June 30, 2025 and September 30, 2024, we had no portfolio company investments on non-accrual status.

Income taxes: We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.

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Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and nine months ended June 30, 2025, we did not record any U.S. federal excise tax. For the three months ended June 30, 2024,we did not record any U.S. federal excise tax. For the nine months ended June 30, 2024, we recorded $25,000 for U.S. federal excise tax.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification could result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including valuation risk and changes in interest rates.

Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation designee, subject to the oversight of our Board based on, among other things, the input of independent third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.74% and 0.77%, respectively. The DB Credit Facility has a floating interest rate provision based on the applicable base rate plus 1.75%. The BNP Credit Facility has a floating interest rate provision based on the applicable base rate plus 2.10%. The Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate. The Class A-1, Class A-2, and Class B 2025 Notes issued in connection with the 2025 Debt Securitization have floating rate interest provisions based on three-month SOFR. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of June 30, 2025 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest rates						Increase (decrease) in interest income(1)						Increase (decrease) in interest expense						Net increase (decrease) in  investment income
						(In thousands)
Down 200 basis points						$	(36,635)					$	(23,911)					$	(12,724)
Down 150 basis points						(27,589)						(17,933)						(9,656)
Down 100 basis points						(18,456)						(11,956)						(6,500)
Down 50 basis points						(9,229)						(5,978)						(3,251)
Up 50 basis points						9,229						5,978						3,251
Up 100 basis points						18,458						11,956						6,502
Up 150 basis points						27,687						17,933						9,754
Up 200 basis points						36,917						23,911						13,006

(1)    Assumes applicable three-month base rate as of June 30, 2025, with the exception of SONIA and Prime that utilize the June 30, 2025 rate.

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Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the 2025 Debt Securitization, DB Credit Facility, BNP Credit Facility and the Adviser Revolver or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We have and, could in the future, hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities could insulate us against adverse changes in interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

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Item 4. Controls and Procedures.

As of June 30, 2025 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our and their respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

There have been no material changes during the nine months ended June 30, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2024.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

						EXHIBIT INDEX
Number						Description
10.1						Amendment to Revolving Credit Facility Agreement, dated as of May 27, 2025, by and among Golub Capital BDC 4, Inc., as the borrower, and GC Advisors LLC, as the lender.
10.2						Amendment No. 1 to Loan Financing and Servicing Agreement, dated as of June 13, 2025, by and among GBDC 4 Funding II LLC, as borrower, Golub Capital BDC 4, Inc., as servicer, each lender party thereto, the agents for the Lender Groups party thereto, and Deutsche Bank AG, New York branch as facility agent for the lenders. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 18, 2025).
10.3						Indenture, dated as of June 20, 2025, between Golub Capital BDC 4 CLO 1 LLC, as issuer, and Computershare Trust Company, N.A., as trustee. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.4						Purchase and Placement Agreement, dated as of June 20, 2025, among Golub Capital BDC 4 CLO 1 LLC, as issuer, BNP Paribas Securities Corp., as initial purchaser and NatWest Markets Securities Inc., as co-placement agent. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.5						Collateral Management Agreement, dated as of June 20, 2025, between Golub Capital BDC 4 CLO 1 LLC, as issuer, and GC Advisors LLC, as collateral manager. (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
10.6						Master Loan Sale Agreement, dated as of June 20, 2025, among Golub Capital BDC 4, Inc., as seller, Golub Capital BDC 4 CLO 1 Depositor LLC, as intermediate seller, and Golub Capital BDC 4 CLO 1 LLC, as buyer. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01504), filed on June 20, 2025).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
32.1						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			*
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.			*
101.SCH						Inline XBRL Taxonomy Extension Schema Document.			*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.			*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.			*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.			*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.			*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).			*

_________________

* Filed herewith

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 thereunto duly authorized.

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			Golub Capital BDC 4, Inc.
Date: August 7, 2025			By			/s/ David B. Golub
						David B. Golub
						President and Chief Executive Officer
						(Principal Executive Officer)
Date: August 7, 2025			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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